LGFV debt roll-overs to come with strings attached

The support given at the end of 2013 by China’s National Development and Reform Commission (NDRC) for local government financing vehicles to be able to roll over their debt by issuing bonds comes with conditions attached, EuroWeek Asia can reveal. According to several sources, the NDRC has indicated informally that support for bond issuance will be dependent on LGFVs avoiding tapping the shadow banking sector.

  • 10 Jan 2014
“It is more like under-the-table advice from the authority,” said one of the sources. “It means the LGFVs are encouraged not to bring out more of the non-standard debt products. If they take the advice from the NDRC, they should have more chance of repaying their outstanding debts ...

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