, Columnist
Private Bankers Love This Four-Letter Word
China's offshore LGFV bonds are smoking hot for high-net-worth investors.
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This four-letter word for a Chinese bond isn't a curse. Nor is it a security. It's an addiction.
We're talking about LGFVs, shorthand for local government financing vehicles, and their 28 trillion yuan ($4.3 trillion) of debt, increasingly in the form of bonds. The dopers are clients of private banks.