Guangdong province will invite bidding for 31 billion yuan 3-year, 5-year, 7-year and 10-year fixed-rate local government bond issues on June 12. The south China province intends to raise respectively 3.1 billion yuan, 9.3 billion yuan, 9.3 billion yuan and 9.3 billion yuan via the 3-year, 5-year, 7-year and 10-year bond products.
According to an announcement, 13.3 billion yuan of proceeds from these bond issues will be used to replace its existing debts. The remaining 17.7 billion yuan fund raised will go to its key provincial transport infrastructure projects, reconstruction of dilapidated buildings in local rural areas and some key programs, housing projects for low-income urban residents and highways in cities and counties receiving funds obtained from part of these bond issues.
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