日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

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: 午夜视频一区二区 | 欧美日韩成人一区 | 人人色视频 | 黄色大片视频网站 | 四虎影视在线播放 | 中国毛片在线观看 | 毛片aaaaaa| 久久精品久久久久久久 | 久久综合中文字幕 | 日韩久久一区 | 中文字幕五区 | 国产区在线看 | 亚洲第三十七页 | 中文在线a√在线8 | 高潮毛片无遮挡 | 日韩综合一区二区 | 国产综合日韩 | 国内久久 | 日本成人一级片 | 午夜不卡av | 国产一级特黄 | 色综合国产 | 天堂在线视频免费 | 欧美 第一页 | 国产 欧美 精品 | 一级性爱视频 | 国产一区二区久久久 | av最新网址 | 夜夜夜久久久 | 中文字幕在线观看不卡 | 91爱爱视频 | 日本天堂网在线观看 | 成人激情在线视频 | 欧美精品99 | 天天操夜夜操av | 视频精品一区 | 三级网站免费看 | 四虎av在线| melody在线观看 | 91美女精品网站 | 亚洲欧洲日本在线 |