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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?

November 2007

Credit derivatives: LCDX tranches launch


Tranches on the LCDX index debuted in mid-October, receiving a warm reception despite the cautious atmosphere in both the cash and synthetic leveraged loan markets. Dealers shrugged off comparisons to the doomed tranches on the ABX index (TABX) and are quietly confident that LCDX tranches will prove to have merit. However, given the still-fragile state of the credit markets, they are not expecting the new product to take off overnight.

"The market will find a home for this product, whether it’s as big...


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