China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

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July 1997

The banks learn how to say no


Three years of declining margins have lenders scrambling for yield. They are turning to higher risk areas such as project finance and emerging markets. But the curse of high liquidity soon tracks them down and ruins the rates. Only by aggressive portfolio management and offering additional services can banks make money. Nigel Pavey reports.


The three-year boom in syndicated lending is proving more enduring that many market practitioners had anticipated. Despite margins hitting record lows after three years of decline, spectacular pricing gains still are being achieved by many borrowers. Intense competition among arrangers and high levels of liquidity among lenders has created unusually advantageous conditions for borrowers. ...


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