Logo 29 May 2024

Keeping hidden debt in check

Subscribe to keep reading.

Trivium Markets keeps you briefed on the latest developments in China markets policy.

Already a subscriber? Log in.

Local government arrears are under control for now.

That’s according to the latest data on commercial acceptance draft (CAD) defaults.

A refresher: CADs are tradable, zero-coupon IOUs with a fixed maturity of six months or less (see our October 20 note).

Local government financing vehicles (LGFVs...