Tianjin turmoil drags down Tewoo’s bond

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By Morgan Davis
19 Sep 2018

Chinese company Tewoo Group Co took the unexpected decision of pulling its bond outing this week after concerns around indebted firms from Tianjin spooked investors, making them question the credentials of a deal from the city. Morgan Davis reports.

The country’s local government financing vehicles (LGFVs) have been met with intense scrutiny recently. A number of LGFV issuers were downgraded in early September by two of the three international rating agencies, while Qinghai Provincial Investment Group’s upcoming $300m bond maturity is also shaking investor confidence in ...

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