TCRAP_Public/190709.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 9, 2019, Vol. 22, No. 136

                           Headlines



A U S T R A L I A

CORSONIS PTY: Second Creditors' Meeting Set for July 15
CUDECO LIMITED: Goes Into Receivership
DUNCAN R: Second Creditors' Meeting Set for July 15
GASCOYNE RESOURCES: To Hold Creditors Meeting Not Later than Nov 4
HYPERBUILD PTY: First Creditors' Meeting Set for July 16

IBOSSES CORP: Restricted From Using Disclosure Exemptions
LITTLE BROOKLYN: Second Creditors' Meeting Set for July 12
MCDONALD GROUP: Second Creditors' Meeting Set for July 15
QUINTIS LTD: Court Orders Founder Frank Wilson to Pay AUD14MM
SPEEDCAST INTERNATIONAL: Moody's Cuts CFR to B1, Outlook Negative

STELLER GROUP: Developer Placed Into Receivership
SWINNERTON TRANSPORT: First Creditors' Meeting Set for July 17


C H I N A

ANBANG INSURANCE: To Sell Shares in Health Insurance Unit
DR. PENG TELECOM: S&P Withdraws 'B-' Long-Term Issuer Credit Rating
FUTURE LAND: Detained Founder's Case Hits Shares, Credit Ratings
SKYFAME REALTY: Fitch Puts Final B- Rating to $105MM Sr. Notes
XIAOMING BIKE: Owes CNY25 Million in Unpaid User Deposits

[*] CHINA: BNP Expects Default Rates to Tick Up From a Low Base


I N D I A

DUNLOP POLYMERS: Insolvency Resolution Process Case Summary
GORAYA STRAW: CARE Migrates D Rating to Not Cooperating Category
GOUR FLOUR: CARE Cuts INR8.0cr LT Loan Rating to B+, Not Coop.
HIBZA FOODS: CARE Migrates B Rating to Not Cooperating Category
INDIAN OVERSEAS BANK: S&P Affirms Then Withdraws BB/B ICRs

INNOTECH EDUCATIONAL: CARE Migrates D Rating to Not Cooperating
JET AIRWAYS: Faces India Probe Over Alleged Funds Mismanagement
JET AIRWAYS: Former Chairman Seeks Order to Overturn Travel Ban
MAA MAHARANI: CARE Migrates D Rating to Not Cooperating Category
PUNE BUILDTECH: CARE Migrates D Rating to Not Cooperating Category

RAVINDRA KUMAR: CARE Migrates B- Rating to Not Cooperating
SHIV DAL: CARE Migrates B+ Rating to Not Cooperating Category
SHREE HARDEO: CARE Lowers Rating on INR6.44cr LT Loan to B
SRI LAXMI ENTERPRISES: CARE Migrates D Rating to Not Cooperating
SRI LAXMI: CARE Cuts INR7cr LT Loan Rating to B-, Not Coop.

SRI MURUGARAJENDRA: Insolvency Resolution Process Case Summary
THAY LIFT: Insolvency Resolution Process Case Summary
UTECH ENGINEERING: Insolvency Resolution Process Case Summary
VALLABH STEEL: Insolvency Resolution Process Case Summary


J A P A N

DTC ONE: Fitch Affirms BBsf Rating on JPY350MM Class E Notes


S I N G A P O R E

GEO ENERGY: S&P Lowers ICR to 'B-' on Mounting Refinancing Risks


T H A I L A N D

KTB SECURITIES: Fitch Rates THB400MM Sub. Unsec. Debt 'BB-(tha)'


V I E T N A M

TIEN PHONG: Moody's Assigns B2 Rating to Proposed Sub. Bonds


X X X X X X X X

[*] BOND PRICING: For the Week July 1, 2019 to July 5, 2019

                           - - - - -


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

CORSONIS PTY: Second Creditors' Meeting Set for July 15
-------------------------------------------------------
A second meeting of creditors in the proceedings of Corsonis Pty
Ltd has been set for July 15, 2019, at 11:00 a.m. at the offices of
Lowe Lippmann, Level 7, at 616 St Kilda Road, in Melbourne,
Victoria.

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 12, 2019, at 5:00 p.m.

Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann were
appointed as administrators of Corsonis Pty on June 12, 2019.

CUDECO LIMITED: Goes Into Receivership
--------------------------------------
Derek Barry at Northwest Star reports that CuDeco, the owners of
Rocklands Copper mine near Cloncurry, has officially gone into
receivership.

Northwest Star relates that the mine has been closed since last
August and this was the company's first announcement to the ASX
since early May when it said it was conducting an operational
restart review.

On July 2, China Tonghai International Financial Limited (CTIFL)
appointed Kelly-Anne Trenfield, Ian Francis and Michael Ryan of FTI
Consulting as receivers and managers of CuDeco, the report
discloses.

In a statement CTIFL said that as a consequence of the strategic
review completed by the Board and certain secured lenders which
considered all alternative funding and restructuring options
available to the Company, CTIFL and other lenders consider that the
appointment of the receivers is now in the best interests of all
stakeholders of the Company, Northwest Star relays.

According to the report, CTIFL said Noble Resources International
Pte Ltd and Gemstone 101 Ltd (a subsidiary of Valuestone Global
Resource Fund) had provided receivership funding to the receivers
and another company called Argonaut Securities Ltd to complete a
comprehensive technical and financial review of the Rocklands
Project.

"A thorough technical and financial review of the Project will be
conducted, and the Receivers and Lenders immediate priority is to
explore all opportunities to maximise the value of the assets,
either through the recapitalisation or restructure of the Company
with a view to financing the resumption of income generating
activities at Rocklands, or by a trade sale," the statement, as
cited by Northwest Star, said.  "The Receivers are also pleased to
announce that they have engaged the services of Argonaut to act as
Financial Advisor to assist with the asset realisation or corporate
restructure of the Company and the Project."

The statement advised interested parties to contact Argonaut's
Executive Director and Head of Asia Greg Southee to register their
interest and said Argonaut would provide further announcements
about the project, adds Northwest Star.

CuDeco Limited -- http://www.cudeco.com.au/
-- explores and evaluates mineral properties in Australia. The
company explores
for copper, cobalt, and gold deposits. It primarily owns a 100%
interest in the Rocklands Group copper project located in
Cloncurry, Queensland, Australia. The company was formerly known as
Australian Mining Investments Ltd. CuDeco Limited is headquartered
in Southport, Australia.

DUNCAN R: Second Creditors' Meeting Set for July 15
---------------------------------------------------
A second meeting of creditors in the proceedings of Duncan R
Schofield Pty Ltd has been set for July 15, 2019, at 11:00 a.m. at
the offices of PKF, at 755 Hunter Street, in Newcastle, West 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 12, 2019, at 4:00 p.m.

Simon Thorn of PKF was appointed as administrator of Duncan R on
June 7, 2019.

GASCOYNE RESOURCES: To Hold Creditors Meeting Not Later than Nov 4
------------------------------------------------------------------
Sean Smith at The West Australian reports that the administrators
running Gascoyne Resources have been given breathing space to
pursue a recapitalisation of the failed gold miner or a sale of its
Dalgaranga mine.

The West Australian relates that FTI Consulting said that with the
approval of Gascoyne's lenders and mining contractor, NRW Holdings,
it had won Supreme Court approval to push out a second creditors
meeting of the company to as late as November 4.

The insolvency firm will use the extra time to pursue a
recapitalisation of Gascoyne via a capital raising or merger, or a
sale of Dalgaranga, near Mt Magnet, according to the West
Australian.

                     About Gascoyne Resources

Gascoyne Resources Limited is a mineral exploration and development
company. The Company is engaged in the exploration for gold and
evaluation of the development options for its Australian gold
projects. The Company holds mining leases and exploration licenses
and applications totaling approximately 4,000 square kilometers in
the Gascoyne and Murchison regions of Western Australia. Its
Dalgaranga gold project is located approximately 70 kilometers
Northwest of Mt Magnet in the Murchison gold mining region of
Western Australia. Its Glenburgh gold project is located in the
Southern Gascoyne Province of Western Australia approximately 250
kilometers east of Carnarvon. The Glenburgh gold project consists
of a gold mineralized system hosted in interpreted remnants of
Archaean terrain in a Proterozoic mobile belt. Its Egerton project
consists of approximately two granted mining leases and over three
granted exploration licenses.

The company employs 87 staff at Dalgaranga and 15 at its head
office in Perth.

As reported in the Troubled Company Reporter-Asia Pacific on June
4, 2019, Australian Mining said Gascoyne Resources has moved into
administration due to an expected material cash shortfall over the
coming months.  The announcement was made via FTI Consulting, which
revealed that Michael Ryan, Kathryn Warwick and Ian Francis will
assume the role as voluntary administrators.

HYPERBUILD PTY: First Creditors' Meeting Set for July 16
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Hyperbuild
Pty Ltd will be held on July 16, 2019, at 4:00 p.m. at The Grace
Hotel, at 77 York Street, in Sydney, NSW.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Hyperbuild Pty on July
4, 2019.

IBOSSES CORP: Restricted From Using Disclosure Exemptions
---------------------------------------------------------
The Australian Securities and Investments Commission has restricted
ASX-listed iBosses Corporation Limited (iBosses) from using certain
disclosure exemptions when making public offers of securities for
failing to lodge financial reports.

iBosses did not lodge audited financial reports for the years ended
March 31, 2017 and March 31, 2018 within the three months required
by the Corporations Act (the Act).  The company's securities are
currently suspended from trading on ASX.

Accordingly, ASIC has made a determination that applies until
June 4, 2020 and prevents iBosses from relying on:

  * the disclosure exemptions for sale offers of securities
    and for rights issues (s 708A and s708AA of the Act); and

  * the reduced prospectus content requirements for continuously
    quoted securities (s713 of the Act).

ASIC may impose restrictions on the use of fundraising disclosure
exemptions where we are satisfied that an entity has contravened
the financial reporting provisions of the Act.

LITTLE BROOKLYN: Second Creditors' Meeting Set for July 12
----------------------------------------------------------
A second meeting of creditors in the proceedings of Little Brooklyn
44 Pty Ltd has been set for July 12, 2019, at 11:00 a.m. at the
offices of Ernst & Young, Level 11, at 121 Marcus Clarke Street, in
Canberra, ACT.

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 11, 2019, at 4:00 p.m.

Henry Kazar & Lachlan Abbott of Ernst & Young were appointed as
administrators of Little Brooklyn on June 6, 2019.

MCDONALD GROUP: Second Creditors' Meeting Set for July 15
---------------------------------------------------------
A second meeting of creditors in the proceedings of McDonald Group
Investments Pty Ltd has been set for July 15, 2019, at 11:00 a.m.
at the offices of Hall Chadwick, Level 11, at 77 St Georges
Terrace, in Perth, WA.

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 12, 2019, at 5:00 p.m.

Richard Albarran and Cameron Shaw of Hall Chadwick were appointed
as administrators of McDonald Group on June 10, 2019.

QUINTIS LTD: Court Orders Founder Frank Wilson to Pay AUD14MM
-------------------------------------------------------------
Ben Harvey at The West Australian reports that Frank Wilson, the
former WAFL footballer-turned-St Georges Terrace lawyer who was a
chief engineer of WA's sandalwood bubble, faces a AUD14 million
bill after a Supreme Court justice upheld his former company's
claim against him.

According to the report, Justice Kenneth Martin said Mr. Wilson was
a victim of his own foolishness in his dealings with sandalwood
producer Quintis, which Mr. Wilson founded as TFS.

Mr. Wilson owed Quintis' finance arm, Arwon, about AUD14 million
after taking out finance to buy Indian sandalwood trees in WA's far
north five years ago, the report says.

SPEEDCAST INTERNATIONAL: Moody's Cuts CFR to B1, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 Speedcast
International Limited's corporate family rating and senior secured
term loan rating.

The ratings outlook remains negative.

RATINGS RATIONALE

"The ratings downgrade mainly reflects Speedcast's elevated debt
leverage and reduced liquidity, because of its weaker-than-expected
earnings and cash flow generation," says Sean Hwang, a Moody's
Analyst.

"While we expect Speedcast to improve its earnings and deleverage
over the next 12-18 months, the continued negative outlook reflects
a degree of uncertainty over such improvements," adds Hwang.

On July 2, Speedcast announced its 2019 underlying EBITDA
guidance--before Moody's adjustments--of $140-$150 million, which
was around $20 million lower than the company's previous guidance.
Speedcast estimates that its underlying EBITDA registered around
$60-$64 million for the first six months of 2019, which implies a
year-on-year decline of 10%-15% on an organic basis, excluding the
impact of the acquisition made in December 2018.

At the same time, Moody's estimates that Speedcast's reported net
debt increased moderately during the first six months of 2019,
mainly due to higher working capital needs. As a result, Moody's
estimates that Speedcast's adjusted net debt/EBITDA--pro forma for
acquisitions--increased to around 4.2x for the 12 months to June
30, 2019 from 3.8x in 2018 and 2.8x in 2017.

Given these developments, Moody's expects that Speedcast's annual
underlying EBITDA — before Moody's adjustment or the application
of IFRS16 — will total around $145 million in 2019 and grow to
about $155-$160 million by 2020, driven by moderate organic
business growth and cost savings. This projected earnings growth,
however, is slower than Moody's previous expectation, reflecting
the mixed demand conditions and persistently strong competition in
the satellite communications services provider industry, as well as
some operational challenges that the company is facing.

Speedcast's earnings growth should allow the company to show a
Moody's-adjusted net debt/EBITDA of around 4.0x in 2019 and around
3.5x-3.7x in 2020. The projected leverage level for 2020 would be
more consistent with the B1 rating category, but a degree of
uncertainty exists over such improvements.

While Speedcast's liquidity remains adequate to meet its short-term
cash needs, its liquidity buffers have narrowed, because of lower
cash holdings and tighter headroom against financial covenants
under its committed revolving credit facility. A further decrease
in cash and the company's inability to use the credit facility
would heighten the downward pressure on its ratings.

Speedcast's ratings continue to reflect the company's leading
market position globally, and recurrent revenue from a diversified
customer base. The ratings also continue to factor in Speedcast's
exposure to end-market cyclicality, small scale compared to
similarly rated peers in various industries and aggressive
financial strategy, as seen by its active pursuit of acquisitions.

The negative ratings outlook reflects uncertainties over the
company's ability to improve earnings and financial leverage, and
strengthen liquidity buffers.

The ratings outlook could return to stable if the company can (1)
maintain its business strength, grow earnings and deleverage, such
that adjusted net debt/EBITDA improves to below 4.0x on a sustained
basis; and (2) improve its liquidity buffers.

Moody's could downgrade the ratings if Speedcast's competitive
position or profitability erodes materially, the company pursues an
aggressive distribution or debt-funded investment strategy, or
liquidity weakens significantly. Metrics that Moody's would
consider in downgrading the ratings include adjusted net
debt/EBITDA above 4.0x and adjusted EBITDA margin below 18%-20%.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Speedcast International Limited is a leading provider of satellite
communications and network services in remote locations globally,
mainly serving customers in the maritime, energy, enterprise and
government segments. Speedcast has been listed on the Australia
Stock Exchange since 2014.

STELLER GROUP: Developer Placed Into Receivership
-------------------------------------------------
Larry Schlesinger at Australian Financial Review reports that
Steller Group, which once commanded a AUD4.2 billion pipeline of
apartment, aged care and commercial projects spread across
Melbourne, collapsed into receivership on July 2, marking one of
the biggest developer collapses since the global financial crisis.

Like Becton Group, which collapsed in 2013 after being unable to
meet its debt obligations, Steller's ultimate downfall was its
reliance on expensive debt provided by Hong Kong and Singapore
hedge fund OCP Asia, AFR relates.

Compounding Steller's woes was a breakdown in the business
relationship between founders Simon Pitard and Nicholas Smedley
(the son of the renowned late businessman Peter Smedley), as
revealed The Australian Financial Review in May, and a crash in
off-the-plan apartment sales nationally as banks stopped lending to
buyers, especially overseas investors.

Acting to protect its secured position, OCP on July 2 appointed
McGrathNicol Restructuring partners Keith Crawford, Matthew Caddy
and Jason Preston as receivers of Steller Pty Ltd and more than a
dozen related entities.

"The receivers are undertaking an urgent financial assessment of
the assets under their control," the report quotes Mr. Crawford as
saying. "We'll be working constructively with all stakeholders,
including financiers of individual properties, to secure the best
possible outcome for all parties.  OCP Asia intends to support the
assets over which receivers have control during the receivership
process, including via the provision of additional funding to
ensure the assets can be maintained while options for
recapitalisation, development and/or disposal are explored."

OCP's exposure to Steller, which well-placed source estimated at
between AUD110 million and AUD120 million, was secured against a
handful of assets including a commercial and residential site in
Hampton, an office and residential project at Swan and Coppin
Streets in Richmond and a South Melbourne site, according to AFR.
Both the Hampton and South Melbourne sites are currently up for
sale.

Steller, which also had construction, property funds and mortgage
broking businesses, recently shut down its AUD35 million
redevelopment of the Continental Hotel in Sorrento, leaving a
gaping unfinished hole next to the iconic property and forcing
owner Julian Gerner to put the unfinished project on the market,
AFR reports.

In a statement, Mr. Smedley, whose primary role was dealing with
Steller's senior bank lenders, said: "I will be actively working
with McGrathNichol and OCP to help ensure that the projects that
are part of the receivership are completed and sold in an orderly
manner," the report relays.

AFR adds that the collapse of Steller also caught out Sydney-based
fund manager Atlas Advisors, chaired by former Macquarie Private
Bank global boss Guy Hedley.

AFR relates that Mr. Hedley said Atlas had a "secured and a
structured credit position with Melbourne-based residential and
commercial property developer Steller Group".

"We are confident the matter will be resolved and a recovery
acceptable to our investors will be achieved," AFR quotes Mr.
Hedley as saying.

In the weeks leading up to Mr. Pitard and Mr. Smedley's decision to
dissolve their partnership, Steller had approached non-bank lenders
for funding but had been unsuccessful, the report says.

The Australian Financial Review revealed Steller had borrowed at
interest rates of up to 14 per cent to secure an AUD8.56 million
fixed mortgage provided by a syndicate that included the Melbourne
Jewish Friendly Society, the Equity One Mortgage Fund and a number
of private super funds to buy the Hampton site now up for sale.

SWINNERTON TRANSPORT: First Creditors' Meeting Set for July 17
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Swinnerton
Transport Pty Ltd will be held on July 17, 2019, at 10:00 a.m. at
the offices of RSM Australia Partners, Equinox Building 4, Level 2,
at 70 Kent Street, in Deakin, ACT.  

Jonathon Kingsley Colbran and Frank Lo Pilato of RSM Australia
Partners were appointed as administrators of Swinnerton Transport
on July 5, 2019.



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C H I N A
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ANBANG INSURANCE: To Sell Shares in Health Insurance Unit
---------------------------------------------------------
Reuters reports that Anbang Insurance Group said it will sell its
entire stake in a health insurance unit as Beijing speeds up asset
disposals at the troubled government-controlled insurance
conglomerate.

Reuters relates that Anbang said it would sell 77.7% of its stake
in Hexie Health Insurance through its property and casualty
insurance subsidiary, and the remaining portion to five companies
including Fujia Group, a private commerce company.

Fujia Group will take a 51% controlling stake after the deal, the
statement said, Reuters relays.

Anbang did not reveal the size of the deal, which requires approval
from the China Banking and Insurance Regulatory Commission (CBIRC),
the report notes.

According to Reuters, the move comes as regulators seek to speed up
the process of selling Anbang's assets to minimize financial risks.
Anbang was one of the most aggressive Chinese buyers of foreign
assets a few years ago, using leveraged loans and risky short-term
financing tools.

More than CNY1 trillion ($145.4 billion) worth of Anbang assets had
been or were in the process of being disposed, CBIRC Vice Chairman
Liang Tao told reporters on July 4, Reuters relays.

Reuters adds that Liang said the regulator also would cut the
portion of Anbang's risky short-term insurance products to under
15% of its total insurance products by 2019.

                       About Anbang Insurance

Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
26, 2018, The Strait Times related the Chinese government had
seized control of Anbang Insurance, the troubled Chinese company
that owns the Waldorf Astoria hotel in New York and other marquee
properties around the world, and charged its former chairman with
economic crimes. The Strait Times noted that the move is Beijing's
biggest effort yet to rein in a new kind of Chinese company, in
this case, one that spent billions of dollars around the world over
the past three years buying up hotels and other high-profile
properties.  The rise of these companies illustrates China's
growing economic might, but Chinese officials have grown
increasingly concerned that they were piling up debt to make
frivolous purchases. In a statement posted on its website on Feb.
23, the China Insurance Regulatory Commission said the government
was taking over to ensure the "normal and stable operation" of the
company. "Illegal operations at Anbang may have seriously
endangered the company's solvency, prompting the government to take
control," the statement read.

The Strait Times noted the move also caps the downfall of Anbang
leader Wu Xiaohui. Mr. Wu had married a granddaughter of Mr. Deng
Xiaoping, China's paramount leader in the 1980s and a towering
figure in Chinese politics, and was widely considered politically
connected.

Mr. Wu Xiaohui was later sentenced to 18 years in prison for fraud
and embezzlement, according to Reuters.

DR. PENG TELECOM: S&P Withdraws 'B-' Long-Term Issuer Credit Rating
-------------------------------------------------------------------
S&P Global Ratings withdrew its 'B-' long-term issuer credit rating
on Dr. Peng Telecom & Media Group Co. Ltd. at the company's
request. The outlook was negative at the time of the withdrawal.
S&P also withdrew its 'B-' long-term issue rating on the company's
guaranteed senior unsecured debt.

S&P's ratings on Dr. Peng reflected the company's rising liquidity
pressure due to its limited progress in refinancing and its
significant debt maturities in the first half of 2020. Dr. Peng has
about Chinese renminbi (RMB) 5.6 billion in debt maturities due by
June 30, 2020. This includes about US$410 million offshore in bonds
and two domestic puttable bonds totaling RMB2.0 billion exercisable
in April 2020 and June 2020. This contrasts with its unrestricted
cash balance of RMB1.7 billion as of March 31, 2019.

The negative outlook at the time of the withdrawal reflected S&P's
expectation that Dr. Peng's liquidity could decline further over
the next 12 months. The company is working on several refinancing
and fundraising initiatives. However, the timing of execution is
uncertain and is subject to ongoing negotiations. The execution of
these initiatives will determine the company's liquidity position
and the future direction of the ratings.

FUTURE LAND: Detained Founder's Case Hits Shares, Credit Ratings
----------------------------------------------------------------
Qu Hui and Mo Yelin at Caixin Global report that the crisis at
Future Land Development Holdings Ltd., one of China's largest real
estate developers, deepened on July 5 as international credit
rating agencies warned of the potential impact on the company of
the detention of its billionaire founder, Wang Zhenhua.

Although statements from Future Land and its two affiliates on July
3 said operations "remain normal" after Wang was detained on
allegations of child molestation, Moody's Investors Service, Fitch
Ratings and S&P Global Ratings said the incident raises the
company's financial risks and could harm its reputation, its
operations and its credit ratings, according to Caixin.

Caixin says the 57-year-old property tycoon has a 71.2% stake in
Hong Kong-listed Future Land, whose shares have plunged since news
of his seizure by police in Shanghai emerged on July 3. The stock
fell 6.68% to HK$6.71 (86 U.S. cents) on July 5, taking its total
decline over the past three days to 36.5%.

Shares in the group's two affiliates, Shanghai-listed Seazen
Holdings Co. Ltd. and Hong Kong-listed S-Enjoy Service Group Co.
Ltd., have also slumped, the report says. On July 5y, Seazen, 67%
owned by Future Land, fell by 9.99%, the maximum daily limit, and
S-Enjoy, 73% owned by Wang through a family trust, dropped by
10.88%. Bonds issued by the three entities have also fallen.

"[T]hese events may have a negative impact on the entities'
operational and financial performance in the near term," Fitch said
in a report, Caixin relays. "This includes the potential for a
meaningful deterioration in the companies' pre-sales and land
acquisition activities arising from reputational damage. The
companies' funding channels may also be affected, although there
has been no breach of their debt covenants to date. Any prolonged
weakness in the companies' operations and/or financing may result
in an irreversible weakening of their credit profiles."

As of June 30, around 34% of Seazen's outstanding domestically
listed A-shares are pledged out of the 67% equity held by entities
controlled by the Hong Kong-listed company, S&P said in its report,
according to Caixin. "We see a potential risk associated with
financial institutions enforcing shares pledged by the former
chairman if Future Land's share price plummets for an extended
period."

In its statement to the Hong Kong Stock Exchange on July 3, Future
Land said Wang was being "held in criminal custody for personal
reasons" and had been removed as chairman. His son, Wang Xiaosong,
a nonexecutive director, was taking over the position, Caixin
relays.

According to Caixin, Moody's said it will "closely monitor the
developments of the founder's criminal custody and the companies'
operations and financial positions. The two companies' ratings
could come under pressure, if the investigation leads to legal
charges or the companies' share prices continue to erode; thereby
affecting their reputation, business operations, funding access and
liquidity."

Further declines in Seazen's shares could put Wang's control over
the company at risk, a source from a Chinese investment bank who
declined to be identified told Caixin, referring to the shares
pledged by Future Land as collateral for loans taken out from
securities companies. If the share price falls below the level that
triggers further margin calls that cannot be met, then securities
companies will be able to sell the shares, which could lead to a
change of control of the company, the source said.

On July 5, Seazen Holdings released a statement via its official
WeChat account describing the incident as a crisis for a public
company and expressing its "deep regret" for any pain and suffering
caused to the victim and the victim's family, according to Caixin.
It also apologized for the adverse publicity and negative market
impact.

Founded in 1993 in Jiangsu province in eastern China, Seazen
accounts for most of Future Land's operations. It was dubbed
"Little Wanda" because its development model was similar to that of
Dalian Wanda Group Co. Ltd., the Chinese conglomerate founded by
Wang Jianlin that expanded rapidly based on a high-leverage model
only to see itself accumulate too much debt and be forced to sell
off many of its investments.

After listing in Shanghai in 2015, Seazen expanded at a breakneck
pace, Caixin recounts. Its sales in 2018 were CNY221.1 billion ($32
billion), a nearly sevenfold increase on the 31.9 billion yuan it
reported in 2015. The developer, which ranked outside China's top
20 in terms of sales in 2015, rose to become the eighth largest.

Just as Dalian Wanda had its flagship Wanda Plaza commercial
complexes across major Chinese cities, Seazen has its own version
called Wuyue Plaza. By the end of 2018, the company has a total of
42 Wuyue Plaza complexes, and had aimed to increase the total to
100 by 2020, Caixin discloses.

But the speed of its expansion also led to rapid debt accumulation,
Caixin notes. At the end of 2018, Seazen had racked up total debts
of CNY279.4 billion, up from CNY53.9 billion at the end of 2015.
For the past three years, the company has had a debt-to-asset ratio
of over 82%, which rose to 88.5% at the end of the third quarter of
2018, higher than most large developers, Caixin discloses. A
debt-to-asset ratio of 80% is considered a "red line" for real
estate companies.

Future Land Development Holdings Limited, together with its
subsidiaries, engages in the investment, development, and sale of
properties in the People’s Republic of China.

As reported in the Troubled Company Reporter-Asia Pacific on July
8, 2019, Fitch Ratings has placed China-based homebuilder Future
Land Development Holdings Limited's Long-Term Foreign- and
Local-Currency Issuer Default Ratings of 'BB' on Rating Watch
Negative. At the same time, the agency has placed its subsidiary
Seazen Holdings Co., Ltd.'s Long-Term Foreign-Currency IDR of 'BB'
on RWN.

The RWN reflects the possibility of a deterioration of both
companies' business and financial risk after their chairman and
founder, Mr. Wang Zhenhua, was held in criminal custody by Chinese
police.

SKYFAME REALTY: Fitch Puts Final B- Rating to $105MM Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Skyfame Realty
(Holdings) Limited's (B-/Stable) USD105 million 13% senior notes
due 2022 a final 'B-' rating with a Recovery Rating of 'RR4'.

The notes are rated at the same level as Skyfame's senior unsecured
rating as they represent its unconditional and irrevocable
obligations. The assignment of the final rating follows the receipt
of documents conforming to information already received and is in
line with the expected rating assigned on June 28, 2019.

Skyfame's ratings are constrained by its scale, which is smaller
than that of rated peers, and 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 costs. Fitch expects leverage to gradually drop from
2020 given sufficient land bank to support business growth for the
next two years.

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 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 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 the 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 it accelerated land
acquisitions and construction. The company spent CNY5.7 billion, or
61% of 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 remain 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% was in tier 2
cities. Skyfame is shifting its land bank from the Pearl River
Delta towards Yangtze River Delta and western China. It may also
have access to another 19.5 million sq m of land, most of which is
in 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 needs
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 that of Sunshine 100, while the two entities' 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 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 by Fitch's expectation that 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%. Fitch
rates 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 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%)

RATING SENSITIVITIES

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

  - No positive rating action is expected in the next two years
unless Skyfame's business profile significantly improves

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

  - Contracted sales fail to reach Fitch's forecast of CNY12
billion in 2019

  - Leverage, measured by net debt/adjusted inventory, sustained at
above 65%

  - EBITDA margin, excluding capitalised interest from cost of
sales, sustained at below 20%

  - Weakening of Skyfame's liquidity position

LIQUIDITY

Adequate Liquidity: As of end-2018, Skyfame had a cash balance of
CNY3.1 billion (including a restricted cash balance of CNY0.7
billion), sufficient to cover debt maturing in one year of CNY2.8
billion. The company had another CNY1.6 billion of undrawn credit
facilities.

XIAOMING BIKE: Owes CNY25 Million in Unpaid User Deposits
---------------------------------------------------------
Tianyu M. Fang at Caixin Global reports that before bike-sharing
companies began declaring bankruptcy one by one, Xiaoming was one
of the names blazoned on colorful bikes dotting the streets of
Chinese cities. Now, the startup is deep in debt, CNY45 million
($6.5 million) deep, to be exact, Caixin discloses.

Out of this, unpaid user deposits account for CNY25 million,
according to the startup, which revealed what it owes to creditors
in a statement last week, Caixin relates.

Founded in 2016, Xiaoming officially declared bankruptcy in July
2018, after its users noticed that they could not get their
deposits back. The Guangdong Consumer Council filed a public
interest lawsuit against Xiaoming in December 2017, the first
against an internet bike rental firm, Caixin recalls. At its peak,
the company had over 430,000 bikes across China.

Xiaoming is only one of the many sinking bike-sharing startups,
Caixin notes. In December, a Chinese court ordered the blacklisting
of Dai Wei, the founder of Ofo, a firm once valued at over $2
billion, limiting his personal expenses as the company struggled to
repay massive debts. Dai has been barred from leaving the country
since June, Caixin adds.

[*] CHINA: BNP Expects Default Rates to Tick Up From a Low Base
---------------------------------------------------------------
Bloomberg News reports that the respite from defaults in China's
onshore bond market isn't seen lasting as risks to the country's
economy grow.

While the number of defaults in China's $13 trillion bond market
slid for a second straight quarter, down from a record high last
year, June saw a resurgence as borrowing costs rose and liquidity
tightened, Bloomberg relates. Analysts and investors expect debt
failures to rise in the months ahead, in tandem with slowing
economic growth.

According to Bloomberg, new bond defaults dipped to this year's low
in May amid China's targeted support measures to shield the economy
from a U.S. trade war. But, the number of both defaulted bonds and
new defaulters rebounded the following month, coinciding with weak
manufacturing data, indicating that the economic recovery in the
first half has lost steam.

"We'll see an uptick in default rates but from a low base,"
Bloomberg quotes Alaa Bushehri, head of emerging markets corporate
debt at BNP Paribas Asset Management, as saying. "We don't expect a
name which is doing fundamentally well to suddenly surprise us with
poor fundamentals. We expect whatever is weak to be the weak links
and trends of deterioration to continue to deteriorate."

The tally of first-time defaulters climbed to five in June from one
in May, according to data compiled by Bloomberg.

Defaults are seen picking up over the rest of the year, albeit at a
gradual pace, said Harvey Bradley, a fixed income portfolio manager
at Insight Investment, an affiliate of BNY Mellon Investment
Management, Bloomberg relays.

"This increase is likely to be driven by funding cost pressures, a
weaker domestic economy and slightly more risk averse investors,"
he said. "We would continue to expect default rates in the onshore
Chinese bond market to creep up in the second half of the year--but
nothing too concerning."

Bloomberg says China has a relatively short history of bond
defaults and only saw the first local note failure in 2014. While
delinquencies have climbed since then, they're still not at levels
seen in developed markets such as the U.S.

Liquidity levels after the surprise takeover of Baoshang Bank Co
are still fuelling some funding disquiet among some smaller banks
and non-bank financial institutions, despite an injection of fiscal
and monetary relief from Chinese authorities, Bloomberg relates.

"After the Baoshang takeover, investors have more reservations
about implicit government support and have become more risk
averse," Bloomberg quotes Ivan Chung, head of greater China credit
research and analysis at Moody's Investors Service, as saying. This
would put pressure on weaker issuers looking to refinance debt, he
said.

A Bloomberg survey conducted this month showed most of the 36
fixed-income analysts and investors believe the spread between
lower-rated corporate bonds and risk-free yield will fluctuate
slightly, or get wider in the third quarter.



=========
I N D I A
=========

DUNLOP POLYMERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Dunlop Polymers Private Limited
        139-C, Belagola Industrial Area
        Metagalli Mysore
        Karnataka 560016

Insolvency Commencement Date: June 25, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 23, 2019

Insolvency professional: Tuhin Kumar Chatterjee

Interim Resolution
Professional:            Tuhin Kumar Chatterjee
                         5/A Sree Mohan Lane
                         P.O. Kalighat
                         Kolkata 700026
                         E-mail: tuhinkc2@gmail.com
                                 cirpdunloppolymers@gmail.com

Last date for
submission of claims:    July 9, 2019

GORAYA STRAW: CARE Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Goraya
Straw Board Mills Private Limited (GSBM) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      11.89       CARE D; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

   Short term Bank       .10       CARE D; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GSBM to monitor the ratings
vide e-mail communications/letters dated June 12, 2019; June 17,
2019; June 18, 2019 and numerous phone calls. However, despite our
repeated requests, the company 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 best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on Goraya Straw
Board Mills 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 rating.

SRC was incorporated by Mr. Anil Garg in 1978 as a partnership
firm. It was later reconstituted as private limited company in
February, 1998. SRC is being managed by Mr. Anil Garg (Director)
and Mr. Sunil Garg (Director, brother of Mr. Anil Garg). SRC is
engaged in manufacturing of cables, wires and conductors including
low voltage and high voltage cables used for overhead transmission
and distribution of electricity. The company manufactures various
types of cables such as HT/LT-XLPE/PVC Power, Control, Jelly filled
telecom cables, signaling, axle counter, aerial bunched, etc. which
finds application in railways, telecommunications, automotive,
power generation Industry etc. SRC's manufacturing facility is
located at RIICO Industrial Area, Bhiwadi (Rajasthan).

GOUR FLOUR: CARE Cuts INR8.0cr LT Loan Rating to B+, Not Coop.
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gour Flour Mills Private Limited (GFM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      8.00        CARE B+; ISSUER NOT
   Facilities                      COOPERATING; Revised form
                                   CARE BB-; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GFM to monitor the rating
vide letters/e-mails communications dated June 6, 2019, June 10,
2019, June 12, 2019 and numerous phone calls. However, despite our
repeated requests, the entity 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. The rating on GFM's bank
facilities will now be denoted as CARE B+; 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 takes into account the unavailability of
information as well as the banker could not be contacted.

Detailed description of the key rating drivers

At the time of last rating in July 13, 2018 the following were the
rating strengths and weaknesses;
Key Rating Weakness

Margins susceptible to fluctuation in the raw material prices and
government regulations: The main raw material for production of
wheat flour is wheat and the prices of wheat are subject to
government intervention since it is an agricultural produce and
staple food. Various restrictions including minimum support price,
control on exports, wheat procurement policies for maintenance of
buffer stocks, etc, are imposed to regulate the price of wheat in
the market. The price of wheat is also influenced by the supply
scenario which is susceptible to the agro-climatic conditions.
Thus, any volatility in wheat prices can have direct impact on the
profitability margins of the company. The companies in such
industries have to store raw material during the harvesting period
for future consumption which leads to high inventory holding period
and results into high holding cost.

Fragmented and competitive nature of industry: The agro processing
industry is highly fragmented with more than twothird of the total
number of players being unorganized. This has resulted in intense
competition which is also fuelled by low entry barriers. Given that
the processing activity does not involve much of technical
expertise or high investment, the entry barriers are low. Intense
competition has a negative effect on profitability

Key Rating Strengths:

Experienced promoters: The promoters of GFM have long experience in
agro industry. Mr Jaydeb Saha has 28 years of experience in the
same industry. He looks after the overall operations of the company
since inception and is very wellversed with the intricacies of the
business. Mr Probir Kumar Saha, Director, having around 17 years of
experience in the same industry, looks after the purchase and
marketing activities. They are well supported by team of
experienced personnel.

Proximity to raw material sources: GFM's plant is located in the
vicinity to a major wheat growing area, thus, resulting in logistic
advantage. The entire raw material requirement is met locally from
the farmers (or local agents) helping the company to save
simultaneously on transportation and procurement cost.

Comment on liquidity: Not available due to non cooperation by the
company and also banker could not be contacted.

GFM was incorporated on January 2000, by Mr Jaydeb Saha and his
family members based out of Malda, West Bengal, with the objective
to operate a flour mill. The company is engaged in processing and
milling of wheat grains. The flour mill manufactures atta, maida,
suji, and wheat bran, having an installed capacity of 30,000 metric
tonnes per annum (MTPA) being located at Malda, West Bengal. The
company sells its product to traders and wholesalers located in
West Bengal only and also to state Government.

HIBZA FOODS: CARE Migrates B Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Hibza
Foods Private Limited (HFPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      15.45       CARE B; Stable; Issuer not
   Facilities                      cooperating: Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from HFPL to monitor the ratings
vide e-mail communications/letters dated June 7, 2019, June 10,
2019, June 12, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In the absence of
minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines CARE's rating on HFPL's bank facilities will now be
denoted as CARE B; Stable; ISSUER NOT COOPERATING. The banker also
could not be contacted.

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 in September 19, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses:

Project implementation risk: HFPL is setting up a rice milling and
processing unit at Madhubani, Bihar with an aggregate project cost
of INR18.22 crore, which is to be financed by way of promoter's
contribution of INR8.27 crore and term loan ofRs.9.95 crore, at a
debt equity mix of 1.20:1. The term loan of INR 9.95 crore and cash
credit limit of INR5.50 crore has already been sanctioned.
Therefore the project funding risk is mitigated. However, the
company has expended onlyRs.2.77 crore funded by promoters' fund
till August 1, 2017. Since the project is in initial stage of
implementation, the project implementation risk exists. Going
forward, the ability of the company to complete the ongoing project
without any cost and time overrun will be crucial for the company.
The project is expected to be operational from December 2018.

Volatile agro-commodity (paddy) prices with linkages to vagaries of
the monsoon: HFPL is implementing a rice milling unit at Madhubani
district of Bihar and paddy is its major raw material. Paddy is
mainly a 'kharif' crop and is cultivated from June-July to
September-October and the peak arrival of crop at major trading
centers begins in October. The cultivation of paddy is highly
dependent on the monsoon. Unpredictable weather conditions could
affect the output of paddy and result in volatility in price of
paddy. In view of seasonal availability of paddy, working capital
requirements remain high at season time owing to the requirement
for stocking of paddy in large quantity.

Regulated nature of the industry: The Government of India (GoI),
every year decides a minimum support price (MSP) to be paid to
paddy growers which limits the bargaining power of rice millers
over the farmers. The MSP of paddy increased during the crop year
2017-18 to INR1550/quintal from INR1470/quintal in crop year
2016-17. The sale of rice in the open market is also regulated by
the government through levy of quota, depending on the target laid
by the central government for the central pool. Given the market
determined prices for finished product vis-à-vis fixed acquisition
cost for raw material, the profit margins are highly vulnerable.

Intensely competitive nature of the industry with presence of many
unorganized players: Rice milling industry is highly fragmented and
competitive due to presence of many small players operating in this
sector owing to its low entry barriers, due to low capital and
technological requirements. Madhubani and nearby districts of
Bihar are a major paddy growing area with many rice mills operating
in the area. High competition restricts the pricing flexibility of
the industry participants and has a negative bearing on the
profitability.

Experienced proprietor coupled with long track record: BA, having
commenced operations in the year 1990 has a track record of being
engaged in the pharma industry for more than two decades. Mr. Samir
Samaddar, (aged 56 years, Graduate) based out of West Bengal, has
an experience of more than two decades in the pharma industry
manages the overall operations of the entity.

Key Rating Strengths:

Long experience of the promoters: HFPL is promoted by Mr. Ali Ahmad
and his son Mr. Imteyaz Ahmad of Bihar. Mr. AliAhmad, has around
three decades of experience in civil construction industry and
around 6 years in rice milling industry through his associate
company 'Hibza Rice Mills Private Ltd'. He will look after the day
to day operations of the company supported by co-director Mr.
Imteyaz Ahmad who has more than four years of experience in rice
milling industry.

Proximity to raw material sources and favorable industry scenario:
HFPL's plant is located at Madhubani District of Bihar which is a
paddy growing region in eastern India resulting in lower logistic
costs (both on transportation and storage),easy availability and
procurement of raw materials at effective prices. Furthermore rice,
being one of the primary food articles in India, demand is high
throughout the country and with the change in life style and health
consciousness; byproducts of the same like rice bran oil etc. are
in huge demand.

Liquidity position: Comment on liquidity position is not available
due to non-cooperation and also the banker could not be contacted.

HFPL was incorporated in May 2017 by Mr. Ali Ahmad and Mr. Imteyaz
Ahmad for setting up a rice milling and processing unit. The
company is currently setting up a rice milling unit with aggregate
installed capacity of 30,720 metric ton per annum at Madhubani,
Bihar. The total project cost for setting of rice milling unit is
estimated to be of INR18.22 crore which will be financed at a debt
equity of 1.20:1. The commercial operation is estimated to commence
from December 2018.


INDIAN OVERSEAS BANK: S&P Affirms Then Withdraws BB/B ICRs
----------------------------------------------------------
S&P Global Ratings said that it has affirmed its 'BB' long-term
issuer credit rating and 'B' short-term issuer credit rating on
Indian Overseas Bank (IOB). S&P subsequently withdrew the ratings
at IOB's request.

At the time of withdrawal, the rating outlook was stable and
reflected its continued expectation of a very high likelihood of
extraordinary government support for the bank through ongoing
capital infusions.


INNOTECH EDUCATIONAL: CARE Migrates D Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Innotech
Educational Society (IES) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      19.00       CARE D; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information


Detailed Rationale & Key Rating Drivers

CARE has been seeking information from IES to monitor the rating
vide e-mail communications/letters dated June 6, 2019, June 10,
2019, June 12, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the requisite
information 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 AT's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
Further, banker could not be contacted.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating in July 5, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses:

Intense competition from established and upcoming educational
institutes: IES faces high competition from other established and
upcoming educational institutes located in and around Bihar. In
Bihar area itself, there are more than 25 colleges offering
bachelor degree in engineering including colleges like IIT, NIT,
Birla Institute of Technology, Bhagalpur college of Engineering,
etc. to name a few. Further there are numerous engineering colleges
in Bihar and its adjoining areas.

Regulatory challenges: Despite the increasing trend of
privatization of the education sector in India, regulatory
challenges continue to pose a significant threat to the educational
institutes. In addition to AICTE, the educational institutions are
regulated by respective state governments with respect to number of
management seats, amount of tuition fee charged for government
quota and management quota giving limited flexibility to the
institutions. These factors have significant impact on the revenues
and profitability of the institutions.

Key Rating Strengths:

Experienced members from the industry on the advisory board of the
society: The founder & promoter of IES, Shri Amit Kumar Das
(President of the Society), an NRI (based in Australia), is a
graduate and diploma holder in computer engineering, having more
than a decade experience in Information Technology sector. He is
well supported by an advisory board comprising of experienced
professionals from the industry.

Modern infrastructure with latest available technology: The campus
of the institute is spread over an area of 15 acre and includes
facilities such as world class classrooms, health centre,
gymnasium, canteen, ATM, Wi-Fi, mini-sports complex, fully equipped
auditorium, highly equipped libraries with online access to major
journals and publications from across the world, video-conferencing
facility, etc.

Innotech Educational Society (IES) was established in March, 2010
under the Societies Registration Act, 1860 for establishing and
operating educational institutes for imparting education in
engineering discipline in Araria, Bihar. With completion of the
Phase I of its three phased project, the society has started an
Engineering college under the name “Moti Babu Institute of
Technology (MBIT)” with 300 seats in 5 streams of engineering
from the academic year 2014-2015. The institute is approved by All
India Council for Technical Education (AICTE) and affiliated to
Aryabhatta Technology University, Bihar.

The society has been founded & promoted by Shri Amit Kumar Das, an
NRI (based in Australia), who is a graduate and diploma holder in
computer engineering and possesses more than a decade experience in
Information Technology sector. He is also the founder & chairman of
the ISOFT Software Technologies Pvt. Ltd., a company engaged in
software development.

JET AIRWAYS: Faces India Probe Over Alleged Funds Mismanagement
---------------------------------------------------------------
Reuters reports that India on July 4 ordered an investigation into
alleged mismanagement of funds at Jet Airways, which halted
operations in April after running out of cash.

The Ministry of Corporate Affairs has ordered India's Serious Fraud
Investigation Office (SFIO) to carry out the investigation, a
government order seen by Reuters showed.

According to Reuters, the order refers to alleged siphoning of
funds and unspecified financial irregularities at Jet Airways,
which was once India's largest private airline, but did not include
details on the allegations or name any individuals.

A Jet Airways spokeswoman did not immediately respond to a request
for comment on the order, which also called for investigations into
Jet's group companies including low-cost Jet Lite and Jet
Privilege, which manages its loyalty programme, Reuters says.

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provides passenger and cargo air
transportation services. It also provides aircraft leasing
services. It operates flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
28, 2018, ICRA revised the ratings on certain bank facilities of
Jet Airways (India) Limited to [ICRA]C from [ICRA]B. The rating
downgrade considers delays in the implementation of the proposed
liquidity initiatives by the management, further aggravating its
liquidity, as reflected in the delays in employee salary payments
and lease rental payments to the aircraft lessors. Moreover, the
company has large debt repayments due over the next four months
(December-March) of FY2019 (INR1,700 crore), FY2020 (INR2,444.5
crore) and FY2021 (INR2,167.9 crore). The company is undertaking
various liquidity initiatives, which includes, among others, equity
infusion and a stake sale in Jet Privilege Private Limited (JPPL),
and the timely implementation of these initiatives is a key rating
sensitivity.  Moreover, the company continues to witness a stress
in its operating and financial performance.

JET AIRWAYS: Former Chairman Seeks Order to Overturn Travel Ban
---------------------------------------------------------------
Reuters reports that a government source said the former chairman
and founder of Jet Airways, Naresh Goyal, had approached Delhi High
Court, seeking to overturn an order that stops him from travelling
abroad.

The source told Reuters the government plans to oppose the appeal
by Goyal, who along with his wife Anita, was stopped from leaving
India at Mumbai airport in May.

Goyal, who Jet Airways said in March would step down from the board
and reduce his stake in the airline, did not immediately respond to
a request for comment, Reuters notes.

Goyal has been asked to appear before the SFIO this week, the
source, as cited by Reuters, added.

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provides passenger and cargo air
transportation services. It also provides aircraft leasing
services. It operates flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
28, 2018, ICRA revised the ratings on certain bank facilities of
Jet Airways (India) Limited to [ICRA]C from [ICRA]B. The rating
downgrade considers delays in the implementation of the proposed
liquidity initiatives by the management, further aggravating its
liquidity, as reflected in the delays in employee salary payments
and lease rental payments to the aircraft lessors. Moreover, the
company has large debt repayments due over the next four months
(December-March) of FY2019 (INR1,700 crore), FY2020 (INR2,444.5
crore) and FY2021 (INR2,167.9 crore). The company is undertaking
various liquidity initiatives, which includes, among others, equity
infusion and a stake sale in Jet Privilege Private Limited (JPPL),
and the timely implementation of these initiatives is a key rating
sensitivity.  Moreover, the company continues to witness a stress
in its operating and financial performance.


MAA MAHARANI: CARE Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Maa
Maharani Rice Mill (MRM) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      6.07        CARE D; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MRM to monitor the ratings
vide e-mail communications/letters dated June 7, 2019, June 10,
2019, June 12, 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. The rating on MRM's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
Further, the banker could not be contacted.

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 in August 10, 2018 the following were
the rating strengths and weaknesses;

On-going delay in debt servicing: There are on-going delay in
servicing of term loan installments and interest.

Liquidity position: Comment on liquidity position is not available
as client is not co-operating and also banker could not be
contacted.

Maa Maharani Rice Mill (MRM) was constituted as a partnership firm
via partnership deed dated April 1, 2013. However, the firm is
currently governed by the partnership deed dated August 31, 2016
and it is managed by Mr. Uma Shankar Singh, Mr. Avinash Singh and
Mr. Arvind Kumar Singh. The firm has commenced operations from
April 2014 onwards and it is into processing and milling of
non-basmati rice. The manufacturing facility of the firm is located
at Wazidpur, Bihar with an installed capacity of 38880 metric ton
per annum.

PUNE BUILDTECH: CARE Migrates D Rating to Not Cooperating Category
------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Pune
Buildtech Pvt. Ltd. to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     286.00       CARE D; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information


CARE has been seeking information from Pune Buildtech to monitor
the rating(s) vide e-mail communications dated 31 May, 2019; June
6, 2019 and letter dated June 6, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Pune Buildtech
Pvt. Ltd.'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 rating(s).

The ratings take into account the ongoing delays in servicing of
the debt obligations by the company on account of its constrained
liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in servicing of debt obligations: There have been
ongoing delays in servicing of the debt obligations by the company
on account of its constrained liquidity position.

PBPL (formerly known as Dynamix Balwa's Resorts Pvt. Ltd.) is a
wholly-owned subsidiary of Marine Drive Hospitality & Realty Pvt.
Ltd. (MDHRPL), formerly known as DB Hospitality Pvt. Ltd. MDHRPL is
a private limited company incorporated with an object of setting up
chain of hotels across the country under five star deluxe, five
star, four star categories and construction of real estate
buildings. MDHRPL has been promoted by DB Group, a diversified
business group in India with interests in real estate and
hospitality and currently operates two hotel properties.

PBPL is developing a project 'DB Solitaire' with both residential
and commercial use near Pune Airport. PBPL had initial plans to
develop a residential project but to tap in the demand for the
commercial space; PBPL is developing the project as a mix use -
residential and commercial. Due to this change, the total saleable
area potential of the project has reduced to 5.76 lsf from 6.1 lsf
envisaged earlier. The project building consists of one tower
having two wings – one residential and other commercial of 18
floors each. Total number of units for sale is 380.

RAVINDRA KUMAR: CARE Migrates B- Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Ravindra
Kumar Singh (RKS) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      9.00        CARE B-; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RKS to monitor the rating
vide e-mail communications/letters dated June 6, 2018, June 10,
2018, June 12, 2018 and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information 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 RKS's bank
facilities will now be denoted as CARE B-; Outlook:Stable; ISSUER
NOT COOPERATING. Further, banker could not be contacted.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating takes into account its project implementation risk,
proprietorship nature of constitution, geographical concentration
risk, high occupancy risk coupled with susceptibility of revenues
to demand for commercial estate in and around Saharsa of Bihar and
intense competition in the vicinity of the proposed shopping mall.
However, the aforesaid constraints are partially offset by its
experienced proprietor and locational advantage.

Detailed description of the key rating drivers

At the time of last rating in August 7, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses:

Constitution as proprietorship firm: RKS, being a proprietorship
firm, is exposed to inherent risk of proprietor's capital being
withdrawn at time of personal contingency and firm being dissolved
upon the death/retirement/insolvency of the partners. Moreover,
proprietorship firms have restricted access to external borrowing
as credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.

Geographical concentration risk: The entire operation of the firm
is confined in the city of Saharsa (Bihar). The limited geographic
presence limits the ability of the entity to realise the profit
potential and hinders its growth.

High occupancy risk coupled with susceptibility of revenues to
demand for commercial estate in and around Saharsa of Bihar: RKS is
under developmental stage and is proposed to achieve commercial
operation date from April 2019. As of now, there has been no
booking done for the upcoming shopping mall. Furthermore, it will
earn its entire revenue from the lease rentals and other incomes
from a single property. The firm's revenues are highly dependent
upon the demand from retail space, which is dependent on the level
of economic activity in and around Saharsa, Bihar. Any change in
the economic activity may impact the demand in this region. Due to
this, the proposed mall may find it difficult to lease its property
or have to lease at lower rentals in the situation of economic
slowdown.

Intense competition in the vicinity of the proposed shopping mall
Saharsa, a fast growing city, is witnessing rapid development as it
transforms itself into an important commercial hub in North India.
The city has witnessed development in every sector from small scale
industries to pharmacy, IT and education, which have brought
significant change in people's attitude and behaviour. With the
change in mindset, people's buying habits have also changed. Now
people prefer to visit the shopping malls instead of old and
isolated shopping centres located at various places. Hence, there
is likely to be high demand for shopping malls in Saharsa, Bihar.
However, with rapid development and growing demand, significant
number of shopping malls has sprung up in the city in recent times
that are likely to offer tough competition to RKS. The fragmented
nature of the industry is likely to add to increase the competition
further.

Key Rating Strengths:

Experienced proprietor: Mr Ravindra Kumar Singh (aged 63 years) has
over three decades of experience in the banking industry. The
proprietor has limited experience in the leasing business. He looks
after the overall management of the firm, with adequate support
from a team of experienced personnel.

Locational advantage: The shopping mall is being developed at
Saharsa, Bihar. The project is located at national highway Saharsa
– Madhepura Road. It is situated in a prime location being
surrounded by residential and commercial complex. Thus, considering
a blend of residential and commercial complex and its vicinity to
various industrial complexes, there will be constant inflow of
customers which would increase the footfalls in the mall and its
linkage to road networks and public transport makes the location of
the mall strategically important.

Set up as a proprietorship firm in 2015, Ravindra Kumar Singh (RKS)
is engaged in the construction of shopping mall cum commercial
complex in Saharsa, Bihar. The proposed mall to be set up on a plot
measuring 14.53 Kattha with a built up area of 57,325 sq.ft. The
proposed mall would comprise of 42 small shops for sale, hyper
market, banquet hall, food court and multiplex for rent or lease.
The project is estimated to be set up at a cost of INR15.32 crore
which is proposed to be financed by way of proprietor contribution
of INR6.32 crore and term loan of INR9.00 crore. The firm has
already invested INR7.0 crore towards land & site development,
building, civil works etc. till April 30, 2017 which is met through
proprietor contribution of INR3.85 crore and term loan availed by
the firm from State Bank of India of INR3.15 crore. The project is
expected to be operational from April, 2019.

Mr. Ravindra Kumar Singh (aged 63 years), having over three decades
of experience and looks after the overall management of the firm
with adequate support from a team of experienced personnel.

SHIV DAL: CARE Migrates B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shiv Dal
Mill (SDM) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      10.00       CARE B+; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SDM to monitor the ratings
vide e-mail communications/letters dated June 5, 2019, June 7,
2019, June 11, 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. The ratings on SDM'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 caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating in September 05, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses:
Partnership nature of constitution: SDM, being a partnership firm,
is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being dissolved
upon the death/retirement/insolvency of the partners. Furthermore,
partnership firms have restricted access to external borrowing as
credit worthiness of partners would be the key factors affecting
credit decision for the lenders.

Nascent stage with operations stabilization risk: SDM has set up a
processing unit for pulses of all varieties with aggregate cost of
INR9.56 crore funded by term loan of INR5.00 crore and balance from
partners' capital of INR4.56 crore. The plant became operational
from April 2017. Hence, the firm has an extremely short track
record of operations. Since, the plant is already operational the
project execution risk is mitigated. However, there exists risk
relating to stabilisation of operations at the newly commissioned
unit and offtake of its products. Going forward, the ability of the
firm to achieve revenue and profit margins as envisaged will be
critical for the firm.

Volatility in the prices of raw materials with exposure to vagaries
of nature: The cultivation of pulses happens seasonally and the
same is stored for the consumption throughout the year. The prices
of pulses remain lower in the harvesting season whereas in off
season the price of the pulses goes up as per the demand and supply
in the market. Therefore the firm is exposed to volatility in
prices of raw material. Also, agro products cultivation is highly
dependent on monsoons, thus exposing the fate of the firm's
operation to vagaries of nature.

Working capital intensive nature of operations: The operation of
the firm is working capital intensive as the firm is required to
hold inventories of raw material due to its seasonal availability
for smooth running of production process as well as timely supply
of its customers demand. Further the firm will allow credit of
around two weeks whereas it will pay to its suppliers upfront to
avail discounts. Accordingly the operations remain working capital
intensive.

Fragmented and competitive nature of industry: Processing of pulses
business is highly fragmented due to presence of huge small players
owing to low entry barrier and low capital requirement.
Furthermore, SDM being new in the industry is facing stiff
competition from the organized as well as unorganized players.

Key Rating Strengths:

Experienced partners and favourable demand outlook of its products:
The partners, Mr. Jakir Hossain aged about 45 years and Mr. Montu
Rahaman aged about 48 years, have over a decade of experience in
biris manufacturing business through their family business.
However, they lack experience in pulses processing business. They
look after the day to day operations of the firm.

The demand for pulses is high than the actual production happens in
India and thus shortfall is met by imports from other countries.
Therefore the demand outlook for pulses is estimated to remain
positive in the domestic market going forward.

Liquidity position: The liquidity position of the entity remained
stressed as reflected by its high working capital utilization in
the last 12 months ended on May 31, 2019.

Shiv Dal Mill (SDM) was established as a partnership firm via
partnership deed dated August 20, 2014 by two partners namely Mr.
Jakir Hossain and Mr. Montu Rahaman for setting up a manufacturing
unit for processing of pulses of all varieties. The firm has
already set up its manufacturing plant located at Murshidabad, West
Bengal with aggregate cost of INR9.56 crore funded by term loan of
INR5.00 crore and balance from partners' capital of INR4.56 crore.
The plant became operational from April 2017.

The partners have over a decade of experience in manufacturing
business of biris through their family business. However, they lack
experience in pulses processing business and look after the day to
day operations of the firm.

SHREE HARDEO: CARE Lowers Rating on INR6.44cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Hardeo Industries (SHI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      6.44        CARE B; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B+; Issuer
                                   Not cooperating based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SHI to monitor the rating
vide e-mail communications/letters dated June 6, 2019, June 10,
2019, June 12, 2019 and numerous phone calls. However, despite our
repeated requests, the entity has not provided the requisite
information 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 SHI's bank
facilities will now be denoted as CARE B; ISSUER NOT COOPERATING.
Further, banker could not be contacted.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating takes into account short track of operation with
partnership nature of constitution, susceptibility to volatility in
raw material prices, presence in competitive industry segment.
Moreover, the rating continues to derive strengths from long
business experience of the promoters and operational and financial
synergies with associate firm.

Detailed description of the key rating drivers

At the time of last rating in July 12, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses:

Short track record of operations with proprietorship nature of its
constitution: SHI commenced manufacturing operations from Sep 2013
and has a short operational track record of about 5 years. Being a
proprietorship firm, the firm is exposed to the risk of withdrawal
of capital by the proprietor on personal exigencies, dissolution of
firm due to death and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to limited
growth potential.

Susceptibility of margins to volatility in raw material prices: PVC
resin and chemicals are the main raw materials for SHI, which are
derivatives of crude oil. Material cost comprises about 60-70% of
the total cost. Prices of crude oil are highly volatile in nature.
Hence, SHI's profitability is highly susceptible to volatility in
raw material prices caused by volatility in the crude oil prices.
At the same time the products manufactured by the firm have
substitutes in the form lower grade PVC pipes. Due to intense
competition in the sector, often price fluctuations in raw material
prices cannot be passed on to the customer. The same exposes SHI to
price fluctuation risk.

Presence in a competitive industry segment: SHI faces competition
from larger established players such as The Supreme Industries
Limited Prince Pipes & Pipe)) and Finolex Industries which
manufacture UPVC pipes and fittings, HDPE pipes and CPVC pipes and
fittings. The above companies have higher manufacturing capacities
along with financial flexibility and strong brand pull in terms of
quality and proven track record. As a consequence SHI is subject to
intense competition from the above players.

Key Rating Strengths:

Experienced promoters: SHI has a short track record of about one
year of operations. However, the promoters have reinforced their
footings in the pipes segment with sound base on account of their
experience with the associate firm. The proprietor of the firm is
Ms Sheetal Agrawal, who is a Graduate and has five years of
industry experience. SHI is being managed by Mr Arun Agrawal and Mr
Atul Agarwal, who possess one decade of experience in the PVC pipes
industry.

Operational and financial synergies with associate firm: SHI is the
backward integration of the group in the PVC pipes segment. SHI
benefits from the synergy of operations with its associate firm,
Shree Hardeo Hardware and Sanitation (SHH), which is engaged in the
trading of PVC pipes, column pipes, sanitary products and others
since 2001. SHI sells its major production to the associate firm.
SHH sells its products through an established distribution network
in the state of Chattisgarh. The established dealership network of
SHH is likely to benefit SHI, which is a new entrant in the PVC
[pipes industry].

Liquidity
The liquidity position of the entity remained low marked by current
ratio and quick ratio of 0.88x and 0.26x as on March 31, 2015. The
Gross cash accrual was INR0.27 crore in FY15.

Established in the year 2013, Shree Hardeo Industries (SHI), is a
proprietorship firm based in Raipur, Chattigarh. SHI is engaged in
the manufacturing of PVC pipes, column pipes and PVC fittings. The
firm commenced manufacturing operations from Sep 2013 and has an
annual installed capacity of 1000 Metric Tonne / annum. The project
was set up at a cost of Rs 14.50 crore, funded by a term loan of Rs
6.25 crore and capital of Rs 8.25 crore. (D/E: 0.76X) Product
portfolio of the firm includes SWR pipes and fittings, column
pipes, plumb pipes, casing pipes, UPVC pipes, which are sold under
the brand name of 'Vertex' SHI procures raw material, which
includes PVC resin and other chemicals from suppliers based in
Chattisgarh and others. The finished products are sold to traders
and other associate entities, through a distribution network.

SRI LAXMI ENTERPRISES: CARE Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Sri
Laxmi Enterprises (SLE) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     9.14         CARE D; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

   Short term Bank    5.00         CARE D; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information


CARE has been seeking information from SLE to monitor the ratings
vide letters/e-mail communications from August 31, 2018 to June 19,
2019 and numerous phone calls. Despite our repeated requests; the
firm has not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the rating.
In line with the extant SEBI guidelines, the rating on Sri Laxmi
Enterprises bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING/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.

Detailed description of the key rating drivers

At the time of last rating in last Press Release dated February 5,
2018, the following were the rating strengths and weakness (updated
for the information available from Registrar of Companies)

Delays in debt servicing: There are delays in servicing of debt
obligations by Sri Laxmi Enterprises on account of stretched
liquidity position of the firm.

Sri Laxmi Enterprises (SLE) has been incorporated by Mr Om Prakash
Agarwal and his family members in the year 2003. The firm is
engaged in cotton ginning and pressing with installed capacity of
750 MT per annum. The firm primarily sources its raw material,
Kapas, from local farmers in Telangana and sells its finished
product in the states of Telangana, Maharashtra, Madhya Pradesh and
Tamil Nadu.

SRI LAXMI: CARE Cuts INR7cr LT Loan Rating to B-, Not Coop.
-----------------------------------------------------------
CARE Ratings revised the ratings on bank facilities of Sri Laxmi
Traders (SLT), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      7.00        CARE B-; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B; Issuer
                                   Not cooperating based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SLT to monitor the rating
vide e-mail communications/letters dated June 6, 2019, June 10,
2019, June 12, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information 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 RKS's bank
facilities will now be denoted as CARE B- ; ISSUER NOT COOPERATING.
Further, banker could not be contacted.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating takes into account its moderate scale of operations in
the highly fragmented and competitive industry with low entry
barriers, vulnerability of profit margins to volatility in
commodity prices and high working capital intensity. The rating
also factors in its proprietorship form of constitution with
inherent risk of withdrawal of capital and risk of dissolution on
account of poor succession planning. The aforesaid constraints are
partially offset by the experience of the promoters and
satisfactory track record of operations.

Detailed description of the key rating drivers

At the time of last rating in July 5, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses:

Constitution of the entity as a proprietorship concern: SLT is a
proprietorship concern and is managed largely by the sole
proprietor, Mr Surendra Kumar Bhagat. Accordingly, it is exposed to
the inherent risk of capital being withdrawn at time of personal
contingency and risk of dissolution on account of poor succession
planning.

Profit margins vulnerable to volatility in commodity prices: The
prices of agricultural commodities are volatile in nature and are
linked to production in domestic market and global demand-supply
situation. The prices of agro commodities are also affected by the
changes in government regulations and vagaries of weather. The
price of maize, (comprising 85% of the total operating income in
FY15) is highly volatile as it is linked to the demand supply
dynamics in the international market. On receipt of orders, the
entity procures the commodities from the various corn mandis (local
markets) at daily spot prices. Depending on the availability and
price, the average cost price varies for each order, and thus
affecting the firm's overall profitability.

Working capital-intensive nature of operations: The working capital
requirements are supported primarily by working capital bank
borrowings and SLT had an average cash credit utilisation of 85%
during the last 12 months ended June 2018.

Highly fragmented and competitive industry with low entry barriers:
The agro-commodities trading business is highly fragmented with
large number of organized and unorganized players in India. There
is high competition within the industry due to low entry barriers.
Furthermore, any change in government regulations and incentives in
agro commodity exports/imports have high bearing on the
profitability of the trading entities. In such a competitive
scenario smaller entities like SLT in general are more vulnerable
on account of its limited pricing flexibility.

Key Rating Strengths:

Experienced proprietor with satisfactory track record of
operations: SLT is engaged in the business of trading of agro
commodity since 2006. The entity is managed by Mr Surendra Kumar
Bhagat (aged 46 years, Under-Graduate), having an experience of 25
years, who has been overseeing the operations since its formation.
SLT is into agro commodity trading and the operations of the entity
have been increasing over the years from INR128.8 crore in FY13 to
INR181.5 crore in FY15 at a CAGR of 43.13%. The long presence of
the entity with rich experience of the proprietor supports the
business risk profile of the entity.  

Sri Laxmi Traders (SLT) was set up as a proprietorship entity in
2006 by Mr Surendra Kumar Bhagat of Purnea District, Bihar. The
entity is engaged in wholesale trading of agro commodities like
maize, onion, paddy and potato which is procured from the local
farmers and sold in the states of Orissa, Gujarat, West Bengal,
Karnataka, etc.  Mr Surendra Kumar Bhagat, the proprietor, having
an experience of 25 years in the agro-commodity business looks
after the overall affairs of the entity.

SRI MURUGARAJENDRA: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Sri Murugarajendra Oil Industry Private Limited
        No. 1, 2nd Floor, Palace View
        V S Raju Road, K.P. West
        Bangalore 560020

Insolvency Commencement Date: June 14, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: December 10, 2019

Insolvency professional: Mr. Hajjaji Ramachandra Shivaprasad

Interim Resolution
Professional:            Mr. Hajjaji Ramachandra Shivaprasad
                         No. 39, First floor
                         Veerapillai Street
                         Bangalore 560001
                         E-mail: hrsp39@yahoo.com

Last date for
submission of claims:    July 14, 2019


THAY LIFT: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s. Thay Lift and Shift Private Limited
        No. 610, S.A. Polytechnic College
        (Opp) Ayappakkam Road
        Paruthipattu, Avadi
        Chennai 600071

Insolvency Commencement Date: June 28, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: December 24, 2019

Insolvency professional: V. Duraisamy

Interim Resolution
Professional:            V. Duraisamy
                         22G/207, Vishal Villa Apts
                         Periyarnagar
                         Karur 639002
                         E-mail: karurdurai.samy@gmail.com
                         Mobile No. 9962059300

                            - and -

                         No. 397. Third Floor, Precision Plaza
                         Anna Salai, Teynampet
                         Chennai 600018
                         E-mail: irpthaylift@gmail.com

Last date for
submission of claims:    July 16, 2019


UTECH ENGINEERING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Utech Engineering Works (India) Pvt Ltd
        2055 Sadashiv Peth, Anant Residency
        Tilak Road Nr. Hotel Girija Fl No. 101 & 102
        Pune MH 411030

Insolvency Commencement Date: June 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 24, 2019
                               (180 days from commencement)

Insolvency professional: Neelima Anil Bhate

Interim Resolution
Professional:            Neelima Anil Bhate
                         401 Citi Centre
                         Opp. Ayurved Rasashala
                         Karve Road
                         Pune 411004
                         E-mail: neelima_bhate@yahoo.com
                                 nbnirp02@gmail.com
                         Mobile: 9822076964

Last date for
submission of claims:    July 11, 2019


VALLABH STEEL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Vallabh Steel West Private Limited
        Flat No. 1309, 13th Floor
        Vikram Tower, Rajendra Palace
        New Delhi 110008

Insolvency Commencement Date: July 3, 2019

Court: National Company Law Tribunal, Principal Bench New Delhi

Estimated date of closure of
insolvency resolution process: December 30, 2019

Insolvency professional: Narender Kumar Sharma

Interim Resolution
Professional:            Narender Kumar Sharma
                         Plot No. 112A, Udyog Vihar
                         Phase-V, Gurgaon
                         Haryana 122016
                         E-mail: nksharma.fcs@gmail.com

                            - and -

                         Plot No. 112A, Udyog Vihar
                         Phase-V, Gurugram
                         Haryana 122016

Last date for
submission of claims:    July 19, 2019




=========
J A P A N
=========

DTC ONE: Fitch Affirms BBsf Rating on JPY350MM Class E Notes
------------------------------------------------------------
Fitch Ratings has upgraded the class C and D notes of DTC One and
the class D and J notes of DTC Two. Fitch has affirmed the other 17
classes of notes of eight DTC transactions. The Outlooks on all
notes are Stable. The transactions are securitisations of mortgage
loans backed by multi-family apartment properties in Japan.

KEY RATING DRIVERS

Sufficient CE to Loss Expectations: The upgrades of the notes of
DTC One and DTC Two reflect improvement in credit-enhancement
levels while its loss expectation is relatively stable. Fitch
believes these notes have significant cushion for their current
ratings due to the stable performance in the underlying loans and
sequential principal repayment.

The affirmations of the 17 classes reflect stable performance in
the underlying loans and Fitch's view that available CE levels are
sufficient to support their current ratings.

Stable Loan Performance: Stable economic conditions, a low interest
rate environment and the master lease structure in place have
resulted in stable loan performance since the closing of the
transactions and Fitch does not expect significant deterioration in
the foreseeable future. There have only been 10 defaults to date
and the cumulative loss rate is lower than 0.35% among the eight
DTC transactions. No new default has occurred since the previous
review.

Alternative Loss Considerations: The number of loans has declined
significantly from the closing in all transactions due to high
prepayments over the past several years. Prepayments are slowing,
but Fitch considers potential small-pool risk as well as ageing of
the underlying properties, which lead us to assume greater
performance volatility in underlying loans in stress scenarios.

Fitch continues to believe all the transactions have available cash
reserves to address liquidity risk although their advance agents
have yet to be replaced, as stipulated under their transaction
documents.

RATING SENSITIVITIES

An unexpected increase in the default rate may lead to higher loss
assumption, which may, in turn, affect the ratings of the notes.
However, the possibility of downgrade for the senior notes of DTC
One to Three, especially for the most senior notes, is considered
remote due to significant progress of the sequential principal
repayment. The 'AAAsf' rated notes of the other transactions can be
supported even if assumed property cash flows decline from the
agency's initial assumptions by 30% for DTC Five and DTC Seven, 24%
for DTC Four, DTC Six and DTC Eight.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the underlying
pools and the transactions. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third-party assessment of the underlying pools or conducted a
review of loan origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying pools ahead of the transactions' initial closing.
The subsequent performance of the transactions over the years is
consistent with the agency's expectations given the operating
environment and Fitch is therefore satisfied that the underlying
pool information relied upon for its rating analysis was adequately
reliable.

Overall, Fitch's assessment of the underlying pool information
relied upon for the agency's rating analysis according to its
applicable rating methodologies indicates that it is adequately
reliable.

The full list of rating actions is shown:

DTC One Special Purpose Company:

JPY19.3 million Class B notes affirmed at 'AAAsf'; Outlook Stable

JPY180 million Class C notes upgraded to 'AAAsf' from 'AA+sf';
Outlook Stable

JPY320 million Class D notes upgraded to 'AAsf' from 'A+sf';
Outlook Stable

JPY350 million Class E notes affirmed at 'BBsf'; Outlook Stable

DTC Two Funding Limited:

JPY52.7 million Class C notes affirmed at 'AAAsf'; Outlook Stable

JPY380 million Class D notes upgraded to 'AA+sf' from 'AAsf';
Outlook Stable

JPY850 million Class E notes affirmed at 'BBsf'; Outlook Stable

JPY433 million Class J notes upgraded to 'AA+sf' from 'AAsf';
Outlook Stable

DTC Three Funding Limited:

JPY203.8 million Class C notes affirmed at 'AAAsf'; Outlook Stable

JPY690 million Class D notes affirmed at 'AAsf'; Outlook Stable

JPY776 million Class E notes affirmed at 'BBsf'; Outlook Stable

DTC Four Funding Limited:

JPY1.6 billion Class A-1 notes affirmed at 'AAAsf'; Outlook Stable

JPY782 million Class A-2 notes affirmed at 'AAAsf'; Outlook Stable

JPY98.5 million Class B notes affirmed at 'AAsf'; Outlook Stable

DTC Five Funding Limited:

JPY1.7 billion Class A notes affirmed at 'AAAsf'; Outlook Stable

DTC Six Funding Limited:

JPY2.5 billion Class A notes affirmed at 'AAAsf'; Outlook Stable

JPY20.8 million Class B notes affirmed at 'AAsf'; Outlook Stable

DTC Seven Funding Limited:

JPY2.2 billion Class A notes affirmed at 'AAAsf'; Outlook Stable

DTC Eight Funding Limited:

JPY3.3 billion Class A notes affirmed at 'AAAsf'; Outlook Stable

JPY393 million Class B notes affirmed at 'AAsf'; Outlook Stable

JPY94.9 million Class C notes affirmed at 'Asf'; Outlook Stable



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

GEO ENERGY: S&P Lowers ICR to 'B-' on Mounting Refinancing Risks
----------------------------------------------------------------
On July 5, 2019, S&P Global Ratings lowered its long-term issuer
credit rating and issue rating on Singapore-listed coal producer
Geo Energy Resources Ltd. (GERL) to 'B-' from 'B'.

S&P lowered its rating on GERL to reflect mounting refinancing
risks in the absence of a mine acquisition to add producing
reserves for the company, as well as its sluggish operating
performance.

Bondholders can put the notes to the company in April 2021 if GERL
fails to expand its mineral reserves. If such a scenario arises,
the company may be faced with imminent refinancing issues as well
as tightened liquidity.

GERL has yet to deploy the bond proceeds it raised during the last
quarter of 2017, but is aiming to acquire producing brownfield
assets with five to 10 years of reserves. Although the company is
evaluating prospective acquisition options, nothing has been
finalized and potential execution risks could occur arising from
market and regulatory dynamics. S&P said, "We also believe the
company's bargaining power may progressively erode as negotiations
on potential acquisitions move closer to the date of the put.
Furthermore, we are uncertain of GERL's ability to raise additional
funds to support an acquisition due to uncertain market sentiment,
as well as the incurrence covenants on the company's notes."

S&P believes the company's leverage can rise further in 2019 as
weak coal prices lead to deteriorating operating cash flow. During
the first quarter of 2019, the company produced 1.9 million metric
tons (MMT) of coal and reported net losses of US$8.7 million.
Marked improvements in production and operating performance are
unlikely given continued low prices in the second quarter. Although
the company plans to apply for a production quota of 10 MMT in
2019, up from 8 MMT set by the Indonesian mining authorities in the
Rencana Kerja Anggaran Biaya, this may not lead to significant
improvements in cash flow if prices remain low.

The company's adjusted funds from operations (FFO) to debt declined
to 8.4% in 2018 from 23.0% in 2017, due to subdued earnings on the
back of lower sales volumes, higher operating cost at its PT Tanah
Bumbu Resources (TBR) mine, as well as dampened coal prices toward
the last quarter of 2018. S&P anticipates that leverage could
deteriorate further if 2019 production is limited to 8 MMT of coal,
and there is no rebound in coal prices.

S&P said, "The negative outlook reflects our view that GERL could
face difficulty repaying the bonds if the company is not able to
increase reserves without significantly raising its leverage while
bondholders exercise the put option in April 2021.

"We could lower the rating if GERL's financial commitments
increasingly appear to be unsustainable in the long term. This
would happen if the company fails to add to its reserves in the
next few months, making a bond redemption in April 2021
increasingly likely. We could also lower the rating if realized
prices remain low, with EBITDA per ton below US$3 on a sustained
basis.

"We would revise the outlook to stable if GERL acquires new mines
with established operations, increasing total reserves and removing
refinancing risk in early 2021. A revision in the outlook would
also require the company to maintain sufficient liquidity as a
cushion against price and margin fluctuations through a pricing
cycle, as well as to meet its debt obligations."




===============
T H A I L A N D
===============

KTB SECURITIES: Fitch Rates THB400MM Sub. Unsec. Debt 'BB-(tha)'
----------------------------------------------------------------
Fitch Ratings assigned a National Long-Term Rating of 'BB-(tha)' to
KTB Securities (Thailand) Public Company Limited's (KTBST;
BB(tha)/Stable) upcoming issue of up to THB400 million in
subordinated unsecured debentures. The debentures will have a
maturity of 1.5 years. The firm plans to use the proceeds to buy
back outstanding subordinated debentures as well as for working
capital and liquidity management.

KEY RATING DRIVERS

KTBST's subordinated debentures are rated one notch below its
National Long-Term Rating to reflect the subordinated debentures'
higher loss-severity risk relative to senior unsecured instruments,
as per Fitch's Corporate Hybrids Treatment and Notching Criteria.

This arises from the debentures' subordinated status, as
subordinated noteholders rank after senior creditors in the
priority of claims. Additional notching has not been applied due to
the lack of going-concern loss-absorption and equity-conversion
features. Fitch has not assigned equity credit to the issue as the
tenor is short and the instrument is not designed to be a permanent
part of the company's capital structure.



=============
V I E T N A M
=============

TIEN PHONG: Moody's Assigns B2 Rating to Proposed Sub. Bonds
------------------------------------------------------------
Moody's Investors Service has assigned a B2 foreign currency debt
rating to Tien Phong Commercial Joint Stock Bank's (TPBank, B1
stable, b1) proposed subordinated bonds. The bank plans to issue
USD-denominated 10-year bonds and to list them on the Singapore
Exchange.

The rating is based on draft transaction documents reviewed by
Moody's, the final terms and conditions of which are not likely to
change materially.

RATINGS RATIONALE

The B2 rating assigned to the subordinated bonds to be issued by
TPBank is based on the following sequential inputs:

1. The bank's b1 adjusted baseline credit assessment (adjusted
BCA).

2. A one-notch deduction to reflect the bonds' higher loss
severity and subordination relative to senior obligations,
resulting in a preliminary rating assessment of b2 and subordinated
debt rating of B2.

The B2 subordinated debt rating is thus one notch lower than the
bank's B1 issuer rating. Under the Basic Loss Given Failure
approach that Moody's applies for banks in Vietnam, Moody's
positions the subordinated instruments one notch below the Adjusted
BCA, before considering government support and additional
transaction-related risks.

TPBank's subordinated bonds will likely be treated as Tier 2
capital by the State Bank of Vietnam, and will not have any
loss-absorption features ahead of the point of non-viability. The
securities will mature in 10 years and can be called by the issuer
in five years. The securities will constitute the direct, unsecured
and subordinated obligations of TPBank, and rank pari passu with
other subordinated liabilities of the bank.

The securities will have an optional, cumulative coupon-skip
mechanism related to a net loss trigger. Coupon payments can be
deferred at the option of TPBank if such payments will result in a
net loss for the bank in the financial year when the coupon
payments are due. If the coupon is skipped, the bank will pay
interest on the skipped coupon.

Moody's incorporates a moderate probability of government support
into the ratings of TPBank's Tier 2 bonds. However, this support
level does not result in any rating uplift for the Tier 2
securities.

WHAT COULD CHANGE THE RATING UP/DOWN

A one-notch upgrade of TPBank's BCA to ba3 will result in a
one-notch upgrade of the subordinated bond rating. However, a
one-notch downgrade of the BCA will not result in a downgrade of
the subordinated rating, because in that scenario, the moderate
level of government support will provide a one-notch rating uplift
to the B2 subordinated rating from the b3 preliminary rating
assessment.

The principal methodology used in this rating was Banks published
in August 2018.

Headquartered in Hanoi, Vietnam, Tien Phong Commercial Joint Stock
Bank reported total assets of VND140.0 trillion (USD6.0 billion) at
March 31, 2019.



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

[*] BOND PRICING: For the Week July 1, 2019 to July 5, 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.

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

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



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