Financial Business Review: JPMorgan Loves SE Asian Debt, Morgan Stanley’s Qatar Problems
JPMorgan Chase & Co. (NYSE:JPM) will form a new team to concentrate on debt in Southeast Asia, according to the Wall Street Journal, as the region promises rapid growth in the capital markets business. Third quarter debt issuance there reached $103.5 billion, which was up by 61 percent year-over-year, says Dealogic.
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Ocwen Financial Corporation (NYSE:OCN) is said to be partnering with Walter Investment Management Corp. (AMEX:WAC) in order to attempt to outbid other players for Rescap’s mortgage servicing assets. Shares of the prior presumed winner in the race, Nationstar Mortgage Holdings (NYSE:NSM), started off in the red but have now rebounded nicely.
Discussions in regards to Morgan Stanley’s (NYSE:MS) divestiture of a majority interest in its commodities unit to Qatar have hit a roadblock, say sources. The holdup is said to be the deal’s structure and not the price. Morgan wants to shed a minimum of 75 percent of its ownership in order to keep some stake and yet have the operation be allowed to still support trade.
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