JPMorgan revealed that it has retained dollar-denominated debt released by PDVSA, Venezuela’s state-operated oil firm in an important emerging market bond index. The firm has taken this move as a part of its monthly rebalancing, as per two fund managers. Investors have been worried regarding the status of PDVSA debt following Washington forced sweeping sanctions on the firm earlier this year.
JPMorgan refused to comment on its monthly rebalancing. It as well sent out a review to its customers asking more precise questions regarding Venezuela, Tina Vandersteel, Head, Emerging Country Debt, Grantham Mayo Van Otterloo & Co, told Reuters. In an email, Vandersteel stated that JPM had introduced a review, which she had completed. This review was regarding what to do about VENZ. She added that the feedback she offered was, according to their index liquidity rules, while the sanctions succeeded, they should be taken out.
On a similar note, JPMorgan Chase came into the news as it revealed that it is getting ready to shift into the POS financing market. This move by the firm will offer users with the installment payment system for $500-plus purchases. It will as well run up finances on larger ticket items. The latest financing option is named as “My Chase Plan.” It was revealed by Jennifer Piepszak, Card Chief, JPMorgan, during the firm’s investor day in New York this week.
The tool lets card users choose from previous purchases of over $500 and select to support them financially over a long period with monthly charges, rather than an interest-based repayment. The bank is as well upping its game in the customer loan space using “My Chase Loan.” This facility is supposed to allow card users to have a loan against credit lines to back their bigger value items. Customers can apply for the loan using the bank’s mobile app and get funds instantly transferred to their checking accounts.