/raid1/www/Hosts/bankrupt/TCRAP_Public/190702.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, July 2, 2019, Vol. 22, No. 131
Headlines
A U S T R A L I A
D&C HOMES: Goes Into Liquidation; Owes About AUD800,000
FAUNCE DEVELOPMENTS: First Creditors' Meeting Set for July 10
HARRISONS TRADE: First Creditors' Meeting Set for July 8
LIDCO ARCHITECTURAL: Second Creditors' Meeting Set for July 8
MORISSET COUNTRY: Second Creditors' Meeting Set for July 10
WELLARD LIMITED: Goes Into Trading Halt Pending Announcement
C H I N A
CHINA DATANG: Thermal Power Plant in Gansu Files for Bankruptcy
SKYFAME REALTY: Fitch Publishes B- IDR, Outlook Stable
TAHOE GROUP: Moody's Affirms B3 CFR; Alters Outlook to Stable
I N D I A
AJANTA GARTEX: CARE Cuts INR9.36cr LT Loan Rating to B, Not Coop.
ANMOL ASSOCIATES: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
AVADH COTTON: CARE Maintains B+ Rating in Not Cooperating
BRAINER IMPEX: Insolvency Resolution Process Case Summary
COX & KINGS: Misses Debt Repayment on Unsecured Debt
EESAVYASA TECHNOLOGIES: Ind-Ra Cuts Issuer Rating to D, Not Coop
ENFIELD SOLAR: Insolvency Resolution Process Case Summary
ESKAY SILK: CARE Maintains D Rating in Not Cooperating
EVERSHINE SOLVEX: CARE Lowers Rating on INR14cr LT Loan to D
GAS PROJECTS: CARE Assigns 'B' Rating to INR4.75cr LT Loan
GREENCART VENTURES: Insolvency Resolution Process Case Summary
IL&FS: Board Shortlists Firms to Recast its Books
INFRA MOVES: CRISIL Migrates B+ Rating to Not Cooperating
JET AIRWAYS: Hinduja Group Keen on Bidding with Etihad
KAAS FOOTWEAR: CRISIL Migrates D Rating to Not Cooperating
KAVITA EXIM: CARE Migrates B Rating to Not Cooperating Category
M.T. PATIL: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
MANGALDEEP RICE: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
MUTNEJA RICE: CRISIL Withdraws B+ Rating on INR20cr Loans
NECTAFRESH AGRO: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
OMKAR INFRATECH: CARE Migrates B+ Rating to Not Cooperating
PRASHANT IMPEX: Insolvency Resolution Process Case Summary
QUADRA SOFTWARE: Insolvency Resolution Process Case Summary
R. C. KHINVASARA: CRISIL Migrates B+ Rating to Not Cooperating
REFRATHERM INT'L: CRISIL Moves B+ Rating to Not Cooperating
RIDDI SIDDI: CARE Reaffirms B+ Rating on INR1.0cr LT Loan
SHREE GANESH: CRISIL Downgrades Rating on INR9.47cr Loan to D
SHREE GANPATI: CRISIL Migrates D Rating to Not Cooperating
SHREERAJ ROTO: CARE Cuts INR6.32cr LT Loan Rating to B+, Not Coop.
SINGH CYCLE: CRISIL Migrates D Rating to Not Cooperating Category
SMART AGRO: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
SRI LAXMI: CARE Downgrades Rating on INR12.5cr Loan to 'D'
VENKATADRI SPINNING: CRISIL Migrates D Rating to Not Cooperating
VIJMOHAN CONSTRUCTIONS: CRISIL Moves B Rating to Not Cooperating
N E W Z E A L A N D
CBL CORP: On the Offensive against RBNZ on Liquidation
SMITHS CITY: Net Loss Narrows to NZ$1.7MM in FY Ended April 30
S R I L A N K A
SRI LANKA: Fitch Puts Final 'B' Rating to USD Bonds
X X X X X X X X
QISHLOG QURILISH: Moody's Affirms B2 Deposit Rating, Outlook Stable
[*] BOND PRICING: For the Week June 24, 2019 to June 28, 2019
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A U S T R A L I A
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D&C HOMES: Goes Into Liquidation; Owes About AUD800,000
-------------------------------------------------------
Cameron England at The Advertiser reports that yet another South
Australian building company has failed, with Norwood-based D&C
Homes placed in liquidation with debts of about AUD800,000.
It is the eighth SA residential builder to fail in the past 12
months, joining Coast to Coast Homes, JML Home Constructions, Tudor
Homes, Platinum Fine Homes and others, the report says.
Master Builders Association of SA chief executive Ian Markos said
it was "beyond frustrating" that practical solutions to help the
industry, which it suggested to the State Government last year, had
not been taken up.
The company's collapse left as many as 19 homes unfinished, the
report says.
FAUNCE DEVELOPMENTS: First Creditors' Meeting Set for July 10
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Faunce
Developments Pty Ltd will be held on July 10, 2019, at 10:00 a.m.
at the offices of Suite 508, 147 King Street, in Sydney, NSW.
William James Hamilton of WJ Hamilton was appointed as
administrator of Faunce Developments on June 28, 2019.
HARRISONS TRADE: First Creditors' Meeting Set for July 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Harrisons
Trade Centre Pty. Ltd. will be held on July 8, 2019, at 3:00 p.m.
at the offices of Dissolve Pty Ltd, Level 8, at 80 Clarence Street,
in Sydney, NSW.
Clifford John Sanderson of Dissolve Pty Ltd was appointed as
administrator of Harrisons Trade on June 26, 2019.
LIDCO ARCHITECTURAL: Second Creditors' Meeting Set for July 8
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Lidco
Architectural Systems Pty Ltd has been set for July 8, 2019, at
11:00 a.m. at the offices of Deloitte Financial Advisory Pty Ltd,
Eclipse Tower, Level 19, at 60 Station Street, in Parramatta, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 5, 2019, at 4:00 p.m.
David Ian Mansfield and Michael Charles Hird of Deloitte Financial
Advisory were appointed as administrators of Lidco Architectural on
May 31, 2019.
MORISSET COUNTRY: Second Creditors' Meeting Set for July 10
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Morisset
Country Club Limited has been set for July 10, 2019, at 3:00 p.m.
at Toronto Workers Club, at 9 James Street, in Toronto, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 9, 2019, at 5:00 p.m.
Cameron Hamish Gray and Anthony Wayne Elkerton of DW Advisory were
appointed as administrators of Morisset Country on June 4, 2019.
WELLARD LIMITED: Goes Into Trading Halt Pending Announcement
------------------------------------------------------------
Jenne Brammer at The West Australian reports that troubled live
exporter Wellard has placed its shares in a trading halt, pending
an announcement to be released to the market by July 3.
Shares were valued at 2.4 cents when the halt was called on July 1,
the report says.
According to The West Australian, the stock has plummeted 40 per
cent from 4 cents since June 11 when the company revealed a default
had triggered a hike in repayments of its debt of AUD15 million.
Headquartered in Fremantle, Australia, Wellard Limited --
http://www.wellard.com.au/-- primarily supplies live sheep and
cattle to customers in the Middle East and Asia. It operates
through Trading and Chartering, and Other segments. The Trading and
Chartering segment engages in the business of livestock marketing;
buying livestock from various sources for export to buyers in
international markets; and logistics and transportation activities
for the delivery of livestock, which include the carriage of cargo
owned by third parties through its vessels. The Other segment
processes and distributes meat.
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C H I N A
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CHINA DATANG: Thermal Power Plant in Gansu Files for Bankruptcy
---------------------------------------------------------------
Reuters reports that China Datang Group, one of China's biggest
power generators, said a subsidiary in northwestern Gansu province
that operates a coal-fired power station has applied for bankruptcy
and liquidation after it defaulted on about CNY16.44 million ($2.39
million) of debt.
China's coal-fired power producers are struggling as Beijing
promotes the use of renewable energy and opens up the
state-controlled power market, Reuters says. Another Datang Group
coal-fired plant went bankrupt last December.
Datang International Power Generation Liancheng Power Plant in
Gansu, which has a total installed capacity of 660 megawatts, had
total assets of about CNY594 million and CNY1.77 billion of debt by
the end of May, Datang International said in a filing to the
Shanghai Stock Exchange on June 27, Reuters discloses.
Datang Group owns 55% of Datang International Power, while
state-owned China Guodian Corporation owns 25% and the provincial
government-backed GEPIC Energy Development Co has a 20% stake,
Reuters discloses.
"(A) court has accepted creditors' application for bankruptcy and
liquidation of Liancheng power plant . . . and made (a) declaration
on insolvency of the firm for settlement of outstanding debt,"
Datang said, notes the report.
In December, Datang announced the bankruptcy of its Baoding Huayuan
thermal power plant after it failed to pay out billions yuan of
debt, Reuters recalls.
China's total investment in thermal power construction in 2018 was
the lowest since 2004 and more than half of the country's
coal-fired power plants have been in the red for two years, Reuters
reports citing data from the China Electricity Council.
Datang International's net profit fell 17.5% in 2018, the report
notes.
China Datang Corporation Ltd. primarily engages in the power
generation business in China. It is involved in the investment,
development, construction, operation, and management of electric
and energy; production and sale of organizational electric heat;
and manufacturing of electricity equipment. The company also
provides maintenance and commissioning services; and power
technology development and consulting services. In addition, it
engages in power engineering; power environmental protection
project contracting and consulting; development of new energy;
development and production of coal resources for electricity; and
import and export of various commodities and technologies.
SKYFAME REALTY: Fitch Publishes B- IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings published Skyfame Realty Limited's Long-Term
Foreign-Currency Issuer Default Rating of 'B-' with a Stable
Outlook, and its senior unsecured rating of 'B-' with a Recovery
Rating of RR4. Fitch has also assigned the China-based property
developer's proposed US dollar-denominated senior notes a 'B-(EXP)'
expected rating, with Recovery Rating of 'RR4'.
Skyfame's ratings are constrained by its scale, which is smaller
than rated peers, and relatively high leverage of close to 46% at
end-2018 following its acquisition of a large project in Chongqing,
China. Its ratings are supported by a growing EBITDA margin because
of low land cost. Fitch expects its leverage to gradually drop from
2020 given its sufficient land bank to support business growth for
the next two years.
The proposed notes are rated at the same level as Skyfame's senior
unsecured rating as they represent the company's unconditional and
irrevocable obligations. Skyfame intends to use the net proceeds
from the proposed notes to refinance its existing indebtedness and
for general corporate purposes. The final rating is subject to the
receipt of final documentation conforming to information already
received.
KEY RATING DRIVERS
Scale Smaller than Peers': Skyfame's rating is constrained by its
contracted-sales scale. The company had contracted sales of CNY9.4
billion in 2018 (2017: CNY5.8 billion), smaller than most of its
'B' rated peers' of CNY20 billion-30 billion and 'B-' rated peers'
of CNY10 billion-20 billion. Fitch expects Skyfame's contracted
sales to expand to CNY12 billion-16 billion in 2019-2020. In
addition, Skyfame has fewer than 10 projects under development.
However, its ability to significantly reduce its project
concentration by securing more land is limited by its tendency to
acquire large land plots and its higher leverage in 2018, which
puts the company under pressure to generate sales to meet its
financial obligations.
Leverage to Remain High: Fitch expects Skyfame's leverage, measured
by net debt/adjusted inventory, to remain at 45%-55% in the next
two to three years as Fitch estimates Skyfame will have to spend
about 60% on land acquisitions in next one to two years. This
expectation is based on Skyfame's target of 20%-30% annual growth
in contracted sales and a land bank life sufficient for four to
five years of development (end-2018: land bank life of six years).
The company's leverage rose to 46% at end-2018, from a net cash
position in 2017 and 28% in 2016, as the company accelerated land
acquisitions and construction. The company spent CNY5.7 billion, or
61% of its contracted sales, on buying land in 2018. The
land-acquisition-to-contracted sales ratio was 49% in 2017.
Construction new starts accelerated to 2.5 million square metres
(sq m) in 2018, from 0.6 million sq m in 2017.
EBITDA Margin to Improve: Fitch expects Skyfame's EBITDA margin,
excluding capitalised interest from cost of sales, to remain above
25% in 2019-2020. The company's EBITDA margin improved to 30% in
2018, from 22% in 2017 and 15% in 2016. This was partly due to
revenue increasing faster than sales, general and administrative
expenses and the recognition of more projects with high gross
margins, such as Skyfame Byland in Guangzhou (an old-town
redevelopment project with gross margins of 56%-59%). The company
has unrecognised contracted sales of CNY8.6 billion, which carry a
gross profit margin of about 30%, similar to the recognised gross
profit margin of 31% in 2018.
Low Land Bank Costs: Skyfame's average land cost was low at below
CNY3,000 per sq m. in 2018. Land bank cost accounted for only 27%
of the cost of goods sold on average in 2014-2018, and Fitch
expects this to continue to stay below 40% in the next few years.
The company keeps land costs low by avoiding auctions and choosing
to acquire sites through M&A, old town redevelopments and
preferential auctions, in which respective local governments invite
developers to offer bids to develop land. Skyfame has been the
preferred bidder for several plots of land, given its focus on
developing youth-entrepreneurship communities.
Increasing Scale, Sufficient Land Bank: Fitch expects Skyfame to
increase its land bank to 6 million-7 million sq m in 2019-2020
from 5.9 million sq m in 2018. As of end-2018, 6% of its unsold
gross floor area was in Tier 1 cities, while 81% were in Tier 2
cities. Skyfame is shifting its land bank from mainly in the Pearl
River Delta towards the Yangtze River Delta and western China.
Skyfame may also have access to another 19.47 million of land, most
of which are old urban areas that are planned for redevelopment in
the next 10 years. For some of these sites, Skyfame has signed
preliminary agreements with local governments to acquire the land,
which need to undergo primary development prior to auction.
DERIVATION SUMMARY
Compared with Sunshine 100 China Holdings Ltd (CCC+), Skyfame has
better land bank quality with more than 75% of land in Tier 1 and 2
cities. This makes Skyfame's contracted sales more predictable
compared with that of Sunshine 100. Skyfame's churn rate is more
than double of Sunshine 100's while their EBITDA margins are
similar. As a result, Skyfame is rated one notch higher than
Sunshine 100.
Both Skyfame and Oceanwide Holdings Co. Ltd. (B-/Stable) had EBITDA
margins of about 30% in 2018, but Oceanwide had a higher contracted
sales of about CNY17 billion and slightly higher recurring
EBITDA-to-gross interest coverage. At the same time, Oceanwide's
leverage of 70%-80% is higher than Skyfame's 46%. The two companies
are rated at the same level.
Xinhu Zhongbao Co., Ltd.'s (B-/Stable) contracted sales were double
that of Skyfame's in 2018. However, Xinhu Zhongbao's ratings are
constrained Fitch's expectation that its leverage will remain high
at 70%-80% in 2019-2020 after reaching 73% at end-2018. In
comparison, Fitch expects Skyfame's leverage to be 45%-55% and have
rated the two companies at the same level.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Contracted sales of CNY12 billion-16 billion in 2019-2020
(2018: CNY9.4 billion)
- 60% of contracted sales proceeds to be spent on land
replenishment, in order to maintain a land bank sufficient for four
to five years of development
- EBITDA margin, excluding capitalised interest from cost of
sales, at 28% in 2019-2020 (2018: 30%)
Recovery rating assumptions:
- Skyfame would be liquidated in a bankruptcy because it is an
asset-trading company
- 10% administrative claims
The liquidation estimate reflects Fitch's view of the value of the
inventory and other assets that can be realised and distributed to
creditors.
- Fitch applied a haircut of 30% to accounts receivable
- Fitch applied a haircut of 25% on adjusted inventory, which is
in-line with domestic peers with EBITDA margin of 25%-30%
- Fitch applied a haircut of 50% to property, plant and
equipment
Its estimate of Skyfame's liquidation value after administrative
claims of 10% corresponds to a Recovery Rating of 'RR3'. However,
Skyfame operates in China, which Fitch classifies under Group D of
jurisdictions where the law is not supportive of creditor rights or
there is significant volatility in application of law and
enforcement of claims. As a result, the Recovery Rating for
Skyfame's senior unsecured debt is capped at 'RR4'.
TAHOE GROUP: Moody's Affirms B3 CFR; Alters Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed Tahoe Group Co., Ltd's B3
corporate family rating and the Caa1 backed senior unsecured rating
on the notes issued by Tahoe Group Global (Co.,) Limited, a wholly
owned subsidiary of Tahoe, and guaranteed by Tahoe.
At the same time, Moody's has revised the ratings outlook to stable
from negative.
RATINGS RATIONALE
"The change in outlook to stable reflects Tahoe's proactive
liquidity management, as evidenced by its recent sale of stakes in
a number of property development projects to address its
refinancing needs," says Josephine Ho, a Moody's Vice President and
Senior Analyst.
"The change in outlook also reflects our expectation that Tahoe
will control its debt leverage over the next 12-18 months," adds
Ho, who is also Moody's Lead Analyst for Tahoe.
Between March and June 2019, Tahoe announced a series of stake
sales in various projects for a total consideration of RMB9.5
billion, and Moody's expects the company will use the proceeds
primarily to repay existing debt.
The company's cash on hand also increased to RMB20.6 billion as of
March 31, 2019 from RMB14.9 billion at the end of 2018, and it
reduced its short-term debt to RMB46.1 billion from RMB57.4 billion
over the same period.
Moody's expects Tahoe will continue to proactively manage its
liquidity position, for example by scaling back its land
acquisitions, seeking new capital from its funding channels and, if
needed, undertaking further asset sales to address its debt
repayment obligations.
Moody's further expects Tahoe's debt leverage --
as measured by revenue/adjusted debt -- to trend toward 25%-30%
over the next 12-18 months from 21.3% in 2018. Its interest
coverage, as measured by adjusted EBIT/interest, should also trend
toward 1.5x-1.7x from 1.3x over the same period, driven by the
company's control on debt and an expected increase in revenue.
However, such credit metrics remain weak when compared with many of
its rated industry peers, and position the company at the lower end
of the B-rating category.
Tahoe's B3 CFR reflects the company's large business scale relative
to many B-rated Chinese developers, long operating history, and
high-quality land bank spread across various regions in China.
However, the B3 CFR is constrained by its weak liquidity, sizable
exposure to trust loans and weak financial metrics.
Moody's has taken into account the potential change of control risk
associated with the company's key shareholder, Mr. Huang Qisen,
who, acting in concert with his wife, holds an effective 59% stake,
with almost all shares pledged. This risk is incorporated in
Tahoe's B3 CFR.
Tahoe's liquidity remains weak. As of March 31, 2019, its cash
holdings of RMB20.6 billion were insufficient to cover its
short-term debt of RMB46.1 billion and the RMB6.0 billion bond
becoming puttable in the next 12 months. Moody's expects Tahoe will
need to proactively source funding to address these refinancing
needs.
The company's Caa1 senior unsecured rating is one notch lower than
the CFR because of the risk of structural subordination. This risk
reflects Moody's expectation that the majority of claims will be at
the operating subsidiaries' level and will have priority over
claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. As a result, the expected recovery
rate for claims at the holding company will be lower.
The outlook on the ratings is stable, reflecting Moody's
expectation that Tahoe will continue to proactively manage its
liquidity and refinance its maturing debt.
Tahoe's ratings could be upgraded in the medium term if the company
(1) improves its liquidity, with its cash/short-term debt rising
above 0.8x-1x on a sustained basis; and (2) improves its credit
metrics, with EBIT/interest coverage above 1.5x and
revenue/adjusted debt above 40% on a sustained basis.
Downgrade rating pressure could arise if (1) Tahoe's liquidity
deteriorates; (2) its contracted sales and operating cash flow
weaken significantly; (3) its access to funding weakens materially.
Credit metrics indicative of downgrade include EBIT/Interest
coverage below 1.0x on a sustained basis.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Tahoe Group Co., Ltd listed on the Shenzhen Stock Exchange in 2010.
The company commenced its first residential property project in
Fuzhou in Fujian Province in 1996. Its operations are mainly
focused on residential property development, and it is also engaged
in commercial property development. At December 31, 2018, its land
bank totaled around 16 million square meters by saleable gross
floor area.
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I N D I A
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AJANTA GARTEX: CARE Cuts INR9.36cr LT Loan Rating to B, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ajanta Gartex Pvt. Ltd. (AGPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 9.36 CARE B; Stable; Issuer not
Facilities cooperating; Revised from
CARE B+; Stable on the basis
of best available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking No Default Statement from AGPL to monitor the
ratings vide e-mail communications dated June 7, 2019, June 5,
2019, June 3, 2019, May 31, 2019, May 15, 2019, May 8, 2019, May 6,
2019, May 2, 2019, April 30, 2019, March 31, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided no default statement for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on AGPL's bank facilities will now be denoted
as *CARE B; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise.
ANMOL ASSOCIATES: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Anmol Associates'
Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR50 mil. Fund-based working capital limits affirmed with
IND BB/Stable/IND A4+ rating; and
-- INR200 mil. (increased from INR100 mil.) Non-fund-based
working capital limits affirmed with IND A4+ rating.
KEY RATING DRIVERS
The affirmation reflects Anmol Associates' continued medium-small
scale of operations, as indicated by revenue of INR951.12 million
in FY19 (FY18: INR231.66 million). The revenue rose on a YoY basis
because of increased order execution. As on 31 May 2019, the firm
had an order book of INR1340.60 million (1.4x of FY19 revenue),
which is to be executed by FY20. The figures for FY19 are
provisional.
The ratings are constrained by the partnership nature of the
business.
However, Anmol Associates' EBITDA margins are healthy due to the
execution of high-margin projects. The margin fell slightly to
9.06% in FY19 (FY18: 9.48%) because of a decrease in other
operating income. The return on capital employed was 53% in FY19
(FY18: 16%).
Additionally, the company's credit metrics are comfortable owing to
its low debt levels. The metrics improved on a YoY basis in FY19
due to an increase in absolute EBITDA to INR86.21 million (INR21.97
million) on the back of revenue growth. The gross interest coverage
(operating EBITDA/gross interest expense) was 7.22x in FY19 (FY18:
2.77x) and net financial leverage (total adjusted net
debt/operating EBITDAR) was 0.89x (1.04x).
The ratings also benefit from the company's comfortable liquidity
position, as indicated by 83.59% average utilization of the working
capital limits during the 12 months ended in May 2019. The cash
flow from operations declined to INR0.57 million in FY19 (FY18:
INR35.45 million) and free cash flows turned negative at INR52.11
million (INR27.41 million). The cash flows deteriorated in FY19 due
to an increase in working capital requirements and the capex
undertaken by the firm. The net cash conversion cycle deteriorated
marginally to negative 60 days in FY19 (FY18: negative 62 days), on
account of a reduction in creditor days to 130 days (157 days).
The ratings are also supported by the promoters' experience of over
two decades in the civil construction industry.
RATING SENSITIVITIES
Negative: A decline in the margin, leading to deterioration in the
credit metrics, on a sustained basis, will be negative for the
ratings.
Positive: A significant improvement in the top-line and order book,
along with an improvement in the credit metrics on a sustained
basis will be positive for the ratings.
COMPANY PROFILE
Established in 2013, Anmol Associates is engaged in the
construction of roads and building, and irrigation works. It is an
approved Class A civil contractor for Uttar Pradesh Public Works
Departments and Class AA contractor for Lucknow Development
Authority and Uttar Pradesh Irrigation Department.
AVADH COTTON: CARE Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Avadh
Cotton Industries (ACI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 5.27 CARE B+; Stable: Issuer not
Facilities cooperating; Based on best
available information
CARE had, vide its press release dated April 2, 2018, placed the
rating(s) of ACI under the 'issuer non-cooperating' category as ACI
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. ACI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated December 4, 2018, January 4, 2019, January 19, 2019, April
25, 2019, June 3, 2019, June 7, 2019, and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating on April 2, 2018 the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
Financial risk profile marked by thin profit margins, leveraged
capital structure and moderate debt coverage indicators: The profit
margins of ACI have remained thin as marked by PBILDT margin of
2.70% during FY16 which has improved from 1.93% during FY15.
Further, PAT margin has also remained low at 0.11% which remained
in line as compared to previous year. The overall profitability
remained thin owing to its low value addition nature of business.
The capital structure of ACI has remained leveraged marked by an
overall gearing ratio of 2.63x as against 2.70x as on March 31,
2015 due to high debt level as against low net worth base. Further
on the back of increase in total debt level and increase in PBILDT
level, debt coverage indicators have remained at a moderate level
marked by total debt to GCA of 12.76 times as on March 31, 2016
(23.05 times as on March 31, 2015) and interest coverage of 2.34
times during FY16 (3.35 times during FY15).
Modest liquidity: The liquidity position of ACI remained modest
marked by current ratio and quick ratio of 1.30 times and 0.49
times as on March 31, 2016 as against 1.07 times and 0.34 times as
on March 31, 2015. During FY16, the operating cycle stood at 45
days as against 36 days during FY15. As on March 31, 2016, cash and
bank balance remained at INR0.82 crore. Cash flow from Operating
Activities (CFO) remained at INR0.19 crore during FY16. Average
working capital utilization for past twelve months ended September
2016 remained at 99%.
Presence in highly fragmented industry with constitution as a
partnership firm: High proportion of small scale units operating in
the cotton value chain has resulted in the fragmented nature of the
industry as well as intense competition within the players. Thus,
players present in segment operate at very low bargaining power
against its customers. Further, being a partnership firm, ACI is
exposed to the inherent risk of partner's capital at the time of
contingency.
Seasonality associated with cotton availability and susceptibility
of margins to cotton price fluctuations and prices and supply for
cotton are highly regulated by government: Prices of raw material
i.e. raw cotton are highly volatile in nature and depend upon
factors like, area under production, yield for the year,
international demand supply scenario, export quota decided by
government and inventory carry forward of last year. Cotton being a
seasonal crop as it is available mainly from November to February
results into a higher inventory holding period for the business.
Thus, aggregate effect of both the above factors results in
exposure of ginners to price volatility risk. Furthermore, the
cotton prices in India are highly regulated by government through
MSP (Minimum Support Price) fixed by government, though due to huge
demand supply mismatch the prices have rarely been below the MSP.
Key Rating Strengths
Experienced partners: ACI has been managed by Mr. Bharat Vaishnav,
Mr. Rasik Vaishnav and Mr. Jaydeep Sopavadia. All the partners hold
experience of more than five years of experience in the same line
of business.
Stabilization of operations backed by increased capacity
utilization leading to increase in the scale of operations in FY16:
ACI had started its commercial production from December 2014 hence
FY16 was its first full year of operations. As per the audited
results for FY16 (refers to April 1 to March 31), ACI has reported
a total operating income (TOI) of INR35.34crore as against INR21.52
crore during FY15.
Proximity to cotton growing area of Gujarat: The manufacturing
facilities of ACI are located at Jamnagar in Gujarat. Gujarat
produces around 30% of total national production of cotton; hence,
ACI's presence in the cotton producing region results in benefit
derived from a lower logistic expenditure (both on transportation
and storage), easy availability and procurement of raw materials at
effective prices and consistent demand for finished goods resulting
in a sustainable and clear revenue visibility.
Jamnagar (Gujarat) based ACI, a partnership firm, was constituted
in January 2014. The key partners of the firm are Mr. Bharat
Vaishnav, Mr. Rohit Sitapara, Mr.Parshotam Vaishnav, Mr.Rasik
Vaishnav and Mr. Jaydeep Sapovadia. The firm is engaged in the
cotton ginning and pressing of raw cotton with an installed
capacity of 12600 metric tonnes per annum (MTPA) of cotton bales as
on March 31, 2016.
BRAINER IMPEX: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Brainer Impex Limited
Registered office:
102, Shree Gajanan Apartment
Chincholi Bunder Road
Opp. Infant Jesus School, Malad West
Mumbai 400064
Insolvency Commencement Date: June 24, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: December 21, 2019
(180 days from commencement)
Insolvency professional: Vishram Narayan Panchpor
Interim Resolution
Professional: Vishram Narayan Panchpor
B 506, 5th Floor, Building No. 83
Chembur Sindhoo CHS
Tilak Nagar, Chembur
Mumbai 400089
E-mail: vishramp@gmail.com
Last date for
submission of claims: July 11, 2019
COX & KINGS: Misses Debt Repayment on Unsecured Debt
----------------------------------------------------
John Xavier at Bloomberg News reports that a travel planner in
India backed by the world's second-largest asset manager Vanguard
Group has defaulted on debt and its shares fell to a record low, as
cracks in the nation's credit market spread.
Cox and Kings Ltd. has paid only INR500 million ($73 million) of
the two billion rupees due June 26 on unsecured commercial papers,
Bloomberg discloses citing an exchange filing on June 27. Shares of
the company dropped by their daily limit of 10% on June 28, the
lowest since its trading debut in 2009, Bloomberg says.
According to Bloomberg, credit scare in India's money markets, that
started with IL&FS Group delinquency 12 months back, has worsened
off late with repayment issues faced by Dewan Housing Finance Corp.
and beleaguered tycoon Anil Ambani's companies. Cox & Kings's
market capitalization has more than halved in the last two weeks
following a downgrade of credit profile by Care Ratings Ltd, the
report says.
Earlier last week Brickwork Ratings Ltd. cut the ratings on the
company's non-convertible debentures by one notch to AA- citing
reasons including seasonal nature of tourism industry, economic
slowdown and foreign exchange fluctuations, Bloomberg recalls. The
rating of the travel company is also constrained on account of high
level of pledged shares by the founders of the company and its low
market capitalization, the rating company said in a June 24 note.
The Mumbai-based travel company is planning to repay its dues
through a combination of internal accruals and sale of assets, it
said in the filing, adds Bloomberg.
EESAVYASA TECHNOLOGIES: Ind-Ra Cuts Issuer Rating to D, Not Coop
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Eesavyasa
Technologies Private Limited's (ETPL) Long-Term Issuer Rating to
'IND D' from 'IND BB' while simultaneously migrating the ratings to
the non-cooperating category. The Outlook was Stable. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR100 mil. Fund-based working capital limits (Long term/Short
term) downgraded and migrated to non-cooperating category
with IND D (ISSUER NOT COOPERATING) rating;
-- INR40 mil. Non-fund-based working capital limits (Short term)
downgraded and migrated to non-cooperating category with IND
D (ISSUER NOT COOPERATING) rating;
-- INR80 mil. Proposed fund-based limits (Long term/Short term)
downgraded and migrated to non-cooperating category with
Provisional IND D (ISSUER NOT COOPERATING) rating; and
-- INR50 mil. Proposed non-fund-based limits (Short term)
downgraded and migrated to non-cooperating category with
Provisional IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
KEY RATING DRIVERS
The rating action reflects the overdrawn status of ETPL's working
capital limits for more than 30 days.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.
COMPANY PROFILE
Hyderabad-based ETPL is engaged in the design, development and
implementation of water treatment (effluent and drinking water
projects) and nanotechnology solutions. ETPL's business lines are
research and development, consultancy, project execution, and
manufacturing.
ENFIELD SOLAR: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Enfield Solar Energy Limited
Registered office:
9, Vivekananda Road, 4th Floor
Kolkata 700007
Insolvency Commencement Date: June 27, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: December 23, 2019
(180 days from commencement)
Insolvency professional: Mr. Bijay Murmuria
Interim Resolution
Professional: Mr. Bijay Murmuria
Trinity Towers, Suit No. 3G
226/1 AJC Bose Road
Kolkata, West Bengal 700020
E-mail: bijay_murmuria@
sumedhamanagement.com
- and -
Sumedha Management Solutions Pvt Ltd
11/1 Sarat Bose Road, Ideal Plaza
South Block, 4th Floor, Room No. 405
Kolkata 700020
E-mail: ip.enfieldsolar@gmail.com
Last date for
submission of claims: July 11, 2019
ESKAY SILK: CARE Maintains D Rating in Not Cooperating
------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Eskay Silk
Industries Private Limited (ESIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 16.19 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Short term Bank 2.50 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 2, 2018, placed the
rating(s) of ESIPL under the 'issuer non-cooperating' category as
Eskay Silk Industries Private Limited had failed to provide
information for monitoring of the rating. Eskay Silk Industries
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated April 22, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on July 2, 2018, the following were the
rating strengths and weaknesses (updated for data available from
MCA website and banker feedback).
Key Rating Weaknesses
Delays in debt servicing: As per the banker the account conduct is
satisfactory. However any further NDS, bank statements and written
confirmation from the banker is not available with CARE.
Eskay Silk Industries Private Limited (ESIPL) was promoted by Shri
Motilal Jain and Shri Suresh Kumar Jain in 1984 and later taken
over by Agarwal family in 1991. ESIPL was earlier primarily engaged
in trading of high quality textile fabrics has now ventured into
fabric manufacturing from FY12. The capacity of ESIPL stood at
36.72 lakh pieces per annum as on March 31,
2015.
The company has two other group companies in similar line of
business viz. Topman Exports Ltd. 'IND D (suspended)'; rating
withdrawn on October 27, 2016] and Topman Fabrics Pvt. Ltd.
EVERSHINE SOLVEX: CARE Lowers Rating on INR14cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Evershine Solvex Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 14.00 CARE D; ISSUER NOT COOPERATING
Facilities Revised from CARE BB-; Stable
Detailed Rationale & Key Rating drivers
CARE has been seeking no default statement from Evershine Solvex
Private Limited to monitor the rating vide e-mail communications
dated May 29, 2019, May 22, 2019, May 15, 2019, April 30, 2019,
April 3, 2019, April 1, 2019, March 30, 2019, March 7, 2019, March
5, 2019, March 1, 2019, February 28, 2019, February 7, 2019,
February 5, 2019, February 1, 2019 and January 31, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided no default statement for monitoring
the rating. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Evershine Solvex Private
Limited's bank facilities will now be denoted as CARE D; Issuer not
cooperating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The revision in the rating assigned to the bank facilities of
Evershine Solvex Private Limited takes into account instances of
delays in the servicing of the debt obligations because of weak
liquidity position of the company.
GAS PROJECTS: CARE Assigns 'B' Rating to INR4.75cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gas
Projects India Private Limited (GPIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 4.75 CARE B; Stable Assigned
Short-term Bank
Facilities 8.75 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of GPIPL is constrained
by small scale of operations, low profit margin, highly leveraged
capital structure and weak debt coverage indicators and elongated
operating cycle along with high liquidity position. The ratings are
further constrained by tender driven nature of business, inherent
volatility associated with raw material prices and presence in
highly competitive and fragmented industry. The above constraints
are partially offset by experienced promoter and reputed customer
base.
Going forward, the ability of the GPIPL to increase in total
operating income, profitability margins and capital structure and
managing its working capital requirements are the key rating
sensitivities.
Detailed description of Key rating drivers
Key rating Weakness
Fluctuating yet small scale of operations: The total operating
income of the company has shown a fluctuating trend during FY16 to
FY19. Further, during FY18 the operating income declined by 46% and
stood INR8.34 crore in FY18 vis-à-vis INR15.37 crore in FY17 due
to lower number of tender received and order executed during that
period.
Low profit margins: GPIPL profit margins of the company stood
moderate marked by PBILDT margin and PAT margin of 5.99% and 1.87%
in FY19 (as against 9.87% and 0.74% during FY18) owing to increase
in other operating expenses in proportion to the total operating
income mainly due to increase in sub contracts charges. The PAT
margin remained below unity during FY16-FY18, whereas during FY19
it posted net loss after excluding the non-operating income of
INR0.86 crore.
Highly leveraged capital structure & weak debt protection metrics:
GPIPL's capital structure and debt coverage indicators have
remained highly leveraged over the years (FY16-19). The same has
marginally improved with overall gearing of 5.77x as on March 31,
2019 (vis-à-vis 6.13x as on March 31, 2018) due accretion of
profits to reserves although it continues to remain highly
leveraged. Further, debt service coverage indicators stood weak
marked by interest coverage ratio and total debt to GCA at 0.68x
and 35.26x in FY19 as against (1.32x and 70.58x in FY18) due to
higher debt level and very low cash accruals.
Elongated operating cycle along with high liquidity position: The
operations of GPIPL's are working capital intensive in nature with
a high level of funds of over 237-430 days blocked in inventory and
over 108-222 days blocked in debtors. On the other hand, a moderate
credit period of over 32-53 days is extended by the suppliers to
the company, thereby leading to a highly elongated operating cycle
of over 291-599 days over FY16-FY19. Further, the liquidity
position of GPIPL stood high (marked by current ratio of 3.58x for
FY19 as compare to 5.37x in FY18) whereas the working capital of
the company remained capital intensive in nature with 85-90% of
working capital utilization level for past 6 months ended May
2019.
Tender driven nature of business: GPIPL procures orders through
tender bidding process and only after successful bidding, it
receives orders. The nature of the company's order is tender-driven
and based on requisite milestones to complete the order within the
timeline frame. As the present customer of GPIPL are mainly
government controlled entities such as Indian Oil, HPCL and BPCL
which generally issues orders through tender-bidding process and
for GPIPL the requisite successful biding requires cost of
associated materials and labor with additional complexity of bid
shall be critical view in operations perspective. Going forward, on
account of various participants in the market for tender-bidding,
the probability of accepting orders by the requesting organization
shall always be critical point.
Present in competitive nature of industry: GPIPL is engaged into
manufacturing process which is highly fragmented with a high level
of competition from both the organized and largely unorganized
sector, along with the susceptibility of margins to volatile raw
material prices.
Volatility in raw material prices: The key raw material for GPIPL
is steels and engineering goods whose prices are volatile in nature
on account of demand and supply factor. Thus the fluctuating prices
for raw materials shall be critical as it can affect production
capacity to manufacture LPG cylinders and cost of such cylinders
too.
Key rating Strengths
Experienced promoters and long track record of operations: GPIPL
has a track record of around three decades in manufacturing of Auto
LPG dispensing stations and engineering project. The promoters of
the company have been associated with the company since its
inception and they has an experience of more than three decades
through his association with GPIPL & other group associates.
Operations of the company are managed by professionals with
extensive industry and management experience. GPIPL has an in-house
engineering team, with the ability to manufacture products as per
client's specifications. On account of long track record of
operations and experience of the promoters, the company has gained
a reputation and has established good relationships with its
customers & suppliers.
Reputed and diversified customer base: In past the company has been
dealing with the reputed clients across India. GPIPL has managed to
get orders from reputed clients namely Indian Oil Corporation
Limited, Hindustan Petroleum Corporation Limited, The Indian
Seamless Metal Tubes Limited, Steel Authority of India Limited,
Gujarat Organics Limited, Met LAB Services Private Limited, Tata
Steel Limited, and Metal man Auto Private Limited. Diverse and
reputed client base reduces customer concentration risk and timely
realization of receivables.
Gas Projects India Private Limited has its existence since 1982 as
Sintech Equipment Mfg Co Private Limited later on during 2001 it
got amalgamated into Gas Projects India Private Limited by Parikh
Family. The company is engaged in manufacturing and installation of
Auto LPG dispensing stations (ALDPs), Vessels, tankers and also
supplies electrical, electronics, civil automation engineering
goods. Further, GPIPL also generates revenue from turnkey solution
services with manufacturing capability and PAN India service
support network. GPIPL has its manufacturing facilities located at
Navi Mumbai and registered office located at Ghatkopar Mumbai.
GREENCART VENTURES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Greencart Ventures Private Limited
Registered office:
A-507-508, Riviera Towers
Lokhandwala, Kandivali (East)
Mumbai 400101 Maharashtra
Insolvency Commencement Date: June 12, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: December 9, 2019
(180 days from commencement)
Insolvency professional: Vishram Narayan Panchpor
Interim Resolution
Professional: Vishram Narayan Panchpor
B 506, 5th Floor, Building No. 83
Chembur Sindhoo CHS
Tilak Nagar, Chembur
Mumbai 400089
E-mail: vishramp@gmail.com
Last date for
submission of claims: July 9, 2019
IL&FS: Board Shortlists Firms to Recast its Books
-------------------------------------------------
The Economic Times reports that after the Serious Fraud
Investigation Office (SFIO) took a strong view against the big four
audit firms, the board of IL&FS has shortlisted Indian firms to
reopen and recast IL&FS' books and the mandate for the job is
likely to go to Borkar & Muzumdar and GM Kapadia and Co.
The recast is expected to be completed in three months once the
matter is conformed, ET says. Since the Ministry of Corporate
Affairs and the SFIO have taken a strong view against some of the
big four agencies that were auditors to IL&FS and are being probed
for their role in not being able to raise the red flag, the choice
may fall upon Indian firms from a list of potential firms available
with the board, according to ET.
"Borkar and Muzumdar would be auditing IFIN and IL&FS while GM
Kapadia would be auditing ITNL accounts for the past five years
from FY13-FY18," a person aware of the matter said on condition of
anonymity, ET relays.
ET relates that the IL&FS board has already shared its
recommendations with the MCA, which in turn will seek the court's
approval, the person said. An IL&FS spokesperson declined to
comment on the development. This move by the board follows the
Supreme Court order on June 4, 2019, allowing the company to reopen
and recast past five-year books of accounts to ascertain the extent
of irregularities by the erstwhile management in case of IL&FS,
IFIN and ITNL, the report states.
NCLAT had already approved the reopening and recasting of accounts
of IL&FS and group companies but it was challenged in the Supreme
Court, which was vacated by the apex court recently, ET notes.
This move of completing the recast in a time-bound manner will also
help in divesting assets in these companies, as the bidders would
be able to take an informed, call-based decision on the revised
audited accounts of the company, the person cited earlier said, ET
relays.
According to the report, the board has already announced divestment
of various businesses, including roads, which are in various stages
of due diligence by companies that have participated in the
expression of interest process. It has raised funds by selling
renewable energy business. Stake sale in seven wind energy SPVs is
in the final stage after Japan's Orix has conveyed its decision to
match Gail's offer, says ET.
Last week, the board reviewed the progress on divestment of all
domestic and overseas assets and decided to constitute a six-member
empowered committee--including four directors Vineet Nayyar, CS
Rajan, Bijay Kumar, N Srinivasan, and COO N Sivaraman--to discuss
and finalise the asset-wise framework of resolution with lenders,
ET reports. The board also decided to allow the bidders for toll
road assets to jointly monitor traffic data and assess the revenue
stream, adds ET.
About IL&FS
Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.
As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the government on Oct. 1,
2018, stepped in to take control of crisis-ridden IL&FS by moving
the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.
INFRA MOVES: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Infra Moves
Private Limited (IMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 11 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with IMPL for obtaining
information through letters and emails dated March 30, 2019, June
10, 2019 and June 14, 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 IMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of IMPL to 'CRISIL B+/Stable Issuer not cooperating'.
Established in July 2010, IMPL is an authorised dealer for VE
Commercial Vehicles Ltd's Eicher brand of trucks. The company also
operates a Volvo spare parts dealership. Mr Rajiv Sabhlok, the
promoter, manages the operations. Mr Sabhlok set up a partnership
firm, Reliable (now: Reliable Industries; 'CRISIL
BBB-/Stable/CRISIL A3/Issuer Not Cooperating') in 1984, which is an
authorised dealer for Hero Motocorp and Maruti Suzuki India Ltd.
JET AIRWAYS: Hinduja Group Keen on Bidding with Etihad
------------------------------------------------------
Financial Express, citing ET Now, reports that Hinduja Group is
keen on exploring bidding terms with Jet Airways's investor Etihad
as the lenders desperately seek a resolution plan for the
beleaguered airline. FE relates that Hinduja Group called on
lenders in London this weekend to discuss terms and conditions for
bidding under Insolvency and Bankruptcy Code, the media channel
reported, adding that the committee of creditors may seek
expression of interest (EoI) for Naresh Goyal-founded Jet Airways
as early as this week. Hinduja Group has been in talks with the
lenders for an out of court settlement as well.
FE says the diversified business group had put certain conditions
and sought assurances from the government before it actually
invests in the airline. According to media reports, the group does
not wish to be dragged into cases pertaining to financial
irregularities in the airline that may have happened during Naresh
Goyal tenure, FE relays. Also, it wants to ensure that the group
does not suffer in any manner after it makes an investment in Jet
Airways.
Earlier in May, Hinduja Group said that it is considering a bid in
Jet Airways. However, it didn't divulge information on whether the
diversified conglomerate plans to take a haircut on loans of about
INR8,400 crore, FE recalls. The billionaire brothers Gopichand and
Srichand Hinduja-led group, if puts its weight behind Jet Airways,
may bring some respite to the consortium of lenders and Jet
Airways' employees who have not been given salary of about 4
months, FE states. Gopichand and Srichand Hinduja, are among the
richest people in the United Kingdom, FE notes.
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provided passenger and cargo air
transportation services. It also provided aircraft leasing
services. It operated flights to 66 destinations in India and
international countries.
As reported in the Troubled Company Reporter-Asia Pacific on June
24, 2019, Reuters said the National Company Law Tribunal (NCLT), on
June 20 accepted an insolvency petition against Jet Airways Ltd
filed by its creditors as they attempt to recover some of their
dues. The insolvency process will allow lenders to sell the
company as a whole or in parts, laying out a fixed timeline for a
resolution around its future.
Jet Airways Ltd on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.
The total liabilities of the airline, including unpaid salaries and
vendor dues, are nearly INR15,000 crore, Livemint disclosed.
KAAS FOOTWEAR: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kaas Footwear
Industries Private Limited (KAAS) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.67 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 6.71 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with KAAS for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 KAAS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KAAS is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of KAAS to 'CRISIL D Issuer not cooperating'.
Incorporated in February 2014 and promoted by Mr Rajesh Karande and
family, Kaas started commercial operations in November 2015 and
manufactures shoes for men and women. Unit is in Khed SEZ near
Pune.
KAVITA EXIM: CARE Migrates B Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Kavita
Exim Private Limited (KEPL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 CARE B; Stable; Issuer not
Facilities cooperating; Based on best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking no default statement from KEPL to monitor the
ratings vide e-mail communications dated June 4, 2019, May 31,
2019, May 15, 2019, May 8, 2019, May 6, 2019, May 2, 2019, April
30, 2019, March 31, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided no default
statement for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on KEPL's
bank facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise.
M.T. PATIL: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M.T. Patil
Builders and Contractors Private Limited (Patil) a Long-Term Issuer
Rating of 'IND BB+'. The Outlook is Stable.
The instrument-wise rating actions are:
-- 100 mil. Fund-based facility assigned with IND BB+/Stable/IND
A4+ rating; and
--150 mil. Non-fund base facility assigned with IND A4+ rating.
KEY RATING DRIVERS
The ratings reflect Patil's small scale of operations, as indicated
by revenue of INR456 million in FY19 (FY18: INR449 million, FY17:
INR407 million). The marginal growth in the revenue in FY19 was on
account of an increase in orders and the timely execution of orders
on hand. As on 23 May 2019, the company had an order book of
INR714.57 million (1.57x of FY19 revenue), of which L1 orders
account for INR387.04 million; the management expects the orders to
be executed during FY20. The numbers for FY19 are provisional.
The ratings also reflect the highly concentrated nature of the
order book, as the company executes work in and around Nashik
only.
The company's EBITDA margins are average due to the high
competition in the business. The EBITDA margins were in the range
of 8.4% to 10.7% during FY15-FY19. The margin increased to 10.7% in
FY19 (FY18: 9.3%) due to a reduction in the variable expenses. The
return on capital employed of the company was 13% in FY19 (FY18:
12%, FY17: 14%)
The rating factor in moderate credit metrics. The interest coverage
(operating EBITDA/gross interest expense) was 4.5x (FY18: 3.9x,
FY17: 4.4x, FY16: 4.1x) and net leverage (total adjusted net
debt/operating EBITDAR) was 0.8x (FY18: 1.6x, FY17: 1.3x, FY16:
1.9x). The metrics improved in FY19 on account of an increase in
the absolute EBITDA to INR49 million (FY18: INR42 million) and
reduction in the total debt to INR41 million (FY18: INR149 million)
due to lower utilization of the fund-based limits
The ratings are supported by the comfortable liquidity position,
with average utilization of fund-based limits and non-fund based
limits standing at 77.0% and 42.9%, respectively, during the 12
months ended April 2019. The net cash conversion cycle deteriorated
to 41 days in FY19 (FY18: negative 13 days, FY17: 10 days, FY16: 22
days), as early payment to creditors caused creditor days to
decline to eight days (FY18: 60 days, FY17: 16 days). The fund flow
from operations was positive during FY15-FY18 and stood at INR34
million in FY18 (FY17: INR27 million; FY16: INR25 million).
The ratings also benefit from the promoters' experience of more
than six decades in the civil construction business.
RATING SENSITIVITIES
Negative: Any decline in the revenue and EBITDA margins, leading to
deterioration in the credit metrics, all on a sustained basis, will
be negative for the rating
Positive: A rise in the revenue and EBITDA margins, leading to
improvement in the credit metrics, all on a sustained basis, will
be positive for the ratings.
COMPANY PROFILE
Patil was established in 1952 as a proprietorship firm by Mr. M.T.
Patil. It was reconstituted as a private limited company in March
1997 under the name M.T. Patil Builders And Contractors Private
Limited, with Mr. Avinash Madhavrao Patil (son of Mr. M.T. Patil)
and Mr. Ranjit Madhavrao Patil as directors. The company undertakes
civil construction and infrastructure projects, including the
construction of roads and highways, public utility buildings and
concrete structures. It is located at Nashik.
MANGALDEEP RICE: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mangaldeep Rice
Mills Pvt Ltd's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR42.3 mil. Long-term loans due on March 2022 migrated to
non-cooperating category with IND BB- (ISSUER NOT
COOPERATING) rating; and
-- INR60 mil. Fund-based limits migrated to non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 5, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2011, Mangaldeep Rice Mills is engaged in the rice
trading business.
MUTNEJA RICE: CRISIL Withdraws B+ Rating on INR20cr Loans
---------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Mutneja
Rice Mills (MRM) on the request of the company and after receiving
no objection certificate from the bank. The rating action is
in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating
Withdrawn)
Proposed Long Term 2 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating
Withdrawn)
CRISIL has been consistently following up with MRM 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 MRM. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for MRM 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, CRISIL
has Continues the ratings on the bank facilities of MRM to 'CRISIL
B+/Stable Issuer not cooperating'.
MRM processes basmati rice. Its facility in Jalalabad, Punjab, has
milling and sorting capacity of 5 tonne per hour.
NECTAFRESH AGRO: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nectafresh Agro
Foods' (NAF) Long-Term Issuer Rating at 'IND BB-'. The Outlook is
Stable.
The instrument-wise rating actions are:
-- INR39 mil. (reduced from INR45 mil.) Term loan due on December
2023 affirmed with IND BB-/Stable rating; and
-- INR20 mil. Fund-based limits affirmed with IND BB-/Stable
rating.
KEY RATING DRIVERS
The affirmation reflects the firm's continued small scale of
operations as reflected by FY19 revenue of INR596 million (FY18:
INR269 million). The growth in revenue was driven by increased
orders and introduction of new product (cattle feed) and increased
installation capacity. FY19 financials are provisional in nature.
The affirmation also factors in the firm's modest operating margin
as it manufactures low-margin products. Return on capital employed
was 10% and EBITDA margins were modest at 4.82% in FY19 (FY18:
5.63%). Deterioration in the operating margin was due to higher
raw material costs.
The ratings are constrained by NAF's tight liquidity profile, as
reflected from its 90% average working capital utilization during
the 12 months ended May 2019. The cash and cash equivalents stood
at INR1.26 million during FY19 (FY18: INR1.10 million). The cash
flow from operations was negative at INR7.16 million (FY18:
INR25.12 million) due to an increase in working capital.
The ratings also factor in the partnership nature of the firm's
business.
The ratings, however, continue to derive support from the entity's
strong credit metrics, despite the deterioration in interest
coverage. Interest coverage (operating EBITDA/gross interest
expense) deteriorated to 5.02x in FY19 (FY18: 11x) while net
financial leverage (total adjusted net debt/operating EBITDA)
improved to 3.09x (4.28x).The deterioration in the interest
coverage was due to higher interest cost on account of increased
debt which stood at INR90.20 million in FY19 (FY18: INR65.94
million) for capex. The net financial leverage, however, improved
due to improvement in the absolute EBITDA as the increase in debt
was more than offset by an increase in EBITDA.
The ratings are further supported by NAF's partners' almost 10
years of experience in manufacturing inverted sugar syrup and
cattle feed.
RATING SENSITIVITIES
Positive: A significant and sustained improvement in revenue will
be positive for the ratings.
Negative: A decline in revenue and/or EBITDA, leading to
deterioration in the credit metrics, on a sustained basis, could
lead to negative rating action.
COMPANY PROFILE
Incorporated in 2010, NAF manufactures inverted sugar syrup and
cattle feed. It is managed by Rakesh Singh and Vikesh Kumar.
OMKAR INFRATECH: CARE Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Omkar
Infratech Limited (OIL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 6.28 CARE B+; Stable; Issuer not
Facilities cooperating; Based on best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking No Default Statement from OIL to monitor the
ratings vide e-mail communications dated June 7, 2019, June 5,
2019, June 3, 2019, May 31, 2019, May 15, 2019, May 8, 2019, May 6,
2019, May 2, 2019, April 30, 2019, March 31, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided no default statement for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on OIL's bank facilities will now be denoted as
CARE B+; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise.
PRASHANT IMPEX: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Pashant Impex Private Limited
Wellesley House 7
Red Cross Place, 3rd Floor
Kolkata 700001
Insolvency Commencement Date: June 27, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: December 23, 2019
Insolvency professional: Mahesh Chand Gupta
Interim Resolution
Professional: Mahesh Chand Gupta
FE-202, Salt Lake City
Sector 3, 1st Floor
Kolkata 700106
E-mail: mcgupta90@gmail.com
pipl.cirp@gmail.com
Last date for
submission of claims: July 11, 2019
QUADRA SOFTWARE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Quadra Software Solutions Private Limited
No. 35/4, Langford Road Cross
Bangalore 560025
Insolvency Commencement Date: June 25, 2019
Court: National Company Law Tribunal, Bangalore Bench
Estimated date of closure of
insolvency resolution process: December 22, 2019
(180 days from commencement)
Insolvency professional: Mr. Addanki Haresh
Interim Resolution
Professional: Mr. Addanki Haresh
No. 36/1, 2nd Floor, Munivenkatappa
Complex, Bellary Road, Ganganagar
Bangalore 560032
E-mail: addanki.haresh@gmail.com
Last date for
submission of claims: July 9, 2019
R. C. KHINVASARA: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of R. C.
Khinvasara (RCK) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 12 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with RCK for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 RCK. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RCK is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RCK to 'CRISIL B+/Stable Issuer not cooperating'.
Set up in 2014 as a partnership firm by Mr R C Khinvasara and
family, RCK undertakes real estate development in Aurangabad. It is
currently developing a 74-unit commercial project, Khinvasara Gold
Plex.
REFRATHERM INT'L: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Refratherm
International Private Limited (RIPL) to 'CRISIL B+/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10.96 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 14.04 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with RIPL for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 RIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RIPL to 'CRISIL B+/Stable Issuer not cooperating'.
RIPL was incorporated in February 2007 and is engaged in
manufacturing of high quality Calcined Pet Coke (CPC) in different
specifications. The day-to-day operations of the company are looked
after by Mr. Krishnendu Shaw and his wife Mrs. Meeta Shaw, who are
the promoter-director of the company.
RIDDI SIDDI: CARE Reaffirms B+ Rating on INR1.0cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Riddi Siddi Timber Private Limited (RST), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 1.00 CARE B+; Stable Reaffirmed
Short-term Bank
Facilities 8.40 CARE A4 Reaffirmed
Detailed Rational and key rating drivers
The ratings assigned to the bank facilities of RST continue to be
constrained by its small scale of operations along with low
profitability margins, leveraged capital structure. The ratings are
further constrained by foreign exchange fluctuation risk, presence
in a highly fragmented and competitive timber industry coupled with
high dependence on the real estate sector. The ratings, however,
continue to take comfort from experienced management in trading of
wood & wood products, moderate operating cycle and location
advantage in terms of easy accessibility to traded products.
Going forward, the ability of the company to profitably scale-up
its operations while improving its overall solvency position and
managing working capital requirements efficiently, will remain the
key rating sensitivities.
Detailed description of key rating drivers
Key rating weakness
Small, though increasing scale of operations along with low
profitability margins: Though, the scale of operations of the
company stood small, it increased by ~26% to INR26.48 core in FY19
(Prov.) owing to higher orders received during the period. The
small scale of operations limits the company's financial
flexibility in times of stress and deprives it from scale
benefits.
The profitability margins of the company stood low marked by PBILDT
margin of 0.50% and PAT margin of 0.26% in FY19(Prov.). The PBILDT
margin of the company declined marginally from 0.96% in FY18 on
account of increase in cost of traded goods that could not be
passed onto the customers. The PAT margin, however, improved
marginally from 0.24% in FY18 to 0.26% in FY19(Prov.). The gross
cash accruals of the company stood at INR0.08 crore in FY19 (Prov.)
as against INR0.07 crore in FY18.
Leveraged capital structure: The company has a leveraged capital
structure marked by overall gearing ratio of 1.42x as on March 31,
2019 (Provisional). The total debt to GCA ratio of the company
stood weak at 31.88x, as on March 31, 2019 (PY: 17.02x). The same
deteriorated in FY19 on account of higher debt levels of the
company. However, the interest coverage ratio of the company stood
moderate and improved to 5.50x in FY19 (PY: 1.85x) on account of
lower interest expenses incurred in FY19(Prov.).
Foreign currency fluctuation risk: The company is mainly importing
raw material and it's completely sold in the domestic market.
Therefore, RST's profitability margins are exposed to volatility in
foreign exchange.
Presence in a highly competitive nature of industry and dependence
on the real estate sector: The timber trading sector is highly
competitive, comprising a large number a large number of players in
the organized segment as a result of low entry barriers.
Furthermore, the timber industry is primarily dependent upon the
demand of real estate and construction sector across the globe.
Key rating strengths
Experienced promoters in trading of wood & wood products:
Mr. Anand Mittal and Mr. Kamal Kumar are promoters of RST. Mr.
Anand Mittal and Mr. Kamal Kumar have more than a decade of
experience in the wood and wood product industry through their
association with the company and associate concerns. Both the
directors collectively look after the overall operations of the
company.
Liquidity position: The operating cycle of the company remained
moderate at 25 days, as on March 31, 2019. The average utilization
of the working capital borrowings remained ~80% for the 12 month
period ended May-2019. RST does not have any external term debt
liability, as on March 31, 2019 and hence no term debt repayment
obligation in FY20. The liquidity position of the company stood
moderate marked by current ratio of 1.21x and quick ratio of 1.06x,
as on March 31, 2019.
Location advantage in terms of easy accessibility to traded
products: Proximity of the company's warehouse to the port of
Kandla reduces the logistics issues associated with wood, which is
a bulky commodity and also offers the advantage of lower freight
costs.
Delhi-based Riddi Siddi Timber Private Limited (RST) was
incorporated in July, 2012. The company is being managed by Mr
Anand Mittal and Mr Kamal Kumar. RST is engaged in trading and
sawing of timber wood at its processing facility located in
Gandhidham (Gujarat). The company imports the raw material of
timber logs from agents based in New Zealand and also procures them
domestically from agents based in Gujarat. RST sells the products
i.e. timber logs, lumber and saw dust to wholesalers and
manufacturers located across Haryana, Maharashtra, Delhi and
Gujarat.
SHREE GANESH: CRISIL Downgrades Rating on INR9.47cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shree Ganesh Education and Welfare Society (SGEW) to 'CRISIL D'
from 'CRISIL B+/Stable'. The downgrade reflects delay by SGEW in
servicing its debt, and over-utilisation of its overdraft
facility.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 9.47 CRISIL D (Downgraded from
'CRISIL B+/Stable')
SGEW's scale of operations remains modest and average financial
risk profile. However, the trust benefits from healthy demand
prospects for education.
Analytical Approach
Unsecured loans (INR1.0 crore as on March 31, 2018) extended to
SGEW by the promoters have been treated as debt as they had been
withdrawn in the past.
Key Rating Drivers & Detailed Description
Weaknesses
* Delay in servicing debt: Weak liquidity has led to delay in
interest payment and repayment of term loan availed by the society.
Moreover, its overdraft limit was overdrawn for over 30 days.
* Modest scale and limited track record of operations: Though scale
has increased marginally, it remains small, reflected in revenue of
INR9.46 crore in fiscal 2018 against INR6.27 crore in fiscal 2017.
The revenue increased because of launch of new courses such as
Bachelor of Education and Master of Business Administration.
Furthermore, the society has received approval for offering
Bachelor of Business Administration and Bachelor of Science
courses, which were launched in August 2018. Approval for offering
a graduate course in law is pending. The scale of operations will
increase over the medium term due to the new courses. SGEW has
limited track record of operations as it started offering education
courses only in 2014. Sound track record and brand are the most
critical factors in the education sector for high enrolment. The
business risk profile is likely to remain constrained by limited
track record of operations.
* Average financial risk profile: March 31, 2018, networth and
gearing were moderate at INR7.01 crore and 1.19 times, respectively
(INR5.63 crore and 1.52 times, respectively, as on March 31, 2017).
Debt protection metrics were adequate, with interest coverage at
4.26 times and net cash accrual to total debt ratio at 0.34 time in
fiscal 2018 (1.86 times and 0.11 time, respectively, in fiscal
2017). The financial risk profile should remain moderate over the
medium term.
Strength
* Healthy demand prospects for education: Over the years, there has
been a thrust on education by both state and central governments.
The institutes of SGEW are affiliated to Dr A P J Abdul Kalam
Technical University (formerly, Uttar Pradesh Technical University)
and approved by All India Council for Technical Education. The
private sector is playing a significant role in the education
sector, especially professional education, in the country. With
popularisation of private self-financing colleges and deemed
universities, the role of the private sector in education has been
accepted and recognised. This augurs well for enrolment into
educational institutions. Private institutions are likely to
witness healthy student enrolment over the medium term.
Liquidity
Liquidity is stretched, resulting in delay in interest payment and
repayment of term loan. Moreover, the society overdrew its
overdraft limit for over 30 days.
Set up in 2011 at Saharanpur (Uttar Pradesh), SGEW provides
educational services through its Dev Rishi Institute and Dev Rishi
International College. Mr Dinesh Kumar (president), Ms Soniya
(secretary), are Mr Om Singh (treasurer) are the promoters.
SHREE GANPATI: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Ganpati
Ridhi Sidhi Agro Industries Private Limited (SGRSAI) to 'CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 7.7 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Cash 2.5 CRISIL D (ISSUER NOT
Credit Limit COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SGRSAI for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 SGRSAI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SGRSAI is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SGRSAI to 'CRISIL D Issuer not cooperating'.
Incorporated in 2013, SGRSAI mills and processes non-basmati rice
and wheat at its unit at Mau in Uttar Pradesh. It commenced
commercial operations in April 2015. The company is promoted by Mr
Nirmal Gupta and his family members.
SHREERAJ ROTO: CARE Cuts INR6.32cr LT Loan Rating to B+, Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shreeraj Roto India Limited (SRIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.32 CARE B+; Stable; Issuer not
Facilities cooperating; Revised from
CARE BB-; Stable on the basis
of best available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking No Default Statement from SRIL to monitor the
ratings vide e-mail communications dated June 7, 2019, June 5 2019,
June 3, 2019, May 31, 2019, May 15, 2019 May 8, 2019, May 6, 2019,
May 2, 2019, April 30, 2019, March 31, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided No Default Statement for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on SRIL's bank facilities will now be denoted as CARE
B+;Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise.
SINGH CYCLE: CRISIL Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Singh Cycle
And Motor Co. Private Limited (SCMCPL) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Drop Line 5 CRISIL D (ISSUER NOT
Overdraft Facility COOPERATING; Rating Migrated)
Inventory Funding 10 CRISIL D (ISSUER NOT
Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SCMCPL for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 SCMCPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCMCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SCMCPL to 'CRISIL D Issuer not cooperating'.
SCMCPL was incorporated in fiscal 2013, promoted by Mr P S Bedi and
family. The company is the authorized dealer for HMIL's passenger
cars in Pune, Maharashtra. It commenced operations in January 2016
and currently has one showroom and two workshops in Pune.
SMART AGRO: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Smart Agro Food
Park Private Limited (SAFPPL) a Long-Term Issuer Rating of 'IND
B+'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR250 mil. Term loan due on November 2023 assigned with
IND B+/Stable rating.
KEY RATING DRIVERS
The ratings reflect SAFPPL's short operational track record as the
company's multi-commodity cold storage facility commenced
operations from April 2019 and FY20 will be the first full year of
operations.
The company set up a Mega Food Park in Telangana's Nizamabad
district. The total project cost is INR1,089.5 million, of which
promoters funded about INR319.5 million (29.33%); government-funded
INR500 million (45.89%) through grants and the remaining 24.78% was
funded by the bank.
Principal payment for the sanctioned loan was scheduled to commence
from June 2019 and the management paid its first installment in May
on an advanced basis. The repayment will be met from the promoters'
fund infusion and any delay in the infusion of the funds from the
promoters would be a key monitorable.
The ratings are supported by the promoters' knowledge in grain
milling, cold-chain operations, and marketing of agricultural
produces.
RATING SENSITIVITIES
Negative: Failure to scale up operations leading to stressed
liquidity position will be negative for the ratings.
Positive: Stabilization of operations in a timely manner could
result in a positive rating action.
COMPANY PROFILE
SAFPPL was incorporated in May 2014 and operates a multi-commodity
cold storage facility with an installed capacity of 5,500 metric
tons (mt) multi-commodity cold storage and 20mt per day turmeric
processing unit.
SRI LAXMI: CARE Downgrades Rating on INR12.5cr Loan to 'D'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Laxmi Constructions (SLC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 12.50 CARE D: ISSUER NOT COOPERATING
Facilities Revised from CARE BB-; Stable
ISSUER NOT COOPERATING Based
on best available information
Short term Bank 5.45 CARE D: ISSUER NOT COOPERATING
Facilities Revised from CARE A4; ISSUER
NOT COOPERATING Based on best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking no default statement from SLC to monitor the
rating vide email communications dated May 8, 2019, May 9, 2019,
May 14, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided no default statement
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on SLC's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise.
VENKATADRI SPINNING: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Venkatadri
Spinning Mills Private Limited (VSMPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee .18 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Overdraft 4 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 8.82 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with VSMPL for obtaining
information through letters and emails dated March 30, 2019, June
10, 2019 and June 14, 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 VSMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VSMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VSMPL to 'CRISIL D/CRISIL D Issuer not cooperating'.
VSMPL was set up in 2009, as a private limited company, by Mr.
Srimannarayana and Mr. Hanumantha Rao. The company manufactures
cotton yarn; its spinning mill is in Rajahmundry (Andhra Pradesh).
VIJMOHAN CONSTRUCTIONS: CRISIL Moves B Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vijmohan
Constructions Private Limited (VCPL) to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 4 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 6 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with VCPL for obtaining
information through letters and emails dated March 30, 2019, June
10, 2019 and June 14, 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 VCPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VCPL to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.
Established in 1982 as a partnership firm and reconstituted as a
private limited company in 2003, VCPL is a Hyderabad-based civil
contractor. It undertakes road construction projects for the Public
Works Department, Telangana. It is promoted by Mrs Hymavathi Reddy.
=====================
N E W Z E A L A N D
=====================
CBL CORP: On the Offensive against RBNZ on Liquidation
------------------------------------------------------
Madison Reidy at Radio New Zealand reports that the directors of
collapsed insurance firm CBL have upped the ante on their campaign
against the Reserve Bank for having their business liquidated,
ahead of an independent report on the regulator's actions.
According to RNZ, Peter Harris and Alistair Hutchison booked full
page advertisements in the Weekend Herald, Dominion Post and the
Australian Financial Review over the weekend, with a list of 16
questions they wanted answered.
RNZ relates that the newspaper adverts questioned the Reserve
Bank's independence and suggested the release of a report into the
central bank's handling of CBL Insurance had been delayed.
"No directors, executives or professional advisors of CBL were
interviewed for the report--it will be based entirely on
information and opinions from inside the RBNZ," the advert in the
Weekend Herald said.
The Reserve Bank intended to release the findings of the
independent review on July 3, RNZ says.
RNZ notes that the regulator fought to liquidate CBLI at the High
Court in Auckland for an entire year, accusing it of breaching its
solvency standards for five years and impropriety by directors.
Over that time the directors failed to present a feasible
restructuring plan to save the business, the report relates.
The parent company of CBLI, CBL Corporation, is also in
liquidation. Prior to its collapse it was valued at nearly $750
million on the New Zealand Stock Exchange, RNZ adds.
About CBL Corp.
Founded in 1973, CBL Corporation Limited --
http://cblcorporation.co.nz/-- together with
its subsidiaries, provides insurance and reinsurance products and
services primarily in New Zealand. It offers financial risk
products, builders' risks, sureties, guarantees, and contractor
bonds primarily in Europe and Scandinavia; deposit guarantees in
Australia; and bonding and fiduciary services to the Mexican
commercial sector. The company also provides a range of specialty
products, such as credit enhancement, surety bonds, specialized
property insurance, aviation, and rural risk in Australia, as well
as distributes construction-sector insurance products in France
through a network of brokers.
CBL Corp. went into voluntary administration in late February 2018,
in a move to prevent other regulators from taking action after the
Reserve Bank moved to have its subsidiary CBL Insurance placed in
interim liquidation.
On Feb. 23, 2018, KordaMentha New Zealand partners Brendon Gibson
and Neale Jackson were appointed Voluntary Administrators by the
Board of CBL Corporation Ltd and certain of its subsidiaries.
The administration relates to New Zealand-domiciled companies.
Messrs. Gibson and Jackson are administrators to these CBL
entities: CBL Corporation Limited; LBC Holdings New Zealand Ltd;
LBC Holdings Americas Ltd; LBC Holdings UK Ltd; LBC Holdings Europe
Ltd; LBC Holdings Australasia Ltd; LBC Treasury Company Ltd;
Deposit Power Ltd; South British Funding Ltd; and CBL Corporate
Services Ltd.
SMITHS CITY: Net Loss Narrows to NZ$1.7MM in FY Ended April 30
--------------------------------------------------------------
Rebecca Howard at BusinessDesk reports that Smiths City narrowed
its full-year loss as growth in same-store sales and a strong
performance from its finance arm offset softer retail demand in the
second half of the year.
According to BusinessDesk, the furniture and appliance retailer
reported a net loss of NZ$1.7 million in the year to April 30
versus a NZ$7.2 million loss in the prior year. Revenue was down
4.4 percent at NZ$206.4 million, following store closures and
slower trading in the second half of the year.
BusinessDesk says the company closed stores in Queenstown and
Gisborne, leaving it with 32 sites. These followed on the closure
of stores in Ngauranga Gorge and Riccarton in the prior period when
it ended the year with 34 stores.
BusinessDesk relates that the retailer's dismal result in 2018
prompted it to change tack in a plan to overhaul the business and
address underinvestment, a lack of understanding of what customers
want, and deficient IT systems.
Key initiatives included closing under-performing stores across the
country and pumping money into the ones where it sees potential,
the report notes.
Same-store sales, excluding store closures, rose 2.8 percent to
NZ$192 million, reflecting strong growth in the firm's online
channel and operational improvements across the network, it said,
the report relays.
The finance division lifted revenue 16.5 percent to NZ$10.6 million
from NZ$9.1 million in the same period a year ago, while trading
profits increased 72.4 percent to NZ$5 million from NZ$2.9 million
in the same period a year ago.
While the company has accelerated its transformation, "the strong
gains we saw in the first half of the year – when we celebrated
our centenary – have not been sustained in the second half. This
was particularly the case during the crucial Christmas trading
period and it continued into the remainder of the financial year,
partly reflecting the softening in house prices and consumer
confidence," BusinessDesk quotes chair Alistair Kerr as saying. "It
is clear Smiths City must continue to build resilience in its
business to respond to these variable market conditions," he
added.
Since the end of the financial year, it has moved to rationalise
its Auckland footprint which "does not diminish our commitment to
the upper North Island," he said. That includes exiting and
relocating from Wairau Park and shrinking its Mount Wellington
location, BusinessDesk relays.
"We are working to identify our next sites in the Auckland region
and expect to announce these in the coming months," BusinessDesk
quotes chief executive Roy Campbell as saying.
He said it has become clear Smiths City can meet demand with
smaller stores, supported by an online presence.
"Conversely, in our Christchurch stores and many across provincial
New Zealand, larger stores with broader ranges play a much greater
role in influencing customer behaviour," he added, BusinessDesk
relays.
While times were tougher in the second half, gross margins
recovered in the final month of the financial year and "this
positive sentiment has continued in the first months of the new
financial year," Mr. Kerr, as cited by BusinessDesk, said.
While it is still too early to provide guidance, the board retained
its view that it is not yet appropriate to pay a dividend.
"The board will continue to review Smiths City's dividend policy
but at present it believes the company is unlikely to resume paying
dividends in the current financial year," it said, BusinessDesk
relays.
Smiths City Group Limited -- https://www.smithscity.co.nz/ --
engages in retail trading and consumer finance businesses in New
Zealand. It is involved in the retailing of heating solutions,
consumer electronic products, kitchen appliances, indoor and
outdoor furniture, bedding, lawnmowers, cycles, and camping
equipment to middle to lower income household.
=================
S R I L A N K A
=================
SRI LANKA: Fitch Puts Final 'B' Rating to USD Bonds
---------------------------------------------------
Fitch Ratings has assigned Sri Lanka's USD500 million 6.35% bonds
due 2024 and USD1.5 billion 7.55% bonds due 2030 a final rating of
'B'.
The final rating is in line with the expected rating assigned on 24
June 2019.
KEY RATING DRIVERS
The bonds ratings are in line with Sri Lanka's Long-Term
Foreign-Currency Issuer Default Rating of 'B' with a Stable
Outlook
RATING SENSITIVITIES
The ratings would be sensitive to any changes in Sri Lanka's
Long-Term Foreign-Currency IDR.
Fitch downgraded Sri Lanka's Long-Term Foreign- and Local-Currency
IDRs to 'B' from 'B+', with a Stable Outlook, in December 2018.
===============
X X X X X X X X
===============
QISHLOG QURILISH: Moody's Affirms B2 Deposit Rating, Outlook Stable
-------------------------------------------------------------------
Moody's Investors Service affirmed the long-term and short-term
local and foreign currency deposit ratings of Qishloq Qurilish Bank
at B2/Not Prime. The outlook on the bank's deposit ratings remains
stable. Concurrently, Moody's affirmed the bank's b3 Baseline
Credit Assessment (BCA) and adjusted BCA. Moody's has also affirmed
QQB's B1(cr)/Not Prime(cr) long-term and short-term Counterparty
Risk Assessments (CR Assessments) and its B1/Not Prime long-term
and short-term local and foreign currency Counterparty Risk
Ratings.
RATINGS RATIONALE
Moody's affirmation of QQB's ratings reflects the bank's recently
improved, but still vulnerable asset quality and profitability, as
well as declining capital, that are offset by high likelihood of
government support. The recommendation also takes into account
QQB's stable funding profile which partially mitigates the bank's
narrow liquidity buffer.
The bank's problem loans accounted for 2.7% of its gross loans as
of year-end 2018, compared with the 4.5% problem loan ratio
reported a year earlier. However, the improvement was mostly driven
by a denominator effect because QQB's total gross loans grew 49% in
2018, much faster than the 22% and 30% growth rates reported in
2017 and 2016, respectively. The fast growth masks the actual level
of problem loans and poses elevated incremental asset risks because
the quality of the bank's underwriting standards needs to be tested
over time.
Due to a gradual phase-out of the Uzbek government's subsidised
mortgage programme, where QQB continues to play a key role, the
bank's 2018 loan growth was mainly concentrated in the corporate
lending segment. Corporate loan portfolio grew 145% in 2018,
compared with a 27% growth in loans to individuals, and the share
of corporate loans (mostly loans to construction, trade and
manufacturing industries) in total loans increased significantly to
31% from 20% as of the beginning of 2018. In the corporate loan
segment alone, the aggregate share of loans overdue by more than 90
days and individually impaired loans was 5.9% as of December 31,
2018. At the same time, the level of the bank's loan-loss reserves
remained stable over the recent several years at around 2% of total
gross loans (1.8% as at the end of 2018). This level of reserves
may prove insufficient to cover potential credit losses on riskier
corporate loans, which gradually substitute low-risk mortgages
secured by residential property.
QQB's profitability is supported by the bank's consistently high
net interest margin, which exceeds 4%, reflecting its access to
low-cost government-related funding. However, the bank's
bottom-line performance is constrained by its still-low operating
efficiency. The bank posted a return on average assets of 1.1% in
2018, however, Moody's expects an increasing pressure on
bottom-line profits on the part of credit losses.
QQB's internal capital generation lags behind the fast growth of
its business volume. The government's capital contributions made in
the past help QQB to report relatively good capital adequacy
levels. However, in the absence of fresh capital injections these
levels are rapidly declining. As of December 31, 2018, QQB's ratio
of tangible common equity to risk-weighted assets plunged to 13.7%
from 24.8% a year earlier, owing to a 1.5x expansion of the bank's
loan book. The rating agency expects that the bank's capital
adequacy levels will continue to decline.
QQB benefits from the access to government-related funding, mostly
provided within the framework of the state programme of mortgage
lending for affordable rural housing. As of year-end 2018,
approximately 45% of the bank's funding had tenors of 15-20 years
and carried low interest rates of up to 4.0% per annum. At the same
time, since the government's mortgage programme is subject to a
gradual phase-out, QQB increasingly attracts customer deposits.
During 2018, customer funds doubled in nominal terms and their
share in total liabilities increased to 33% from 24%. QQB's liquid
assets stood low at 7% of its total assets as of the end of 2018.
This liquidity buffer may be insufficient to address chunky
outflows of customer funds. QQB's comfortable access to committed
liquidity lines from the government and from other state-owned
banks only partially addresses these risks.
Moody's maintains its assumption of a high likelihood of government
support for QQB's deposits. This assumption results in a one-notch
uplift of the bank's B2 long-term local and foreign currency
deposit ratings from the BCA of b3. The rating agency's assessment
is based on (1) QQB's state ownership because the bank is almost
fully controlled by the State Asset Management Agency and the Fund
for Reconstruction and Development of the Republic of Uzbekistan;
(2) QQB's socially important niche franchise in operating the
government's subsidised mortgage lending programme; and (3) the
track record of the government providing the bank with stable
funding and capital support.
WHAT COULD MOVE THE RATINGS UP / DOWN
Upward rating momentum for QQB's BCA and deposit ratings could
develop as a result of the bank reporting a sustainable good asset
quality and improved profitability and capital levels, on the
backdrop of decelerating asset growth. Another prerequisite for
Moody's positive rating action on QQB is the bank's improved
liquidity buffer.
QQB's ratings could be downgraded following any prolonged
deterioration in the bank's solvency metrics, if this deterioration
is not offset by the government support measures or if this support
is insufficient.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks published
in August 2018.
Headquartered in Tashkent, Uzbekistan, QQB reported -- at year-end
2018 -- total assets of UZS9.3 trillion and total shareholders'
equity of UZS1.1 trillion under its audited IFRS report. The bank's
audited IFRS profit for 2018 amounted to UZS85.4 billion.
FULL LIST OF ALL AFFECTED RATINGS
Issuer: Qishloq Qurilish Bank
Affirmations:
Long-term Bank Deposits, Affirmed B2, Outlook Remains Stable
Short-term Bank Deposits, Affirmed NP
Adjusted Baseline Credit Assessment, Affirmed b3
Baseline Credit Assessment, Affirmed b3
Long-term Counterparty Risk Assessment, Affirmed B1(cr)
Short-term Counterparty Risk Assessment, Affirmed NP(cr)
Long-term Counterparty Risk Rating, Affirmed B1
Short-term Counterparty Risk Rating, Affirmed NP
Outlook Action:
Outlook Remains Stable
[*] BOND PRICING: For the Week June 24, 2019 to June 28, 2019
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 1.00
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.94
MIDWEST VANADIUM PTY LT 13.25 02/15/18 USD 0.15
MIDWEST VANADIUM PTY LT 13.25 02/15/18 USD 0.15
CHINA
-----
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 60.00
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 60.52
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 50.60
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 56.78
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 38.00
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 40.44
ANHUI FOREIGN ECONOMIC 5.80 07/13/21 CNY 70.01
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 41.33
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 47.18
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 41.48
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 44.57
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 20.29
ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 60.00
ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 61.47
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 20.01
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 20.03
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 20.14
BAOJI HI-TECH INDUSTRIA 8.25 04/21/21 CNY 40.00
BAOJI HI-TECH INDUSTRIA 8.25 04/21/21 CNY 41.18
BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 61.40
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 20.05
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 47.52
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 41.67
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.23
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.50
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 40.00
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 41.02
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 41.13
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 41.80
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 41.30
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 41.30
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 20.10
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 20.43
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 20.00
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 25.12
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 25.25
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 40.64
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 43.68
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 39.80
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 40.45
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.50
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.70
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 40.87
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 40.98
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 61.31
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 63.87
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 41.10
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 41.56
BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.00
BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.07
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 41.10
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 41.43
BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 75.07
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 40.00
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 41.57
BENXI URBAN CONSTRUCTIO 6.24 01/22/22 CNY 60.00
BENXI URBAN CONSTRUCTIO 6.24 01/22/22 CNY 60.10
BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 61.66
BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 65.65
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 41.21
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 50.00
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 41.19
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 43.40
BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 60.00
BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 60.95
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 40.00
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 40.43
C&D REAL ESTATE CORP LT 6.15 04/03/20 CNY 20.37
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 20.20
CEFC SHANGHAI INTERNATI 4.08 09/09/21 CNY 60.00
CEFC SHANGHAI INTERNATI 4.98 12/10/20 CNY 61.29
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 60.75
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.09
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.23
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 41.11
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 43.30
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 20.31
CHANGDE URBAN CONSTRUCT 5.63 09/01/20 CNY 40.36
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 40.43
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 46.00
CHANGSHA COUNTY TONGTU 6.00 06/19/22 CNY 61.62
CHANGSHA COUNTY TONGTU 6.00 06/19/22 CNY 68.20
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 58.52
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 61.00
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 46.87
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 62.51
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 64.02
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 20.27
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 41.45
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 44.00
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 60.00
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 61.19
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 20.10
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 20.19
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 62.22
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 67.32
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 41.62
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 47.00
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 40.86
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 40.96
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 41.54
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 50.30
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.00
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.11
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 59.00
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 60.14
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 20.21
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 40.00
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 41.52
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 20.00
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 20.23
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 20.00
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 20.38
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 60.68
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.20
CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 60.00
CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 60.69
CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 62.28
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 20.22
CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 41.29
CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 46.00
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.01
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.20
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.11
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.35
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 40.84
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 38.50
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 40.67
CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 60.95
CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 68.83
CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 59.30
CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 60.29
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 20.21
CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 60.00
CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 61.54
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 20.19
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 25.40
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 61.22
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 62.30
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 40.00
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 41.44
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 60.25
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 60.82
CHENZHOU HIGH-TECH KLC 6.45 01/23/22 CNY 60.61
CHENZHOU HIGH-TECH KLC 6.45 01/23/22 CNY 68.60
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 40.00
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 40.11
CHENZHOU XINTIAN INVEST 6.15 04/24/22 CNY 59.38
CHENZHOU XINTIAN INVEST 6.15 04/24/22 CNY 65.30
CHENZHOU XINTIAN INVEST 5.38 03/08/26 CNY 66.30
CHINA MEDIA GROUP 6.00 04/04/21 CNY 94.00
CHINA MINSHENG INVESTME 7.00 12/26/20 CNY 36.65
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA WANDA GROUP CO LT 6.50 01/24/22 CNY 70.00
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 39.99
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 40.59
CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 74.27
CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 74.65
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 61.00
CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 61.35
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 61.49
CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 64.00
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 40.88
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 41.00
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 20.18
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 20.10
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 23.10
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.00
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.94
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 40.00
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 41.38
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 20.17
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 22.56
CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 40.76
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 20.20
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 20.22
CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 60.00
CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 60.14
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 41.36
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 47.33
CHONGQING FULING STATE- 6.39 01/21/20 CNY 20.17
CHONGQING FULING STATE- 6.39 01/21/20 CNY 21.20
CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 60.00
CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 60.95
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 41.86
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 50.80
CHONGQING GARDENING IND 8.45 06/03/21 CNY 40.00
CHONGQING GARDENING IND 8.45 06/03/21 CNY 41.25
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 40.00
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.00
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.73
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 41.00
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 20.26
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 20.32
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.45
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.12
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.15
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 20.27
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 25.00
CHONGQING INTERNATIONAL 7.08 10/18/20 CNY 40.68
CHONGQING INTERNATIONAL 7.08 10/18/20 CNY 40.70
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 60.90
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 61.15
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.00
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.08
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 59.00
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 60.68
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.63
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.85
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 41.46
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 61.42
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 61.49
CHONGQING LIANGJIANG NE 3.60 04/19/21 CNY 69.50
CHONGQING LIANGJIANG NE 3.60 04/19/21 CNY 69.56
CHONGQING LIANGJIANG NE 3.17 01/13/21 CNY 69.57
CHONGQING LIANGJIANG NE 3.17 01/13/21 CNY 69.75
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 20.05
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.00
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.06
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 20.27
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 20.36
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 40.99
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 41.70
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 20.10
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 20.23
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.00
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.61
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 20.25
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 60.24
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 66.25
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 41.66
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 41.80
CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 40.92
CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 60.00
CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 61.18
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 20.18
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 20.20
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 41.12
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 43.90
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 60.70
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 65.00
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 20.03
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 61.53
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 62.33
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.20
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.32
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 41.55
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 41.60
CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 60.00
CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 61.74
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.00
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.10
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 41.18
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 42.47
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 19.52
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 20.17
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 41.00
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 41.31
CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 61.28
CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 64.55
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 19.46
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 19.80
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.22
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.25
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 61.52
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 20.00
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 20.18
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 21.74
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 47.25
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 47.25
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 47.25
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 61.28
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 68.80
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.13
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.20
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 40.00
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 40.88
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 40.91
DALIAN DETA HOLDING CO 6.50 11/15/19 CNY 20.10
DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 39.76
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 60.87
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 60.88
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 41.14
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 41.15
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 41.19
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 41.20
DANDONG PORT GROUP CO L 5.50 01/27/21 CNY 59.00
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 40.00
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 41.32
DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 58.71
DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 60.00
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.13
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.53
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 40.00
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 40.64
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.11
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.12
DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 57.99
DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 62.50
DAYE ZHENHENG CITY DEVE 7.30 03/03/21 CNY 40.83
DAYE ZHENHENG CITY DEVE 7.95 11/27/20 CNY 41.00
DAYE ZHENHENG CITY DEVE 7.95 11/27/20 CNY 41.40
DAYE ZHENHENG CITY DEVE 7.30 03/03/21 CNY 43.53
DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 60.00
DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 61.67
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.16
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.34
DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 60.18
DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 61.03
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 40.77
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 48.26
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 20.17
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 20.30
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 41.39
DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 41.48
DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 60.84
DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 61.26
DR PENG TELECOM & MEDIA 6.00 06/16/22 CNY 60.00
DR PENG TELECOM & MEDIA 7.00 04/25/23 CNY 70.10
DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 60.00
DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 60.45
EASTAR HOLDINGS GROUP C 7.30 10/31/20 CNY 63.00
ELION CLEAN ENERGY CO L 6.42 07/19/20 CNY 63.86
ELION CLEAN ENERGY CO L 7.30 04/23/20 CNY 68.41
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 20.21
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 41.36
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 47.54
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 41.72
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 46.50
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 60.53
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 61.00
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 41.32
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 42.00
FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 64.49
FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 60.00
FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 60.84
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 40.00
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 40.82
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 60.30
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 61.57
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 20.20
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 20.44
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 20.04
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 20.21
FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 60.00
FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 61.92
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 60.80
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 61.15
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 39.88
FUQING CITY STATE-OWNED 5.94 11/26/22 CNY 70.31
FUXIN INFRASTRUCTURE CO 6.18 03/18/22 CNY 59.82
FUXIN INFRASTRUCTURE CO 6.18 03/18/22 CNY 62.80
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 20.19
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 20.36
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 40.40
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 60.00
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 60.53
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 40.20
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 40.46
GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 60.00
GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 61.54
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 25.37
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 25.41
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 32.60
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 33.50
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 39.00
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 41.18
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 20.12
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 25.00
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 40.66
GOOCOO INVESTMENT CO LT 7.20 02/01/21 CNY 50.00
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 25.19
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 25.25
GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 60.95
GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 64.00
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 60.80
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 60.90
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 19.99
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.00
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 40.79
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.00
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.70
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 41.29
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 44.77
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 41.39
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 43.00
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 41.35
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 62.05
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 67.00
GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 70.00
GUANGZHOU METRO GROUP C 6.05 06/03/24 CNY 73.50
GUANGZHOU METRO GROUP C 6.05 06/03/24 CNY 74.05
GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 74.72
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 40.00
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.56
GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 60.00
GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 61.63
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 61.24
GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 65.00
GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 25.02
GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 74.00
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 20.05
GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 60.00
GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 61.53
GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 74.25
GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 72.02
GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 73.01
GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 62.95
GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 63.04
GUIZHOU RAILWAY INVESTM 7.50 04/23/24 CNY 74.14
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 40.00
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 40.84
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 41.12
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 49.00
HAIFENG MARINE INFRASTR 6.84 04/29/22 CNY 60.00
HAIFENG MARINE INFRASTR 6.84 04/29/22 CNY 60.71
HAIMEN CITY DEVELOPMENT 6.22 04/03/22 CNY 61.93
HAIMEN CITY DEVELOPMENT 6.22 04/03/22 CNY 62.20
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 40.22
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 40.55
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 37.50
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 40.31
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 61.15
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 65.20
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 40.79
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 41.42
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 20.32
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 41.28
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 42.00
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 40.68
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 40.70
HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 61.40
HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 67.20
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 20.30
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 20.33
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 41.33
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 41.33
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 60.40
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 61.87
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 20.22
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 22.40
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 41.10
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 41.56
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 41.35
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 41.40
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 41.17
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 20.00
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 20.29
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 41.56
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 41.85
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 41.19
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 46.60
HEBEI RONG TOU HOLDING 6.76 07/08/21 CNY 68.03
HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 61.26
HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 63.26
HEFEI GAOXIN DEVELOPMEN 6.90 03/12/20 CNY 40.48
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 20.32
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 21.12
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 20.05
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 45.27
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 59.76
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 60.00
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 13.17
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 35.49
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 49.91
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 50.79
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 20.12
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 58.93
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 64.50
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.10
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.12
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 20.00
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 20.15
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 41.10
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 41.35
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 60.62
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 65.88
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 40.00
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 41.17
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 41.58
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 20.00
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 20.27
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 64.60
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 20.20
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 20.30
HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 61.70
HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 61.85
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 20.04
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 41.27
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 47.84
HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 65.84
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 40.00
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 41.25
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 61.24
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 67.50
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 20.19
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 24.14
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 40.20
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 40.27
HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 60.00
HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 60.52
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 61.16
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 61.65
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 41.10
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 41.69
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 41.78
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 43.50
HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 60.65
HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 61.48
HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 41.33
HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 41.73
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 20.17
HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 60.00
HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 61.26
HUBEI FUXING SCIENCE AN 7.60 06/15/21 CNY 59.70
HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 62.17
HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 62.40
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 40.22
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 40.32
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.03
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.03
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.52
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.65
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 67.70
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 72.69
HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 60.00
HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 60.73
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 41.20
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 42.25
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 57.20
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 67.00
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 73.95
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 74.33
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 41.10
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 41.26
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 41.78
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 42.72
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 74.00
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 40.00
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 41.50
HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 58.60
HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 59.82
HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 20.13
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 61.11
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 62.38
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 40.80
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 41.27
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 40.00
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 41.68
INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 20.00
INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 20.08
INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 50.49
INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 60.00
INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 60.00
INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 60.16
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 60.91
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 64.00
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 60.82
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 62.01
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 41.00
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 20.16
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 41.41
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 46.50
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 41.69
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 20.38
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 20.41
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 40.85
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 40.90
JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 61.39
JIANGSU FURU DONGHAI DE 7.09 09/13/20 CNY 40.00
JIANGSU FURU DONGHAI DE 7.09 09/13/20 CNY 40.37
JIANGSU HAIZHOUWAN DEVE 5.37 03/29/23 CNY 59.50
JIANGSU HENGYUAN INVEST 8.60 01/09/21 CNY 41.49
JIANGSU HENGYUAN INVEST 8.60 01/09/21 CNY 49.30
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 20.16
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 20.30
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 40.00
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 41.12
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 40.00
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 40.83
JIANGSU JURONG FUDI BIO 7.70 03/21/21 CNY 71.00
JIANGSU JURONG FUDI BIO 7.70 03/21/21 CNY 72.25
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 60.07
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 40.38
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 44.90
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.13
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.25
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 41.31
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 45.00
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 40.00
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 41.50
JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 50.82
JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 51.10
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 60.32
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 61.25
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 20.14
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 31.00
JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 60.93
JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 67.50
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 41.14
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 50.19
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 20.17
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 20.25
JIANGSU ZHUFU INDUSTRIA 4.93 12/29/20 CNY 69.88
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.06
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.07
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 40.98
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 49.34
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 41.05
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 41.09
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 20.27
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 40.40
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 41.00
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 60.78
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 62.75
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 20.19
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 21.50
JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 60.95
JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 62.86
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 20.28
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 24.43
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 41.79
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 45.17
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 41.27
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 60.00
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 60.92
JIEYANGSHI CHENGSHI TOU 6.55 08/27/21 CNY 61.29
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 20.14
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 25.00
JILIN LIYUAN PRECISION 7.00 09/22/19 CNY 16.00
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 40.84
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 41.25
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 41.41
JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 60.01
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 41.12
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 20.08
JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 59.00
JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 60.60
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 40.45
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 39.00
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 40.65
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 60.75
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 68.68
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 40.77
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 61.81
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 62.00
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.19
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.80
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 61.43
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 66.95
JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 61.42
JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 64.44
JINING HI-TECH TOWN CON 6.09 04/30/22 CNY 61.50
JINING HI-TECH TOWN CON 6.09 04/30/22 CNY 61.76
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 20.16
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 20.00
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 20.16
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 41.27
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 41.95
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 60.57
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 64.91
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 41.10
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 41.45
JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 60.65
JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 62.82
JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 59.55
JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 61.34
JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 60.36
JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 61.82
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 20.29
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 20.30
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 41.19
JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 48.50
JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 60.85
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 20.02
KAIFENG NEW DISTRICT IN 6.35 03/23/22 CNY 60.00
KAIFENG NEW DISTRICT IN 6.35 03/23/22 CNY 60.11
KANGDE XIN COMPOSITE MA 5.50 01/15/19 CNY 55.00
KANGDE XIN COMPOSITE MA 5.50 02/15/22 CNY 55.00
KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 10.52
KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 11.77
KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 12.16
KANGMEI PHARMACEUTICAL 7.00 09/03/19 CNY 14.00
KANGMEI PHARMACEUTICAL 6.80 06/28/21 CNY 14.00
KANGMEI PHARMACEUTICAL 7.00 06/21/21 CNY 14.00
KANGMEI PHARMACEUTICAL 6.28 03/20/21 CNY 14.76
KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 14.82
KANGMEI PHARMACEUTICAL 5.50 04/20/21 CNY 15.31
KANGMEI PHARMACEUTICAL 5.33 01/27/22 CNY 36.69
KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 49.75
KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.63
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 25.49
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 25.52
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 20.21
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 20.22
KUNMING DONGJUN REAL ES 4.50 11/02/21 CNY 73.91
KUNMING EXPRESSWAY CONS 7.50 01/21/20 CNY 20.23
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 20.13
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 23.01
KUNSHAN CHUANGYE HOLDIN 6.28 11/07/19 CNY 20.11
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 41.62
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 45.45
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 41.25
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 41.34
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 41.40
LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 54.90
LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 59.87
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 57.50
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 65.00
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.02
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.02
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 60.85
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 61.14
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 60.79
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 65.60
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 60.39
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 65.00
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 7.27
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.57
LILING LUJIANG INVESTME 8.10 05/22/21 CNY 41.16
LILING LUJIANG INVESTME 8.10 05/22/21 CNY 43.00
LILING LUJIANG INVESTME 7.18 09/05/21 CNY 61.02
LILING LUJIANG INVESTME 7.18 09/05/21 CNY 65.23
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 20.32
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 20.23
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 20.25
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.00
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.24
LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 60.30
LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 60.37
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 20.06
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 20.50
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 20.15
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 25.00
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 25.48
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 20.10
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 20.14
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 61.71
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 62.19
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 40.91
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 41.00
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 20.06
LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 74.62
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 20.10
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 20.18
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 58.00
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 60.84
LONGHAI STATE-OWNED ASS 6.58 08/15/21 CNY 60.85
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 41.61
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 50.31
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 60.00
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 61.43
LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 60.00
LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 60.67
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 20.13
LUOHE CITY CONSTRUCTION 5.25 09/11/20 CNY 70.43
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 61.54
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 63.00
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 20.22
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 21.13
MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 60.98
MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 64.99
MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 60.99
MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 61.94
MACROLINK HOLDING CO LT 6.98 03/06/20 CNY 67.98
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 41.38
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 40.40
MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 61.21
MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 65.32
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 40.43
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 40.68
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 40.90
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 40.90
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 20.34
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 20.36
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.03
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.15
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 20.21
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 20.20
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 20.45
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 20.36
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 20.37
NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 60.80
NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 61.37
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 41.18
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 51.20
NANJING HEXI NEW TOWN A 3.47 06/17/21 CNY 69.50
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 20.09
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 22.52
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 61.46
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 62.10
NANJING LISHUI URBAN CO 5.80 05/29/20 CNY 20.27
NANJING LISHUI URBAN CO 5.80 05/29/20 CNY 20.50
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.00
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.13
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 20.21
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 62.22
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 61.26
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 66.80
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 20.10
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 61.45
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 64.80
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 40.46
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 40.83
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 41.44
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 45.40
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 20.24
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 24.00
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 20.25
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 20.28
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 60.00
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 61.22
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 40.91
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 41.66
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 48.53
NEOGLORY HOLDING GROUP 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GROUP 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 72.00
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 41.55
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 46.30
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.18
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.49
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 20.29
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 20.32
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 41.54
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 49.00
NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 61.84
NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 68.29
NINGBO SHUNNONG GROUP C 7.20 10/16/19 CNY 20.14
NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 20.40
NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 20.41
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 40.00
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 41.66
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 41.24
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 41.50
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 41.51
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 45.00
NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 60.20
NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 61.88
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 41.59
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 42.70
PANJIN CITY SHUANGTAIZI 7.25 01/22/22 CNY 60.54
PANJIN CITY SHUANGTAIZI 7.25 01/22/22 CNY 61.40
PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 60.00
PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 61.96
PANZHIHUA STATE OWNED A 5.41 07/29/20 CNY 39.30
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 40.32
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 41.35
PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 62.88
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 20.18
PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 20.09
PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 20.10
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 41.39
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 43.00
PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 40.65
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 20.20
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 20.21
PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 60.00
PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 60.74
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 20.12
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 20.14
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 61.17
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 62.46
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 20.08
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 20.13
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 41.96
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 48.80
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 75.29
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 40.00
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 40.95
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 40.00
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 41.79
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 60.00
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 61.64
QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 61.49
QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 66.90
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 73.96
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 19.92
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 41.00
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 41.47
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 59.88
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 66.80
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 19.99
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 20.06
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 62.46
QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 41.50
QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 41.66
QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 41.78
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 62.38
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 62.98
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 41.13
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 41.51
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 20.27
QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 61.37
QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 61.50
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 60.80
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 61.05
QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.39
QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.90
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 40.62
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 48.79
QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 74.80
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 41.06
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 41.57
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.00
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.15
QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 41.83
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 40.00
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 40.78
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 41.57
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 44.61
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 40.55
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 41.50
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.00
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.80
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.10
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.24
QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 60.62
QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 64.90
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 20.07
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 22.00
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 41.47
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 42.55
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 60.55
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 41.61
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 41.81
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 41.81
REWARD SCIENCE AND TECH 5.53 07/05/21 CNY 29.10
REWARD SCIENCE AND TECH 6.40 03/03/22 CNY 70.00
RIGHT WAY REAL ESTATE D 7.30 07/15/21 CNY 40.20
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 20.18
RUCHENG COUNTY HYDROPOW 6.65 04/25/20 CNY 40.48
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 19.50
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 20.15
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 41.25
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 45.90
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 41.10
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 44.03
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 41.82
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 49.00
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 20.31
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 20.81
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 41.71
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 42.43
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.26
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.40
RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 68.68
RUNHUA GROUP CO LTD 7.80 08/27/21 CNY 74.96
RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 74.57
SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 59.91
SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 60.00
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.00
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.93
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 61.91
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 67.00
SHAANXI PROVINCIAL EXPR 5.99 06/18/20 CNY 61.37
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 60.10
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 65.50
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 61.36
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 63.10
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.41
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.82
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 62.01
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 62.15
SHANDONG FUYU CHEMICAL 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 60.72
SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 62.45
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 41.17
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 44.00
SHANDONG JINMAO TEXTILE 6.97 04/01/21 CNY 20.70
SHANDONG JINMAO TEXTILE 8.00 09/25/20 CNY 35.84
SHANDONG PUBLIC HOLDING 7.18 01/22/20 CNY 20.18
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 40.46
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 43.40
SHANDONG SANXING GROUP 7.50 10/16/20 CNY 69.90
SHANDONG SNTON GROUP CO 5.18 09/08/21 CNY 8.52
SHANDONG SNTON GROUP CO 6.20 05/30/21 CNY 9.50
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 20.17
SHANDONG TAIYANG INDUST 5.97 03/02/21 CNY 71.43
SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 60.00
SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 60.24
SHANDONG WANTONG PETROL 5.97 11/29/21 CNY 33.95
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 39.10
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 39.55
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 18.50
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 20.35
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 40.96
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 40.97
SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 25.22
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 25.50
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 25.59
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 20.32
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 20.40
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 41.30
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 41.32
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 20.16
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 51.13
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 51.28
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 20.20
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 60.79
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 61.90
SHANGHAI MUNICIPAL INVE 4.63 07/30/19 CNY 20.02
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.09
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.50
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 61.36
SHANGHAI PUTAILAI NEW E 5.30 05/18/20 CNY 66.67
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 20.15
SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 25.56
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 25.13
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 40.75
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 45.40
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 20.19
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 48.25
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 20.20
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 20.20
SHAOXING CHENGBEI XINCH 6.13 04/30/22 CNY 61.43
SHAOXING CHENGBEI XINCH 6.13 04/30/22 CNY 68.29
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 20.08
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 20.30
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 60.00
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 61.53
SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.10
SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.15
SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 62.03
SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 68.00
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 61.30
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 65.26
SHAOXING COUNTY KEYAN C 6.28 03/24/22 CNY 60.00
SHAOXING COUNTY KEYAN C 6.28 03/24/22 CNY 61.67
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 60.00
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 61.66
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 20.12
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 20.37
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 41.15
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 43.90
SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 20.07
SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 40.72
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 61.60
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 41.21
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 41.41
SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 74.19
SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 74.47
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 61.86
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 62.30
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 41.00
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 41.48
SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 60.00
SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 61.08
SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 59.77
SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 61.26
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 20.00
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 20.30
SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 60.79
SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 67.50
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 61.60
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 61.65
SHENZHEN METRO GROUP CO 6.75 01/24/24 CNY 74.40
SHENZHEN METRO GROUP CO 6.75 01/24/24 CNY 74.63
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 71.07
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 75.00
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 20.23
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 20.29
SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 61.35
SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 67.20
SHISHI CITY CONSTRUCTIO 6.10 05/04/22 CNY 60.00
SHISHI CITY CONSTRUCTIO 6.10 05/04/22 CNY 61.59
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 40.68
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 40.68
SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 60.00
SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 61.40
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 40.55
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 42.87
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 25.39
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 25.42
SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 50.59
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 20.10
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 22.00
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 40.00
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 41.25
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 40.29
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 40.31
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 60.71
SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 61.10
SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 68.00
SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 60.00
SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 61.66
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 41.12
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 60.00
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 59.82
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 61.10
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 41.20
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 47.82
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 40.79
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 60.65
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 20.20
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 20.23
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 55.01
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 64.18
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 40.00
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 40.34
SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 61.20
SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 61.29
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 16.61
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 20.11
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 41.38
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 41.83
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 41.91
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 42.02
SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 59.01
SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 70.39
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 40.71
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 20.22
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 20.28
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 24.80
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 41.00
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.37
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.00
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.14
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 40.97
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 20.09
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 24.50
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 41.30
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 42.60
TAHOE GROUP CO LTD 7.50 09/08/20 CNY 73.80
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 20.24
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 20.41
TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 41.40
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 20.25
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 20.30
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 20.31
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 40.94
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 43.14
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 40.00
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 41.58
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 40.95
TAIYUAN HIGH-SPEED RAIL 5.18 09/06/20 CNY 70.65
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 41.43
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 46.50
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 72.70
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 74.29
TAIZHOU CITY CONSTRUCTI 6.53 07/11/21 CNY 61.00
TAIZHOU CITY CONSTRUCTI 6.53 07/11/21 CNY 61.46
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 25.10
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 25.73
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.40
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.60
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 40.85
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 41.10
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 19.80
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 20.14
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 41.13
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 41.20
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 20.24
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 20.33
TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 40.18
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 40.49
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 42.62
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 40.67
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 47.15
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 60.22
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 67.00
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 20.13
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 20.25
TIANJIN BINHAI NEW AREA 6.10 11/23/21 CNY 61.90
TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 59.59
TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 60.67
TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 20.00
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 20.05
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 20.07
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 20.17
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 22.00
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 60.00
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 61.38
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 56.65
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 58.58
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 59.78
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 69.00
TIANJIN HARBOR CONSTRUC 8.00 04/01/21 CNY 71.96
TIANJIN HARBOR CONSTRUC 8.80 01/24/21 CNY 72.28
TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 60.63
TIANJIN HOPETONE CO LTD 7.50 07/25/21 CNY 69.76
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 40.35
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 41.33
TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 60.24
TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 61.70
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 60.85
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 61.48
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 41.02
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 41.00
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 41.31
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 40.94
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 47.50
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 37.00
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 40.99
TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 40.64
TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 20.31
TIANJIN WATER INVESTMEN 8.40 01/15/21 CNY 50.51
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 57.83
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 61.80
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 41.00
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 41.21
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.33
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.80
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 62.03
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 65.16
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 40.54
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 42.50
TONGLING DAJIANG INVEST 6.50 01/19/22 CNY 61.36
TONGLING DAJIANG INVEST 6.50 01/19/22 CNY 68.00
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 40.98
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 41.48
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 20.30
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 20.37
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 25.08
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 26.70
TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 60.97
TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 62.50
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.01
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.08
URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 60.00
URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 62.10
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 20.20
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 20.21
WAFANGDIAN COASTAL PROJ 3.98 02/01/23 CNY 73.08
WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 61.43
WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 68.81
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 40.55
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 20.15
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 24.30
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 60.00
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 61.52
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 20.10
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 21.20
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 20.20
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 20.51
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 41.00
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 41.35
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 41.68
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 60.89
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 63.00
WINTIME ENERGY CO LTD 7.50 05/19/19 CNY 36.00
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 07/07/19 CNY 54.28
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 41.81
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 41.37
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 44.36
WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 61.51
WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 63.02
WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 42.03
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 20.21
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 20.21
WUHAN METRO GROUP CO LT 5.25 04/14/22 CNY 61.40
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 20.29
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 61.49
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 66.35
WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 20.34
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 40.00
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 41.92
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.45
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.54
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 20.21
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 20.46
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 40.76
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 41.09
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 42.53
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.09
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.10
WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 69.94
WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 73.00
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 40.73
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 40.77
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 20.12
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 21.40
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 20.00
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 20.17
WUYANG CONSTRUCTION GRO 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.38
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.39
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 20.09
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 41.27
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 44.88
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 20.24
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 21.80
XI'AN AEROSPACE CITY IN 6.96 11/08/19 CNY 20.16
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 20.06
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 59.83
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 61.46
XIAN QUJIANG DAMING PAL 6.39 03/21/20 CNY 50.75
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 20.00
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 20.01
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 40.77
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 48.99
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 39.88
XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 57.85
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 41.43
XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 55.49
XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 58.56
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 39.97
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 40.00
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 41.07
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 43.38
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 20.21
XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 61.19
XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 65.00
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 41.80
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 41.96
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 41.64
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 52.72
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 61.71
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 66.69
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 41.35
XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 74.17
XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 74.20
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.00
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.29
XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 20.05
XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 17.88
XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 20.15
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 41.50
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.27
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.43
XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 40.88
XINJIANG XINYE STATE-OW 6.20 08/15/19 CNY 50.55
XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 60.75
XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 61.31
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 20.16
XINYANG HONGCHANG PIPE 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 41.32
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 46.30
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 40.50
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 40.87
XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 61.70
XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 61.83
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 40.88
XINYU CITY SHANTYTOWN Z 6.42 12/09/20 CNY 70.81
XINYU CITY YUSHUI DISTR 7.70 06/24/22 CNY 61.48
XINYU URBAN CONSTRUCTIO 7.08 12/13/19 CNY 20.20
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 24.90
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.01
XINZHENG NEW DISTRICT D 6.60 01/29/21 CNY 50.00
XINZHENG NEW DISTRICT D 6.40 01/29/21 CNY 50.00
XINZHENG NEW DISTRICT D 6.40 01/29/21 CNY 51.18
XINZHENG NEW DISTRICT D 6.60 01/29/21 CNY 51.36
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 40.00
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 41.42
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 41.46
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 43.41
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 61.37
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 66.00
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 41.73
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 46.00
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.38
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.66
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 40.46
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 41.50
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 41.57
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 51.50
XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 41.00
XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 41.62
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 37.00
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 41.34
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 20.01
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 20.00
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 20.18
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 41.30
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 41.76
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 41.89
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 38.30
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 40.79
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 20.12
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 59.70
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 60.59
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 20.15
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 61.00
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 61.65
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.70
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.75
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 60.00
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 61.44
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 41.10
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 46.00
YANGZHOU ECONOMIC & TEC 7.40 03/05/21 CNY 70.00
YANGZHOU ECONOMIC & TEC 7.40 03/05/21 CNY 72.44
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 20.18
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 20.44
YANGZHOU HANJIANG URBAN 5.88 06/15/22 CNY 66.63
YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 50.55
YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 50.64
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 20.02
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 20.03
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.11
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.40
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 41.42
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 43.47
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 60.36
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 65.00
YIHUA ENTERPRISE GROUP 6.50 05/02/22 CNY 29.06
YIHUA ENTERPRISE GROUP 5.99 11/26/20 CNY 66.00
YIHUA ENTERPRISE GROUP 3.80 10/20/21 CNY 71.00
YIHUA LIFESTYLE TECHNOL 6.88 07/16/20 CNY 45.00
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 41.55
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 41.90
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 41.32
YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 58.71
YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 60.29
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 62.92
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 62.93
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 60.38
YINING CITY STATE OWNED 8.90 01/23/21 CNY 41.81
YINING CITY STATE OWNED 8.90 01/23/21 CNY 49.95
YINYI CO LTD 7.03 06/21/21 CNY 72.00
YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 74.13
YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 60.00
YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 61.89
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.10
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.18
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 41.50
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 43.50
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 20.07
YIYANG GAOXIN TECHNOLOG 7.00 03/30/22 CNY 60.63
YIYANG GAOXIN TECHNOLOG 7.00 03/30/22 CNY 68.00
YONG ZHOU CITY CONSTRUC 7.30 10/23/20 CNY 40.82
YONG ZHOU CITY CONSTRUC 7.30 10/23/20 CNY 42.80
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.00
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.77
YONGXING YINDU CONSTRUC 5.60 03/24/23 CNY 73.27
YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 60.25
YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 60.29
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 60.06
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 62.00
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.26
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.17
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.40
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 60.86
YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 61.55
YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 64.47
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 64.50
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 20.15
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 20.16
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 41.13
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 41.69
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 48.16
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 20.20
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 20.40
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 40.76
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 46.04
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 40.90
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 41.45
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.17
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.30
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 20.10
ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 41.39
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 58.00
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 60.83
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 20.28
ZHANGZHOU ECONOMIC DEVE 6.17 04/27/22 CNY 60.00
ZHANGZHOU ECONOMIC DEVE 6.17 04/27/22 CNY 61.69
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.60
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 40.65
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 40.85
ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 60.00
ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 60.69
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 20.14
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 41.14
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 50.00
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 41.62
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 49.00
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 61.24
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 68.50
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 20.08
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 20.20
ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 60.00
ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 60.98
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 20.12
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 20.23
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 20.29
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 22.90
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 60.15
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 61.00
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 61.34
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 64.99
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 61.48
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 66.20
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.34
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.38
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 40.96
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 41.42
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 48.49
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 52.27
ZHENJIANG CULTURE TOURI 6.60 01/30/20 CNY 20.08
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 59.60
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 59.66
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 41.10
ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 41.25
ZHONGMINTOU LEASING HOL 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP C 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 60.00
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 61.00
ZHONGTIAN FINANCIAL GRO 7.00 10/15/20 CNY 74.53
ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 41.07
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 40.85
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 41.65
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 61.57
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 65.00
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 71.36
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 73.44
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 60.01
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 72.41
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 40.75
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 41.17
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 44.50
ZHUJI CITY YUEDU INVEST 6.38 04/07/22 CNY 60.00
ZHUJI CITY YUEDU INVEST 6.38 04/07/22 CNY 61.51
ZHUJI URBAN & RURAL INV 6.92 12/19/19 CNY 20.30
ZHUJI URBAN & RURAL INV 6.92 12/19/19 CNY 20.33
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 40.78
ZHUZHOU CITY CONSTRUCTI 8.36 11/10/21 CNY 62.50
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.04
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.10
ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 60.00
ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 60.86
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.18
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.19
ZHUZHOU REAL ESTATE GRO 6.25 03/25/22 CNY 61.43
ZHUZHOU REAL ESTATE GRO 6.25 03/25/22 CNY 68.53
ZHUZHOU RECYCLING ECONO 4.38 03/24/23 CNY 74.64
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.11
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.50
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 40.89
ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 41.41
ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 44.00
ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 70.22
ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 72.96
HONG KONG
---------
DR PENG HOLDING HONGKON 5.05 06/01/20 USD 74.09
INDONESIA
---------
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 46.00
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 46.00
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.06
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.06
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.10
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.10
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 10.75
ACME FAZILKA POWER PVT 0.01 09/07/46 INR 10.38
AMPSOLAR SOLUTION PVT L 0.01 11/03/37 INR 20.50
AMPSOLAR SOLUTION PVT L 0.01 10/27/37 INR 20.53
APG HABITAT PVT LTD 1.00 09/09/28 INR 50.55
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 34.14
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 36.95
AUTOMOTIVE EXCHANGE PVT 4.00 06/01/30 INR 57.12
AUTOMOTIVE EXCHANGE PVT 4.00 10/11/30 INR 57.17
BENGAL AEROTROPOLIS PRO 5.00 12/01/29 INR 67.46
BENGAL AEROTROPOLIS PRO 5.00 12/01/28 INR 69.23
BENGAL AEROTROPOLIS PRO 5.00 12/01/27 INR 71.30
BENGAL AEROTROPOLIS PRO 5.00 12/01/26 INR 73.60
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.04
BOTHE WINDFARM DEVELOPM 10.00 11/28/32 INR 69.52
BRIGHT BUILDTECH PVT LT 1.00 09/01/23 INR 70.01
BRIGHT BUILDTECH PVT LT 1.00 09/01/23 INR 70.01
CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.24
CUMULUS TRADING CO PVT 0.01 05/21/32 INR 31.29
CUMULUS TRADING CO PVT 0.01 12/29/29 INR 38.36
CUMULUS TRADING CO PVT 0.01 01/23/30 INR 52.27
DAYAKARA SOLAR POWER PV 0.10 04/05/26 INR 54.20
DEWAN HOUSING FINANCE C 8.50 04/18/23 INR 35.00
EDELWEISS ASSET RECONST 2.00 01/15/29 INR 53.68
EDELWEISS ASSET RECONST 2.00 10/07/28 INR 54.43
EDELWEISS ASSET RECONST 2.00 11/20/27 INR 57.04
EDELWEISS ASSET RECONST 2.00 03/28/27 INR 58.76
GREEN URJA PVT LTD 0.01 02/14/30 INR 39.07
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.59
HIMGIRI ENERGY VENTURES 1.00 09/30/22 INR 73.90
HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 48.63
HITODI INFRASTRUCTURE L 0.01 06/30/27 INR 44.98
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTUR 7.00 05/15/17 USD 5.00
JASPER AUTO SERVICES PV 0.01 02/11/23 INR 72.27
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 22.17
JTPM ATSALI LTD 0.01 08/29/48 INR 6.82
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 20.85
KVK ENERGY & INFRASTRUC 0.01 01/25/24 INR 65.26
LIC HOUSING FINANCE LTD 7.81 04/27/20 INR 6.08
MARIS POWER SUPPLY CO P 2.00 04/18/28 INR 58.15
MYAASHIANA MANAGEMENT S 0.25 02/02/23 INR 72.53
MYTRAH AADHYA POWER PVT 0.01 07/05/35 INR 24.87
MYTRAH ADVAITH POWER PV 0.01 07/13/36 INR 22.97
MYTRAH AKSHAYA ENERGY P 0.01 07/13/36 INR 22.97
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 21.99
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE D 0.40 10/15/33 INR 37.80
PUNJAB INFRASTRUCTURE D 0.40 10/15/32 INR 40.29
PUNJAB INFRASTRUCTURE D 0.40 10/15/31 INR 43.02
PUNJAB INFRASTRUCTURE D 0.40 10/15/30 INR 45.96
PUNJAB INFRASTRUCTURE D 0.40 10/15/29 INR 49.16
PUNJAB INFRASTRUCTURE D 0.40 10/15/28 INR 52.63
PUNJAB INFRASTRUCTURE D 0.40 10/15/27 INR 56.41
PUNJAB INFRASTRUCTURE D 0.40 10/15/26 INR 60.51
PUNJAB INFRASTRUCTURE D 0.40 10/15/25 INR 64.95
PUNJAB INFRASTRUCTURE D 0.40 10/15/24 INR 69.74
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 22.65
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 57.80
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 61.24
REI AGRO LTD 5.50 11/13/14 USD 0.01
REI AGRO LTD 5.50 11/13/14 USD 0.01
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 24.80
SURBHI INVESTMENTS & TR 2.50 10/21/28 INR 59.22
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.82
TN URJA PVT LTD 0.10 02/22/36 INR 25.36
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 33.38
WATSUN INFRABUILD PVT L 4.00 10/16/37 INR 51.87
WS T&D LTD 0.10 03/24/29 INR 42.57
JAPAN
-----
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.58 03/26/21 JPY 2.02
TKJP CORP 0.85 03/06/19 JPY 2.02
AVANSTRATE INC 0.05 10/29/32 JPY 9.75
KOREA
-----
DB METAL CO LTD 2.00 04/03/20 KRW 10.11
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.16
KIBO ABS SPECIALTY CO L 5.00 02/26/21 KRW 66.03
KIBO ABS SPECIALTY CO L 5.00 08/28/21 KRW 69.54
KIBO ABS SPECIALTY CO L 5.00 02/28/20 KRW 69.83
KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 73.84
KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 74.84
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SINBO SECURITIZATION SP 5.00 12/21/20 KRW 65.51
SINBO SECURITIZATION SP 5.00 03/21/21 KRW 65.74
SINBO SECURITIZATION SP 5.00 08/31/21 KRW 67.02
SINBO SECURITIZATION SP 5.00 07/26/21 KRW 67.03
SINBO SECURITIZATION SP 5.00 02/23/22 KRW 68.16
SINBO SECURITIZATION SP 5.00 01/26/22 KRW 68.44
SINBO SECURITIZATION SP 5.00 08/31/22 KRW 68.91
SINBO SECURITIZATION SP 5.00 07/26/22 KRW 69.08
SINBO SECURITIZATION SP 5.00 06/29/21 KRW 69.77
SINBO SECURITIZATION SP 5.00 06/29/22 KRW 70.13
SINBO SECURITIZATION SP 5.00 09/27/21 KRW 72.20
SINBO SECURITIZATION SP 5.00 08/25/21 KRW 72.46
SINBO SECURITIZATION SP 5.00 06/23/20 KRW 72.51
SINBO SECURITIZATION SP 5.00 07/27/21 KRW 72.67
SINBO SECURITIZATION SP 5.00 03/15/20 KRW 73.24
SINBO SECURITIZATION SP 5.00 02/28/21 KRW 73.85
SINBO SECURITIZATION SP 5.00 01/27/21 KRW 74.10
SINBO SECURITIZATION SP 5.00 12/22/20 KRW 74.38
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 74.81
SINBO SECURITIZATION SP 5.00 09/23/20 KRW 75.08
MALAYSIA
--------
AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.50
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.68
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.32
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.23
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.27
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.62
I-BHD 3.00 10/09/19 MYR 0.28
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.39
PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 74.69
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.07
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.12
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 65.23
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 66.26
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 67.31
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 68.30
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 70.57
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 71.83
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 73.06
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 0.80
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.45
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
YTL LAND & DEVELOPMENT 6.00 10/31/21 MYR 0.31
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.17
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 15.00 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 51.38
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.09
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.09
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 46.01
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 46.01
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 34.65
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 34.65
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 34.65
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 44.50
EZION HOLDINGS LTD 0.25 11/20/27 SGD 67.86
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
HYFLUX LTD 4.20 08/29/19 SGD 39.88
HYFLUX LTD 4.25 09/07/18 SGD 39.88
HYFLUX LTD 4.60 09/23/19 SGD 39.88
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 57.00
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 36.15
MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 30.00
NEPTUNE ORIENT LINES LT 4.40 06/22/21 SGD 73.91
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 46.00
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
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER CAPITAL PTE LTD 6.25 10/30/17 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
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.55
MDX PCL 4.75 09/17/03 USD 30.00
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 74.01
DEBT AND ASSET TRADING 1.00 10/10/25 USD 74.56
*********
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.
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