Huzhou City Investment puts a shine on LGFV bonds

摘要

HUZHOU CITY INVESTMENT DEVELOPMENT GROUP has priced a US$300m Reg S bond offering that was 15 times covered, a rare hot deal from the Chinese local government financing vehicle segment. The three-year notes from the Zhejiang province LGFV were priced at par to yield 3.15%, the tight end of final price guidance of 3.15%-3.20%, and 65bp tighter than initial guidance of the 3.8% area.