TCRAP_Public/190423.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, April 23, 2019, Vol. 22, No. 81

                           Headlines



A U S T R A L I A

OXFAM AUSTRALIA: To Close All 13 Stores, e-Commerce Website
RUGS SA: Clifton Hall Appointed as Liquidator


C H I N A

CHINA: Guangzhou to Launch $3BB Bailout Fund for Private Firms
KANGDE XIN: Troubles Deepen as Unit Fails to Pay Interest on Bond
MIE HOLDINGS: Fitch Cuts LT IDR to 'RD' on MIE Post Exchange Offer
RONSHINE CHINA: Fitch Rates Proposed USD Senior Notes 'B+(EXP)'


I N D I A

AA AGRO: CRISIL Maintains D Rating in Not Cooperating Category
AARCOT CERAMIC: CRISIL Maintains 'D' Rating in Not Cooperating
AASHKA HOSPITALS: CRISIL Maintains D Rating in Not Cooperating
AGARWAL CORPORATION: CRISIL Maintains D Rating in Not Cooperating
BURNPUR CEMENT: CRISIL Maintains 'D' Rating in Not Cooperating

CENTRO PROJECTS: CRISIL Maintains 'D' Rating in Not Cooperating
DEV RAJ: CRISIL Maintains 'D' Rating in Not Cooperating
G. T. HOMES: CRISIL Maintains 'D' Rating in Not Cooperating
GRECCY KNIT: CRISIL Maintains D Rating in Not Cooperating
HELIOS AND MATHESON: CRISIL Maintains D Rating in Not Cooperating

J.M.D. CORPORATION: CRISIL Maintains D Rating in Not Cooperating
JSW STEEL: Fitch Rates $500MM Senior Unsecured Notes Final 'BB'
KASIM COAL: CRISIL Maintains D Rating in Not Cooperating Category
KATARE COTTON: CRISIL Maintains 'D' Rating in Not Cooperating
KUFRI FUN: CRISIL Maintains 'D' Rating in Not Cooperating

MAHARASHTRA ENGINEERING: CRISIL Keeps D Rating in Not Cooperating
MAKHWAN METAL: CRISIL Maintains 'D' Rating in Not Cooperating
MODERN STEELS: CRISIL Maintains 'D' Rating in Not Cooperating
MYSORE PAPER: CRISIL Maintains 'D' Rating in Not Cooperating
OXIGEN SERVICES: CRISIL Lowers Rating on INR150cr Loan to D

RAMKA SILK: CRISIL Maintains 'D' Rating in Not Cooperating
SARVODYA HOSPITALS: CRISIL Lowers Rating on INR19cr Loan to D
STURDY INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
VAMA WOVENFAB: CRISIL Lowers Rating on INR17.07cr Loan to 'D'


N E W   Z E A L A N D

ROSS ASSET: ANZ Loses Final Court Battle with Regulator Over Files


P H I L I P P I N E S

PH FOREST: COA Orders Faster Liquidation of Graft-Ridden Firm


S I N G A P O R E

Y VENTURES: Auditor Issues Qualified Opinion on Justnile


X X X X X X X X

BOND PRICING: For the Week April 15, 2019 to April 19, 2019

                           - - - - -


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A U S T R A L I A
=================

OXFAM AUSTRALIA: To Close All 13 Stores, e-Commerce Website
-----------------------------------------------------------
Matthew Elmas at SmartCompany reports that Oxfam has announced it
will shutter its Australian retail arm, closing all 13 stores and
its e-commerce website.

SmartCompany relates that the not-for-profit, part of the
international Oxfam confederation, has a 50-plus-year retail
history in Australia, starting with Community Aid Abroad shops,
later rebranded to Oxfam.

For years, the sale of fair and ethical trading products has helped
fund its charitable operations, but despite opening two new format
stores in Sydney back in 2016, the organisation has been unable to
beat the retail blues, SmartCompany says.

"We know this will be very difficult news for our staff and
volunteers--and our customers--given how highly regarded Oxfam
Trading has been over many years," the report quotes Oxfam
Australia chief operating officer Tony McKimmie as saying in a
statement. "We sincerely thank them all for their dedication and
significant contribution to our core mission of tackling poverty."

Mr. McKimmie cited declining revenue in retail and wholesale
channels, including flat online sales growth, as the financial
factors behind the shutdown, SmartCompany notes.

According to SmartCompany, it's a story all too familiar in
Australian retail--a myriad of brands with far less noble goals
have met similar fates in recent years.

There has been particular pain of late for charitable organisations
though, with NSW-based The Smith Family currently undertaking a
strategic review of their retail operation.

As part of the review, the organisation is "assessing the right
long-term ownership structure" of the business.

"We will certainly keep our stakeholders informed during the
process of our review. We believe the recycling operation has an
important ongoing contribution to make to the environment and to
our communities. It's important to The Smith Family that this good
work continues - this year alone we have diverted about eight
million kilograms of textiles from landfill," SmartCompany quotes
Smith Family chief executive Lisa O'Brien as saying in a
statement.

Organisations in the space face the same pressures other retailers
do, whether that be meagre consumer spending, rising commercial
rents or competition from international retail behemoths,
SmartCompany relates.

According to SmartCompany, Peter Knock has just finished a tenure
as the executive director of the St Vincent de Paul Society NSW.

He told SmartCompany the big players--Vinnies and Salvos--have been
disrupted but are working quickly to revise their retail
strategies.

"It's a massive sector but they're under the same pressures as many
other retailers . . . the issues of differentiation are alive and
well," the report quotes Mr. Knock as saying.  "The days where you
can just put a product on the rack are long gone, unfortunately,
the not-for-profit sector has played in that."

SmartCompany relates that Mr. Knock said not-for-profit retailers
are responding by bringing in more experienced customer service
staff and revamping their retail operations, but have been stifled
by the rise of fast fashion.

"The rise of fast fashion has meant the quality of donated goods
for sale are deteriorating," Mr. Knock told SmartCompany. "You
can't re-sell fast fashion."

Oxfam Australia is an independent, not-for-profit, secular,
community-based aid and development organization. Oxfam Australia's
work includes long-term development projects, responding to
emergencies and campaigning to improve the lives of disadvantaged
people around the world.  Oxfam Australia is an affiliate of Oxfam
International.

RUGS SA: Clifton Hall Appointed as Liquidator
---------------------------------------------
Timothy Clifton of Clifton Hall was appointed Liquidator of Rugs SA
Pty Ltd, formerly trading as Rugs A Million, on April 17, 2019 by
Order of the Federal Court of Australia.



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

CHINA: Guangzhou to Launch $3BB Bailout Fund for Private Firms
--------------------------------------------------------------
Peng Yanfeng and Denise Jia at Caixin Global report that the
government of Guangzhou plans to set up a CNY20 billion ($3
billion) bailout fund to help beleaguered publicly listed private
enterprises.

According to Caixin, Guangzhou, the capital of China's Guangdong
province and home to 100 A-share listed companies, is the latest
local government to roll out plans for bailing out cash-strapped
private companies mired in the country's pledged-share crisis
starting late last year.

As the stock market slid to a four-year low around last October,
many shareholders who pledged a large portion of their holdings as
collateral for loans faced the prospect of losing control of their
businesses through forced share sales to cover debt, and defaults
rose for loans backed by pledged shares, Caixin says.

Caixin relates that local Chinese governments and financial
institutions have set up rescue funds since October at the urging
of the central government as part of a campaign to help stabilize
the stock market. As of the end of November, local governments had
rolled out special bailout funds totaling CNY170 billion, Caixin
notes. In addition, financial institutions including brokerage
firms, insurers and asset management companies launched bailout
funds and bonds worth about CNY120 billion.

Caixin says the Guangzhou fund, announced on April 17 on the
website of the municipal government, will expand a CNY3 billion
mergers and acquisitions fund already set up by 18 state-owned
enterprises in the city. The government will direct financial
institutions and social capital to participate in the expanded
bailout fund, according to the government's statement.

Investors in the M&A fund include Guangzhou State-Owned Capital
Operation Holdings Co., state-controlled beer brewer Guangzhou
Zhujiang Brewery Group, auto maker GAC Group, Guangzhou
Pharmaceuticals Corp., port operator Guangzhou Port Group Co. and
property developer Yuexiu Enterprises (Holdings) Ltd, Caixin
discloses.

The initial subscription of CNY3 billion has been fully paid, and
the first investment project in Sunward Intelligent Equipment Co, a
Shenzhen-listed construction machinery manufacturer, has made
progress, according to the website of Guangzhou State-Owned Capital
Operation Holdings, Caixin relays.

Caixin says Sunward disclosed in January that He Qinghua, its
chairman and controlling shareholder, planned to sell his 6.2%
stake to state-owned Guangzhou Vanlead Group Co. for about CNY524
million. Vanlead and its subsidiary will also acquire certain
stakes in Sunward from other shareholders.

Caixin relates that Sunward, based in Changsha, the capital of
Hunan province, is one of many Chinese listed companies stuck in
the pledged-share crisis. Chairman He pledged more than 86% of his
holdings as collateral for loans.

The choice of Sunward as the first bailout target means that the
government fund won't be limited to troubled local enterprises, the
report notes.

According to Caixin, the Guangzhou government said the bailout fund
will also explore ways including mezzanine financing and private
equity transactions to support listed private companies with high
shareholding pledges and temporary difficulties.

Of Guangzhou's 100 A-share listed companies, 58 are private
enterprises, according to iFind data. Among these companies,
shareholders of 42 companies have pledged their shares, and
shareholders of 20 companies have pledged more than 50% of their
holdings, Caixin has learned.

KANGDE XIN: Troubles Deepen as Unit Fails to Pay Interest on Bond
-----------------------------------------------------------------
Ren Huilan, Wu Hongyuran and Liu Jiefei at Caixin Global report
that the debt crisis at Kangde Xin Composite Material Group
deepened on April 19 after its overseas subsidiary failed to honor
a March commitment to pay $9 million interest on a U.S. dollar bond
traded in Hong Kong. Creditors who are owed more than CNY1 billion
($149 million) between them are also lining up to sue the company
to recover their money, the report says.

Kangde Xin, based in eastern China's Jiangsu province, said the
unit couldn't raise sufficient funds to make the payment, putting
it formally in breach of contract, Caixin relates citing a
statement filed to the Shenzhen Stock Exchange. The three-year $300
million bond matures in March 2020 but interest is paid every six
months, the report notes.

"The company is actively working to raise funds through various
channels and is also strengthening its own operations to strive to
repay the interest on the offshore bond through its own operating
cash flow," Kangde Xin, as cited by Caixin, said. "At the same
time, we will make great effort to ensure we meet our obligations
on our other debt financing instruments."

Caixin says the announcement from the company, whose
Shenzhen-listed shares have collapsed 70% over the past year,
wasn't unexpected. It warned investors on March 14 that it might
not be able to pay the interest on the due date of March 18 and
that a default would be triggered if it couldn't come up with the
money by April 18, Caixin recalls. Trading in the bonds was
suspended on Jan. 16.

According to the report, Kangde Xin's troubles don't stop with the
offshore bond default. It has failed to repay more than CNY2.5
billion of interest-bearing liabilities over the last few months,
and creditors including banks are now lining up to sue the company
to get their money back. Caixin relates that the Shenzhen-listed
firm said earlier in the week that it had received notification of
16 new lawsuits since March 19 from institutions who are trying to
recover a total of CNY1.03 billion, 5.72% of its net assets. They
include the Jiangsu branch of the Export-Import Bank of China,
which says it is owed CNY251 million, the Zhangjiagang branch of
Bank of Communications, which is seeking the return of CNY152
million, and GF Fund Management Co. Ltd., which is after CNY169
million, Caixin discloses.

                           Moral Hazard

Local officials in Suzhou, which administers Zhangjiagang, the city
where Kangde Xin is headquartered, have stepped in to try and help
the company raise funds to relieve its debt pressures, sources in
the banking industry have told Caixin. A group of banks were
strong-armed into lending it CNY150 million. "If CNY150 million was
enough to solve this company's problems, we'd hand it over
immediately," the director of the Suzhou branch of a large
commercial bank told Caixin, declining to be further identified.

A proper rescue and restructuring of Kangde Xin would need a
third-party auditor who could clarify the company's accounts and
its assets so everyone knows its real financial situation, one
institutional investor told Caixin. The people controlling the
company have repeatedly misrepresented the true state of affairs,
he said.

Kangde Xin was one of three companies singled out by Fitch Ratings
in a January report that highlighted problems of governance and
disclosure by companies who appeared to have plenty of cash but
defaulted on their debt, Caixin reports. Its balance sheet showed
it had CNY15 billion of net cash in September 2018, less than four
months before it defaulted on CNY1 billion of "super & short-term
commercial paper," short-term debt issued in the interbank bond
market by non-financial companies. The company confirmed to Fitch
before the maturity date that its holdings of realizable cash were
sufficient to meet its obligations, the ratings agency said, Caixin
relays.

At a bondholders meeting in January, Zhong Shan, the then chairman
and controlling shareholder of the company, offered to personally
guarantee its debts, but he resigned in February for "personal
reasons," relates Caixin.

Local regulators have told Caixin they are reluctant to bail out
troubled companies, warning of the moral hazard involved and the
negative signal repeated rescues of untrustworthy enterprises would
send to other companies who have got themselves into trouble.

MIE HOLDINGS: Fitch Cuts LT IDR to 'RD' on MIE Post Exchange Offer
------------------------------------------------------------------
Fitch Ratings downgraded MIE Holdings Corporation's Long-Term
Issuer Default Rating to 'RD' from 'C' on the completion of MIE's
exchange offer. Fitch has reassessed and upgraded the IDR to 'CC'
post completion of the exchange.

The rating on MIE's outstanding untendered USD50.665 million 7.5%
senior unsecured bonds due April 25, 2019 has been affirmed at 'C'
with a Recovery Rating of 'RR6'. Fitch has also assigned a 'C'
rating with a Recovery Rating of 'RR6' on MIE's USD248.394 million
13.75% senior notes due April 2022 which were issued arising from
the exchange offer.

This rating action is in accordance with Fitch's Distressed Debt
Exchange (DDE) Rating Criteria.

The 'CC' rating reflects MIE's significant challenges to liquidity
and limited financial flexibility, as cash generation is unlikely
to cover short-term debt maturities and interest obligations. The
Recovery Rating of 'RR6' on the 2019 and 2022 notes reflects their
low recovery prospects, given MIE's significant levels of secured
and other prior ranking debt.

KEY RATING DRIVERS

Exchange Qualifies as DDE: MIE announced an exchange offer on 1
March 2019 for its outstanding USD316 million 7.5% 2019 bonds due
April 25, 2019, which led to Fitch's downgrade of the IDR to 'C'
from 'CC'. Fitch considered the exchange offer a DDE as it entailed
a material reduction in terms and was a necessary move by MIE to
avoid payment default by April 25, 2019. MIE announced the final
results of the exchange offer on 10 April 2019, with 84%
acceptance. The company has waived the conditions on having to
achieve a minimum 90% acceptance to proceed. The exchange was
executed and completed on April 15, 2019.

Restricted Default: Per Fitch's DDE Criteria, MIE's IDR was lowered
to 'Restricted Default' (RD) on completion of this debt
restructuring. The exchange enabled a substantial reduction of the
outstanding 2019 notes to USD51 million from the previous USD316
million, and extending the maturity of the tendered notes by three
years to 2022 with the issuance of new unsecured notes. MIE has
relied mainly on secured short-term financing at a relatively high
cost and a smaller amount of internal cash to fulfil the cash offer
of USD27 million and upcoming redemption of USD51 million notes due
April 2019.

Pressure to Service Interest Obligation: Post-execution, MIE's 'RD'
IDR has been re-rated to a performing level, at 'CC'. Fitch
believes MIE will still be challenged by a cash deficit on high
interest obligations, and financing access remains weak - given a
limited unencumbered asset base and untenable capital structure
(FFO adjusted net leverage at end-June 2018: 12x). MIE's high
interest obligation escalates further as the 2022 US dollar notes
carry an annual interest cost of 13.75%, higher than the 2019 US
dollar notes (7.5%).

Based on Fitch's oil-price deck assumption, MIE's EBITDA of around
CNY400 million-450 million will be generated mainly from its Daan
oilfield; and after taking into account corporate expenses, would
be insufficient to cover its interest obligations that Fitch
estimates at around CNY700 million per year (including an estimated
CNY80 million interest obligations in Maple Marathon). Fitch
estimates MIE's EBITDA interest cover will stay below 1x unless the
company is able to rebalance its capital structure, in addition to
the announced Maple Marathon disposal.

Asset Disposal Outstanding: The impending sale of Maple Marathon
back to MIE's major shareholder would be a vital cash source to
meet its debt obligations in 2H19. The close of the Maple Marathon
disposal remains outstanding, pending the shareholder to finalise
funding for the purchase. MIE is keen to also divest its 40%
investment in Emir Oil and 34% stake in its South China Sea
business, although interest from investors in these two assets has
been weak because of the absence of controlling stakes.

DERIVATION SUMMARY

The ratings on MIE and its bonds are driven by the company's very
tight liquidity position and high redemption risk, given its
looming debt maturities. MIE's production volume of 5,300-5,500
barrels of oil equivalent per day (boepd), excluding Maple Marathon
that is being disposed of, is weaker than that of 'B' rated peers.
Reserve life for its sole Daan oilfield is also short, at 5.7
years. MIE's financial profile faces imminent liquidity challenges
from its prolonged cash burn and very weak capital structure
compared with peers such as Anton Oilfield Services Group
(B/Stable) and Indonesia's PT Medco Energi Internasional Tbk
(B/Positive).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - Limited access to new funding

  - Flat- to low-single-digit decline in oilfield production in
China

- Fitch oil-price assumptions for Brent: USD65.0 a barrel (bbl) in
2019 and USD62.5/bbl in 2020

Key Assumptions for Fitch's Bespoke Recovery Analysis

  - MIE's domestic operations would be liquidated rather than
reorganised in a bankruptcy.

  - Fitch has applied a 60% advance rate to MIE's Daan's oilfield,
20% advance rate to accounts receivable, and 60% to inventory.

  - Maple Marathon's disposal price of USD250 million is applied
for a USD100 million debt reduction at Maple Marathon; and
thereafter, a USD150 million reduction at MIE's holding company
level.

  - Fitch then applied a 50% discount to MIE's residual equity
value in Emir Oil, which is valued based on its last sale price in
2016.

  - The recovery estimate for senior unsecured debt, including the
2019 notes and 2022 notes, is below 5%, which corresponds to a
Recovery Rating of 'RR6'.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  - No positive rating action envisaged until MIE's liquidity
position and capital structure improves significantly.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

  - The IDR will be downgraded to 'C' if a default or default-like
process begins.

LIQUIDITY

Imminent Default Risk: Aside from the outstanding 2019 notes, the
next major debt redemption falls in August and September 2019,
involving a HKD466 million secured loan as well as USD100 million
secured loans. MIE had CNY28.12 million in cash and restricted cash
of CNY45.47 million as of end-December 2018. Fitch expects MIE to
work towards extending the maturities of these loans from its
lenders if the Maple Marathon disposal remains outstanding.
Thereafter, Fitch estimates MIE will still have about CNY2.3
billion in debt due in 2020.

RONSHINE CHINA: Fitch Rates Proposed USD Senior Notes 'B+(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned the proposed US dollar senior notes for
homebuilder Ronshine China Holdings Limited (B+/Stable) a 'B+(EXP)'
expected rating with a Recovery Rating of 'RR4'. The proposed notes
are rated at the same level as Ronshine's senior unsecured rating
because they will be unconditionally and irrevocably guaranteed by
the company. Ronshine intends to use the net proceeds to refinance
its existing debt. The final rating is subject to the receipt of
final documentation conforming to information already received.

Ronshine's ratings reflect its high quality and diversified land
bank, which supported its fast contracted sales expansion in 2018.
Its ratings are constrained by its sustained moderately high
leverage of about 50%, as defined by net debt/adjusted inventory,
which is high among 'B+' rated peers. Fitch believes the ability to
source a low-cost land bank continuously while maintaining its
sales churn and profitability will affect Ronshine's deleverage
progress to below 45%, the level that would trigger positive rating
action.

KEY RATING DRIVERS

Faster Scale Expansion: Ronshine's total contracted sales increased
by 143% to CNY122 billion in 2018 (equivalent to consolidated
contracted sales of about CNY74 billion). Ronshine's focus on the
Yangtze River Delta with exposure to cities that are benefitting
from spillover demand from top-tier cities was a key driver for the
strong sales growth. The company set a total contracted sales
target of CNY140 billion in 2019, supported by CNY200 billion in
saleable resources, of which 52% will be located in the Yangtze
River Delta.

High Quality, Diversified Land Bank: Ronshine's attributable land
bank remained largely stable at 12.9 million square metres (sq m)
as of end-2018, compared with 12.7 million sq m as of end-2017. Its
land-bank portfolio is well-diversified, covering 39 cities in
China with a focus on tier 1 and 2 cities, which accounted for 80%
of its land bank by area. Fitch believes the diversified land bank
has mitigated the impact from tighter home-purchase restrictions in
many high-tier cities. The company entered six new cities in 2018,
including Qingdao, Jiaxing and Huzhou.

Margin Recovery: Ronshine's EBITDA margin, after adding back
capitalised interest in the cost of goods sold (COGS), recovered to
25% in 2018, from 20% in 2017. The weak EBITDA in 2017 was due to
the revaluation of inventory to fair value following some
acquisitions during the year. Fitch expects the impact to diminish
as the company's scale expands. Ronshine's average land-bank cost
was CNY6,356 per sq m, which accounted for 29% of its contracted
average selling price in 2018. The land cost appears reasonable in
light of the high-quality land bank, which should sustain the
EBITDA margin at around 25%.

Ratings Constrained Despite Lower Leverage: Leverage, measured by
net debt/adjusted inventory including guaranteed debt for its joint
ventures (JVs) and associates, had fallen to 50.1% by end-2018,
from 56.6% at end-2017. Management expects to deleverage further as
the company's budget for land acquisition will remain low at about
30% of contracted sales proceeds in 2019, as there is sufficient
land bank to maintain its contracted sales scale.

DERIVATION SUMMARY

Ronshine's consolidated contracted sales scale of about CNY80
billion per year and diversified land bank in China are equivalent
to 'BB-' rated homebuilders, such as Yuzhou Properties Company
Limited (BB-/Stable). However, Ronshine's leverage of 50% is higher
than that of 'BB-' rated peers, which usually have leverage of
below 45%.

Ronshine has a smaller scale, thinner EBITDA margin and higher
leverage relative to China Evergrande Group (B+/Positive), but
Ronshine has relatively lesser trade payable and a stronger
liquidity position. Ronshine has a similar scale to 'B' category
peers, such as Yango Group Co., Ltd. (B/Positive), although
Ronshine's leverage is lower. Ronshine's normalised EBITDA margin
(adding back capitalised interest in COGS) of about 25% is
comparable with that of Yango.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - Total contracted sales of CNY140 billion in 2019 and CNY150
billion in 2020 (2018: CNY122 billion)

  - EBITDA margin, after adding back capitalised interest in COGS,
of 25%-27% in 2019-2020 (2018: 25%)

  - Land acquisitions to account for 30%-40% of contracted sales
proceeds in 2019-2020

No changes to its recovery rating assumptions

  - Based on its calculation of the adjusted liquidation value
after administrative claims, Fitch estimates the recovery rate of
the offshore senior unsecured debt to be 55%. Fitch has rated the
senior unsecured debt at 'B+'/RR4. Under its Country-Specific
Treatment of Recovery Ratings Criteria, China falls into its 'Group
D' of creditor friendliness, and instrument ratings of issuers with
assets in this group are subject to a soft cap at the issuer's
IDR.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  - Leverage, measured by net debt/adjusted inventory including
guaranteed debt for its JVs/associates, sustained below 45% (2018:
50%)

  - EBITDA margin, after adding back capitalised interest in COGS,
sustained at 25% or above (2018: 25%)

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

  - Leverage, measured by net debt/adjusted inventory including
guaranteed debt for JVs/associates, above 55% for a sustained
period

  - EBITDA margin, after adding back capitalised interest in COGS,
below 20% for a sustained period

LIQUIDITY

Sufficient Liquidity: Ronshine had a cash balance of CNY25 billion
at end-2018, sufficient to cover its short-term debt of CNY24.8
billion. It also issued USD600 million of 11.25% senior unsecured
notes due 2021 and USD300 million of 10.5% senior notes due 2022 in
February 2019 for refinancing.



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AA AGRO: CRISIL Maintains D Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of AA Agro Energy
Private Limited (AAE) continues to be 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           15        CRISIL D (ISSUER NOT
                                   COOPERATING)
   Long Term Loan         9        CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with AAE for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AAE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AAE is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of AAE continues to be 'CRISIL D Issuer not
cooperating'.

AAE, incorporated in 1983 by Mr Ashok Kumar Agarwal, was earlier a
manufacturer of sewage pipe and bricks, and subsequently set up its
rice unit in fiscal 2014. The plant at Banur, Mohali (Punjab)
processes basmati rice, with total milling and sorting capacity of
12 tonnes per hour.

AARCOT CERAMIC: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aarcot Ceramic
Private Limited (ACPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        1         CRISIL D (ISSUER NOT
                                   COOPERATING)

   Cash Credit           2.5       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Cash Term Loan        4.6       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term    4.4       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING)

CRISIL has been consistently following up with ACPL for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ACPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ACPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of ACPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

ACPL, incorporated in Morbi (Gujarat) in 2013, is promoted by Mr.
Jitendra Lavjibhai Dekavadiya and Mr. Lakhmanbhai Madhavbhai
Zalariya. The company has set up a factory to manufacture digital
wall tiles and started commercial operation in November 2014.

AASHKA HOSPITALS: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aashka Hospitals
Private Limited (AHPL) continues to be 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            33.15      CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with AHPL for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AHPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of AHPL continues to be 'CRISIL D Issuer not
cooperating'.

AHPL, incorporated in 2012, is currently setting up a
multi-specialty hospital at Gandhinagar, Ahmedabad (Gujarat). The
hospital is scheduled to commence operations from May 2015. The
company is promoted by Mr Bipin Shah, Dr Kaushik Gajjar, Dr Raj
Raval, and Dr Parag Thakkar, who are stakeholders in the hospital.

AGARWAL CORPORATION: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Agarwal Corporation
(AC) continues to be 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            7        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term     3        CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING)

CRISIL has been consistently following up with AC for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of AC continues to be 'CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

AC, set up in 2001, is a proprietorship concern owned by Ms.
Manjula Agarwal. It trades in iron and steel products, including
cold-rolled and hot-rolled coils, steel sheets, steel beams, steel
plates, and thermo-mechanically treated bars, ingots, and billets.
Mr. Ashwini Agarwal (husband of Mrs. Manjula Agarwal) manages the
firm's operations.

BURNPUR CEMENT: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Burnpur Cement
Limited (BCL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        1.5       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Cash Credit          13.7       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit      1         CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Bank         1.5       CRISIL D (ISSUER NOT
   Guarantee                       COOPERATING)

   Proposed Cash        11.3       CRISIL D (ISSUER NOT
   Credit Limit                    COOPERATING)

   Proposed Letter       5         CRISIL D (ISSUER NOT
   of Credit                       COOPERATING)

   Term Loan           125         CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with BCL for obtaining
information through letters and emails dated February 26, 2019 and
March 7, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BCL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BCL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of BCL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

BCL was set up in 1986 as a private limited company, Ashoka
Concrete and Allied Industries Pvt Ltd, by late Mr Ramawatar
Gutgutia and his son, Mr Ashok Gutgutia. It was reconstituted as a
limited company with the current name in 2001. It manufactures
portland blast furnace slag cement.

CENTRO PROJECTS: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Centro Projects and
Marketing (CPM) continues to be 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan              7        CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with CPM for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CPM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CPM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of CPM continues to be 'CRISIL D Issuer not
cooperating'.

CPM, set up in 2014, operates Centro Mall at Kodungallur in Kerala.
Spread over 100,000 square feet, the mall became operational in
February 2016. The firm is promoted by Mr Basheer and his wife Ms
Haseena.

DEV RAJ: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------
CRISIL said the ratings on bank facilities of Dev Raj Institute of
Management and Technology Society (DRIMT) continues to be 'CRISIL D
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            9.75       CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with DRIMT for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DRIMT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DRIMT is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of DRIMT continues to be 'CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

DRIMT was set up in 2010 by promoter and chairman, Mr Danish Gupta
and his family, based in Ferozepur (Punjab). The society offers
academic programmes through its institute, Dev Raj Group's
Technical Campus. DRIMT is affiliated with the Punjab Technical
University (PTU), Jalandhar, and approved by All India Council for
Technical Education (AICTE), Ministry of Human Resource
Development.

G. T. HOMES: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of G. T. Homes (GTH)
continues to be 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             23        CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with GTH for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

the financial performance or strategic intent of GTH, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
GLPL is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of GLPL continues to be 'CRISIL D Issuer not
cooperating'.

GTH, established in 2003 as a partnership firm, executes real
estate projects; it is owned and managed by Mr. Gajendra Singh
Rajpal and his nephew, Mr. Gurjeet Singh Rajpal. The firm is
currently executing two residential real estate projects in Raipur
and Naya Raipur (both in Chhattisgarh).

GRECCY KNIT: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Greccy Knit (GK)
continues to be 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          .75        CRISIL D (ISSUER NOT
                                   COOPERATING)
   Term Loan            5.43       CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with GK for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GK, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GK is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of GK continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 2014, GK is a partnership firm, which is setting up
a unit to manufacture grey fabrics, to be used in sarees and other
garments. It is being promoted by Mr.Bharat Zalavadiya and his son
Mr.Gaurang Zalavadiya.

HELIOS AND MATHESON: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Helios and Matheson
Information Technology Limited (Helios) continues to be 'CRISIL D
Issuer not cooperating'

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           156       CRISIL D (ISSUER NOT
                                   COOPERATING)
   Long Term Loan         44       CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with Helios for obtaining
information through letters and emails dated October 31, 2018 and
March 7, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Helios, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Helios is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Helios continues to be 'CRISIL D Issuer not
cooperating'

The Helios group was set up by Mr G K Muralikrishna and Mr V
Ramachandran in 1991. It offers IT services, including application
and development, application validation, consulting and package
implementation, and related services.

J.M.D. CORPORATION: CRISIL Maintains D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of J.M.D. Corporation of
India Limited (JMD) continues to be 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           18.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term    11.5        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with JMD for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JMD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JMD is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of JMD continues to be 'CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

JMD, set up in 2012, is a proprietorship concern of Mr. Ashwini
Agarwal. The firm trades in iron and steel products including
cold-rolled and hot-rolled coils, steel sheets, steel beams, steel
plates, thermo-mechanically treated bars, ingots, and billets. With
over a decade's experience, Mr. Agarwal oversees the firm's
operations.

JSW STEEL: Fitch Rates $500MM Senior Unsecured Notes Final 'BB'
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB' final rating to India-based JSW
Steel Limited's (JSWS, BB/Stable) USD500 million 5.95% senior
unsecured notes maturing in 2024. The proceeds will be used for
repaying foreign-currency debt, capex or any other purpose in
accordance with regulations. The final rating is in line with the
expected rating assigned on 5 April 2019, and follows the receipt
of final documents conforming to earlier information.

JSWS's ratings reflect its highly competitive conversion costs and
position as one of the largest steel producers in India, which is
one of the fastest-growing steel markets globally. However, rating
headroom is limited as Fitch expects an increase in leverage and
negative free cash flow (FCF) in FY20-FY21 (financial years ending
March 31, 2020 and 2021). These forecasts are driven by its
expectation of a moderation in steel industry margins in 2019 and
an increase in capital spending as key projects near completion. A
further increase in planned capex, following a jump in planned
capex in 2018, or significant weakening of global steel industry
fundamentals could weaken its financial profile.

Fitch has not consolidated debt related to JSWS's acquisition of
stakes in distressed assets in India, based on management's
strategy of acquiring minority stakes and ring-fencing itself from
liabilities until asset performance improves. Fitch also has not
factored in any further acquisitions. A consolidation of
acquisition-related debt and evidence of weak investment discipline
leading to weaker financial metrics are additional risks to JSWS's
credit profile.

KEY RATING DRIVERS

Strong Margins; Likely to Moderate: Standalone EBITDA per tonne of
steel sales in 9MFY19 increased by over 60% yoy to around
INR12,300/tonne driven by higher steel prices even as sales volumes
were almost flat. JSWS's standalone operations account for more
than 90% of its consolidated EBITDA. Fitch expects global steel
prices and producers' margins to decline in 2019 and have assumed a
20% decrease in standalone EBITDA/tonne in FY20 in US dollar terms.
Margins are likely to be lower, but Fitch does not forecast an
abrupt squeeze such as that seen in 2015. Fitch expects that
restrained exports from China are likely to be a key support for
the global steel sector. However, weak global economic growth and
volatile raw material prices are key risks.

Several Acquisitions, Some Risk: JSWS acquired stakes in several
assets in India and overseas in FY19. In India, the company
acquired 23% of Monnet Ispat and Energy Ltd (Monnet), and has
emerged as the highest bidder for Bhushan Power and Steel Ltd
(BPS). Monnet and BPS have steelmaking capacity of around 1.5
million tonnes per annum (mtpa) and 2.5mtpa, respectively, and
provide exposure to eastern India where JSWS lacks a significant
presence. JSWS also acquired assets in Italy (Aferpi) and the US
(Acero Junction), which give the company a meaningful presence in
Europe and increased capacity in the US. Aferpi has 1.3mtpa of
rolling-mill capacity for rail bars and wire rods, while Acero
Junction has a 3mtpa hot strip mill in Ohio.

JSWS had earlier revised its offer for BPS, and intends to employ a
structure similar to the Monnet acquisition by assuming a minority
stake. Fitch intends to account for BPS using the equity method
after factoring in investment outflows, similar to Monnet, if the
structures are similar. JSWS has yet to secure regulatory approvals
for the BPS acquisition and announce details regarding the
transaction structure. Fitch has not factored in further
acquisitions in its forecasts; more acquisitions could pressure
JSWS's financial metrics and indicate weaker financial discipline.

Substantial Capex Planned: JSWS intends to spend around INR400
billion over FY19-FY21 in India. Around 50% of the spending is
intended for expansion of crude steel capacity to 24mtpa from
18mtpa, followed by cost-saving and downstream projects. The
additional capacity is due to be commissioned by March 2020. It
will also invest USD500 million in its plate and pipe mill in
Texas, US, mainly for backward integration. These projects should
generate substantial earnings within two years, mitigating risks to
JSWS's financial profile. However, JSWS increased its capex plans
in 2018, and another significant increase could weaken its credit
profile.

Cost-Efficient Operations: JSWS has a dominant market share in
southern and western India, where its plants are located, supported
by a rising share of value-added products. Its highly efficient
operations partly offset its lack of significant vertical
integration. JSWS's main plant at Vijayanagar placed in the second
quartile of CRU's cost curve for flat steel products for 2018. The
company has won mining rights for six iron ore mines in Karnataka,
and it has started production from three mines. It aims to produce
4.5 million-5 million tonnes of iron ore, or about 20% of the
amount needed by its Vijayanagar plant, in FY20. This should
improve supply certainty for JSWS and moderately reduce costs.

Increase in Leverage, Negative FCF: Fitch estimates JSWS's gross
adjusted debt to EBITDAR leverage to increase to above 3.5x in
FY20-FY21, from around 3x in FY19, based on a decline in margins
and an increase in capex as capacity-expansion and other projects
near completion. This is also likely to result in significantly
negative FCF over the next two years. Thereafter, Fitch expects the
increase in output and lower capex to drive a reduction in leverage
and improvement in FCF. Fitch has switched to using a leverage
metric based on EBITDAR rather than funds from operations to allow
adjustments to better reflect the company's increasing minority
stakes.

DERIVATION SUMMARY

JSWS can be compared with domestic peer Tata Steel Limited (TSL,
BB/Rating Watch Evolving), which is rated at 'BB-' on a standalone
basis excluding potential support from Tata Group. TSL's ratings
remain on watch pending the completion of a JV with thyssenkrupp AG
(BB+/Rating Watch Negative) in Europe, which should significantly
improve TSL's operating profile by reducing exposure to structural
weaknesses in Europe.

TSL's standalone rating is based on a combination of robust
operations in India and a much weaker operating profile in Europe,
where the company is on track to cut exposure. Vertical integration
is a key advantage for TSL in India, which is only partly
counterbalanced by JSWS's cost-efficient operations. However, TSL's
leverage was higher than that of JSWS in FY17 and FY18.

ArcelorMittal S.A. (AM, BBB-/Stable) is rated higher than JSWS,
based on ArcelorMittal's position as the world's largest as well as
most diversified steel producer by product type and geography.
ArcelorMittal benefits from a solid and increasing level of
vertical integration into iron ore, with over 50% of its iron ore
needs met by its own output. ArcelorMittal also has significantly
better leverage and coverage metrics than JSWS. These strengths are
partly offset by its thinner margins due to having manufacturing
facilities globally, including large operations in geographies with
structurally high costs such as Europe and the US.

JSWS has a larger EBITDAR scale and better margins than United
States Steel Corporation (BB-/Positive). U.S. Steel's leverage and
coverage metrics are significantly better than those of JSWS, but
its significant exposure to the U.S. oil and gas sector results in
higher demand and earnings volatility than for JSWS.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - Standalone sales volume to have CAGR of 6% over FY19-FY22

  - Average of annual standalone EBITDA per tonne of around
INR9,500 over FY20-FY22

  - Cumulative consolidated capex of around INR570 billion over
FY19-FY22

  - Average annual dividend pay-out of INR9 billion over FY19-FY22

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  - Total adjusted debt to EBITDAR leverage below 3.0x on a
sustained basis.

  - Sustained neutral or positive FCF

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

  - Total adjusted debt to EBITDAR leverage above 4.0x for a
sustained period

  - Negative FCF for a sustained period

  - Evidence of shift away from maintaining investment discipline

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: JSWS reported cash and cash equivalents of
INR15 billion at end-December 2018, and had debt (including revenue
and capital acceptances) of INR589 billion. It also had available
undrawn working-capital facilities (fund and non-fund based) of
around INR114 billion and undrawn lines for capex of INR89billion.
Short-term debt, including the current portion of acceptances,
comprised INR186 billion of the total debt while the current
portion of long-term debt was INR96 billion. Fitch expects JSWS to
rely on drawdown of unutilised lines and refinancing to address its
long-term debt maturities over the next 12 months while its
short-term facilities are rolled over. JSWS's ability to refinance
is supported by its banking relationships and access to diverse
funding sources.

SUMMARY OF FINANCIAL ADJUSTMENTS

Key financial statement adjustments that depart materially from
those contained in the published financial statements include:

  - A multiple of 6.6x times has been used to capitalise JSWS's
lease expenses based on the weighted average of expenses in India
and the US.

  - JSWS's acceptances, which have been reported under trade
payables (FY18: INR90.3 billion), have been removed from trade
payables and treated as debt. In addition, acceptances related to
payables for capital projects (FY18: INR12.2billion) have been
treated as debt.

  - Unamortised upfront fees on borrowing and premium on redemption
of debentures (FY18: INR5.8billion) have been added back to debt.

  - JSWS's bank balances in term deposit accounts (FY18: INR1.7
billion) have been treated as readily available while those related
to unclaimed dividends and margin money (FY18: INR3.2 billion) have
been treated as restricted.

  - The increase in capital acceptances has been added to capex
while the fall in acceptances related to trade payables has been
adjusted in working-capital flows.

  - Fitch has calculated change in working capital based on
balance-sheet values for trade receivables, inventories, trade
payables, advances from customers, advances to suppliers and
prepayments.

  - Depreciation and amortisation expenses have been adjusted for
export obligation deferred income amortisation (FY18: INR0.7
billion)

KASIM COAL: CRISIL Maintains D Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kasim Coal and
Logistics Private Limited (KCL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            4        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit       5        CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with KCL for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KCL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KCL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of KCL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 2007, KCL trades in non-coking coal. The company's
operations are managed by Mr Syed Abuthahir and Mr Sikkanthar Ali.

KATARE COTTON: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Katare Cotton Waste
Spinning Mills (KCWSM) continues to be 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           3         CRISIL D (ISSUER NOT
                                   COOPERATING)
   Term Loan             4.21      CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with KCWSM for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KCWSM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KCWSM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of KCWSM continues to be 'CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

Set up in 1974 as a partnership firm by Mr. Kishore Katare and his
family members, KCWSM manufactures cotton yarn at its unit in
Solapur, Maharashtra, which has capacity of 5520 spindles.

KUFRI FUN: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Kufri Fun Campus
Private Limited (KFCPL) continues to be 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan          12        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with KFCPL for obtaining
information through letters and emails dated
September 28, 2018 and March 12, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KFCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KFCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of KFCPL continues to be 'CRISIL D Issuer not
cooperating'.

MAHARASHTRA ENGINEERING: CRISIL Keeps D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Maharashtra
Engineering (ME) continues to be 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           4.5       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Term Loan             2.8       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Working Capital       5.7       CRISIL D (ISSUER NOT
   Demand Loan                     COOPERATING)

CRISIL has been consistently following up with ME for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ME, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ME is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of ME continues to be 'CRISIL D Issuer not
cooperating'.

ME manufactures tractor components, primary for Mahindra and
Mahindra Ltd. The firm was established in by Mr R S Kamble in
Mumbai.

MAKHWAN METAL: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Makhwan Metal Trading
Company Private Limited (MMTCPL) continues to be 'CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           20        CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with MMTCPL for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MMTCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MMTCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of MMTCPL continues to be 'CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

MMTCPL was incorporated in Thane, Maharashtra, in 2012 for trading
in steel products such as steel scraps, thermo-mechanically treated
bars, hot-rolled and cold-rolled coils, steel sheets, steel beams,
and steel plates. The promoters are Mr Nipun Agarwal and Mr Punit
Agarwal.

MODERN STEELS: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Modern Steels Limited
(MSL) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            73         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Funded Interest        10.2       CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING)

   Letter of Credit       51.5       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Term Loan              41.88      CRISIL D (ISSUER NOT
                                     COOPERATING)

   Working Capital        38.90      CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING)

CRISIL has been consistently following up with MSL for obtaining
information through letters and emails dated September 28, 2018 and
March 7, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MSL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MSL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of MSL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

MSL was set up in 1974 by Mr Amarjit Goyal. It is listed on the
Bombay Stock Exchange, and is managed by Mr Krishan Kumar Goyal,
son of Mr Amarjit Goyal. MSL manufactures low-alloy and
carbon-steel-rolled products for commercial vehicles, such as
trucks and tractors, passenger vehicles, two-wheelers, and
engineering companies.

MYSORE PAPER: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of The Mysore Paper
Mills Limited (MPM) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee         1        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Cash Credit           45        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit      55        CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with MPM for obtaining
information through letters and emails dated November 30, 2018 and
March 7, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MPM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MPM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of MPM continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

MPML was founded in May, 1936 by the then Maharaja of Mysore
(Karnataka). Government of Karnataka, which acquired a controlling
stake in November 1977, held 64.7% of equity shares as on September
30, 2016; the remainder was held by financial institutions and the
general public.

MPML is an ISO-14001-certified company, producing newsprint,
writing and printing paper, and sugar at its plant at Bhadravati in
the Shimoga district of Karnataka.

OXIGEN SERVICES: CRISIL Lowers Rating on INR150cr Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Oxigen
Services India Private Limited (Oxigen Services; part of the Oxigen
group) to 'CRISIL D/CRISIL D' from 'CRISIL BB+/Negative/CRISIL
A4+'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee         10       CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Overdraft             110       CRISIL D (Downgraded from
                                   'CRISIL BB+/Negative')

   Proposed Long Term     30       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB+/Negative')

The downgrade reflects an instance of delay by Oxigen Services in
servicing interest on the overdraft facility for more than 30 days
in the month of March 2019.  The delay was on account of the tight
liquidity.

The ratings continue to reflect the group's weak financial risk
profile, and exposure to intense competition in the payment
services and related businesses, and inherent regulatory risks.
These weaknesses are partially offset by the established market
position in the services aggregation business.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Oxigen Services and Oxigen Online
Services India Pvt Ltd (Oxigen Online). The entities, collectively
referred to as the Oxigen group, have a high degree of management,
business, and financial linkages.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in servicing interest: There has been an instance of delay
in the servicing of interest on the overdraft facility for more
than 30 days in the month of March 2019.

* Average financial risk profile: Financial risk profile is marked
by a high gearing and moderate interest coverage ratio. Interest
coverage ratio was estimated at 0.34 times in fiscal 2018, while
net cash accruals remained negative. However, the promoters have
inducted Rs 35 crores of funds through rights issue and over the
past 15 months. The company has also reduced the liability of the
RBL Bank by Rs 10 crores and HDFC Bank by Rs 6 crores.

The group is taking steps to diversify its revenue profile and
increase profitability through the provision of micro-ATM
(automated teller machine) services via its retail network;
operations are, therefore, expected to ramp up significantly over
the medium term. The impact of micro-ATM services on the financial
risk profile will remain a key rating sensitivity factor.

* Exposure to intense competition in payment services and related
businesses: Intense competition from banks, telecom companies, and
other payment service providers and several online portals, which
also offer discounts or cash-backs, should continue to constrain
the business. Ability to maintain a stable market position across
business segments will be monitored over the medium term.

* Susceptibility to regulatory risks: Susceptibility to regulatory
risks persists, as the group is licensed by the Reserve Bank of
India (RBI) to operate semi-closed payment system instruments,
which are prepaid and redeemable at clearly identified merchant
locations. Furthermore, mobile and direct-to-home (DTH) operators
are regulated by the Telecom Regulatory Authority of India (TRAI).
Any adverse change in the rules of RBI, TRAI, or the Government of
India could impinge on revenue and profitability.

Strength

* Established market position in the services aggregation business:
Oxigen Services is a well-known player in the service aggregation
business, with pan-India presence, and over 2 lakh retail touch
points, including mobile, DTH, broadband recharge, bill payments,
bookings for hotels and movie tickets, mobile wallet top-ups, and
airline and railway ticketing services. In fiscal 2018, the group
launched micro-ATM services, thereby facilitating another
transactional services, including an Aadhar-enabled payment system
for cash withdrawals from bank accounts.

Liquidity
Liquidity is weak. Unencumbered Cash and cash equivalents balance
stood at Rs 6 crores as on March 31, 2018. Net cash accrual
continues to remain negative over fiscal 2018 as well. Fund-based
limit of Rs 109 crore was almost fully utilised in the 12 months
ended February 2019. The liquidity risk is however, mitigated by
the absence of any fixed repayment obligation, since the group
doesn't have any long term debt.  

Oxigen Services, incorporated in 2004, is a leading payment service
provider for mobile, DTH, and utilities across India. Currently, it
processes over 50 crore transactions annually through a platform
that is developed and managed in house. The company also launched
India's first virtual mobile wallet in 2008, which became the first
non-bank wallet to be integrated with National Payments Corporation
of India, allowing instant money transfers through 70 major banks
in India. There was financial restructuring carried out by which
Oxigen Services converted its Receivables in Oxigen Online valued
at Rs 114crs into equity of Oxigen Online by virtue of which it now
owns 97% of the equity in Oxigen online.

RAMKA SILK: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Ramka Silk House
Private Limited (RSHPL) continues to be 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Packing Credit        25        CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with RSHPL for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RSHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RSHPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of RSHPL continues to be 'CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

Established in 2002, RSHPL, promoted by Mr Sharad Rochlaney and Mr
Kiran Rochlaney, manufactures and exports embroidered fabric and
garments. The company procures fabric or yarn depending upon
requirement, provides the designs, and gets the processing and
embroidery done on a jobwork basis.

SARVODYA HOSPITALS: CRISIL Lowers Rating on INR19cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sarvodya Hospitals (SH) to 'CRISIL D' from 'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             19        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects delay in serving term debt obligation as
confirmed by the banker. The delays were on account of inadequate
cash flows due to nascent stage of operations to meet debt
repayment obligations.

Key Rating Drivers & Detailed Description

Weakness:

* Early stage of operations in the highly competitive health care
industry: Scale remains modest due to early stage of operations and
intense competition in the health care industry. Although, scale
may improve, it will remain small over the medium term,
constraining business risk profile.

Strengths:

* Extensive experience of the promoters in the health care
industry: The promoters comprise a team of doctors with more than
30 years of experience. Five of them are based in Ludhiana and have
earned a healthy reputation. Dr Anwar Khan and Dr Pankaj Trivedi
are fully practicing with the hospital currently; the rest of the
doctors are also expected to shift their practices to the hospital
in the near term. Thus, providing significant revenue visibility
for the hospital over the medium term.

Liquidity
Liquidity is also expected to remain weak over the near term owing
to expected tightly matched cash accruals vis-a-vis maturing debt
obligation, primarily due to nascent stage of operations. Further,
incremental working capital requirements will also increase the
dependency over the external debt, thus, constraining the financial
flexibility. CRISIL believes in absence significant support from
promoters or improvement in cash accruals liquidity will remain
weak over the medium term.

Established in 2011, SH is a 110-bed multispecialty hospital at
Jalandhar, with departments such as general medicine, cardiology,
neurology, nephrology, gastroenterology, urology, and so on.

STURDY INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sturdy Industries
Limited (SIL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           70        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Funded Interest       26.21     CRISIL D (ISSUER NOT
   Term Loan                       COOPERATING)


   Letter of credit &   141.9      CRISIL D (ISSUER NOT
   Bank Guarantee                  COOPERATING)

   Proposed Cash          .13      CRISIL D (ISSUER NOT
   Credit Limit                    COOPERATING)

   Term Loan             18.6      CRISIL D (ISSUER NOT
                                   COOPERATING)

   Working Capital       75.09     CRISIL D (ISSUER NOT
   Term Loan                       COOPERATING)

CRISIL has been consistently following up with SIL for obtaining
information through letters and emails dated September 28, 2018 and
March 07, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SIL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of SIL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'

Established in 1995, SIL, promoted by Mr. Ramesh Guptamanufactures
polyvinyl chloride pipes and irrigation systems, aluminium
composite panels, and aluminium cables and conductors, and trades
in aluminium products. The company also has a plant for
manufacturing asbestos cement roofing sheets.

VAMA WOVENFAB: CRISIL Lowers Rating on INR17.07cr Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vama Wovenfab Private Limited (VWPL) to 'CRISIL D' from 'CRISIL
B-/Stable'. The downgrade reflects the firm's delay in meeting term
debt obligation.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit         6.50        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Long Term Loan     10.57        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

Key Rating Drivers & Detailed Description

Weakness:

* Delay in meeting term debt obligation: Cash accrual remained
insufficient to meet debt obligation, leading to overdue principal
and interest obligation. The company generated net cash accrual of
INR2.31 crore for FY 18-19 against the term loan obligation of
INR3.50 crore.

* Below average financial profile: The Company had modest net worth
of INR4.99 Cr and gearing of 3.15 times as on March 31, 2018. The
net worth and gearing for fiscal 2019 is estimated at INR6.41 crore
and 1.95 times respectively. Its debt protection measures were
average with interest coverage of 1.8 times and NCATD of 0.06 times
for fiscal 2017. For fiscal 2019, interest coverage and NCA/AD is
estimated at 2.2 and 0.18 times respectively.

* Working capital intensive operations: Extension of significant
credit to its customers and high inventory results in high working
capital requirements for company as reflected in estimated gross
current assets around 147 days for fiscal 2019. Going forward,
working capital cycle is expected to remain at similar level over
the medium term.

Strengths:

* Extensive industry experience of the promoters and their funding
support: The promoters, have more than 18 years of experience in
the textiles industry through the group firm. This has enabled a
strong relationship with customers and suppliers. Moreover, the
promoters have extended funding support and are expected to
continue to do so over the medium term if required.

Liquidity

* High bank limit utilization: Bank limit utilisation remained
high. CRISIL believes that bank limit utilization will continue to
remain fully utilized owing to large working capital requirement.

* Insufficient cash accrual to meet term debt obligation: Cash
accrual is expected at INR2.31 crore for fiscal 2019, INR2.84 crore
for fiscal 2020 and INR3.31 crore for fiscal 2021. These will be
insufficient to meet scheduled debt obligation INR3.60 crore in
fiscal 2019 and 2020, however will remain sufficient for fiscal
2021. The payment to creditor remain stretched, which is partially
assisting the liquidity profile. CRISIL believes, the overall
liquidity profile will continue to remain weak over the medium
term.

* Current ratio: Current ratio was low at 1.02 times as on
March 31, 2018.

VWPL is a Daman, based company engaged in manufacturing of woven
fabric, the company is managed by Mr. Vaibhav Gupta and Mr. Suresh
Gupta.



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

ROSS ASSET: ANZ Loses Final Court Battle with Regulator Over Files
------------------------------------------------------------------
Susan Edmunds at Stuff.co.nz reports that ANZ has failed in its bid
to stop the Financial Markets Authority (FMA) from sharing its Ross
Asset Management files with third parties.

Stuff relates that the bank and market regulator first went to the
High Court in 2017. Much of the key information about the case has
been suppressed until now.

It started when the FMA began receiving complaints from investors
in Ross Asset Management, the country's largest Ponzi scheme.

The business failed in 2012, taking millions of dollars of
investors' money with it.

Ross Asset Management owner David Ross was unsuccessful in his bid
for parole this year. He is serving a 10-year, 10-month jail term.

ANZ was the company's banker, the report notes.

According to Stuff, the FMA wanted to determine where the company's
investors' funds were and whether the money could be returned to
them.

Stuff relates that Ross Asset Management's liquidators obtained
legal advice on the prospect of a claim against ANZ for
participation in the company's breaches. It was determined that it
was not the liquidators' place to do that, but should be left to
the investors or the FMA.

The FMA then used its legal powers to require the bank to hand over
records, which it said it would disclose to the company's
liquidation committee as part of its investigation, Stuff says.

It had formed the view that the bank could be liable to Ross Asset
Management investors in "knowing receipt and dishonest
assistance".

Having access to those documents would help it to obtain additional
information from investors, determine the next steps to enable the
investors to evaluate the merits of a claim against ANZ and to
enable the FMA to consider whether to exercise its powers under
section 34 of the FMA Act to start proceedings, according to
Stuff.

But the bank said the FMA was acting outside its legal remit and
breaching confidentiality agreements. The High Court initially
sided with that view but the decision was overturned by the Court
of Appeal, Stuff relays.

Stuff relates that the Supreme Court decision said the bank had not
pointed to any particular confidentiality concerns that were not
sufficiently addressed by the FMA's proposals.

"We do not consider that this application raises issues of general
or public importance outside of the operation of the FMA Act."

The FMA was awarded NZ$3,500 in costs.

In a statement, ANZ said the ruling was disappointing, Stuff
relays.

"ANZ provided a significant amount of documents to the FMA to
assist in its investigations into Ross Asset Management.  ANZ
released confidential information--including customer
information--to the FMA, as required by law.  The FMA wishes to
pass on selected documents to a third party.

"We believe customers and companies alike need to have confidence
that confidential information is treated as such, and when provided
to a regulator, is only used by that regulator in accordance with
their statutory mandate. ANZ brought this proceeding to test the
issue of the proper application of certain provisions of the
Financial Markets Authority Act which applied to the FMA obtaining
confidential documents and how those documents could be used.  We
believed this issue raised significant questions about the use of
confidential information by a regulator."

But the regulator welcomed the decision, adds Stuff.

"Now that the restrictions on confidentiality over all these
matters has been lifted, the FMA will be able to engage with the
liquidation committee of Ross Asset Management, as a proxy for RAM
investors, and the liquidators of RAM on the substantive matters at
the heart of this case," it said.

"ANZ's decision to judicially review the FMA and to seek
confidentiality over the High Court and Court of Appeal judgments
meant our ability to talk to investors was curtailed.

"The FMA at this point has made no decision on the use of its
section 34 powers under the FMA Act. A significant part of our
consideration of our Section 34 powers involves engaging with the
appropriate representatives of impacted investors first."

                         About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
8, 2012, the High Court appointed PricewaterhouseCoopers partners
John Fisk and David Bridgman as Receivers and Managers to Ross
Asset Management Limited and nine other associated entities
following application by the Financial Markets Authority.  The
associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in Dec. 17, 2012, ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



=====================
P H I L I P P I N E S
=====================

PH FOREST: COA Orders Faster Liquidation of Graft-Ridden Firm
-------------------------------------------------------------
Ben Rosario at Manila Bulletin reports that state auditors have
ordered the fasttracking of the dissolution and liquidation of
another graft-ridden government-owned and -controlled corporation
that was ordered abolished six years ago for involvement in the
PHP10-billion pork barrel scam.

In the 2018 annual Commission on Audit (COA) report for the
Philippine Forest Corporation (Philforest), that was released
earlier this month, it also ordered the trustee-in-liquidation team
(TILT) to comply with the Bureau of Internal Revenue (BIR)
requirement for the cancellation of the tax identification number
and certificate of registration of the corporation, the Bulletin
relates.

According to the report, the COA also sought the swift and full
abolition of the National Agribusiness Corporation and the ZNAC
Rubber Estate Corporation which, like Philforest, were among the 11
corrupt and non-performing GOCCs ordered closed down from 2013-2014
by then President Benigno Aquino III.

The Bulletin says the audit report showed that former officials of
the firm, including NBN-ZTE deal whistleblower Rodolfo "Jun"
Lozada, have been blamed for the unsettled audit disallowances that
reached PHP562.447 million.

The Bulletin relates that COA asked the Department of Environment
and Natural Resources (DENR) to establish timelines of activities
for the quick disposition of financial and corporate affairs of
Philforest.

Aside from the pork barrel fraud that resulted in the filing of
criminal charges against dozens of then incumbent congressmen and
senators, the Philforest management, then headed by Mr. Lozada, was
implicated in the anomalous lease of public land to his brother and
a private firm, the report says.

The Bulletin says Mr. Lozada, NBN-ZTE deal whistleblower, was later
sentenced to six to 10 years imprisonment for graft.

In the 2018 Philforest audit report, COA lamented delays in the
liquidation and complete abolition of the corporation, the report
notes.

According to the Bulletin, auditors said that the PFC TILT has yet
to complete implementing all the mandated activities for the
liquidation and abolition of PFC "despite the lapse of more than
five years from the approval of its dissolution."

Aquino issued the order of abolition on November 26, 2013, the
report adds.

The Bulletin relates that COA said the assigned TILT must now
establish the "timelines of activities" for the immediate
dissolution so long as this is approved by the DENR secretary and
the Government Commission for GOCCs.

Audit examiners also called for the settlement of PFC liabilities,
including the payment of separation pay of affected employees, the
report says.

COA records show that the PFC accounts for PHP443.29 million in
receivables as among the assets of the firm, according to the
Bulletin.

The Bulletin notes that the huge amount represents funds due from
non-government organizations and people's organizations that
received funding for the implementation of various projects under
the Priority Development Assistance Fund (PDAF) and Disbursement
Acceleration Program (DAP) allocations granted members of Congress
from 2009 to 2013.

Most of the NGO's and POs turned out to be non-existent, and the
projects later discovered to be bogus, if not bloated for kickbacks
of legislators.

COA admitted that the failure of PFC to maintain subsidiary ledgers
resulted in the difficulty of identifying the NGOs and POs
involved, adds the Bulletin.



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

Y VENTURES: Auditor Issues Qualified Opinion on Justnile
--------------------------------------------------------
The Strait Times reports that the independent auditor of
Catalist-listed e-commerce firm Y Ventures has given a qualified
opinion over the inventories of the group's in-house home products
brand JustNile.

In an independent auditors report out on April 15, auditing firm
Baker Tilly TFW said it was "unable to obtain sufficient
appropriate audit evidence" to ascertain the accuracy, existence
and valuation of the carrying value of inventories, said to be
US$168,118, in JustNile Pte Ltd, ST relates.

Thus, it is unable to determine whether any adjustments are
required to the carrying value of inventories, sales and cost of
sales for the group's fiscal 2018 financial results, according to
ST.

With regards to the material uncertainly related to the company's
ability to continue as a going concern on the back of its fiscal
2018 losses, the auditor gave an unqualified opinion, ST relays.

According to ST, Y Ventures had a net loss and total comprehensive
loss of US$4.0 million each for fiscal 2018, while net cash used in
operating activities was also at US$2,414,621. The group also
reported accumulated losses of US$3.0 million, while the company
reported US$6.4 million in accumulated losses as at Dec 31, 2018.
Baker Tilly said there was material uncertainty that may "cast
significant doubt" on the group and company's ability to continue
as a going concern, ST relates.

According to ST, Y Ventures' board said the group would have
sufficient cash from the drawdown of credit lines available from
certain major suppliers. This includes extended credit terms of
three to six months, as well as cash generated from operations and
other potential fund raising actions to fund continuing operations
and repay debts due in the next 12 months of the reporting date.

Moreover, major shareholders Low Yik Sen and Low Yik Jin have
signed a deed of undertaking to "unconditionally provide continuous
financial assistance" to the group, up to US$1 million to carry on
business in the next 12 months, said the board.

ST says Baker Tilly TFW also drew attention to Y Venture's
appointment of independent reviewer Deloitte and Touche Enterprise
Risk Services to assess lapses in its internal controls and the
impact of adjustments to prior years' financial statements.

Deloitte was appointed in March in consultation with the Singapore
Exchange Regulation (SGX RegCo) and Y Ventures sponsor RHT Capital,
following a series of SGX queries regarding accounting mistakes the
group announced on Jan 21, ST recalls. This saw the group restating
its half-year financials for the six months ended June 30, 2018, to
a net loss of US$977,556 from a previously reported net profit of
US$131,186.

It was announced that the scope of the review was to scrutinise the
"adequacy and effectiveness" of the group's internal controls for
the financial period of Jan. 1, 2014 to Dec. 31, 2018, ST relates.
Deloitte was also to specify any misstatements in the group's
financial statements in prior years as a result of the internal
control lapses, and investigate circumstances and responsible
parties involved in the lapses and misstatements, along with
possible regulatory breaches, the report adds.



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

BOND PRICING: For the Week April 15, 2019 to April 19, 2019
-----------------------------------------------------------
Issuer                   Coupon     Maturity   Currency  Price
------                   ------     --------   --------  -----


  AUSTRALIA
  ---------

ARTSONIG PTY LTD            11.50      04/01/19    USD      1.00
ARTSONIG PTY LTD            11.50      04/01/19    USD      1.00
CLIME CAPITAL LTD            6.25      11/30/21    AUD      0.99
KEYBRIDGE CAPITAL LTD        7.00      07/31/20    AUD      0.92
MIDWEST VANADIUM PTY LT     11.50      02/15/18    USD      0.08
MIDWEST VANADIUM PTY LT     11.50      02/15/18    USD      0.08


  CHINA
  -----

AKESU XINCHENG ASSET IN      6.40      04/20/22    CNY     73.06
ALAER XINXIN STATE-OWNE      6.80      06/16/22    CNY     62.00
ALAER XINXIN STATE-OWNE      6.80      06/16/22    CNY     72.63
ANHUI CHIZHOU CITY TIAN      7.40      10/23/20    CNY     40.70
ANHUI PROVINCE TONGLING      7.30      05/13/21    CNY     61.35
ANHUI PROVINCE TONGLING      7.30      05/13/21    CNY     61.91
ANHUI SHENGYUN ENVIRONM      6.98      03/23/20    CNY     45.00
ANJI COUNTY STATE-OWNED      8.30      04/24/21    CNY     61.56
ANJI COUNTY STATE-OWNED      8.30      04/24/21    CNY     61.57
ANKANG DEVELOPMENT & IN      6.35      03/06/20    CNY     40.55
ANSHUN STATE-RUN ASSETS      6.98      01/10/20    CNY     40.01
ANSHUN STATE-RUN ASSETS      6.98      01/10/20    CNY     40.17
ANYANG INVESTMENT GROUP      8.00      04/17/19    CNY     20.12
BAODING NATIONAL HI-TEC      7.33      12/24/19    CNY     20.19
BAOJI NEW HI TECH INDUS      8.25      04/21/21    CNY     61.23
BAOJI NEW HI TECH INDUS      8.25      04/21/21    CNY     61.23
BAOSHAN STATE-OWNED ASS      7.30      12/10/19    CNY     20.05
BAOTOU STATE OWNED ASSE      7.03      09/17/19    CNY     20.13
BAYAN ZHUOER HETAO WATE      8.54      03/31/22    CNY     62.79
BAYANNUR LINHE DISTRICT      7.90      11/13/20    CNY     40.72
BAZHONG STATE-OWNED ASS      8.50      04/25/21    CNY     60.00
BAZHONG STATE-OWNED ASS      8.50      04/25/21    CNY     62.74
BEIJING BIOMEDICINE IND      6.35      07/23/20    CNY     40.77
BEIJING BIOMEDICINE IND      6.35      07/23/20    CNY     40.80
BEIJING CAPITAL DEVELOP      5.95      05/29/19    CNY     20.16
BEIJING CAPITAL DEVELOP      6.50      02/27/21    CNY     61.29
BEIJING CAPITAL DEVELOP      7.19      01/15/21    CNY     61.52
BEIJING CAPITAL DEVELOP      7.19      01/15/21    CNY     61.72
BEIJING CHANGXIN CONSTR      6.74      04/22/21    CNY     61.70
BEIJING CHANGXIN CONSTR      6.74      04/22/21    CNY     61.94
BEIJING CHAOYANG STATE-      5.25      03/27/20    CNY     40.18
BEIJING CHAOYANG STATE-      5.25      03/27/20    CNY     40.30
BEIJING CONSTRUCTION EN      5.95      07/05/19    CNY     20.16
BEIJING FUTURE SCIENCE       6.28      09/22/19    CNY     25.32
BEIJING GUCAI GROUP CO       6.60      09/06/20    CNY     40.20
BEIJING GUCAI GROUP CO       6.60      09/06/20    CNY     40.21
BEIJING HAIDIAN STATE-O      5.50      08/07/20    CNY     40.56
BEIJING HAIDIAN STATE-O      5.50      08/07/20    CNY     40.70
BEIJING JINGMEI GROUP C      6.14      09/09/20    CNY     40.30
BEIJING JINGMEI GROUP C      6.14      09/09/20    CNY     40.72
BEIJING JINLIYUAN STATE      7.00      10/28/20    CNY     41.42
BEIJING SHIJINGSHAN STA      6.08      08/18/21    CNY     60.77
BEIJING SHIJINGSHAN STA      6.08      08/18/21    CNY     61.76
BEIJING XINCHENG INFRAS      7.50      04/21/21    CNY     61.70
BEIJING XINCHENG INFRAS      7.50      04/21/21    CNY     61.83
BEIJING XINGZHAN INVEST      6.48      08/31/19    CNY     20.17
BEIJING XINGZHAN INVEST      6.48      08/31/19    CNY     20.22
BEIJING XINGZHAN INVEST      6.66      04/24/21    CNY     61.20
BEIJING XINGZHAN INVEST      6.66      04/24/21    CNY     61.95
BENGHU HI NEW TECH INVE      8.70      04/17/21    CNY     61.54
BENGHU HI NEW TECH INVE      8.70      04/17/21    CNY     61.55
BIJIE KAIYUAN CONSTRUCT      7.78      02/25/21    CNY     61.23
BIJIE KAIYUAN CONSTRUCT      7.78      02/25/21    CNY     62.89
BINZHOU HI-TECH DEVELOP      8.60      01/10/21    CNY     61.16
BINZHOU HI-TECH DEVELOP      8.60      01/10/21    CNY     61.17
BORALA MONGOL AUTONOMOU      7.18      08/09/20    CNY     40.37
C&D REAL ESTATE CORP LT      6.15      04/03/20    CNY     40.49
CANGZHOU CONSTRUCTION &      6.72      01/23/20    CNY     40.30
CANGZHOU CONSTRUCTION &      6.72      01/23/20    CNY     40.57
CHANGCHUN MODERN AGRICU      7.00      07/25/21    CNY     60.75
CHANGDE ECONOMIC DEVELO      7.19      09/12/19    CNY     20.27
CHANGDE ECONOMIC DEVELO      7.19      09/12/19    CNY     20.36
CHANGDE ECONOMIC DEVELO      7.00      03/24/21    CNY     61.86
CHANGDE ECONOMIC DEVELO      7.00      03/24/21    CNY     61.87
CHANGDE URBAN CONSTRUCT      6.50      02/25/20    CNY     40.65
CHANGRUN INVESTMENT & G      6.88      09/16/20    CNY     40.24
CHANGRUN INVESTMENT & G      6.88      09/16/20    CNY     40.84
CHANGSHA CITY CONSTRUCT      6.95      04/24/19    CNY     20.13
CHANGSHA COUNTY XINGCHE      8.35      04/06/19    CNY     20.15
CHANGSHA COUNTY XINGCHE      8.35      04/06/19    CNY     20.20
CHANGSHA COUNTY XINGCHE      7.90      03/25/22    CNY     74.21
CHANGSHA COUNTY XINGCHE      7.90      03/25/22    CNY     74.67
CHANGSHA ECONOMIC & TEC      8.45      04/13/22    CNY     63.07
CHANGSHA METRO GROUP CO      6.20      04/23/23    CNY     73.01
CHANGSHA METRO GROUP CO      6.20      04/23/23    CNY     73.22
CHANGSHA PILOT INVESTME      6.70      12/10/19    CNY     20.40
CHANGSHA YUHUA URBAN CO      7.17      04/18/21    CNY     60.93
CHANGSHA YUHUA URBAN CO      7.17      04/18/21    CNY     61.76
CHANGSHU BINJIANG URBAN      6.85      04/27/19    CNY     20.09
CHANGSHU BINJIANG URBAN      6.85      04/27/19    CNY     20.09
CHANGSHU BINJIANG URBAN      6.39      09/11/21    CNY     60.23
CHANGSHU BINJIANG URBAN      6.39      09/11/21    CNY     61.38
CHANGSHU CITY OPERATION      8.00      01/16/19    CNY     20.01
CHANGSHU DEVELOPMENT IN      5.80      04/19/20    CNY     40.42
CHANGSHU TRANSPORTATION      7.00      04/29/21    CNY     61.79
CHANGXING COUNTY TRANSP      6.75      06/16/21    CNY     60.00
CHANGXING COUNTY TRANSP      6.75      06/16/21    CNY     61.10
CHANGXING COUNTY TRANSP      7.88      04/30/21    CNY     61.55
CHANGXING COUNTY TRANSP      7.88      04/30/21    CNY     62.14
CHANGXING URBAN CONSTRU      6.80      11/30/19    CNY     20.12
CHANGXING URBAN CONSTRU      6.80      11/30/19    CNY     20.33
CHANGXING URBAN CONSTRU      6.00      12/03/21    CNY     60.95
CHANGXING URBAN CONSTRU      6.00      12/03/21    CNY     61.14
CHANGZHI CITY CONSTRUCT      6.46      02/26/20    CNY     40.38
CHANGZHOU BINHU CONSTRU      8.04      12/12/20    CNY     41.90
CHANGZHOU BINHU CONSTRU      8.04      12/12/20    CNY     62.43
CHANGZHOU HI-TECH GROUP      6.18      03/21/20    CNY     40.48
CHANGZHOU HI-TECH GROUP      6.18      03/21/20    CNY     40.48
CHANGZHOU JINTAN DISTRI      8.30      03/14/19    CNY     20.05
CHANGZHOU JINTAN DISTRI      6.38      04/26/20    CNY     40.47
CHANGZHOU PUBLIC HOUSIN      6.64      07/02/21    CNY     61.74
CHANGZHOU PUBLIC HOUSIN      6.64      07/02/21    CNY     61.76
CHENGDU CITY DEVELOPMEN      6.18      01/14/20    CNY     39.50
CHENGDU CITY DEVELOPMEN      6.18      01/14/20    CNY     40.36
CHENGDU ECO &TECH DEVEL      6.90      05/30/21    CNY     61.81
CHENGDU ECO &TECH DEVEL      6.90      05/30/21    CNY     61.82
CHENGDU ECONOMIC&TECHNO      6.55      07/17/19    CNY     20.16
CHENGDU ECONOMIC&TECHNO      6.55      07/17/19    CNY     20.24
CHENGDU HI-TECH INVESTM      6.28      11/20/19    CNY     20.35
CHENGDU HI-TECH INVESTM      6.28      11/20/19    CNY     20.38
CHENGDU LONGBO INVESTME      8.10      04/24/21    CNY     57.50
CHENGDU LONGBO INVESTME      8.10      04/24/21    CNY     61.39
CHENGDU PIDU DISTRICT S      7.25      10/15/20    CNY     38.50
CHENGDU PIDU DISTRICT S      7.25      10/15/20    CNY     40.52
CHENGDU XINCHENG XICHEN      8.35      03/19/19    CNY     20.18
CHENGDU XINGCHENG INVES      6.17      01/28/20    CNY     39.10
CHENGDU XINGCHENG INVES      6.17      01/28/20    CNY     40.34
CHENGDU XINGJIN URBAN C      7.30      11/27/19    CNY     20.45
CHENGDU XINGJIN URBAN C      7.30      11/27/19    CNY     20.47
CHENGDU XINKAIYUAN URBA      7.43      08/12/21    CNY     61.77
CHENGDU XINKAIYUAN URBA      7.43      08/12/21    CNY     62.37
CHENGFA INVESTMENT GROU      6.87      04/30/21    CNY     61.36
CHENGFA INVESTMENT GROU      6.87      04/30/21    CNY     61.86
CHENZHOU BAIFU INVESTME      6.54      08/28/21    CNY     61.25
CHENZHOU BAIFU INVESTME      6.54      08/28/21    CNY     61.47
CHENZHOU XINTIAN INVEST      6.30      07/17/20    CNY     39.66
CHINA ENERGY RESERVE AN      6.25      12/21/18    USD     33.66
CHINA WANDA GROUP CO LT      5.20      09/08/21    CNY     59.50
CHINA YIXING ENVIRONMEN      7.10      10/18/20    CNY     40.26
CHINA YIXING ENVIRONMEN      7.10      10/18/20    CNY     40.73
CHONGQING BANAN ECONOMI      7.00      08/20/21    CNY     60.50
CHONGQING BANAN ECONOMI      7.00      08/20/21    CNY     61.96
CHONGQING BEICHENG CONS      7.30      10/16/20    CNY     41.00
CHONGQING BEICHENG CONS      7.30      10/16/20    CNY     41.13
CHONGQING BEIFEI INDUST      7.13      12/25/19    CNY     20.46
CHONGQING CHANGSHOU DEV      7.45      09/25/19    CNY     20.13
CHONGQING CHANGSHOU DEV      7.45      09/25/19    CNY     20.13
CHONGQING CHANGSHOU ECO      7.20      07/15/21    CNY     60.90
CHONGQING CHANGSHOU ECO      7.20      07/15/21    CNY     60.91
CHONGQING CHANGSHOU ECO      7.10      06/19/21    CNY     60.75
CHONGQING CHANGSHOU ECO      7.10      06/19/21    CNY     60.76
CHONGQING CITY CONSTRUC      5.12      05/21/20    CNY     40.10
CHONGQING CITY CONSTRUC      5.12      05/21/20    CNY     40.28
CHONGQING DASUN ASSET D      6.98      09/10/20    CNY     40.92
CHONGQING DAZU DISTRICT      6.75      04/26/20    CNY     40.20
CHONGQING DAZU DISTRICT      6.75      04/26/20    CNY     40.44
CHONGQING FULING DISTRI      8.40      03/23/19    CNY     40.16
CHONGQING FULING DISTRI      8.40      03/23/19    CNY     40.17
CHONGQING FULING DISTRI      7.89      03/20/21    CNY     61.16
CHONGQING FULING DISTRI      7.89      03/20/21    CNY     61.79
CHONGQING FULING STATE-      6.39      01/21/20    CNY     40.22
CHONGQING FULING STATE-      6.39      01/21/20    CNY     40.45
CHONGQING GAOXIN ZONE D      7.80      04/25/21    CNY     62.02
CHONGQING GAOXIN ZONE D      7.80      04/25/21    CNY     62.03
CHONGQING GARDENING IND      8.45      06/03/21    CNY     62.93
CHONGQING GARDENING IND      8.45      06/03/21    CNY     62.93
CHONGQING HAOJIANG CONS      7.99      11/22/20    CNY     40.94
CHONGQING HAOJIANG CONS      7.99      11/22/20    CNY     40.97
CHONGQING HAOJIANG CONS      8.05      03/06/21    CNY     61.13
CHONGQING HAOJIANG CONS      8.05      03/06/21    CNY     61.24
CHONGQING HECHUAN INDUS      6.19      06/17/20    CNY     40.28
CHONGQING HECHUAN INDUS      6.19      06/17/20    CNY     40.30
CHONGQING HECHUAN URBAN      7.30      07/07/21    CNY     61.51
CHONGQING HECHUAN URBAN      7.30      07/07/21    CNY     61.76
CHONGQING HONGRONG CAPI      7.20      10/16/19    CNY     20.11
CHONGQING HONGRONG CAPI      7.20      10/16/19    CNY     20.30
CHONGQING HONGYE INDUST      6.30      06/03/20    CNY     40.39
CHONGQING HONGYE INDUST      6.30      06/03/20    CNY     40.39
CHONGQING JIANGBEIZUI C      6.50      07/21/21    CNY     62.14
CHONGQING JIANGJIN HUAX      7.46      09/21/19    CNY     20.23
CHONGQING JIANGJIN HUAX      7.46      09/21/19    CNY     20.40
CHONGQING JINYUN ASSET       6.75      06/18/19    CNY     20.04
CHONGQING JINYUN ASSET       6.75      06/18/19    CNY     20.18
CHONGQING JIULONG HI-TE      6.60      08/19/21    CNY     60.00
CHONGQING JIULONG HI-TE      6.60      08/19/21    CNY     61.65
CHONGQING LAND PROPERTI      7.35      04/25/19    CNY     20.13
CHONGQING LAND PROPERTI      7.35      04/25/19    CNY     20.13
CHONGQING LAND PROPERTI      6.30      08/22/20    CNY     40.77
CHONGQING LAND PROPERTI      6.30      08/22/20    CNY     40.85
CHONGQING LIANGJIANG NE      5.88      09/16/21    CNY     61.83
CHONGQING LIANGJIANG NE      6.70      04/25/21    CNY     62.08
CHONGQING MAIRUI CITY I      6.82      08/17/19    CNY     20.31
CHONGQING NAN'AN URBAN       8.20      04/09/19    CNY     20.10
CHONGQING NANCHUAN DIST      7.35      09/06/19    CNY     20.23
CHONGQING NANCHUAN DIST      7.35      09/06/19    CNY     20.23
CHONGQING NANFA URBAN C      6.43      04/27/20    CNY     40.51
CHONGQING NANFA URBAN C      6.43      04/27/20    CNY     40.54
CHONGQING QIANJIANG CIT      8.00      03/21/21    CNY     61.70
CHONGQING QIANJIANG CIT      8.00      03/21/21    CNY     61.82
CHONGQING QIJIANG EAST       6.75      01/29/20    CNY     39.61
CHONGQING QIJIANG EAST       6.75      01/29/20    CNY     40.10
CHONGQING SHUANGFU CONS      7.49      10/23/20    CNY     40.00
CHONGQING SHUANGFU CONS      7.49      10/23/20    CNY     40.51
CHONGQING SHUANGQIAO EC      6.75      04/26/20    CNY     40.00
CHONGQING SHUANGQIAO EC      6.75      04/26/20    CNY     40.23
CHONGQING SHUANGQIAO EC      5.99      11/19/21    CNY     58.95
CHONGQING SHUANGQIAO EC      5.99      11/19/21    CNY     59.34
CHONGQING TAX FREE PORT      7.50      04/24/21    CNY     61.80
CHONGQING TAX FREE PORT      7.50      04/24/21    CNY     62.25
CHONGQING TEA GARDEN IN      7.70      05/20/21    CNY     60.86
CHONGQING THREE GORGES       6.40      01/23/19    CNY     25.01
CHONGQING WANSHENG ECO       6.39      04/17/20    CNY     40.20
CHONGQING WANSHENG ECO       6.39      04/17/20    CNY     40.29
CHONGQING WANSHENG ECO       6.95      08/25/21    CNY     60.72
CHONGQING WANSHENG ECO       6.95      08/25/21    CNY     60.73
CHONGQING WANSHENG ECO       8.19      04/08/21    CNY     61.44
CHONGQING WANSHENG ECO       8.19      04/08/21    CNY     62.01
CHONGQING WESTERN MODER      7.08      10/18/20    CNY     41.21
CHONGQING WESTERN MODER      7.08      10/18/20    CNY     41.25
CHONGQING XINGRONG HOLD      8.35      04/19/19    CNY     20.15
CHONGQING XINGRONG HOLD      8.35      04/19/19    CNY     20.26
CHONGQING XIYONG MICRO-      6.76      07/25/19    CNY     20.15
CHONGQING XIYONG MICRO-      6.76      07/25/19    CNY     20.22
CHONGQING XIYONG MICRO-      6.58      07/25/21    CNY     61.00
CHONGQING XIYONG MICRO-      6.58      07/25/21    CNY     61.66
CHONGQING YONGCHUAN HUI      7.33      10/16/19    CNY     20.32
CHONGQING YONGCHUAN HUI      7.33      10/16/19    CNY     20.45
CHONGQING YONGCHUAN HUI      7.28      05/30/21    CNY     61.45
CHONGQING YONGCHUAN HUI      7.28      05/30/21    CNY     61.49
CHONGQING YUFU HOLDING       6.50      09/04/19    CNY     20.10
CHONGQING YUFU HOLDING       6.50      09/04/19    CNY     20.33
CHONGQING YULONG ASSET       6.87      05/31/19    CNY     20.21
CHONGQING YUNAN ASSET M      7.05      06/17/21    CNY     60.87
CHONGQING YUNAN ASSET M      7.05      06/17/21    CNY     61.19
CHONGQING YUXING CONSTR      7.30      12/10/19    CNY     20.23
CHONGQING YUXING CONSTR      7.30      12/10/19    CNY     20.39
CHONGQING YUZHONG STATE      7.25      02/26/21    CNY     61.40
CHONGQING YUZHONG STATE      7.25      02/26/21    CNY     61.52
CHUXIONG AUTONOMOUS DEV      6.60      03/29/20    CNY     36.77
CHUXIONG AUTONOMOUS DEV      6.60      03/29/20    CNY     40.27
CHUZHOU CITY CONSTRUCTI      6.81      11/23/19    CNY     20.35
CHUZHOU CITY CONSTRUCTI      6.81      11/23/19    CNY     20.48
CHUZHOU CITY CONSTRUCTI      6.40      08/22/21    CNY     60.80
CHUZHOU CITY CONSTRUCTI      6.40      08/22/21    CNY     61.94
CHUZHOU TONGCHUANG CONS      7.05      01/09/20    CNY     40.47
CIXI CITY CONSTRUCTION       6.18      08/18/21    CNY     61.76
CIXI CITY CONSTRUCTION       6.18      08/18/21    CNY     61.98
CIXI STATE OWNED ASSET       6.60      09/20/19    CNY     20.28
CIXI STATE OWNED ASSET       6.60      09/20/19    CNY     20.40
DALI ECONOMIC DEVELOPME      8.80      04/24/19    CNY     20.12
DALI ECONOMIC DEVELOPME      8.30      12/11/20    CNY     41.53
DALI ECONOMIC DEVELOPME      7.90      03/04/21    CNY     60.00
DALI ECONOMIC DEVELOPME      8.30      12/11/20    CNY     60.70
DALI ECONOMIC DEVELOPME      7.90      03/04/21    CNY     61.27
DALIAN DETA HOLDING CO       6.50      11/15/19    CNY     20.29
DALIAN PUWAN ENGINEERIN      7.09      02/20/21    CNY     59.60
DALIAN RONGDA INVESTMEN      5.69      12/05/21    CNY     61.20
DALIAN RONGDA INVESTMEN      5.69      12/05/21    CNY     61.41
DALIAN RONGQIANG INVEST      8.60      03/30/19    CNY     40.31
DALIAN RONGQIANG INVEST      7.92      04/14/21    CNY     60.98
DALIAN RONGQIANG INVEST      7.92      04/14/21    CNY     60.99
DALIAN RONGQIANG INVEST      8.60      01/20/21    CNY     61.17
DALIAN RONGQIANG INVEST      8.60      01/20/21    CNY     61.18
DANGYANG XINYUAN INVEST      7.99      05/23/21    CNY     61.00
DANGYANG XINYUAN INVEST      7.99      05/23/21    CNY     61.56
DANYANG INVESTMENT GROU      8.10      03/06/19    CNY     20.07
DANYANG INVESTMENT GROU      8.10      03/06/19    CNY     20.10
DANYANG INVESTMENT GROU      6.81      10/23/19    CNY     25.24
DANYANG INVESTMENT GROU      6.81      10/23/19    CNY     25.31
DANYANG INVESTMENT GROU      6.90      10/23/20    CNY     40.92
DAQING GAOXIN STATE-OWN      6.88      12/05/19    CNY     20.14
DAQING GAOXIN STATE-OWN      6.88      12/05/19    CNY     20.15
DAYE CITY CONSTRUCTION       7.95      11/27/20    CNY     41.45
DAYE CITY CONSTRUCTION       7.30      03/03/21    CNY     61.42
DAYE CITY CONSTRUCTION       7.30      03/03/21    CNY     61.65
DAZHOU INVESTMENT CO LT      6.99      12/25/19    CNY     20.40
DAZHOU INVESTMENT CO LT      6.99      12/25/19    CNY     20.41
DEYANG ECONOMIC DEVELOP      7.90      04/28/21    CNY     61.12
DEYANG ECONOMIC DEVELOP      7.90      04/28/21    CNY     61.29
DONGTAI UBAN CONSTRUCTI      7.10      12/26/19    CNY     20.36
DONGTAI UBAN CONSTRUCTI      7.58      04/23/21    CNY     61.04
DONGTAI UBAN CONSTRUCTI      7.58      04/23/21    CNY     61.86
DONGTAI UBAN CONSTRUCTI      8.65      01/13/21    CNY     62.15
ELION CLEAN ENERGY CO L      6.42      07/19/20    CNY     64.00
ENSHI URBAN CONSTRUCTIO      7.55      10/22/19    CNY     20.32
ENSHI URBAN CONSTRUCTIO      7.50      06/03/21    CNY     60.58
ENSHI URBAN CONSTRUCTIO      7.50      06/03/21    CNY     61.44
EZHOU CITY CONSTRUCTION      7.08      06/19/19    CNY     20.16
EZHOU CITY CONSTRUCTION      7.76      05/15/21    CNY     61.18
EZHOU CITY CONSTRUCTION      7.76      05/15/21    CNY     61.19
EZHOU CITY CONSTRUCTION      6.68      09/19/21    CNY     61.52
EZHOU CITY CONSTRUCTION      6.68      09/19/21    CNY     61.97
FANGCHENGGANG CITY GANG      8.09      04/16/21    CNY     61.37
FANGCHENGGANG CITY GANG      8.09      04/16/21    CNY     64.50
FAR EAST SMARTER ENERGY      5.33      05/24/21    CNY     70.20
FUGU COUNTY STATE-OWNED      8.69      12/16/20    CNY     41.25
FUGU COUNTY STATE-OWNED      8.69      12/16/20    CNY     61.90
FUJIAN JINJIANG INDUSTR      7.08      06/27/21    CNY     60.10
FUJIAN JINJIANG INDUSTR      7.08      06/27/21    CNY     62.25
FUJIAN JINJIANG URBAN C      6.35      04/26/20    CNY     40.71
FUJIAN LONGYAN CITY CON      7.45      08/14/19    CNY     20.16
FUJIAN NANPING HIGHWAY       6.69      01/28/20    CNY     40.40
FUJIAN NANPING HIGHWAY       6.69      01/28/20    CNY     40.51
FUNING URBAN INVESTMENT      7.19      08/15/21    CNY     60.81
FUQING CITY STATE-OWNED      6.66      03/01/21    CNY     55.09
FUQING CITY STATE-OWNED      5.94      11/26/22    CNY     69.18
FUZHOU INVESTMENT DEVEL      6.78      01/16/20    CNY     40.30
FUZHOU INVESTMENT DEVEL      6.78      01/16/20    CNY     40.40
FUZHOU JIANGONG GROUP C      6.80      12/10/19    CNY     40.70
FUZHOU JIANGONG GROUP C      6.80      12/10/19    CNY     40.84
GANSU PROVINCIAL STATE-      5.40      03/06/20    CNY     70.44
GANSU PROVINCIAL STATE-      5.40      03/06/20    CNY     70.66
GANZHOU DEVELOPMENT ZON      8.15      12/31/19    CNY     25.78
GANZHOU DEVELOPMENT ZON      8.15      12/31/19    CNY     25.80
GANZHOU DEVELOPMENT ZON      7.40      02/19/20    CNY     50.78
GANZHOU DEVELOPMENT ZON      7.40      02/19/20    CNY     50.90
GANZHOU DEVELOPMENT ZON      7.43      02/19/21    CNY     61.66
GANZHOU DEVELOPMENT ZON      7.43      02/19/21    CNY     61.72
GAOMI STATE-OWNED ASSET      6.70      11/15/19    CNY     20.27
GAOMI STATE-OWNED ASSET      6.70      11/15/19    CNY     20.37
GOLMUD INVESTMENT HOLDI      8.70      12/30/20    CNY     40.62
GOLMUD INVESTMENT HOLDI      8.70      12/30/20    CNY     40.81
GOOCOO INVESTMENT CO LT      7.20      02/01/21    CNY     50.00
GREENLAND HOLDING GROUP      6.24      05/23/20    CNY     49.89
GREENLAND HOLDING GROUP      6.24      05/23/20    CNY     50.50
GUANG ZHOU PANYU COMMUN      6.30      04/12/19    CNY     25.11
GUANG ZHOU PANYU COMMUN      6.30      04/12/19    CNY     25.12
GUANGAN DEVELOPMENT AND      8.18      04/25/19    CNY     20.14
GUANGAN DEVELOPMENT AND      8.18      04/25/19    CNY     20.20
GUANGAN ECONOMIC & TECH      7.10      09/22/21    CNY     60.43
GUANGAN ECONOMIC & TECH      7.10      09/22/21    CNY     61.48
GUANGXI BAISE DEVELOPME      6.50      07/04/19    CNY     20.04
GUANGXI BAISE DEVELOPME      6.50      07/04/19    CNY     20.18
GUANGXI BAISE DEVELOPME      7.27      06/20/21    CNY     61.91
GUANGXI LAIBIN INDUSTRI      5.97      11/26/21    CNY     60.23
GUANGXI LAIBIN INDUSTRI      5.97      11/26/21    CNY     60.57
GUANGXI LAIBIN URBAN CO      8.36      03/14/19    CNY     40.24
GUANGXI QINZHOU LINHAI       7.68      02/20/21    CNY     60.66
GUANGXI QINZHOU LINHAI       7.68      02/20/21    CNY     60.67
GUANGXI URBAN CONSTRUCT      7.59      04/14/21    CNY     62.41
GUANGXI URBAN CONSTRUCT      7.59      04/14/21    CNY     63.00
GUANGYUAN INVESTMENT HO      7.30      04/22/21    CNY     61.49
GUANGYUAN INVESTMENT HO      7.30      04/22/21    CNY     61.94
GUANGYUAN YUANQU CONSTR      8.35      08/26/21    CNY     62.02
GUANGYUAN YUANQU CONSTR      8.35      08/26/21    CNY     63.06
GUILIN CITY INVESTMENT       6.90      06/13/21    CNY     60.61
GUILIN CITY INVESTMENT       6.90      06/13/21    CNY     60.62
GUIYANG HI-TECH HOLDING      6.01      12/01/19    CNY     24.90
GUIYANG URBAN CONSTRUCT      5.23      12/02/22    CNY     88.00
GUIYANG URBAN DEVELOPME      6.20      02/28/20    CNY     37.56
HAICHENG URBAN JINCAI L      8.56      12/19/20    CNY     40.76
HAICHENG URBAN JINCAI L      8.17      04/16/21    CNY     61.43
HAICHENG URBAN JINCAI L      8.56      12/19/20    CNY     69.00
HAINAN HARBOR & SHIPPIN      6.80      10/18/19    CNY     40.66
HAINAN HARBOR & SHIPPIN      6.80      10/18/19    CNY     70.57
HAINAN JINHAI PULP & PA      6.10      04/15/20    CNY     70.51
HAINAN JINHAI PULP & PA      6.10      04/15/20    CNY     70.54
HAINING CITY DEVELOPMEN      5.58      10/22/21    CNY     60.74
HAINING CITY DEVELOPMEN      5.58      10/22/21    CNY     61.47
HAINING CITY JIANSHAN D      6.90      11/04/20    CNY     41.00
HAINING CITY JIANSHAN D      6.90      11/04/20    CNY     41.24
HAINING STATE-OWNED ASS      6.08      03/06/20    CNY     40.45
HAIXI STATE DEVELOPMENT      8.60      01/02/21    CNY     41.39
HAIXI STATE DEVELOPMENT      8.60      01/02/21    CNY     41.43
HAIYAN COUNTY STATE-OWN      7.00      09/04/20    CNY     41.10
HANGZHOU CANAL COMPREHE      6.00      04/02/20    CNY     40.35
HANGZHOU CANAL COMPREHE      6.00      04/02/20    CNY     40.53
HANGZHOU FUYANG CITY CO      7.20      03/19/21    CNY     61.79
HANGZHOU FUYANG CITY CO      7.20      03/19/21    CNY     61.81
HANGZHOU GONGSHU DISTRI      6.90      07/21/21    CNY     61.68
HANGZHOU GONGSHU DISTRI      6.90      07/21/21    CNY     62.00
HANGZHOU HIGH-TECH INDU      6.45      01/28/20    CNY     39.50
HANGZHOU HIGH-TECH INDU      6.45      01/28/20    CNY     40.34
HANGZHOU XIAOSHAN ECO&T      6.90      05/13/21    CNY     61.72
HANGZHOU XIAOSHAN ECO&T      6.90      05/13/21    CNY     61.89
HANGZHOU YUHANG CITY CO      7.55      03/29/19    CNY     20.15
HANGZHOU YUHANG CITY CO      7.00      03/03/21    CNY     61.90
HANGZHOU YUHANG CITY CO      7.00      03/03/21    CNY     61.95
HANGZHOU YUHANG ECONOMI      7.45      03/03/21    CNY     61.60
HANGZHOU YUHANG ECONOMI      7.45      03/03/21    CNY     62.01
HANGZHOU YUHANG INNOVAT      6.50      03/18/20    CNY     40.00
HANGZHOU YUHANG INNOVAT      6.50      03/18/20    CNY     40.62
HANGZHOU YUHANG TRANSPO      7.19      04/18/21    CNY     61.54
HANGZHOU YUHANG TRANSPO      7.19      04/18/21    CNY     62.23
HANJIANG STATE-OWNED-AS      8.12      01/12/19    CNY     20.00
HANJIANG STATE-OWNED-AS      8.12      01/12/19    CNY     20.01
HANJIANG STATE-OWNED-AS      7.30      11/11/20    CNY     41.40
HANJIANG STATE-OWNED-AS      7.30      11/11/20    CNY     41.55
HEBI ECONOMIC CONSTRUCT      7.88      08/01/21    CNY     61.51
HEBI ECONOMIC CONSTRUCT      7.88      08/01/21    CNY     61.97
HEFEI BINHU NEW ZONE CO      6.35      06/13/19    CNY     40.24
HEFEI BINHU NEW ZONE CO      6.35      06/13/19    CNY     40.40
HEFEI GAOXIN DEVELOPMEN      7.98      03/22/19    CNY     40.13
HEFEI GAOXIN DEVELOPMEN      7.98      03/22/19    CNY     40.14
HEFEI GAOXIN DEVELOPMEN      6.90      03/12/20    CNY     71.05
HEFEI HAIHENG INVESTMEN      7.30      06/12/19    CNY     20.15
HEFEI INDUSTRIAL INVEST      6.30      03/20/20    CNY     40.41
HEFEI INDUSTRIAL INVEST      6.30      03/20/20    CNY     40.54
HEFEI XINCHENG STATE-OW      7.88      04/23/19    CNY     20.13
HEGANG KAIYUAN CITY INV      6.50      07/19/19    CNY     20.16
HEIHE CITY CONSTRUCTION      8.48      03/23/19    CNY     40.28
HEILONGJIANG HECHENG CO      5.60      11/11/21    CNY     58.84
HEILONGJIANG HECHENG CO      5.60      11/11/21    CNY     58.87
HEILONGJIANG HECHENG CO      7.05      06/21/22    CNY     59.89
HEILONGJIANG HECHENG CO      7.05      06/21/22    CNY     60.43
HEILONGJIANG POST-DISAS      7.06      11/20/20    CNY     49.84
HEILONGJIANG POST-DISAS      7.10      11/19/20    CNY     51.01
HEILONGJIANG POST-DISAS      7.10      11/19/20    CNY     51.20
HEILONGJIANG POST-DISAS      7.06      11/20/20    CNY     74.60
HENAN JIYUAN CITY CONST      7.50      09/25/19    CNY     20.31
HENGYANG BAISHAZHOU DEV      6.87      08/22/21    CNY     58.77
HENGYANG BAISHAZHOU DEV      6.87      08/22/21    CNY     60.06
HENGYANG CITY CONSTRUCT      7.06      08/13/19    CNY     20.22
HENGYANG CITY CONSTRUCT      7.06      08/13/19    CNY     20.25
HENGYANG HONGXIANG STAT      6.20      06/19/20    CNY     40.41
HENGYANG HONGXIANG STAT      6.20      06/19/20    CNY     40.58
HENGYANG XIANGJIANG WAT      7.40      04/23/21    CNY     61.91
HENGYANG XIANGJIANG WAT      7.40      04/23/21    CNY     61.96
HEYUAN CITY RUNYE INVES      6.20      12/03/21    CNY     60.07
HEYUAN CITY RUNYE INVES      6.20      12/03/21    CNY     61.14
HEZE INVESTMENT DEVELOP      7.14      03/24/21    CNY     62.07
HEZHOU URBAN CONSTRUCTI      8.16      05/16/21    CNY     61.50
HONGHEZHOU ROAD DEVELOP      6.27      05/06/20    CNY     40.56
HUACHEN ENERGY CO LTD        6.63      05/18/20    USD     53.32
HUAIAN CITY URBAN ASSET      6.87      12/26/19    CNY     20.54
HUAIAN CITY URBAN ASSET      6.87      12/26/19    CNY     39.30
HUAIAN CITY WATER HOLDI      8.25      03/08/19    CNY     20.14
HUAIAN CITY WATER HOLDI      8.25      03/08/19    CNY     20.20
HUAI'AN DEVELOPMENT HOL      7.20      09/06/19    CNY     20.05
HUAI'AN DEVELOPMENT HOL      7.30      03/10/21    CNY     61.67
HUAI'AN DEVELOPMENT HOL      7.30      03/10/21    CNY     61.85
HUAI'AN NEW CITY INVEST      6.95      07/28/21    CNY     61.08
HUAI'AN NEW CITY INVEST      7.45      03/04/21    CNY     61.27
HUAI'AN NEW CITY INVEST      7.45      03/04/21    CNY     61.38
HUAI'AN NEW CITY INVEST      6.95      07/28/21    CNY     61.49
HUAIAN QINGHE NEW AREA       6.68      01/24/20    CNY     40.15
HUAIAN QINGHE NEW AREA       6.68      01/24/20    CNY     40.21
HUAIHUA CITY INDUSTRIAL      7.70      10/29/20    CNY     40.44
HUAINAN URBAN CONSTRUCT      6.79      07/09/21    CNY     60.54
HUAINAN URBAN CONSTRUCT      6.79      07/09/21    CNY     60.55
HUANGGANG CITY CONSTRUC      8.60      12/25/20    CNY     42.25
HUANGGANG CITY CONSTRUC      8.60      12/25/20    CNY     42.47
HUANGGANG CITY CONSTRUC      7.45      03/04/21    CNY     61.81
HUANGGANG CITY CONSTRUC      7.45      03/04/21    CNY     62.00
HUANGSHI CIHU HIGH-TECH      8.70      12/05/20    CNY     42.09
HUANGSHI CIHU HIGH-TECH      9.30      01/21/21    CNY     62.12
HUANGSHI URBAN CONSTRUC      6.96      10/25/19    CNY     20.28
HUBEI QUANZHOU YANGTZE       6.50      04/02/20    CNY     70.25
HUBEI QUANZHOU YANGTZE       6.50      04/02/20    CNY     70.92
HUIAN STATE ASSETS INVE      7.50      10/15/19    CNY     20.13
HUIAN STATE ASSETS INVE      7.50      10/15/19    CNY     20.16
HULUDAO INVESTMENT GROU      7.05      10/18/20    CNY     40.44
HULUDAO INVESTMENT GROU      7.05      10/18/20    CNY     40.89
HULUDAO INVESTMENT GROU      7.50      10/18/23    CNY     72.19
HUNAN CHANGDE DEYUAN IN      6.50      06/16/21    CNY     61.16
HUNAN CHANGDE DEYUAN IN      6.50      06/16/21    CNY     61.37
HUNAN TIER GROUP CO LTD      8.00      12/23/20    CNY     41.78
HUNAN TIER GROUP CO LTD      7.10      03/03/21    CNY     61.52
HUNAN TIER GROUP CO LTD      7.10      03/03/21    CNY     61.80
HUNAN TIER GROUP CO LTD      8.00      12/23/20    CNY     62.72
HUNAN XIANGJIANG NEW AR      7.36      03/17/21    CNY     62.39
HUNAN XIANGJIANG NEW AR      7.36      03/17/21    CNY     62.64
HUNNAN JINYANG INVESTME      5.70      11/27/21    CNY     60.63
HUNNAN JINYANG INVESTME      5.70      11/27/21    CNY     78.60
HUZHOU CITY INVESTMENT       6.70      12/14/19    CNY     20.35
HUZHOU NANXUN STATE-OWN      8.15      03/31/19    CNY     20.12
HUZHOU URBAN CONSTRUCTI      6.48      08/28/21    CNY     60.31
HUZHOU URBAN CONSTRUCTI      6.48      08/28/21    CNY     61.92
HUZHOU WUXING NANTAIHU       8.79      01/16/21    CNY     61.72
HUZHOU XISAISHAN DEVELO      7.80      04/29/21    CNY     61.22
HUZHOU XISAISHAN DEVELO      7.80      04/29/21    CNY     62.02
INNER MONGOLIA KE'ERQIN      7.75      09/24/19    CNY     20.21
INNER MONGOLIA SHENGXIA      8.18      08/21/21    CNY     58.91
INNER MONGOLIA SHENGXIA      8.18      08/21/21    CNY     60.31
INNER MONGOLIA ZHUNGEER      6.54      12/31/21    CNY     62.12
INNER MONGOLIA ZHUNGEER      6.54      12/31/21    CNY     62.49
JIAN CITY CONSTRUCTION       7.80      04/20/19    CNY     20.09
JIAN CITY CONSTRUCTION       7.80      04/20/19    CNY     20.14
JIAN CITY JINGANGSHAN D      7.99      06/03/21    CNY     61.00
JIAN CITY JINGANGSHAN D      7.99      06/03/21    CNY     61.27
JIANAN INVESTMENT HOLDI      7.68      09/04/19    CNY     20.32
JIANAN INVESTMENT HOLDI      7.68      09/04/19    CNY     40.00
JIANAN INVESTMENT HOLDI      6.85      05/23/21    CNY     61.95
JIANAN INVESTMENT HOLDI      6.85      05/23/21    CNY     62.26
JIANGDONG HOLDING GROUP      6.90      03/27/19    CNY     20.12
JIANGDONG HOLDING GROUP      7.14      04/24/21    CNY     61.54
JIANGDONG HOLDING GROUP      7.14      04/24/21    CNY     61.59
JIANGMEN BINJIANG CONST      6.60      02/28/20    CNY     37.93
JIANGMEN BINJIANG CONST      6.60      02/28/20    CNY     40.50
JIANGMEN NEW HI-TECH IN      7.39      11/04/20    CNY     41.40
JIANGSU FURUDONGHAI DEV      7.09      09/13/20    CNY     40.00
JIANGSU FURUDONGHAI DEV      7.09      09/13/20    CNY     40.88
JIANGSU HANRUI INVESTME      8.16      03/01/19    CNY     19.99
JIANGSU HUAJING ASSETS       6.00      05/16/20    CNY     40.30
JIANGSU HUAJING ASSETS       6.00      05/16/20    CNY     40.35
JIANGSU JINGUAN INVESTM      6.40      01/28/19    CNY     25.00
JIANGSU JINGUAN INVESTM      6.40      01/28/19    CNY     25.02
JIANGSU JINGUAN INVESTM      7.90      04/08/21    CNY     60.00
JIANGSU JINGUAN INVESTM      7.90      04/08/21    CNY     61.18
JIANGSU JINTAN GUOFA IN      6.85      05/30/21    CNY     61.87
JIANGSU JINTAN GUOFA IN      6.85      05/30/21    CNY     62.03
JIANGSU JURONG FUDI BIO      8.70      04/26/19    CNY     40.29
JIANGSU LIANYUN DEVELOP      6.10      06/19/19    CNY     20.02
JIANGSU LIANYUN DEVELOP      6.10      06/19/19    CNY     20.05
JIANGSU NANTONG NO2 CON      8.10      07/10/21    CNY     59.64
JIANGSU NEWHEADLINE DEV      7.00      08/27/20    CNY     40.48
JIANGSU NEWHEADLINE DEV      7.00      08/27/20    CNY     40.51
JIANGSU SUHAI INVESTMEN      7.20      11/07/19    CNY     20.20
JIANGSU SUHAI INVESTMEN      7.20      11/07/19    CNY     20.34
JIANGSU SUHAI INVESTMEN      7.28      05/29/21    CNY     60.88
JIANGSU SUHAI INVESTMEN      7.28      05/29/21    CNY     61.64
JIANGSU TAICANG PORT DE      7.66      05/16/19    CNY     20.25
JIANGSU TAICANG PORT DE      7.40      04/28/21    CNY     60.73
JIANGSU TAICANG PORT DE      7.40      04/28/21    CNY     61.92
JIANGSU WANGTAO INVESTM      6.82      09/15/20    CNY     51.10
JIANGSU WANGTAO INVESTM      6.82      09/15/20    CNY     51.17
JIANGSU WUZHONG ECONOMI      5.49      11/19/21    CNY     61.06
JIANGSU WUZHONG ECONOMI      5.49      11/19/21    CNY     61.12
JIANGSU XISHAN ECONOMIC      6.99      11/01/19    CNY     20.14
JIANGSU XISHAN ECONOMIC      6.99      11/01/19    CNY     20.14
JIANGSU YIXING ECONOMIC      7.69      04/18/21    CNY     60.74
JIANGSU YIXING ECONOMIC      7.69      04/18/21    CNY     61.04
JIANGSU ZHANGJIAGANG EC      6.98      11/16/19    CNY     20.50
JIANGSU ZHUFU INDUSTRIA      4.93      12/29/20    CNY     69.27
JIANGXI HEJI INVESTMENT      8.00      09/04/19    CNY     20.16
JIANGXI HEJI INVESTMENT      8.00      09/04/19    CNY     20.34
JIANGXI PINGXIANG CHANG      8.18      05/22/21    CNY     61.59
JIANGXI PINGXIANG CHANG      8.18      05/22/21    CNY     62.63
JIANGXI PROVINCE SITONG      8.20      04/18/21    CNY     60.43
JIANGXI PROVINCE SITONG      8.20      04/18/21    CNY     61.17
JIANGYIN CITY CONSTRUCT      7.20      06/11/19    CNY     20.19
JIANGYIN GAOXIN DISTRIC      6.60      02/27/20    CNY     40.27
JIANGYIN LINGANG NEW CI      7.10      11/07/20    CNY     40.80
JIANGYIN LINGANG NEW CI      7.10      11/07/20    CNY     40.88
JIANHU COUNTY DEVELOPME      7.29      09/25/21    CNY     61.17
JIANHU COUNTY DEVELOPME      7.29      09/25/21    CNY     61.42
JIANHU URBAN CONSTRUCTI      6.50      02/22/20    CNY     40.44
JIASHAN ECONOMIC DEVELO      7.05      12/03/19    CNY     20.39
JIASHAN ECONOMIC DEVELO      7.05      12/03/19    CNY     20.40
JIASHAN STATE-OWNED ASS      6.80      06/06/19    CNY     20.16
JIAXING CITY CULTURE MI      8.16      03/08/19    CNY     20.11
JIAXING ECONOMIC&TECHNO      6.78      06/14/19    CNY     20.15
JIAXING ECONOMIC&TECHNO      6.78      06/14/19    CNY     20.18
JIAXING ECONOMIC&TECHNO      7.89      03/05/21    CNY     60.87
JIAXING ECONOMIC&TECHNO      7.89      03/05/21    CNY     62.15
JIAXING NANHU INVESTMEN      7.45      02/26/21    CNY     61.91
JIAYUGUAN CITY INFRASTR      7.83      09/23/21    CNY     61.89
JIAYUGUAN CITY INFRASTR      7.83      09/23/21    CNY     61.92
JIEYANGSHI CHENGSHI TOU      6.55      08/27/21    CNY     62.04
JILIN CITY CONSTRUCTION      6.34      02/26/20    CNY     40.01
JILIN CITY CONSTRUCTION      6.34      02/26/20    CNY     40.23
JILIN LIYUAN PRECISION       7.00      09/22/19    CNY     16.00
JILIN RAILWAY INVESTMEN      7.18      03/04/21    CNY     61.22
JINAN CITY CONSTRUCTION      6.80      03/20/21    CNY     61.90
JINAN CITY CONSTRUCTION      6.80      03/20/21    CNY     62.06
JINAN HI-TECH HOLDING G      6.38      06/19/21    CNY     62.08
JINAN XIAOQINGHE DEVELO      7.15      09/05/19    CNY     20.27
JINCHANG CONSTRUCTION I      6.79      12/21/22    CNY     53.67
JINCHENG CITY STATE OWN      4.99      11/11/21    CNY     58.10
JINCHENG CITY STATE OWN      4.99      11/11/21    CNY     60.50
JINGDEZHEN STATE-OWNED       6.59      06/25/20    CNY     40.39
JINGDEZHEN STATE-OWNED       6.59      06/25/20    CNY     40.53
JINGHONG STATE-OWNED AS      8.08      05/23/21    CNY     55.80
JINGHONG STATE-OWNED AS      8.08      05/23/21    CNY     60.57
JINGJIANG HARBOUR GROUP      7.30      08/05/21    CNY     61.28
JINGJIANG HARBOUR GROUP      7.30      08/05/21    CNY     61.77
JINGMEN CITY CONSTRUCTI      7.00      10/17/20    CNY     41.29
JINGMEN CITY CONSTRUCTI      6.85      07/09/22    CNY     60.95
JINGMEN CITY CONSTRUCTI      6.85      07/09/22    CNY     62.73
JINGZHOU ECONOMIC TECHN      8.20      12/09/20    CNY     41.08
JINGZHOU ECONOMIC TECHN      8.20      12/09/20    CNY     41.17
JINGZHOU URBAN CONSTRUC      7.98      04/24/19    CNY     20.24
JINHU COUNTY STATE-OWNE      7.75      08/25/21    CNY     61.51
JINHU COUNTY STATE-OWNE      7.75      08/25/21    CNY     62.77
JINSHAN STATE-OWNED ASS      6.65      11/27/19    CNY     20.47
JINZHONG CITY PUBLIC IN      6.50      03/18/20    CNY     40.10
JINZHONG CITY PUBLIC IN      6.50      03/18/20    CNY     40.52
JINZHOU CITY INVESTMENT      7.08      06/13/19    CNY     20.07
JINZHOU CITY INVESTMENT      7.08      06/13/19    CNY     20.09
JINZHOU CITY INVESTMENT      8.50      12/27/20    CNY     41.48
JINZHOU CITY INVESTMENT      6.44      08/18/21    CNY     60.28
JINZHOU CITY INVESTMENT      6.44      08/18/21    CNY     61.35
JINZHOU CITY INVESTMENT      8.50      12/27/20    CNY     61.95
JINZHOU HUAXING INVESTM      8.38      02/25/21    CNY     61.57
JINZHOU HUAXING INVESTM      9.10      01/21/21    CNY     61.75
JIUJIANG CITY CONSTRUCT      8.49      02/23/19    CNY     20.09
JIUJIANG STATE-OWNED AS      6.68      03/07/20    CNY     40.65
JIUQUAN ECONOMIC DEVELO      7.40      02/26/21    CNY     60.96
KAIFENG DEVELOPMENT INV      6.47      07/11/19    CNY     20.03
KANGMEI PHARMACEUTICAL       5.47      09/15/22    CNY     49.55
KANGMEI PHARMACEUTICAL       5.29      08/16/22    CNY     59.62
KANGMEI PHARMACEUTICAL       5.20      07/17/22    CNY     64.82
KANGMEI PHARMACEUTICAL       6.10      03/28/21    CNY     74.81
KASHGAR SHENKA INVESTME      7.08      07/07/20    CNY     50.10
KASHGAR SHENKA INVESTME      7.08      07/07/20    CNY     50.77
KASHI URBAN CONSTRUCTIO      7.18      11/27/19    CNY     20.28
KASHI URBAN CONSTRUCTIO      7.18      11/27/19    CNY     40.15
KUERLE CITY CONSTRUCTIO      6.99      05/20/20    CNY     50.88
KUNMING DIANCHI INVESTM      6.50      02/01/20    CNY     40.21
KUNMING DIANCHI INVESTM      6.50      02/01/20    CNY     40.35
KUNMING DONGJUN REAL ES      4.50      11/02/21    CNY     73.36
KUNMING EXPRESSWAY CONS      7.50      01/21/20    CNY     70.42
KUNMING INDUSTRIAL DEVE      6.46      10/23/19    CNY     20.18
KUNMING INDUSTRIAL DEVE      6.46      10/23/19    CNY     20.19
KUNSHAN CHUANGYE HOLDIN      6.28      11/07/19    CNY     20.10
KUNSHAN CHUANGYE HOLDIN      6.28      11/07/19    CNY     20.38
KUNSHAN COMMUNICATION D      6.95      05/22/21    CNY     61.99
KUNSHAN COMMUNICATION D      6.95      05/22/21    CNY     62.97
KUNSHAN HIGH TECHNOLOGY      7.10      03/26/21    CNY     60.99
KUNSHAN HIGH TECHNOLOGY      7.10      03/26/21    CNY     62.20
LAIWU CITY ECONOMIC DEV      7.08      02/28/21    CNY     61.63
LAIWU CITY ECONOMIC DEV      7.08      02/28/21    CNY     61.79
LANZHOU NATIONAL CAPITA      6.32      09/10/21    CNY     59.41
LANZHOU NATIONAL CAPITA      6.32      09/10/21    CNY     59.42
LEIYANG CITY AND RURAL       7.80      04/10/22    CNY     74.32
LEQING CITY STATE OWNED      6.50      06/29/19    CNY     20.10
LEQING CITY STATE OWNED      6.50      06/29/19    CNY     20.21
LEQING CITY STATE OWNED      5.99      10/20/21    CNY     60.00
LEQING CITY STATE OWNED      5.99      10/20/21    CNY     61.38
LESHAN STATE-OWNED ASSE      5.68      10/22/21    CNY     60.64
LESHAN STATE-OWNED ASSE      5.68      10/22/21    CNY     61.20
LIANYUNGANG TRANSPORT G      5.47      11/17/21    CNY     59.57
LIANYUNGANG TRANSPORT G      5.47      11/17/21    CNY     60.08
LIAONING COASTAL ECONOM      8.90      04/01/21    CNY     11.65
LIAONING COASTAL ECONOM      8.90      04/01/21    CNY     11.73
LIAOYUAN STATE-OWNED AS      8.17      03/13/19    CNY     20.00
LIAOYUAN STATE-OWNED AS      8.17      03/13/19    CNY     20.03
LILING LUJIANG INVESTME      7.18      09/05/21    CNY     60.85
LILING LUJIANG INVESTME      7.18      09/05/21    CNY     61.08
LILING LUJIANG INVESTME      8.10      05/22/21    CNY     61.33
LINCANG STATE-OWNED ASS      6.58      04/11/20    CNY     40.27
LINFEN CITY INVESTMENT       6.20      05/23/20    CNY     40.35
LINFEN CITY INVESTMENT       6.20      05/23/20    CNY     40.52
LINFEN CITY INVESTMENT       7.23      02/22/19    CNY     50.12
LINFEN CITY INVESTMENT       7.23      02/22/19    CNY     50.13
LINFEN YAODU DISTRICT I      6.99      09/27/20    CNY     40.00
LINFEN YAODU DISTRICT I      6.99      09/27/20    CNY     40.20
LINHAI CITY INFRASTRUCT      6.30      03/21/20    CNY     40.12
LINHAI CITY INFRASTRUCT      6.30      03/21/20    CNY     40.26
LINYI ECONOMIC DEVELOPM      8.26      09/24/19    CNY     20.34
LINZHOU ECONOMIC & TECH      8.30      04/25/20    CNY     51.01
LINZHOU ECONOMIC & TECH      8.30      04/25/20    CNY     51.03
LISHUI CITY CONSTRUCTIO      6.00      05/23/20    CNY     40.24
LISHUI CITY CONSTRUCTIO      6.00      05/23/20    CNY     40.30
LIUYANG URBAN CONSTRUCT      6.98      08/22/21    CNY     61.63
LIUYANG URBAN CONSTRUCT      6.98      08/22/21    CNY     62.16
LIUZHOU CITY INVESTMENT      7.18      12/31/22    CNY     61.90
LIUZHOU CITY INVESTMENT      7.18      12/31/22    CNY     62.57
LIUZHOU DONGCHENG INVES      8.30      02/15/19    CNY     20.06
LIUZHOU DONGCHENG INVES      8.30      02/15/19    CNY     20.20
LIUZHOU DONGCHENG INVES      7.40      10/29/20    CNY     41.29
LIUZHOU DONGCHENG INVES      7.40      10/29/20    CNY     41.37
LIUZHOU INVESTMENT HOLD      6.98      08/15/19    CNY     20.30
LIYANG CITY CONSTRUCTIO      6.20      03/08/20    CNY     40.29
LIYANG KUNLUN URBAN CON      5.90      10/24/21    CNY     61.08
LIYANG KUNLUN URBAN CON      5.90      10/24/21    CNY     61.18
LONGHAI STATE-OWNED ASS      6.58      08/15/21    CNY     61.19
LOUDI CITY CONSTRUCTION      7.95      04/15/21    CNY     62.19
LOUDI CITY CONSTRUCTION      7.95      04/15/21    CNY     62.30
LOUDI TIDU INVESTMENT D      7.18      08/27/21    CNY     61.41
LUOHE CITY CONSTRUCTION      6.99      10/30/19    CNY     20.36
LUOHE CITY CONSTRUCTION      6.99      10/30/19    CNY     40.38
LUOHE CITY CONSTRUCTION      5.25      09/11/20    CNY     70.41
MA'ANSHAN CIHU HIGH TEC      6.85      09/09/21    CNY     60.78
MA'ANSHAN CIHU HIGH TEC      6.85      09/09/21    CNY     61.96
MAANSHAN ECONOMIC TECHN      7.10      12/20/19    CNY     20.30
MEISHAN CITY ASSET OPER      7.84      02/26/21    CNY     61.90
MEISHAN HONGDA CONSTRUC      6.56      06/19/20    CNY     40.54
MEIZHOU KANGDA HIGHWAY       6.95      09/10/20    CNY     40.70
MEIZHOU KANGDA HIGHWAY       6.95      09/10/20    CNY     41.13
MIANYANG INVESTMENT HOL      7.70      03/26/19    CNY     40.21
MIANYANG INVESTMENT HOL      7.70      03/26/19    CNY     40.22
MIANYANG SCIENCE TECHNO      7.16      05/15/19    CNY     20.07
MUDANJIANG STATE-OWNED       7.70      04/14/21    CNY     61.11
MUDANJIANG STATE-OWNED       7.70      04/14/21    CNY     61.12
NANCHANG CITY CONSTRUCT      6.19      02/20/20    CNY     40.40
NANCHANG CITY CONSTRUCT      6.19      02/20/20    CNY     40.48
NANCHANG COUNTY URBAN C      6.50      07/17/19    CNY     25.15
NANCHANG COUNTY URBAN C      6.50      07/17/19    CNY     25.20
NANCHANG ECONOMY TECHNO      6.88      01/09/20    CNY     40.35
NANCHANG MUNICIPAL PUBL      5.88      02/25/20    CNY     40.43
NANCHANG MUNICIPAL PUBL      5.88      02/25/20    CNY     40.49
NANCHANG WATER CONSERVA      6.28      06/21/20    CNY     40.70
NANCHANG WATER CONSERVA      6.28      06/21/20    CNY     40.81
NANCHONG ECONOMIC DEVEL      8.16      04/26/19    CNY     20.11
NANCHONG ECONOMIC DEVEL      8.28      04/21/21    CNY     61.53
NANCHONG ECONOMIC DEVEL      8.28      04/21/21    CNY     61.55
NANJING JIANGBEI NEW AR      6.94      09/07/19    CNY     20.26
NANJING JIANGBEI NEW AR      6.94      09/07/19    CNY     20.30
NANJING JIANGNING SCIEN      7.29      04/28/19    CNY     20.11
NANJING LISHUI ECONOMIC      6.27      09/22/21    CNY     61.94
NANJING LISHUI ECONOMIC      6.27      09/22/21    CNY     61.99
NANJING LISHUI URBAN CO      5.80      05/29/20    CNY     40.37
NANJING PUKOU ECONOMIC       7.10      10/08/19    CNY     20.30
NANJING PUKOU ECONOMIC       7.10      10/08/19    CNY     20.36
NANJING STATE OWNED ASS      5.40      03/06/20    CNY     40.20
NANJING STATE OWNED ASS      5.40      03/06/20    CNY     40.38
NANJING STATE OWNED ASS      5.60      03/06/23    CNY     72.12
NANJING STATE OWNED ASS      5.60      03/06/23    CNY     72.32
NANJING TANGSHAN CONSTR      6.80      06/30/21    CNY     61.25
NANJING TANGSHAN CONSTR      6.80      06/30/21    CNY     61.93
NANJING XINGANG DEVELOP      6.80      01/08/20    CNY     40.50
NANJING XINGANG DEVELOP      6.80      01/08/20    CNY     40.53
NANNING LVGANG CONSTRUC      7.30      06/27/21    CNY     60.86
NANNING LVGANG CONSTRUC      7.30      06/27/21    CNY     61.93
NANPING CITY WUYI NEW D      6.70      08/06/20    CNY     40.90
NANTONG CHONGCHUAN URBA      7.15      04/18/21    CNY     61.29
NANTONG CHONGCHUAN URBA      7.15      04/18/21    CNY     61.76
NANTONG CITY GANGZHA DI      7.15      01/09/20    CNY     39.80
NANTONG CITY GANGZHA DI      7.15      01/09/20    CNY     40.59
NANTONG CITY TONGZHOU D      6.80      05/28/19    CNY     20.09
NANTONG CITY TONGZHOU D      6.80      05/28/19    CNY     20.09
NANTONG ECONOMIC & TECH      5.80      05/17/20    CNY     40.25
NANTONG ECONOMIC & TECH      5.80      05/17/20    CNY     40.46
NANYANG INVESTMENT GROU      7.05      10/24/20    CNY     40.90
NANYANG INVESTMENT GROU      7.05      10/24/20    CNY     41.49
NEIJIANG INVESTMENT HOL      7.99      04/24/21    CNY     61.89
NEIJIANG INVESTMENT HOL      7.99      04/24/21    CNY     61.97
NINGBO CITY HAISHU GUAN      7.75      03/06/21    CNY     62.34
NINGBO CITY HAISHU GUAN      7.75      03/06/21    CNY     62.35
NINGBO CITY ZHENHAI INV      5.85      12/04/21    CNY     61.37
NINGBO CITY ZHENHAI INV      5.85      12/04/21    CNY     61.64
NINGBO EASTERN NEW TOWN      6.45      01/21/20    CNY     40.44
NINGBO ECONOMIC & TECHN      7.09      04/21/21    CNY     61.32
NINGBO ECONOMIC & TECHN      7.09      04/21/21    CNY     61.33
NINGBO SHUNNONG GROUP C      7.20      10/16/19    CNY     20.27
NINGBO YINCHENG GROUP C      6.50      03/18/20    CNY     40.50
NINGBO YINCHENG GROUP C      6.50      03/18/20    CNY     40.59
NINGGUO CITY STATE OWNE      8.70      04/28/21    CNY     61.84
NINGGUO CITY STATE OWNE      8.70      04/28/21    CNY     62.69
NINGHAI COUNTY URBAN IN      8.00      01/02/21    CNY     40.81
NINGHAI COUNTY URBAN IN      8.00      01/02/21    CNY     41.77
NINGHAI COUNTY URBAN IN      7.99      04/16/21    CNY     61.10
NINGHAI COUNTY URBAN IN      7.99      04/16/21    CNY     62.12
NINGXIANG ECONOMIC TECH      8.20      04/16/21    CNY     62.29
NINGXIANG ECONOMIC TECH      8.20      04/16/21    CNY     62.70
PANZHIHUA STATE OWNED A      7.60      03/05/21    CNY     60.68
PANZHIHUA STATE OWNED A      7.60      03/05/21    CNY     62.19
PEIXIAN STATE-OWNED ASS      7.20      12/06/19    CNY     20.28
PEIXIAN STATE-OWNED ASS      7.20      12/06/19    CNY     20.29
PINGDINGSHAN DEVELOPMEN      7.86      05/08/19    CNY     20.00
PINGDINGSHAN DEVELOPMEN      7.86      05/08/19    CNY     20.18
PINGHU CITY INVESTMENT       7.20      09/18/19    CNY     20.28
PINGHU ECONOMIC DEVELOP      7.99      04/17/21    CNY     61.02
PINGHU ECONOMIC DEVELOP      7.99      04/17/21    CNY     61.04
PINGLIANG CHENGXIANG CO      7.10      09/17/20    CNY     41.08
PINGTAN COMPOSITE EXPER      6.58      03/15/20    CNY     40.44
PINGTAN COMPOSITE EXPER      6.58      03/15/20    CNY     40.62
PINGXIANG URBAN CONSTRU      6.89      12/10/19    CNY     19.99
PINGXIANG URBAN CONSTRU      6.89      12/10/19    CNY     40.12
PIZHOU CITY HENGRUN INV      6.46      12/05/21    CNY     61.12
PIZHOU CITY HENGRUN INV      6.46      12/05/21    CNY     61.72
PIZHOU RUNCHENG ASSET O      7.55      09/25/19    CNY     20.35
PIZHOU RUNCHENG ASSET O      7.88      04/16/21    CNY     61.98
PIZHOU RUNCHENG ASSET O      7.88      04/16/21    CNY     62.09
PUER CITY STATE OWNED A      7.38      06/20/19    CNY     20.11
PUYANG INVESTMENT GROUP      8.00      12/11/20    CNY     41.01
PUYANG INVESTMENT GROUP      8.00      12/11/20    CNY     41.02
QIANAN URBAN CONSTRUCTI      7.19      08/11/21    CNY     62.10
QIANAN URBAN CONSTRUCTI      7.19      08/11/21    CNY     62.11
QIANAN URBAN CONSTRUCTI      8.88      01/23/21    CNY     62.44
QIANAN URBAN CONSTRUCTI      8.88      01/23/21    CNY     62.45
QIANDONG NANZHOU DEVELO      8.80      04/27/19    CNY     20.09
QIANDONGNAN TRANSPORTAT      5.79      12/21/22    CNY     74.31
QIANDONGNANZHOU KAIHONG      7.80      10/30/19    CNY     19.68
QIANJIANG URBAN CONSTRU      8.38      04/22/21    CNY     61.00
QIANJIANG URBAN CONSTRU      8.38      04/22/21    CNY     61.25
QIANXI NANZHOU HONGSHEN      6.99      11/22/19    CNY     20.14
QIDONG STATE-OWNED ASSE      7.30      11/20/22    CNY     62.24
QIDONG STATE-OWNED ASSE      7.30      11/20/22    CNY     62.60
QIDONG URBAN CONSTRUCTI      7.90      04/28/21    CNY     62.32
QIDONG URBAN CONSTRUCTI      8.20      04/04/21    CNY     62.39
QINGDAO CHINA PROSPERIT      7.30      04/18/19    CNY     20.11
QINGDAO CITY CONSTRUCTI      6.89      02/16/19    CNY     20.05
QINGDAO CITY CONSTRUCTI      6.89      02/16/19    CNY     20.07
QINGDAO CONSON DEVELOPM      6.40      12/12/22    CNY     62.72
QINGDAO HICREAT DEVELOP      6.88      04/25/21    CNY     61.77
QINGDAO HICREAT DEVELOP      6.88      04/25/21    CNY     61.95
QINGDAO JIAOZHOU CITY D      6.59      01/25/20    CNY     40.61
QINGDAO JIAOZHOU CITY D      6.20      08/21/21    CNY     61.07
QINGDAO JIAOZHOU CITY D      6.20      08/21/21    CNY     61.08
QINGDAO JIAOZHOUWAN DEV      6.33      09/18/21    CNY     61.69
QINGDAO JIAOZHOUWAN DEV      6.33      09/18/21    CNY     62.00
QINGDAO JIMO CITY TOURI      5.47      11/17/21    CNY     61.05
QINGDAO JIMO CITY TOURI      5.47      11/17/21    CNY     61.22
QINGDAO JIMO CITY URBAN      8.10      12/17/19    CNY     25.86
QINGDAO JIMO CITY URBAN      8.10      12/17/19    CNY     25.87
QINGDAO LAIXI CITY ASSE      7.50      03/06/21    CNY     61.13
QINGDAO LAIXI CITY ASSE      7.50      03/06/21    CNY     62.75
QINGYANG CITY ECONOMIC       7.98      04/16/21    CNY     61.03
QINGYUAN TRANSPORTATION      8.20      12/19/20    CNY     41.75
QINGZHOU HONGYUAN PUBLI      6.50      05/22/19    CNY      9.98
QINGZHOU HONGYUAN PUBLI      6.50      05/22/19    CNY     10.01
QINGZHOU HONGYUAN PUBLI      7.35      10/19/19    CNY     20.27
QINGZHOU HONGYUAN PUBLI      7.35      10/19/19    CNY     20.33
QINGZHOU HONGYUAN PUBLI      7.59      05/29/21    CNY     62.26
QINHUANGDAO DEVELOPMENT      8.00      12/17/20    CNY     41.01
QINHUANGDAO DEVELOPMENT      8.00      12/17/20    CNY     41.02
QINHUANGDAO DEVELOPMENT      8.45      04/18/21    CNY     61.65
QINHUANGDAO DEVELOPMENT      8.45      04/18/21    CNY     61.66
QINZHOU BINHAI NEW CITY      7.00      08/27/20    CNY     41.06
QINZHOU BINHAI NEW CITY      6.99      07/07/21    CNY     60.92
QINZHOU BINHAI NEW CITY      6.99      07/07/21    CNY     62.01
QINZHOU CITY DEVELOPMEN      7.10      10/16/19    CNY     40.50
QINZHOU CITY DEVELOPMEN      7.10      10/16/19    CNY     40.71
QUJING DEVELOPMENT INVE      7.25      09/06/19    CNY     20.24
QUJING DEVELOPMENT INVE      7.25      09/06/19    CNY     20.26
QUJING DEVELOPMENT INVE      7.48      04/28/21    CNY     61.70
QUJING DEVELOPMENT INVE      7.48      04/28/21    CNY     61.96
QUJING ECO TECH DEVELOP      7.48      07/21/21    CNY     60.48
QUZHOU STATE OWNED ASSE      7.20      04/21/21    CNY     62.24
QUZHOU STATE OWNED ASSE      7.20      04/21/21    CNY     62.27
RENHUAI CITY DEVELOPMEN      8.09      05/16/21    CNY     62.33
RENHUAI CITY DEVELOPMEN      8.09      05/16/21    CNY     62.34
RIGHT WAY REAL ESTATE D      7.30      07/15/21    CNY     69.00
RIZHAO CITY CONSTRUCTIO      5.80      06/06/20    CNY     40.40
RUCHENG COUNTY HYDROPOW      6.65      04/25/20    CNY     70.83
RUDONG COUNTY DONGTAI S      7.45      09/24/19    CNY     20.32
RUDONG COUNTY DONGTAI S      7.45      09/24/19    CNY     20.35
RUDONG COUNTY DONGTAI S      6.99      06/20/21    CNY     61.54
RUDONG COUNTY DONGTAI S      6.99      06/20/21    CNY     61.94
RUDONG COUNTY JINXIN TR      8.08      03/03/21    CNY     61.76
RUDONG COUNTY JINXIN TR      8.08      03/03/21    CNY     61.77
RUGAO CITY ECONOMIC TRA      8.30      01/22/21    CNY     62.09
RUGAO COMMUNICATIONS CO      8.51      01/26/19    CNY     25.04
RUGAO COMMUNICATIONS CO      6.70      02/01/20    CNY     40.19
RUGAO COMMUNICATIONS CO      6.70      02/01/20    CNY     40.45
RUGAO YANJIANG DEVELOPM      8.60      01/24/21    CNY     61.83
RUGAO YANJIANG DEVELOPM      8.60      01/24/21    CNY     62.31
RUIAN STATE OWNED ASSET      6.93      11/26/19    CNY     20.08
RUIAN STATE OWNED ASSET      6.93      11/26/19    CNY     20.08
RUZHOU CITY XINYUAN INV      6.30      09/16/21    CNY     74.77
SANMEN COUNTY STATE-OWN      6.85      10/29/21    CNY     60.30
SANMEN COUNTY STATE-OWN      6.85      10/29/21    CNY     60.51
SHAANXI ANKANG HIGH TEC      8.78      09/17/21    CNY     61.95
SHAANXI ANKANG HIGH TEC      8.78      09/17/21    CNY     63.06
SHAANXI XIXIAN NEW AREA      6.85      08/15/21    CNY     60.82
SHAANXI XIXIAN NEW AREA      6.89      01/05/22    CNY     61.21
SHANDONG BOXING COUNTY       8.00      12/22/21    CNY     62.23
SHANDONG BOXING COUNTY       8.00      12/22/21    CNY     62.88
SHANDONG CENTURY SUNSHI      8.19      07/21/21    CNY     61.65
SHANDONG CENTURY SUNSHI      8.19      07/21/21    CNY     62.66
SHANDONG HONGHE HOLDING      8.50      06/23/21    CNY     57.27
SHANDONG HONGHE HOLDING      8.50      06/23/21    CNY     62.39
SHANDONG PUBLIC HOLDING      7.18      01/22/20    CNY     40.39
SHANDONG RENCHENG RONGX      7.30      10/18/20    CNY     41.16
SHANDONG RENCHENG RONGX      7.30      10/18/20    CNY     41.25
SHANDONG SNTON GROUP CO      5.18      09/08/21    CNY     45.00
SHANDONG TAIFENG HOLDIN      5.80      03/12/20    CNY     39.00
SHANDONG TAIFENG HOLDIN      5.80      03/12/20    CNY     40.04
SHANDONG WEISHANHU MINI      6.15      03/13/20    CNY     68.95
SHANDONG YUHUANG CHEMIC      6.00      11/21/21    CNY     71.00
SHANGHAI BUND GROUP DEV      6.35      04/24/20    CNY     40.50
SHANGHAI BUND GROUP DEV      6.35      04/24/20    CNY     40.68
SHANGHAI CAOHEJING HI-T      7.24      04/09/21    CNY     62.23
SHANGHAI CAOHEJING HI-T      7.24      04/09/21    CNY     62.25
SHANGHAI CHENJIAZHEN CO      7.18      11/06/19    CNY     25.54
SHANGHAI CHONGMING CONS      6.40      06/13/20    CNY     50.90
SHANGHAI CHONGMING CONS      6.40      06/13/20    CNY     51.01
SHANGHAI FENGXIAN NANQI      6.25      03/05/20    CNY     40.50
SHANGHAI JIADING ROAD C      6.80      04/23/21    CNY     61.30
SHANGHAI JIADING ROAD C      6.80      04/23/21    CNY     61.82
SHANGHAI JINSHAN URBAN       6.60      12/21/19    CNY     20.36
SHANGHAI JINSHAN URBAN       6.60      12/21/19    CNY     20.39
SHANGHAI LUJIAZUI DEVEL      5.79      02/25/19    CNY     40.06
SHANGHAI LUJIAZUI DEVEL      5.79      02/25/19    CNY     40.08
SHANGHAI LUJIAZUI DEVEL      5.98      03/11/19    CNY     40.08
SHANGHAI LUJIAZUI DEVEL      5.98      03/11/19    CNY     40.20
SHANGHAI MINHANG URBAN       6.48      10/23/19    CNY     20.21
SHANGHAI MINHANG URBAN       6.48      10/23/19    CNY     20.38
SHANGHAI MUNICIPAL INVE      4.63      07/30/19    CNY     20.10
SHANGHAI NANFANG GROUP       6.70      09/09/19    CNY     25.23
SHANGHAI NANFANG GROUP       6.70      09/09/19    CNY     25.29
SHANGHAI NANHUI URBAN C      6.04      08/20/21    CNY     61.70
SHANGHAI URBAN CONSTRUC      5.25      11/30/19    CNY     20.23
SHANGHAI YONGYE ENTERPR      6.84      05/21/20    CNY     51.06
SHANGLUO CITY CONSTRUCT      6.75      09/09/19    CNY     25.00
SHANGLUO CITY CONSTRUCT      6.75      09/09/19    CNY     25.29
SHANGLUO CITY CONSTRUCT      7.05      09/09/20    CNY     40.39
SHANGLUO CITY CONSTRUCT      7.05      09/09/20    CNY     41.00
SHANGQIU DEVELOPMENT IN      6.60      01/15/20    CNY     40.35
SHANTOU CITY CONSTRUCTI      8.57      03/23/22    CNY     63.33
SHANTOU CITY CONSTRUCTI      8.57      03/23/22    CNY     63.48
SHANTOU GARDEN GROUP CO      5.30      09/29/21    CNY     69.31
SHAOGUAN JINYE DEVELOPM      7.30      10/18/19    CNY     20.39
SHAOXING CHENGZHONGCUN       6.50      01/24/20    CNY     40.08
SHAOXING CITY INVESTMEN      6.40      11/09/19    CNY     20.21
SHAOXING CITY INVESTMEN      6.40      11/09/19    CNY     20.32
SHAOXING CITY KEQIAO DI      6.40      08/20/21    CNY     61.58
SHAOXING CITY KEQIAO DI      6.40      08/20/21    CNY     61.65
SHAOXING KEQIAO DISTRIC      6.30      02/26/19    CNY     25.08
SHAOXING KEQIAO ECONOMI      7.00      12/10/21    CNY     60.85
SHAOXING KEQIAO ECONOMI      7.00      12/10/21    CNY     62.02
SHAOXING PAOJIANG INDUS      6.90      10/31/19    CNY     20.25
SHAOXING PAOJIANG INDUS      6.98      05/29/21    CNY     61.20
SHAOXING PAOJIANG INDUS      6.98      05/29/21    CNY     61.57
SHAOXING SHANGYU COMMUN      6.70      09/11/19    CNY     20.26
SHAOXING SHANGYU HANGZH      6.95      10/11/20    CNY     41.09
SHAOXING SHANGYU URBAN       6.80      08/07/21    CNY     62.20
SHAOXING SHANGYU URBAN       6.80      08/07/21    CNY     62.64
SHAOYANG CITY CONSTRUCT      8.58      01/17/21    CNY     60.86
SHAOYANG CITY CONSTRUCT      6.12      08/27/20    CNY     69.90
SHENGZHOU INVESTMENT HO      7.60      07/17/21    CNY     62.94
SHENMU CITY STATE-OWNED      7.28      06/23/21    CNY     60.95
SHENMU CITY STATE-OWNED      7.28      06/23/21    CNY     61.02
SHENYANG SUJIATUN DISTR      6.40      06/20/20    CNY     38.72
SHENYANG SUJIATUN DISTR      6.40      06/20/20    CNY     40.52
SHENZHEN METRO GROUP CO      5.40      03/25/23    CNY     71.08
SHENZHEN METRO GROUP CO      5.40      03/25/23    CNY     71.90
SHIJIAZHUANG HUTUO NEW       5.28      12/24/25    CNY     70.78
SHIJIAZHUANG HUTUO NEW       5.28      12/24/25    CNY     72.09
SHIJIAZHUANG REAL ESTAT      5.65      05/15/20    CNY     40.33
SHIJIAZHUANG REAL ESTAT      5.65      05/15/20    CNY     40.47
SHIYAN CITY INFRASTRUCT      7.98      04/20/19    CNY     20.23
SHIYAN CITY INFRASTRUCT      6.88      10/11/20    CNY     41.05
SHIYAN CITY INFRASTRUCT      6.88      10/11/20    CNY     41.15
SHIYAN CITY INFRASTRUCT      6.58      08/20/21    CNY     60.75
SHIYAN CITY INFRASTRUCT      6.58      08/20/21    CNY     61.54
SHOUGUANG CITY CONSTRUC      7.10      10/18/20    CNY     40.47
SHOUGUANG CITY CONSTRUC      7.10      10/18/20    CNY     41.13
SHUANGLIU COUNTY WATER       7.40      02/26/20    CNY     50.30
SHUANGLIU COUNTY WATER       6.92      07/30/20    CNY     50.30
SHUANGLIU COUNTY WATER       7.40      02/26/20    CNY     50.74
SHUANGLIU COUNTY WATER       6.92      07/30/20    CNY     51.12
SHUANGLIU SHINE CHINE C      8.40      03/16/19    CNY     40.26
SHUANGLIU SHINE CHINE C      8.48      03/16/19    CNY     40.30
SHUANGLIU SHINE CHINE C      8.40      03/16/19    CNY     40.51
SHUANGYASHAN DADI CITY       6.55      12/25/19    CNY     20.35
SHUYANG JINGYUAN ASSET       6.50      12/03/19    CNY     20.29
SHUYANG JINGYUAN ASSET       6.50      12/03/19    CNY     20.29
SHUYANG JINGYUAN ASSET       7.39      04/14/21    CNY     61.57
SHUYANG JINGYUAN ASSET       7.39      04/14/21    CNY     61.85
SICHUAN CHENGDU ABA DEV      7.18      09/12/20    CNY     40.00
SICHUAN COAL INDUSTRY G      7.70      01/09/18    CNY     45.00
SICHUAN NAXING INDUSTRI      7.17      09/11/21    CNY     58.96
SIPING SITONG CITY INFR      7.25      04/29/19    CNY     70.49
SLENDER WEST LAKE TOURI      6.80      06/25/21    CNY     61.64
SLENDER WEST LAKE TOURI      6.80      06/25/21    CNY     61.95
SONGYUAN URBAN DEVELOPM      5.79      12/04/21    CNY     59.18
SONGYUAN URBAN DEVELOPM      5.79      12/04/21    CNY     59.44
SUINING CITY HEDONG DEV      8.36      04/17/21    CNY     61.55
SUINING CITY HEDONG DEV      8.36      04/17/21    CNY     61.57
SUINING COUNTY RUNQI IN      7.10      06/25/21    CNY     60.45
SUINING DEVELOPMENT INV      6.62      04/25/20    CNY     39.50
SUINING DEVELOPMENT INV      6.62      04/25/20    CNY     40.42
SUINING FUYUAN INDUSTRY      6.39      03/17/22    CNY     73.71
SUINING KAIDA INVESTMEN      8.69      04/21/21    CNY     61.56
SUIZHOU CITY URBAN CONS      7.18      09/02/21    CNY     60.50
SUIZHOU CITY URBAN CONS      7.18      09/02/21    CNY     61.09
SUIZHOU DEVELOPMENT INV      7.50      08/22/19    CNY     20.30
SUIZHOU DEVELOPMENT INV      7.50      08/22/19    CNY     20.34
SUIZHOU DEVELOPMENT INV      8.50      12/20/20    CNY     42.10
SUIZHOU DEVELOPMENT INV      8.50      12/20/20    CNY     42.11
SUIZHOU DEVELOPMENT INV      8.40      04/30/21    CNY     61.91
SUIZHOU DEVELOPMENT INV      8.40      04/30/21    CNY     62.73
SUNSHINE KAIDI NEW ENER      6.12      08/23/20    CNY     62.66
SUNSHINE KAIDI NEW ENER      6.12      08/23/20    CNY     70.40
SUQIAN CITY CONSTRUCTIO      6.88      10/29/20    CNY     40.90
SUQIAN CITY CONSTRUCTIO      6.88      10/29/20    CNY     40.97
SUQIAN ECONOMIC DEVELOP      7.50      03/26/19    CNY     20.15
SUQIAN WATER GROUP CO        6.55      12/04/19    CNY     20.34
SUZHOU CITY CONSTRUCTIO      7.45      03/12/19    CNY     20.09
SUZHOU CITY CONSTRUCTIO      6.40      04/17/20    CNY     40.54
SUZHOU CITY CONSTRUCTIO      6.40      04/17/20    CNY     40.62
SUZHOU FENHU INVESTMENT      7.49      02/28/21    CNY     61.45
SUZHOU FENHU INVESTMENT      7.49      02/28/21    CNY     61.47
SUZHOU INDUSTRIAL PARK       5.79      05/30/19    CNY     20.12
SUZHOU INDUSTRIAL PARK       5.79      05/30/19    CNY     20.19
SUZHOU NEW DISTRICT ECO      6.20      07/22/21    CNY     61.70
SUZHOU NEW DISTRICT ECO      6.20      07/22/21    CNY     61.70
SUZHOU URBAN CONSTRUCTI      5.79      10/25/19    CNY     20.24
SUZHOU URBAN CONSTRUCTI      5.79      10/25/19    CNY     20.24
SUZHOU WUJIANG COMMUNIC      6.80      10/31/20    CNY     41.25
SUZHOU WUJIANG COMMUNIC      6.80      10/31/20    CNY     41.47
SUZHOU XIANGCHENG URBAN      6.95      09/03/19    CNY     20.12
SUZHOU XIANGCHENG URBAN      6.95      09/03/19    CNY     20.31
SUZHOU XIANGCHENG URBAN      6.95      03/19/21    CNY     61.47
SUZHOU XIANGCHENG URBAN      6.95      03/19/21    CNY     61.78
TAIAN TAISHAN INVESTMEN      6.76      01/25/20    CNY     40.37
TAIAN TAISHAN INVESTMEN      6.76      01/25/20    CNY     40.45
TAICANG ASSETS MANAGEME      7.00      02/27/21    CNY     60.44
TAICANG HENGTONG INVEST      7.45      10/30/19    CNY     20.24
TAICANG URBAN CONSTRUCT      6.75      01/11/20    CNY     40.43
TAIXING CITY CHENGXING       8.30      12/12/20    CNY     41.55
TAIXING CITY CHENGXING       8.30      12/12/20    CNY     41.78
TAIYUAN ECONOMIC TECHNO      7.43      04/24/21    CNY     62.20
TAIYUAN ECONOMIC TECHNO      7.43      04/24/21    CNY     62.46
TAIYUAN HIGH-SPEED RAIL      6.50      10/30/20    CNY     41.23
TAIYUAN HIGH-SPEED RAIL      5.18      09/06/20    CNY     70.60
TAIYUAN LONGCHENG DEVEL      6.50      09/25/19    CNY     20.31
TAIYUAN LONGCHENG DEVEL      6.50      09/25/19    CNY     20.33
TAIYUAN STATE-OWNED INV      7.20      03/19/21    CNY     62.08
TAIYUAN STATE-OWNED INV      7.20      03/19/21    CNY     62.09
TAIZHOU CITY CONSTRUCTI      6.92      10/16/23    CNY     72.50
TAIZHOU CITY JIANGYAN D      8.50      04/23/20    CNY     50.86
TAIZHOU CITY JIANGYAN D      8.50      04/23/20    CNY     50.98
TAIZHOU CITY JIANGYAN U      7.10      09/03/20    CNY     40.26
TAIZHOU CITY JIANGYAN U      7.10      09/03/20    CNY     40.60
TAIZHOU CITY NEW BINJIA      7.60      03/05/21    CNY     61.05
TAIZHOU CITY NEW BINJIA      7.60      03/05/21    CNY     61.10
TAIZHOU HAILING ASSETS       8.52      03/21/19    CNY     20.11
TAIZHOU HAILING ASSETS       8.52      03/21/19    CNY     20.15
TAIZHOU INFRASTRUCTURE       6.53      07/11/21    CNY     61.40
TAIZHOU INFRASTRUCTURE       6.53      07/11/21    CNY     62.03
TAIZHOU JIANGYAN STATE       6.85      12/03/19    CNY     19.80
TAIZHOU JIANGYAN STATE       6.85      12/03/19    CNY     20.20
TAIZHOU JIAOJIANG STATE      7.46      09/13/20    CNY     41.51
TAIZHOU TRAFFIC INDUSTR      6.15      03/11/20    CNY     40.02
TAIZHOU TRAFFIC INDUSTR      6.15      03/11/20    CNY     40.47
TANGSHAN CAOFEIDIAN DEV      7.50      10/15/20    CNY     39.98
TIANJIN BAOXING INDUSTR      7.10      10/17/20    CNY     40.80
TIANJIN BAOXING INDUSTR      7.10      10/17/20    CNY     41.09
TIANJIN BEICHEN DISTRIC      7.00      04/21/21    CNY     61.20
TIANJIN BEICHEN DISTRIC      7.00      04/21/21    CNY     61.63
TIANJIN BEICHEN TECHNOL      6.87      08/20/21    CNY     61.01
TIANJIN BEICHEN TECHNOL      6.87      08/20/21    CNY     61.02
TIANJIN BINHAI NEW AREA      5.19      03/13/20    CNY     40.29
TIANJIN DONGLI CITY INF      6.05      06/19/20    CNY     40.07
TIANJIN ECO-CITY INVEST      6.76      08/14/19    CNY     20.13
TIANJIN ECONOMIC TECHNO      6.20      12/03/19    CNY     20.20
TIANJIN ECONOMIC TECHNO      6.20      12/03/19    CNY     20.20
TIANJIN ECONOMIC TECHNO      6.50      12/03/22    CNY     62.14
TIANJIN ECONOMIC TECHNO      6.50      12/03/22    CNY     62.44
TIANJIN GUANGCHENG INVE      7.45      07/24/21    CNY     59.81
TIANJIN GUANGCHENG INVE      7.45      07/24/21    CNY     59.92
TIANJIN GUANGCHENG INVE      6.97      02/22/23    CNY     68.92
TIANJIN GUANGCHENG INVE      6.97      02/22/23    CNY     68.94
TIANJIN HI-TECH INDUSTR      7.80      03/27/19    CNY     19.98
TIANJIN HI-TECH INDUSTR      7.80      03/27/19    CNY     20.09
TIANJIN HI-TECH INDUSTR      6.65      09/12/21    CNY     60.89
TIANJIN HUANCHENG URBAN      7.20      03/21/21    CNY     61.89
TIANJIN INFRASTRUCTURE       5.70      02/26/23    CNY     72.08
TIANJIN JINNAN CITY CON      6.95      06/18/19    CNY     20.13
TIANJIN JINNAN CITY CON      6.95      06/18/19    CNY     20.14
TIANJIN JINNAN CITY CON      6.50      06/03/21    CNY     61.49
TIANJIN LINGANG INVESTM      7.75      02/26/21    CNY     61.90
TIANJIN LINGANG INVESTM      7.75      02/26/21    CNY     62.04
TIANJIN NINGHE DISTRICT      7.00      05/30/21    CNY     60.65
TIANJIN NINGHE DISTRICT      7.00      05/30/21    CNY     62.04
TIANJIN REAL ESTATE TRU      8.59      03/13/21    CNY     60.37
TIANJIN REAL ESTATE TRU      8.59      03/13/21    CNY     61.31
TIANJIN RESIDENTIAL CON      8.00      12/19/20    CNY     40.72
TIANJIN TEDA CONSTRUCTI      6.89      04/27/20    CNY     40.63
TIANJIN WATER INVESTMEN      6.60      07/28/21    CNY     57.50
TIANJIN WATER INVESTMEN      6.60      07/28/21    CNY     59.39
TIANJIN WUQING STATE-OW      8.00      12/17/20    CNY     41.84
TIANJIN WUQING STATE-OW      8.00      12/17/20    CNY     41.87
TIANJIN WUQING STATE-OW      7.18      03/19/21    CNY     60.00
TIANJIN WUQING STATE-OW      7.18      03/19/21    CNY     61.76
TIANMEN CITY CONSTRUCTI      8.20      08/28/21    CNY     63.18
TIANMEN CITY CONSTRUCTI      8.20      08/28/21    CNY     63.19
TIANRUI GROUP CEMENT CO      8.00      02/04/21    CNY     74.61
TONGLING CONSTRUCTION I      6.98      08/26/20    CNY     40.34
TONGLING CONSTRUCTION I      6.98      08/26/20    CNY     40.74
TONGLU STATE-OWNED ASSE      8.09      04/18/21    CNY     61.54
TONGLU STATE-OWNED ASSE      8.09      04/18/21    CNY     62.39
TONGXIANG CITY CONSTRUC      6.10      05/16/20    CNY     40.43
TONGXIANG CITY CONSTRUC      6.10      05/16/20    CNY     40.59
TULUFAN DISTRICT STATE-      7.20      08/09/19    CNY     25.08
TULUFAN DISTRICT STATE-      7.20      08/09/19    CNY     25.29
URUMQI CITY CONSTRUCTIO      6.35      07/09/19    CNY     20.11
URUMQI CITY CONSTRUCTIO      6.35      07/09/19    CNY     20.14
URUMQI GAOXIN INVESTMEN      6.18      03/05/20    CNY     40.20
URUMQI GAOXIN INVESTMEN      6.18      03/05/20    CNY     40.53
VANZIP INVESTMENT GROUP      7.92      02/04/19    CNY     24.76
WAFANGDIAN STATE-OWNED       8.55      04/19/19    CNY     20.20
WEIFANG BINHAI INVESTME      6.16      04/16/21    CNY     55.35
WEIFANG DONGXIN CONSTRU      6.88      11/20/19    CNY     20.33
WEIFANG DONGXIN CONSTRU      6.88      11/20/19    CNY     20.48
WENLING CITY STATE OWNE      7.18      09/18/19    CNY     20.29
WENLING CITY STATE OWNE      7.18      09/18/19    CNY     20.35
WENZHOU ANJUFANG CITY D      7.65      04/24/19    CNY     20.20
WENZHOU ECONOMIC-TECHNO      6.49      01/15/20    CNY     40.37
WENZHOU ECONOMIC-TECHNO      6.49      01/15/20    CNY     40.41
WENZHOU HIGH-TECH INDUS      7.30      05/30/21    CNY     61.30
WENZHOU HIGH-TECH INDUS      7.95      03/21/21    CNY     61.70
WENZHOU HIGH-TECH INDUS      7.95      03/21/21    CNY     62.24
WENZHOU HIGH-TECH INDUS      7.30      05/30/21    CNY     62.62
WENZHOU LUCHENG CITY DE      5.58      11/03/21    CNY     59.38
WENZHOU LUCHENG CITY DE      5.58      11/03/21    CNY     59.39
WINTIME ENERGY CO LTD        7.50      03/30/19    CNY     35.00
WINTIME ENERGY CO LTD        7.50      07/07/19    CNY     35.50
WINTIME ENERGY CO LTD        7.50      05/19/19    CNY     36.00
WUHAI CITY CONSTRUCTION      8.19      04/21/21    CNY     62.42
WUHAN CHEDU CORP LTD         7.18      02/27/21    CNY     61.96
WUHAN CHEDU CORP LTD         7.18      02/27/21    CNY     61.97
WUHAN HUANPO DISTRICT U      6.43      09/17/21    CNY     61.72
WUHAN HUANPO DISTRICT U      6.43      09/17/21    CNY     62.06
WUHAN JIANGXIA URBAN CO      8.99      01/20/21    CNY     62.29
WUHAN METRO GROUP CO LT      5.70      02/04/20    CNY     40.00
WUHAN METRO GROUP CO LT      5.70      02/04/20    CNY     40.35
WUHAN REAL ESTATE DEVEL      5.90      03/22/19    CNY     25.10
WUHAN REAL ESTATE DEVEL      5.90      03/22/19    CNY     25.14
WUHAN URBAN CONSTRUCTIO      5.60      03/08/20    CNY     40.36
WUHU COUNTY CONSTRUCTIO      6.60      12/08/21    CNY     60.57
WUHU COUNTY CONSTRUCTIO      6.60      12/08/21    CNY     61.64
WUHU JINGHU CONSTRUCTIO      6.68      05/16/20    CNY     40.03
WUHU JIUJIANG CONSTRUCT      8.49      04/14/21    CNY     62.39
WUHU JIUJIANG CONSTRUCT      8.49      04/14/21    CNY     63.01
WUHU YIJU INVESTMENT GR      6.45      08/11/21    CNY     61.45
WUHU YIJU INVESTMENT GR      6.45      08/11/21    CNY     61.76
WUJIANG ECONOMIC TECHNO      6.88      12/27/19    CNY     20.52
WUJIANG ECONOMIC TECHNO      6.88      12/27/19    CNY     40.45
WUWEI CITY ECONOMY DEVE      8.20      12/09/20    CNY     40.91
WUWEI CITY ECONOMY DEVE      8.20      12/09/20    CNY     41.08
WUWEI CITY ECONOMY DEVE      8.20      04/24/21    CNY     58.72
WUWEI CITY ECONOMY DEVE      8.20      04/24/21    CNY     60.91
WUXI CONSTRUCTION AND D      6.60      09/17/19    CNY     20.25
WUXI CONSTRUCTION AND D      6.60      09/17/19    CNY     20.37
WUXI HUISHAN ECONOMIC D      6.03      04/22/19    CNY     25.13
WUXI MUNICIPAL DEVELOPM      6.10      10/11/20    CNY     41.01
WUXI TAIHU INTERNATIONA      7.60      09/17/19    CNY     20.30
WUXI TAIHU INTERNATIONA      7.60      09/17/19    CNY     20.39
WUXI XIDONG NEW TOWN CO      6.65      01/28/20    CNY     40.40
WUXI XIDONG NEW TOWN CO      6.65      01/28/20    CNY     40.41
WUZHONG URBAN RURAL CON      7.18      10/12/20    CNY     40.49
WUZHONG URBAN RURAL CON      7.18      10/12/20    CNY     40.50
WUZHOU DONGTAI STATE-OW      7.40      09/03/19    CNY     20.32
XIAMEN TORCH GROUP CO L      7.49      04/21/21    CNY     61.76
XIAMEN TORCH GROUP CO L      7.49      04/21/21    CNY     61.93
XIAMEN XINGLIN CONSTRUC      6.60      02/22/20    CNY     40.10
XIAMEN XINGLIN CONSTRUC      6.60      02/22/20    CNY     40.50
XI'AN AEROSPACE CITY IN      6.96      11/08/19    CNY     20.46
XIAN CHANBAHE DEVELOPME      6.89      08/03/19    CNY     20.19
XI'AN HI-TECH HOLDING C      5.70      02/26/19    CNY     25.03
XI'AN HI-TECH HOLDING C      5.70      02/26/19    CNY     25.06
XI'AN INTERNATIONAL HOR      6.20      10/21/21    CNY     59.72
XI'AN INTERNATIONAL HOR      6.20      10/21/21    CNY     59.94
XI'AN URBAN INDEMNIFICA      7.31      03/18/19    CNY     40.21
XI'AN URBAN INDEMNIFICA      7.31      03/18/19    CNY     40.22
XI'AN URBAN INDEMNIFICA      7.31      04/18/19    CNY     40.29
XI'AN URBAN INDEMNIFICA      7.31      04/18/19    CNY     40.30
XIANGSHAN COUNTRY STATE      7.95      04/25/21    CNY     62.50
XIANGSHAN COUNTRY STATE      7.95      04/25/21    CNY     62.60
XIANGTAN HI-TECH GROUP       6.90      01/15/20    CNY     40.04
XIANGTAN HI-TECH GROUP       6.90      01/15/20    CNY     40.24
XIANGTAN HI-TECH GROUP       8.16      02/25/21    CNY     60.53
XIANGTAN HI-TECH GROUP       8.16      02/25/21    CNY     61.28
XIANGTAN JIUHUA ECONOMI      7.15      10/15/20    CNY     39.49
XIANGTAN LIANGXING SOCI      7.89      04/23/21    CNY     62.10
XIANGTAN ZHENXIANG STAT      6.60      08/07/20    CNY     40.05
XIANGTAN ZHENXIANG STAT      6.60      08/07/20    CNY     40.65
XIANGYANG HIGH TECH STA      7.00      05/29/21    CNY     61.47
XIANGYANG HIGH TECH STA      7.00      05/29/21    CNY     61.59
XIANNING HIGH-TECH INVE      5.80      06/05/20    CNY     40.24
XIANNING HIGH-TECH INVE      5.80      06/05/20    CNY     40.38
XIANTAO CITY CONSTRUCTI      8.15      02/24/21    CNY     61.00
XIAOGAN GAOCHUANG INVES      7.43      06/23/21    CNY     61.21
XIAOGAN GAOCHUANG INVES      6.87      09/22/21    CNY     61.41
XIAOGAN GAOCHUANG INVES      6.87      09/22/21    CNY     61.67
XIAOGAN GAOCHUANG INVES      7.43      06/23/21    CNY     62.03
XIAOGAN URBAN CONSTRUCT      8.12      03/26/19    CNY     20.15
XIAOGAN URBAN CONSTRUCT      6.89      05/29/21    CNY     61.93
XINGHUA URBAN CONSTRUCT      7.36      07/15/20    CNY     50.66
XINGHUA URBAN CONSTRUCT      7.36      07/15/20    CNY     51.01
XINING CITY INVESTMENT       7.70      04/27/19    CNY     20.20
XINING ECONOMIC DEVELOP      5.90      06/04/20    CNY     40.41
XINJIANG HUIFENG URBAN       6.10      05/23/20    CNY     40.35
XINJIANG HUIFENG URBAN       6.10      05/23/20    CNY     40.41
XINJIANG KAIDI INVESTME      7.80      04/22/21    CNY     61.96
XINJIANG KAIDI INVESTME      7.80      04/22/21    CNY     62.03
XINJIANG RUNSHENG INVES      7.15      07/10/20    CNY     50.27
XINJIANG RUNSHENG INVES      7.15      07/10/20    CNY     50.28
XINJIANG WUJIAQU CAIJIA      7.50      05/21/21    CNY     60.80
XINXIANG INVESTMENT GRO      5.85      04/15/20    CNY     39.90
XINXIANG INVESTMENT GRO      5.85      04/15/20    CNY     40.42
XINYANG HUAXIN INVESTME      6.95      06/14/19    CNY     20.09
XINYANG HUAXIN INVESTME      6.95      06/14/19    CNY     20.15
XINYANG HUAXIN INVESTME      7.55      04/15/21    CNY     61.73
XINYANG HUAXIN INVESTME      7.55      04/15/21    CNY     62.23
XINYI CITY INVESTMENT &      7.39      10/15/20    CNY     41.32
XINYI CITY INVESTMENT &      7.39      10/15/20    CNY     60.50
XINYU CHENGDONG CONSTRU      8.48      05/27/21    CNY     60.52
XINYU CITY SHANTYTOWN Z      6.42      12/09/20    CNY     71.19
XINYU URBAN CONSTRUCTIO      7.08      12/13/19    CNY     20.32
XINZHENG NEW DISTRICT D      6.52      06/28/19    CNY     24.90
XINZHENG NEW DISTRICT D      6.52      06/28/19    CNY     25.22
XINZHOU ASSET MANAGEMEN      8.50      12/18/20    CNY     41.27
XINZHOU ASSET MANAGEMEN      8.50      12/18/20    CNY     42.04
XINZHOU ASSET MANAGEMEN      7.90      02/21/21    CNY     61.12
XINZHOU ASSET MANAGEMEN      7.90      02/21/21    CNY     62.03
XUANCHENG CITY ECONOMY       7.95      09/22/21    CNY     63.08
XUANCHENG CITY ECONOMY       7.95      09/22/21    CNY     63.08
XUANCHENG STATE-OWNED A      7.99      03/20/19    CNY     30.17
XUANCHENG STATE-OWNED A      7.95      03/27/21    CNY     61.97
XUANCHENG STATE-OWNED A      7.95      03/27/21    CNY     62.40
XUZHOU CITY TONGSHAN DI      6.60      08/08/20    CNY     40.66
XUZHOU CITY TONGSHAN DI      6.60      08/08/20    CNY     40.72
XUZHOU ECONOMIC TECHNOL      8.20      03/07/19    CNY     20.05
XUZHOU ECONOMIC TECHNOL      8.20      03/07/19    CNY     20.08
XUZHOU ECONOMIC TECHNOL      7.35      04/21/21    CNY     62.00
XUZHOU HIGH SPEED RAILW      7.09      05/15/21    CNY     62.37
XUZHOU HI-TECH INDUSTRI      7.86      04/22/21    CNY     61.23
XUZHOU HI-TECH INDUSTRI      7.86      04/22/21    CNY     62.14
YA'AN DEVELOPMENT INVES      7.00      09/13/20    CNY     40.78
YAAN STATE-OWNED ASSET       7.39      07/04/19    CNY     20.14
YANCHENG CITY DAFENG DI      7.08      12/13/19    CNY     20.36
YANCHENG CITY DAFENG DI      7.08      12/13/19    CNY     40.00
YANCHENG CITY DAFENG DI      8.50      12/30/20    CNY     42.08
YANCHENG CITY DAFENG DI      8.50      12/30/20    CNY     62.00
YANCHENG CITY DAFENG DI      8.70      01/24/21    CNY     62.34
YANCHENG CITY TINGHU DI      7.95      11/15/20    CNY     40.84
YANCHENG CITY TINGHU DI      7.95      11/15/20    CNY     58.30
YANCHENG ORIENTAL INVES      6.99      10/26/19    CNY     20.14
YANCHENG ORIENTAL INVES      6.48      09/15/21    CNY     59.70
YANCHENG ORIENTAL INVES      6.48      09/15/21    CNY     60.69
YANCHENG SOUTH DISTRICT      6.93      10/26/19    CNY     20.31
YANCHENG SOUTH DISTRICT      6.70      07/30/21    CNY     62.14
YANGJIANG HENGCAI CITY       6.85      09/09/20    CNY     40.80
YANGJIANG HENGCAI CITY       6.85      09/09/20    CNY     40.87
YANGZHOU CHEMICAL INDUS      8.58      01/24/21    CNY     61.15
YANGZHOU CHEMICAL INDUS      8.58      01/24/21    CNY     61.15
YANGZHOU HANJIANG URBAN      6.20      03/12/20    CNY     40.32
YANGZHOU HANJIANG URBAN      6.20      03/12/20    CNY     40.44
YANGZHOU JIANGDU YANJIA      7.48      07/29/20    CNY     50.74
YANGZHOU JIANGDU YANJIA      7.48      07/29/20    CNY     51.21
YANGZHOU LONGCHUAN HOLD      8.10      03/23/19    CNY     20.07
YANGZHOU LONGCHUAN HOLD      8.10      03/23/19    CNY     20.11
YANGZHOU URBAN CONSTRUC      6.30      07/26/19    CNY     20.22
YICHANG URBAN CONSTRUCT      6.85      11/08/19    CNY     20.34
YICHANG URBAN CONSTRUCT      6.85      11/08/19    CNY     20.40
YICHUN URBAN CONSTRUCTI      7.09      05/15/21    CNY     60.72
YICHUN URBAN CONSTRUCTI      7.09      05/15/21    CNY     61.86
YILI KAZAKH AUTONOMOUS       7.68      02/28/21    CNY     61.00
YILI KAZAKH AUTONOMOUS       7.68      02/28/21    CNY     62.07
YINCHUAN URBAN CONSTRUC      6.88      05/12/21    CNY     61.86
YINGTAN INVESTMENT CO        7.50      12/12/22    CNY     63.77
YINGTAN INVESTMENT CO        7.50      12/12/22    CNY     64.00
YINING CITY STATE OWNED      8.90      01/23/21    CNY     62.41
YINING CITY STATE OWNED      8.90      01/23/21    CNY     62.46
YINYI CO LTD                 7.03      06/21/21    CNY     72.00
YIWU URBAN & RURAL NEW       4.25      11/24/21    CNY     74.22
YIXING CITY DEVELOPMENT      6.90      10/10/19    CNY     20.25
YIXING CITY DEVELOPMENT      6.90      10/10/19    CNY     20.37
YIXING TUOYE INDUSTRIAL      7.60      05/28/21    CNY     61.69
YIXING TUOYE INDUSTRIAL      7.60      05/28/21    CNY     62.02
YIYANG CITY CONSTRUCTIO      7.36      08/24/19    CNY     20.25
YIYANG CITY CONSTRUCTIO      7.36      08/24/19    CNY     20.50
YIZHENG CITY CONSTRUCTI      7.78      06/14/19    CNY     20.19
YIZHENG CITY CONSTRUCTI      7.78      06/14/19    CNY     20.21
YIZHENG CITY CONSTRUCTI      8.60      01/09/21    CNY     61.41
YIZHENG CITY CONSTRUCTI      8.60      01/09/21    CNY     62.16
YONGJIA INVESTMENT GROU      6.50      11/12/21    CNY     60.94
YONGJIA INVESTMENT GROU      6.50      11/12/21    CNY     60.95
YONGZHOU CITY CONSTRUCT      7.30      10/23/20    CNY     40.57
YONGZHOU CITY CONSTRUCT      7.30      10/23/20    CNY     41.20
YUEYANG HUILIN INVESTME      5.50      11/03/21    CNY     59.73
YUEYANG HUILIN INVESTME      5.50      11/03/21    CNY     60.20
YUEYANG URBAN CONSTRUCT      6.05      07/12/20    CNY     40.54
YUEYANG URBAN CONSTRUCT      6.05      07/12/20    CNY     40.72
YUHUAN CITY COMMUNICATI      7.15      10/12/19    CNY     20.20
YUHUAN CITY COMMUNICATI      7.15      10/12/19    CNY     20.35
YUHUAN CITY COMMUNICATI      5.65      11/03/21    CNY     59.48
YUHUAN CITY COMMUNICATI      5.65      11/03/21    CNY     60.88
YULIN URBAN CONSTRUCTIO      6.88      11/26/19    CNY     20.27
YULIN URBAN CONSTRUCTIO      6.88      11/26/19    CNY     40.00
YUNCHENG URBAN CONSTRUC      7.48      10/15/19    CNY     20.32
YUNNAN METROPOLITAN CON      6.77      05/23/21    CNY     60.50
YUNNAN METROPOLITAN CON      6.77      05/23/21    CNY     61.39
YUYAO CITY CONSTRUCTION      7.09      05/19/21    CNY     61.40
YUYAO CITY CONSTRUCTION      7.09      05/19/21    CNY     62.20
YUYAO ECONOMIC DEVELOPM      6.75      03/04/20    CNY     40.39
YUYAO ECONOMIC DEVELOPM      6.75      03/04/20    CNY     40.40
ZHANGJIAGANG FREE TRADE      7.10      08/23/20    CNY     41.02
ZHANGJIAGANG FREE TRADE      7.10      08/23/20    CNY     41.10
ZHANGJIAGANG JINCHENG I      6.88      04/28/21    CNY     61.69
ZHANGJIAGANG JINCHENG I      6.88      04/28/21    CNY     62.06
ZHANGJIAGANG MUNICIPAL       6.43      11/27/19    CNY     20.32
ZHANGJIAGANG MUNICIPAL       6.43      11/27/19    CNY     20.40
ZHANGJIAJIE ECONOMIC DE      7.40      10/18/19    CNY     20.48
ZHANGJIAJIE ECONOMIC DE      7.80      04/17/21    CNY     61.77
ZHANGYE CITY INVESTMENT      6.92      09/22/21    CNY     60.54
ZHANGYE CITY INVESTMENT      6.92      09/22/21    CNY     60.55
ZHANGZHOU CITY CONSTRUC      6.60      03/26/20    CNY     40.68
ZHANGZHOU JIULONGJIANG       6.48      06/20/21    CNY     61.50
ZHANGZHOU JIULONGJIANG       6.48      06/20/21    CNY     61.85
ZHANJIANG INFRASTRUCTUR      6.93      10/21/20    CNY     41.30
ZHAOYUAN STATE-OWNED AS      6.64      12/31/19    CNY     20.12
ZHEJIANG CHANGXING VIA       7.99      03/03/21    CNY     60.98
ZHEJIANG CHANGXING VIA       7.99      03/03/21    CNY     70.00
ZHEJIANG FUCHUN SHANJU       7.70      04/28/21    CNY     61.69
ZHEJIANG FUCHUN SHANJU       7.70      04/28/21    CNY     61.75
ZHEJIANG GUOXING INVEST      6.94      08/01/21    CNY     61.85
ZHEJIANG GUOXING INVEST      6.94      08/01/21    CNY     62.39
ZHEJIANG HUZHOU HUANTAI      6.70      11/28/19    CNY     20.33
ZHEJIANG PROVINCE DEQIN      6.40      02/22/20    CNY     40.15
ZHEJIANG PROVINCE XINCH      6.60      04/24/20    CNY     40.31
ZHEJIANG PROVINCE XINCH      6.60      04/24/20    CNY     40.37
ZHEJIANG PROVINCE XINCH      5.88      10/30/21    CNY     60.04
ZHEJIANG PROVINCE XINCH      6.95      12/31/21    CNY     61.09
ZHEJIANG PROVINCE XINCH      5.88      10/30/21    CNY     61.11
ZHEJIANG PROVINCE XINCH      6.95      12/31/21    CNY     62.38
ZHENGZHOU MOUZHONG DEVE      7.48      12/11/21    CNY     61.73
ZHENGZHOU MOUZHONG DEVE      7.48      12/11/21    CNY     62.29
ZHENGZHOU PUBLIC HOUSIN      5.98      07/17/20    CNY     40.34
ZHENGZHOU PUBLIC HOUSIN      5.98      07/17/20    CNY     40.40
ZHENJIANG CITY CONSTRUC      7.90      12/18/20    CNY     41.54
ZHENJIANG CITY CONSTRUC      7.90      12/18/20    CNY     41.65
ZHENJIANG CITY CONSTRUC      8.20      01/13/21    CNY     61.89
ZHENJIANG CITY CONSTRUC      8.20      01/13/21    CNY     71.00
ZHENJIANG CULTURE TOURI      6.60      01/30/20    CNY     40.32
ZHENJIANG DANTU DISTRIC      5.89      11/03/21    CNY     59.25
ZHENJIANG NEW AREA URBA      8.35      02/26/21    CNY     61.33
ZHENJIANG NEW AREA URBA      8.99      01/16/21    CNY     61.55
ZHENJIANG TRANSPORTATIO      7.29      05/08/19    CNY     20.00
ZHONGSHAN TRANSPORTATIO      5.25      11/26/21    CNY     59.08
ZHONGSHAN TRANSPORTATIO      5.25      11/26/21    CNY     59.85
ZHOUKOU INVESTMENT GROU      7.49      04/21/21    CNY     61.73
ZHOUSHAN DINGHAI STATE-      7.25      08/31/20    CNY     40.55
ZHOUSHAN DINGHAI STATE-      7.25      08/31/20    CNY     41.33
ZHOUSHAN DINGHAI STATE-      7.13      08/04/21    CNY     60.57
ZHOUSHAN DINGHAI STATE-      7.13      08/04/21    CNY     61.15
ZHOUSHAN ISLANDS NEW DI      6.98      10/22/22    CNY     72.33
ZHOUSHAN ISLANDS NEW DI      6.98      10/22/22    CNY     72.44
ZHOUSHAN PUTUO DISTRICT      7.18      06/20/22    CNY     72.44
ZHOUSHAN PUTUO DISTRICT      7.18      06/20/22    CNY     72.53
ZHUHAI HUAFA GROUP CO L      5.50      06/05/19    CNY     25.14
ZHUHAI HUAFA GROUP CO L      5.50      06/05/19    CNY     25.15
ZHUHAI HUIHUA INFRASTRU      7.15      09/17/20    CNY     40.84
ZHUHAI HUIHUA INFRASTRU      7.15      09/17/20    CNY     41.15
ZHUJI CITY CONSTRUCTION      6.92      12/19/19    CNY     20.52
ZHUJI CITY YUEDU INVEST      8.20      12/12/20    CNY     41.30
ZHUJI CITY YUEDU INVEST      8.20      12/12/20    CNY     41.44
ZHUZHOU CITY CONSTRUCTI      6.95      10/16/20    CNY     40.90
ZHUZHOU CITY CONSTRUCTI      6.95      10/16/20    CNY     41.18
ZHUZHOU CITY CONSTRUCTI      8.36      11/10/21    CNY     63.37
ZHUZHOU GECKOR GROUP CO      7.50      09/10/19    CNY     20.18
ZHUZHOU GECKOR GROUP CO      7.50      09/10/19    CNY     20.20
ZHUZHOU GECKOR GROUP CO      6.95      08/11/21    CNY     61.18
ZHUZHOU GECKOR GROUP CO      6.95      08/11/21    CNY     61.31
ZHUZHOU YUNLONG DEVELOP      6.78      11/19/19    CNY     20.28
ZHUZHOU YUNLONG DEVELOP      6.78      11/19/19    CNY     20.29
ZIBO CITY PROPERTY CO L      5.45      04/27/19    CNY     11.99
ZIYANG CITY CONSTRUCTIO      7.58      01/09/19    CNY     24.99
ZIYANG WATER INVESTMENT      7.40      10/21/20    CNY     41.30
ZJ HZ QINGSHAN LAKE SCI      7.90      04/23/21    CNY     60.97
ZJ HZ QINGSHAN LAKE SCI      7.90      04/23/21    CNY     61.48
ZUNYI CITY HUICHUAN DIS      6.75      04/24/19    CNY     25.04


HONG KONG
---------

CHINA SOUTH CITY HOLDIN      7.25      11/20/22    USD     70.09
CHINA SOUTH CITY HOLDIN      6.75      09/13/21    USD     73.44
DR PENG HOLDING HONGKON      5.05      06/01/20    USD     74.35


INDONESIA
---------

BERAU COAL ENERGY TBK P      7.25      03/13/17    USD     48.00
BERAU COAL ENERGY TBK P      7.25      03/13/17    USD     48.00
DAVOMAS INTERNATIONAL F     11.00      12/08/14    USD      0.44
DAVOMAS INTERNATIONAL F     11.00      12/08/14    USD      0.44
DAVOMAS INTERNATIONAL F     11.00      05/09/11    USD      0.44
DAVOMAS INTERNATIONAL F     11.00      05/09/11    USD      0.44
EXPRESS TRANSINDO UTAMA     12.25      06/24/19    IDR     30.50
PERUSAHAAN PENERBIT SBS      6.10      02/15/37    IDR     73.20


INDIA
-----

3I INFOTECH LTD              2.50      03/31/25    USD     10.36
ACME FAZILKA POWER PVT       0.01      09/07/46    INR      8.82
AMPSOLAR SOLUTION PVT L      0.01      11/03/37    INR     18.25
AMPSOLAR SOLUTION PVT L      0.01      10/27/37    INR     18.28
APG INTELLI HOMES PVT L      1.25      02/04/35    INR     31.35
APG INTELLI HOMES PVT L      1.25      02/04/35    INR     34.74
ASHOKA HIGHWAYS BHANDAR      2.00      09/19/22    INR     72.98
AUTOMOTIVE EXCHANGE PVT      4.00      06/01/30    INR     54.90
AUTOMOTIVE EXCHANGE PVT      4.00      10/11/30    INR     55.06
BENGAL AEROTROPOLIS PRO      5.00      12/01/29    INR     65.89
BENGAL AEROTROPOLIS PRO      5.00      12/01/28    INR     67.55
BENGAL AEROTROPOLIS PRO      5.00      12/01/27    INR     69.44
BENGAL AEROTROPOLIS PRO      5.00      12/01/26    INR     71.55
BRIGHT BUILDTECH PVT LT      1.00      09/01/23    INR     65.42
BRIGHT BUILDTECH PVT LT      1.00      09/01/23    INR     65.42
CORE EDUCATION & TECHNO      7.00      05/07/49    USD      0.28
CUMULUS TRADING CO PVT       0.01      05/21/32    INR     29.31
CUMULUS TRADING CO PVT       0.01      12/29/29    INR     35.93
CUMULUS TRADING CO PVT       0.01      01/23/30    INR     49.32
DAYAKARA SOLAR POWER PV      0.10      04/05/26    INR     49.93
EDELWEISS ASSET RECONST      2.00      10/07/28    INR     49.27
EDELWEISS ASSET RECONST      2.00      11/20/27    INR     51.96
EDELWEISS ASSET RECONST      2.00      03/28/27    INR     53.66
GREEN URJA PVT LTD           0.01      02/14/30    INR     35.94
GTL INFRASTRUCTURE LTD       6.73      10/26/22    USD      4.00
HIMGIRI ENERGY VENTURES      1.00      09/30/22    INR     69.13
HINDUSTAN CONSTRUCTION       0.01      01/05/27    INR     46.20
HITODI INFRASTRUCTURE L      0.01      06/30/27    INR     41.97
IL&FS PARADIP REFINERY       1.50      08/29/22    INR     74.90
JAIPRAKASH ASSOCIATES L      5.75      09/08/17    USD     55.13
JAIPRAKASH POWER VENTUR      7.00      02/13/49    USD      5.00
JASPER AUTO SERVICES PV      0.01      02/11/23    INR     67.54
JCT LTD                      2.50      04/08/11    USD     25.75
JSM CORP PVT LTD             0.01      08/31/36    INR     20.14
KANAKADURGA FINANCE LTD      0.01      04/15/36    INR     18.78
KVK ENERGY & INFRASTRUC      0.01      01/25/24    INR     60.37
MARIS POWER SUPPLY CO P      2.00      04/18/28    INR     54.70
MYAASHIANA MANAGEMENT S      0.25      02/02/23    INR     67.89
MYTRAH AADHYA POWER PVT      0.01      07/05/35    INR     22.75
MYTRAH ADVAITH POWER PV      0.01      07/13/36    INR     20.76
MYTRAH AKSHAYA ENERGY P      0.01      07/13/36    INR     20.76
ORIGAMI CELLULO PVT LTD      0.01      11/14/36    INR     19.71
PAN INDIA INFRAPROJECTS      0.10      01/25/24    INR     58.63
PRAKASH INDUSTRIES LTD       5.25      04/30/15    USD     22.63
PUNJAB INFRASTRUCTURE D      0.40      10/15/33    INR     32.87
PUNJAB INFRASTRUCTURE D      0.40      10/15/32    INR     35.33
PUNJAB INFRASTRUCTURE D      0.40      10/15/31    INR     38.06
PUNJAB INFRASTRUCTURE D      0.40      10/15/30    INR     41.05
PUNJAB INFRASTRUCTURE D      0.40      10/15/29    INR     44.32
PUNJAB INFRASTRUCTURE D      0.40      10/15/28    INR     47.87
PUNJAB INFRASTRUCTURE D      0.40      10/15/27    INR     51.74
PUNJAB INFRASTRUCTURE D      0.40      10/15/26    INR     55.92
PUNJAB INFRASTRUCTURE D      0.40      10/15/25    INR     60.44
PUNJAB INFRASTRUCTURE D      0.40      10/15/24    INR     65.32
PYRAMID SAIMIRA THEATRE      1.75      07/04/12    USD      1.00
R L FINE CHEM PVT LTD        0.10      08/19/36    INR     20.48
REDKITE CAPITAL PVT LTD      2.50      01/15/28    INR     60.21
REI AGRO LTD                 5.50      11/13/14    USD      0.32
REI AGRO LTD                 5.50      11/13/14    USD      0.32
RELIANCE COMMUNICATIONS      6.50      11/06/20    USD     25.48
SURBHI INVESTMENTS & TR      2.50      10/21/28    INR     55.79
SVOGL OIL GAS & ENERGY       5.00      08/17/15    USD      1.55
TN URJA PVT LTD              0.10      02/22/36    INR     23.53
VIDEOCON INDUSTRIES LTD      2.80      12/31/20    USD     29.75
WATSUN INFRABUILD PVT L      4.00      10/16/37    INR     49.31


JAPAN
-----

AVANSTRATE INC               0.05      10/29/32    JPY      9.75
TKJP CORP                    1.02      12/15/17    JPY      0.50
TKJP CORP                    0.85      03/06/19    JPY      2.02
TKJP CORP                    0.58      03/26/21    JPY      2.02


KOREA
-----

HEUNGKUK FIRE & MARINE       5.70      12/29/46    KRW     50.43
INDUSTRIAL BANK OF KORE      3.84      03/10/45    KRW     40.22
KIBO ABS SPECIALTY CO L      5.00      02/26/21    KRW     66.89
KIBO ABS SPECIALTY CO L      5.00      12/25/19    KRW     72.53
KIBO ABS SPECIALTY CO L      5.00      08/29/19    KRW     73.44
KIBO ABS SPECIALTY CO L      5.00      02/26/19    KRW     74.76
KIBO ABS SPECIALTY CO L      5.00      02/25/19    KRW     75.05
SAMPYO CEMENT CO LTD         7.50      04/20/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.50      07/20/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.50      09/10/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.30      04/12/15    KRW     70.00
SAMPYO CEMENT CO LTD         7.30      06/26/15    KRW     70.00
SINBO SECURITIZATION SP      5.00      12/21/20    KRW     65.80
SINBO SECURITIZATION SP      5.00      03/21/21    KRW     66.82
SINBO SECURITIZATION SP      5.00      02/23/22    KRW     68.79
SINBO SECURITIZATION SP      5.00      01/26/22    KRW     68.93
SINBO SECURITIZATION SP      5.00      09/27/21    KRW     70.72
SINBO SECURITIZATION SP      5.00      08/25/21    KRW     70.98
SINBO SECURITIZATION SP      5.00      06/23/20    KRW     71.19
SINBO SECURITIZATION SP      5.00      07/27/21    KRW     71.20
SINBO SECURITIZATION SP      5.00      03/15/20    KRW     71.93
SINBO SECURITIZATION SP      5.00      02/28/21    KRW     72.38
SINBO SECURITIZATION SP      5.00      01/27/21    KRW     72.64
SINBO SECURITIZATION SP      5.00      12/22/20    KRW     72.91
SINBO SECURITIZATION SP      5.00      09/23/20    KRW     73.65
SINBO SECURITIZATION SP      5.00      08/26/20    KRW     73.88
SINBO SECURITIZATION SP      5.00      06/24/19    KRW     73.95
SINBO SECURITIZATION SP      5.00      07/28/20    KRW     74.10
SINBO SECURITIZATION SP      5.00      03/13/19    KRW     74.82


MALAYSIA
--------

AEON CREDIT SERVICE M B      3.50      09/15/20    MYR      1.33
ASIAN PAC HOLDINGS BHD       3.00      05/25/22    MYR      0.58
BERJAYA CORP BHD             2.00      05/29/26    MYR      0.31
BERJAYA CORP BHD             5.00      04/22/22    MYR      0.33
BRIGHT FOCUS BHD             2.50      01/22/31    MYR     62.55
ELK-DESA RESOURCES BHD       3.25      04/14/22    MYR      0.85
HIAP TECK VENTURE BHD        5.00      06/23/21    MYR      0.29
I-BHD                        3.00      10/09/19    MYR      0.29
IRE-TEX CORP BHD             1.00      06/10/19    MYR      0.01
PERODUA GLOBAL MANUFACT      0.50      12/17/25    MYR     70.46
PMB TECHNOLOGY BHD           3.00      07/12/23    MYR      3.25
PUC BHD                      4.00      02/15/19    MYR      0.05
REDTONE INTERNATIONAL B      2.75      03/04/20    MYR      0.07
SENAI-DESARU EXPRESSWAY      1.35      06/30/31    MYR     60.56
SENAI-DESARU EXPRESSWAY      1.35      12/31/30    MYR     61.73
SENAI-DESARU EXPRESSWAY      1.35      06/28/30    MYR     62.91
SENAI-DESARU EXPRESSWAY      1.35      12/31/29    MYR     64.08
SENAI-DESARU EXPRESSWAY      1.35      12/29/28    MYR     66.48
SENAI-DESARU EXPRESSWAY      1.35      06/30/28    MYR     67.79
SENAI-DESARU EXPRESSWAY      1.35      12/31/27    MYR     69.11
SENAI-DESARU EXPRESSWAY      1.35      06/30/27    MYR     70.41
SENAI-DESARU EXPRESSWAY      1.35      06/30/26    MYR     73.17
SENAI-DESARU EXPRESSWAY      1.15      06/30/25    MYR     75.01
SOUTHERN STEEL BHD           5.00      01/24/20    MYR      0.82
THONG GUAN INDUSTRIES B      5.00      10/10/19    MYR      2.17
VIZIONE HOLDINGS BHD         3.00      08/08/21    MYR      0.07
YTL LAND & DEVELOPMENT       3.00      10/31/21    MYR      0.35


NEW ZEALAND
-----------

PRECINCT PROPERTIES NEW      4.80      09/27/21    NZD      1.03


PHILIPPINES
-----------

BAYAN TELECOMMUNICATION     13.50      07/15/06    USD     22.75
BAYAN TELECOMMUNICATION     13.50      07/15/06    USD     22.75
PHILIPPINE GOVERNMENT B      3.63      03/21/33    PHP     68.00
PHILIPPINE GOVERNMENT B      4.63      09/09/40    PHP     70.57


SINGAPORE
---------

APL REALTY HOLDINGS PTE      5.95      06/02/24    USD     69.05
ASL MARINE HOLDINGS LTD      6.00      03/28/20    SGD     51.38
ASL MARINE HOLDINGS LTD      6.35      10/01/21    SGD     51.38
BAKRIE TELECOM PTE LTD      11.50      05/07/15    USD      0.76
BAKRIE TELECOM PTE LTD      11.50      05/07/15    USD      0.76
BERAU CAPITAL RESOURCES     12.50      07/08/15    USD     47.01
BERAU CAPITAL RESOURCES     12.50      07/08/15    USD     47.02
BLD INVESTMENTS PTE LTD      8.63      03/23/15    USD      4.88
BLUE OCEAN RESOURCES PT      4.00      12/31/21    USD     38.52
BLUE OCEAN RESOURCES PT      4.00      12/31/21    USD     38.52
BLUE OCEAN RESOURCES PT      4.00      12/31/21    USD     38.52
ENERCOAL RESOURCES PTE       9.25      08/05/14    USD     44.50
EZION HOLDINGS LTD           0.25      11/20/27    SGD     60.55
EZRA HOLDINGS LTD            4.88      04/24/18    SGD      5.00
HYFLUX LTD                   4.60      09/23/19    SGD     45.01
HYFLUX LTD                   4.25      09/07/18    SGD     45.38
HYFLUX LTD                   4.20      08/29/19    SGD     45.79
INDO INFRASTRUCTURE GRO      2.00      07/30/10    USD      1.00
INNOVATE CAPITAL PTE LT      6.00      12/11/24    USD     61.21
ITNL OFFSHORE PTE LTD        7.50      01/18/21    CNY     48.08
ORO NEGRO DRILLING PTE       7.50      01/24/19    USD     45.32
OSA GOLIATH PTE LTD         12.00      10/09/19    USD     62.63
PACIFIC RADIANCE LTD         4.30      09/30/19    SGD     10.00
RICKMERS MARITIME            8.45      05/15/17    SGD      5.00
SOECHI CAPITAL PTE LTD       8.38      01/31/23    USD     69.05
SOECHI CAPITAL PTE LTD       8.38      01/31/23    USD     69.20
SWIBER CAPITAL PTE LTD       6.25      10/30/17    SGD      4.20
SWIBER CAPITAL PTE LTD       6.50      08/02/18    SGD      4.20
SWIBER HOLDINGS LTD          7.13      04/18/17    SGD      7.75
SWIBER HOLDINGS LTD          7.75      09/18/17    CNY      7.75
SWIBER HOLDINGS LTD          5.55      10/10/16    SGD     12.25
THETA CAPITAL PTE LTD        6.75      10/31/26    USD     68.24
THETA CAPITAL PTE LTD        7.00      04/11/22    USD     74.21
TRIKOMSEL PTE LTD            5.25      05/10/16    SGD     16.00
TRIKOMSEL PTE LTD            7.88      06/05/17    SGD     16.00


SRI LANKA
---------

SRI LANKA GOVERNMENT BO      5.35      03/01/26    LKR     69.96
SRI LANKA GOVERNMENT BO      8.00      01/01/32    LKR     74.02


THAILAND
--------

G STEEL PCL                  3.00      10/04/15    USD      0.56
MDX PCL                      4.75      09/17/03    USD     30.00


VIETNAM
-------

DEBT AND ASSET TRADING       1.00      10/10/25    USD     68.14
DEBT AND ASSET TRADING       1.00      10/10/25    USD     68.81


                           *********


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.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2019.  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.



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