Local govts may sell debt overseas after China pulls support

Singapore

CHINA'S overhaul of local government financing spells opportunity for global investors in 2015.

Standard & Poor's and Moody's Investors Service predict municipalities facing severe financing needs may follow the lead of Beijing's subway builder in selling debt overseas to cut costs. Beijing Infrastructure Investment Co became China's first metro provider to sell global bonds this year, raising US$1.3 billion, including a US$1 billion offering in November.