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com.apama.marketdata.Tick("MRN_STORY",-1,-1,{"ACTIV_DATE":"17 JUL 2017",
"FRAG_NUM":"1","GUID":"6c73dad415635bb","MRN_SRC":"HDC_PRD_Awwrwr",
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"audiences":"[NP:C, NP:D, NP:DNP, NP:E, NP:GRO, NP:M, NP:MTL, NP:PSC,
NP:RNP, NP:SOF, NP:T, NP:Z]","body":" SHANGHAI, May 25 (Reuters) -
The world's largest lender,\r\nIndustrial and Commercial Bank of China
<601398.SS><1398.HK>,\r\nhas signed a 26 billion yuan ($3.79 billion)
debt-for-equity\r\nswap framework agreement with Shandong Iron & Steel
Group, the\r\nofficial Xinhua news agency reported on Thursday.\r\n
China's lenders are signing deals with struggling,\r\ndebt-laden state
firms to lower their leverage and cut financing\r\ncosts following
instructions from Beijing.\r\n The deal will help state-owned
Shandong Iron improve its\r\ncapital strength and promote diversification
in its corporate\r\nownership structure, the agency reported. \r\n
This is the fifth such swap signed in the northern province\r\nof Shandong,
the agency added. \r\n In December, ICBC signed three debt-for-equity
swaps with\r\nShanxi province's highly indebted state-owned coal and
steel\r\nfirms. [nL4N1EL2IE] \r\n Heavy industries such as coal and
steel have suffered from\r\novercapacity as China relies increasingly
on consumption for\r\neconomic growth. \r\n The deputy general manager
of Shandong Iron was investigated\r\nby the ruling Communist Party,
according to the party's\r\nanti-graft watchdog. [nL4N1DO1XF]
\r\n($1 = 6.9 yuan)\r\n\r\n\r\n\r\n (Reporting by Beijing monitoring
desk and Engen Tham in\r\nShanghai; Editing by Nick Macfie)\r\n
((engen.tham@thomsonreuters.com; +86-21-6104-1769; Reuters\r\n
Messaging: engen.tham.thomsonreuters.com@reuters.net))\r\n\r\n
Keywords: CHINA ICBC/DEBT\r\n\r\n","firstCreated":"2017-05-25T09:38:10.000Z",
"headline":"China's ICBC signs $4 bln debt swap with
Shandong Steel - Xinhua<1398.HK><601398.SS><SDONGG.UL>",
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