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Local Government Financing Vehicles (LGFV)
How the Changing Environment is Expediting LGFV Credit Differentiation
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Agenda15:00HKT
Local Government Financing Vehicle
How the Changing Environment is Expediting LGFV Credit Differentiation
- How to decipher the increasing complexities differentiating LGFVs from commercialized SOEs
- Will funding costs between LGFVs from different regions continue to diverge?
- Why the offshore high-yield market may become more important for weaker issuers
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SpeakersAda Dai Deputy General Manager, Head of Rating Advisory Team China CITIC Bank International
Ivan Chung Associate Managing Director, Corporate Finance Moody's Investors Service
Cindy Yang Vice President – Senior Analyst, Corporate Finance Moody’s Investors Service
Sarah Xu Assistant Vice President – Analyst Moody’s Investors Service
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Ada Dai is Deputy General Manager and Head of Rating Advisory Team, Treasury & Markets Group, China CITIC Bank International, based in Hong Kong.
Ms. Dai has extensive working experience in capital market, mainly in debt capital market and equity research for over 15 years. Prior to joining China CITIC Bank International, Ada worked as Director and Head of rating advisory in FICC, Guotai Junan Securities (HK).
Since 2016, Ms. Dai has assisted around 50 Chinese companies obtaining their first-time international credit rating and helped many issuers achieved rating upgrade, mainly are LGFVs, Non-bank financials, SOEs and property developers, etc.
Prior to that, she worked in Barclays Capital (HK) and Credit Suisse (HK) as an equity analyst for 10 years, covering Asia basic materials and utilities sectors. She won “2015 Asia Money-Asian Basic Materials-Research-Best Team-No.3” and “2008-2010 Institutional Investors-Asian Basic Materials-Research-Best Team- No.1 and No.2” respectively.
Ms. Dai holds a Bachelor of Accounting (English) from Shanghai International Studies University.
Ivan Chung is the Representative Director for Moody’s Investors Service (MIS) in Hong Kong. In this role, Ivan ensures a sound and controlled operating environment and acts as senior representative and main contact point for key local and regulatory issues, both internally and externally.
In addition to his Hong Kong role, Ivan is an Associate Managing Director within Moody’s Corporate Finance Group, where he co-heads the team responsible for Chinese local government financing vehicles ratings.
Ivan first joined Moody’s in 1997 and rejoined in 2006. He has held senior analytical positions both in Moody’s Corporate Finance Group and Project and Infrastructure Finance Group, and most recently acted as the head of Greater China Credit Research and Analysis team, leading the research of evolving credit trends and bond markets in China.
Ivan holds a BBA from The Chinese University of Hong Kong and an MA from City University of Hong Kong. He is also a CFA charterholder.
Cindy Yang is a Vice President – Senior Analyst with Moody’s Corporate Finance Group, based in Beijing. She is responsible for Chinese local government financing vehicles ratings.
Before joining Moody’s, Cindy worked for PricewaterhouseCoopers in Hong Kong as a senior auditor. Cindy holds a Master of Corporate and Financial Law from the University of Hong Kong and a Bachelor of Business Administration from the Chinese University of Hong Kong. She is also a HKICPA and ACCA.
Sarah Xu is an Assistant Vice President – Analyst for Moody’s Investors Service. She is a lead analyst in the Chinese local government financing vehicles (LGFVs) team, covering LGFVs in eastern China and southwestern China. Prior to this role, Sarah was an analyst in Moody’s Greater China Credit Research and Analysis team, where she focused on credit research for the LGFV sector, as well as the evolving credit trends and bond markets in China.
Sarah has over 10 years of experience in corporate credit analysis. Before joining Moody’s in 2018, she held senior credit analyst and relationship management positions at BNP Paribas and Standard Chartered Bank in China, covering a portfolio of state-owned and privately-owned companies in various sectors. She holds a bachelor’s degree in finance and English from East China Normal University.
Ada Dai is Deputy General Manager and Head of Rating Advisory Team, Treasury & Markets Group, China CITIC Bank International, based in Hong Kong.
Ms. Dai has extensive working experience in capital market, mainly in debt capital market and equity research for over 15 years. Prior to joining China CITIC Bank International, Ada worked as Director and Head of rating advisory in FICC, Guotai Junan Securities (HK).
Since 2016, Ms. Dai has assisted around 50 Chinese companies obtaining their first-time international credit rating and helped many issuers achieved rating upgrade, mainly are LGFVs, Non-bank financials, SOEs and property developers, etc.
Prior to that, she worked in Barclays Capital (HK) and Credit Suisse (HK) as an equity analyst for 10 years, covering Asia basic materials and utilities sectors. She won “2015 Asia Money-Asian Basic Materials-Research-Best Team-No.3” and “2008-2010 Institutional Investors-Asian Basic Materials-Research-Best Team- No.1 and No.2” respectively.
Ms. Dai holds a Bachelor of Accounting (English) from Shanghai International Studies University.
Ivan Chung is the Representative Director for Moody’s Investors Service (MIS) in Hong Kong. In this role, Ivan ensures a sound and controlled operating environment and acts as senior representative and main contact point for key local and regulatory issues, both internally and externally.
In addition to his Hong Kong role, Ivan is an Associate Managing Director within Moody’s Corporate Finance Group, where he co-heads the team responsible for Chinese local government financing vehicles ratings.
Ivan first joined Moody’s in 1997 and rejoined in 2006. He has held senior analytical positions both in Moody’s Corporate Finance Group and Project and Infrastructure Finance Group, and most recently acted as the head of Greater China Credit Research and Analysis team, leading the research of evolving credit trends and bond markets in China.
Ivan holds a BBA from The Chinese University of Hong Kong and an MA from City University of Hong Kong. He is also a CFA charterholder.
Cindy Yang is a Vice President – Senior Analyst with Moody’s Corporate Finance Group, based in Beijing. She is responsible for Chinese local government financing vehicles ratings.
Before joining Moody’s, Cindy worked for PricewaterhouseCoopers in Hong Kong as a senior auditor. Cindy holds a Master of Corporate and Financial Law from the University of Hong Kong and a Bachelor of Business Administration from the Chinese University of Hong Kong. She is also a HKICPA and ACCA.
Sarah Xu is an Assistant Vice President – Analyst for Moody’s Investors Service. She is a lead analyst in the Chinese local government financing vehicles (LGFVs) team, covering LGFVs in eastern China and southwestern China. Prior to this role, Sarah was an analyst in Moody’s Greater China Credit Research and Analysis team, where she focused on credit research for the LGFV sector, as well as the evolving credit trends and bond markets in China.
Sarah has over 10 years of experience in corporate credit analysis. Before joining Moody’s in 2018, she held senior credit analyst and relationship management positions at BNP Paribas and Standard Chartered Bank in China, covering a portfolio of state-owned and privately-owned companies in various sectors. She holds a bachelor’s degree in finance and English from East China Normal University.