久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

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: 久久精品91 | 亚洲haose在线观看 | 久久久网久久久久合久久久久 | 亚洲线精品一区二区三区 | 男女免费观看在线爽爽爽视频 | 久久久久久久久综合 | 免费一级淫片aaa片毛片a级 | 久久国产成人精品 | 国产成人午夜性a一级毛片 国产成人午夜性视频影院 国产成人香蕉久久久久 | 鲁老汉精品视频在线观看 | 日本一级在线播放线观看免 | 久久99久久精品国产只有 | 国产成在线观看免费视频 | 99久久免费国产香蕉麻豆 | 色综合久久久久久久 | 露脸国产野战最新在线视频 | 国产日韩欧美综合一区二区三区 | 国产99视频精品一区 | 在线免费成人 | 国产成人亚洲综合一区 | 国产精品区一区二区免费 | 国产精品18久久久久久小说 | 亚洲一区二区三区四区在线 | 伊人22综合| 九九视频在线观看6 | 亚洲2020天天堂在线观看 | 欧美亚洲国产日韩一区二区三区 | 91porny九色国产首页在线 | 色综合日韩 | 欧美日韩在线永久免费播放 | 日韩欧美一区二区精品久久 | 国产一区二区三区久久精品小说 | 亚洲国产tv | 亚洲免费观看 | 亚洲精品国产字幕久久不卡 | 日韩经典一区 | 久久精品视屏 | 毛片大片| www.网站黄网站 | 亚洲成人午夜影院 | 欧美一级在线毛片免费观看 |