Debt revamp opens door for global investors

More local governments may look to overseas markets for financing needs

China's overhaul of local government financing will create more opportunities for global investors in 2015.

Global ratings agencies Standard & Poor's and Moody's Investors Service predict municipalities facing severe financing needs may follow the lead of Beijing's subway builder in selling debt overseas to cut costs. Beijing Infrastructure Investment Co became China's first metro provider to sell global bonds this year, raising $1.3 billion, including a $1 billion offering in November.