Huarong gets approval to raise $11 bln bond in interbank market

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BEIJING, Nov 16 (Businesshala) – China Huarong Asset Management has been approved to raise 70 billion yuan ($11 billion) of financial bonds in the interbank market, as it continues to improve its credit profile and shore up its core bad debt. Focuses again. Business.

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The China Banking and Insurance Regulatory Commission (CBIRC) said in a statement on its website on Tuesday that the bonds will be used for other core businesses such as the purchase, settlement of non-performing assets and bond-to-equity swaps.

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The company, one of four debt collectors created in 1999 by China’s Ministry of Finance to process bad loans made by the country’s largest banks, missed the March 31 deadline for filing its 2020 earnings , thereby leading a route to its US dollar-denominated bonds. For other Chinese issuers.

The bonds jumped back in August after revealing a state-backed rescue plan in which a consortium led by state-owned Citigroup Corp had agreed to make a strategic investment in it.

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The company has also announced plans to sell stake in a distressed asset exchange unit, consumer finance unit and securities unit, amid a regulatory push to sell non-core assets as part of its business reforms, Businesshala has reported. .

$1 = 6.3710 Chinese Yuan Reporting by Cheng Leng and Ryan Wu; Editing by Jacqueline Wong

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