Overview of Chinese LGFV Offshore USD Bond Issuance
The total issuance amount of Chinese LGFV offshore USD bonds recorded about a 45.5% decrease to USD7.8 billion and the number of issuance decreased by 20.8% to 42 in the first half of 2020, compared with the first half of 2019. 3-5 years remained the primary tenors. Bonds with maturity of below 3 years and of 3-5 years accounted for 16.0% and 76.2% of the total issuance amount in 1H 2020, respectively. Bonds with maturity of 5 years or more represented 7.7% of the total issuance amount in 1H 2020, compared with 9.3% in 2H 2019.