Chinese offerings of asset-backed securities have hit a record high this year as cash-strapped local governments struggle to plug fiscal holes.
The number of deals in China involving sales of ABS — financial instruments based on the revenue streams of an underlying pool of assets such as property rentals or leases — reached 2,386 as of December 24, surpassing the previous record set in 2021, according to data provider Wind.
The rise in deals this year was driven by authorities at the provincial level and below, said a Chinese broker who advises companies on ABS issuance.
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