Yiwu LGFV squeezes price on $500m bond

By Alice Huang
05 Aug 2020

Chinese local government financing vehicle (LGFV) Yiwu State-owned Capital Operation Co replicated its peers’ recent bond pricing success, to raise $500m with a 65bp price tightening during bookbuilding.

Baa3/—/BBB rated Yiwu Capital is a frequent bond issuer both domestically and internationally. It was the first LGFV to woo international investors following the coronavirus outbreak in China when it sold a $400m 4% 2025 bond in February.

Yiwu Capital came back to the market this week with a ...

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