Size over price: Qingdao LGFV nets $600m

Qingdao_575px_adobe_23Feb21
By Morgan Davis
26 Feb 2021

Huatong International Investment Holdings Co, a Chinese local government financing vehicle, raised $600m from its bond on Thursday, but had to sacrifice a tighter price for a larger transaction.

The LGFV was set on raising $600m from its three year bond this week. Like most LGFVs, the company was reliant on anchor orders to push its trade over the line, said a syndicate banker on the deal. But most other LGFVs raise smaller benchmark sized deals, allowing ...

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