Henan LGFV debuts with $500m bond

Henan_Adobe_16Sep
By Alice Huang
16 Sep 2020

Henan Water Conservancy Investment Group sold its maiden $500m bond on Tuesday, adding to the high grade supply from China’s local government financing vehicles (LGFVs). But its deal was not easy, with the issuer having to navigate a handful of obstacles.

Henan Water announced the mandate for its inaugural deal on Monday. The first time issuer was rated A3 by Moody’s and A- by Fitch. The notes, which were directly issued by the LGFV, are rated the same.

However, there were some concerns following the mandate, said a ...

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