www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Markets

90% drop in Chengtou notes issuance

By Zheng Yangpeng (chinadaily.com.cn) Updated: 2015-01-13 14:05

Bonds issued by local-government financing vehicles (LGFVs) plunged more than 90 percent in Jan as the market became increasingly wary over the creditworthiness of the quasi-government debt.

In the first half of Jan, only 4 LGFVs issued their bond with a total value of 4.7 billion yuan ($758 million), more than 90 percent lower than the same period in Dec, according to Wind data. Last Dec 56 LGFV bonds, also known in China as "chengtou notes", were issued with combined value of 72.9 billion yuan.

The drop in chengtou note was dramatic. In the first half of 2014, monthly issuance of chengtou note reached 153.5 billion yuan.

This sharp decline came as town halls are backing away from blanket no-default guarantees and trying to replace the quasi-government bond with real government bonds directly issued by local governments.

Late last month the regional authorities in Shandong became the first to declare they would not bail out defaulting cities or counties in the province. Two city governments in Jiangsu and Xinjiang have also pulled support for their financing vehicles' planned debt sales.

As a result, yield premiums on one-year AA notes, the most common ranking for such issuers, jumped a record 98 basis points in December.

In terms of securities type, the four products sold in Jan concentrated on commercial papers and medium-term notes, which are easier to get approval from the regulator. Corporate bonds and private publication notes, which were popular before, saw no new issuance.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 一二三中文乱码亚洲乱码 | 一级特黄a视频 | 中文字幕亚洲综合久久 | 91精品国产免费 | 一区二区不卡视频在线观看 | 寡妇一级a毛片免费播放 | 国产真实乱子伦精品 | 久爱免费观看在线网站 | 免费在线视频成人 | 黄a 大片a v 永久免费 | 亚洲第一在线播放 | 欧美一级看片免费观看视频在线 | 国产成人精品精品欧美 | 亚洲三级视频 | 中文字幕欧美一区 | 欧美精品日本一级特黄 | 欧美日韩人成在线观看 | 女人把腿劈开让男人桶的网站 | va欧美| 日韩在线观看一区二区三区 | 亚洲国产精品专区 | a理论片 | 久久精品国产亚洲精品2020 | 萌白酱香蕉白丝护士服喷浆 | 波多野结衣在线观看高清免费资源 | 欧美野外性xxxxfeexxxxx | 欧美日韩国产免费一区二区三区 | 欧美大片在线播放 | 久久在线影院 | 美女视频黄的免费看网站 | 在线看片亚洲 | 国产成人91一区二区三区 | 91精品久久一区二区三区 | 日本久久久久一级毛片 | 亚洲在线成人 | 18video9ex欧美生活片 | 国产一级片免费观看 | 免费一级片网站 | 亚洲高清国产一线久久 | 亚洲天堂爱爱 | 国产一区二区在线观看免费 |