First local government bonds issued
April 16, 2009 | BY
clpstaff &clp articlesXinjiang gets new chance to raise money
China has issued its first, tradable local government bonds. The Ministry of Finance issued Rmb3 billion three-year bonds on behalf of the Xinjiang Uyghur Autonomous Region, with underwriting occurring between March 30 and April 1. From April 3, the bonds could be traded on the interbank market and securities exchanges.
“The debt paying ability of Xinjiang is strong enough to repay local government bonds on schedule,” said Kong Wei, a Beijing-based partner of Grandall Legal Group.
Anhui province auctioned Rmb4 billion of its own three-year bonds on March 31.
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