June 26, 2018 / 10:50 AM / 8 months ago

JP Morgan stays quiet on Gulf states inclusion in key bond index

LONDON, June 26 (Reuters) - JP Morgan declined to comment on speculation on Tuesday that it was considering including Gulf countries in its widely-tracked bond indexes.

Though a spokesman declined to comment, a source at the bank told Reuters that the bank’s “indices work to strict rules of eligibility and this rumoured scenario with (Gulf Cooperation Council) may never come to pass”.

JP Morgan’s EMBI bond index is one of the most widely-tracked by emerging market investors who use it as a key benchmark for performance.

As a result, inclusion in the index can encourage hundreds of billions of dollars of buying of that country’s bonds, lowering its borrowing costs. (Reporting by Marc Jones; editing by Claire Milhench)

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