Data from the Ministry of Finance indicates that China saw the issuance of 1.223 trillion yuan (approx. USD$176.6 billion) in local government bonds during the first two months of 2020.
Of this amount normal bonds totalled 273.2 billion yuan and special bonds 949.8 billion yuan.
The average maturity for local government bonds issued in the first two months of the year was 15.2 years – 17.2 years for normal bonds and 14.5 years for special bonds.
The average issuance rate was 3.44% – 3.39% for normal bonds and 3.46% for special bonds, while local government bond interest payments totalled 52.9 billion yuan.
February alone saw the issuance of 437.9 billion yuan in local government bonds, including 202.9 billion yuan in normal bonds and 235 billion yuan in special bonds.
As of the end of February China’s local government debt balance was 22.5302 trillion yuan, including 12.1426 trillion yuan in normal debt and 10.3876 trillion yuan in special debt.