Market tries to interpret new NCSSF debt mandates
China’s social security fund has reportedly issued eight onshore credit mandates. It may be hedging aggressive expansion, or it may preface renewed exposure to risk assets.
China’s social security fund may be looking to hedge its aggressive recent expansion after reportedly moving to award eight onshore mandates for local corporate and institutional credit bonds.
Then again, investment into long-term onshore credit may also be a necessary step before the National Council for Social Security Fund (NCSSF) ramps up risky allocations again, muses Francois Guilloux, regional sales director at consultancy Z-Ben Advisors.
In all, 18 institutions are under…
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