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China's CCB Signs $7.3 bln debt swap deals - Xinhua
January 5, 2017 / 11:00 AM / a year ago

China's CCB Signs $7.3 bln debt swap deals - Xinhua

BEIJING, Jan 5 (Reuters) - China Construction Bank (CCB) has signed 50 billion yuan ($7.26 billion) in debt-for-equity swap agreements with three state-owned enterprises in Shaanxi province, the official Xinhua News Agency reported.

The Big Four lender signed the framework deals with Shaanxi Coal Industry Chemical Group Co., Shaanxi Energy Group Co., and Shaanxi Non-ferrous Metal Holding Group, Xinhua said.

CCB has led China’s latest round of debt-for-equity swaps, signing deals with large, debt-laden state firms to lower their leverage and cut financing costs.

In December, the banks signed deals with Huainan Mining Industry (Group) Co, Huaibei Mining Group and Magang (Group) Holding.

Last year, CCB also announced deals with Shandong Energy Group Co., Xiamen CCRE Group, Wuhan Iron and Steel Group, and Yunnan Tin Group. ($1 = 6.8860 Chinese yuan renminbi) (Reporting by Matthew Miller; editing by Susan Thomas)

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