德银-xx-银行业-债转股：71个深度案例-20170911-deutsche bank-debt-to-equity swap：a deep-divei nto 71 cases.pdfVIP

Deutsche Bank Markets Research Asia Industry Date China Chinese bank 11 September 2017 Banking / Finance Banks Industry Update Hans Fan, CFA Jacky Zuo Debt-to-equity swap: a deep-dive into Research Analyst Research Analyst (+852 ) 2203 6353 (+852 ) 2203 6255 71 cases hans.fan@ jacky.zuo@ Update on China’s DES initiative: progress, outlook and impact Edward Du Since the guidelines on banks’ debt-to-equity swap (DES) were released a year Research Associate ago, roughly Rmb1tr DES contracts have been signed. As the majority of the (+852 ) 2203 6185 equity conversions targeted industrial SOEs, this Rmb1tr made up c.5% of edward.du@ industrial SOE debt. The implementation seems rather slow, however, with only c.10% of projects completed. Overall, we do not expect DES itself to be a Stephen Andrews, CFA large-scale event, reflecting its case-by-case nature and lukewarm demand Research Analyst from both outside investors and target companies. As such, the impact on