Linyi LGFV sells maiden $300m bond

USdollar_Adobe_25July
By Alice Huang
10 Sep 2020

Chinese local government financing vehicle (LGFV) Linyi City Construction Investment Group Co raised $300m from its inaugural transaction against a weaker market backdrop.

The LGFV announced the mandate for its maiden bond on Tuesday. But the timing was far from ideal – the US equities market wobbled on Tuesday overnight, with the S&P 500 dropping 2.8% and the Nasdaq Composite 4.1%.

A Hong Kong-based banker away from the deal said a ...

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