Property News · December 6, 2016

China’s local financing vehicles line up to issue US dollar bonds overseas as developers steer clear


At least 50 Chinese local government financing vehicles (LGFVs) are preparing to issue US dollar bonds offshore, according to Ivan Chung, head of Moody’s Greater China credit research and analysis.
The news comes as mainland Chinese developers are retreating from the US dollar bond market because of the rising yield and the devaluation of the yuan.
Most of the bonds are subscribed by Chinese institutions’ overseas branches, which are more familiar with LGFVs’ operating models…

Source : South China Morning Post
Read more…China’s local financing vehicles line up to issue US dollar bonds overseas as developers steer clear