Qinghai Investment joins LGFV bond rush

The BB-rated company becomes the first local government financing vehicle to sell a dollar bond this year, attracting $2.5 billion of orders for its $300 million deal.

Qinghai Investment joins LGFV bond rush

Qinghai Investment Group, a BB- rated local-government financing vehicle LGFV, made its first foray into the international bond markets on Wednesday, raising $300 million in an investor-friendly deal.

The company is a state-owned enterprise of Qinghai Province, involving in local infrastructure investments and manufacturing aluminum products. Its 2015 sales rose 9.3% year on year to Rmb 14.1 billion, while its net profit fell by 51.5% to Rmb 44.8 million for the same period,...

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