Chongqing LGFV sells $800m of bonds

With default risks and borrowing costs rising at home, Chinese LGFVs are increasingly looking offshore for funding.

Investment grade rated Chongqing Nan’an Urban Construction & Development sold $800 million in three-year and five-year bonds on Tuesday, extending the recent diffusion of Chinese local authority borrowers into the dollar markets as rising default rates push up domestic borrowing costs. 

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