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China's cities face surging funding costs on default concerns
Published Thu, Sep 7, 2017 · 09:50 PM
Shanghai
CHINA'S cities, towns and counties are facing surging borrowing costs as investors anticipate landmark defaults.
A local government financing vehicle (LGFV) in the country's east was recently forced to pay a coupon on a bond that matched a record. Average financing costs in credit markets for the units that finance roads, bridges and sewers have jumped, with yields for some borrowers surging the most in six years.
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