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Ten banks announced a refinancing plan worth as much as 348.2 billion yuan （$57.3 billion） this year， implying great pressures on capital flow in the banking industry， Beijing-based Securities Daily reported.
China Minsheng Banking Co. Ltd.， Industrial Bank Co. Ltd.， Bank of Chongqing Co. Ltd.， Huishang Bank Co. Ltd.， and China Everbright Bank Co. Ltd. were some of the banks to carry out refinancing.
More than 200 billion yuan （$32.94 billion） will be generated by sub-prime loans， relieving the capital crunch of many commercial banks.
Industrial and Commercial Bank of China Ltd. announced in January 2013 that it would issue no more than 60 billion yuan （$9.88 billion） of sub-prime loans before the end of 2014.
In July 2013， Bank of China Ltd. also announced that it will issue no more than 60 billion yuan in sub-prime loans.
China Everbright Bank gained approval to issue no more than 16.2 billion yuan （$2.65 billion） of sub-prime loans in September 2013.
Loan for Sinopec Firms
On December 24， China Petrochemical Corp.， also known as Sinopec， announced that it had helped its two subsidiaries to land a $3.5 billion syndicated loan.
To be used by Tiptop Energy and Sinopec Century Bright Capital Investment for general corporate purposes， the loan rate has a margin of 1.23 percent above Libor， or the London Interbank Offered Rate. Sinopec said it gave an “unconditional and irrevocable” guarantee on the loan.
China Construction Bank， the Bank of TokyoMitsubishi， Citi， HSBC， Royal Bank of Scotland， and United Overseas Bank were hired as underwriters and book runners.
To cater to strong market demand， the loan was increased to $3.5 billion from the original $2.5 billion.
China Minsheng Banking Co. Ltd.， Industrial Bank Co. Ltd.， Bank of Chongqing Co. Ltd.， Huishang Bank Co. Ltd.， and China Everbright Bank Co. Ltd. were some of the banks to carry out refinancing.
More than 200 billion yuan （$32.94 billion） will be generated by sub-prime loans， relieving the capital crunch of many commercial banks.
Industrial and Commercial Bank of China Ltd. announced in January 2013 that it would issue no more than 60 billion yuan （$9.88 billion） of sub-prime loans before the end of 2014.
In July 2013， Bank of China Ltd. also announced that it will issue no more than 60 billion yuan in sub-prime loans.
China Everbright Bank gained approval to issue no more than 16.2 billion yuan （$2.65 billion） of sub-prime loans in September 2013.
Loan for Sinopec Firms
On December 24， China Petrochemical Corp.， also known as Sinopec， announced that it had helped its two subsidiaries to land a $3.5 billion syndicated loan.
To be used by Tiptop Energy and Sinopec Century Bright Capital Investment for general corporate purposes， the loan rate has a margin of 1.23 percent above Libor， or the London Interbank Offered Rate. Sinopec said it gave an “unconditional and irrevocable” guarantee on the loan.
China Construction Bank， the Bank of TokyoMitsubishi， Citi， HSBC， Royal Bank of Scotland， and United Overseas Bank were hired as underwriters and book runners.
To cater to strong market demand， the loan was increased to $3.5 billion from the original $2.5 billion.