UBS wary as China seeks global help to clean up local debt mess
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Beijing
CHINA is turning to global markets to help clear up a regional debt mess. Not everyone wants to be involved.
At least six local-government financing vehicles (LGFVs) have sold US$3.9 billion of bonds overseas this year, up from about three in 2014. They include Beijing Infrastructure Investment Co, which issued three-year euro notes at one per cent, lower than the 4.9 per cent yield on its similar onshore debt. The finance arms have to repay a record 702.6 billion yuan (S$156.8 billion) of bonds this year, compared with 304.1 billion yuan in 2014, according to data compiled by Bloomberg.
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