China Construction Bank announced it will sell US$2.7 billion in securities backed by subprime mortgage loans and other assets at the beginning of November, Xinhua reported (in Chinese), citing industry insiders. The China International Capital Corporation will act as the book runner for the sale. The four types of securities, which have maturities of 10 and 15 years, will be sold on the interbank market in order to bolster the bank's capital assets. The mortgages include US$60 million in unpaid private housing loans from 2000 to 2006 in Shenzhen, Guangdong province and Fuzhou and Quanzhou in Fujian province.
Categories