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China Cinda Asset Management, one of China’s state-owned bad-debt managers, has established a medium term note program to raise up to $3bn in debt over the next 12 months.

The company established the program on Feb 24, according to a filing made on Monday morning to the Hong Kong Stock Exchange, and will use the capital for “working capital, investment and other general corporate purposes”.

Arrangers for the program are Bank of China, Morgan Stanley, ICBC, Deutsche Bank, Agricultural Bank of China, ANZ, China Construction Bank, Bank of Communications (Hong Kong), CITIC CLSA Securities and Cinda International.

China Cinda Asset Management is one of China’s major state-run bad banks tasked by Beijing with lending to distressed companies. Last year the government began pushing it and other asset managers to extend more credit to ailing companies to resolve mounting debt overhang.

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