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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, October 29, 2019, Vol. 22, No. 216

                           Headlines



A U S T R A L I A

DEFINIUM REMOTE: Second Creditors' Meeting Set for Nov. 4
DIGITAL DIALOGUE: Second Creditors' Meeting Set for Nov. 1
INDUSERVE PTY: Second Creditors' Meeting Set for Nov. 4
INFODB CONSULTING: Second Creditors' Meeting Set for Nov. 4
INFRABUILD AUSTRALIA: Fitch Assigns BB- LT Issuer Default Rating

PEPPER RESIDENTIAL 25: S&P Puts Prelim. B(sf) Rating to Cl. F Notes
PRIME OUTDOOR: Second Creditors' Meeting Set for Nov. 6
STARSHINE MARKETING: Second Creditors' Meeting Set for Nov. 1
TRITON TRUST 2019-3: S&P Puts Prelim. BB (sf) Rating to Cl. E Notes
VGROUP DEVELOPMENTS: Second Creditors' Meeting Set for Nov. 1

VIRGIN AUSTRALIA: Fitch Publishes B+ LT IDR, Outlook Stable
WOODVILLE DIAGNOSTIC: Clifton Hall Appointed as Liquidator


C H I N A

RADIANCE GROUP: Fitch Puts Final 'B' Rating to USD250MM Sr. Notes
[*] CHINA: Defaulted Bonds Sold at a Discount of as Much as 97%


I N D I A

AYAAN EXCLUSIVE: CRISIL Migrates B+ Rating to Not Cooperating
BALKRISHNA GINNING: CRISIL Migrates B+ Rating to Not Cooperating
BHAVANI WOOD: CRISIL Migrates 'D' Rating to Not Cooperating
CAREER EDUCATIONAL: CRISIL Assigns B+ Rating to INR10cr LT Loan
CHANDRAMAULI COTTON: CRISIL Migrates B+ Rating to Not Cooperating

CONTAINER CORPORATION: Insolvency Resolution Process Case Summary
DEWAN HOUSING: Lenders See Little Benefit in Oaktree's Proposal
DEWAN HOUSING: To Prepare Response to KMPG Report
DINAKARA LIFE: CRISIL Migrates B+ Rating to Not Cooperating
GARG HEART: CRISIL Migrates 'B+' Rating to Not Cooperating

GUHA AND ROY: CRISIL Migrates B+ Rating to Not Cooperating
GUJARAT NRE: NCLAT Says Promoter Ineligible to Deal with Creditors
HUMANA FINANCIAL: CRISIL Withdraws B+ Rating on INR20cr LT Loan
INTIME TEXTILE: Insolvency Resolution Process Case Summary
KERALA STATE: Fitch Affirms BB LT IDR, Outlook Stable

LAMIYA SILKS: CRISIL Migrates 'D' Rating to Not Cooperating
MAA VAISHNAVI: CRISIL Migrates B+ Rating to Not Cooperating
MANSI INTERNATIONAL: Insolvency Resolution Process Case Summary
MODE ADVERTISING: Insolvency Resolution Process Case Summary
PARAMOUNT CONTENT: Insolvency Resolution Process Case Summary

PBR SELECT: CRISIL Migrates B+ Rating to Not Cooperating
PERFECT ENGINEERS: CRISIL Migrates B+ Rating to Not Cooperating
R. R. DEVELOPERS: CRISIL Migrates B+ Rating to Not Cooperating
RAUNAQ EPC: CRISIL Migrates B+ Rating to Not Cooperating
ROHIT BAL: Insolvency Resolution Process Case Summary

RVJ OVERSEAS: CRISIL Migrates B+ Rating to Not Cooperating
TRIDENT INFRA: CRISIL Migrates B+ Rating to Not Cooperating
TURBO INDUSTRIES: CRISIL Assigns B+ Rating to INR4.5cr Loan
VINTRON COMMUNICATION: Insolvency Resolution Process Case Summary
ZINDRELLA: CRISIL Migrates D Rating to Not Cooperating Category



N E W   Z E A L A N D

BERNINA SEWING: Future Hanging by a Thread After 70 Years


P H I L I P P I N E S

ADVANCE BANK: DOJ Indicts Ex-Manager, Cashier for Qualified Theft
RB OF STA. BARBARA: Ex-Officers Guilty of Document Falsification


S I N G A P O R E

YANLORD LAND: S&P Places 'BB' Long-Term ICR on Watch Negative


V I E T N A M

SOUTHEAST ASIA BANK: Moody's Rates New USD Sr. Unsec. Notes B1


X X X X X X X X

[*] BOND PRICING: For the Week Oct. 21, 2019 to Oct. 25, 2019

                           - - - - -


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

DEFINIUM REMOTE: Second Creditors' Meeting Set for Nov. 4
---------------------------------------------------------
A second meeting of creditors in the proceedings of Definium Remote
Pty Ltd has been set for Nov. 4, 2019, at 2:45 p.m. at the offices
of SV Partners, at 22 Market Street, in Brisbane, Queensland.

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 Nov. 1, 2019, at 4:00 p.m.

David Michael Stimpson and Anne Meagher of SV Partners were
appointed as administrators of Definium Remote on Sept. 30, 2019.

DIGITAL DIALOGUE: Second Creditors' Meeting Set for Nov. 1
----------------------------------------------------------
A second meeting of creditors in the proceedings of Digital
Dialogue Holdings Pty Ltd has been set for Nov. 1, 2019, at 11:30
a.m. at the offices of Hall Chadwick, Level 14, at 440 Collins
Street, 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 Oct. 31, 2019, at 4:00 p.m.

David Anthony Ross and Gaurav Mishra of Hall Chadwick were
appointed as administrators of Digital Dialogue on Sept. 25, 2019.

INDUSERVE PTY: Second Creditors' Meeting Set for Nov. 4
-------------------------------------------------------
A second meeting of creditors in the proceedings of Induserve Pty
Ltd has been set for Nov. 4, 2019, at 11:00 a.m. at the offices of
Hall Chadwick, Level 11, at 77 St Georges Terrace, in Perth,
Western Australia.

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 Nov. 1, 2019, at 5:00 p.m.

Richard Albarran, Cameron Shaw and Carl Huxtable of Hall Chadwick
were appointed as administrators of Induserve Pty on Sept. 27,
2019.

INFODB CONSULTING: Second Creditors' Meeting Set for Nov. 4
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Infodb
Consulting Pty Ltd has been set for Nov. 4, 2019, at 11:00 a.m. at
Level 27, 259 George Street, in Sydney, 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 Nov. 1, 2019, at 4:00 p.m.

Bradd William Morelli of Jirsch Sutherland was appointed as
administrator of Infodb Consulting on Sept. 27, 2019.

INFRABUILD AUSTRALIA: Fitch Assigns BB- LT Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings assigned Australia-based InfraBuild Australia Pty
Ltd. a final Long-Term Issuer Default Rating of 'BB-'. Fitch has
also assigned InfraBuild's USD325 million 12% senior secured notes
due 2024 a final 'BB' rating.

The final Long-Term Issuer Default Rating on Infrabuild is in line
with the expected rating assigned on September 5, 2019 and the
final rating on the notes is the same as the expected rating
assigned on September 18, 2019. The final ratings follow the
receipt of final documents conforming to information already
received.

The notes are rated one-notch higher than the company's Issuer
Default Rating as Fitch believes the recovery prospects are
superior. The bond is secured by first-lien property and other
assets, and second-lien account receivables and inventories. Under
its recovery analysis, Fitch has assumed that the company's
asset-based lending facility will be fully drawn and its swap
obligations will have priority on the proceeds from the notes'
collateral.

The proceeds of the notes will be used to refinance and restructure
the company's existing facilities.

InfraBuild's ratings are underpinned by the company's leading
market position in steel long products in Australia, its vertically
integrated business model and electric arc furnaces (EAF), which
allow the company to operate flexibly with low capital intensity.

The company's ratings are constrained by its relatively weak cost
position against international peers and small-scale operations
from an international perspective.

The Stable Outlook reflects its expectation that the company will
maintain its market leadership and stable earnings profile,
benefitting from its vertically integrated and flexible operation
with EAFs. Following the revision in the capital structure of the
issuance, Fitch now expects leverage, measured by total adjusted
debt/operating EBITDAR, to remain around 3.5x, on average, over the
next four years (3.7x in the financial year ended June 2020 (FY20))
from an earlier forecast of 4.4x.

KEY RATING DRIVERS

Vertical Integration, Flexible Operations: InfraBuild is able to
maintain a stable earnings profile through the cycle due to the
flexible operating structure of its EAFs, which can adjust
production levels to match demand and have low fixed costs. This
flexibility supports InfraBuild's credit profile over blast
furnaces, which have high fixed costs and less flexible operating
profiles. InfraBuild also benefits from backward integration into
scrap, which comprises the largest component of raw-material costs
(FY19: 25%). This vertical integration smooths the company's
earnings profile by improving diversification.

Market-Leading Position: InfraBuild is Australia's sole EAF steel
long-product manufacturer and operates the country's second-largest
ferrous and non-ferrous recycling business. Its strong market
position has allowed InfraBuild to maintain around 63% volume share
of domestic steel long products over the last decade, despite stiff
competition from imports. In addition, InfraBuild reported positive
EBITDA of around AUD130 million during the previous downturn in
FY16. Fitch believes this was possible due to the company's
flexible operations, reliable supply and broad product offering
compared with imports.

InfraBuild is also Australia's leading steel long-product
distributor. It competes with smaller independent distributors that
sell a mix of imported and InfraBuild-manufactured products. Fitch
believes InfraBuild's strong market position, large distribution
network and high steel long-product market share, including volume
sold to external distributors, allow the company to charge a
premium over the import parity price. Fitch expects the company to
retain its strong domestic market position as long as it maintains
a competitive price over imports.

High Residential Market Exposure: Fitch expects weak organic steel
sales volume and prices in FY20 due to the company's high
residential construction market exposure. However, the company's
plan to acquire four steel distribution and recycling companies,
and its cost-cutting initiatives, should support revenue and
earnings growth during the period. Fitch expects volume to recover
from FY21 as demand from the engineering and construction (E&C)
sector improves. InfraBuild's volume exposure to the residential
and E&C sectors was around 40% and 25%, respectively, in FY19.

Weak Cost Position, Small Scale: InfraBuild has a small-scale
operation in terms of EAF production volume, at 1.4 million tonnes
a year, and a weak cost position compared with peers, especially in
China. Fitch believes this would make it difficult for InfraBuild
to compete in the export market. Profitability could come under
pressure if low-cost producers, especially Chinese steel mills,
increase export volume into Australia, although Fitch does not
expect this to occur in the short-to-medium term due to China's
effort to reduce its steel-mill capacity and Australia's geographic
isolation that results in longer supply lead time.

Fitch believes InfraBuild's cost position is competitive against
imports after adjusting for freight, import tariffs and
port-handling charges, as evidenced by the company's resilient
domestic volume share over the last decade. However, there is a
risk of rising Chinese imports affecting InfraBuild's
profitability, especially during times of weak Chinese steel
consumption or if iron-ore and coking-coal prices become
competitive against scrap.

DERIVATION SUMMARY

Fitch assesses InfraBuild's rating as being in line with other
Fitch-rated 'BB' category EAF steel producers due to the company's
integrated business model, flexible operating profile and leading
market position in Australia. The ratings are constrained by
InfraBuild's relatively weak cost position, scale, and higher
leverage.

The ratings of InfraBuild are comparable with those of US-based
Commercial Metals Company (CMC; BB+/Stable). CMC has better
geographic and operational diversification due to its operations in
the US and Poland, as well as its higher number of operating mills.
However, InfraBuild's strong market position and long-term customer
relationships help to offset its relatively weaker
diversification.

Both companies have vertically integrated business models, receive
a premium over the import parity price and have a similar absolute
level site-operating cost. However, Fitch believes CMC's mini mill
in the US benefits from strict tariff barriers and access to cheap
electricity and scrap, which results in better margins and a lower
threat from Asian imports.

CMC's leverage metric, measured by total adjusted debt/operating
EBITDAR, of about 3x is also around a half turn lower than that of
InfraBuild with a better EBITDAR margin. These factors underscore
the two-notch rating differential between the two entities.

Brazil-based Gerdau S.A. (BBB-/Stable) has better diversification,
business scale, profit margin and lower leverage position than
InfraBuild, but InfraBuild's dominant domestic market position
accounts for the three-notch rating differential between the two
entities.

KEY ASSUMPTIONS

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

  - Weak organic volume and prices, especially in the distribution
business, due to volume contraction in the residential-construction
sector in FY20.
  
  - EBITDA margin to improve to around 5.5% due to cost-cutting
initiatives, including savings from a continuous improvement
programme and cost synergies from planned acquisitions (FY19:
4.5%).

  - Capex of around AUD115 million in FY20, then remaining at
around 2% of revenue.

  - No dividend.

RATING SENSITIVITIES

RATING SENSITIVITIES

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

  - Total adjusted debt/EBITDAR sustained below 4.0x (FY19: 5.1x).

  - EBITDAR margin sustained above 8% (FY19: 6.6%).

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

  - Total adjusted debt/EBITDAR above 5.0x for a sustained period.

  - EBITDAR margin below 6% for a sustained period.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: InfraBuild's next significant debt maturity is
in September 2022, consisting of a AUD250 million asset-based
lending facility. Fitch expects the company to have adequate
liquidity from its undrawn asset-based facility and projected free
cash flow to meet the repayment of its proposed notes, which will
be due in September 2024.

PEPPER RESIDENTIAL 25: S&P Puts Prelim. B(sf) Rating to Cl. F Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Pepper
Residential Securities Trust No.25. Pepper Residential Securities
Trust No.25 is a securitization of nonconforming and prime
residential mortgages originated by Pepper Homeloans Pty Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination. Subordination provided to
the 'AAA (sf)' rated notes is in excess in S&P's opinion of the
minimum 'AAA (sf)' level of credit support.

-- The underwriting standard and centralized approval process of
the seller, Pepper Homeloans.

-- The availability of a retention amount, amortization amount,
and yield reserve, which will all be funded by excess spread, but
at various stages of the transaction's term. They will have
separate functions and timeframes, including reducing the balance
of senior notes, reducing the balance of the most subordinated
notes, and paying senior expenses and interest shortfalls on the
class A notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.5% of the outstanding balance of the notes, and
principal draws, are sufficient under its stress assumptions to
ensure timely payment of interest.

-- The condition that a minimum margin will be maintained on the
assets.

-- The benefit of cross-currency swaps to hedge the mismatch
between the Australian dollar receipts from the underlying assets
and the U.S. dollar payments on the class A1-u notes and the euro
dollar payments on the class A1-GEUR notes.

  PRELIMINARY RATINGS ASSIGNED

  Pepper Residential Securities Trust No.25

  Class      Rating         Amount (mil.)
  A1-u       AAA (sf)       US$150.00
  A1-a       AAA (sf)        A$160.00
  A1-GEUR    AAA (sf)       EUR100.00
  A2         AAA (sf)        A$100.00
  B          AA (sf)          A$42.30
  C          A (sf)           A$23.00
  D          BBB (sf)         A$16.50
  E          BB (sf)          A$10.00
  F          B (sf)            A$7.00
  G          NR                A$7.50

  NR--Not rated

PRIME OUTDOOR: Second Creditors' Meeting Set for Nov. 6
-------------------------------------------------------
A second meeting of creditors in the proceedings of Prime Outdoor
Consultants Pty. Ltd. has been set for Nov. 6, 2019, at 11:00 a.m.
at the offices of Rodgers Reidy, Level 3, at 326 William Street, 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 Nov. 4, 2019, at 4:00 p.m.

Brent Leigh Morgan and Geoffrey Niels Handberg of Rodgers Reidy
were appointed as administrators of Prime Outdoor on Oct. 1, 2019.

STARSHINE MARKETING: Second Creditors' Meeting Set for Nov. 1
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Starshine
Marketing Pty Ltd has been set for Nov. 1, 2019, at 11:00 a.m. at
the offices of SV Partners, Level 17, at 200 Queen Street, 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 Oct. 31, 2019, at 5:00 p.m.

Timothy James Brace and Richard Cauchi of SV Partners were
appointed as administrators of Starshine Marketing on Sept. 26,
2019.

TRITON TRUST 2019-3: S&P Puts Prelim. BB (sf) Rating to Cl. E Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Corporate Trust Ltd. as trustee for Triton
Trust No.8 Bond Series 2019-3.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses we apply. This credit support comprises mortgage
insurance covering 54.6% of the loans in the portfolio, accrued
interest, and reasonable costs of enforcement, as well as note
subordination for all rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.2% of the invested amount of all notes,
principal draws, and a loss reserve that builds from excess spread,
are sufficient under its stress assumptions to ensure timely
payment of interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus Capital Pty Ltd., available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by National Australia Bank Ltd. (NAB) to hedge the
mismatch between receipts from any fixed-rate mortgage loans and
the variable-rate RMBS.

  PRELIMINARY RATINGS ASSIGNED

  Triton Trust No.8 Bond Series 2019-3

  Class      Rating        Amount (mil. A$)
  A1-AU      AAA (sf)      400.00
  A1-5Y      AAA (sf)       25.00
  A2         AAA (sf)       35.00
  AB         AAA (sf)       20.00
  B          AA (sf)        10.00
  C          A (sf)          6.35
  D          BBB (sf)        1.80
  E          BB (sf)         1.00
  F          NR              0.85

  NR--Not rated


VGROUP DEVELOPMENTS: Second Creditors' Meeting Set for Nov. 1
-------------------------------------------------------------
A second meeting of creditors in the proceedings of VGroup
Developments Pty Ltd has been set for Nov. 1, 2019, at 11:00 a.m.
at the offices of Hall Chadwick Chartered Accountants, Level 40, at
2 Park Street, in Sydney, 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 Oct. 31, 2019, at 5:00 p.m.

Brent Kijurina and Richard Albarran of Hall Chadwick Chartered
Accountants were appointed as administrators of VGroup Developments
on Oct. 1, 2019.

VIRGIN AUSTRALIA: Fitch Publishes B+ LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings published Australian airline Virgin Australia
Holdings Limited's first-time Long-Term Foreign-Currency Issuer
Default Rating of 'B+'. The Outlook on the IDR is Stable.

VAH's rating reflects its Standalone Credit Profile (SCP) of 'b'
and a one-notch uplift on account of implied support from Singapore
Airlines Limited (SIA, not rated) under its Parent and Subsidiary
Rating Linkage methodology. VAH's SCP reflects its position as the
second-largest airline in the Australian domestic aviation market,
and is supported by the carrier's strong access to slots at peak
times at slot-constrained capital city airports such as Sydney and
Melbourne - where the "use it or lose it" principal with respect to
slots protects the incumbent airlines' networks - and its expanding
loyalty programme.

These strengths are counterbalanced by VAH's aggressive financial
profile. Leverage, defined as total adjusted debt/operating
EBITDAR, rose to 6.4x by the financial year ended June 30, 2019
(FYE19) from 5.6x at FYE18, which is high for the company's SCP.
However, its Stable Outlook is underpinned by its expectation that
the wide-ranging strategic review being undertaken by the airline's
new CEO will improve profitability and leverage over the next one
to two years to a level commensurate with the rating, and then keep
it there.

KEY RATING DRIVERS

New Management to Reset Strategy: Fitch believes that the strategic
review being undertaken by VAH's new CEO, who began in March 2019,
and the successful implementation of the findings is critical to
returning VAH's balance sheet and credit metrics to a level
commensurate with its ratings. The review is focusing on improving
efficiencies, re-aligning the airline's cost structure to its
revenue base and strategy, and returning the airline to being
profitable throughout the cycle.

Fitch believes the actions taken within the first four months of
the new CEO's tenure - specifically simplifying the organisational
structure, reducing the corporate team's size, and implementing
reviews of its fleet, capacity and network and suppliers - shows
the commitment of the airline and its shareholders to take
necessary actions to achieve these goals. The public commitment to
these targets further supports its view and increases VAH's
accountability to deliver.

Deleveraging Stalls; Commitment Reaffirmed: VAH's leverage rose to
6.4x by FYE19 from 5.6x at FYE18, following four years of
successful deleveraging. This deterioration in the metric reflected
the fall in VAH's profitability due to fuel and foreign exchange
(FX) fluctuations and subdued market conditions in 2H19. The
leverage is high for VAH's SCP, but Fitch believes that the
airline's continued commitment to improving its balance sheet,
coupled with the step change expected from the strategic review,
will help the airline to deleverage to a level in line with its
rating by FY21.

Its forecast also includes the effect of VAH's agreement to
purchase the remaining 35% stake in its Velocity Loyalty programme
for AUD700 million, which Fitch understands will be 100% debt
funded. Furthermore, the deferral of the commencement of its Boeing
Max aircraft deliveries to July 2021 will reduce capex and help its
deleveraging efforts while the airline implements its new strategic
plan.

Shareholder Base Stable; Retains Link: VAH's shareholder base has
remained stable since the changes in the ownership structure in
FY16. SIA and Etihad Airways PJSC (A/Stable) remain VAH's top two
shareholders with stakes of around 20% each. New shareholders, HNA
Innovation (HNA, not rated) and Nanshan Group (not rated), each
hold stakes of slightly less than 20%.

VAH's rating includes a one-notch uplift to reflect the strong
strategic ties and demonstrated and implied financial support with
SIA, in accordance with Fitch's Parent and Subsidiary Rating
Linkage methodology. VAH remains strategically important to SIA as
a feeder network in Australia, which allows SIA to offer a viable
international alternative to Qantas Airways Limited (Qantas, not
rated). The integration of SIA's Krisflyer and VAH's Velocity
Loyalty programmes also highlights these strategic ties. SIA
demonstrated its financial support for VAH in September 2016 when
it took up its full entitlement in VAH's AUD852 million rights
issue and also acted as a sub-underwriter.

Profitability to Improve: Fitch expects VAH's profitability to
improve as the airline implements its new strategic plan, which
Fitch believes will right-size its cost structure to its overall
revenue base. VAH has already identified AUD125 million in
annualised cost savings from the new CEO's actions, which are
targeted to be implemented by FYE20. The airline expects that there
are further substantial cost savings available, taking into account
the quantum of the savings already identified.

The airline had shown improvement in its underlying EBITDAR
generation to 1H19, where margins increased to 18.0% from 16.4% in
FY16. However, VAH's profitability has a high exposure to fuel and
FX changes, despite the airline's prudent hedging of this risk.
This was highlighted in 2H19, when rising fuel costs, despite the
hedging, combined with a subdued market - typical around federal
elections in Australia - saw VAH's EBITDAR margins fall to 14.5%
for the year. Nevertheless, Fitch believes that the expected
improvement in the cost structure will provide VAH with a larger
buffer to absorb such challenges going forward, allowing it to
remain profitable throughout the cycle - although these remain a
key risk in VAH returning its metrics to levels commensurate with
its rating.

Stable Domestic Market Continues: Australian airlines continue to
exhibit rational behaviourdomestically after a period of intense
capacity competition. The federal Department of Infrastructure and
Regional Development reported stable industry-wide available seat
kilometres domestically in FY19, which, along with a 0.3% increase
in revenue passenger kilometres, resulted in a stable domestic
market load factor of around 80%, the highest level since FY10. VAH
and Qantas have publicly stated they remain committed to preserving
and improving operating margins, as well as careful capacity
management.

Entrenched Domestic Market Position: VAH's rating reflects the
carrier being the second-largest airline in the Australian domestic
market, with around a 40% market share and 9.8 million Velocity
members. The airline also benefits from its strong access to
Australian capital city airports and the historically resilient and
high per capita demand for aviation in Australia, reflecting the
country's size and limited viable alternative modes of transport
between major cities, where the majority of people live.

This is highlighted by Australia having three of the world's 30
busiest domestic routes - known as the "Golden Triangle" of Sydney,
Melbourne and Brisbane - where VAH has a significant market share.
VAH also continues to benefit from its virtual global network and
modern fleet. Fitch believes this entrenched position and barriers
to entry for incumbents will provide VAH with the time and platform
it needs to adjust its strategy without increasing the risk of loss
of market share to new or existing competitors.

DERIVATION SUMMARY

VAH's rating compares well with that of Public Joint Stock Company
Aeroflot - Russian Airlines (Aeroflot, BB/Stable). Aeroflot
benefits from its position as Russia's flagship carrier, as well as
the diversification of its route network, favourable hub position
and competitive cost structure. VAH's business profile is
comparable with that of Aeroflot as well. VAH has a strong market
position as a result of the structure of the Australian aviation
market and the end-of-the-line protection of its main domestic
operations. However, Aeroflot's scale advantage as a result of its
network diversification and its stronger financial profile
currently results in its standalone rating being one notch higher
than VAH's at 'b+'. However, Fitch expects VAH's financial profile
to improve as the Australian carrier takes action under its
strategic review. Aeroflot's rating benefits from a two-notch
uplift under Fitch's Government-Related Entities Rating Criteria,
while VAH's IDR includes a one-notch uplift under Fitch's Parent
and Subsidiary Rating Linkage.

VAH's higher leverage and lower margins constrain its rating
relative to its Latin American peers, GOL Linhas Aereas
Inteligentes S.A. (B+/Stable) and LATAM Airlines Group S.A.
(BB-/Stable). Nevertheless, VAH has a strong business profile in
common with GOL, with both airlines having solid positions in their
respective domestic markets and a strong presence in key airports.
VAH's exposure to a more mature and stable Australian domestic
aviation market, which has shown resilience during global downturns
and has high barriers to entry, offsets the risks around LATAM's
exposure to more emerging economies in Latin America, particularly
to its exposure to the weak and more volatile Argentine market.

KEY ASSUMPTIONS

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

  - Capacity to remain stable from FY20 to FY23 across all group
airlines, with group-wide load factors to improve to around 82.5%
by FY23.

  - Velocity revenues to increase by 5% to 10% a year from FY20 to
FY23.

  - Jet fuel requirements to move in line with changes in available
seat kilometres. Prices are based on Gulf Coast Jet Fuel Platts
swap prices from September 2019 to July 2022.

  - VAH to realise guided annual AUD75 million in employee cost
savings and other supplier savings by end FY21.

  - Acquisition of 35% stake in Velocity Loyalty programme for
AUD700 million to be fully debt funded.

RATING SENSITIVITIES

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

Fitch does not expect to take positive rating action over the next
12 months as VAH continues to deleverage. Developments that may,
individually or collectively, lead to positive rating action
include:

  - A decline in total adjusted debt/operating EBITDAR to below
4.0x on a sustained basis.

  - An improvement in funds from operations (FFO) fixed-charge
cover to over 3.0x on a sustained basis.

  - An improvement in the EBITDAR margin to over 15% on a sustained
basis.

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

  - Revenue pressures, including a significant increase in capacity
or cost pressures, either fuel or non-fuel, that cause the EBITDAR
margin to fall below 10% for a sustained period.

  - A deterioration in leverage such that total adjusted
debt/operating EBITDAR is expected to remain above 5.5x for a
sustained period.

  - FFO fixed-charge cover remains below 1.5x for a sustained
period.

  - Liquidity (measured by [cash + undrawn credit
commitments]/revenue) falling below 10%.

  - Weakening of links with its key shareholders (SIA), for
example, if it sold down a significant share, vacated the board or
did not participate in future equity raisings, resulting in one
notch of support no longer being applicable.

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity: VAH's liquidity is supported by its high cash
balance and undrawn committed facilities. VAH reported unrestricted
cash (excluding AUD569 million to pre-fund its November 2019 USD
bond maturity) of AUD761 million at FYE19 and had AUD430 million in
undrawn committed facilities, which led to its liquidity (defined
by [cash + undrawn committed facilities]/revenue) improving to 20%.
Furthermore, 44% of VAH's debt was secured - down from 100% at
FYE14, reflecting the airline's adequate access to capital markets.
The airline has been able to issue both US dollar- and Australian
dollar-denominated unsecured bonds; however, it still has a high
exposure to US dollar funding.

WOODVILLE DIAGNOSTIC: Clifton Hall Appointed as Liquidator
----------------------------------------------------------
Simon Miller of Clifton Hall was appointed as Liquidator of
Woodville Diagnostic Imaging Pty Ltd on Oct. 22, 2019.



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

RADIANCE GROUP: Fitch Puts Final 'B' Rating to USD250MM Sr. Notes
-----------------------------------------------------------------
Fitch Ratings assigned China-based homebuilder Radiance Group Co.,
Ltd.'s (B/Stable) USD250 million 11.75% senior notes due 2021 a
final rating of 'B' with a Recovery Rating of 'RR4'. The notes will
be used to refinance existing onshore indebtedness.

The notes are issued by its subsidiary, Radiance Capital
Investments Limited, and are unconditionally and irrevocably
guaranteed by Radiance. The notes are rated at the same level as
Radiance's senior unsecured rating because they constitute its
direct and senior unsecured obligations. The final rating is in
line with the expected rating assigned on October 20, 2019.

Radiance's ratings are supported by its diversified and quality
land bank that is focused in tier-one and two cities across six
regions in China. This provides a strong asset base for sustainable
contracted sales scale and growth. The company's capability to
acquire large low-cost land parcels in core markets helps to
maintain healthy margins despite a moderate churn rate, as measured
by attributable contracted sales/gross debt, of 1.1x-1.2x.

The ratings are constrained by high leverage - measured by net
debt/adjusted inventory, with joint ventures and associates
proportionately consolidated - of 58% at end-1H19. Fitch expects
leverage to stay high over the next 12-18 months due to large land
acquisitions and construction costs. The ratings are also
constrained by weaker financial transparency compared with listed
peers, especially in publishing operational data to support its
financial-statement performance, and the lack of an execution
record in meeting financial-management targets.

KEY RATING DRIVERS

High Leverage Constrains Ratings: Fitch expects Radiance's leverage
- measured by net debt/adjusted inventory, with joint venture debt
and assets proportionately consolidated - to stay above 55% in
2019; this is higher than the below 50% leverage of most 'B+'
peers. Leverage is likely to stay high over the next 12-18 months,
assuming that the company uses 50%-55% of attributable sales
proceeds for land acquisitions and a larger portion of sales
proceeds than in the previous three years for construction costs,
as the delivery of pre-sold projects has picked up this year.

Radiance's leverage rose to 59% in 2017 (2016: 45%), as it
expedited its land-banking activity to support sales growth. The
company spent around 70% of sales proceeds to acquire land in 2017,
compared with 50% in 2016. Leverage slightly improved to 58% in
2018 and stayed flat in 1H19, as land acquisitions returned to the
company's usual 50% of sales proceeds. Radiance spent CNY15 billion
or 50% of sales proceeds, on a consolidated basis, to acquire land
in 1H19 and management has a land acquisition budget of 50%-60% of
sales collected.

Insufficient Disclosure: Radiance, an unlisted company, has limited
disclosure of operational information to support its
financial-statement performance compared with listed companies,
even though it discloses financial information half yearly due to
its outstanding domestic bonds. Radiance also lacks an execution
record of setting and meeting financial-management targets,
especially in controlling leverage and maintaining healthy
liquidity. These factors constrain Radiance's ratings, especially
when viewed in conjunction with its high leverage.

Diversified and Sufficient Land Bank: Radiance's diversified and
sufficient land bank with a focus in provincial capital cities and
municipalities should support sustainable contracted sales growth
and flexibility in land acquisitions, leaving room for
deleveraging. Radiance had 100 projects under construction and 30
in reserve across 30 cities in south, south-west, north-west and
east China, as well as Yangtze River Delta and Bohai Rim, at
end-1H19. Its geographical concentration is balanced, with no one
area accounting for more than 25% of total sellable resources. Its
total land bank gross floor area (GFA) of 19 million sq m at
end-1H19 is sufficient for three to four years of development.

Access to Low-Cost Land: Radiance's development projects are highly
profitable due to its acquisition of large parcels of cheap land
from facilitating urbanisation and enhancing value for local
governments. Following the successful development of new areas in
Chongqing, Xi'an, Fuzhou and Huai'an, the company acquired another
two large land parcels in the city of Xi'an and Wuhan at very low
cost in 2018. However, such opportunities are rare, hence Fitch
forecasts land cost of CNY4,200/sq m in 2019, the average cost of
projects available via public auctions. Overall, the average cost
of Radiance's land bank was around CNY4,000/sq m, or 30% of its
average selling price (ASP), at end-1H19.

Lower but Healthy Margins: Fitch expects Radiance's gross profit
margin to fall to around 35% in 2019, as revenue recognised during
the year will mainly come from sales in 2017 and 2018; about half
of which were contributed from land acquired in 2017 that had a
high cost/ASP ratio. However, its EBITDA margin should see a
smaller drop, as Fitch expects selling, general and administrative
expenses to consume a smaller portion of revenue on slower sales
growth. Margins should stay stable in 2020 and 2021, with low-cost
land acquired in 2018 starting to contribute to sales. The gross
profit and EBITDA margins, both excluding capitalised interest,
were a high 40% and 30%, respectively, over 2017 and 2018.

Sufficient Record of Domestic Funding: Radiance has a record of
onshore debt funding, but has limited access to offshore debt
funding and onshore equity funding. The company has adequate
relationships with key Chinese banks, including the big four; it
had total credit lines of CNY24 billion from the big four Chinese
banks at end-1H19. Radiance has also issued asset-backed securities
and public domestic bonds. More than half of its borrowings came
from bank development loans as of end-2018, which have borrowing
cost of below 6%, while trust loans and asset-management products
accounted for 25% of total borrowings.

DERIVATION SUMMARY

Radiance's total sales scale of CNY75 billion in 2018 was
comparable with peers in the 'BB' range. Its land bank
diversification and quality are also comparable with 'BB' peers,
such as Yuzhou Properties Company Limited (BB-/Stable).

Radiance has a larger sales scale and more diversified land bank
than Hong Kong JunFa Property Company Limited (B+/Stable), which is
also unlisted. Up to 80% of Junfa's land bank is located in Kunming
and another 10%-15% in the rest of Yunnan province; the
concentration risk is mitigated by the company's strong
relationship with the local government and expertise accumulated
over 20 years of operations. Junfa's leverage is 10 percentage
points (pp) lower than that of Radiance and the rising recurring
non-development property (DP) EBITDA from its large-scale wholesale
trade centre in Kunming contributes to non-DP EBITDA interest cover
of over 0.5x, while Radiance's recurring non-DP interest-cover
ratio is only 0.1x. Junfa's lower leverage and significant
recurring non-DP EBITDA justifies the one-notch rating difference.

Radiance's sales and EBITDA scale is smaller than that of Kaisa
Group Holdings Limited (B/Stable), but its land bank is more
diversified. Kaisa's leverage is 10pp-15pp higher than that of
Radiance, but the nature of Kaisa's urban-renewal business and its
stronger profitability mean it can operate at a higher leverage
than other Chinese homebuilders for a sustained period. Kaisa's
longer land-bank life of four years and its large urban-renewal
project pipeline provide more flexibility in land acquisition and
leave room for deleveraging.

KEY ASSUMPTIONS

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

  - Attributable contracted sales to increase by 20% in 2019 and
10% a year thereafter (2018: 48%)

  - Sales collection rate of around 85% in 2019-2020 (2018: 84%)

  - Land replenishment rate at 1.4x-1.5x in 2019-2020 to sustain a
land-bank life of three to four years (2018: 1.8x)

  - Land premium to represent 50%-55% of sales receipts in
2019-2020 (2018: 49%)

  - Funding costs at 7.5% for new borrowings (2018: 7.4%)

KEY RECOVERY RATING ASSUMPTIONS

  - Radiance would be liquidated in a bankruptcy as it is an
asset-trading company

  - 10% administration claims

  - Cash balance is adjusted such that only cash in excess of the
higher of accounts payables and three months of contracted sales
are factored in

  - 25% haircut to net inventory in light of Radiance's healthy
EBITDA margin of 25%-30%

  - 50% haircut to investment properties after considering the
rental yield of Radiance's investment-property assets and their
location

  - 30% haircut to accounts receivables

- 60% haircut to financial assets at fair value through profit and
loss

Based on its calculation of the adjusted liquidation value after
administrative claims, Fitch estimates the recovery rate of
Radiance's offshore senior unsecured debt to be within the 'RR4'
recovery range.

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory, sustained
below 55%

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, sustained at 25% or above

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

  - Leverage, measured by net debt/adjusted inventory, above 65%
for a sustained period

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, below 20% for a sustained period

LIQUIDITY

Reliant on Refinancing: Radiance had unrestricted cash of CNY13.5
billion at end-1H19, which was insufficient to fully cover CNY15.9
billion of short-term debt, including CNY1.7 billion of bonds that
are puttable in 2H19. Holders of CNY1.47 billion of bonds did not
exercise their put options on September 28. Fitch believes the
company will be able to refinance debt, as it had unutilised credit
facilities of CNY63.7 billion and net unencumbered assets of
CNY19.1 billion at end-1H19.

[*] CHINA: Defaulted Bonds Sold at a Discount of as Much as 97%
---------------------------------------------------------------
Bloomberg News reports that Chinese defaulted bonds just sold at a
discount of as much as 97% in an anonymous auction.

According to the report, six defaulted notes changed hands, with
the cheapest selling for as little as CNY3 in an auction organized
by the China Foreign Exchange Trade System on Oct. 23. That's a
record low for a sale of this type. One didn't sell, according to
an exchange statement on its official WeChat account.

Bloomberg says the sale is a sign of investors' increasing
tolerance of risk in China's nascent distressed debt market amid a
broader boom in onshore high yield trading. According to Bloomberg,
policymakers have been encouraging a market-oriented approach in
the country's credit markets since 2014 when authorities first
started allowing companies to default. The total number of defaults
in 2019 is on track to eclipse last year's record.

While there may be bargains, betting on bankruptcy outcomes remains
a dicey business in China, the report says. With relatively few
precedents of successful restructuring efforts, the majority of
situations have yet to be resolved, Bloomberg relates citing a
Goldman Sachs report.

Investors' uncertainty over the distressed firms is also starting
to show in the steep discounts the bonds are sold at, Bloomberg
notes. Qinghai Salt Lake Industry Co.'s 5.3% perpetual bond sold at
a 70% discount at the auction, says Bloomberg. The state-owned
fertilizer maker was recently thrown a lifeline when a local court
accepted a creditor's request to restructure the company, the
report recalls. Shares rallied more than 70% after the petition was
filed in August through the end of last week, but they've fallen by
the 5% daily limit so far every day last week, adds Bloomberg.



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

AYAAN EXCLUSIVE: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ayaan
Exclusive Private Limited (AEPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Inventory Funding      10       CRISIL B+/Stable (ISSUER NOT
   Facility                        COOPERATING; Rating Migrated)

   Long Term Loan          3       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Open Cash Credit        2       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AEPL for obtaining
information through letters and emails dated July 9, 2019,
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of AEPL to 'CRISIL B+/Stable Issuer not cooperating'.

Established in 2016 as a private limited company, AEPL is an
authorized dealer of passenger cars of Hyundai Motors India Limited
Based in Vijaywada (Andhra Pradesh), the company is promoted and
managed by Mr.Sandeep Usman.

BALKRISHNA GINNING: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Balkrishna
Ginning and Pressing Factory (BGPF) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            19       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term      1       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BGPF for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of BGPF to 'CRISIL B+/Stable Issuer not cooperating'.

BGPF was set up as a partnership firm in 1999 between Mr Arvind
Raichura and his family. The firm gins and presses raw cotton to
make cotton bales, and manufactures cotton seed wash oil, cotton
seed linter, and de-oiled cakes.

BHAVANI WOOD: CRISIL Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bhavani Wood
Works (BWW) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Inland/Import           7        CRISIL D (ISSUER NOT
   Letter of Credit                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BWW for obtaining
information through letters and emails dated July 17, 2019 and
August 19, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of BWW to 'CRISIL D/CRISIL D Issuer not cooperating'.

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

BWW was established in 1992 is a partnership firm involved in
processing (cutting and sawing) and trading timber such as teak,
hard and fine woods. The day to day operations are managed by Mr.
Kalpesh Patel.

CAREER EDUCATIONAL: CRISIL Assigns B+ Rating to INR10cr LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Career Educational Society (CES).

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      10        CRISIL B+/Stable (Assigned)
   Bank Loan Facility       

The rating reflects modest scale of operations and tender based
operations, and large working capital requirements. These weakness
are partially offset by extensive industry experience of the
promoters and low reliance on external debt.

Analytical Approach
Unsecured loan from members of INR0.42 crore is treated as neither
debt nor equity as it is expected to remain in the business over
the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:
* High dependence on government authorities for contracts: The
societies and NGOs supplying food under the scheme need to have the
required food license, which is to be renewed every year. Work
orders are received from the local district authority and are also
renewed annually. Failure to renew these licenses could impact the
society's operations and cash flows.

* Modest scale of operation: CES's business profile is constrained
by its modest scale of operations in the intensely competitive
co-operative society industry. The society's operations will
continue limit its operating flexibility.

* Working-capital-intensive operations: Gross current assets were
high at 233 days as on March 31, 2019, which was mainly on account
of stretched debtors of 233 days. While there is minimal inventory
holding, the bills in nature of grants are provided by the
authorities. It takes two-three months for the bills to be
realized.

Strengths:
* Extensive industry experience of the promoters: The promoters
have an experience of over 19 years in managing an NGO. Throughout
the years, they were successful in providing the services as
required under various Government schemes. This has enabled the
society to receive repeat as well as new contracts across states.

* Low reliance on external debt: CES has largely remained debt
averse and has not relied on bank debt. It is expected to remain
comfortable, despite large order expected in near future.

Liquidity: Poor
Liquidity is poor with cash accrual expected to be around
INR0.3-0.4 crore in fiscal 2020 and 2021, with no repayment
obligations. In fiscal 2020, the society shall avail working
capital limits, which will act as cushion to the liquidity of the
society. Members have infused unsecured loans of INR0.42 crore as
on March 31, 2019. Cash and cash equivalents was INR0.13 crore as
on March 31, 2019.

Outlook: Stable

CRISIL believe CES will continue to benefit from the extensive
experience of its promoters, and established track record of
operations.

Rating Sensitivity Factor:
Upward factor
* Sustained improvement in scale of operation while sustaining
profitability, backed by new contracts
* Cash accruals of more than INR1 crore, while improving working
capital cycle

Downward factor
* Lower than expected growth in revenue and lower margins, leading
to cash accruals less than INR0.1 crore
* Substantial increase in its working capital requirements due to
delay in release of funds from government agencies thus weakening
its liquidity and financial profile.

CES was established in 2001, in Ghaziabad (Uttar Pradesh), to
promote social welfare schemes operated by state and central
Government. The society is mainly connected with the mid-day meal
scheme, and hot cooked food scheme under Integrated Child
Development Services (ICDS) department. The day-to-day activities
are managed by Mr. Vishal Jindal- Secretary and Mr. Vijay Kumar
Jindal- President.

CHANDRAMAULI COTTON: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Chandramauli
Cotton Private Limited (CCPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          8         CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CCPL for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of CCPL to 'CRISIL B+/Stable Issuer not cooperating'.

CCPL, incorporated in 1999 at Surendranagaar (Gujarat), gins and
presses raw cotton to make cotton bales. Mr Kirtisinh Rana is the
promoter.

CONTAINER CORPORATION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Container Corporation of India Limited
        Concor Bhawan, C-3 Mathura Road
        Opposite Apollo Hospital
        New Delhi 110044

Insolvency Commencement Date: October 15, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 12, 2020

Insolvency professional: CA. Surinder Kumar

Interim Resolution
Professional:            CA. Surinder Kumar
                         4704, Ashoka Enclave
                         Plot No. 8A, Sector-11
                         Dwarka, New Delhi 110075
                         India
                         E-mail: skjuneja65@gmail.com
                                 containercirp@gmail.com

Last date for
submission of claims:    November 3, 2019


DEWAN HOUSING: Lenders See Little Benefit in Oaktree's Proposal
---------------------------------------------------------------
The Economic Times reports that top lenders to Dewan Housing
Finance Corporation Ltd. have baulked at a INR25,000 crore project
financing proposal by Oaktree Capital Management, two people
familiar with the development said.

The US alternative investment fund had offered to finance some of
DHFL's real-estate projects that were stuck for want of liquidity,
seeking a 20 per cent return. The plan had negligible or no returns
for the lenders, said one person, ET relays.

"This proposal makes no sense for banks as there is insignificant
return that we will get on the loans given against the wholesale
book," ET quotes an official involved in the DHFL resolution
process as saying.

ET says DHFL, burdened with debt of at least INR1 lakh crore,
started facing redemption pressure soon after Infrastructure
Leasing & Financial Services defaulted on payments last year.
DHFL's project loans amount to INR35,078 crore, while its funding
of Slum Rehabilitation Authority projects stands at INR11,967
crore. Banks have a total exposure of INR47,000 crore to DHFL,
including non-convertible debentures, ET discloses.

According to the report, DHFL has told lenders that instead of
opting for expensive private equity money, they should finance
these projects, which would fetch them some returns. An internal
calculation by the company shows that if banks provide mezzanine
finance at 8 per cent, the projects would generate returns in the
next 5-10 years.

"Banks that expect a huge haircut on the loans disbursed on the
wholesale book don't want to take any further exposure to DHFL.
There are multiple allegations floating against the company and
presently it does not make sense to get involved in these murky
dealings," ET quotes a banker privy to the discussions as saying.

ET reported earlier that DHFL promoter Dheeraj Wadhawan was
directly named in a case of alleged terror financing against late
gangster Iqbal Memon, alias Iqbal Mirchi. A close aide of
Mirchi--Humayun Suleman Merchant--told a special court that he
received INR5 crore from Wadhawan for facilitating a deal with
Sunblink Real Estate, ET relates. Wadhawan is being probed by the
Enforcement Directorate, which has found a web of transactions
between real estate firms linked to him and Sunblink, to which his
non-banking finance company DHFL gave loans worth INR2,186 crore.

Meanwhile, banks, mutual funds and insurance companies are trying
to resolve DHFL's debt under the Reserve Bank of India's June 7
framework for stressed asset resolution. Banks have signed the
inter-creditor agreement, which is meant to quicken the resolution
process, and are working on the proposal submitted by the DHFL
management, including converting part of the debt into 51 per cent
equity, according to ET. This will see the stake of the promoter
Wadhawan family halve to 20 per cent. However, implementation of
the resolution plan is at an impasse after several mutual funds
refused to sign the inter-creditor agreement, which is key to the
resolution plan.

ET reported on October 19 that the RBI had rejected a proposal by
banks that would have allowed them provisioning relief to the tune
of INR6,000 crore on borrowings by DHFL.

                         About Dewan Housing

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2019, The Hindu BusinessLine said Dewan Housing Finance
Corporation Ltd (DHFL) has defaulted on principal and interest
payments on NCDs aggregating INR104.54 crore. These NCDs were
issued to a single investor. DHFL, in a stock exchange notice, said
the gross principal amount on which the above-mentioned default
occurred is INR100 crore. These 10-year secured NCDs carry a coupon
of 10.05 per cent.  Also, the housing finance company defaulted on
interest amount of INR9.43 crore on another NCD series issued to a
single investor, BusinessLine related. The gross principal amount
on which this default occurred is INR100 crore. These 10-year
secured NCDs carry a coupon of 9.40 per cent.  Further, DHFL
defaulted on interest payments aggregating INR43 lakh on NCDs
carrying four unique international securities identification
numbers (ISINs), which were issued to 3,404 investors via a public
issue.


DEWAN HOUSING: To Prepare Response to KMPG Report
-------------------------------------------------
The Hindu reports that the board of Dewan Housing Finance
Corporation has asked the company to prepare a response to the
findings of a draft forensic audit report prepared by KPMG and
share it with the banks.

Union Bank of India, the lead banker of the consortium, had
appointed KPMG to prepare the report, the Hindu relates.

"The board has directed the company to review the aforesaid key
observations [of KPMG report] and also present a detailed response
to the said key observations before the audit committee. The board
also directed the company to share the responses with the lenders,"
DHFL said in a stock exchange filing, the report relays.

                         About Dewan Housing

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2019, The Hindu BusinessLine said Dewan Housing Finance
Corporation Ltd (DHFL) has defaulted on principal and interest
payments on NCDs aggregating INR104.54 crore. These NCDs were
issued to a single investor. DHFL, in a stock exchange notice, said
the gross principal amount on which the above-mentioned default
occurred is INR100 crore. These 10-year secured NCDs carry a coupon
of 10.05 per cent.  Also, the housing finance company defaulted on
interest amount of INR9.43 crore on another NCD series issued to a
single investor, BusinessLine related. The gross principal amount
on which this default occurred is INR100 crore. These 10-year
secured NCDs carry a coupon of 9.40 per cent.  Further, DHFL
defaulted on interest payments aggregating INR43 lakh on NCDs
carrying four unique international securities identification
numbers (ISINs), which were issued to 3,404 investors via a public
issue.

DINAKARA LIFE: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Dinakara Life
Sciences Private Limited (DLSPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Foreign Letter         1.75      CRISIL B+/Stable (ISSUER NOT
   of Credit                        COOPERATING; Rating Migrated)

   Term Loan              4         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DLSPL for obtaining
information through letters and emails dated July 9, 2019 and
August 19, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of DLSPL to 'CRISIL B+/Stable Issuer not cooperating'.

Dinakara Life Scicences Private Limited (DLSPL) is incorporated in
2017 and in business of manufacturing Active Pharmaceutical
Ingredients with an installed capacity of 240 MTs per annum. The
company is located in Hyderabad, Telangana and the plant is located
in Jaggayyapet, Krishna District, and Andhra Pradesh.

GARG HEART: CRISIL Migrates 'B+' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Garg Heart and
Multispeciality Hospital Private Limited (GHMHPL) to 'CRISIL
B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         60        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GHMHPL for obtaining
information through letters and emails dated July 17, 2019 and
August 19, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of GHMHPL to 'CRISIL B+/Stable Issuer not cooperating'.

GHMHPL is a private limited entity incorporated in 2012 to set up
and run a Multi-specialty & Super Specialty 225 bedded Hospital in
Vasundhara, Ghaziabad by the name of 'Garg Heart and Multispecialty
Hospital'. The said hospital being managed and promoted by Dr.
Sanjay Garg is currently under construction phase and is likely to
turn operational by Nov, 2018.

GUHA AND ROY: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Guha And Roy
(GR) to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .5        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           4.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GR for obtaining
information through letters and emails dated July 17, 2019 and
August 19, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of GR to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

GR is a partnership concern between Mr Debraj Roy and Mr Mithun
Roy, which constructs roads and bridges in West Bengal primarily
for public works department.

GUJARAT NRE: NCLAT Says Promoter Ineligible to Deal with Creditors
------------------------------------------------------------------
BloombergQuint reports that allowing the appeal of Jindal Steel and
Power Ltd., the National Company Law Appellate Tribunal has held
Arun Kumar Jagatramka, the promotor of Gujarat NRE Coke Ltd., not
eligible to negotiate with the creditors of the debt-ridden
company.

BloombergQuint relates that a two-member bench of NCLAT headed by
Chairperson Justice SJ Mukhopadjaya said that as Jagatramka, who
was ineligible to be a resolution applicant of the company under
the Insolvency & Bankruptcy Code, he cannot be allowed at this
stage to negotiate with the creditors of Gujarat NRE Coke.

Jindal Steel and Power, which is an unsecured creditor of Gujarat
NRE Coke, had challenged a National Company Law Tribunal order that
allowed the promoters to settle debts with its creditors,
BloombergQuint recalls.

NCLT had given a go ahead to Jagatramka for "financial scheme of
compromise and arrangement" with him and the company through its
liquidator, after holding the debts of shareholders, creditors
etc.

The appellate tribunal set aside the order passed on May 15, 2018,
by the Kolkata bench of NCLT, says BloomberQuint.

". . . it is clear that the Promoter, if ineligible under Section
29A cannot make an application for Compromise and Arrangement for
taking back the immovable and movable property or actionable claims
of the Corporate Debtor," said NCLAT. Section 29A of IBC defines
the persons, who are not eligible to submit bids for a company
going through corporate insolvency resolution process.

"The NCLT by impugned order dated May 15, 2018, though ordered to
proceed under Section 230 to 232 of the Companies Act, failed to
notice that such application was not maintainable at the instance
of 1st Respondent-Arun Kumar Jagatramka (Promoter), who was
ineligible under Section 29A to be a Resolution Applicant," NCLAT,
as cited by BloombergQuint, said.

It further added: "For the reasons aforesaid, we set-aside the
impugned order dated May 15, 2018 and remit the case to
Liquidator/Adjudicating Authority to proceed in terms of the
decision of this Appellate Tribunal. . ."

According to BloombergQuint, the NCLAT said that Supreme Court in
Swiss Ribbons case has held that the primary focus of IBC is to
ensure revival and continuation of the corporate debtor by
"protecting it from its own management and from a corporate death
by liquidation".

"The aforesaid judgment makes it clear that even during the period
of Liquidation, for the purpose of Section 230 to 232 of the
Companies Act, the Corporate Debtor' is to be saved from its own
management, meaning thereby the Promoters, who are ineligible under
Section 29A, are not entitled to file application for Compromise
and Arrangement in their favour under Section 230 to 232 of the
Companies Act," said NCLAT.

Gujarat NRE Coke had voluntarily moved a plea before Kolkata NCLT
to initiate insolvency proceedings on account of various defaults
committed by it, BloombergQuint notes. NCLT admitted the plea on
April 7, 2017.

However, the company could not attract any bids or finalise a
resolution plan within the mandated 270 days under IBC, hence order
for liquidation was passed by NCLT Jan. 11, 2018, according to
BloombergQuint.

BloombergQuint says Jagatramka had challenged liquidation order and
his ineligibility before the NCLAT earlier as the resolution plan
submitted by him was not accepted. However, the NCLAT had allowed
the liquidation proceeding to continue.

In the meantime, Jagatramka had moved an application under Sections
230 to 232 of the Companies Act before NCLT for Compromise and
Arrangement between erstwhile Promoters and the Creditors, in which
order was passed on May 15, 2018, adds BloombergQuint.

                         About Gujarat NRE

Gujarat NRE Coke Ltd. is engaged manufacturing metallurgical coke.
The Company operates in two segments: coal & coke and steel.

In April 2017, the Kolkata bench of the National Company Law
Tribunal (NCLT) admitted the application by the company for
commencing the insolvency resolution process.

The National Company Law Tribunal (NCLT) in January 2018 ordered
liquidation of Gujarat NRE Coke Ltd after the company failed to
find a resolution plan under Insolvency & Bankruptcy Code, 2016.

HUMANA FINANCIAL: CRISIL Withdraws B+ Rating on INR20cr LT Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the proposed long term bank loan
facility of Humana Financial Services Private Limited (HFSL). The
company has requested for a withdrawal of the rating. The
withdrawal is in line with CRISIL's policy on withdrawal of its
ratings.

                        Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       20      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating
                                    withdrawn')

CRISIL has been consistently following up with HFSL for obtaining
information through letters and emails dated April 30, 2019 and May
29, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated on 21st May 1998, Humana People to People India is a
development organization registered as a not-for-profit company
under Section 25 of the Companies Act, 1956. HPPI started its
microfinance project in 2007. Presently HPPI has decided to operate
its microfinance activities via a separate NBFC-MFI entity namely
Humana Financial Services Ltd (HFSPL) which got approval from RBI
on 4th August 2017.

INTIME TEXTILE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s Intime Textile Limited
        74, Union Mills Road
        Tiruppur, Tamilnadu
        Pin: 641601

Insolvency Commencement Date: September 16, 2019

Court: National Company Law Tribunal, Madurai Bench

Estimated date of closure of
insolvency resolution process: March 14, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Nithiyanantham Ramachandran

Interim Resolution
Professional:            Mr. Nithiyanantham Ramachandran
                         Door No. 3/716, Avin Nagar
                         Surveyor Colony
                         Madurai 7, Tamilnadu
                         Pin: 625007
                         E-mail: arnit_m@yahoo.co.in

Last date for
submission of claims:    October 4, 2019


KERALA STATE: Fitch Affirms BB LT IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings affirmed the State of Kerala's Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'BB' with a Stable
Outlook.

The affirmation is based on a 'Midrange' assessment of the Indian
state's risk profile and a moderate 'bbb' debt-sustainability
assessment. Kerala is classified as a type A government as it can
incur structural deficits.

KEY RATING DRIVERS

Revenue Robustness Assessed as 'Stronger'

Kerala's gross regional product (GRP) grew 11.4% in the fiscal year
ended March 31, 2018 (FY18) at current prices, faster than India's
national rate of 10%. Per capita GRP and tax revenue amounted to
INR199,101 and INR15,502, respectively, 56% and 103% higher than
the national average. Kerala's total revenue increased at a CAGR of
12.8% in FY15-FY18, faster than its GRP's CAGR of 9.3%.

The state has a stable revenue source as its tax and non-tax
revenue accounted for 69% of operating revenue, higher than the 55%
average for all the states in FY18. Taxes, after the implementation
of a goods and services tax (GST), included GST (43%), sales and
VAT (36%), a tax on vehicles and stamp duty.

Stabilisation of the GST will help augment Kerala's revenue
capacity after FY19 as the tax base expands with greater efficacy.
GST compensation, through the transfer of income from the central
government to cover potential losses in tax revenue, will also act
as a cushion to smooth out state finances. The transfer income is
mainly the state's share of central taxes and the government's
grant-in-aid, with 66% of the transfer in FY18 made up of centrally
collected taxes such as corporate and income tax. The 14th Finance
Commission increased the Indian states' share of central taxes to
42% from 32% for FY15-FY20, the biggest increase in decades. The
central government also provides grants to support state
development. The implementation of the e-way bill, an
electronically generated document required for inter-state movement
of goods, from April 2018 could also be positive for
tax-administration efficiency.

Revenue Adjustability Assessed as 'Weaker'

The 'Weaker' assessment on revenue adjustability reflects the
central government's power to set major taxes, the formula-driven
and stable transfer regime, and the state's limited political
capacity to substantially raise local tax rates due to legislative
and populist pressure.

The Indian constitution assigns taxation powers to the central
government and states separately to perform their functions. The
major state taxes are GST, sales tax, motor vehicle tax, and stamp
duty. The GST rate is set by the central government, and states
continue to enjoy autonomy to levy taxes on petroleum products,
alcohol, real estate transactions and others. Under Kerala's FY20
budget, a one-time tax on new motorcycles, cars, and
private-service vehicles will be increased by 1%, and the tax rate
on the sale of foreign liquor will be increased by 2%. Kerala gets
2.5% of all central taxes, based on a preset formula and tied to
India's overall economic and fiscal growth momentum.

Expenditure Sustainability Assessed as 'Midrange'

Kerala has been leading other Indian states in demographic and
human development indicators relating to health, education, and
gender equality. Total expenditure rose at a FY15-FY18 CAGR of
12.8%, in line with the 12.8% CAGR of total revenue growth, showing
effective control over expenditure growth under a balanced budget.
Capex only accounted for 9.3% of total expenditure in FY18, despite
a faster 27.2% three-year CAGR than operating expenditure growth as
the state intends to boost its infrastructure development. The
state government has responsibility over moderately countercyclical
expenditure such as healthcare and social welfare.

Expenditure Adjustability Assessed as 'Midrange'

The primary responsibility of funding essential social and economic
services such as education, health, sanitation, agriculture, and
transport lies with the state governments. Fitch does not
anticipate frequent and far-reaching funding reforms, or successive
revisions in the scope of state governments' budget
responsibilities. The state had 61% of expenditure, including
salary, interest and pensions in FY18 that was committed in nature.
Discretionary expenditure, or the non-committed component, has been
compressed in times of lower budget revenue, such as the dip in
capex in FY18, showing adjustability on discretionary expenditure.
Kerala's per capita expenditure on social and economic services was
around INR15,000 in FY18, 20% higher than the average of all
states, which provides room for an expenditure cut. The state also
has a plan to cut expenditure to meet fiscal deficit goals in the
next few years by reducing employees and limiting salary growth.

Liability and Liquidity Robustness Assessed as 'Stronger'

State governments mainly borrow to finance fiscal deficits through
domestic open-market borrowing (state development loans), loans
from banks and the central government, provident funds and small
savings. Open-market borrowing, the main debt-raising channel, is
facilitated by the Reserve Bank of India (RBI) and regulated by a
legislative framework and fiscal responsibility legislation.

The maturity of outstanding state government securities was
well-dispersed by end-March 2019 with 4.2% due within one year, and
65.9% due after five years. Open-market borrowings are in fixed
rate Indian rupees without foreign-currency exposure. Contingent
liabilities mainly include guarantees extended to public-sector
undertakings (PSU) and local governments, as well as non-guaranteed
PSU debt.

Liability and Liquidity Framework (Flexibility) Assessed as
'Midrange'

There is an established framework for emergency liquidity support
from the central government, with treasury bills rated at the
sovereign's 'BBB-'. The receipts and the expenditure of the states
are matched in the annual state budget, but there could be
temporary mismatches in the cash receipts and expenditure during
the course of the year. The central government and the RBI have
instituted mechanisms that enable the states to address these
short-term liquidly needs through instruments such as advances and
overdrafts extended by the RBI.

State governments can only borrow in the domestic market, but they
can use state companies and lower-tier government bodies to borrow
from international markets. Kerala set up the Kerala Infrastructure
Investment Fund Board (BB/Stable) to borrow in both markets to fund
its development. Access to both bank loans and the capital market
widens its financing channel and liquidity pool.

Debt-Sustainability Assessment: 'bbb'

Fitch's rating-case scenario expects Kerala's economic-liability
burden, the primary metric of debt sustainability measured by (net
overall risk + pro rata share of central government debt)/regional
GDP, to remain within 75%-85% until FY23, leading to an 'a'
debt-sustainability assessment.

Fitch however lowered this to 'bbb' due to weak secondary metrics,
ranging from a negative payback ratio (net overall risk to current
balance) to a fiscal debt burden of over 250%.

DERIVATION SUMMARY

Fitch assessed the Standalone Credit Profile (SCP) in the 'bb'
category, reflecting a combination of the 'Midrange' risk profile,
and 'bbb' debt-sustainability assessment. The notch-specific 'bb'
SCP balances the 'a' economic-liability burden with the negative
payback ratio and 'b' category fiscal-debt burden. As a result,
Kerala's IDR is 'BB'.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  - Fitch's rating case is a 'through-the-cycle' scenario, which
incorporates a combination of revenue and financial risk stresses
in the case of an economic downturn. Assumptions on growth of key
revenue/expenditure items are based on historical CAGR and expected
to slow with a 2-5 percentage point (pp) stress in the rating
case.

  - Central government GDP, debt and population forecasts are based
on Fitch's sovereign team forecasts

  - State GRP and population growth are based on historical CAGR in
the base case and 2pp lower in the rating case

  - As the state is allowed to incur a structural deficit, net new
borrowing each year is set to fund the fiscal deficit, resulting in
overall results of zero. Outstanding direct debt equals direct debt
of the previous year with the addition of net debt raised during
the year.

  - FY19 assumptions based on the revised budget with a haircut

RATING SENSITIVITIES

Positive rating action could come from an improvement of the
economic-liability burden ratio to below 70% and a substantial
improvement in the fiscal-debt burden and payback ratio.

Negative rating action could come from a deterioration of the
economic-liability ratio above 100% and a substantial worsening in
the fiscal-debt burden and payback ratio.

LAMIYA SILKS: CRISIL Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Lamiya Silks
(LS) to 'CRISIL D Issuer not cooperating'.

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

   Proposed Long Term   0.5       CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

   Term Loan            1.5       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LS for obtaining
information through letters and emails dated July 17, 2019 and
August 19, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of LS to 'CRISIL D Issuer not cooperating'.

LS is based out of Kerala and is engaged in the retailing of
readymade garments. The firm was established in 2008 by Mr.Abdul
Jabbar. The firm has 6 showrooms in Kerala.

MAA VAISHNAVI: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Maa Vaishnavi
Automotive Private Limited (MVAPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           0.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Electronic Dealer     5.3       CRISIL B+/Stable (ISSUER NOT
   Financing Scheme                COOPERATING; Rating Migrated)
   (e-DFS)               

   Proposed Fund-        1.4       CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Migrated)

   Term Loan             0.3       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MVAPL for obtaining
information through letters and emails dated
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MVAPL to 'CRISIL B+/Stable Issuer not cooperating'.

MVAPL, incorporated in 2015, deals in passenger cars manufactured
by Renault. It has two showrooms-cum-workshops each in Nagaon and
Tejpur, both in Assam. The company is also into spares and service,
and receives commission income for vehicles financed by various
agencies. Mr Sanjay Kumar Agarwala and Mr Arbin Agarwala are the
promoters.

MANSI INTERNATIONAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s Mansi International Private Limited
        F-3, APMC Market-I
        Phase-II, Vashi
        Navi Mumbai
        Mumbai 400703
        Maharashtra, India

Insolvency Commencement Date: October 15, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 12, 2020
                               (180 days from commencement)

Insolvency professional: Ms. Rajshree Padia

Interim Resolution
Professional:            Ms. Rajshree Padia
                         Office No. 17, 10th Floor
                         Pinnacle Corporate Park
                         G-Block, Bandra Kurla Complex
                         Bandra (E), Mumbai 400051
                         E-mail: rajshreecs@hotmail.com
                                 mansiinternationalcirp@gmail.com

Last date for
submission of claims:    October 29, 2019


MODE ADVERTISING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Mode Advertising and Marketing Private Limited
        C 40-44, Lajpat Nagar-II
        New Delhi 110024

Insolvency Commencement Date: October 15, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 12, 2020

Insolvency professional: CA. Madhu Juneja

Interim Resolution
Professional:            CA. Madhu Juneja
                         4704, Ashoka Enclave
                         Plot No. 8A, Sector-11
                         Dwarka, New Delhi 110075
                         India
                         E-mail: madhujun94@gmail.com
                                 modeadcirp@gmail.com

Last date for
submission of claims:    October 30, 2019


PARAMOUNT CONTENT: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Paramount Content Syndicators Pvt. Ltd.
        Shop No. 70, 1st Floor
        Krystal Avenue CHS Ltd.
        R.N.A. Arcade, Lokhandwala Complex
        Andheri West Mumbai
        Mumbai City MH 400053
        India

Insolvency Commencement Date: October 14, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 11, 2020
                               (180 days from commencement)

Insolvency professional: Vipul Mittal

Interim Resolution
Professional:            Vipul Mittal
                         Office No. 405 B-C-Block
                         Silver Mall
                         R N T Marg
                         (Old Name: J M B Tower)
                         South Tukoganj Gali No. 02
                         Indore, Madhya Pradesh 452001
                         E-mail: ca.vipulmittal09@gmail.com

                            - and -

                         501, 5th Floor, Commercial Complex
                         "Shrishti Square" Sonapur Junction
                         LBS Marg, Bhandup
                         West Mumbai 400078
                         E-mail: ip.paramount@gmail.com

Last date for
submission of claims:    October 28, 2019


PBR SELECT: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of PBR Select
Infra Projects (PBRS) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         2        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Secured Overdraft      6        CRISIL B+/Stable (ISSUER NOT
   Facility                        COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PBRS for obtaining
information through letters and emails dated October 7, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PBRS to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Set up in 2010 as a partnership firm, PBRS undertakes civil
construction activities, primarily in construction of roads,
bridges and flyovers. Based out of Hyderabad (Telangana), the firm
is managed by Mr. P Bhaskar Reddy and his family.

PERFECT ENGINEERS: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Perfect
Engineers & Contractors (PEC) to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         4        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            6        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PEC for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PEC to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

PEC was set up as a partnership firm in 1993. Operations of the
Palakkad (Kerala)-based firm, are managed by Mr Sunil and Mr
Sajeevan.

R. R. DEVELOPERS: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of R. R.
Developers (RRD) to 'CRISIL B+/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Drop Line            10        CRISIL B+/Stable (ISSUER NOT
   Overdraft                      COOPERATING; Rating Migrated)
   Facility             
                                  
CRISIL has been consistently following up with RRD for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RRD to 'CRISIL B+/Stable Issuer not cooperating'.

Set up in 2002 and promoted by the Lucknow-based Agarwal family,
RRD is part of the RR group. The firm operates a budget hotel in
Lucknow. RRD follows a franchise model and operates under the Best
Western Plus Levana brand.

RAUNAQ EPC: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Raunaq EPC
International Limited (REIL; part of the REIL group) to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee       46.73      CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           3.67      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   86.60      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with REIL for obtaining
information through letters and emails dated September 30, 2019 and
October 04, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of REIL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of REIL and its wholly-owned subsidiary,
Xlerate Driveline India Ltd (XDIL). Both the companies, together
referred to as the REIL group, are under a common management.

REIL was set up, by Mr Raunaq Singh, as part of the SP Kanwar group
in 1964. The company undertakes mechanical engineering works,
mainly related to laying of pipes on turnkey basis. The company
participates in power and water supply projects for the public and
private sectors.

In fiscal 2013, REIL set up XDIL, which has an assembly line in
Faridabad (Haryana). XDIL manufactures automotive clutches for the
replacement market in the heavy vehicles segment.

ROHIT BAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Rohit Bal Designs Private Limited
        C-328, 1st Floor, Defence Colony
        New Delhi 110024

Insolvency Commencement Date: October 16, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 13, 2020
                               (180 days from commencement)

Insolvency professional: Amarpal

Interim Resolution
Professional:            Amarpal
                         401, 4th Floor, DDA Building-2
                         District Centre, Janakpuri
                         New Delhi 110058
                         E-mail: amarpal@icai.org

                             - and -

                         B-96, 2nd Floor, Udyog Vihar Phase-5
                         Gurugram, Haryana 122016
                         E-mail: ip.rohitbal@gmail.com

Last date for
submission of claims:    November 4, 2019


RVJ OVERSEAS: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of RVJ Overseas
Private Limited (RVJ) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         9        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            5        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Non           2        CRISIL A4 (ISSUER NOT
   Fund based limits               COOPERATING; Rating Migrated)


CRISIL has been consistently following up with RVJ for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RVJ to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

RVJ, incorporated in 2011, trades in bullion and manufactures gold
and diamond jewellery.

TRIDENT INFRA: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Trident Infra
Homes Private Limited (TIH) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              123       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with TIH for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of TIH to 'CRISIL B+/Stable Issuer not cooperating'.

TIH was incorporated in 2010 by Mr S K Narvar. The company develops
residential and commercial real estate projects. It is currently
developing a residential project, Trident Embassy, at Noida
Extension (Uttar Pradesh).

TURBO INDUSTRIES: CRISIL Assigns B+ Rating to INR4.5cr Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Turbo Industries (TI).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.5       CRISIL B+/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits      1.0       CRISIL B+/Stable (Assigned)

The rating reflects a modest scale of operations amid intense
competition, and a below-average financial risk profile. These
weaknesses are partially offset by the extensive experience of the
partners in the industrial machinery and consumables industry.

Key Rating Drivers & Detailed Description

Weakness:
* Modest scale of operations amid intense competition:
Revenue was modest at INR15.6 crore in fiscal 2019. The firm is
exposed to intense competition in the water pumps manufacturing
industry, which comprises a large number of players. Consequently,
bargaining power is low, which has resulted in a modest operating
margin.

* Below-average financial risk profile:
The gearing was weak at 2.14 times and the networth modest at
INR2.44 crore, as on March 31, 2019. Debt protection metrics were
subdued, as reflected in interest coverage ratio of 1.58 times and
net cash accrual to adjusted debt ratio of 0.04 time for fiscal
2019.

Strengths:
* Extensive industry experience of the partners:
The partners have an experience of more than 15 years in the
industrial machinery and consumables industry. This has given them
an understanding of the dynamics of the market, and enabled them to
establish relationships with suppliers and customers.

Liquidity: Poor
Turbo has poor liquidity marked by marginal cash and cash
equivalents of INR0.04 crore as on March 31, 2019 and modest cash
accruals of INR0.25-0.5 crores expected in FY20 and FY21, against
repayment obligations of around INR0.12 crore per annum. The firm
has access to fund based limits of Rs.4.5 crores, which are almost
fully utilized over the 12 months ended Sep 2019.

Outlook: Stable

CRISIL believes TI will continue to benefit from the extensive
industry experience of its partners.

Rating sensitivity factors:

Upward factor
* Revenue growth of 25% and improvement in the operating margin in
fiscal 2020, leading to higher cash accrual
* A shorter working capital cycle, resulting in lower working
capital debt and improvement in the capital structure

Downward factor
* Capital withdrawal of over INR0.2 crore in fiscal 2020, leading
to a decline in the networth and weakening of the capital
structure
* Further stretch in the working capital cycle or a decline in
revenue and operating margin

TI was established as partnership firm in 1995 by Mr B Lalithamani
and Mr R Balasundaram. The firm manufactures motors, bore-well
pumps, open-well submersible pumps, and piston pumps. Its facility
is in Coimbatore, Tamil Nadu.

VINTRON COMMUNICATION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Vintron Communication Private Limited
        37, Rampuri, Kalkaji
        LKalkaji New Delhi
        DL 110019
        IN

Insolvency Commencement Date: October 15, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 11, 2020

Insolvency professional: Sandeep Chandna

Interim Resolution
Professional:            Sandeep Chandna
                         House No. 23, Ground Floor
                         A-Block, South City 2
                         Sector-49, Sohna Road
                         Gurugram, Haryana 122018
                         E-mail: cssandeep@live.in

                            - and -

                         Sun Resolution Professionals Pvt. Ltd.
                         83, National Media Centre
                         Shanker Chowk
                         Nr. Ambiance Mall/DLF Cyber City
                         Gurugram 122010
                         E-mail: cirp.vintron@outlook.com

Last date for
submission of claims:    October 29, 2019


ZINDRELLA: CRISIL Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Zindrella to
'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          6         CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Zindrella for
obtaining information through letters and emails dated July 17,
2019 and August 19, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Zindrella to 'CRISIL D Issuer not cooperating'.

Set up in 2011 as a proprietorship concern by Ms Dyna Gickson,
Zindrella retails ready-made garments at its 15 outlets in Kerala.



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

BERNINA SEWING: Future Hanging by a Thread After 70 Years
---------------------------------------------------------
Paul Mitchell at Stuff.co.nz reports that a long-running Palmerston
North sewing machine dealership's future is hanging by a thread
after 70 years, as the owners look towards retirement.

Shirley Fredrickson and Robyn Rowe have run the Bernina Sewing
Centre, on the corner of Main St. and Victoria Ave., for 27 years
and it's been an interesting and mostly enjoyable journey,
according to Stuff.

Stuff relates that they've operated out of three locations, had two
cars crash into their shop, won awards and trips to Queenstown for
their work, and made life-long friends with regular customers along
the way.

But with Fredrickson about to retire and Rowe looking for something
new, the pair have been trying to sell the business for two years.
If they can't sew up a deal, their only option may be to close
Bernina altogether.

Fredrickson and Rowe are both passionate sewers and they feel lucky
to have made a living doing something they love for so long.

"But, I don't want to be [running a store] when I'm 80," the report
quotes Ms. Fredrickson as saying.   "When you get to this stage in
life, you're very conscious that you want to fit as much into your
time while you can."

According to Stuff, Ms. Rowe wasn't quite ready to retire, but was
looking to do something less involved than running Bernina so she
had more time for family and other hobbies.

She was considering getting back into administrative work, like she
used to do when she was younger, and maybe making made-to-order
dresses on the side.

They were in no rush and can hang fire for a few more years, but
eventually if they couldn't sell Bernina they'd have to reluctantly
close it down, she said.

"We really don't want to do that. It's been around for so long that
that would be a real shame."

They are confident they can find successors, since they have
already come close several times only to have the deal fall apart
through various twists of fate, says Stuff.



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

ADVANCE BANK: DOJ Indicts Ex-Manager, Cashier for Qualified Theft
-----------------------------------------------------------------
The Department of Justice (DOJ) issued a Resolution indicting the
former branch manager and former cashier of the closed Advance
Bank, Inc. for qualified theft under Article 310 of the Revised
Penal Code and violation of the PDIC Charter.

The case was based from the complaint filed by the Philippine
Deposit Insurance Corporation (PDIC) with the DOJ. Violation of the
PDIC Charter is punishable with imprisonment of not less than six
years up to 12 years and/or fine of PHP50,000 to PHP2.0 million.

The DOJ Resolution dated June 11, 2018 stated that the respondents
conspired and took advantage of their positions to unlawfully take
PHP510,000.00 from Advance Bank by causing it to appear that the
depositors pre-terminated their accounts and received the proceeds
when in fact they did not. The DOJ Resolution further stated that
"the respondents' position in the bank are entrusted with the
possession of funds/money and this is due to the confidence reposed
upon them." The PDIC investigation was prompted after the
depositors learned that their deposit accounts were pre-terminated
prior to bank closure. The depositors, in separate affidavits,
denied the pre-termination of their deposit accounts.

Advance Bank, Inc. was ordered closed by the Monetary Board of the
Bangko Sentral ng Pilipinas and placed under PDIC receivership on
July 30, 2009.

The filing of cases against erring individuals is in support of
PDIC's efforts to bring to justice parties that engage in acts of
anomalies, irregularities and fraud that pose risk to depositors
and the Deposit Insurance Fund, PDIC's main fund source for payout
of deposit insurance claims. PDIC continues to pursue legal actions
against bank officials and personnel who engage in unsafe and
unsound banking practices that pose grave threats to the stability
of the country's banking system. PDIC is mandated to generate,
preserve, maintain faith and confidence in the country's banking
system, and protect it from illegal schemes and machinations.

RB OF STA. BARBARA: Ex-Officers Guilty of Document Falsification
----------------------------------------------------------------
The Municipal Trial Court of Calasiao in Pangasinan found two
officers of the closed Rural Bank of Sta. Barbara (Pangasinan),
Inc. guilty beyond reasonable doubt for three counts of
falsification of commercial documents in violation of the Revised
Penal Code.

In her February 27, 2019 Decision, Judge Designate Lordaliza Rivera
- Mabborang sentenced Lydia Cruz, former branch manager, and Sheila
Geslani, former bookkeeper, of the Rural Bank of Sta. Barbara to
arresto mayor of one year and one day imprisonment to prision
correctional of three years, six months and 21 days imprisonment
and to pay a fine of PHP5,000 with subsidiary imprisonment in case
of insolvency for each count, for falsification of commercial
documents.

The Philippine Deposit Insurance Corporation (PDIC) filed in 2010
criminal charges against Cruz and Geslani for falsification of
commercial documents under the Revised Penal Code and violations of
the PDIC Charter for the creation of fictitious deposits and
conducting business in an unsafe or unsound manner.

PDIC investigation showed that Cruz and Geslani withdrew and closed
a deposit account without the knowledge and consent of the
depositor and created 30 fictitious deposits with an aggregate
amount of PHP3.6 million. The investigation was prompted after the
depositor learned that his deposit account was no longer
outstanding upon closure of the Bank. The criminal charge of
creation of fictitious deposits and conducting business in an
unsafe or unsound manner, which carry a penalty of imprisonment of
six years and one day to 12 years and/or a fine of PHP50,000 to
PHP2.0 million against the respondents is presently being heard
before the Regional Trial Court of Dagupan City, Pangasinan.

The decision of the MTC debunked the defense of Cruz and Geslani
that they merely followed the instruction of the Board of Directors
of the Bank. The MTC, bearing on the experience and individual
competencies of Cruz and Geslani, held that their positions are
fiduciary in nature and are therefore expected to exercise greater
care and prudence than others in their dealings because banking
business is impressed with public interest.

Rural Bank of Sta. Barbara, Inc. was a seven-unit bank ordered
closed by the Monetary Board of the Bangko Sentral ng Pilipinas
(BSP) and placed under receivership of the PDIC on November 16,
2007.



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

YANLORD LAND: S&P Places 'BB' Long-Term ICR on Watch Negative
-------------------------------------------------------------
On Oct. 25, 2019, S&P Global Ratings placed its 'BB' long-term
issuer credit rating on Yanlord Land Group Ltd. (Yanlord) and 'BB-'
long-term issue rating on the company's outstanding senior
unsecured notes on CreditWatch with negative implications.

S&P said, "We placed the ratings on CreditWatch with negative
implications to reflect our view of Yanlord assuming potentially
material debt leverage following the proposed acquisition,
weakening the debt-to-EBITDA ratio beyond our downside trigger of
4x. Yanlord has acquired a remaining 51% stake in YIS, which will
trigger a mandatory general offer for UEL.

"We believe the two-step transaction could result in a pro forma
debt-to-EBITDA ratio of 4.3x-4.6x, if Yanlord increases its stake
in UEL to 51% or above via the general offer. In this scenario,
Yanlord will incur additional costs to purchase additional shares
in UEL and fully consolidate UEL, which has higher leverage than
Yanlord based on our preliminary assessment."

While acquiring a further stake in UEL could improve Yanlord's
business and geographic diversity, the initial impact should be
minimal. In 2018, UEL's total revenue and gross profit were only
7%-8% of Yanlord's, while its debt was about 12% of Yanlord's. UEL
primarily operates through six operating segments: property rental
and hospitality, property development, distribution, engineering,
manufacturing, and corporate services and others. On a pro-forma
consolidated basis, each of these segments will only contribute
modest cash flow and earnings to the combined group. For instance,
UEL's rental and hotel business is primarily located in Singapore
but the scale is small, only representing about 2.5% of Yanlord's
revenue. In addition, there could be further uncertainties related
to capital expenditure covering potential renovation works on UEL's
properties.

If the transaction discontinues after the first step (i.e. without
acquiring any further stake in UEL from the general offer), Yanlord
would have more room to control its leverage via a more substantial
reduction of debt-driven spending such as land purchases. Without
any cut in spending, Yanlord's financial leverage would still be at
or slightly above 4.0x by end of 2019, both on a consolidated basis
and on a see-through basis (i.e. proportionately consolidating
joint-ventures and associates including UEL's debt and EBITDA).
This is due to the assumption of YIS' existing debt, which cannot
be fully offset by an increase in the share of cash dividends from
UEL.

S&P said, "We aim to resolve the CreditWatch upon further clarity
on the outcome of the mandatory general offer, as well as the final
financing structure of the deal, including the amount of debt used,
for the entire acquisition. We will also evaluate management's
potential strategic plan for UEL.

"The resolution of our CreditWatch listing will focus heavily on
Yanlord's ability to quickly recover its leverage to below 4x
within a relatively short time frame. If a downgrade is the outcome
of our review, we expect it would likely be limited to one notch.

"We could affirm the rating if Yanlord maintains its debt leverage
with limited additional debt after the transaction. This could
happen if the general offer is largely unsubscribed and Yanlord
does not consolidate UEL while it focuses on deleveraging."




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

SOUTHEAST ASIA BANK: Moody's Rates New USD Sr. Unsec. Notes B1
--------------------------------------------------------------
Moody's Investors Service assigned a B1 long-term foreign currency
senior unsecured rating to Southeast Asia Commercial Joint Stock
Bank's proposed USD senior unsecured notes.

The notes have a proposed maturity of 3 years and is expected to be
listed on the Singapore Stock Exchange.

The rating is subject to receipt of final documentation, the terms
and conditions of which are not expected to change in any material
way from the draft documents that Moody's has reviewed.

SeABank's B1 rating is on review for downgrade, following Moody's
placement of Vietnam's Ba3 sovereign rating on review for downgrade
on October 9, 2019.

The review on SeABank is purely driven by sovereign considerations,
and does not reflect any weakening in SeABank's standalone
financial profile.

RATINGS RATIONALE

The B1 rating assigned to the USD notes is in line with SeABank's
B1 long-term foreign currency issuer rating and reflects the
structure of the proposed issuance.

The proposed senior unsecured notes will constitute a direct,
general, unsubordinated, unconditional, and unsecured obligation of
the issuer, and will at all times rank pari passu among themselves
and with all other present and future unsubordinated and unsecured
obligations of the issuer.

The B1 senior unsecured debt rating reflects: (1) SeABank's
Baseline Credit Assessment (BCA) and adjusted BCA of b2; (2)
Moody's Basic Loss Given Failure (LGF) analysis, resulting in a
position in-line with the bank's Adjusted BCA; and (3) Moody's
assumption of a moderate probability of government support for the
notes, resulting in a one notch uplift to the rating from the
bank's preliminary rating assessment of b2.

SeABank's b2 BCA reflects the bank's modest solvency and funding,
and good liquidity. While asset quality is gradually improving, the
bank has an elevated amount of legacy problematic credit exposures.
Capital is modest, despite a recent improvement following a Tier 1
capital injection. Profitability is also improving from a low
level, and will likely continue to improve on the back of higher
interest and non-interest income, and lower credit provisions.

WHAT COULD CHANGE THE RATING UP

There is limited upward pressure on SeABank's senior unsecured debt
rating given the review for downgrade. However, Moody's will
confirm the bank's rating with a stable outlook if Vietnam's
sovereign rating is confirmed at Ba3 with a stable outlook.

WHAT COULD CHANGE THE RATING DOWN

A downgrade of Vietnam's sovereign rating will lead to the removal
of government support uplift from SeAbank's BCA, translating into a
lower senior unsecured debt rating for the bank.

The senior unsecured debt rating could also be downgraded if the
bank's core capital weakens significantly, because of much higher
business growth and/or asset impairment. A lower Macro Profile for
Vietnam could also be negative for the rating.

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



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

[*] BOND PRICING: For the Week Oct. 21, 2019 to Oct. 25, 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     0.95
MIDWEST VANADIUM PTY LTD     13.25    02/15/18       USD     0.09
MIDWEST VANADIUM PTY LTD     13.25    02/15/18       USD     0.09


  CHINA
  ----

AKESU XINCHENG ASSET INVE     6.40    04/20/22       CNY    60.00
AKESU XINCHENG ASSET INVE     6.40    04/20/22       CNY    60.06
ALAER NORTHWESTERN INDUST     5.35    09/16/22       CNY    60.00
ALAER NORTHWESTERN INDUST     5.35    09/16/22       CNY    61.21
ALAER XINXIN STATE-OWNED      6.80    06/16/22       CNY    50.60
ALAER XINXIN STATE-OWNED      6.80    06/16/22       CNY    56.87
ANHUI CHIZHOU CITY TIANPI     7.40    10/23/20       CNY    40.18
ANHUI FOREIGN ECONOMIC CO     7.30    07/13/21       CNY    70.01
ANHUI PROVINCE TONGLING I     7.30    05/13/21       CNY    41.15
ANHUI PROVINCE TONGLING I     7.30    05/13/21       CNY    47.18
ANJI COUNTY STATE-OWNED C     8.30    04/24/21       CNY    41.29
ANJI COUNTY STATE-OWNED C     8.30    04/24/21       CNY    44.57
ANKANG DEVELOPMENT & INVE     6.35    03/06/20       CNY    20.19
ANQING URBAN CONSTRUCTION     6.01    04/27/22       CNY    60.00
ANQING URBAN CONSTRUCTION     6.01    04/27/22       CNY    61.87
ANSHUN STATE-RUN ASSETS M     6.98    01/10/20       CNY    20.01
ANSHUN STATE-RUN ASSETS M     6.98    01/10/20       CNY    20.06
BAODING NATIONAL HI-TECH      7.33    12/24/19       CNY    20.06
BAOJI HI-TECH INDUSTRIAL      8.25    04/21/21       CNY    40.00
BAOJI HI-TECH INDUSTRIAL      8.25    04/21/21       CNY    40.97
BAOTOU CITY SCIENCE EDUCA     6.48    03/25/22       CNY    61.54
BAOTOU CITY SCIENCE EDUCA     6.48    03/25/22       CNY    65.50
BAYAN ZHUOER HETAO WATER      8.54    03/31/22       CNY    47.27
BAZHONG STATE-OWNED ASSET     8.50    04/25/21       CNY    41.32
BAZHONG STATE-OWNED ASSET     8.50    04/25/21       CNY    41.65
BEIJING BIOMEDICINE INDUS     6.35    07/23/20       CNY    20.26
BEIJING CAPITAL DEVELOPME     7.19    01/15/21       CNY    40.00
BEIJING CAPITAL DEVELOPME     6.50    02/27/21       CNY    40.83
BEIJING CAPITAL DEVELOPME     7.19    01/15/21       CNY    40.90
BEIJING CAPITAL DEVELOPME     6.50    02/27/21       CNY    41.15
BEIJING CHANGXIN CONSTRUC     6.74    04/22/21       CNY    41.40
BEIJING CHAOYANG STATE-OW     5.25    03/27/20       CNY    20.09
BEIJING CHAOYANG STATE-OW     5.25    03/27/20       CNY    20.43
BEIJING FUTURE SCIENCE PA     4.20    08/13/22       CNY    60.30
BEIJING FUTURE SCIENCE PA     4.20    08/13/22       CNY    61.26
BEIJING GUCAI GROUP CO LT     6.60    09/06/20       CNY    20.51
BEIJING GUCAI GROUP CO LT     6.60    09/06/20       CNY    23.68
BEIJING HAIDIAN STATE-OWN     5.50    08/07/20       CNY    20.24
BEIJING HAIDIAN STATE-OWN     5.50    08/07/20       CNY    22.10
BEIJING JINGMEI GROUP CO      6.14    09/09/20       CNY    20.27
BEIJING JINGMEI GROUP CO      6.14    09/09/20       CNY    20.57
BEIJING JINLIYUAN STATE-O     7.00    10/28/20       CNY    40.57
BEIJING SHIJINGSHAN STATE     6.08    08/18/21       CNY    41.01
BEIJING SHIJINGSHAN STATE     6.08    08/18/21       CNY    43.87
BEIJING XINCHENG INFRASTR     7.50    04/21/21       CNY    41.30
BEIJING XINCHENG INFRASTR     7.50    04/21/21       CNY    41.41
BEIJING XINGZHAN INVESTME     6.66    04/24/21       CNY    41.20
BEIJING XINGZHAN INVESTME     6.66    04/24/21       CNY    41.33
BENGHU HI NEW TECH INVEST     8.70    04/17/21       CNY    40.00
BENGHU HI NEW TECH INVEST     8.70    04/17/21       CNY    41.15
BENXI URBAN CONSTRUCTION      6.24    01/22/22       CNY    60.00
BENXI URBAN CONSTRUCTION      6.24    01/22/22       CNY    60.27
BIJIE CONSTRUCTION INVEST     6.50    01/28/22       CNY    61.58
BIJIE CONSTRUCTION INVEST     6.50    01/28/22       CNY    65.65
BIJIE KAIYUAN CONSTRUCTIO     7.78    02/25/21       CNY    40.69
BIJIE KAIYUAN CONSTRUCTIO     7.78    02/25/21       CNY    50.00
BINZHOU HI-TECH DEVELOPME     8.60    01/10/21       CNY    40.79
BINZHOU HI-TECH DEVELOPME     8.60    01/10/21       CNY    43.40
BINZHOU ZHONGHAI VENTURE      6.65    04/13/22       CNY    60.00
BINZHOU ZHONGHAI VENTURE      6.65    04/13/22       CNY    60.66
BORALA MONGOL AUTONOMOUS      7.18    08/09/20       CNY    20.00
BORALA MONGOL AUTONOMOUS      7.18    08/09/20       CNY    20.17
BORALA MONGOL AUTONOMOUS      5.77    08/26/22       CNY    59.15
BORALA MONGOL AUTONOMOUS      5.77    08/26/22       CNY    59.50
C&D REAL ESTATE CORP LTD      6.15    04/03/20       CNY    20.24
CANGZHOU CONSTRUCTION & I     6.72    01/23/20       CNY    20.16
CANGZHOU CONSTRUCTION & I     6.72    01/23/20       CNY    20.30
CEFC SHANGHAI INTERNATION     4.08    09/09/21       CNY    60.00
CEFC SHANGHAI INTERNATION     4.98    12/10/20       CNY    61.29
CHANGCHUN MODERN AGRICULT     7.00    07/25/21       CNY    40.62
CHANGDE ECONOMIC CONSTRUC     7.00    03/24/21       CNY    41.18
CHANGDE ECONOMIC CONSTRUC     7.00    03/24/21       CNY    41.40
CHANGDE URBAN CONSTRUCTIO     6.50    02/25/20       CNY    20.16
CHANGSHA COUNTY TONGTU HI     6.00    06/19/22       CNY    61.67
CHANGSHA COUNTY TONGTU HI     6.00    06/19/22       CNY    68.20
CHANGSHA COUNTY XINGCHENG     7.90    03/25/22       CNY    57.48
CHANGSHA COUNTY XINGCHENG     7.90    03/25/22       CNY    61.00
CHANGSHA ECONOMIC & TECHN     8.45    04/13/22       CNY    46.69
CHANGSHA METRO GROUP CO L     6.20    04/23/23       CNY    62.58
CHANGSHA PILOT INVESTMENT     6.70    12/10/19       CNY    20.09
CHANGSHA TIANXIN CITY CON     3.43    08/08/23       CNY    74.60
CHANGSHA YUHUA URBAN CONS     7.17    04/18/21       CNY    41.22
CHANGSHA YUHUA URBAN CONS     7.17    04/18/21       CNY    44.00
CHANGSHU BINJIANG URBAN C     6.39    09/11/21       CNY    40.00
CHANGSHU BINJIANG URBAN C     6.39    09/11/21       CNY    40.72
CHANGSHU DEVELOPMENT INVE     5.80    04/19/20       CNY    20.13
CHANGSHU DONGNAN ASSET IN     6.53    03/26/22       CNY    62.00
CHANGSHU DONGNAN ASSET IN     6.53    03/26/22       CNY    67.32
CHANGSHU TRANSPORTATION S     7.00    04/29/21       CNY    41.36
CHANGSHU TRANSPORTATION S     7.00    04/29/21       CNY    47.00
CHANGXING COUNTY TRANSPOR     6.75    06/16/21       CNY    40.61
CHANGXING COUNTY TRANSPOR     7.88    04/30/21       CNY    41.32
CHANGXING COUNTY TRANSPOR     7.88    04/30/21       CNY    50.30
CHANGXING URBAN CONSTRUCT     6.80    11/30/19       CNY    20.00
CHANGXING URBAN CONSTRUCT     6.80    11/30/19       CNY    20.03
CHANGXING URBAN CONSTRUCT     6.00    12/03/21       CNY    59.00
CHANGXING URBAN CONSTRUCT     6.00    12/03/21       CNY    60.07
CHANGZHI CITY CONSTRUCTIO     6.46    02/26/20       CNY    20.15
CHANGZHI CITY CONSTRUCTIO     6.46    02/26/20       CNY    20.20
CHANGZHOU BINHU CONSTRUCT     8.04    12/12/20       CNY    40.00
CHANGZHOU BINHU CONSTRUCT     8.04    12/12/20       CNY    41.05
CHANGZHOU HI-TECH GROUP C     6.18    03/21/20       CNY    20.00
CHANGZHOU HI-TECH GROUP C     6.18    03/21/20       CNY    20.26
CHANGZHOU JINTAN DISTRICT     6.38    04/26/20       CNY    20.16
CHANGZHOU PUBLIC HOUSING      6.64    07/02/21       CNY    40.51
CHANGZHOU PUBLIC HOUSING      6.64    07/02/21       CNY    40.70
CHANGZHOU TIANNING CONSTR     6.48    02/12/22       CNY    60.00
CHANGZHOU TIANNING CONSTR     6.48    02/12/22       CNY    60.40
CHAOHU URBAN TOWN CONSTRU     6.50    04/30/22       CNY    62.34
CHAOHU URBAN TOWN CONSTRU     6.50    04/30/22       CNY    62.80
CHENGDU CITY DEVELOPMENT      6.18    01/14/20       CNY    20.10
CHENGDU CITY DEVELOPMENT      6.18    01/14/20       CNY    20.24
CHENGDU ECONOMIC & TECHNO     6.90    05/30/21       CNY    41.05
CHENGDU ECONOMIC & TECHNO     6.90    05/30/21       CNY    46.00
CHENGDU HI-TECH INVESTMEN     6.28    11/20/19       CNY    20.05
CHENGDU HI-TECH INVESTMEN     6.28    11/20/19       CNY    20.35
CHENGDU LONGBO INVESTMENT     8.10    04/24/21       CNY    40.95
CHENGDU PIDU DISTRICT STA     7.25    10/15/20       CNY    38.50
CHENGDU PIDU DISTRICT STA     7.25    10/15/20       CNY    40.43
CHENGDU PIDU DISTRICT STA     6.95    04/01/22       CNY    61.25
CHENGDU PIDU DISTRICT STA     6.95    04/01/22       CNY    68.83
CHENGDU SHUZHOU CITY CONS     6.58    05/26/22       CNY    59.30
CHENGDU SHUZHOU CITY CONS     6.58    05/26/22       CNY    60.33
CHENGDU XINGCHENG INVESTM     6.17    01/28/20       CNY    17.05
CHENGDU XINGCHENG INVESTM     6.17    01/28/20       CNY    20.16
CHENGDU XINGCHENGJIAN IND     6.00    03/20/22       CNY    60.00
CHENGDU XINGCHENGJIAN IND     6.00    03/20/22       CNY    61.60
CHENGDU XINGJIN URBAN CON     7.30    11/27/19       CNY    20.08
CHENGDU XINGJIN URBAN CON     7.30    11/27/19       CNY    25.40
CHENGDU XINKAIYUAN URBAN      7.43    08/12/21       CNY    41.07
CHENGDU XINKAIYUAN URBAN      7.43    08/12/21       CNY    42.30
CHENGFA INVESTMENT GROUP      6.87    04/30/21       CNY    41.34
CHENGFA INVESTMENT GROUP      6.87    04/30/21       CNY    41.37
CHENZHOU BAIFU INVESTMENT     6.54    08/28/21       CNY    40.25
CHENZHOU BAIFU INVESTMENT     6.54    08/28/21       CNY    40.56
CHENZHOU HIGH-TECH KLC HO     6.45    01/23/22       CNY    60.59
CHENZHOU HIGH-TECH KLC HO     6.45    01/23/22       CNY    68.60
CHENZHOU XINTIAN INVESTME     6.30    07/17/20       CNY    19.99
CHENZHOU XINTIAN INVESTME     6.30    07/17/20       CNY    20.00
CHENZHOU XINTIAN INVESTME     6.15    04/24/22       CNY    59.18
CHINA MINSHENG INVESTMENT     7.00    12/26/20       CNY    36.65
CHINA OCEANWIDE HOLDINGS      8.90    12/13/21       CNY    50.01
CHINA SECURITY CO LTD         4.45    11/11/19       CNY    31.00
CHINA YIXING ENVIRONMENT      7.10    10/18/20       CNY    40.00
CHINA YIXING ENVIRONMENT      7.10    10/18/20       CNY    40.49
CHONGQING BANAN ECONOMIC      7.00    08/20/21       CNY    40.81
CHONGQING BANAN ECONOMIC      7.00    08/20/21       CNY    41.00
CHONGQING BANAN ECONOMIC      6.17    03/13/22       CNY    61.10
CHONGQING BANAN ECONOMIC      6.17    03/13/22       CNY    64.00
CHONGQING BEICHENG CONSTR     7.30    10/16/20       CNY    40.62
CHONGQING BEICHENG CONSTR     7.30    10/16/20       CNY    41.00
CHONGQING BEIFEI INDUSTRY     7.13    12/25/19       CNY    20.15
CHONGQING BEIFEI INDUSTRY     7.13    12/25/19       CNY    20.30
CHONGQING CHANGSHOU ECO&T     7.20    07/15/21       CNY    40.00
CHONGQING CHANGSHOU ECO&T     7.20    07/15/21       CNY    40.76
CHONGQING CHANGSHOU ECO-T     7.10    06/19/21       CNY    40.00
CHONGQING CHANGSHOU ECO-T     7.10    06/19/21       CNY    41.35
CHONGQING CITY CONSTRUCTI     5.12    05/21/20       CNY    20.12
CHONGQING CITY CONSTRUCTI     5.12    05/21/20       CNY    20.25
CHONGQING DASUN ASSET DEA     6.98    09/10/20       CNY    20.48
CHONGQING DAZU DISTRICT S     6.75    04/26/20       CNY    20.08
CHONGQING DAZU DISTRICT S     6.75    04/26/20       CNY    20.20
CHONGQING DAZU INDUSTRIAL     6.30    04/28/22       CNY    60.00
CHONGQING DAZU INDUSTRIAL     6.30    04/28/22       CNY    60.29
CHONGQING FULING DISTRICT     7.89    03/20/21       CNY    41.45
CHONGQING FULING DISTRICT     7.89    03/20/21       CNY    47.33
CHONGQING FULING STATE-OW     6.39    01/21/20       CNY    20.18
CHONGQING FULING STATE-OW     6.39    01/21/20       CNY    21.20
CHONGQING FULING TRAFFIC      6.68    02/03/22       CNY    60.00
CHONGQING FULING TRAFFIC      6.68    02/03/22       CNY    60.31
CHONGQING GAOXIN ZONE DEV     7.80    04/25/21       CNY    41.79
CHONGQING GAOXIN ZONE DEV     7.80    04/25/21       CNY    50.80
CHONGQING GARDENING INDUS     8.45    06/03/21       CNY    40.00
CHONGQING GARDENING INDUS     8.45    06/03/21       CNY    40.98
CHONGQING HAOJIANG CONSTR     8.05    03/06/21       CNY    40.00
CHONGQING HAOJIANG CONSTR     7.99    11/22/20       CNY    40.00
CHONGQING HAOJIANG CONSTR     7.99    11/22/20       CNY    40.46
CHONGQING HAOJIANG CONSTR     8.05    03/06/21       CNY    40.79
CHONGQING HECHUAN CITY CO     7.30    07/07/21       CNY    40.94
CHONGQING HECHUAN INDUSTR     6.19    06/17/20       CNY    20.12
CHONGQING HECHUAN INDUSTR     6.19    06/17/20       CNY    20.32
CHONGQING HONGRONG CAPITA     7.20    10/16/19       CNY    20.02
CHONGQING HONGRONG CAPITA     7.20    10/16/19       CNY    20.15
CHONGQING HONGYE INDUSTRI     6.30    06/03/20       CNY    20.07
CHONGQING HONGYE INDUSTRI     6.30    06/03/20       CNY    25.00
CHONGQING INTERNATIONAL L     7.08    10/18/20       CNY    40.63
CHONGQING INTERNATIONAL L     7.08    10/18/20       CNY    40.70
CHONGQING JIANGBEIZUI CEN     6.50    07/21/21       CNY    40.90
CHONGQING JIANGBEIZUI CEN     6.50    07/21/21       CNY    41.01
CHONGQING JIULONG HI-TECH     6.60    08/19/21       CNY    40.56
CHONGQING LAND PROPERTIES     6.30    08/22/20       CNY    20.37
CHONGQING LAND PROPERTIES     6.30    08/22/20       CNY    20.65
CHONGQING LIANGJIANG NEW      5.88    09/16/21       CNY    41.30
CHONGQING LIANGJIANG NEW      6.70    04/25/21       CNY    41.33
CHONGQING LIANGJIANG NEW      6.70    04/25/21       CNY    41.45
CHONGQING LIANGJIANG NEW      5.88    09/16/21       CNY    41.80
CHONGQING LIANGJIANG NEW      3.10    08/05/21       CNY    69.68
CHONGQING LIANGJIANG NEW      3.10    08/05/21       CNY    69.70
CHONGQING LIANGJIANG NEW      3.60    04/19/21       CNY    69.87
CHONGQING LIANGJIANG NEW      3.17    01/13/21       CNY    69.95
CHONGQING LIANGJIANG NEW      3.17    01/13/21       CNY    69.97
CHONGQING LIANGJIANG NEW      3.60    04/19/21       CNY    70.10
CHONGQING NANFA URBAN CON     6.43    04/27/20       CNY    20.27
CHONGQING NANFA URBAN CON     6.43    04/27/20       CNY    20.28
CHONGQING QIANJIANG CITY      8.00    03/21/21       CNY    40.93
CHONGQING QIANJIANG CITY      8.00    03/21/21       CNY    41.70
CHONGQING QIJIANG EAST NE     6.75    01/29/20       CNY    20.00
CHONGQING QIJIANG EAST NE     6.75    01/29/20       CNY    20.09
CHONGQING SHUANGFU CONSTR     7.49    10/23/20       CNY    40.00
CHONGQING SHUANGFU CONSTR     7.49    10/23/20       CNY    40.00
CHONGQING SHUANGQIAO ECON     6.75    04/26/20       CNY    20.20
CHONGQING SHUANGQIAO ECON     5.99    11/19/21       CNY    60.05
CHONGQING SHUANGQIAO ECON     5.99    11/19/21       CNY    66.25
CHONGQING TAX FREE PORT A     7.50    04/24/21       CNY    41.52
CHONGQING TAX FREE PORT A     7.50    04/24/21       CNY    41.70
CHONGQING TEA GARDEN INDU     7.70    05/20/21       CNY    40.75
CHONGQING TONGLIANG JINLO     6.59    04/08/22       CNY    60.00
CHONGQING TONGLIANG JINLO     6.59    04/08/22       CNY    61.82
CHONGQING WANSHENG ECO &      6.39    04/17/20       CNY    20.16
CHONGQING WANSHENG ECO &      6.39    04/17/20       CNY    20.20
CHONGQING WANSHENG ECO &      6.95    08/25/21       CNY    40.63
CHONGQING WANSHENG ECO &      8.19    04/08/21       CNY    40.91
CHONGQING WANSHENG ECO &      8.19    04/08/21       CNY    43.90
CHONGQING WANSHENG ECO &      6.95    08/25/21       CNY    45.00
CHONGQING WANZHOU SANXIA      4.95    08/25/22       CNY    61.66
CHONGQING WANZHOU SANXIA      4.95    08/25/22       CNY    64.21
CHONGQING XIYONG MICRO-EL     6.58    07/25/21       CNY    41.43
CHONGQING XIYONG MICRO-EL     6.58    07/25/21       CNY    42.33
CHONGQING YONGCHUAN HUITO     7.33    10/16/19       CNY    20.01
CHONGQING YONGCHUAN HUITO     7.33    10/16/19       CNY    20.32
CHONGQING YONGCHUAN HUITO     7.28    05/30/21       CNY    40.77
CHONGQING YONGCHUAN HUITO     7.28    05/30/21       CNY    41.60
CHONGQING YUELAI INVESTME     6.09    04/29/22       CNY    60.00
CHONGQING YUELAI INVESTME     6.09    04/29/22       CNY    61.78
CHONGQING YUNAN ASSET MAN     7.05    06/17/21       CNY    40.00
CHONGQING YUNAN ASSET MAN     7.05    06/17/21       CNY    40.63
CHONGQING YUXING CONSTRUC     7.30    12/10/19       CNY    19.52
CHONGQING YUXING CONSTRUC     7.30    12/10/19       CNY    20.08
CHONGQING YUZHONG STATE-O     7.25    02/26/21       CNY    40.91
CHUN'AN XINANJIANG DEVELO     6.10    03/11/22       CNY    61.15
CHUN'AN XINANJIANG DEVELO     6.10    03/11/22       CNY    64.55
CHUXIONG AUTONOMOUS DEVEL     6.60    03/29/20       CNY    19.76
CHUXIONG AUTONOMOUS DEVEL     6.60    03/29/20       CNY    19.80
CHUZHOU CITY CONSTRUCTION     6.81    11/23/19       CNY    20.07
CHUZHOU CITY CONSTRUCTION     6.81    11/23/19       CNY    20.16
CHUZHOU CITY CONSTRUCTION     6.40    08/22/21       CNY    41.00
CHUZHOU CITY CONSTRUCTION     6.40    08/22/21       CNY    41.46
CHUZHOU TONGCHUANG CONSTR     7.05    01/09/20       CNY    20.00
CHUZHOU TONGCHUANG CONSTR     7.05    01/09/20       CNY    20.13
CITIC GUOAN GROUP CORP        4.90    11/06/19       CNY    18.20
CITIC GUOAN GROUP CORP        4.49    03/08/21       CNY    18.25
CITIC GUOAN GROUP CORP        5.80    12/15/19       CNY    18.25
CITIC GUOAN GROUP CORP        4.23    12/15/20       CNY    18.25
CIXI CITY CONSTRUCTION IN     6.18    08/18/21       CNY    41.09
CIXI CITY CONSTRUCTION IN     6.18    08/18/21       CNY    48.80
DALI ECONOMIC DEVELOPMENT     7.90    03/04/21       CNY    40.00
DALI ECONOMIC DEVELOPMENT     8.30    12/11/20       CNY    40.60
DALI ECONOMIC DEVELOPMENT     7.90    03/04/21       CNY    40.70
DALI ECONOMIC DEVELOPMENT     8.30    12/11/20       CNY    40.72
DALIAN DETA HOLDING CO LT     6.50    11/15/19       CNY    20.04
DALIAN PUWAN ENGINEERING      7.09    02/20/21       CNY    39.80
DALIAN PUWAN ENGINEERING      4.50    02/01/23       CNY    74.50
DALIAN PUWAN ENGINEERING      4.50    02/01/23       CNY    74.73
DALIAN RONGDA INVESTMENT      5.69    12/05/21       CNY    60.15
DALIAN RONGDA INVESTMENT      5.69    12/05/21       CNY    60.15
DALIAN RONGQIANG INVESTME     7.92    04/14/21       CNY    40.81
DALIAN RONGQIANG INVESTME     8.60    01/20/21       CNY    40.81
DALIAN RONGQIANG INVESTME     7.92    04/14/21       CNY    40.82
DALIAN RONGQIANG INVESTME     8.60    01/20/21       CNY    40.82
DANDONG PORT GROUP CO LTD     5.50    01/27/21       CNY    59.00
DANGTU COUNTY CONSTRUCTIO     5.38    08/10/22       CNY    61.35
DANGTU COUNTY CONSTRUCTIO     5.38    08/10/22       CNY    63.00
DANGYANG XINYUAN INVESTME     7.99    05/23/21       CNY    40.00
DANGYANG XINYUAN INVESTME     7.99    05/23/21       CNY    41.12
DANYANG HI-TECH INDUSTRY      6.40    04/24/22       CNY    59.64
DANYANG HI-TECH INDUSTRY      6.40    04/24/22       CNY    60.00
DANYANG INVESTMENT GROUP      6.81    10/23/19       CNY    25.02
DANYANG INVESTMENT GROUP      6.81    10/23/19       CNY    25.11
DANYANG INVESTMENT GROUP      6.90    10/23/20       CNY    40.45
DANYANG INVESTMENT GROUP      6.90    10/23/20       CNY    40.58
DAQING GAOXIN STATE-OWNED     6.88    12/05/19       CNY    20.03
DAQING GAOXIN STATE-OWNED     6.88    12/05/19       CNY    20.03
DAWA COUNTY CITY CONSTRUC     6.29    06/12/22       CNY    58.36
DAWA COUNTY CITY CONSTRUC     6.29    06/12/22       CNY    62.50
DAYE ZHENHENG CITY DEVELO     7.95    11/27/20       CNY    40.62
DAYE ZHENHENG CITY DEVELO     7.95    11/27/20       CNY    40.83
DAYE ZHENHENG CITY DEVELO     7.30    03/03/21       CNY    40.84
DAYE ZHENHENG CITY DEVELO     7.30    03/03/21       CNY    43.53
DAZHOU DEVELOPMENT HOLDIN     6.55    01/14/22       CNY    60.00
DAZHOU DEVELOPMENT HOLDIN     6.55    01/14/22       CNY    61.53
DAZHOU INVESTMENT CO LTD      6.99    12/25/19       CNY    20.11
DAZHOU INVESTMENT CO LTD      6.99    12/25/19       CNY    20.34
DEHONGZHOU HONGKANG INVES     6.68    01/23/22       CNY    60.23
DEHONGZHOU HONGKANG INVES     6.68    01/23/22       CNY    60.93
DEYANG ECONOMIC DEVELOPME     7.90    04/28/21       CNY    40.53
DEYANG ECONOMIC DEVELOPME     7.90    04/28/21       CNY    48.26
DONGLING GROUP INC CO         8.00    07/14/22       CNY    60.00
DONGLING GROUP INC CO         8.00    07/14/22       CNY    61.72
DONGTAI UBAN CONSTRUCTION     7.10    12/26/19       CNY    20.08
DONGTAI UBAN CONSTRUCTION     7.10    12/26/19       CNY    20.15
DONGTAI UBAN CONSTRUCTION     7.58    04/23/21       CNY    41.16
DONGTAI UBAN CONSTRUCTION     8.65    01/13/21       CNY    41.17
DONGTAI UBAN CONSTRUCTION     7.58    04/23/21       CNY    48.48
DONGYING CITY URBAN ASSET     5.57    03/31/22       CNY    60.98
DONGYING CITY URBAN ASSET     5.57    03/31/22       CNY    61.76
DR PENG TELECOM & MEDIA G     6.00    06/16/22       CNY    65.01
DR PENG TELECOM & MEDIA G     7.00    04/25/23       CNY    75.00
DUJIANGYAN XINGYAN INVEST     6.10    03/12/22       CNY    60.00
DUJIANGYAN XINGYAN INVEST     6.10    03/12/22       CNY    60.29
EASTAR HOLDINGS GROUP CO      7.30    10/31/20       CNY    63.00
ENSHI URBAN CONSTRUCTION      7.55    10/22/19       CNY    20.02
ENSHI URBAN CONSTRUCTION      7.50    06/03/21       CNY    41.24
ENSHI URBAN CONSTRUCTION      7.50    06/03/21       CNY    47.54
EZHOU CITY CONSTRUCTION I     6.68    09/19/21       CNY    41.00
EZHOU CITY CONSTRUCTION I     6.68    09/19/21       CNY    41.44
EZHOU CITY CONSTRUCTION I     7.76    05/15/21       CNY    41.54
EZHOU CITY CONSTRUCTION I     7.76    05/15/21       CNY    46.50
FANGCHENGGANG CITY GANGGO     8.09    04/16/21       CNY    41.16
FANGCHENGGANG CITY GANGGO     8.09    04/16/21       CNY    42.00
FENGCHENG CITY CONSTRUCTI     6.49    02/10/22       CNY    61.46
FENGCHENG CITY CONSTRUCTI     6.49    02/10/22       CNY    64.49
FENGXIAN URBAN INVESTMENT     4.23    07/13/21       CNY    54.32
FENGXIAN URBAN INVESTMENT     4.23    07/13/21       CNY    55.04
FENGXIAN URBAN INVESTMENT     6.48    03/20/22       CNY    60.00
FENGXIAN URBAN INVESTMENT     6.48    03/20/22       CNY    61.82
FUGU COUNTY STATE-OWNED A     8.69    12/16/20       CNY    40.90
FUGU COUNTY STATE-OWNED A     8.69    12/16/20       CNY    43.00
FUGUINIAO CO LTD              6.30    04/22/20       CNY    13.00
FUJIAN JINJIANG INDUSTRIA     7.08    06/27/21       CNY    40.80
FUJIAN JINJIANG INDUSTRIA     7.08    06/27/21       CNY    41.52
FUJIAN JINJIANG URBAN CON     6.35    04/26/20       CNY    20.20
FUJIAN JINJIANG URBAN CON     6.35    04/26/20       CNY    20.32
FUJIAN NANPING HIGHWAY CO     6.69    01/28/20       CNY    20.12
FUJIAN NANPING HIGHWAY CO     6.69    01/28/20       CNY    20.21
FUJIAN PROVINCE LIANJIANG     6.29    04/30/22       CNY    60.00
FUJIAN PROVINCE LIANJIANG     6.29    04/30/22       CNY    61.20
FUJIAN ZHANGLONG GROUP CO     4.99    08/07/22       CNY    60.00
FUJIAN ZHANGLONG GROUP CO     4.99    08/07/22       CNY    61.36
FUNING URBAN INVESTMENT D     7.19    08/15/21       CNY    40.81
FUNING URBAN INVESTMENT D     7.19    08/15/21       CNY    41.15
FUQING CITY STATE-OWNED A     6.66    03/01/21       CNY    40.33
FUQING CITY STATE-OWNED A     5.94    11/26/22       CNY    70.73
FUXIN INFRASTRUCTURE CONS     6.18    03/18/22       CNY    59.98
FUXIN INFRASTRUCTURE CONS     6.18    03/18/22       CNY    62.80
FUZHOU INVESTMENT DEVELOP     6.78    01/16/20       CNY    20.15
FUZHOU JIANGONG GROUP CO      6.80    12/10/19       CNY    40.14
FUZHOU URBAN AND RURAL CO     4.89    07/08/22       CNY    60.00
FUZHOU URBAN AND RURAL CO     5.48    01/26/22       CNY    60.00
FUZHOU URBAN AND RURAL CO     4.89    07/08/22       CNY    61.11
FUZHOU URBAN AND RURAL CO     5.48    01/26/22       CNY    61.36
GANSU PROVINCIAL STATE-OW     5.40    03/06/20       CNY    40.20
GANSU PROVINCIAL STATE-OW     5.40    03/06/20       CNY    40.28
GANZHOU CITY DEVELOPMENT      5.50    06/16/22       CNY    60.00
GANZHOU CITY DEVELOPMENT      5.50    06/16/22       CNY    61.80
GANZHOU DEVELOPMENT ZONE      8.15    12/31/19       CNY    25.19
GANZHOU DEVELOPMENT ZONE      7.40    02/19/20       CNY    25.24
GANZHOU DEVELOPMENT ZONE      7.40    02/19/20       CNY    32.60
GANZHOU DEVELOPMENT ZONE      8.15    12/31/19       CNY    33.50
GANZHOU DEVELOPMENT ZONE      7.43    02/19/21       CNY    39.00
GANZHOU DEVELOPMENT ZONE      7.43    02/19/21       CNY    41.03
GAOMI STATE-OWNED ASSETS      6.70    11/15/19       CNY    20.06
GAOMI STATE-OWNED ASSETS      6.70    11/15/19       CNY    25.00
GAOYOU CITY CONSTRUCTION      5.48    09/15/22       CNY    60.00
GAOYOU CITY CONSTRUCTION      5.48    09/15/22       CNY    61.33
GOLMUD INVESTMENT HOLDING     8.70    12/30/20       CNY    40.30
GOLMUD INVESTMENT HOLDING     8.70    12/30/20       CNY    40.68
GOOCOO INVESTMENT CO LTD      7.20    02/01/21       CNY    50.00
GREENLAND HOLDING GROUP C     6.24    05/23/20       CNY    25.06
GUANGAN DEVELOPMENT AND C     6.39    03/24/22       CNY    61.73
GUANGAN DEVELOPMENT AND C     6.39    03/24/22       CNY    64.00
GUANGAN ECONOMIC & TECHNO     7.10    09/22/21       CNY    40.73
GUANGAN ECONOMIC & TECHNO     7.10    09/22/21       CNY    40.76
GUANGDONG TAIANTANG PHARM     4.98    02/02/21       CNY    65.00
GUANGXI BAISE DEVELOPMENT     7.27    06/20/21       CNY    40.86
GUANGXI LAIBIN INDUSTRIAL     5.97    11/26/21       CNY    60.00
GUANGXI LAIBIN INDUSTRIAL     5.97    11/26/21       CNY    61.00
GUANGXI LIUZHOU DONGCHENG     7.40    10/29/20       CNY    40.54
GUANGXI LIUZHOU DONGCHENG     7.40    10/29/20       CNY    41.00
GUANGXI QINZHOU LINHAI IN     7.68    02/20/21       CNY    40.74
GUANGXI QINZHOU LINHAI IN     7.68    02/20/21       CNY    44.77
GUANGXI URBAN CONSTRUCTIO     7.59    04/14/21       CNY    41.27
GUANGYUAN INVESTMENT HOLD     7.30    04/22/21       CNY    40.98
GUANGYUAN INVESTMENT HOLD     7.30    04/22/21       CNY    41.15
GUANGYUAN YUANQU CONSTRUC     8.35    08/26/21       CNY    42.07
GUANGYUAN YUANQU CONSTRUC     8.35    08/26/21       CNY    47.00
GUANGZHOU METRO GROUP CO      6.45    04/02/24       CNY    70.00
GUANGZHOU METRO GROUP CO      6.05    06/03/24       CNY    73.97
GUANGZHOU METRO GROUP CO      6.45    04/02/24       CNY    74.29
GUILIN CITY INVESTMENT AN     6.90    06/13/21       CNY    40.00
GUILIN CITY INVESTMENT AN     6.90    06/13/21       CNY    40.52
GUILIN ECONOMIC CONSTRUCT     5.60    04/22/22       CNY    60.00
GUILIN ECONOMIC CONSTRUCT     5.60    04/22/22       CNY    61.49
GUIRENNIAO CO LTD             7.00    12/03/19       CNY    49.50
GUIYANG BAIYUN INDUSTRY D     7.30    03/27/22       CNY    60.63
GUIYANG BAIYUN INDUSTRY D     7.30    03/27/22       CNY    65.00
GUIYANG HI-TECH HOLDING C     6.01    12/01/19       CNY    25.01
GUIYANG URBAN CONSTRUCTIO     5.23    12/02/22       CNY    74.00
GUIYANG URBAN DEVELOPMENT     6.20    02/28/20       CNY    20.03
GUIZHOU FANJINGSHAN INVES     6.95    01/28/22       CNY    60.00
GUIZHOU FANJINGSHAN INVES     6.95    01/28/22       CNY    61.05
GUIZHOU GUILONG INDUSTRIA     7.80    04/28/22       CNY    74.23
GUIZHOU HONGCAI INVESTMEN     6.00    06/07/23       CNY    72.40
GUIZHOU HONGCAI INVESTMEN     6.00    06/07/23       CNY    74.07
GUIZHOU RAILWAY INVESTMEN     7.20    03/27/22       CNY    62.90
GUIZHOU RAILWAY INVESTMEN     7.20    03/27/22       CNY    63.01
HAICHENG URBAN JINCAI LAN     8.17    04/16/21       CNY    39.90
HAICHENG URBAN JINCAI LAN     8.56    12/19/20       CNY    40.68
HAICHENG URBAN JINCAI LAN     8.17    04/16/21       CNY    40.92
HAICHENG URBAN JINCAI LAN     8.56    12/19/20       CNY    49.00
HAIFENG MARINE INFRASTRUC     6.84    04/29/22       CNY    60.00
HAIFENG MARINE INFRASTRUC     6.84    04/29/22       CNY    61.33
HAIMEN CITY DEVELOPMENT G     6.22    04/03/22       CNY    62.15
HAIMEN CITY DEVELOPMENT G     6.22    04/03/22       CNY    62.20
HAINAN HARBOR & SHIPPING      6.80    10/18/19       CNY    40.06
HAINAN HARBOR & SHIPPING      6.80    10/18/19       CNY    40.55
HAINAN JINHAI PULP & PAPE     6.10    04/15/20       CNY    37.50
HAINAN JINHAI PULP & PAPE     6.10    04/15/20       CNY    40.31
HAINING ASSET MANAGEMENT      6.08    03/06/20       CNY    20.13
HAINING ASSET MANAGEMENT      6.08    03/06/20       CNY    20.35
HAINING CITY DEVELOPMENT      5.58    10/22/21       CNY    61.06
HAINING CITY DEVELOPMENT      5.58    10/22/21       CNY    65.20
HAINING CITY JIANSHAN DIS     6.90    11/04/20       CNY    40.60
HAINING CITY JIANSHAN DIS     6.90    11/04/20       CNY    41.42
HAIXI STATE DEVELOPMENT I     8.60    01/02/21       CNY    40.90
HAIYAN COUNTY STATE-OWNED     7.00    09/04/20       CNY    20.51
HANDAN CONSTRUCTION & INV     5.48    05/27/22       CNY    61.34
HANDAN CONSTRUCTION & INV     5.48    05/27/22       CNY    67.20
HANGZHOU CANAL COMPREHENS     6.00    04/02/20       CNY    20.14
HANGZHOU CANAL COMPREHENS     6.00    04/02/20       CNY    20.20
HANGZHOU FUYANG CITY CONS     7.20    03/19/21       CNY    41.11
HANGZHOU FUYANG CITY CONS     7.20    03/19/21       CNY    41.12
HANGZHOU GONGSHU DISTRICT     6.90    07/21/21       CNY    40.40
HANGZHOU GONGSHU DISTRICT     6.90    07/21/21       CNY    41.50
HANGZHOU HIGH-TECH INDUST     6.45    01/28/20       CNY    20.17
HANGZHOU HIGH-TECH INDUST     6.45    01/28/20       CNY    20.25
HANGZHOU METRO GROUP CO L     5.97    09/17/24       CNY    73.50
HANGZHOU XIAOSHAN ECO&TEC     6.90    05/13/21       CNY    41.47
HANGZHOU YUHANG CITY CONS     7.00    03/03/21       CNY    41.21
HANGZHOU YUHANG ECONOMIC      7.45    03/03/21       CNY    41.12
HANGZHOU YUHANG ECONOMIC      7.45    03/03/21       CNY    41.30
HANGZHOU YUHANG INNOVATIO     6.50    03/18/20       CNY    20.26
HANGZHOU YUHANG INNOVATIO     6.50    03/18/20       CNY    20.32
HANGZHOU YUHANG TRANSPORT     7.19    04/18/21       CNY    41.35
HANGZHOU YUHANG TRANSPORT     7.19    04/18/21       CNY    41.85
HANJIANG STATE-OWNED-ASSE     7.30    11/11/20       CNY    40.83
HANJIANG STATE-OWNED-ASSE     7.30    11/11/20       CNY    46.60
HAWTAI MOTOR GROUP LTD        7.20    04/14/21       CNY    60.00
HAWTAI MOTOR GROUP LTD        6.10    10/26/21       CNY    74.00
HEBI ECONOMIC CONSTRUCTIO     7.88    08/01/21       CNY    41.34
HEBI ECONOMIC CONSTRUCTIO     7.88    08/01/21       CNY    43.26
HEFEI GAOXIN DEVELOPMENT      6.90    03/12/20       CNY    40.38
HEFEI INDUSTRIAL INVESTME     6.30    03/20/20       CNY    20.14
HEFEI INDUSTRIAL INVESTME     6.30    03/20/20       CNY    21.12
HEILONGJIANG HECHENG CONS     7.05    06/21/22       CNY    43.35
HEILONGJIANG HECHENG CONS     7.05    06/21/22       CNY    45.22
HEILONGJIANG HECHENG CONS     5.60    11/11/21       CNY    59.74
HEILONGJIANG HECHENG CONS     5.60    11/11/21       CNY    60.00
HEILONGJIANG POST-DISASTE     7.06    11/20/20       CNY    13.17
HEILONGJIANG POST-DISASTE     7.10    11/19/20       CNY    35.49
HEILONGJIANG POST-DISASTE     7.06    11/20/20       CNY    50.43
HEILONGJIANG POST-DISASTE     7.10    11/19/20       CNY    50.72
HEISHAN TONGHE ASSET MANA     6.79    09/18/22       CNY    59.28
HEISHAN TONGHE ASSET MANA     6.79    09/18/22       CNY    60.06
HENGYANG BAISHAZHOU DEVEL     6.87    08/22/21       CNY    40.36
HENGYANG BAISHAZHOU DEVEL     6.87    08/22/21       CNY    44.50
HENGYANG HONGXIANG STATE-     6.20    06/19/20       CNY    20.00
HENGYANG HONGXIANG STATE-     6.20    06/19/20       CNY    20.10
HENGYANG XIANGJIANG WATER     7.40    04/23/21       CNY    41.10
HENGYANG XIANGJIANG WATER     7.40    04/23/21       CNY    41.16
HEYUAN CITY RUNYE INVESTM     6.20    12/03/21       CNY    61.01
HEYUAN CITY RUNYE INVESTM     6.20    12/03/21       CNY    65.88
HEZE INVESTMENT DEVELOPME     7.14    03/24/21       CNY    41.46
HEZE INVESTMENT DEVELOPME     7.14    03/24/21       CNY    41.52
HEZHOU URBAN CONSTRUCTION     8.16    05/16/21       CNY    41.24
HEZHOU URBAN CONSTRUCTION     8.16    05/16/21       CNY    41.38
HONGHEZHOU ROAD DEVELOPME     6.27    05/06/20       CNY    20.15
HONGHEZHOU ROAD DEVELOPME     6.27    05/06/20       CNY    20.32
HUACHEN ENERGY CO LTD         6.63    05/18/20       USD    58.41
HUAIAN CITY URBAN ASSET O     6.87    12/26/19       CNY    20.16
HUAIAN CITY URBAN ASSET O     5.70    04/23/22       CNY    61.45
HUAIAN CITY URBAN ASSET O     5.70    04/23/22       CNY    61.85
HUAI'AN DEVELOPMENT HOLDI     7.30    03/10/21       CNY    41.05
HUAI'AN DEVELOPMENT HOLDI     7.30    03/10/21       CNY    47.84
HUAIAN HONGRI TRANSPORTAT     5.09    04/20/23       CNY    67.89
HUAI'AN NEW CITY INVESTME     7.45    03/04/21       CNY    40.00
HUAI'AN NEW CITY INVESTME     7.45    03/04/21       CNY    40.92
HUAI'AN NEW CITY INVESTME     6.95    07/28/21       CNY    41.28
HUAI'AN NEW CITY INVESTME     6.95    07/28/21       CNY    47.50
HUAIAN QINGHE NEW AREA IN     6.68    01/24/20       CNY    20.09
HUAIAN QINGHE NEW AREA IN     6.68    01/24/20       CNY    24.14
HUAIHUA CITY INDUSTRIAL P     7.70    10/29/20       CNY    40.20
HUAIHUA CITY INDUSTRIAL P     7.70    10/29/20       CNY    40.43
HUAIHUA ECONOMIC DEVELOPM     6.80    03/26/22       CNY    60.00
HUAIHUA ECONOMIC DEVELOPM     6.80    03/26/22       CNY    60.32
HUAINAN URBAN CONSTRUCTIO     6.79    07/09/21       CNY    41.09
HUAINAN URBAN CONSTRUCTIO     6.79    07/09/21       CNY    41.65
HUANGGANG CITY CONSTRUCTI     7.45    03/04/21       CNY    41.25
HUANGGANG CITY CONSTRUCTI     8.60    12/25/20       CNY    41.38
HUANGSHAN CHENGTOU GROUP      5.95    05/06/22       CNY    60.65
HUANGSHAN CHENGTOU GROUP      5.95    05/06/22       CNY    60.94
HUANGSHI CIHU HIGH-TECH D     8.70    12/05/20       CNY    40.71
HUANGSHI CIHU HIGH-TECH D     9.30    01/21/21       CNY    41.12
HUANGSHI URBAN CONSTRUCTI     6.96    10/25/19       CNY    20.02
HUANGSHI URBAN CONSTRUCTI     5.99    04/29/22       CNY    60.00
HUANGSHI URBAN CONSTRUCTI     5.99    04/29/22       CNY    61.47
HUBEI PROVINCE CHANGJIANG     6.15    04/03/22       CNY    61.96
HUBEI PROVINCE CHANGJIANG     6.15    04/03/22       CNY    62.40
HUBEI QUANZHOU YANGTZE CO     6.50    04/02/20       CNY    40.20
HUBEI QUANZHOU YANGTZE CO     6.50    04/02/20       CNY    40.21
HUIAN STATE ASSETS INVEST     7.50    10/15/19       CNY    20.01
HUIAN STATE ASSETS INVEST     7.50    10/15/19       CNY    20.01
HULUDAO INVESTMENT GROUP      7.05    10/18/20       CNY    40.33
HULUDAO INVESTMENT GROUP      7.05    10/18/20       CNY    40.52
HULUDAO INVESTMENT GROUP      7.50    10/18/23       CNY    72.86
HULUNBEIER INVESTMENT CO      6.31    04/30/22       CNY    60.00
HULUNBEIER INVESTMENT CO      6.31    04/30/22       CNY    60.79
HUNAN CHANGDE DEYUAN INVE     6.50    06/16/21       CNY    41.20
HUNAN CHANGDE DEYUAN INVE     6.50    06/16/21       CNY    42.25
HUNAN LOUDI ECONOMIC & TE     6.36    03/13/22       CNY    57.25
HUNAN LOUDI ECONOMIC & TE     6.36    03/13/22       CNY    67.00
HUNAN LOUDI ECONOMIC & TE     4.89    03/30/23       CNY    74.46
HUNAN LOUDI ECONOMIC & TE     4.89    03/30/23       CNY    74.72
HUNAN TIER GROUP CO LTD       7.10    03/03/21       CNY    40.94
HUNAN TIER GROUP CO LTD       8.00    12/23/20       CNY    40.98
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 XIANGJIANG NEW AREA     7.36    03/17/21       CNY    40.00
HUNAN XIANGJIANG NEW AREA     7.36    03/17/21       CNY    41.31
HUNNAN JINYANG INVESTMENT     5.70    11/27/21       CNY    58.60
HUNNAN JINYANG INVESTMENT     5.70    11/27/21       CNY    60.64
HUZHOU CITY INVESTMENT DE     6.70    12/14/19       CNY    20.09
HUZHOU URBAN CONSTRUCTION     6.48    08/28/21       CNY    41.42
HUZHOU URBAN CONSTRUCTION     6.48    08/28/21       CNY    42.38
HUZHOU WUXING NANTAIHU CO     8.79    01/16/21       CNY    41.01
HUZHOU XISAISHAN DEVELOPM     7.80    04/29/21       CNY    40.00
HUZHOU XISAISHAN DEVELOPM     7.80    04/29/21       CNY    41.32
INNER MONGOLIA KE'ERQIN U     6.45    04/30/22       CNY    58.76
INNER MONGOLIA KE'ERQIN U     6.50    03/11/22       CNY    59.90
INNER MONGOLIA KE'ERQIN U     6.50    03/11/22       CNY    60.00
INNER MONGOLIA KE'ERQIN U     6.45    04/30/22       CNY    60.00
INNER MONGOLIA SHENGXIANG     8.18    08/21/21       CNY    40.56
INNER MONGOLIA SHENGXIANG     8.18    08/21/21       CNY    44.00
INNER MONGOLIA ZHUNGEER S     6.54    12/31/21       CNY    61.77
INNER MONGOLIA ZHUNGEER S     6.54    12/31/21       CNY    62.10
JIAN CITY JINGANGSHAN DEV     7.99    06/03/21       CNY    40.84
JIAN CITY JINGANGSHAN DEV     7.99    06/03/21       CNY    40.97
JIANAN INVESTMENT HOLDING     6.85    05/23/21       CNY    41.18
JIANAN INVESTMENT HOLDING     6.85    05/23/21       CNY    46.50
JIANGDONG HOLDING GROUP C     7.14    04/24/21       CNY    41.25
JIANGDONG HOLDING GROUP C     7.14    04/24/21       CNY    41.50
JIANGMEN BINJIANG CONSTRU     6.60    02/28/20       CNY    20.19
JIANGMEN BINJIANG CONSTRU     6.60    02/28/20       CNY    20.25
JIANGMEN NEW HI-TECH INDU     7.39    11/04/20       CNY    40.59
JIANGMEN NEW HI-TECH INDU     7.39    11/04/20       CNY    40.89
JIANGMEN NEW HI-TECH INDU     6.03    04/22/22       CNY    61.77
JIANGMEN NEW HI-TECH INDU     6.03    04/22/22       CNY    61.85
JIANGSU HANRUI INVESTMENT     5.00    08/31/23       CNY    74.63
JIANGSU HENGYUAN INVESTME     8.60    01/09/21       CNY    41.16
JIANGSU HENGYUAN INVESTME     8.60    01/09/21       CNY    49.30
JIANGSU HUAJING ASSETS MA     6.00    05/16/20       CNY    20.17
JIANGSU HUAJING ASSETS MA     6.00    05/16/20       CNY    20.19
JIANGSU JINGUAN INVESTMEN     7.90    04/08/21       CNY    40.00
JIANGSU JINGUAN INVESTMEN     7.90    04/08/21       CNY    40.87
JIANGSU JINTAN GUOFA INTE     6.85    05/30/21       CNY    40.00
JIANGSU JINTAN GUOFA INTE     6.85    05/30/21       CNY    40.61
JIANGSU JURONG FUDI BIO-T     7.70    03/21/21       CNY    71.00
JIANGSU JURONG FUDI BIO-T     7.70    03/21/21       CNY    71.99
JIANGSU NANTONG NO2 CONST     8.10    07/10/21       CNY    40.54
JIANGSU NEWHEADLINE DEVEL     7.00    08/27/20       CNY    25.36
JIANGSU NEWHEADLINE DEVEL     7.00    08/27/20       CNY    29.90
JIANGSU SUHAI INVESTMENT      7.20    11/07/19       CNY    20.01
JIANGSU SUHAI INVESTMENT      7.20    11/07/19       CNY    20.25
JIANGSU SUHAI INVESTMENT      7.28    05/29/21       CNY    40.71
JIANGSU SUHAI INVESTMENT      7.28    05/29/21       CNY    45.00
JIANGSU TAICANG PORT DEVE     7.40    04/28/21       CNY    40.00
JIANGSU TAICANG PORT DEVE     7.40    04/28/21       CNY    41.29
JIANGSU WANGTAO INVESTMEN     6.82    09/15/20       CNY    25.48
JIANGSU WANGTAO INVESTMEN     6.82    09/15/20       CNY    26.10
JIANGSU WUZHONG ECONOMIC      5.49    11/19/21       CNY    60.32
JIANGSU WUZHONG ECONOMIC      5.49    11/19/21       CNY    61.06
JIANGSU XISHAN ECONOMIC D     6.99    11/01/19       CNY    20.04
JIANGSU XISHAN ECONOMIC D     6.99    11/01/19       CNY    31.00
JIANGSU XISHAN ECONOMIC D     5.78    07/20/22       CNY    60.50
JIANGSU XISHAN ECONOMIC D     5.78    07/20/22       CNY    61.61
JIANGSU YANGKOU PORT CONS     6.23    04/10/22       CNY    60.39
JIANGSU YANGKOU PORT CONS     6.23    04/10/22       CNY    67.50
JIANGSU YIXING ECONOMIC D     7.69    04/18/21       CNY    40.96
JIANGSU YIXING ECONOMIC D     7.69    04/18/21       CNY    50.19
JIANGSU ZHANGJIAGANG ECON     6.98    11/16/19       CNY    20.07
JIANGSU ZHUFU INDUSTRIAL      4.93    12/29/20       CNY    70.06
JIANGXI HUIHENG PROPERTY      4.43    08/30/21       CNY    58.90
JIANGXI HUIHENG PROPERTY      4.43    08/30/21       CNY    68.51
JIANGXI PINGXIANG CHANGSH     8.18    05/22/21       CNY    40.97
JIANGXI PINGXIANG CHANGSH     8.18    05/22/21       CNY    49.34
JIANGXI PROVINCE SITONG R     8.20    04/18/21       CNY    40.98
JIANGXI PROVINCE SITONG R     8.20    04/18/21       CNY    41.10
JIANGYIN GAOXIN DISTRICT      6.60    02/27/20       CNY    20.15
JIANGYIN LINGANG NEW CITY     7.10    11/07/20       CNY    40.30
JIANGYIN LINGANG NEW CITY     7.10    11/07/20       CNY    41.00
JIANGYOU HONGFEI INVESTME     6.55    09/02/22       CNY    59.46
JIANGYOU HONGFEI INVESTME     6.55    09/02/22       CNY    60.03
JIANHU COUNTY DEVELOPMENT     7.29    09/25/21       CNY    40.77
JIANHU COUNTY DEVELOPMENT     7.29    09/25/21       CNY    42.75
JIANHU URBAN CONSTRUCTION     6.50    02/22/20       CNY    20.02
JIANHU URBAN CONSTRUCTION     6.50    02/22/20       CNY    21.50
JIANHU URBAN CONSTRUCTION     6.30    06/01/22       CNY    59.30
JIANHU URBAN CONSTRUCTION     6.30    06/01/22       CNY    62.86
JIASHAN ECONOMIC DEVELOPM     7.05    12/03/19       CNY    20.07
JIASHAN ECONOMIC DEVELOPM     7.05    12/03/19       CNY    24.43
JIAXING ECONOMIC&TECHNOLO     7.89    03/05/21       CNY    41.28
JIAXING ECONOMIC&TECHNOLO     7.89    03/05/21       CNY    45.17
JIAXING NANHU INVESTMENT      7.45    02/26/21       CNY    41.37
JIAXING NANHU INVESTMENT      7.45    02/26/21       CNY    41.80
JIAYUGUAN CITY INFRASTRUC     7.83    09/23/21       CNY    40.00
JIAYUGUAN CITY INFRASTRUC     7.83    09/23/21       CNY    40.46
JIEYANGSHI CHENGSHI TOUZI     6.55    08/27/21       CNY    40.70
JIEYANGSHI CHENGSHI TOUZI     6.55    08/27/21       CNY    41.22
JILIN CITY CONSTRUCTION H     6.34    02/26/20       CNY    20.00
JILIN CITY CONSTRUCTION H     6.34    02/26/20       CNY    20.07
JILIN RAILWAY INVESTMENT      7.18    03/04/21       CNY    40.42
JINAN CITY CONSTRUCTION I     6.80    03/20/21       CNY    41.11
JINAN CITY CONSTRUCTION I     6.80    03/20/21       CNY    41.35
JINAN CITY LICHENG DISTRI     5.00    06/23/22       CNY    59.30
JINAN CITY LICHENG DISTRI     5.00    06/23/22       CNY    60.25
JINAN HI-TECH HOLDING GRO     6.38    06/19/21       CNY    41.14
JINCHENG STATE-OWNED CAPI     4.99    11/11/21       CNY    60.30
JINCHENG STATE-OWNED CAPI     4.99    11/11/21       CNY    60.74
JINGDEZHEN STATE-OWNED AS     6.59    06/25/20       CNY    20.25
JINGDEZHEN STATE-OWNED AS     6.59    06/25/20       CNY    20.40
JINGHONG STATE-OWNED ASSE     8.08    05/23/21       CNY    39.00
JINGHONG STATE-OWNED ASSE     8.08    05/23/21       CNY    39.83
JINGJIANG HARBOUR GROUP C     7.30    08/05/21       CNY    40.23
JINGJIANG HARBOUR GROUP C     7.30    08/05/21       CNY    48.68
JINGMEN CITY CONSTRUCTION     7.00    10/17/20       CNY    38.57
JINGMEN CITY CONSTRUCTION     7.00    10/17/20       CNY    40.58
JINGMEN CITY CONSTRUCTION     6.85    07/09/22       CNY    46.89
JINGMEN CITY CONSTRUCTION     6.85    07/09/22       CNY    47.00
JINGMEN HIGH-TECH DEVELOP     5.48    08/11/22       CNY    59.80
JINGMEN HIGH-TECH DEVELOP     5.48    08/11/22       CNY    61.27
JINGZHOU DEVELOPMENT ZONE     8.20    12/09/20       CNY    40.75
JINGZHOU DEVELOPMENT ZONE     8.20    12/09/20       CNY    41.80
JINHU COUNTY STATE-OWNED      7.75    08/25/21       CNY    41.47
JINHU COUNTY STATE-OWNED      7.75    08/25/21       CNY    46.95
JINHU COUNTY STATE-OWNED      4.00    07/26/22       CNY    74.39
JINING CITY SHIZHONG DIST     6.39    01/29/22       CNY    61.49
JINING CITY SHIZHONG DIST     6.39    01/29/22       CNY    64.44
JINING HI-TECH TOWN CONST     6.09    04/30/22       CNY    61.50
JINING HI-TECH TOWN CONST     6.09    04/30/22       CNY    61.84
JINSHAN STATE-OWNED ASSET     6.65    11/27/19       CNY    20.06
JINZHONG CITY PUBLIC INFR     6.50    03/18/20       CNY    20.00
JINZHONG CITY PUBLIC INFR     6.50    03/18/20       CNY    20.16
JINZHOU CITY INVESTMENT C     6.44    08/18/21       CNY    40.62
JINZHOU CITY INVESTMENT C     8.50    12/27/20       CNY    40.80
JINZHOU CITY INVESTMENT C     8.50    12/27/20       CNY    40.94
JINZHOU CITY INVESTMENT C     6.44    08/18/21       CNY    44.91
JINZHOU HUAXING INVESTMEN     8.38    02/25/21       CNY    40.89
JINZHOU HUAXING INVESTMEN     9.10    01/21/21       CNY    41.04
JINZHOU HUAXING INVESTMEN     8.38    02/25/21       CNY    45.00
JISHOU HUATAI STATE OWNED     7.18    02/09/22       CNY    60.71
JISHOU HUATAI STATE OWNED     7.18    02/09/22       CNY    62.82
JIUJIANG CITY CONSTRUCTIO     5.50    05/22/22       CNY    59.55
JIUJIANG CITY CONSTRUCTIO     5.50    05/22/22       CNY    60.66
JIUJIANG LAND INVESTMENT      6.20    03/23/22       CNY    60.36
JIUJIANG LAND INVESTMENT      6.20    03/23/22       CNY    61.70
JIUJIANG STATE-OWNED ASSE     6.68    03/07/20       CNY    20.20
JIUQUAN ECONOMIC DEVELOPM     7.40    02/26/21       CNY    40.79
JIXI STATE OWN ASSET MANA     6.87    01/19/22       CNY    60.00
JIXI STATE OWN ASSET MANA     6.87    01/19/22       CNY    60.18
KAIFENG NEW DISTRICT INFR     6.35    03/23/22       CNY    60.05
KAIFENG NEW DISTRICT INFR     6.35    03/23/22       CNY    60.16
KANGMEI PHARMACEUTICAL CO     6.10    03/28/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.20    07/17/22       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.50    04/20/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.47    09/15/22       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.29    08/16/22       CNY    24.25
KANGMEI PHARMACEUTICAL CO     6.80    06/28/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     7.00    06/21/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     6.28    03/20/21       CNY    36.10
KANGMEI PHARMACEUTICAL CO     5.33    01/27/22       CNY    36.69
KASHGAR SHENKA INVESTMENT     7.08    07/07/20       CNY    25.33
KASHI URBAN CONSTRUCTION      5.80    07/20/22       CNY    60.00
KASHI URBAN CONSTRUCTION      5.80    07/20/22       CNY    61.23
KUERLE CITY CONSTRUCTION      6.99    05/20/20       CNY    25.36
KUERLE CITY CONSTRUCTION      6.99    05/20/20       CNY    25.36
KUNMING DIANCHI INVESTMEN     6.50    02/01/20       CNY    20.08
KUNMING DIANCHI INVESTMEN     6.50    02/01/20       CNY    20.16
KUNMING DONGJUN REAL ESTA     4.50    11/02/21       CNY    73.94
KUNMING EXPRESSWAY CONSTR     7.50    01/21/20       CNY    20.14
KUNMING INDUSTRIAL DEVELO     6.46    10/23/19       CNY    20.02
KUNMING INDUSTRIAL DEVELO     6.46    10/23/19       CNY    23.01
KUNSHAN CHUANGYE HOLDING      6.28    11/07/19       CNY    20.05
KUNSHAN COMMUNICATION DEV     6.95    05/22/21       CNY    41.39
KUNSHAN COMMUNICATION DEV     6.95    05/22/21       CNY    45.45
KUNSHAN HIGH TECHNOLOGY G     7.10    03/26/21       CNY    41.33
LAIWU CITY ECONOMIC DEVEL     7.08    02/28/21       CNY    40.59
LAIWU CITY ECONOMIC DEVEL     7.08    02/28/21       CNY    41.40
LANZHOU NATIONAL CAPITAL      6.32    09/10/21       CNY    34.90
LANZHOU NATIONAL CAPITAL      6.32    09/10/21       CNY    39.84
LAOHEKOU CITY CONSTRUCTIO     6.75    08/12/22       CNY    60.89
LAOHEKOU CITY CONSTRUCTIO     6.75    08/12/22       CNY    61.49
LEIYANG CITY AND RURAL CO     7.80    04/10/22       CNY    61.95
LEIYANG CITY AND RURAL CO     7.80    04/10/22       CNY    61.96
LEQING CITY STATE OWNED I     5.99    10/20/21       CNY    60.85
LEQING CITY STATE OWNED I     5.99    10/20/21       CNY    61.28
LESHAN STATE-OWNED ASSET      5.68    10/22/21       CNY    60.97
LESHAN STATE-OWNED ASSET      5.68    10/22/21       CNY    65.60
LIANYUNGANG TRANSPORT GRO     5.47    11/17/21       CNY    60.58
LIANYUNGANG TRANSPORT GRO     5.47    11/17/21       CNY    65.00
LIAONING COASTAL ECONOMIC     8.90    04/01/21       CNY     7.27
LIAONING COASTAL ECONOMIC     8.90    04/01/21       CNY    11.55
LILING LUJIANG INVESTMENT     7.18    09/05/21       CNY    40.83
LILING LUJIANG INVESTMENT     8.10    05/22/21       CNY    40.94
LILING LUJIANG INVESTMENT     8.10    05/22/21       CNY    43.00
LILING LUJIANG INVESTMENT     7.18    09/05/21       CNY    45.23
LINCANG STATE-OWNED ASSET     6.58    04/11/20       CNY    20.00
LINCANG STATE-OWNED ASSET     6.58    04/11/20       CNY    20.09
LINFEN CITY INVESTMENT GR     6.20    05/23/20       CNY    20.18
LINFEN YAODU DISTRICT INV     6.99    09/27/20       CNY    20.00
LINFEN YAODU DISTRICT INV     6.99    09/27/20       CNY    20.13
LINFEN YAODU DISTRICT INV     7.19    03/13/22       CNY    59.94
LINFEN YAODU DISTRICT INV     7.19    03/13/22       CNY    60.37
LINHAI CITY INFRASTRUCTUR     6.30    03/21/20       CNY    20.19
LINHAI CITY INFRASTRUCTUR     6.30    03/21/20       CNY    20.50
LINZHOU ECONOMIC & TECHNO     8.30    04/25/20       CNY    25.00
LINZHOU ECONOMIC & TECHNO     8.30    04/25/20       CNY    25.27
LISHUI CITY CONSTRUCTION      5.67    08/13/22       CNY    60.00
LISHUI CITY CONSTRUCTION      5.67    08/13/22       CNY    61.60
LISHUI CITY CONSTRUCTION      6.00    05/23/20       CNY    20.07
LISHUI CITY CONSTRUCTION      6.00    05/23/20       CNY    20.10
LIUYANG URBAN CONSTRUCTIO     6.98    08/22/21       CNY    41.49
LIUYANG URBAN CONSTRUCTIO     6.98    08/22/21       CNY    41.50
LIUZHOU CITY INVESTMENT C     7.18    12/31/22       CNY    62.29
LIUZHOU LONGJIAN INVESTME     8.28    04/30/24       CNY    70.90
LIUZHOU LONGJIAN INVESTME     8.28    04/30/24       CNY    74.02
LIYANG CITY CONSTRUCTION      6.20    03/08/20       CNY    20.10
LIYANG CITY CONSTRUCTION      6.20    03/08/20       CNY    20.11
LIYANG KUNLUN URBAN CONST     5.90    10/24/21       CNY    58.00
LIYANG KUNLUN URBAN CONST     5.90    10/24/21       CNY    60.98
LONGHAI STATE-OWNED ASSET     6.58    08/15/21       CNY    40.94
LOUDI CITY CONSTRUCTION I     7.95    04/15/21       CNY    41.25
LOUDI CITY CONSTRUCTION I     7.95    04/15/21       CNY    50.31
LOUDI TIDU INVESTMENT DEV     7.18    08/27/21       CNY    40.00
LOUDI TIDU INVESTMENT DEV     7.18    08/27/21       CNY    41.51
LU'AN CITY CONSTRUCTION I     5.20    09/25/20       CNY    49.74
LUJIANG CITY CONSTRUCTION     6.70    04/16/22       CNY    60.00
LUJIANG CITY CONSTRUCTION     6.70    04/16/22       CNY    60.65
LUOHE CITY CONSTRUCTION I     6.99    10/30/19       CNY    20.06
LUOHE CITY CONSTRUCTION I     5.25    09/11/20       CNY    40.57
MA'ANSHAN CIHU HIGH TECHN     6.85    09/09/21       CNY    41.10
MA'ANSHAN CIHU HIGH TECHN     6.85    09/09/21       CNY    43.00
MAANSHAN ECONOMIC TECHNOL     7.10    12/20/19       CNY    20.08
MAANSHAN ECONOMIC TECHNOL     7.10    12/20/19       CNY    21.13
MAANSHAN ECONOMIC TECHNOL     6.49    03/06/22       CNY    61.33
MAANSHAN ECONOMIC TECHNOL     6.49    03/06/22       CNY    64.99
MAANSHAN HUASHAN DISTRICT     6.07    04/20/22       CNY    60.99
MAANSHAN HUASHAN DISTRICT     6.07    04/20/22       CNY    61.84
MEISHAN CITY ASSET OPERAT     7.84    02/26/21       CNY    41.10
MEISHAN CITY ASSET OPERAT     7.84    02/26/21       CNY    41.14
MEISHAN HONGDA CONSTRUCTI     6.56    06/19/20       CNY    20.32
MEIZHOU CITY XIN JIN YE D     6.02    04/22/22       CNY    61.34
MEIZHOU CITY XIN JIN YE D     6.02    04/22/22       CNY    65.32
MEIZHOU KANGDA HIGHWAY CO     6.95    09/10/20       CNY    20.45
MEIZHOU KANGDA HIGHWAY CO     6.95    09/10/20       CNY    20.46
MUDANJIANG AREA URBAN DEV     6.48    06/30/22       CNY    60.70
MUDANJIANG AREA URBAN DEV     6.48    06/30/22       CNY    65.00
MUDANJIANG STATE-OWNED AS     7.70    04/14/21       CNY    40.75
MUDANJIANG STATE-OWNED AS     7.70    04/14/21       CNY    40.76
NANCHANG CITY CONSTRUCTIO     6.19    02/20/20       CNY    20.20
NANCHANG ECONOMY TECHNOLO     6.88    01/09/20       CNY    20.19
NANCHANG MUNICIPAL PUBLIC     5.88    02/25/20       CNY    20.09
NANCHANG MUNICIPAL PUBLIC     5.88    02/25/20       CNY    20.22
NANCHANG WATER CONSERVANC     6.28    06/21/20       CNY    20.26
NANCHONG AIRPORT INVESTME     6.80    01/26/22       CNY    60.78
NANCHONG AIRPORT INVESTME     6.80    01/26/22       CNY    60.99
NANCHONG ECONOMIC DEVELOP     8.28    04/21/21       CNY    41.03
NANCHONG ECONOMIC DEVELOP     8.28    04/21/21       CNY    51.20
NANJING HEXI NEW TOWN ASS     3.47    06/17/21       CNY    69.84
NANJING LISHUI ECONOMIC A     6.27    09/22/21       CNY    40.79
NANJING LISHUI ECONOMIC A     6.27    09/22/21       CNY    42.10
NANJING LISHUI URBAN CONS     5.80    05/29/20       CNY    20.12
NANJING PUKOU ECONOMIC DE     7.10    10/08/19       CNY    20.00
NANJING PUKOU ECONOMIC DE     7.10    10/08/19       CNY    20.01
NANJING STATE OWNED ASSET     5.40    03/06/20       CNY    20.11
NANJING STATE OWNED ASSET     5.60    03/06/23       CNY    62.13
NANJING TANGSHAN CONSTRUC     6.80    06/30/21       CNY    41.24
NANJING TANGSHAN CONSTRUC     6.80    06/30/21       CNY    46.80
NANJING XINGANG DEVELOPME     6.80    01/08/20       CNY    20.07
NANJING XINGANG DEVELOPME     6.80    01/08/20       CNY    20.10
NANNING LVGANG CONSTRUCTI     7.30    06/27/21       CNY    40.95
NANNING LVGANG CONSTRUCTI     7.30    06/27/21       CNY    44.80
NANPING CITY WUYI NEW DIS     6.70    08/06/20       CNY    20.43
NANPING CITY WUYI NEW DIS     6.70    08/06/20       CNY    20.83
NANPING CITY WUYI NEW DIS     4.96    09/28/22       CNY    60.00
NANPING CITY WUYI NEW DIS     4.96    09/28/22       CNY    60.64
NANTONG CHONGCHUAN URBAN      7.15    04/18/21       CNY    41.22
NANTONG CHONGCHUAN URBAN      7.15    04/18/21       CNY    45.40
NANTONG CITY GANGZHA DIST     7.15    01/09/20       CNY    20.19
NANTONG CITY GANGZHA DIST     7.15    01/09/20       CNY    24.00
NANTONG CITY GANGZHA DIST     3.80    09/06/21       CNY    69.53
NANTONG CITY GANGZHA DIST     3.80    09/06/21       CNY    69.55
NANTONG ECONOMIC & TECHNO     5.80    05/17/20       CNY    20.15
NANTONG ECONOMIC & TECHNO     5.80    05/17/20       CNY    20.25
NANTONG SUTONG SCIENCE &      6.20    03/18/22       CNY    60.00
NANTONG SUTONG SCIENCE &      6.20    03/18/22       CNY    61.55
NANYANG INVESTMENT GROUP      7.05    10/24/20       CNY    40.63
NEIJIANG CITY XINGYUAN IN     4.28    08/16/23       CNY    74.37
NEIJIANG INVESTMENT HOLDI     7.99    04/24/21       CNY    41.32
NEIJIANG INVESTMENT HOLDI     7.99    04/24/21       CNY    48.53
NEOGLORY HOLDING GROUP CO     8.00    10/22/20       CNY    56.00
NEOGLORY HOLDING GROUP CO     8.00    09/25/20       CNY    60.00
NEOGLORY HOLDING GROUP CO     8.10    11/23/18       CNY    72.00
NINGBO CITY HAISHU GUANGJ     7.75    03/06/21       CNY    41.27
NINGBO CITY HAISHU GUANGJ     7.75    03/06/21       CNY    46.30
NINGBO CITY ZHENHAI INVES     5.85    12/04/21       CNY    61.13
NINGBO CITY ZHENHAI INVES     5.85    12/04/21       CNY    61.36
NINGBO EASTERN NEW TOWN D     6.45    01/21/20       CNY    20.12
NINGBO EASTERN NEW TOWN D     6.45    01/21/20       CNY    20.32
NINGBO ECONOMIC & TECHNIC     7.09    04/21/21       CNY    41.31
NINGBO ECONOMIC & TECHNIC     7.09    04/21/21       CNY    49.00
NINGBO MEISHAN ISLAND DEV     6.27    03/23/22       CNY    61.88
NINGBO MEISHAN ISLAND DEV     6.27    03/23/22       CNY    68.29
NINGBO SHUNNONG GROUP CO      7.20    10/16/19       CNY    20.02
NINGBO YINCHENG GROUP CO      6.50    03/18/20       CNY    20.16
NINGBO YINCHENG GROUP CO      6.50    03/18/20       CNY    20.24
NINGGUO CITY STATE OWNED      8.70    04/28/21       CNY    41.33
NINGGUO CITY STATE OWNED      8.70    04/28/21       CNY    41.45
NINGHAI COUNTY URBAN INVE     7.99    04/16/21       CNY    41.30
NINGHAI COUNTY URBAN INVE     7.99    04/16/21       CNY    41.40
NINGHAI COUNTY URBAN INVE     8.00    01/02/21       CNY    41.52
NINGHAI COUNTY URBAN INVE     8.00    01/02/21       CNY    45.00
NINGXIANG CITY CONSTRUCTI     6.70    01/20/22       CNY    60.20
NINGXIANG CITY CONSTRUCTI     6.70    01/20/22       CNY    61.84
NINGXIANG ECONOMIC TECHNO     8.20    04/16/21       CNY    41.29
NINGXIANG ECONOMIC TECHNO     8.20    04/16/21       CNY    42.70
PANJIN CITY SHUANGTAIZI D     7.25    01/22/22       CNY    60.15
PANJIN CITY SHUANGTAIZI D     7.25    01/22/22       CNY    60.76
PANSHAN COUNTY STATE-OWNE     7.48    01/21/22       CNY    61.22
PANSHAN COUNTY STATE-OWNE     7.48    01/21/22       CNY    61.34
PANZHIHUA STATE OWNED ASS     5.41    07/29/20       CNY    19.30
PANZHIHUA STATE OWNED ASS     7.60    03/05/21       CNY    40.32
PANZHIHUA STATE OWNED ASS     7.60    03/05/21       CNY    40.85
PANZHIHUA STATE OWNED ASS     8.18    03/13/22       CNY    61.30
PANZHIHUA STATE OWNED ASS     8.18    03/13/22       CNY    62.92
PEIXIAN STATE-OWNED ASSET     7.20    12/06/19       CNY    20.00
PEIXIAN STATE-OWNED ASSET     7.20    12/06/19       CNY    20.06
PINGHU ECONOMIC DEVELOPME     7.99    04/17/21       CNY    40.50
PINGHU ECONOMIC DEVELOPME     7.99    04/17/21       CNY    41.06
PINGLIANG CHENGXIANG CONS     7.10    09/17/20       CNY    20.00
PINGLIANG CHENGXIANG CONS     7.10    09/17/20       CNY    20.25
PINGTAN COMPOSITE EXPERIM     6.58    03/15/20       CNY    20.17
PINGTAN COMPOSITE EXPERIM     6.58    03/15/20       CNY    20.17
PINGXIANG HUIFENG INVESTM     6.60    01/26/22       CNY    59.71
PINGXIANG HUIFENG INVESTM     6.60    01/26/22       CNY    60.00
PINGXIANG URBAN CONSTRUCT     6.89    12/10/19       CNY    20.04
PINGXIANG URBAN CONSTRUCT     6.89    12/10/19       CNY    20.08
PIZHOU CITY HENGRUN INVES     6.46    12/05/21       CNY    61.24
PIZHOU CITY HENGRUN INVES     6.46    12/05/21       CNY    62.46
PIZHOU RUNCHENG ASSET OPE     7.88    04/16/21       CNY    41.38
PIZHOU RUNCHENG ASSET OPE     7.88    04/16/21       CNY    48.80
PUYANG INVESTMENT GROUP C     8.00    12/11/20       CNY    40.00
PUYANG INVESTMENT GROUP C     8.00    12/11/20       CNY    40.80
QIANAN URBAN CONSTRUCTION     7.19    08/11/21       CNY    40.00
QIANAN URBAN CONSTRUCTION     8.88    01/23/21       CNY    40.00
QIANAN URBAN CONSTRUCTION     8.88    01/23/21       CNY    41.23
QIANAN URBAN CONSTRUCTION     7.19    08/11/21       CNY    41.41
QIANAN XINGYUAN WATER IND     6.25    04/22/22       CNY    61.27
QIANAN XINGYUAN WATER IND     6.25    04/22/22       CNY    66.90
QIANDONGNANZHOU KAIHONG A     7.80    10/30/19       CNY    19.95
QIANJIANG URBAN CONSTRUCT     8.38    04/22/21       CNY    41.00
QIANJIANG URBAN CONSTRUCT     8.38    04/22/21       CNY    41.22
QIANNANZHOU INVESTMENT CO     6.43    03/09/22       CNY    59.32
QIANNANZHOU INVESTMENT CO     6.43    03/09/22       CNY    66.80
QIANXI NANZHOU HONGSHENG      6.99    11/22/19       CNY    20.01
QIDONG STATE-OWNED ASSET      7.30    11/20/22       CNY    62.48
QIDONG URBAN CONSTRUCTION     7.90    04/28/21       CNY    41.50
QIDONG URBAN CONSTRUCTION     7.90    04/28/21       CNY    41.66
QIDONG URBAN CONSTRUCTION     8.20    04/04/21       CNY    41.69
QINGDAO CONSON DEVELOPMEN     6.40    12/12/22       CNY    62.09
QINGDAO CONSON DEVELOPMEN     6.40    12/12/22       CNY    64.90
QINGDAO HICREAT DEVELOPME     6.88    04/25/21       CNY    41.13
QINGDAO HICREAT DEVELOPME     6.88    04/25/21       CNY    41.34
QINGDAO JIAOZHOU BAY DEVE     6.33    09/18/21       CNY    41.46
QINGDAO JIAOZHOU BAY DEVE     6.33    09/18/21       CNY    41.56
QINGDAO JIAOZHOU CITY DEV     6.59    01/25/20       CNY    20.07
QINGDAO JIMO CITY TOURISM     5.47    11/17/21       CNY    60.80
QINGDAO JIMO CITY TOURISM     5.47    11/17/21       CNY    61.04
QINGDAO JIMO DISTRICT URB     8.10    12/17/19       CNY    25.16
QINGDAO JIMO DISTRICT URB     8.10    12/17/19       CNY    25.90
QINGDAO LAIXI CITY ASSET      7.50    03/06/21       CNY    40.32
QINGDAO LAIXI CITY ASSET      7.50    03/06/21       CNY    48.79
QINGHAI PROVINCIAL INVEST     6.40    07/10/21       USD    52.33
QINGHAI PROVINCIAL INVEST     7.88    03/22/21       USD    54.86
QINGHAI PROVINCIAL INVEST     7.25    02/22/20       USD    63.50
QINGYANG CITY ECONOMIC DE     7.98    04/16/21       CNY    41.23
QINGYANG CITY ECONOMIC DE     7.98    04/16/21       CNY    41.25
QINGYUAN TRANSPORTATION D     8.20    12/19/20       CNY    41.19
QINGZHOU HONGYUAN PUBLIC      7.35    10/19/19       CNY    20.00
QINGZHOU HONGYUAN PUBLIC      7.35    10/19/19       CNY    20.02
QINGZHOU HONGYUAN PUBLIC      7.59    05/29/21       CNY    41.10
QINGZHOU HONGYUAN PUBLIC      7.59    05/29/21       CNY    47.50
QINHUANGDAO DEVELOPMENT Z     8.00    12/17/20       CNY    40.00
QINHUANGDAO DEVELOPMENT Z     8.00    12/17/20       CNY    40.63
QINHUANGDAO DEVELOPMENT Z     8.45    04/18/21       CNY    41.08
QINHUANGDAO DEVELOPMENT Z     8.45    04/18/21       CNY    44.61
QINZHOU BINHAI NEW CITY A     7.00    08/27/20       CNY    20.37
QINZHOU BINHAI NEW CITY A     7.00    08/27/20       CNY    21.50
QINZHOU BINHAI NEW CITY Z     6.99    07/07/21       CNY    40.00
QINZHOU BINHAI NEW CITY Z     6.99    07/07/21       CNY    40.31
QINZHOU CITY DEVELOPMENT      7.10    10/16/19       CNY    40.00
QINZHOU CITY DEVELOPMENT      7.10    10/16/19       CNY    40.01
QIONGLAI CITY CONSTRUCTIO     6.98    03/25/22       CNY    60.33
QIONGLAI CITY CONSTRUCTIO     6.98    03/25/22       CNY    64.90
QUJING DEVELOPMENT INVEST     7.48    04/28/21       CNY    41.17
QUJING DEVELOPMENT INVEST     7.48    04/28/21       CNY    42.55
QUJING ECO TECH DEVELOPME     7.48    07/21/21       CNY    40.50
QUJING ECO TECH DEVELOPME     7.48    07/21/21       CNY    40.63
QUZHOU STATE OWNED ASSET      7.20    04/21/21       CNY    40.98
QUZHOU STATE OWNED ASSET      7.20    04/21/21       CNY    43.42
RENHUAI CITY DEVELOPMENT      8.09    05/16/21       CNY    41.54
RENHUAI CITY DEVELOPMENT      8.09    05/16/21       CNY    41.56
REWARD SCIENCE AND TECHNO     5.53    07/05/21       CNY    29.10
REWARD SCIENCE AND TECHNO     6.40    03/03/22       CNY    70.00
RIGHT WAY REAL ESTATE DEV     8.00    07/15/21       CNY    43.89
RIZHAO CITY CONSTRUCTION      5.80    06/06/20       CNY    20.19
RIZHAO CITY CONSTRUCTION      5.80    06/06/20       CNY    20.21
RUCHENG COUNTY HYDROPOWER     6.65    04/25/20       CNY    40.43
RUDONG COUNTY DONGTAI SOC     6.99    06/20/21       CNY    40.82
RUDONG COUNTY DONGTAI SOC     6.99    06/20/21       CNY    45.90
RUDONG COUNTY JINXIN TRAF     8.08    03/03/21       CNY    41.02
RUDONG COUNTY JINXIN TRAF     8.08    03/03/21       CNY    44.03
RUGAO CITY ECONOMIC TRADE     8.30    01/22/21       CNY    41.27
RUGAO CITY ECONOMIC TRADE     8.30    01/22/21       CNY    49.00
RUGAO COMMUNICATIONS CONS     6.70    02/01/20       CNY    20.21
RUGAO COMMUNICATIONS CONS     6.70    02/01/20       CNY    20.81
RUGAO YANJIANG DEVELOPMEN     8.60    01/24/21       CNY    41.34
RUGAO YANJIANG DEVELOPMEN     8.60    01/24/21       CNY    42.43
RUIAN STATE OWNED ASSET I     6.93    11/26/19       CNY    20.08
RUIAN STATE OWNED ASSET I     6.93    11/26/19       CNY    20.22
RUZHOU CITY XINYUAN INVES     6.30    09/16/21       CNY    49.47
RUZHOU CITY XINYUAN INVES     6.30    09/16/21       CNY    53.30
RUZHOU CITY XINYUAN INVES     4.43    09/26/23       CNY    73.47
RUZHOU CITY XINYUAN INVES     4.43    09/26/23       CNY    73.53
SANMEN COUNTY STATE-OWNED     6.80    03/18/22       CNY    60.00
SANMEN COUNTY STATE-OWNED     6.85    10/29/21       CNY    60.00
SANMEN COUNTY STATE-OWNED     6.85    10/29/21       CNY    60.63
SANMEN COUNTY STATE-OWNED     6.80    03/18/22       CNY    60.84
SHAANXI ANKANG HIGH TECH      8.78    09/17/21       CNY    41.60
SHAANXI ANKANG HIGH TECH      8.78    09/17/21       CNY    47.00
SHAANXI PROVINCIAL EXPRES     5.99    06/18/20       CNY    60.86
SHAANXI XIXIAN NEW AREA F     6.85    08/15/21       CNY    40.48
SHAANXI XIXIAN NEW AREA F     6.85    08/15/21       CNY    45.50
SHAANXI XIXIAN NEW AREA J     6.89    01/05/22       CNY    61.36
SHAANXI XIXIAN NEW AREA J     6.89    01/05/22       CNY    63.10
SHANDONG BOXING COUNTY XI     8.00    12/22/21       CNY    61.84
SHANDONG BOXING COUNTY XI     8.00    12/22/21       CNY    62.41
SHANDONG CENTURY SUNSHINE     8.19    07/21/21       CNY    41.85
SHANDONG CENTURY SUNSHINE     8.19    07/21/21       CNY    41.88
SHANDONG FUYU CHEMICAL CO     7.70    09/18/22       CNY    70.00
SHANDONG GAOCHUANG CONSTR     6.05    06/18/22       CNY    61.69
SHANDONG GAOCHUANG CONSTR     6.05    06/18/22       CNY    62.45
SHANDONG HONGHE HOLDINGS      8.50    06/23/21       CNY    40.42
SHANDONG HONGHE HOLDINGS      8.50    06/23/21       CNY    44.00
SHANDONG JINMAO TEXTILE C     6.97    04/01/21       CNY    20.70
SHANDONG JINMAO TEXTILE C     8.00    09/25/20       CNY    35.84
SHANDONG PUBLIC HOLDINGS      7.18    01/22/20       CNY    20.17
SHANDONG RENCHENG RONGXIN     7.30    10/18/20       CNY    40.29
SHANDONG RENCHENG RONGXIN     7.30    10/18/20       CNY    43.40
SHANDONG SNTON GROUP CO L     5.18    09/08/21       CNY     8.52
SHANDONG SNTON GROUP CO L     6.20    05/30/21       CNY     9.50
SHANDONG TAIFENG HOLDING      5.80    03/12/20       CNY    20.12
SHANDONG TAIYANG INDUSTRY     5.97    03/02/21       CNY    71.43
SHANDONG TENGJIAN INVESTM     6.00    06/08/22       CNY    60.00
SHANDONG TENGJIAN INVESTM     6.00    06/08/22       CNY    60.33
SHANDONG WANTONG PETROLEU     5.97    11/29/21       CNY    33.95
SHANDONG WEISHANHU MINING     6.15    03/13/20       CNY    39.11
SHANDONG WEISHANHU MINING     6.15    03/13/20       CNY    39.94
SHANGHAI BUND GROUP DEVEL     6.35    04/24/20       CNY    18.50
SHANGHAI BUND GROUP DEVEL     6.35    04/24/20       CNY    20.31
SHANGHAI CAOHEJING HI-TEC     7.24    04/09/21       CNY    40.96
SHANGHAI CAOHEJING HI-TEC     7.24    04/09/21       CNY    40.98
SHANGHAI CHENJIAZHEN CONS     7.18    11/06/19       CNY    25.05
SHANGHAI CHENJIAZHEN CONS     7.18    11/06/19       CNY    25.15
SHANGHAI CHONGMING CONSTR     6.40    06/13/20       CNY    25.47
SHANGHAI CHONGMING CONSTR     6.40    06/13/20       CNY    25.50
SHANGHAI FENGXIAN NANQIAO     6.25    03/05/20       CNY    20.19
SHANGHAI JIADING ROAD CON     6.80    04/23/21       CNY    41.18
SHANGHAI JIADING ROAD CON     6.80    04/23/21       CNY    41.30
SHANGHAI JINSHAN URBAN CO     6.60    12/21/19       CNY    20.09
SHANGHAI JINSHAN URBAN CO     6.60    12/21/19       CNY    20.18
SHANGHAI LAKE DIANSHAN NE     5.95    01/30/21       CNY    50.96
SHANGHAI LAKE DIANSHAN NE     5.95    01/30/21       CNY    51.07
SHANGHAI MINHANG URBAN CO     6.48    10/23/19       CNY    20.02
SHANGHAI MINHANG URBAN CO     6.48    10/23/19       CNY    20.10
SHANGHAI MINHANG URBAN CO     5.63    04/20/22       CNY    60.79
SHANGHAI MINHANG URBAN CO     5.63    04/20/22       CNY    61.77
SHANGHAI NANHUI URBAN CON     6.04    08/20/21       CNY    41.19
SHANGHAI PUTAILAI NEW ENE     5.30    05/18/20       CNY    66.67
SHANGHAI URBAN CONSTRUCTI     5.25    11/30/19       CNY    20.03
SHANGHAI YONGYE ENTERPRIS     6.84    05/21/20       CNY    25.43
SHANGLUO CITY CONSTRUCTIO     7.05    09/09/20       CNY    20.44
SHANGLUO CITY CONSTRUCTIO     7.05    09/09/20       CNY    25.40
SHANGQIU DEVELOPMENT INVE     6.60    01/15/20       CNY    20.16
SHANTOU CITY CONSTRUCTION     8.57    03/23/22       CNY    47.90
SHANTOU CITY CONSTRUCTION     8.57    03/23/22       CNY    47.99
SHAOGUAN JINYE DEVELOPMEN     7.30    10/18/19       CNY    20.04
SHAOGUAN JINYE DEVELOPMEN     7.30    10/18/19       CNY    20.14
SHAOWU URBAN CONSTRUCTION     5.88    09/11/22       CNY    59.70
SHAOWU URBAN CONSTRUCTION     5.88    09/11/22       CNY    63.39
SHAOXING CHENGZHONGCUN RE     6.50    01/24/20       CNY    20.10
SHAOXING CHENGZHONGCUN RE     6.09    04/27/22       CNY    60.00
SHAOXING CHENGZHONGCUN RE     6.09    04/27/22       CNY    61.61
SHAOXING CITY INVESTMENT      6.40    11/09/19       CNY    20.05
SHAOXING CITY INVESTMENT      6.40    11/09/19       CNY    20.20
SHAOXING CITY INVESTMENT      5.75    04/17/22       CNY    61.58
SHAOXING CITY INVESTMENT      5.75    04/17/22       CNY    68.00
SHAOXING CITY KEQIAO DIST     6.40    08/20/21       CNY    41.21
SHAOXING CITY KEQIAO DIST     6.40    08/20/21       CNY    45.26
SHAOXING COUNTY KEYAN CON     6.28    03/24/22       CNY    60.00
SHAOXING COUNTY KEYAN CON     6.28    03/24/22       CNY    61.68
SHAOXING JINGHU NEW DISTR     6.13    04/30/22       CNY    61.00
SHAOXING JINGHU NEW DISTR     6.13    04/30/22       CNY    61.66
SHAOXING KEQIAO ECONOMIC      7.00    12/10/21       CNY    60.00
SHAOXING KEQIAO ECONOMIC      7.00    12/10/21       CNY    61.49
SHAOXING PAOJIANG INDUSTR     6.90    10/31/19       CNY    20.02
SHAOXING PAOJIANG INDUSTR     6.90    10/31/19       CNY    20.14
SHAOXING PAOJIANG INDUSTR     6.98    05/29/21       CNY    41.05
SHAOXING PAOJIANG INDUSTR     6.98    05/29/21       CNY    43.90
SHAOXING SHANGYU HANGZHOU     6.95    10/11/20       CNY    40.61
SHAOXING SHANGYU HANGZHOU     6.95    10/11/20       CNY    40.80
SHAOXING SHANGYU URBAN CO     6.80    08/07/21       CNY    41.50
SHAOXING SHANGYU URBAN CO     6.80    08/07/21       CNY    41.73
SHAOYANG CITY CONSTRUCTIO     8.58    01/17/21       CNY    40.86
SHAOYANG CITY CONSTRUCTIO     8.58    01/17/21       CNY    41.41
SHENGZHOU INVESTMENT HOLD     7.60    07/17/21       CNY    41.96
SHENGZHOU INVESTMENT HOLD     7.60    07/17/21       CNY    42.30
SHENMU CITY STATE-OWNED A     7.28    06/23/21       CNY    41.10
SHENYANG DADONG STATE-OWN     6.05    03/20/22       CNY    60.00
SHENYANG DADONG STATE-OWN     6.05    03/20/22       CNY    60.98
SHENYANG ECONOMIC AFFORDA     7.17    04/29/22       CNY    60.52
SHENYANG ECONOMIC AFFORDA     7.17    04/29/22       CNY    61.26
SHENYANG SUJIATUN DISTRIC     6.40    06/20/20       CNY    20.23
SHENYANG SUJIATUN DISTRIC     6.40    06/20/20       CNY    20.39
SHENYANG TIEXI STATE-OWNE     6.00    01/14/22       CNY    60.96
SHENYANG TIEXI STATE-OWNE     6.00    01/14/22       CNY    67.50
SHENZHEN METRO GROUP CO L     5.40    03/25/23       CNY    61.92
SHENZHEN METRO GROUP CO L     6.75    01/24/24       CNY    74.42
SHENZHEN METRO GROUP CO L     6.75    01/24/24       CNY    74.92
SHIJIAZHUANG HUTUO NEW DI     5.28    12/24/25       CNY    72.84
SHIJIAZHUANG HUTUO NEW DI     5.28    12/24/25       CNY    75.00
SHIJIAZHUANG REAL ESTATE      5.65    05/15/20       CNY    20.20
SHIJIAZHUANG REAL ESTATE      5.65    05/15/20       CNY    20.23
SHIJIAZHUANG STATE-OWNED      5.75    04/09/22       CNY    61.78
SHIJIAZHUANG STATE-OWNED      5.75    04/09/22       CNY    67.20
SHIJIAZHUANG URBAN CONSTR     6.55    03/09/21       CNY    72.00
SHISHI CITY CONSTRUCTION      6.10    05/04/22       CNY    61.59
SHISHI CITY CONSTRUCTION      6.10    05/04/22       CNY    61.59
SHIYAN CITY INFRASTRUCTUR     6.58    08/20/21       CNY    40.00
SHIYAN CITY INFRASTRUCTUR     6.88    10/11/20       CNY    40.52
SHIYAN CITY INFRASTRUCTUR     6.88    10/11/20       CNY    40.68
SHIYAN CITY INFRASTRUCTUR     6.58    08/20/21       CNY    41.30
SHOUGUANG CITY CONSTRUCTI     7.10    10/18/20       CNY    40.47
SHOUGUANG CITY CONSTRUCTI     7.10    10/18/20       CNY    42.87
SHUANGLIU COUNTY WATER CO     7.40    02/26/20       CNY    25.16
SHUANGLIU COUNTY WATER CO     7.40    02/26/20       CNY    25.34
SHUANGLIU COUNTY WATER CO     6.92    07/30/20       CNY    25.47
SHUANGLIU COUNTY WATER CO     6.92    07/30/20       CNY    25.50
SHUYANG JINGYUAN ASSET OP     6.50    12/03/19       CNY    20.06
SHUYANG JINGYUAN ASSET OP     6.50    12/03/19       CNY    22.00
SHUYANG JINGYUAN ASSET OP     7.39    04/14/21       CNY    40.00
SHUYANG JINGYUAN ASSET OP     7.39    04/14/21       CNY    40.97
SHUYANG JINGYUAN ASSET OP     5.49    09/11/22       CNY    60.23
SHUYANG JINGYUAN ASSET OP     5.49    09/11/22       CNY    66.00
SICHUAN CHENGDU ABA DEVEL     7.18    09/12/20       CNY    20.22
SICHUAN CHENGDU ABA DEVEL     7.18    09/12/20       CNY    20.29
SICHUAN COAL INDUSTRY GRO     7.70    01/09/18       CNY    45.00
SICHUAN NAXING INDUSTRIAL     7.17    09/11/21       CNY    40.62
SICHUAN TIANYIN INDUSTRIA     6.79    03/25/22       CNY    61.01
SICHUAN TIANYIN INDUSTRIA     6.79    03/25/22       CNY    68.00
SIHONG COUNTY HONG YUAN P     6.15    03/16/22       CNY    60.00
SIHONG COUNTY HONG YUAN P     6.15    03/16/22       CNY    61.67
SLENDER WEST LAKE TOURISM     6.80    06/25/21       CNY    40.00
SLENDER WEST LAKE TOURISM     6.80    06/25/21       CNY    41.38
SONGYUAN URBAN DEVELOPMEN     5.79    12/04/21       CNY    59.89
SONGYUAN URBAN DEVELOPMEN     5.79    12/04/21       CNY    61.10
SUINING CITY HEDONG DEVEL     8.36    04/17/21       CNY    41.04
SUINING CITY HEDONG DEVEL     8.36    04/17/21       CNY    47.82
SUINING COUNTY RUNQI INVE     7.10    06/25/21       CNY    40.30
SUINING COUNTY RUNQI INVE     7.10    06/25/21       CNY    40.76
SUINING DEVELOPMENT INVES     6.62    04/25/20       CNY    20.18
SUINING DEVELOPMENT INVES     6.62    04/25/20       CNY    20.20
SUINING FUYUAN INDUSTRY C     6.39    03/17/22       CNY    59.13
SUINING FUYUAN INDUSTRY C     6.39    03/17/22       CNY    64.18
SUINING KAIDA INVESTMENT      8.69    04/21/21       CNY    40.00
SUINING KAIDA INVESTMENT      8.69    04/21/21       CNY    40.01
SUIZHOU CITY URBAN CONSTR     7.18    09/02/21       CNY    40.79
SUIZHOU CITY URBAN CONSTR     7.18    09/02/21       CNY    41.20
SUIZHOU DEVELOPMENT INVES     8.50    12/20/20       CNY    41.07
SUIZHOU DEVELOPMENT INVES     8.40    04/30/21       CNY    41.71
SUIZHOU DEVELOPMENT INVES     8.50    12/20/20       CNY    41.83
SUIZHOU DEVELOPMENT INVES     8.40    04/30/21       CNY    41.91
SUNSHINE KAIDI NEW ENERGY     6.12    08/23/20       CNY    29.01
SUNSHINE KAIDI NEW ENERGY     6.12    08/23/20       CNY    40.29
SUQIAN CITY CONSTRUCTION      6.88    10/29/20       CNY    40.60
SUQIAN WATER GROUP CO         6.55    12/04/19       CNY    20.09
SUZHOU CITY CONSTRUCTION      6.40    04/17/20       CNY    20.07
SUZHOU CITY CONSTRUCTION      6.40    04/17/20       CNY    24.80
SUZHOU FENHU INVESTMENT G     7.49    02/28/21       CNY    41.14
SUZHOU NEW DISTRICT ECONO     6.20    07/22/21       CNY    41.13
SUZHOU URBAN CONSTRUCTION     5.79    10/25/19       CNY    19.90
SUZHOU URBAN CONSTRUCTION     5.79    10/25/19       CNY    20.02
SUZHOU WUJIANG COMMUNICAT     6.80    10/31/20       CNY    40.78
SUZHOU WUJIANG COMMUNICAT     6.80    10/31/20       CNY    41.00
SUZHOU WUJIANG DISTRICT I     5.25    07/08/22       CNY    60.80
SUZHOU WUJIANG DISTRICT I     5.25    07/08/22       CNY    61.53
SUZHOU XIANGCHENG URBAN C     6.95    03/19/21       CNY    41.01
SUZHOU XIANGCHENG URBAN C     6.95    03/19/21       CNY    42.60
TAIAN TAISHAN INVESTMENT      6.76    01/25/20       CNY    19.90
TAIAN TAISHAN INVESTMENT      6.76    01/25/20       CNY    20.15
TAICANG ASSETS MANAGEMENT     7.00    02/27/21       CNY    40.65
TAICANG ASSETS MANAGEMENT     7.00    02/27/21       CNY    41.36
TAICANG HENGTONG INVESTME     7.45    10/30/19       CNY    20.02
TAICANG SCIENCE EDUCATION     5.54    08/28/22       CNY    61.25
TAICANG SCIENCE EDUCATION     5.54    08/28/22       CNY    64.65
TAICANG URBAN CONSTRUCTIO     6.75    01/11/20       CNY    20.20
TAIXING CITY CHENGXING ST     8.30    12/12/20       CNY    40.63
TAIXING CITY CHENGXING ST     8.30    12/12/20       CNY    41.30
TAIYUAN ECONOMIC TECHNOLO     7.43    04/24/21       CNY    40.00
TAIYUAN ECONOMIC TECHNOLO     7.43    04/24/21       CNY    41.03
TAIYUAN HIGH-SPEED RAILWA     5.18    09/06/20       CNY    40.69
TAIYUAN HIGH-SPEED RAILWA     6.50    10/30/20       CNY    40.98
TAIYUAN STATE-OWNED INVES     7.20    03/19/21       CNY    41.28
TAIYUAN STATE-OWNED INVES     7.20    03/19/21       CNY    46.50
TAIZHOU CITY CONSTRUCTION     6.92    10/16/23       CNY    73.86
TAIZHOU CITY CONSTRUCTION     6.92    10/16/23       CNY    74.60
TAIZHOU CITY CONSTRUCTION     6.53    07/11/21       CNY    41.20
TAIZHOU CITY CONSTRUCTION     6.53    07/11/21       CNY    41.34
TAIZHOU CITY JIANGYAN DIS     8.50    04/23/20       CNY    25.10
TAIZHOU CITY JIANGYAN DIS     8.50    04/23/20       CNY    25.44
TAIZHOU CITY JIANGYAN URB     7.10    09/03/20       CNY    20.37
TAIZHOU CITY JIANGYAN URB     7.10    09/03/20       CNY    20.60
TAIZHOU CITY NEW BINJIANG     7.60    03/05/21       CNY    40.59
TAIZHOU JIANGYAN STATE OW     6.85    12/03/19       CNY    19.80
TAIZHOU JIANGYAN STATE OW     6.85    12/03/19       CNY    20.06
TAIZHOU JIAOJIANG STATE O     7.46    09/13/20       CNY    25.78
TAIZHOU JIAOJIANG STATE O     7.46    09/13/20       CNY    26.00
TAIZHOU JIAOJIANG STATE O     6.18    07/06/22       CNY    62.02
TAIZHOU JIAOJIANG STATE O     6.18    07/06/22       CNY    64.00
TAIZHOU TRAFFIC INDUSTRY      6.15    03/11/20       CNY    20.14
TAIZHOU TRAFFIC INDUSTRY      6.15    03/11/20       CNY    20.33
TANGSHAN CAOFEIDIAN DEVEL     7.50    10/15/20       CNY    40.00
TANGSHAN CAOFEIDIAN DEVEL     7.50    10/15/20       CNY    40.21
TIANJIN BAOXING INDUSTRY      7.10    10/17/20       CNY    40.31
TIANJIN BAOXING INDUSTRY      7.10    10/17/20       CNY    42.62
TIANJIN BEICHEN DISTRICT      7.00    04/21/21       CNY    40.80
TIANJIN BEICHEN DISTRICT      7.00    04/21/21       CNY    47.15
TIANJIN BEICHEN TECHNOLOG     6.87    08/20/21       CNY    40.77
TIANJIN BEICHEN TECHNOLOG     6.87    08/20/21       CNY    47.00
TIANJIN BINHAI NEW AREA C     5.19    03/13/20       CNY    20.14
TIANJIN BINHAI NEW AREA C     5.19    03/13/20       CNY    20.25
TIANJIN BINHAI NEW AREA C     6.10    11/23/21       CNY    61.90
TIANJIN DONGFANG CAIXIN I     5.19    01/29/22       CNY    59.59
TIANJIN DONGFANG CAIXIN I     5.19    01/29/22       CNY    60.66
TIANJIN DONGLI CITY INFRA     6.05    06/19/20       CNY    20.03
TIANJIN ECONOMIC TECHNOLO     6.20    12/03/19       CNY    20.06
TIANJIN ECONOMIC TECHNOLO     6.20    12/03/19       CNY    22.00
TIANJIN ECONOMIC TECHNOLO     6.50    12/03/22       CNY    61.08
TIANJIN ECONOMIC TECHNOLO     6.50    12/03/22       CNY    61.30
TIANJIN GUANGCHENG INVEST     7.45    07/24/21       CNY    39.88
TIANJIN GUANGCHENG INVEST     7.45    07/24/21       CNY    49.00
TIANJIN GUANGCHENG INVEST     6.97    02/22/23       CNY    56.65
TIANJIN GUANGCHENG INVEST     6.97    02/22/23       CNY    58.95
TIANJIN HARBOR CONSTRUCTI     8.00    04/01/21       CNY    72.37
TIANJIN HARBOR CONSTRUCTI     8.80    01/24/21       CNY    72.42
TIANJIN HI-TECH INDUSTRY      6.65    09/12/21       CNY    40.50
TIANJIN HOPETONE CO LTD       7.50    07/25/21       CNY    39.80
TIANJIN HUANCHENG URBAN I     7.20    03/21/21       CNY    40.35
TIANJIN HUANCHENG URBAN I     7.20    03/21/21       CNY    41.16
TIANJIN HUANCHENG URBAN I     5.75    04/27/22       CNY    61.47
TIANJIN HUANCHENG URBAN I     5.75    04/27/22       CNY    61.70
TIANJIN INFRASTRUCTURE CO     5.70    02/26/23       CNY    61.78
TIANJIN JINNAN CITY CONST     6.50    06/03/21       CNY    40.80
TIANJIN LINGANG INVESTMEN     7.75    02/26/21       CNY    41.00
TIANJIN LINGANG INVESTMEN     7.75    02/26/21       CNY    41.29
TIANJIN NINGHE DISTRICT X     7.00    05/30/21       CNY    40.87
TIANJIN NINGHE DISTRICT X     7.00    05/30/21       CNY    47.50
TIANJIN REAL ESTATE GROUP     4.50    09/29/20       USD    50.00
TIANJIN REAL ESTATE TRUST     8.59    03/13/21       CNY    40.78
TIANJIN RESIDENTIAL CONST     8.00    12/19/20       CNY    39.20
TIANJIN RESIDENTIAL CONST     8.00    12/19/20       CNY    39.77
TIANJIN TEDA INVESTMENT H     6.89    04/27/20       CNY    20.25
TIANJIN WATER INVESTMENT      6.60    07/28/21       CNY    37.92
TIANJIN WATER INVESTMENT      6.60    07/28/21       CNY    41.80
TIANJIN WATER INVESTMENT      8.40    01/15/21       CNY    50.95
TIANJIN WUQING STATE-OWNE     8.00    12/17/20       CNY    40.89
TIANJIN WUQING STATE-OWNE     7.18    03/19/21       CNY    40.91
TIANJIN WUQING STATE-OWNE     7.18    03/19/21       CNY    41.16
TIANJIN WUQING STATE-OWNE     8.00    12/17/20       CNY    41.80
TIANMEN CITY CONSTRUCTION     8.20    08/28/21       CNY    41.44
TIANMEN CITY CONSTRUCTION     8.20    08/28/21       CNY    45.16
TIANRUI GROUP CEMENT CO L     5.95    09/25/20       CNY    50.00
TONGLING CONSTRUCTION INV     6.98    08/26/20       CNY    20.43
TONGLING CONSTRUCTION INV     6.98    08/26/20       CNY    22.50
TONGLING DAJIANG INVESTME     6.50    01/19/22       CNY    61.17
TONGLING DAJIANG INVESTME     6.50    01/19/22       CNY    68.00
TONGLU STATE-OWNED ASSET      8.09    04/18/21       CNY    40.98
TONGLU STATE-OWNED ASSET      8.09    04/18/21       CNY    41.63
TONGXIANG CITY CONSTRUCTI     6.10    05/16/20       CNY    20.29
TONGXIANG CITY CONSTRUCTI     6.10    05/16/20       CNY    20.30
TULUFAN DISTRICT STATE-OW     6.20    03/19/22       CNY    61.23
TULUFAN DISTRICT STATE-OW     6.20    03/19/22       CNY    61.50
TUNGHSU OPTOELECTRONIC TE     5.09    11/17/21       CNY    29.00
URUMQI ECO&TECH DEVELOPME     6.40    04/13/22       CNY    60.00
URUMQI ECO&TECH DEVELOPME     6.40    04/13/22       CNY    62.03
URUMQI GAOXIN INVESTMENT      6.18    03/05/20       CNY    20.19
URUMQI GAOXIN INVESTMENT      6.18    03/05/20       CNY    20.20
WANGCHENG ECONOMIC DEVELO     6.57    01/22/22       CNY    61.82
WANGCHENG ECONOMIC DEVELO     6.57    01/22/22       CNY    68.81
WEIFANG BINHAI INVESTMENT     6.16    04/16/21       CNY    40.01
WEIFANG DONGXIN CONSTRUCT     6.88    11/20/19       CNY    20.04
WEIFANG DONGXIN CONSTRUCT     6.88    11/20/19       CNY    24.30
WEINAN CITY INVESTMENT GR     6.09    03/11/22       CNY    60.00
WEINAN CITY INVESTMENT GR     6.09    03/11/22       CNY    61.30
WENZHOU ECONOMIC-TECHNOLO     6.49    01/15/20       CNY    20.08
WENZHOU ECONOMIC-TECHNOLO     6.49    01/15/20       CNY    20.51
WENZHOU HIGH-TECH INDUSTR     7.30    05/30/21       CNY    41.00
WENZHOU HIGH-TECH INDUSTR     7.30    05/30/21       CNY    41.39
WENZHOU HIGH-TECH INDUSTR     7.95    03/21/21       CNY    41.42
WENZHOU HIGH-TECH INDUSTR     7.95    03/21/21       CNY    41.54
WENZHOU LUCHENG CITY DEVE     5.58    11/03/21       CNY    60.68
WENZHOU LUCHENG CITY DEVE     5.58    11/03/21       CNY    63.00
WINTIME ENERGY CO LTD         7.50    04/04/21       CNY    43.63
WINTIME ENERGY CO LTD         7.50    11/16/20       CNY    43.63
WINTIME ENERGY CO LTD         7.00    04/26/19       CNY    43.63
WINTIME ENERGY CO LTD         7.00    07/05/18       CNY    43.63
WINTIME ENERGY CO LTD         7.30    08/06/18       CNY    43.63
WINTIME ENERGY CO LTD         6.78    10/23/18       CNY    43.63
WINTIME ENERGY CO LTD         7.90    03/29/21       CNY    43.63
WINTIME ENERGY CO LTD         7.00    03/19/19       CNY    43.63
WINTIME ENERGY CO LTD         7.90    12/22/20       CNY    43.63
WINTIME ENERGY CO LTD         7.50    12/06/20       CNY    43.63
WINTIME ENERGY CO LTD         7.70    11/15/20       CNY    43.63
WINTIME ENERGY CO LTD         7.00    12/15/18       CNY    43.63
WINTIME ENERGY CO LTD         7.00    08/25/18       CNY    43.63
WUHAI CITY CONSTRUCTION I     8.19    04/21/21       CNY    10.60
WUHAI CITY CONSTRUCTION I     8.19    04/21/21       CNY    41.51
WUHAN CHEDU CORP LTD          7.18    02/27/21       CNY    41.18
WUHAN CHEDU CORP LTD          7.18    02/27/21       CNY    44.36
WUHAN CITY HUANPI DISTRIC     6.43    09/17/21       CNY    41.19
WUHAN CITY HUANPI DISTRIC     6.43    09/17/21       CNY    43.02
WUHAN JIANGXIA URBAN CONS     8.99    01/20/21       CNY    41.54
WUHAN METRO GROUP CO LTD      5.70    02/04/20       CNY    20.04
WUHAN METRO GROUP CO LTD      5.70    02/04/20       CNY    20.16
WUHAN METRO GROUP CO LTD      5.25    04/14/22       CNY    60.78
WUHAN URBAN CONSTRUCTION      5.60    03/08/20       CNY    20.12
WUHU COUNTY CONSTRUCTION      6.60    12/08/21       CNY    61.72
WUHU COUNTY CONSTRUCTION      6.60    12/08/21       CNY    66.35
WUHU JINGHU CONSTRUCTION      6.68    05/16/20       CNY    20.12
WUHU JIUJIANG CONSTRUCTIO     8.49    04/14/21       CNY    40.00
WUHU JIUJIANG CONSTRUCTIO     8.49    04/14/21       CNY    41.73
WUHU YIJU INVESTMENT GROU     6.45    08/11/21       CNY    41.43
WUHU YIJU INVESTMENT GROU     6.45    08/11/21       CNY    41.45
WUJIANG ECONOMIC TECHNOLO     6.88    12/27/19       CNY    20.11
WUJIANG ECONOMIC TECHNOLO     6.88    12/27/19       CNY    20.15
WUWEI CITY ECONOMY DEVELO     8.20    04/24/21       CNY    40.60
WUWEI CITY ECONOMY DEVELO     8.20    04/24/21       CNY    40.60
WUWEI CITY ECONOMY DEVELO     8.20    12/09/20       CNY    40.86
WUWEI CITY ECONOMY DEVELO     8.20    12/09/20       CNY    42.53
WUXI HUNING METRO HUISHAN     4.38    06/08/21       CNY    70.10
WUXI HUNING METRO HUISHAN     4.38    06/08/21       CNY    73.00
WUXI MUNICIPAL DEVELOPMEN     6.10    10/11/20       CNY    40.46
WUXI MUNICIPAL DEVELOPMEN     6.10    10/11/20       CNY    40.60
WUXI TAIHU NEW CITY DEVEL     3.47    08/29/23       CNY    72.47
WUXI XIDONG NEW TOWN CONS     6.65    01/28/20       CNY    20.00
WUXI XIDONG NEW TOWN CONS     6.65    01/28/20       CNY    20.14
WUYANG CONSTRUCTION GROUP     7.80    09/11/20       CNY    32.48
WUZHONG URBAN RURAL CONST     7.18    10/12/20       CNY    40.47
WUZHONG URBAN RURAL CONST     7.18    10/12/20       CNY    40.48
XIAMEN TORCH GROUP CO LTD     7.49    04/21/21       CNY    41.12
XIAMEN XINGLIN CONSTRUCTI     6.60    02/22/20       CNY    20.21
XIAMEN XINGLIN CONSTRUCTI     6.60    02/22/20       CNY    21.80
XI'AN AEROSPACE CITY INVE     6.96    11/08/19       CNY    20.05
XI'AN INTERNATIONAL HORTI     6.20    10/21/21       CNY    60.23
XI'AN INTERNATIONAL HORTI     6.20    10/21/21       CNY    61.46
XI'AN INTERNATIONAL INLAN     7.90    09/23/21       CNY    42.28
XIAN QUJIANG DAMING PALAC     6.39    03/21/20       CNY    50.52
XIANGTAN HI-TECH GROUP CO     6.90    01/15/20       CNY    20.00
XIANGTAN HI-TECH GROUP CO     6.90    01/15/20       CNY    20.04
XIANGTAN HI-TECH GROUP CO     8.16    02/25/21       CNY    40.43
XIANGTAN HI-TECH GROUP CO     8.16    02/25/21       CNY    48.99
XIANGTAN JIUHUA ECONOMIC      7.15    10/15/20       CNY    39.15
XIANGTAN JIUHUA ECONOMIC      7.15    10/15/20       CNY    39.53
XIANGTAN JIUHUA ECONOMIC      6.59    01/21/22       CNY    58.11
XIANGTAN LIANGXING SOCIET     7.89    04/23/21       CNY    40.50
XIANGTAN LIANGXING SOCIET     7.89    04/23/21       CNY    40.92
XIANGTAN WANLOU XINCHENG      6.90    01/14/22       CNY    55.49
XIANGTAN WANLOU XINCHENG      6.90    01/14/22       CNY    59.80
XIANGTAN ZHENXIANG STATE-     6.60    08/07/20       CNY    20.06
XIANGTAN ZHENXIANG STATE-     6.60    08/07/20       CNY    20.10
XIANGXIANG URBAN CONSTRUC     5.84    05/18/23       CNY    81.37
XIANGYANG HIGH TECH STATE     7.00    05/29/21       CNY    40.87
XIANGYANG HIGH TECH STATE     7.00    05/29/21       CNY    43.38
XIANNING HIGH-TECH INVEST     5.80    06/05/20       CNY    20.18
XIANNING HIGH-TECH INVEST     5.80    06/05/20       CNY    20.24
XIANNING HIGH-TECH INVEST     6.29    02/10/22       CNY    60.78
XIANNING HIGH-TECH INVEST     6.29    02/10/22       CNY    65.00
XIANTAO CITY CONSTRUCTION     8.15    02/24/21       CNY    41.38
XIANTAO CITY CONSTRUCTION     8.15    02/24/21       CNY    41.80
XIAOGAN GAOCHUANG INVESTM     6.87    09/22/21       CNY    41.00
XIAOGAN GAOCHUANG INVESTM     7.43    06/23/21       CNY    41.56
XIAOGAN GAOCHUANG INVESTM     6.87    09/22/21       CNY    46.69
XIAOGAN GAOCHUANG INVESTM     7.43    06/23/21       CNY    52.72
XIAOGAN URBAN CONSTRUCTIO     6.89    05/29/21       CNY    41.21
XIAOGAN URBAN CONSTRUCTIO     6.89    05/29/21       CNY    41.40
XINGAN LEAGUE URBAN DEVEL     6.18    12/21/22       CNY    55.31
XINGAN LEAGUE URBAN DEVEL     6.18    12/21/22       CNY    57.96
XINGHUA CITY ECONOMIC DEV     5.28    06/13/22       CNY    74.47
XINGHUA CITY ECONOMIC DEV     5.28    06/13/22       CNY    74.50
XINGHUA URBAN CONSTRUCTIO     7.36    07/15/20       CNY    25.00
XINGHUA URBAN CONSTRUCTIO     7.36    07/15/20       CNY    25.27
XINING ECONOMIC DEVELOPME     5.90    06/04/20       CNY    19.85
XINING ECONOMIC DEVELOPME     5.90    06/04/20       CNY    20.02
XINJIANG HUIFENG URBAN CO     6.10    05/23/20       CNY    17.88
XINJIANG HUIFENG URBAN CO     6.10    05/23/20       CNY    20.17
XINJIANG KAIDI INVESTMENT     7.80    04/22/21       CNY    41.20
XINJIANG RUNSHENG INVESTM     7.15    07/10/20       CNY    25.36
XINJIANG RUNSHENG INVESTM     7.15    07/10/20       CNY    25.38
XINJIANG WUJIAQU CAIJIAHU     7.50    05/21/21       CNY    40.54
XINJIANG WUJIAQU CAIJIAHU     7.50    05/21/21       CNY    41.00
XINTAI CITY COORDINATING      6.35    03/23/22       CNY    60.75
XINTAI CITY COORDINATING      6.35    03/23/22       CNY    61.26
XINXIANG INVESTMENT GROUP     5.85    04/15/20       CNY    20.18
XINXIANG INVESTMENT GROUP     5.85    04/15/20       CNY    20.22
XINYANG HONGCHANG PIPE GA     6.49    06/20/20       CNY    72.87
XINYANG HUAXIN INVESTMENT     7.55    04/15/21       CNY    41.08
XINYANG HUAXIN INVESTMENT     7.55    04/15/21       CNY    46.30
XINYI CITY INVESTMENT & D     7.39    10/15/20       CNY    40.20
XINYI CITY INVESTMENT & D     7.39    10/15/20       CNY    40.54
XINYI URBAN TRANSPORTATIO     6.14    02/06/22       CNY    61.52
XINYI URBAN TRANSPORTATIO     6.14    02/06/22       CNY    61.83
XINYU CHENGDONG CONSTRUCT     8.48    05/27/21       CNY    40.88
XINYU CHENGDONG CONSTRUCT     8.48    05/27/21       CNY    47.00
XINYU CITY SHANTYTOWN ZON     6.42    12/09/20       CNY    70.24
XINYU CITY YUSHUI DISTRIC     7.70    06/24/22       CNY    61.56
XINYU CITY YUSHUI DISTRIC     7.70    06/24/22       CNY    63.63
XINYU URBAN CONSTRUCTION      7.08    12/13/19       CNY    20.07
XINYU URBAN CONSTRUCTION      7.08    12/13/19       CNY    20.19
XINZHENG NEW DISTRICT DEV     6.60    01/29/21       CNY    50.00
XINZHENG NEW DISTRICT DEV     6.40    01/29/21       CNY    50.00
XINZHENG NEW DISTRICT DEV     6.40    01/29/21       CNY    50.96
XINZHENG NEW DISTRICT DEV     6.60    01/29/21       CNY    51.16
XINZHOU ASSET MANAGEMENT      8.50    12/18/20       CNY    40.00
XINZHOU ASSET MANAGEMENT      7.90    02/21/21       CNY    41.19
XINZHOU ASSET MANAGEMENT      8.50    12/18/20       CNY    41.25
XINZHOU ASSET MANAGEMENT      7.90    02/21/21       CNY    43.41
XIWANG GROUP CO LTD           7.41    12/03/22       CNY    49.94
XUANCHENG CITY ECONOMY DE     7.95    09/22/21       CNY    41.40
XUANCHENG CITY ECONOMY DE     7.95    09/22/21       CNY    46.00
XUANCHENG STATE-OWNED ASS     7.95    03/27/21       CNY    41.68
XUANCHENG STATE-OWNED ASS     7.95    03/27/21       CNY    46.00
XUZHOU BOCHANT DEVELOPMEN     5.69    07/28/21       CNY    65.72
XUZHOU CITY TONGSHAN DIST     6.60    08/08/20       CNY    20.37
XUZHOU CITY TONGSHAN DIST     6.60    08/08/20       CNY    20.66
XUZHOU CITY TONGSHAN DIST     5.23    09/18/22       CNY    60.57
XUZHOU CITY TONGSHAN DIST     5.23    09/18/22       CNY    67.38
XUZHOU ECONOMIC TECHNOLOG     7.35    04/21/21       CNY    40.93
XUZHOU ECONOMIC TECHNOLOG     7.35    04/21/21       CNY    41.23
XUZHOU HI-TECH INDUSTRIAL     7.86    04/22/21       CNY    41.29
XUZHOU HI-TECH INDUSTRIAL     7.86    04/22/21       CNY    51.50
XUZHOU TRANSPORTATION HOL     7.09    05/15/21       CNY    41.00
XUZHOU TRANSPORTATION HOL     7.09    05/15/21       CNY    41.53
XUZHOU XINSHENG INVESTMEN     5.13    08/12/22       CNY    61.42
XUZHOU XINSHENG INVESTMEN     5.13    08/12/22       CNY    64.46
YA'AN DEVELOPMENT INVESTM     7.00    09/13/20       CNY    20.54
YA'AN DEVELOPMENT INVESTM     7.00    09/13/20       CNY    20.60
YANCHENG CITY DAFENG DIST     7.08    12/13/19       CNY    20.00
YANCHENG CITY DAFENG DIST     7.08    12/13/19       CNY    20.07
YANCHENG CITY DAFENG DIST     8.50    12/30/20       CNY    41.22
YANCHENG CITY DAFENG DIST     8.70    01/24/21       CNY    41.40
YANCHENG CITY DAFENG DIST     8.70    01/24/21       CNY    41.65
YANCHENG CITY DAFENG DIST     8.50    12/30/20       CNY    42.00
YANCHENG CITY TINGHU DIST     7.95    11/15/20       CNY    38.30
YANCHENG CITY TINGHU DIST     7.95    11/15/20       CNY    40.47
YANCHENG ORIENTAL INVESTM     6.99    10/26/19       CNY    20.02
YANCHENG ORIENTAL INVESTM     6.48    09/15/21       CNY    40.26
YANCHENG SOUTH DISTRICT D     6.93    10/26/19       CNY    20.03
YANCHENG SOUTH DISTRICT D     6.70    07/30/21       CNY    41.00
YANCHENG SOUTH DISTRICT D     6.70    07/30/21       CNY    41.42
YANGJIANG HENGCAI CITY IN     6.85    09/09/20       CNY    20.56
YANGJIANG HENGCAI CITY IN     6.85    09/09/20       CNY    20.70
YANGJIANG HENGCAI CITY IN     6.24    04/14/22       CNY    60.00
YANGJIANG HENGCAI CITY IN     6.24    04/14/22       CNY    62.00
YANGZHOU CHEMICAL INDUSTR     8.58    01/24/21       CNY    40.26
YANGZHOU CHEMICAL INDUSTR     8.58    01/24/21       CNY    46.00
YANGZHOU ECONOMIC & TECHN     7.40    03/05/21       CNY    70.00
YANGZHOU ECONOMIC & TECHN     7.40    03/05/21       CNY    72.13
YANGZHOU HANJIANG CONSTRU     6.20    03/12/20       CNY    20.20
YANGZHOU HANJIANG CONSTRU     6.20    03/12/20       CNY    20.44
YANGZHOU HANJIANG CONSTRU     5.88    06/15/22       CNY    61.96
YANGZHOU HANJIANG CONSTRU     5.88    06/15/22       CNY    66.63
YANGZHOU JIANGDU YANJIANG     7.48    07/29/20       CNY    25.29
YANGZHOU JIANGDU YANJIANG     7.48    07/29/20       CNY    25.39
YICHANG URBAN CONSTRUCTIO     6.85    11/08/19       CNY    20.04
YICHANG URBAN CONSTRUCTIO     6.85    11/08/19       CNY    20.40
YICHANG URBAN CONSTRUCTIO     8.13    11/17/19       CNY    30.30
YICHUN URBAN CONSTRUCTION     7.09    05/15/21       CNY    40.93
YICHUN URBAN CONSTRUCTION     7.09    05/15/21       CNY    43.47
YICHUN VENTURE CAPITAL CO     6.70    03/23/22       CNY    60.61
YICHUN VENTURE CAPITAL CO     6.70    03/23/22       CNY    60.61
YIHUA ENTERPRISE GROUP CO     7.00    04/29/22       CNY    66.00
YIHUA LIFESTYLE TECHNOLOG     6.88    07/16/20       CNY    50.11
YIHUA LIFESTYLE TECHNOLOG     6.88    07/23/20       CNY    58.00
YILI KAZAKH AUTONOMOUS PR     7.68    02/28/21       CNY    41.33
YILI KAZAKH AUTONOMOUS PR     7.68    02/28/21       CNY    41.90
YINCHUAN URBAN CONSTRUCTI     6.88    05/12/21       CNY    40.70
YINCHUAN URBAN CONSTRUCTI     6.88    05/12/21       CNY    41.20
YINGKOU COASTAL DEVELOPME     6.45    01/26/22       CNY    59.07
YINGKOU COASTAL DEVELOPME     6.45    01/26/22       CNY    60.29
YINGTAN INVESTMENT CO         7.50    12/12/22       CNY    62.82
YINGTAN INVESTMENT CO         7.50    12/12/22       CNY    62.84
YINGTAN INVESTMENT CO         3.63    08/12/21       CNY    69.37
YINGTAN LONGGANG ASSET OP     6.75    07/31/22       CNY    59.99
YINGTAN LONGGANG ASSET OP     6.75    07/31/22       CNY    61.18
YINING CITY STATE OWNED A     8.90    01/23/21       CNY    41.31
YINING CITY STATE OWNED A     8.90    01/23/21       CNY    49.95
YINING CITY STATE OWNED A     5.37    09/24/22       CNY    59.58
YINING CITY STATE OWNED A     5.37    09/24/22       CNY    60.00
YIWU URBAN & RURAL NEW CO     4.25    11/24/21       CNY    74.58
YIXING CITY CONSTRUCTION      6.16    03/30/22       CNY    60.00
YIXING CITY CONSTRUCTION      6.16    03/30/22       CNY    62.19
YIXING CITY DEVELOPMENT I     6.90    10/10/19       CNY    20.00
YIXING CITY DEVELOPMENT I     6.90    10/10/19       CNY    20.01
YIXING TUOYE INDUSTRIAL C     7.60    05/28/21       CNY    41.04
YIXING TUOYE INDUSTRIAL C     7.60    05/28/21       CNY    43.50
YIYANG ADVANCED INDUSTRY      7.00    03/30/22       CNY    60.42
YIYANG ADVANCED INDUSTRY      7.00    03/30/22       CNY    68.00
YONG ZHOU CITY CONSTRUCTI     7.30    10/23/20       CNY    40.58
YONG ZHOU CITY CONSTRUCTI     7.30    10/23/20       CNY    42.80
YONGJIA INVESTMENT GROUP      6.50    11/12/21       CNY    60.00
YONGJIA INVESTMENT GROUP      6.50    11/12/21       CNY    61.07
YUEYANG CITY DONGTING NEW     6.15    03/20/22       CNY    60.34
YUEYANG CITY DONGTING NEW     6.15    03/20/22       CNY    60.42
YUEYANG HUILIN INVESTMENT     5.50    11/03/21       CNY    59.63
YUEYANG HUILIN INVESTMENT     5.50    11/03/21       CNY    60.00
YUEYANG URBAN CONSTRUCTIO     6.05    07/12/20       CNY    20.24
YUHUAN CITY COMMUNICATION     7.15    10/12/19       CNY    20.00
YUHUAN CITY COMMUNICATION     7.15    10/12/19       CNY    20.05
YUHUAN CITY COMMUNICATION     5.65    11/03/21       CNY    61.08
YUHUAN CITY COMMUNICATION     6.18    03/20/22       CNY    61.68
YUHUAN CITY COMMUNICATION     6.18    03/20/22       CNY    64.47
YUHUAN CITY COMMUNICATION     5.65    11/03/21       CNY    64.50
YULIN URBAN CONSTRUCTION      6.88    11/26/19       CNY    20.02
YULIN URBAN CONSTRUCTION      6.88    11/26/19       CNY    20.07
YUNCHENG URBAN CONSTRUCTI     7.48    10/15/19       CNY    20.01
YUNNAN METROPOLITAN CONST     6.77    05/23/21       CNY    40.50
YUNNAN METROPOLITAN CONST     6.77    05/23/21       CNY    40.54
YUYAO CITY CONSTRUCTION I     7.09    05/19/21       CNY    40.85
YUYAO CITY CONSTRUCTION I     7.09    05/19/21       CNY    41.50
YUYAO ECONOMIC DEVELOPMEN     6.75    03/04/20       CNY    20.00
YUYAO ECONOMIC DEVELOPMEN     6.75    03/04/20       CNY    20.10
ZHANGJIAGANG FREE TRADE Z     7.10    08/23/20       CNY    20.49
ZHANGJIAGANG FREE TRADE Z     7.10    08/23/20       CNY    26.04
ZHANGJIAGANG JINCHENG INV     6.88    04/28/21       CNY    41.09
ZHANGJIAGANG JINCHENG INV     6.88    04/28/21       CNY    41.28
ZHANGJIAGANG MUNICIPAL PU     6.43    11/27/19       CNY    20.05
ZHANGJIAGANG MUNICIPAL PU     6.43    11/27/19       CNY    20.16
ZHANGJIAJIE ECONOMIC DEVE     7.40    10/18/19       CNY    20.02
ZHANGJIAJIE ECONOMIC DEVE     7.80    04/17/21       CNY    41.32
ZHANGYE CITY INVESTMENT G     6.92    09/22/21       CNY    38.00
ZHANGYE CITY INVESTMENT G     6.92    09/22/21       CNY    40.88
ZHANGZHOU CITY CONSTRUCTI     6.60    03/26/20       CNY    20.24
ZHANGZHOU ECONOMIC DEVELO     6.17    04/27/22       CNY    60.00
ZHANGZHOU ECONOMIC DEVELO     6.17    04/27/22       CNY    61.68
ZHANGZHOU JIULONGJIANG GR     6.48    06/20/21       CNY    41.32
ZHANGZHOU JIULONGJIANG GR     6.48    06/20/21       CNY    41.32
ZHANJIANG INFRASTRUCTURE      6.93    10/21/20       CNY    40.24
ZHAOQING GAOYAO DISTRICT      6.68    04/14/22       CNY    60.00
ZHAOQING GAOYAO DISTRICT      6.68    04/14/22       CNY    61.33
ZHAOYUAN STATE-OWNED ASSE     6.64    12/31/19       CNY    20.09
ZHEJIANG CHANGXING VIA OP     7.99    03/03/21       CNY    40.61
ZHEJIANG CHANGXING VIA OP     7.99    03/03/21       CNY    50.00
ZHEJIANG FUCHUN SHANJU GR     7.70    04/28/21       CNY    41.31
ZHEJIANG FUCHUN SHANJU GR     7.70    04/28/21       CNY    49.00
ZHEJIANG GUOXING INVESTME     6.94    08/01/21       CNY    41.56
ZHEJIANG GUOXING INVESTME     6.94    08/01/21       CNY    48.50
ZHEJIANG HUZHOU HUANTAIHU     6.70    11/28/19       CNY    20.04
ZHEJIANG HUZHOU HUANTAIHU     6.70    11/28/19       CNY    20.17
ZHEJIANG OUHAI CONSTRUCTI     6.45    04/23/22       CNY    60.00
ZHEJIANG OUHAI CONSTRUCTI     6.45    04/23/22       CNY    60.95
ZHEJIANG PROVINCE DEQING      6.40    02/22/20       CNY    20.14
ZHEJIANG PROVINCE XINCHAN     6.60    04/24/20       CNY    20.17
ZHEJIANG PROVINCE XINCHAN     6.60    04/24/20       CNY    22.90
ZHEJIANG PROVINCE XINCHAN     5.88    10/30/21       CNY    60.81
ZHEJIANG PROVINCE XINCHAN     6.95    12/31/21       CNY    61.96
ZHEJIANG PROVINCE XINCHAN     6.95    12/31/21       CNY    62.00
ZHEJIANG PROVINCE XINCHAN     5.88    10/30/21       CNY    64.99
ZHENGZHOU JINGKAI INVESTM     5.48    07/31/22       CNY    60.00
ZHENGZHOU JINGKAI INVESTM     5.48    07/31/22       CNY    61.46
ZHENGZHOU MOUZHONG DEVELO     7.48    12/11/21       CNY    61.75
ZHENGZHOU MOUZHONG DEVELO     7.48    12/11/21       CNY    66.20
ZHENGZHOU PUBLIC HOUSING      5.98    07/17/20       CNY    20.37
ZHENGZHOU PUBLIC HOUSING      5.98    07/17/20       CNY    20.38
ZHENJIANG CITY CONSTRUCTI     7.90    12/18/20       CNY    40.80
ZHENJIANG CITY CONSTRUCTI     8.20    01/13/21       CNY    41.12
ZHENJIANG CITY CONSTRUCTI     8.20    01/13/21       CNY    48.49
ZHENJIANG CULTURAL TOURIS     6.60    01/30/20       CNY    20.05
ZHENJIANG CULTURAL TOURIS     6.60    01/30/20       CNY    20.30
ZHENJIANG DANTU DISTRICT      5.89    11/03/21       CNY    59.58
ZHENJIANG DANTU DISTRICT      5.89    11/03/21       CNY    59.60
ZHENJIANG NEW AREA URBAN      8.35    02/26/21       CNY    40.69
ZHENJIANG NEW AREA URBAN      8.99    01/16/21       CNY    40.80
ZHONGGUANCUN DEVELOPMENT      4.20    08/12/22       CNY    59.81
ZHONGGUANCUN DEVELOPMENT      4.20    08/12/22       CNY    60.65
ZHONGMINTOU LEASING HOLDI     7.55    09/21/21       CNY    49.49
ZHONGRONG XINDA GROUP CO      7.10    01/22/21       CNY    33.70
ZHONGSHAN TRANSPORTATION      5.25    11/26/21       CNY    60.00
ZHONGSHAN TRANSPORTATION      5.25    11/26/21       CNY    60.57
ZHONGTIAN FINANCIAL GROUP     7.00    10/15/20       CNY    74.63
ZHOUKOU INVESTMENT GROUP      7.49    04/21/21       CNY    41.06
ZHOUSHAN DINGHAI STATE-OW     7.25    08/31/20       CNY    25.72
ZHOUSHAN DINGHAI STATE-OW     7.25    08/31/20       CNY    26.65
ZHOUSHAN DINGHAI STATE-OW     7.13    08/04/21       CNY    41.44
ZHOUSHAN DINGHAI STATE-OW     7.13    08/04/21       CNY    45.00
ZHOUSHAN ISLANDS NEW DIST     6.98    10/22/22       CNY    72.52
ZHOUSHAN ISLANDS NEW DIST     6.98    10/22/22       CNY    73.44
ZHOUSHAN PUTUO DISTRICT S     7.18    06/20/22       CNY    57.31
ZHOUSHAN PUTUO DISTRICT S     7.18    06/20/22       CNY    60.01
ZHUHAI HUIHUA INFRASTRUCT     7.15    09/17/20       CNY    20.66
ZHUHAI HUIHUA INFRASTRUCT     7.15    09/17/20       CNY    21.15
ZHUJI CITY YUEDU INVESTME     8.20    12/12/20       CNY    40.96
ZHUJI CITY YUEDU INVESTME     8.20    12/12/20       CNY    44.50
ZHUJI CITY YUEDU INVESTME     6.38    04/07/22       CNY    60.90
ZHUJI CITY YUEDU INVESTME     6.38    04/07/22       CNY    61.11
ZHUJI URBAN & RURAL INVES     6.92    12/19/19       CNY    20.16
ZHUJI URBAN & RURAL INVES     6.92    12/19/19       CNY    20.33
ZHUZHOU CITY CONSTRUCTION     6.95    10/16/20       CNY    40.61
ZHUZHOU CITY CONSTRUCTION     6.95    10/16/20       CNY    40.70
ZHUZHOU CITY CONSTRUCTION     8.36    11/10/21       CNY    62.60
ZHUZHOU GECKOR GROUP CO L     6.95    08/11/21       CNY    40.95
ZHUZHOU GECKOR GROUP CO L     6.95    08/11/21       CNY    41.18
ZHUZHOU GECKOR GROUP CO L     6.38    04/17/22       CNY    60.00
ZHUZHOU GECKOR GROUP CO L     6.38    04/17/22       CNY    61.20
ZHUZHOU REAL ESTATE GROUP     6.25    03/25/22       CNY    61.45
ZHUZHOU REAL ESTATE GROUP     6.25    03/25/22       CNY    68.53
ZHUZHOU YUNLONG DEVELOPME     6.78    11/19/19       CNY    20.03
ZHUZHOU YUNLONG DEVELOPME     6.78    11/19/19       CNY    20.50
ZIBO BANYANG CITY URBAN A     5.50    09/09/22       CNY    60.00
ZIBO BANYANG CITY URBAN A     5.50    09/09/22       CNY    61.08
ZIYANG WATER INVESTMENT C     7.40    10/21/20       CNY    40.56
ZJ HZ QINGSHAN LAKE SCIEN     7.90    04/23/21       CNY    41.14
ZJ HZ QINGSHAN LAKE SCIEN     7.90    04/23/21       CNY    44.00
ZUNYI ROAD & BRIDGE CONST     6.10    04/27/23       CNY    70.47
ZUNYI ROAD & BRIDGE CONST     6.10    04/27/23       CNY    72.96


HONG KONG
---------
  
DR PENG HOLDING HONGKONG      5.05    06/01/20       USD    70.78
HNA GROUP INTERNATIONAL C     6.25    10/05/21       USD    70.00
HNA GROUP INTERNATIONAL C     7.00    01/24/20       USD    74.89


  INDONESIA
  ---------

BERAU COAL ENERGY TBK PT      7.25    03/13/17       USD    43.49
BERAU COAL ENERGY TBK PT      7.25    03/13/17       USD    43.49
DAVOMAS INTERNATIONAL FIN    11.00    12/08/14       USD     0.00
DAVOMAS INTERNATIONAL FIN    11.00    12/08/14       USD     0.00
DAVOMAS INTERNATIONAL FIN    11.00    05/09/11       USD     0.00
DAVOMAS INTERNATIONAL FIN    11.00    05/09/11       USD     0.00
DELTA MERLIN DUNIA TEKSTI     8.63    03/12/24       USD    14.27
DELTA MERLIN DUNIA TEKSTI     8.63    03/12/24       USD    14.44


  INDIA
  -----
3I INFOTECH LTD               2.50    03/31/25       USD     8.03
ACME FAZILKA POWER PVT LT     0.01    09/07/46       INR    12.19
AMPSOLAR SOLUTION PVT LTD     0.01    11/03/37       INR    22.48
AMPSOLAR SOLUTION PVT LTD     0.01    10/27/37       INR    22.51
APG HABITAT PVT LTD           1.00    09/09/28       INR    52.63
APG INTELLI HOMES PVT LTD     1.25    02/04/35       INR    32.18
APG INTELLI HOMES PVT LTD     1.25    02/04/35       INR    39.42
AUTOMOTIVE EXCHANGE PVT L     4.00    06/01/30       INR    58.77
AUTOMOTIVE EXCHANGE PVT L     4.00    10/11/30       INR    58.82
BENGAL AEROTROPOLIS PROJE     5.00    12/01/29       INR    71.50
BENGAL AEROTROPOLIS PROJE     5.00    12/01/28       INR    72.99
BENGAL AEROTROPOLIS PROJE     5.00    12/01/27       INR    74.73
BLUE DART EXPRESS LTD         9.50    11/20/19       INR    10.23
BOTHE WINDFARM DEVELOPMEN    10.00    11/28/32       INR    71.93
BRIGHT BUILDTECH PVT LTD      1.00    09/01/23       INR    72.78
BRIGHT BUILDTECH PVT LTD      1.00    09/01/23       INR    72.78
CORE EDUCATION & TECHNOLO     7.00    05/07/49       USD     0.23
CREIXENT SPECIAL STEELS L     0.01    08/28/25       INR    55.25
CUMULUS TRADING CO PVT LT     0.01    05/21/32       INR    33.23
CUMULUS TRADING CO PVT LT     0.01    12/29/29       INR    40.23
CUMULUS TRADING CO PVT LT     0.01    01/23/30       INR    54.44
DAYAKARA SOLAR POWER PVT      0.10    04/05/26       INR    56.41
DEWAN HOUSING FINANCE COR     8.50    04/18/23       INR    39.02
EDELWEISS ASSET RECONSTRU     2.00    07/22/29       INR    50.93
EDELWEISS ASSET RECONSTRU     2.00    01/15/29       INR    52.52
EDELWEISS ASSET RECONSTRU     2.00    10/07/28       INR    53.40
EDELWEISS ASSET RECONSTRU     2.00    11/20/27       INR    56.44
EDELWEISS ASSET RECONSTRU     2.00    03/28/27       INR    58.50
GREEN URJA PVT LTD            0.01    02/14/30       INR    41.30
GTL INFRASTRUCTURE LTD        6.73    10/26/22       USD     2.86
HINDUSTAN CONSTRUCTION CO     0.01    01/05/27       INR    52.36
HITODI INFRASTRUCTURE LTD     0.01    06/30/27       INR    47.86
JAIPRAKASH ASSOCIATES LTD     5.75    09/08/17       USD    55.13
JAIPRAKASH POWER VENTURES     7.00    05/15/17       USD     4.61
JCT LTD                       2.50    04/08/11       USD    25.75
JSM CORP PVT LTD              0.01    08/31/36       INR    24.12
JTPM ATSALI LTD               0.01    08/29/48       INR     9.96
KANAKADURGA FINANCE LTD       0.01    04/15/36       INR    22.80
KVK ENERGY & INFRASTRUCTU     0.01    01/25/24       INR    67.97
LIC HOUSING FINANCE LTD       7.81    04/27/20       INR     4.01
MARIS POWER SUPPLY CO PVT     2.00    04/18/28       INR    60.17
MYTRAH AADHYA POWER PVT L     0.01    07/05/35       INR    26.96
MYTRAH ADVAITH POWER PVT      0.01    07/13/36       INR    24.86
MYTRAH AKSHAYA ENERGY PVT     0.01    07/13/36       INR    24.86
ORIGAMI CELLULO PVT LTD       0.01    11/14/36       INR    23.96
PRAKASH INDUSTRIES LTD        5.25    04/30/15       USD    22.63
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/33       INR    39.78
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/32       INR    42.31
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/31       INR    45.12
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/30       INR    48.20
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/29       INR    51.56
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/28       INR    55.21
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/27       INR    59.16
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/26       INR    63.45
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/25       INR    68.07
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/24       INR    72.98
PYRAMID SAIMIRA THEATRE L     1.75    07/04/12       USD     0.26
R L FINE CHEM PVT LTD         0.10    08/19/36       INR    24.60
REDKITE CAPITAL PVT LTD       2.50    03/30/29       INR    60.22
REDKITE CAPITAL PVT LTD       2.50    01/15/28       INR    63.53
REI AGRO LTD                  5.50    11/13/14       USD     0.02
REI AGRO LTD                  5.50    11/13/14       USD     0.02
RELIANCE COMMUNICATIONS L     6.50    11/06/20       USD    13.76
SURBHI INVESTMENTS & TRAD     2.50    10/21/28       INR    61.21
SUZLON ENERGY LTD             5.75    07/16/19       USD    66.75
SUZLON ENERGY LTD             5.75    07/16/19       USD    66.75
SVOGL OIL GAS & ENERGY LT     5.00    08/17/15       USD     0.61
TN URJA PVT LTD               0.10    02/22/36       INR    27.54
VIDEOCON INDUSTRIES LTD       2.80    12/31/20       USD    28.86
WATSUN INFRABUILD PVT LTD     4.00    10/16/37       INR    54.18
WS T&D LTD                    0.10    03/24/29       INR    44.78


  JAPAN
  -----

AVANSTRATE INC                0.05    10/29/32       JPY     9.75
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


  KOREA
  -----

HEUNGKUK FIRE & MARINE IN     5.70    12/29/46       KRW    49.47
INDUSTRIAL BANK OF KOREA      3.84    03/10/45       KRW    38.21
KIBO ABS SPECIALTY CO LTD     5.00    02/26/21       KRW    65.73
KIBO ABS SPECIALTY CO LTD     5.00    02/24/22       KRW    69.60
KIBO ABS SPECIALTY CO LTD     5.00    08/28/21       KRW    70.36
KIBO ABS SPECIALTY CO LTD     5.00    02/28/20       KRW    70.59
KIBO ABS SPECIALTY CO LTD     5.00    09/11/20       KRW    72.72
KIBO ABS SPECIALTY CO LTD     5.00    12/25/19       KRW    74.70
LOTTE CARD CO LTD             3.95    06/28/49       KRW    68.35
POSCO ENERGY CO LTD           5.21    08/29/43       KRW    68.93
SAMPYO CEMENT CO LTD          8.10    04/12/15       KRW    70.00
SAMPYO CEMENT CO LTD          8.10    06/26/15       KRW    70.00
SAMPYO CEMENT CO LTD          8.30    09/10/14       KRW    70.00
SAMPYO CEMENT CO LTD          7.50    07/20/14       KRW    70.00
SAMPYO CEMENT CO LTD          8.30    04/20/14       KRW    70.00
SILLAJEN INC                  1.00    03/21/24       KRW    39.78
SINBO SECURITIZATION SPEC     5.00    12/21/20       KRW    64.53
SINBO SECURITIZATION SPEC     5.00    03/21/21       KRW    65.56
SINBO SECURITIZATION SPEC     5.00    08/31/21       KRW    66.22
SINBO SECURITIZATION SPEC     5.00    07/26/21       KRW    66.70
SINBO SECURITIZATION SPEC     5.00    02/23/22       KRW    67.93
SINBO SECURITIZATION SPEC     5.00    01/26/22       KRW    68.14
SINBO SECURITIZATION SPEC     5.00    08/31/22       KRW    68.45
SINBO SECURITIZATION SPEC     5.00    07/26/22       KRW    68.88
SINBO SECURITIZATION SPEC     5.00    12/27/21       KRW    69.45
SINBO SECURITIZATION SPEC     5.00    06/29/21       KRW    70.59
SINBO SECURITIZATION SPEC     5.00    06/29/22       KRW    70.95
SINBO SECURITIZATION SPEC     5.00    09/28/22       KRW    71.05
SINBO SECURITIZATION SPEC     5.00    09/27/21       KRW    73.05
SINBO SECURITIZATION SPEC     5.00    06/23/20       KRW    73.31
SINBO SECURITIZATION SPEC     5.00    08/25/21       KRW    73.31
SINBO SECURITIZATION SPEC     5.00    07/27/21       KRW    73.53
SINBO SECURITIZATION SPEC     5.00    03/15/20       KRW    74.03
SINBO SECURITIZATION SPEC     5.00    02/28/21       KRW    74.71
SINBO SECURITIZATION SPEC     5.00    01/27/21       KRW    74.95


MALAYSIA
--------

AEON CREDIT SERVICE M BHD     3.50    09/15/20       MYR     1.28
ASIAN PAC HOLDINGS BHD        3.00    05/25/22       MYR     0.58
BERJAYA CORP BHD              5.00    04/22/22       MYR     0.32
ELK-DESA RESOURCES BHD        3.25    04/14/22       MYR     1.37
HIAP TECK VENTURE BHD         5.00    06/23/21       MYR     0.22
HUME INDUSTRIES BHD           5.00    05/29/24       MYR     1.37
MALAYAN FLOUR MILLS BHD       5.00    01/24/24       MYR     1.25
PMB TECHNOLOGY BHD            3.00    07/12/23       MYR     3.14
REDTONE INTERNATIONAL BHD     2.75    03/04/20       MYR     0.21
SENAI-DESARU EXPRESSWAY B     1.35    06/30/31       MYR    68.16
SENAI-DESARU EXPRESSWAY B     1.35    12/31/30       MYR    69.29
SENAI-DESARU EXPRESSWAY B     1.35    06/28/30       MYR    70.45
SENAI-DESARU EXPRESSWAY B     1.35    12/31/29       MYR    71.60
SENAI-DESARU EXPRESSWAY B     1.35    12/29/28       MYR    74.01
SOUTHERN STEEL BHD            5.00    01/24/20       MYR     0.85
VIZIONE HOLDINGS BHD          3.00    08/08/21       MYR     0.07
YTL LAND & DEVELOPMENT BH     6.00    10/31/21       MYR     0.26


  NEW ZEALAND
  -----------

PRECINCT PROPERTIES NEW Z     4.80    09/27/21       NZD     1.28


  PHILIPPINES
  -----------
BAYAN TELECOMMUNICATIONS     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     1.00
BAKRIE TELECOM PTE LTD       11.50    05/07/15       USD     1.00
BERAU CAPITAL RESOURCES P    12.50    07/08/15       USD    44.41
BERAU CAPITAL RESOURCES P    12.50    07/08/15       USD    44.41
BLD INVESTMENTS PTE LTD       8.63    03/23/15       USD     4.88
BLUE OCEAN RESOURCES PTE      4.00    12/31/21       USD    30.00
BLUE OCEAN RESOURCES PTE      4.00    12/31/21       USD    30.00
BLUE OCEAN RESOURCES PTE      4.00    12/31/21       USD    30.00
ENERCOAL RESOURCES PTE LT     9.25    08/05/14       USD    46.13
ETERNA CAPITAL PTE LTD        8.00    12/11/22       USD    70.61
EZION HOLDINGS LTD            0.25    11/20/27       SGD    61.29
EZRA HOLDINGS LTD             4.88    04/24/18       SGD     5.00
GEO COAL INTERNATIONAL PT     8.00    10/04/22       USD    73.75
GEO COAL INTERNATIONAL PT     8.00    10/04/22       USD    74.04
HYFLUX LTD                    4.60    09/23/19       SGD    40.05
HYFLUX LTD                    4.25    09/07/18       SGD    40.25
HYFLUX LTD                    4.20    08/29/19       SGD    40.33
INDO INFRASTRUCTURE GROUP     2.00    07/30/10       USD     1.00
INNOVATE CAPITAL PTE LTD      6.00    12/11/24       USD    46.21
ITNL OFFSHORE PTE LTD         7.50    01/18/21       CNY    33.46
MICLYN EXPRESS OFFSHORE P     8.75    11/25/18       USD    29.00
NEPTUNE ORIENT LINES LTD/     4.40    06/22/21       SGD    67.58
ORO NEGRO DRILLING PTE LT     7.50    01/24/19       USD    42.40
OSA GOLIATH PTE LTD          12.00    10/09/20       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    22.88


                           *********


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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