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: 日韩国产一区二区 | 欧美大片黄色 | 一区二区三区黄色片 | 国语对白一区 | 亚洲毛片在线看 | 一区二区视频网站 | 2025国产精品自拍 | 欧美精品999 | 国产精品乱码一区二三区小蝌蚪 | 麻豆精品一区二区 | 午夜在线看片 | 日韩三级av | 麻豆影视av | 男人天堂视频在线观看 | 欧洲亚洲一区二区 | 黄色小视频在线播放 | 日韩欧美中文字幕在线播放 | 欧美一级片免费观看 | 综合黄色| 亚洲色图网站 | 在线观看国产区 | 国产免费99 | 国产精品九九九九九九 | 91精品亚洲 | 亚洲精品久久久久国产 | 亚洲天堂男人 | 99re只有精品 | 欧美久久久久久久久久久 | 网站黄在线观看 | 一区二区精彩视频 | 免费视频网站在线观看 | 免费观看一级黄色片 | 一区二区视频免费观看 | 欧美精品久久久久久久久久 | 最近日韩免费视频 | 亚洲欧美综合网 | 狠狠欧美 | 精品国产福利 | 国产又粗又猛 | av片网站| 久久精品区 |