JPMorgan as Biggest Underwriter Sees More Losses: Credit Markets
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The chief market strategist at JPMorgan Chase & Co., the world’s biggest underwriter of corporate bonds, says the worst first half of the year on record for the securities may only deepen.
The notes have lost 3.7 percent on average since May 22 when Federal Reserve Chairman Ben S. Bernanke told Congress the central bank may begin curtailing its unprecedented stimulus program if economic conditions warrant, Bank of America Merrill Lynch index data show. The losses compare with a drop of 2.9 percent for government securities.