Jiangsu LGFV duo seal unrated dollar deals

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By Addison Gong
18 Nov 2019

Two unrated Chinese local government financing vehicles (LGFVs), Danyang Investment Group Co and Zhenjiang Cultural Tourism Industry Group Co, came to the dollar market last Friday for a combined $435m.

Zhenjiang Cultural Tourism has an existing $230m 4.95% bond from 2016 that is falling due on December 1.

To refinance those notes, it raised $230m from a new three year last Friday at a yield of 7.5%. The pricing did not move from the initial price ...

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