trending Market Intelligence /marketintelligence/en/news-insights/trending/m91vw7d722cckzbbdwykvq2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

China Construction Bank inks 30B yuan debt-to-equity deals

Brazil Pay TV Down Record Amount In 2019, With Losses Continuing In Q1'20

Case Study: Transforming Sales Enablement Data at a Global Advertising and Media Firm

Impact of COVID 19 on US Video Entertainment Trends

Key Credit Risk Factors When Assessing Banks In The Context Of COVID-19

China Construction Bank inks 30B yuan debt-to-equity deals

China Construction Bank Corp. signed debt-to-equity swap deals worth 30 billion yuan with state-owned coal and steel firms, Reuters reported Dec. 29, citing the Xinhua News Agency.

The bank signed the debt-to-equity framework agreement with Huainan Mining Industry (Group) Co., Huaibei Mining Group and Magang (Group) Holding, the parent of Maanshan Iron & Steel Co., to reduce leverage and boost profit. The bank will also extend 30 billion yuan worth of credit to Huainan Mining Industry, Huaibei Mining and Wanbei Coal-Electricity Group within the next five years.

Chinese lenders have been rushing to enter deals with state-owned enterprises since the country relaunched the debt-to-equity scheme in October. Industrial & Commercial Bank of China Ltd., for instance, recently signed debt-to-equity swaps worth 30 billion yuan with state-owned coal and steel firms.

Like some of its peers, China Construction Bank has proposed to set up an asset management unit specializing in market-driven debt-to-equity swap business. The unit will mainly conduct financial business such as the acquisition of relevant debt rights, equity investment and converting debt into equity, among others.

China Construction Bank, Huainan Mining, Huaibei Mining, Wanbei Coal-Electricity Group and Magang (Group) Holding were not immediately available to comment on the matter, Reuters reported.

As of Dec. 28, US$1 was equivalent to 6.95 Chinese yuan.