Yunnan Metropolitan keeps LGFV bonds rolling
Yunnan Metropolitan Construction Investment Co has become the latest local government financing vehicle in the offshore bond market. With more new issues in the pipeline, the LGFV bond spree shows no signs of slowing but the market is not open to all names.
When the UK’s Brexit poll on June 23 jolted financial markets, joint global co-ordinators Citi and Guotai Junan International were on investor meetings with YMCI.
With the unexpected result and the market fallout more severe than many had predicted, investors were understandably worried.“Of course, that was a ...