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 ex...
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