ICBC Issues 1.1 Billion Yuan Non-Performing ABS

The Industrial and Commercial Bank of China (ICBC), China's largest bank, announced recently that it has successfully issued 1.077 billion yuan ($161.46 million) of ABS backed by non-performing loans, according to an article in Reuters. The issuance is the ICBC’s first this year. In its announcement the bank added that the sale was oversubscribed, however no further details were provided.

This issuance represents a small piece of a much broader strategy by officials to reduce overall corporate debt in the Chinese economy. In addition to the ICBC, several of China’s other major state owned banks have begun to securitize portfolios of non-performing loans. The largest issuance under this program so far this year has been by the Agricultural Bank of China which issued 3.1 billion yuan ($464.73 million) in ABS.

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