TCRAP_Public/131015.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, October 15, 2013, Vol. 16, No. 204


                            Headlines


C H I N A

GUANGZHOU R&F: Fitch Assigns 'BB' Long-Term Issuer Default Rating
GUANGZHOU R&F: S&P Assigns 'BB' and 'cnBBB-' Ratings
ROAD KING: Fitch Affirms 'BB' LT/FC Issuer Default Rating
R&F PROPERTIES: S&P Assigns 'BB' Long-Term Corp. Credit Rating


N E W  Z E A L A N D

GFNZ GROUP: S&P Ups LT Issuer Credit Ratings to 'B-' From 'CCC'


S I N G A P O R E

* Singapore REITs Have Buffers Against Risks, Fitch Says


S O U T H  K O R E A

KOREA RESOURCES: S&P Revises Stand-Alone Credit Profile to 'bb'


X X X X X X X X

* BOND PRICING: For the Week Oct. 7 to Oct. 11, 2013


                            - - - - -



=========
C H I N A
=========


GUANGZHOU R&F: Fitch Assigns 'BB' Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has assigned Guangzhou R&F Properties Co., Ltd (R&F)
a Long-Term Issuer Default Rating of 'BB' with Positive Outlook
and a senior unsecured rating of 'BB'.

Key Rating Drivers
Debt Maturing in 2014: The ratings are constrained by refinancing
risk, with over CNY12.8bn of the debt maturing in 2014, including
CNY8.1bn of bonds and CNY1.4bn of trust loans. The impending
maturity may tie up short-term liquidity and curb growth.

Superior Margins: Lower land costs and development of commercial
projects have yielded stable and superior EBITDA margins of around
35% in the past three years. Fitch expects the margins to be
maintained for the next two years due to sufficient land bank and
low land costs.

National Presence: R&F has a well-balanced nationwide land bank,
of which 34% (in terms of gross floor area) is located in first-
tier cities and 63% is in second-tier cities. There is no over-
concentration in any one city and even Guangzhou, where R&F first
established its business, only accounted for less than 25% of
contracted sales in H113. The diversification helps reduce
uncertainties inherent in local policies and local economies.

Sustainable Asset Turnover: The company achieved over 1x of
contracted sales/total debt over the past three years despite
incurring substantial debt, even during challenging market
conditions in H211 and H112. The ratio is expected to improve
further in the next two years as debt is added at a slower pace
and contracted sales growth accelerates.

Diversified Funding Sources: The company benefits from diversified
funding channels that ensure sufficient liquidity for financing
development costs, land premium payments and debt obligations.
R&F's leverage, as measured by net debt/adjusted inventory, was at
49% at end-H113. While this is at the high-end of its 'BB'-rated
peers, Fitch believes that the ratio is likely to trend down as
the company increases its asset turnover in the next two years.

Positive Outlook: R&F's credit ratings are likely to improve to be
commensurate with a 'BB+' profile within the next 12 months if the
company can refinance debt maturing in 2014 with long-term
capital, and improve its asset turnover and leverage.

Rating Sensitivities

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

-- Refinancing of bonds and trust loans maturing in 2014
   with long-term capital

-- EBITDA margin sustained above 30% on a sustained basis

-- Net debt/adjusted inventory sustained below 40%

-- Contracted sales/gross debt sustained above 1.25x

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

-- Failure to meet the above guidelines over the next 12-18
   months, which would lead to the Outlook being revised to
   Stable.


GUANGZHOU R&F: S&P Assigns 'BB' and 'cnBBB-' Ratings
----------------------------------------------------
Standard & Poor's Ratings Services said assigned its 'BB' long-
term corporate credit rating to China-based property developer
Guangzhou R&F Properties Co. Ltd. (Guangzhou R&F).  The outlook is
stable.

"We also assigned our 'cnBBB-' long-term Greater China regional
scale rating to the company," S&P said.

"The rating on Guangzhou R&F reflects our view of the company's
geographic concentration in tier-one cities in China, the
refinancing risk on its large debt maturities in 2014, and high
balance sheet leverage compared to its equity base," said Standard
& Poor's credit analyst Frank Lu.  "Guangzhou R&F's established
market position in China, good product diversity, low land costs,
and disciplined growth management temper the risks," S&P said.

"We assess Guangzhou R&F's business risk profile as "fair" and
financial risk profile as "significant," as our criteria define
the terms," S&P said.

"We believe Guangzhou R&F is exposed to higher policy risks than
peers with a similar rating because of the company's larger
exposure to tier-one cities.  Local governments' policy
implementation in these cities to curb property price increases
tends to be stricter than in lower-tier cities.  We expect 50%-60%
of Guangzhou R&F's contract sales to come from Guangzhou, Beijing,
Tianjin, and Shanghai in the next two years," S&P said.

"Nevertheless, we believe the company's diversified product
offering could partly mitigate the geographic concentration risk,"
S&P said.
"We estimate that about 30% of contract sales in 2013 and 2014
will come from commercial properties (mainly office, retail, and
service apartments), which are not subject to purchase
restrictions", S&P said.

"Guangzhou R&F's concentrated debt maturities in 2014 increase the
company's liquidity risk if bank credit or the capital market
tightens and property sales decline due to a weak market", S&P
said.

"Guangzhou R&F has Chinese renminbi (RMB) 17.9 billion of debt
(39.1% of total reported debt) due in 2014.  Nevertheless, in our
base case, we expect Guangzhou R&F to generate satisfactory
property sales in the next 12-24 months, and believe that the
company can manage its debt refinancing because of its established
access to banks and the capital market", S&P said.

"Guangzhou R&F's liquidity is "adequate," as defined in our
criteria.  We expect the company's liquidity sources to exceed its
uses by more than 1.2x over the next 12 months.  We anticipate
that management will cautiously manage its liquidity, and can
scale back expansion or dividend distribution to preserve
liquidity if needed", S&P said.

"Guangzhou R&F has established its market position and brand
recognition in tier-one cities and some tier-two cities, in our
view.  We expect the company to continue to focus on these cities
with expansion into more tier-two cities in the next two to three
years.  We anticipate that Guangzhou R&F will maintain above-
average profitability as well as a largely stable capital
structure and cash flow coverage over the next two years", S&P
said.

"In our opinion, management follows a conservative expansion
policy compared with that of peers with a similar rating, and
targets good margins", S&P said.

"The stable outlook reflects our expectation that Guangzhou R&F
will generate satisfactory property sales and maintain above-
average profit margins in the next 12 months," said Mr. Lu.  We
also anticipate that the company will be disciplined in debt-
funded expansion and that it can manage its liquidity to meet its
short-term debt maturities in 2014", S&P said.

"We could lower the rating if: (1) Guangzhou R&F's property sales
(excluding sales from joint venture projects) are significantly
lower than our base-case expectation of RMB38 billion-RMB40
billion for 2013 and its EBITDA margins are materially weaker than
33%-35%; (2) the company deviates from disciplined growth
management and pursues debt-funded expansion more aggressively
than we anticipate, such that EBITDA interest coverage falls below
3.0x or the ratio of total debt to EBITDA exceeds 5.0x without any
sign of improvement; or (3) Guangzhou R&F's liquidity and funding
flexibility materially weaken and the company faces increased
refinancing risk because of its high short-term maturities", S&P
said.

"We may raise the rating if Guangzhou R&F significantly enhances
its geographical diversification and improves its financial risk
profile.  The company's financial risk profile could improve
because of strong sales, good profitability, and well-managed
leverage, such that its ratio of total debt to EBITDA is less than
3.0x on a sustained basis", S&P said.


ROAD KING: Fitch Affirms 'BB' LT/FC Issuer Default Rating
---------------------------------------------------------
Fitch Rating has affirmed Road King Infrastructure Ltd's (Road
King) Long-Term Foreign-Currency Issuer Default Rating (IDR) and
senior unsecured rating at 'BB-' with Stable Outlook. Fitch has
simultaneously withdrawn the ratings as they are no longer
considered by Fitch to be relevant to the agency's coverage. Fitch
will no longer provide rating or analytical coverage of this
issuer.

Key Rating Drivers

Improving scale in property development: Road King achieved
contracted sales of CNY9.5bn in 2012 and CNY9.4bn in January-
September 2013. This is expected to rise to CNY12bn for the whole
of 2013. The improved sales alone are not enough to raise Road
King's IDR, though. The company has been investing in the property
development business, and the larger scale brings cost benefits
and diversification in its land bank.

Healthy leverage and liquidity: The company maintains healthy
leverage of net debt/adjusted inventory at 31% as of end-H113.
Based on its conservative financial management and business
expansion plan, Fitch expects the company to keep its leverage
stable with net debt/adjusted inventory below 35% over the next
two years.

Limited growth of toll road business: Road King receives a stable
stream of cash from the toll road segment, which is enough to
cover over 50% of the company annual cash interest expenses into
2015, and support investment in its property development business.
While the growth of cash distribution from the toll road business
is expected to be limited in the next 18 months, the recurrent
cash inflow is still of a sufficient size to give Road King the
financial strength and flexibility to support its current ratings.


R&F PROPERTIES: S&P Assigns 'BB' Long-Term Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to R&F Properties (HK) Co. Ltd.  The
outlook is stable.

"We also assigned our 'cnBBB-' long-term Greater China regional
scale rating to the company," S&P said.

"At the same time, we assigned our 'BB-' long-term issue rating
and 'cnBB+' long-term Greater China regional scale rating to the
US$600 million 8.75% senior unsecured notes due 2020.  The notes
were issued by Caifu Holdings Ltd. in January 2013 and are
unconditionally and irrevocably guaranteed by R&F (HK)," S&P said.

"The rating on R&F (HK) is equalized with the rating on the
company's parent Guangzhou R&F Properties Co. Ltd. (BB/Stable/--;
cnBBB-/--).  We apply a top-down approach to derive the rating on
R&F (HK), given that R&F (HK)'s operation is highly integrated
with Guangzhou R&F's.  The rating is the same as that of the
parent because we view R&F (HK) as a "core" subsidiary of
Guangzhou R&F," S&P said.

"The issue rating is a notch below the long-term credit rating on
R&F (HK) because of the uncertainties over regulatory approvals
and the timeliness of financial support from Guangzhou R&F to R&F
(HK), which could be affected by China's controls over foreign
exchange and capital," said Standard & Poor's credit analyst Frank
Lu.

"In our view, a keepwell agreement and equity interest purchase
undertaking between Guangzhou R&F and R&F (HK) demonstrate the
parent's strong commitment to the subsidiary.  A keepwell
agreement is a contract between a parent and its subsidiary to
maintain solvency and financial backing through a set term.  But
we don't view these agreements the same as a guarantee," S&P said.

"The stable outlook on R&F (HK) reflects the outlook on Guangzhou
R&F and our assessment that R&F (HK) will remain a "core"
subsidiary," S&P said.

"The stable outlook on Guangzhou R&F reflects our expectation that
the group will generate satisfactory property sales and maintain
above-average profit margins in the next 12 months.  We also
anticipate that the company will be disciplined in its debt funded
expansion, and that it can manage its liquidity to meet short-term
debt maturities in 2014," Mr. Lu said.

"We may upgrade R&F (HK) if we upgrade Guangzhou R&F," S&P said.

"Conversely, we may lower the rating on R&F (HK) if we downgrade
Guangzhou R&F," S&P said.

"We may also lower the rating if: (1) we believe that R&F (HK)'s
importance to Guangzhou R&F has weakened because of a change in
the parent's strategy; or (2) Guangzhou R&F's control and
supervision of R&F (HK) weakens," S&P said.



====================
N E W  Z E A L A N D
====================


GFNZ GROUP: S&P Ups LT Issuer Credit Ratings to 'B-' From 'CCC'
---------------------------------------------------------------
Standard & Poor's Ratings Services said raised its long-term
issuer credit ratings on New Zealand finance company GFNZ Group
Ltd. (GFNZ) and GFNZ's wholly owned insurance  subsidiary, Quest
Insurance Group Ltd. (Quest) to 'B-' from 'CCC', and removed the
ratings from CreditWatch with positive implications, where they
were placed on July 17, 2013.

"The short-term issuer credit rating on GFNZ has been affirmed at
'C'.  The outlooks on the ratings are positive," S&P said.

"The rating uplifts reflect a holistic refreshing of GFNZ's
funding structure, which has enabled the finance company to pay
back Bank of Scotland and debenture holders ahead of schedule,
exiting its debt moratorium," S&P said.

"As a result, our view of GFNZ's funding and liquidity under the
new funding arrangements has substantially improved, as the
company now is supported by more manageable cash outflows over the
short-to-medium term, and minimum expiry notice periods built into
key facilities. This improved funding position represents a key
milestone for GFNZ, giving it the potential to broaden its
prospects for more meaningful lending growth, as funding
restrictions that previously existed are now effectively lifted,"
S&P said.

"The positive outlooks reflect our expectation that business
stability is likely to improve, with lower funding costs and
increased ability to meaningfully grow its receivables, which in
our view is important for the company's ability to turn around its
relatively high cost-to-income ratio and long-term earnings
prospects. We expect the growth to be staggered rather than
spiked, and achieved while maintaining current underwriting
standards," S&P said.

"A rating uplift from the current level would require demonstrated
receivable growth, sustainable profitability, and some improvement
in the capital position.  We could remove the rating from positive
outlook if receivable growth outpaces profit generation, weakening
GFNZ's capital base.  Notwithstanding the current positive
outlook, we may lower the rating if credit quality significantly
worsens from the current level or any other factor that results in
a loss of confidence from its key funding provider, Westpac.  We
could also lower the rating if the likelihood of default worsens
for other creditors, notwithstanding the performance of the
Westpac facility," S&P said.



=================
S I N G A P O R E
=================


* Singapore REITs Have Buffers Against Risks, Fitch Says
--------------------------------------------------------
Singapore-listed real estate investment trusts (REITs) are highly
leveraged in a low-interest environment, and face a looming risk
of rising supply in some sub-markets, says Fitch Ratings.
Nonetheless, ratings pressures are buffered - for now - by our
expectation of stable operating performance, the backing of strong
sponsors especially at the larger REITs, and the continuing
strength of the regulatory environment.

A key risk is high FFO-adjusted net leverage, and ongoing exposure
to refinancing risk in the (unlikely) event of loans not being
renewed or if asset values plummet more than expected. Our latest
un-weighted average estimates this at 6.64x across all three sub-
markets - hospitality, industrials and healthcare.

The high leverage is not a surprise, as several years of low real
interest rates have raised asset values and also pushed up
borrowing. Expansionary capex has exacerbated this in the
hospitality sub-market. In a rising interest-rate environment,
however, the REITS may be able to switch to secured borrowings or
securitisation - given that the assets of the established REITs
are mostly unencumbered.

Another risk is that of a potential drop in rental income amid the
imminent rise in property supply. This is particularly salient for
the hospitality industry, which is the most cyclical and leveraged
of the REITs under Fitch's coverage. It is also important for
industrial REITs which are likely to see a significant ramp-up in
multi-user factory space by 2015. Declining rental income and
lower asset valuations would almost certainly worsen the sector's
financial metrics.

Nonetheless, we see credit pressures as evenly balanced; and all
four of Fitch-rated REITs carry a stable outlook - out of the 13
listed companies in the healthcare, industrial and hospitality
sectors. This is for three crucial reasons.

First, operating metrics should remain generally stable. The
outlook for healthcare is underpinned by an ageing population,
medical tourism and lease agreements with a triple net clause that
insulates the REITs from increases in operating expenses, property
insurance and tax. Industrial REITs benefit somewhat from low
vacancy rates, stable lease expiry tenors of around three years,
competitive rental structures, and a high proportion of single-
tenanted properties.

Meanwhile, certain hospitality REITs also benefit from
geographical diversification, multiple asset categories (ranging
from hotels to serviced residences), lease agreements that include
a triple net lease clause, and a rise in tourist arrivals. But
hospitality is more exposed to the risk of a supply overhang, not
being matched by continuing or commensurate tourism inflows.

Second, larger REITs in the sector are backed by strong sponsors.
Backers include both well-established private- as well as public-
sector holding companies with a track record of injecting stable
and performing properties, and access to diversified and
competitive funding sources.

Third, the regulatory environment remains robust, and limits undue
risk-taking across the sector. Loan-to-value ratios are limited by
the Monetary Authority of Singapore (MAS) to 60% for rated
entities, and a more stringent 35% for unrated entities. Moreover,
the MAS also requires REITs to invest at least 90% of their assets
in income-producing assets.

The upshot is that high leverage and an anticipated boost in
supply will not inevitably result in unsustainable credit pressure
across Singaporean REITs. This is because stable operating
metrics, strong sponsor backing and a robust regulatory
environment are important countervailing sources of credit
support.

Fitch's ratings coverage currently does not extend to Singaporean
logistics and retail REITs.



====================
S O U T H  K O R E A
====================


KOREA RESOURCES: S&P Revises Stand-Alone Credit Profile to 'bb'
---------------------------------------------------------------
Standard & Poor's Ratings Services said it has affirmed its 'A+'
foreign and local currency long-term corporate credit and debt
ratings on Korea-based mining investment and financing company
Korea Resources Corp (KORES).  The outlook on the ratings remains
stable.  We revised the stand-alone credit profile (SACP) for
KORES to 'bb' from 'bb+'.

"We revised the SACP for KORES to 'bb' from 'bb+' because we
expect its financial risk profile to deteriorate owing to
continued overseas mining investments.  In our view, the company
is likely to continue to make significant investments in overseas
mineral resources over the next two years and the government is
unlikely to inject sufficient capital to cover them.  As a result,
KORES is highly likely to rely on nongovernment external
financing, and its indebtedness is likely to continue to rise
during the period," S&P said.

"Still, we affirm the ratings on KORES, reflecting Standard &
Poor's opinion that there is an "extremely high" likelihood that
the government of the Republic of Korea (local currency rating AA-
/Stable/A-1+; foreign currency rating A+/Stable/A-1) would provide
KORES with timely and sufficient extraordinary support if KORES
were to suffer financial distress.  In accordance with our
criteria for government-related entities (GREs), we base our
rating approach on our view that KORES plays a "very important"
role for and has an "integral" link to the government given that
it serves an essential policy role to secure overseas mineral
resources for economic development in Korea and that the
government strongly influences its strategy and management," S&P
said.

"KORES' fair business risk profile reflects its monopoly in the
policy financing business for overseas and domestic private-sector
mineral resources development and the stable profitability it
generates from this business thanks to its ability to borrow from
government at favorable rates.  However, KORES in recent years has
become increasingly exposed to overseas mining investment, which
bears higher risks than policy financing.  In our view, compared
with the policy financing business, the overseas mining investment
business carries higher risk related to business cycles,
volatility in commodity prices, and competition.  Still, we see
heightened risk for its policy financing business lending to
domestic mining companies, as recent financial difficulty at Tong
Yang Cement Corporation (not rated), KORES' biggest borrower in
the domestic mining business, indicates," S&P said.

"KORES' aggressive financial risk profile, which we revise down
from significant, reflects our expectation that the company's
reliance on debt for large capital spending on overseas mining
assets will continue and thus its leverage will rise over the next
two years.  We estimate the company is likely to spend as much as
KRW2 trillion on overseas mining investments over the next two
years, likely further worsening its financial risk profile, in our
view," S&P said.

"The stable outlook reflects our expectation that KORES will
continue to receive government support because it serves an
essential policy role to secure overseas mineral resources for
economic development in Korea.  Although we expect the company's
continuing investments in overseas resources to increase its
exposure to business cycles in the mineral resources sector, we
believe consistent government support offsets a degree of the
risk," S&P said.

"Because KORES' relationship with the government of Korea has more
effect on the ratings than the SACP, we would raise our ratings on
KORES if we raised those on the government and we would lower the
ratings on KORES if we lowered those on the government.  Also, we
would lower our ratings on KORES if the government appeared likely
to privatize the company or reduce support for it," S&P said.

"In addition, we would lower our ratings on KORES if we revised
down the SACP for the company to ' b+' or lower, possibly as a
result of higher leverage due to bigger-than-expected overseas
mining investments or smaller-than-expected injections of
government capital," S&P said.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week Oct. 7 to Oct. 11, 2013
----------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------

BOART LONGYEAR MA    7.00      04/01/21   USD      72.75
BOART LONGYEAR MA    7.00      04/01/21   USD      72.75
COMMONWEALTH BANK    1.50      04/19/22   AUD      72.89
EXPORT FINANCE &     0.50      06/15/20   NZD      72.79
EXPORT FINANCE &     0.50      12/16/19   NZD      74.99
MIRABELA NICKEL L    8.75      04/15/18   USD      31.00
MIRABELA NICKEL L    8.75      04/15/18   USD      70.00
NEW SOUTH WALES T    0.50      12/16/22   AUD      67.65
NEW SOUTH WALES T    0.50      10/07/22   AUD      69.23
NEW SOUTH WALES T    0.50      10/28/22   AUD      69.03
NEW SOUTH WALES T    0.50      09/14/22   AUD      69.46
NEW SOUTH WALES T    0.50      03/30/23   AUD      66.66
NEW SOUTH WALES T    0.50      11/18/22   AUD      68.82
NEW SOUTH WALES T    0.50      02/02/23   AUD      67.19
NEWCREST FINANCE     5.75      11/15/41   USD      73.54
NEWCREST FINANCE     5.75      11/15/41   USD      76.76
PALADIN ENERGY LT    3.63      11/04/15   USD      74.00
PALADIN ENERGY LT    6.00      04/30/17   USD      67.48
TREASURY CORP OF     0.50      03/03/23   AUD      67.76
TREASURY CORP OF     0.50      11/12/30   AUD      43.95
TREASURY CORP OF     0.50      08/25/22   AUD      69.13

  CHINA
  -----

CHINA GOVERNMENT     1.64      12/15/33   CNY      66.71


  HONG KONG
  ---------

DAVOMAS INTERNATI   11.00      12/08/14   USD      24.75
DAVOMAS INTERNATI   11.00      12/08/14   USD      24.75
INDONESIA TREASUR    6.38      04/15/42   IDR      74.68
PERUSAHAAN PENERB    6.10      02/15/37   IDR      74.04



  INDIA
  -----

3I INFOTECH LTD      5.00      04/26/17   USD      26.00
CORE EDUCATION &     7.00      05/07/15   USD      28.38
COROMANDEL INTERN    9.00      07/23/16   INR      15.06
DR REDDY'S LABORA    9.25      03/24/14   INR       4.97
ECL FINANCE LTD     21.75      07/07/14   INR      77.81
GTL INFRASTRUCTUR    2.53      11/09/17   USD      39.57
HPCL-MITTAL PIPEL    4.00      10/05/22   INR      64.91
INDIA GOVERNMENT     5.87      08/28/22   INR      73.84
INDIA GOVERNMENT     0.24      01/25/35   INR      17.10
JCT LTD              2.50      04/08/11   USD      20.00
MASCON GLOBAL LTD    2.00      12/28/12   USD      10.00
PRAKASH INDUSTRIE    5.25      04/30/15   USD      51.00
PRAKASH INDUSTRIE    5.63      10/17/14   USD      55.13
PYRAMID SAIMIRA T    1.75      07/04/12   USD       1.00
REI AGRO LTD         5.50      11/13/14   USD      69.93
REI AGRO LTD         5.50      11/13/14   USD      69.93
SHIV-VANI OIL & G    5.00      08/17/15   USD      19.75
SUZLON ENERGY LTD    5.00      04/13/16   USD      46.78
SUZLON ENERGY LTD    7.50      10/11/12   USD      67.38


  INDONESIA
  ---------

BAKRIE TELECOM PT   11.50      05/07/15   USD      27.90
BAKRIE TELECOM PT   11.50      05/07/15   USD      27.75
BLD INVESTMENTS P    8.63      03/23/15   USD      62.63
ENERCOAL RESOURCE    9.25      08/05/14   USD      56.33
INDO INFRASTRUCTU    2.00      07/30/10   USD       1.88


  JAPAN
  -----

ELPIDA MEMORY INC    0.50      10/26/15   JPY      11.88
ELPIDA MEMORY INC    0.70      08/01/16   JPY      10.75
ELPIDA MEMORY INC    2.10      11/29/12   JPY      11.88
ELPIDA MEMORY INC    2.03      03/22/12   JPY      13.50
ELPIDA MEMORY INC    2.29      12/07/12   JPY      13.50
JAPAN EXPRESSWAY     0.50      03/18/39   JPY      70.74
JAPAN EXPRESSWAY     0.50      09/17/38   JPY      71.26
TOKYO ELECTRIC PO    2.37      05/28/40   JPY      67.00
TOKYO ELECTRIC PO    1.96      07/29/30   JPY      73.47


  KOREA
  -----
EXPORT-IMPORT BAN    0.50      10/23/17   TRY      67.25
EXPORT-IMPORT BAN    0.50      12/22/17   BRL      62.31
EXPORT-IMPORT BAN    0.50      10/27/16   BRL      71.80
EXPORT-IMPORT BAN    0.50      11/21/17   BRL      63.12
EXPORT-IMPORT BAN    0.50      01/25/17   TRY      72.51
EXPORT-IMPORT BAN    0.50      09/28/16   BRL      72.51
EXPORT-IMPORT BAN    0.50      12/22/17   TRY      65.66
EXPORT-IMPORT BAN    0.50      08/10/16   BRL      74.75
EXPORT-IMPORT BAN    0.50      11/28/16   BRL      71.04
EXPORT-IMPORT BAN    0.50      12/22/16   BRL      70.26
KIBO GREEN HI-TEC   10.00      12/21/15   KRW      30.96
SINBO SECURITIZAT    4.60      06/29/15   KRW      30.27
SINBO SECURITIZAT    4.60      06/29/15   KRW      30.28
SINBO SECURITIZAT    5.00      09/13/15   KRW      30.02
SINBO SECURITIZAT    5.00      09/13/15   KRW      30.00
SINBO SECURITIZAT   10.00      12/27/15   KRW      30.81
SINBO SECURITIZAT    8.00      02/02/16   KRW      29.96


  PHILIPPINES
  -----------

BAYAN TELECOMMUNI   13.50      07/15/06   USD      22.75
BAYAN TELECOMMUNI   13.50      07/15/06   USD      22.75


  SINGAPORE
  ---------

BUMI CAPITAL PTE    12.00      11/10/16   USD      70.00
BUMI CAPITAL PTE    12.00      11/10/16   USD      69.98
BUMI INVESTMENT P   10.75      10/06/17   USD      70.25
BUMI INVESTMENT P   10.75      10/06/17   USD      69.63


  SRI LANKA
  ---------
SRI LANKA GOVERNM    9.00      06/01/43   LKR      72.17
SRI LANKA GOVERNM    5.35      03/01/26   LKR      57.46
SRI LANKA GOVERNM    7.00      10/01/23   LKR      68.07
SRI LANKA GOVERNM    6.20      08/01/20   LKR      74.21
SRI LANKA GOVERNM    8.00      01/01/32   LKR      68.72


  THAILAND
  --------

G STEEL PCL          3.00       10/04/15   USD      11.75
MDX PCL              4.75       09/17/03   USD      16.75



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



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