Chinese local govt financing units seek unorthodox route to raise funds [Reuters]
Moody's Corporation (MCO)
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Source: Reuters
are tapping a loosely regulated funding channel to directly court yield-hungry retail investors. FILE PHOTO: A man works at the construction site of a new financial district in Beijing, China May 23, 2017. REUTERS/Thomas Peter/File Photo 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. 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 hint of government guarantee - over the past year. LGFVs are offering to pay yields of more than 8% - roughly triple the benchmark lending rate - revealing their desperation t
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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