日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

US EUROPE AFRICA ASIA 中文
Business / Markets

Investors yield to chengtou notes' charms

By Zheng Yangpeng (China Daily) Updated: 2014-07-25 07:33

Debt products from local government financing vehicles are darlings on the market, reports Zheng Yangpeng

Li Jia, a fund manager with ICBC Credit Suisse Asset Management Co Ltd, has not had much time to talk to the media lately. The first-half bull market for bonds had her tied up in one meeting after another, discussing market strategies.

Among various investment options, she saids he feels that chengtou (urban infrastructure-related investment) notes are a safe bet. Her belief is widely shared in the investment community.

Chengtou notes are debt products issued by China's local government financing vehicles, of which there are believed to be more than 10,000.

Investors yield to chengtou notes' charms

These vehicles were created to fund urban construction projects, since municipal governments are barred from deficit financing under the current Budget Law. The explosive growth of LGFVs, which in the past few years have built numerous "new cities" across the country, propelled the extraordinary surge in China's debt in the aftermath of the 2008 global financial crisis.

"Chengtou won't default in the near term," Li said. But when asked about the longer term, she responded: "It's not clear. But we don't care. Nowadays, we're just looking at short-term holdings. Few hold these notes for the long term."

The market's fondness for chengtou debt prompted a surge in issues during the second quarter to a record 568 billion yuan ($91.6 billion), the highest since 2002, according to Shanghai-based Wind Information Co Ltd.

Issues totaled 353.1 billion yuan in the first quarter of the year.

The increasing popularity of chengtou notes, which are considered corporate notes, helped push down issuers' costs. Yields on two-year AAA-rated notes have dropped 137 basis points this year to nearly a 10-month low of 4.86 percent, according to Bloomberg.

Commercial banks have been quick to jump on the bandwagon, snapping up a majority of the high-rated bonds. One AAA-rated note drew bids for almost six times the amount offered, and even an AA-rated note attracted bids for three times the offered amount, Li said.

Several factors are contributing to the buoyant market, analysts said.

Previous Page 1 2 3 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 中文字幕在线观看视频一区 | 成人精品鲁一区一区二区 | 五月久久亚洲七七综合中文网 | 亚洲一区二区三区在线免费观看 | 国产伦精品一区二区 | 亚洲涩涩 | 国产亚洲精品久久久久久久网站 | 国产午夜精品一区二区三区嫩草 | 狠狠色噜噜狠狠狠狠米奇777 | 在线观看国产免费高清不卡 | 91在线短视频 | 久久亚洲一区二区 | a高清免费毛片久久 | 无码国产精品成人午夜视频 | 日韩a无v码在线播放免费 | 天堂资源8中文最新版 | 91懂色 | 欧美在线观看a | 国产九九视频在线观看 | 国产一级在线看 | 欧美国产精品一区 | 夜夜操av| 国产欧美综合精品一区二区 | 红桃一区| 欧美一级在线观看 | 免费高清成人 | www久久爱 | 午夜资源 | 亚洲精品久久久久综合中文字幕 | 午夜羞羞影院 | 欧美精品一区二区精品久久 | 国产精品国产三级国产aⅴ 精品视频在线播放 | 久久成人国产精品免费 | 91免费版在线看 | 中文字幕精品一区二区三区精品 | 四虎4hu | 国产精品思瑞在线观看 | 精品国产18久久久久久二百 | 欧美国产伦久久久久 | 91久操 | 欧美日韩视频在线 |