Hangzhou LGFV rides on bank demand for tight $300m debut

US dollar_Adobe_24July
By Morgan Davis
12 Aug 2020

Hangzhou Qiantang New Area Construction and Investment Group Co, a Chinese local government financing vehicle (LGFV), found strong support from banks for its maiden dollar bond, allowing it to tighten price guidance by 70bp during the day.

The borrower is not the only LGFV to find solid response from investors recently. Others, including Qingdao China Prosperity State-owned Capital Operation (Group) Co last week, have been able to tighten the price for their dollar bonds by more than 50bp-60bp from initial guidance during the bookbuilding ...

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