Chinese local govt financing units seek unorthodox route to raise funds [Reuters]
Moody's Corporation (MCO)
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Source: Reuters
Direct financing via Internet, social media raises eyebrows LGFVs offer big returns to lure investors, risks debt blowout SHANGHAI, June 15 (Reuters) - Shut out of the bond market and spurned by banks, a growing number of cash-starved Chinese local government financing units are tapping a loosely regulated funding channel to directly court yield-hungry retail investors. Over recent years China has embarked on a deleveraging campaign to reduce systemic risks after Local Government Financing Vehicles (LGFVs) accumulated trillions of dollars worth of debt since the 2008 financial crisis. Advertisement · Scroll to continue Last year, Beijing further tightened the screws on lending to LGFVs, which are investment companies that build infrastructure projects on behalf of local governments. The squeeze has sharply driven up "direct financing" debt products by LGFVs - typically registered via loosely-regulated local asset exchanges and sold to the public via the internet with a hi
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MCO
Earnings
- 2/14/24 - Miss
MCO
Sec Filings
- 4/19/24 - Form 8-K
- 4/2/24 - Form 3
- 4/2/24 - Form 4
- MCO's page on the SEC website