China’s Debt-to-Equity Swap Speeded Up; Not a Positive Sign for Banks Despite Relatively Small Scale
Following the release of the long-awaited guidelines on banks’ debt-to-equity swaps, or DES, by the State Council, several DES plans were announced recently. These include DES plans for Sino Steel, Wuhan Steel, and Yunnan Tin Group. Besides the above-mentioned plans, which obtained approvals by the government and all related parties, additional plans, including Northeast Special Steel, Bohai Steel and LDK Solar, failed as related parties could not reach an agreement. At the current stage, we exp...INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED is a China-based company principally engaged in the provision of banking and related financial services. The Bank mainly operates three segments, including Corporate Banking segment, Personal Banking segment and Treasury segment. The Corporate Banking segment provides loan, trade financing, deposit, corporate finance, custody and other related financial products and services to enterprises, government agencies and financial institutions. The Personal Banking segment provides loan, deposit, bank card, personal finance and other related financial products and services to individual customers. Treasury segment includes money markets business, securities investment business, self and valet foreign exchange trading and derivative financial instruments business. The Company conducts its businesses within domestic and overseas markets.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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