LGFV bond falls through amid Tianjin debt woes

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By Addison Gong
12 Jul 2019

Chinese local government financing vehicle (LGFV) Tianjin Binhai New Area Construction & Investment Group Co’s decision to postpone a planned three year bond has highlighted the debt crisis in the Tianjin area.

Global co-ordinators Bank of China, CCB International, HSBC and Standard Chartered announced a new three year for the LGFV at the 5.1% area on Thursday morning Hong Kong time. They later set the final guidance at 5% plus or minus 5bp, before pulling the deal.

The order ...

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