Readers of The Big Short will recognise this once-fashionable trick of financial engineering: 1) Take some debt rated triple B, triple B plus and A minus; 2) Bundle it together; 3) Get it rated triple A; 4) Flog it to investors, writes Josh Noble.
Reports from China suggest that this technique is beginning to catch on among cash-strapped small and medium enterprises.
According to the South China Morning Post, three such companies in Jiangsu province – Changzhou Shende Seamless Tube, Changzhou Dongfeng Agricultural Machinery Group, and Xinhua Chang Group – have clubbed together to issue Rmb260m in joint three-year debt.
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