LGFV bond bonanza as supply forecast dims

By Addison Gong
20 Jun 2019

China’s recent measures to curb local government debt by restricting new offshore issuance from their financing vehicles led to one of the busiest weeks for the sector, as companies raced to beat the June 30 deadline when their regulatory quotas expire, writes Addison Gong.

Eight local government financing vehicles (LGFVs) raised a total of $2.27bn in dollar bonds over the first three days of this week, with four more set to price on Thursday.

The wave of deals came as the National Development and Reform Commission (NDRC), the body that governs international debt ...

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