China’s LGFVs to gain popularity despite muni bond launch
As Beijing allows local municipalities to issue debt directly into the interbank bond market, the role of municipalities’ third-party vehicles is set to diminish — but not investors’ appetite for their bonds.
China’s National Development and Reform Commission (NDRC) is set to allow local governments to issue debt directly into the public bond market, expanding on an existing pilot programme to give them a much-needed way of raising capital to cope with their growing debt burden.
But as municipalities gear up
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