China’s Debt-to-Equity Swap Speeded Up; Not a Positive Sign for Banks Despite Relative 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...AGRICULTURAL BANK OF CHINA LIMITED is a China-based commercial bank. The Bank mainly operates through four business segments. The Corporate Finance segment is engaged in the deposit and loan business, small and micro business finance, settlement and cash management, trade financing and investment banking, among others. The Personal Finance segment is engaged in personal deposit and loan, credit card business and private banking business. The Treasury segment is engaged in money market business and investment portfolio management. The Asset Management segment is engaged in the provision of financial services, asset custody business, pension business and precious metal business.
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