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Bond Market News
US Ban on Investing in Chinese Companies Could Impact Its Bonds: JPM
October 13, 2025
The US ban on investing in some Chinese companies could affect $55–60bn worth of bonds, according to JPMorgan. The rule, first issued by Donald Trump in November, targets 44 firms linked to China’s military – a claim China denies. Many of these companies’ stocks have already been delisted, but their bonds remain affected. ChemChina bonds saw about $1bn in forced selling and may face another $1.3bn in outflows from affected investors. CNOOC has $19.5bn in dollar bonds, with $3.2-3.5bn possibly impacted. JP Morgan however added that this could be a buying opportunity for non-US investors. “However, we think that for investors who can buy the bonds, they should use that round of selling, which we think would be the last round, if at all, to take the opposite view and buy some of these affected bonds,” JPMorgan said.
ChemChina’s 4.125% 2027s (rated A) are currently trading at a yield of 4.13%, offering a ~60bp pick-up over the 2Y UST.
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