Jiangsu LGFV bags bond before Brexit vote

Another LGFV sells a debut US dollar-denominated issue, attracting lukewarm demand.

Jiangsu Hanrui, a BB rated local-government financing vehicle LGFV, priced its $300 million debut international bond ahead of the UK vote on European Union membership on Thursday.

With investors waiting on the sidelines ahead of the UK referendum vote, the deal did not attract a sizeable order book closing at the $500 million level according to one source close to the deal.  

This low level of interest contrasts with $1.4 billion order book similarly rated LGFV Jiangsu NewHeadLine attracted for its $200 million offering in January and the $1.2 billion final order book BBBBBB rated LGFV Wuxi Construction amassed at the...

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