China's LGFV bond issuance surged in first half amid infrastructure push, lower borrowing cost

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China’s onshore bonds issued by local government financing vehicles (LGFVs) surged in the first half of the year after record issuance in 2019, boosted by an infrastructure push and lower borrowing cost.

In the first six months, LGFV bond issuance surged 30 per cent from the same period last year to 2 trillion yuan, with monthly issuance in March and April both exceeding 500 billion yuan, shows data from the China Chengxin International Credit Rating Co.

LGFVs raised net 1.1 trillion yuan funds through the bond issuance, close to the amount for the . . .

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