Tuesday, April 23, 2019

2018 Annual Report on Green Bonds in China

The China green bond market grew moderately and the amount of green bonds issued totalled RMB220.9 billion with a year-on-year growth rate of 7.48% in 2018. In China, green bonds covered most types of...

2018 Annual Research Report on Asset-Backed Securities Market in China

The issuance amount of asset-backed securities (“ABS”) increased significantly to RMB1,995.2 billion with year-on-year growth of 5 billion in 2018. 1,762 of the total 2,660 issued ABS were assigned credit ratings, among which ABS...

China Onshore Bond Market 2018 Default Study and 2019 Outlook

40 issuers defaulted for the first time in China bond market in 2018, which reached a historic high and involved 106 defaulted bonds totalling approximately RMB86 billion. This significant increase in bond defaults could...

青海省投资集团 — 地方政府融资平台还是国有企业?

青海省投资集团有限公司 (“QPIG” 或 “该公司”) 因未能按期支付2019年2月22日的利息而备受瞩目。联合国际依据公开信息对QPIG的性质进行了评估。 了解更多

QPIG- Is it a LGFV or SOE?

Qinghai Provincial Investment Group (“QPIG” or “the company” or in Chinese “青海省投资集团有限公司”) is under the spotlight for missing its interest payment on 22 February 2019. QPIG had a prior incident of nearly missing scheduled...

2019 Chinese Offshore USD Bond Investor Survey Report

The 2019 Chinese offshore USD bond investor survey is based on the data and feedback collected from 24 one-on-one meetings with Chinese offshore USD bond investors in Hong Kong. The survey took place between...

Offshore Investors’ Top 10 Questions about the Credit Profiles of Chinese Bond Issuers

Lianhe Global has been outreaching to both the Chinese and international investors in the past several months. The investor population includes banks, asset management under banks, insurance and pure asset management companies. Most investors...

Chinese Government’s Eased Attitude Towards LGFVs’ Financing Activities Underpins Their Credit Profiles

Financing policies for China’s local government financing vehicles (“LGFVs”) have been eased since 2H2018 due to the dynamic condition of China’s macroeconomy and the financial system. China’s regulatory authorities put risk prevention as their...

2019 Credit Outlook for China Financial Leasing Sector

China Lianhe’s Viewpoints on the China Financial Leasing Sector • Shareholder support and resilience and stability of financial leasing companies’ operation are key considerations in assessing China financial leasing sector’s credit profiles. • Business growth has...

2019 Credit Outlook for China Property Developer Sector

China Lianhe’s Viewpoints on the Chinese Property Developer Sector Amid the spectre of the Sino-US trade tension, a slowing economy and a teetering property market, we believe the policy stance is likely to moderate from...

中国中小银行的信用状况受对影子银行和地区依赖性的影响而存在分歧

中国中小银行(包括股份制银行和城市商业银行)一直积极开展影子贷款活动(如另类投资和表外理财产品),并提供信贷以支持区域经济发展。这导致它们的业务增长强于大银行而在银行体系中市场份额增加,系统重要性提高和信用状况分化。 了解更多

The Chinese Government to Maintain Adequate Market Liquidity for Infrastructure Investments to Stimulate Economic...

The Chinese government is unlikely to roll out any massive stimulus plan but instead, it will use available tools to fine-tune its policy goals to maintain economic growth with a particular focus on investing...

Chinese Property Developers Under the Spotlight of New Financing Policies

China Lianhe’s Viewpoint on the Chinese Property Developer Industry • Chinese Property Developers Face a Wall of Maturing Debt in 2018-2020 Chinese property developers have been relying on short-term debt to finance their operating activities, we...

The Odd Couples: Chinese Property Developers and Local Governments

China has a unique economic structure with features of both market and planned economies. The Chinese central government uses monetary policy, as well as administrative tools to steer the direction and the pace of...

Reserve Requirement Ratios Reduction Alleviates Bond Market Risks

On 7 October 2018, the People’s Bank of China (PBOC) announced a plan to reduce the Reserve Requirement Ratios (RRR) by 1.0% for large commercial banks, joint stock banks, city commercial banks, non-county rural...

China’s Small and Medium-Sized Banks’ Credit Profiles Diverge on Shadow Banking and Regional Dependences

China’s small and medium-sized banks (including joint stock banks and city commercial banks) have been active in shadow lending activities (such as alternative investments and off-balance-sheet wealth management products (WMPs)) and in providing credits...

Perceived Weaker Support Strains China’s Local Government Financing Vehicles

China’s Local Government Financing Vehicles (“LGFVs”) have incurred higher funding cost amid tightened regulations on their debt financing and perceived lower possibility of support from their respective local governments(“LGs”) in case of need. Investors’...