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Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?
Why crowdfunding threatens traditional bank lending
January 2006
by Alex Chambers & Mark Brown
Fundamentals remain strong, but supply and demand patterns mean that investors should go underweight covered bonds compared with AAA sovereigns this year, according to UBS.
Although cash-rich investors will soak up this month’s estimated supply of about €17 billion, technicals will turn negative in February.
“After...
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