Shaanxi LGFV raises $120m for upcoming refi

Dollar Heart
By Addison Gong
19 Nov 2019

Shaanxi Xixian New Area Fengxi New City Development and Construction (Group) Co, a lower-tier Chinese local government financing vehicle (LGFV), has raised $120m in the bond market ahead of a December maturity.

Sole global co-ordinator DBS set the initial price guidance for the three year bond at the 3.75% area on Monday morning Asia time. The senior unsecured deal was backed by a standby letter of credit from Hua Xia Bank's Xi’an branch.

The LGFV was only targeting a ...

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