China’s LGFV bond sales tumbled 54% on month in May amid tighter regulatory supervision, volatile market condition

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Municipal bonds issued by Chinese local government financing vehicles (LGFVs) to fund infrastructure and public welfare projects plunged 54% in May from the previous month amid tightening regulatory supervision and volatile market conditions. Coupon rates on some municipal bonds dropped below 2%.

About 239.2 billion yuan ($35.9 billion) worth of LGFV bonds were issued last month, according to data compiled by Wind Information, a financial information provider.

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