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NW China region sells 5.5b yuan gov't bonds
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NORTHWEST China's Ningxia Hui Autonomous Region raised 5.5 billion yuan (US$894 million) from a local government bond sale today.
Ningxia is the only region in western China included in a pilot program that saw 10 regions nationwide issue and repay debts themselves.
It auctioned five-year, seven-year and 10-year local government bonds at 3.98-percent, 4.17-percent and 4.26-percent flat yields, with comparable treasuries on the secondary market.
The debts issued by Ningxia received top-notch triple-A ratings from Dagong Global Credit Rating Co Ltd.
The fund will be used to finance major infrastructure projects and a new industrial zone. A portion will also go to aid the progress of industrial upgrades for local industries, the regional finance department said.
In the past, China's Ministry of Finance issued and repaid all local government debts. In May, the State Council, or the cabinet, approved a 2014 pilot program for 10 regions to directly float and repay local government bonds.
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