Guangdong’s LGFVs
Rising bond issuance to support infrastructure upgrade projects
Guangdong’s lower reliance on local government financing vehicle (LGFV) bonds than other well-developed provinces could change given its development plans including the Greater Bay Area (GBA) projects. We expect bond issuance by the province’s LGFVs to increase in the 14th Five-Year Plan (2021 – 2025).
Join us in this webinar where we will discuss:
- How resilient is Guangdong’s economy/fiscal position to withstand the property sector downturn?
- Is Guangdong’s economic development concentrated on Guangzhou and Shenzhen?
- What are the key infrastructure projects in the 14th Five-Year Plan and GBA Development Plan?
- Why will LGFVs finance these projects given local governments’ strong fiscal position and Guangdong’s robust private sector?
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SpeakersGene Fang Associate Managing Director, Sovereign Risk Moody's Ratings
Amanda Du Vice President – Senior Credit Officer, Sub-Sovereign Group Moody's Investors Service
Elaine Lai Assistant Vice President-Analyst Moody's Investors Service
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Gene Fang is an Associate Managing Director in the Sovereign and sub-sovereign Ratings Group in Asia. Based in Singapore, he manages the teams responsible for sovereign credit ratings in the Asia Pacific region and credit research on Chinese regional- and local governments.
Before joining Moody’s, Gene worked as an investment banker, covering financial institutions for J.P. Morgan and Citigroup in Hong Kong and Singapore. In this role, he managed client relationships across Asia and advised on debt, equity, and M&A transactions. Gene graduated from Columbia University in political science. He also holds an MBA from Harvard Business School and a Master in Public Policy from Harvard University’s Kennedy School of Government.
Based in Shanghai, Amanda analyses the rapidly evolving Chinese regional and local government sector and acts as Moody’s key contact in this space. She’s also involved in the rating and research of Chinese local state-owned enterprises, in particular local government financing vehicles.
Before working in the Sub-Sovereign team, Amanda was a Vice President and Senior Analyst within Moody’s Greater China Credit Research and Analysis (GCCRA) team. In that role, she was responsible for analyzing industry trends, assessing issuers and creating research and outreach for Greater China. Amanda also played a key role in developing Moody’s Green Bond Assessment in China.
Prior to joining Moody’s, Amanda worked at AIA China Asset Management Center as a senior fixed income analyst covering Chinese corporates and financial institutions. She has also worked at Societe Generale and Bank of America Merrill Lynch, where she oversaw the credit analysis of large local Chinese corporates.
Amanda is a CFA charter holder with a master’s degree in Law from Tongji University.
Elaine Lai is Assistant Vice President – Analyst for Moody’s Investors Service, based in Shanghai. Elaine is a member of the Chinese local government financing vehicles (LGFVs) team, covering a portfolio of LGFVs in the coastal, southern and southwestern regions of China. Prior to this role, she was a lead analyst for Chinese issuers in the consumer, hotels and investment holding sectors.
Elaine has worked for several international securities brokerages, where she gained over 12 years of experience in equity research for Chinese companies. Before joining Moody’s, she was Executive Director for Goldman Sachs’ Global Investment Research Division, where she led equity research on Chinese consumer companies. Elaine holds a bachelor’s degree in business management (Finance) from Singapore Management University.