China’s LGFV bonds to shine in 2022 as market sours on developers
The debt sold by LGFVs have filled in the vacuum of high-yielding debt sold by developers, as a sluggish real estate market and a record bout of defaults and missed payments deterred many global investors.
- Local government financing vehicles (LGFVs) are expected to remain China’s largest issuers of dollar debt offshore this year
- LGFV issuance soared 184 per cent as of the end of April from a year earlier, according to Pengyuan International