China NPL securitization: Pass the parcel
China wants to use securitization and debt-for-equity swaps to address its non-performing loan problem. Even without structural concerns and political agendas, they are unlikely to supplant portfolio sales
Bank of China brought an end to eight years of inactivity last May by selling RMB301 million ($46 million) in bonds backed by non-performing loans (NPLs). China Merchants Bank soon followed suit, raising...
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