China’s LGFV bond issuance hit new record of 5.1 trillion yuan this year, net financing declined on year

china infrastructure

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China's local government financial vehicles (LGFVs) had issued 5.1 trillion yuan of bonds this year as of November 28, hitting a new record high and representing 400 billion yuan increase from the previous record, according to data from Wind Information, a financial data provider.

Notably, a wide divergence is seen between different LGFVs, with the share of LGFV bonds with low ratings declining and meanwhile, an larger portion were issued by LGFVs of low-risk and more developed regions . . .

 

 

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