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Bond Market News
China LGFVs Said to Plan Retiring Debts Early
November 2, 2023
China’s LGFVs are said to be planning to redeem their bonds earlier than their maturity date, assisted by the nation’s program support to lower financing costs. The focus is however mainly regarding their local currency bonds where about RMB 15bn ($2.05bn) has been planned for early payment. The central government’s program in August allows local governments to issue about RMB 1tn ($140bn) of bonds to repay LGFV debt and other off-balance sheet issuers. Bloomberg notes that the said move by LGFVs would reduce worries about them especially in the midst of economic weakness and the real estate sector’s meltdown.
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