Jiangsu converts high-cost debt into much more affordable notes

Jiangsu province has fired the first shot in China's 1.77 trillion yuan ($285 billion) annual local government bond sales program by selling securities at a yield only slightly above that of sovereign bonds, after an initial hitch a month ago.

The province issued 52.2 billion yuan of municipal bonds on Monday, including securities to be swapped for existing debt and new general notes.