China appointed Merrill Lynch to coordinate its US$1 billion US dollar bond offering with Goldman Sachs and JPMorgan appointed as managers for the offering, according to a Reuters report. Beijing is also expected to offer Euro-denominated bonds worth US$500 million, which will likely be managed by UBS, Deutsche Bank and BNP Paribas. The bonds are […]
Category: Banking & Finance
Beijing may sell its shares in the Bank of China and the China Construction Bank during public listings of the two banks in a rare move to sell state-owned assets, according to a People's Bank of China official. The sale of the shares, held by government-controlled Central Huijin, would require approval from the China Securities […]
The People's Bank of China officially confirmed that Huarong Asset Management will restructure D'Long Strategic Investment, once hailed as China's largest private conglomerate and now a complete shambles. The move marks the first large-scale government bailout of a private firm. Estimates in state media suggest D�Long and its scores of subsidiaries operating in fields as […]
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Bocom upgrade on "HSBC effect"
Ratings agency Standard & Poor's said yesterday it had revised the outlook on long-term foreign-currency counterparty credit rating to positive from stable for Bank of Communications, crediting the arrival of HSBC as a key shareholder. In July, HSBC agreed to take a 19.9% stake in Bocom for RMB 14.6 billion. S&P's decision signals an imminent […]
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Everbright launches bond issue
Everbright Securities has launched a RMB 760 million (US$91.57million) corporate bond issue, becoming the fourth firm in China's troubled brokerage industry to issue debt. The move is seen as an effort to augment cash flow and take advantage of reforms aimed at bolstering a loss-making and overcrowded sector struggling to overcome a market slump that […]