Positive news has emerged on the two pilot securitization schemes being developed by China Construction Bank and China Development Bank (see ASR 3/7/04)). At the end of March, after a consensus was reached among 10 separate regulatory bodies, the People's Bank of China - China's central bank - gave final approval to China Construction's mortgage-backed offering and China Development's CLO, which will be backed by infrastructure loans.

Standard Chartered is structuring the China Construction deal, while Lehman Brothers and Deloitte Touche Tomahatsu are acting on behalf of China Development. Each has approval to package loans worth Rmb10 billion ($1.21 billion), according to local media reports.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.