Shanghai Chengtou US dollar debut shows new LGFV funding option

By Carrie Hong
06 Jan 2014

The first onshore dollar bond from a Chinese local government financing vehicle (LGFV) has showcased another funding option for indebted municipalities amid continued high onshore borrowing costs in local currency.

The $200m offering from Shanghai Chengtou Corp, which was completed at the very end of 2013, also comes as China prepares to allow local governments to issue debt directly into the public bond market rather than having to rely on the LGFVs. The National Development and Reform Commission ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial