JPMorgan is proposing a new Asia credit index with slashed China weighting in parallel to its existing $85 billion Asia credit index, two sources said, amid growing geopolitical tensions and dimming appetite for Chinese property bonds.
The move comes after JPMorgan initially proposed expanding the existing JACI, but with China weighting cut to 29.86% from 43.14% now, according to a proposal shared with investors in January and reviewed by Reuters, and the second source and two other people.
JPMorgan describes the new index, named JACI Asia Pacific, as an "enhanced" version of JACI with added exposure to more Asia-Pacific markets such as Japan, Australia, New Zealand and Papua New Guinea, the source said. JACI is a premier Asia credit index, tracked by fund managers controlling more than $85 billion worth of assets, according to the January proposal.
, having taken a hit from regulatory crackdowns and a property sector liquidity crisis, to avoid geopolitical risks.
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