Schwab clients get access to JPMorgan’s bond offerings
Brokerage hooks up with the underwriter, which should provide a big flow of muni-bond issues
Investor and adviser clients of The Charles Schwab Corp. now have access to bonds underwritten by JPMorgan Chase & Co.
Schwab clients will also receive JPMorgan’s fixed-income research, Schwab announced today.
Under the deal, Schwab will distribute new-issue and secondary municipal bonds, corporate debt and non-convertible preferreds, the company said.
“The biggest part of this announcement is that advisers and investors will now have access to nearly all retail-oriented, new-issue municipal bonds that JPMorgan underwrites,” Schwab spokeswoman Lindsay Tiles, wrote in an e-mail.
JPMorgan is one of the top three municipal underwriters in the United States, “and is especially strong in the states where [client demand] for municipal securities is greatest,” according to a statement from Schwab.
JPMorgan underwrote approximately $70 billion in the U.S. municipal bond markets last year, Schwab said, citing data from Thomson Reuters.
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