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雷达卡
We believe that if just employed by itself，DES is not an effective solution for SOE deleveraging.Instead it has to be implemented in the context of a comprehensive reform package which includes supply side reform and mixed ownership reform.In recent DES cases，we are encouraged to note more signs of operational restructuring for target companies initiated by banks.That said，to effectively delever the SOE sector and improve capital allocation，we believe China needs to remove/soften its GDP target，further rationalize excessive capacity，accelerate SOE reform and reduce government intervention in DES.We highlight our policy recommendations on page 9-10.Reflecting such a small amount of DES，and most funding sources being booked off-balance-sheet，the impact on banks’capital and earnings should be limited.This should relieve some investor concerns about DES.We stay positive on big banks，with ICBC and BOC as top picks.
20170912-DEUTSCHE_BANK-CHINESE_BANK：DEBT-TO-EQUITY_SWAP，A_DEEP-DIVE_INTO_71_CA.pdf
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