JPMorgan at Odds With IMF in Touting Emerging-Market Debt
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JPMorgan Chase & Co., the biggest U.S. bank by assets, sees no signs of a bubble in emerging-market corporate debt, challenging the International Monetary Fund’s warning on rising risks in the bond market.
Bonds sold by developing-country companies account for just 3 percent of gross domestic product in these economies, compared with 35 percent in the U.S., according to Joyce Chang, global head of research at the New York-based bank. Most of the lenders selling debt are rated investment grade or backed by their governments while maturities have been extended, she said in a May 2 interview.