/raid1/www/Hosts/bankrupt/TCRAP_Public/191112.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, November 12, 2019, Vol. 22, No. 226
Headlines
A U S T R A L I A
CEC SYSTEMS: Second Creditors' Meeting Set for Nov. 19
CERES AGRICULTURAL: May Have Been Insolvent Since Mid-2016
GERALDTON INVESTMENTS: First Creditors' Meeting Set for Nov. 19
PARK TOWER: First Creditors' Meeting Set for Nov. 21
PEPPER RESIDENTIAL No.25: S&P Assigns B (sf) Rating to Cl. F Notes
SPHERE HEALTHCARE: Second Creditors' Meeting Set for Nov. 19
TAK NOMINEES: First Creditors' Meeting Set for Nov. 18
TRITON TRUST 2019-3: S&P Assigns BB (sf) Rating to Class E Bonds
VULETA HOLDINGS: First Creditors' Meeting Set for Nov. 21
C H I N A
GUANGDONG HELENBERGH: Moody's Withdraws B2 CFR for Business Reasons
KAISA GROUP: Fitch Rates $300MM Sr. Notes Final 'B'
REDSUN PROPERTIES: Moody's Rates Proposed Sr. Unsec. US$ Notes B3
XINHU ZHONGBAO: S&P Affirms 'B' LT ICR, Alters Outlook to Neg.
I N D I A
AYAAN TRENDZ: ICRA Lowers Rating on INR14.11cr Loan to B+
AZAD ISPAT: ICRA Maintains B+ Rating in Not Cooperating Category
BARANI FERROCAST: ICRA Keeps B- Rating in Not Cooperating
BHAVANI COTEX: ICRA Migrates B+ Rating to Not Cooperating
DHANDU MARIAMMAN: ICRA Maintains 'B' Rating in Not Cooperating
ECOVINAL INT'L: ICRA Cuts INR10.50cr Loan Rating to B+, Not Coop.
GMW ENGINEERS: Ind-Ra Affirms BB+ Issuer Rating, Outlook Now Neg.
IMPERIALL TECHNOFORGE: ICRA Keeps 'D' Rating in Not Cooperating
J.R.T. AGROMIN TRADING: Insolvency Resolution Process Case Summary
JALANDHAR AMRITSAR: Ind-Ra Affirms D Rating on INR1.417BB Loan
K.K. BUILDERS: ICRA Maintains B+ Rating in Not Cooperating
K.K. LEISURES: ICRA Maintains B- Rating in Not Cooperating
KARIWALA DESIGNERS: Insolvency Resolution Process Case Summary
LAKELAND CHEMICALS: Insolvency Resolution Process Case Summary
LAKSHMIDURGA TEXTILES: ICRA Cuts Loan Ratings to B+/Not Cooperating
M.N.S. PRINTERS: Insolvency Resolution Process Case Summary
MADHUR ENGINEERS: ICRA Lowers Rating on INR60cr LT Loan to B+
MVR GAS: ICRA Maintains B+ Rating in Not Cooperating Category
MY CHOICE: Insolvency Resolution Process Case Summary
NAGARJUN ENGINEERING: CRISIL Moves 'B' Rating to Not Cooperating
NECTAR CRAFTS: ICRA Maintains B+ Rating in Not Cooperating
PARAS STEEL: ICRA Cuts INR5.0cr Loan Rating to B+, Not Coop.
PRAMUKH COPPER: ICRA Keeps 'D' Rating in Not Cooperating
RELIABLE AGENCIES: ICRA Maintains B+ Rating in Not Cooperating
SALVI CHEMICAL: Insolvency Resolution Process Case Summary
SAMYU GLASS: Insolvency Resolution Process Case Summary
SANTOSH ENTERPRISES: ICRA Cuts Rating on INR4cr Loan to 'D'
SHIVAY MINERALS: ICRA Maintains 'B' Rating in Not Cooperating
SHREE DATT: Ind-Ra Lowers LT Issuer Rating to 'BB', Outlook Stable
SHREE GAJAPATI: Insolvency Resolution Process Case Summary
SHRI RAM: ICRA Maintains B+ Rating in Not Cooperating Category
SHUBHJIVAN DEVELOPERS: ICRA Cuts INR20cr Loan Rating to B/Not Coop.
SOLAR OFFSET: Insolvency Resolution Process Case Summary
SRI VASAVI: Insolvency Resolution Process Case Summary
SUPREME STARTECH: Insolvency Resolution Process Case Summary
SYGLAK LABORATORIES: Insolvency Resolution Process Case Summary
TODAY HOMES: NCLT Initiates Insolvency Proceedings vs. Firm
TURQUOISE & GOLD: ICRA Keeps D Rating in Not Cooperating Category
USHDEV ENGITECH: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
VIJAYKUMAR AND CO: ICRA Cuts Rating on INR5.0cr Loan to B+
I N D O N E S I A
KAWASAN INDUSTRI: Fitch Affirms 'B' LT IDR, Outlook Stable
N E W Z E A L A N D
[*] NEW ZEALAND: Revised Insolvency Law Protects Voucher-Holders
P H I L I P P I N E S
CHINA BANKING: Fitch Affirms BB+ LT IDRs, Outlook Stable
PHILIPPINE NATIONAL BANK: Fitch Affirms BB+ LT IDR, Outlook Stable
RIZAL COMMERCIAL: Fitch Affirms BB+ LT IDRs, Outlook Stable
S I N G A P O R E
HATTEN LAND: Auditor Issues Disclaimer of Opinion on FY2019 Report
KOON HOLDINGS: Gets Debt Moratorium Until February 28 Next Year
TEE INTERNATIONAL: Deloitte & Touche Gives Disclaimer of Opinion
X X X X X X X X
[*] BOND PRICING: For the Week Nov. 4, 2019 to Nov. 8, 2019
- - - - -
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A U S T R A L I A
=================
CEC SYSTEMS: Second Creditors' Meeting Set for Nov. 19
------------------------------------------------------
A second meeting of creditors in the proceedings of CEC Systems Pty
Ltd has been set for Nov. 19, 2019, at 11:00 a.m. at the offices of
BDO, Level 11, at 1 Margaret 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. 18, 2019, at 4:00 p.m.
Duncan Edward Clubb and Andrew Thomas Sallway of BDO were appointed
as administrators of CEC Systems on Oct. 15, 2019.
CERES AGRICULTURAL: May Have Been Insolvent Since Mid-2016
----------------------------------------------------------
Larry Schlesinger at Australian Financial Review reports that Ceres
Agricultural Company may have been trading insolvent for almost
three years before its collapse at the end of March, administrator
Grant Thornton said.
The Oberon-based company farmed 30,000 hectares of land leased from
related parties in the Ceres group and was one of the country's
largest suppliers of premium beef. It finished more than 100,000
cattle a year, as well as producing about 40,000 tonnes of
high-quality grains, pulses and oilseeds and running about 20,000
superfine Merino sheep.
It was established by former stockbroker turned property
entrepreneur Garrick Hawkins and backed by listed Singapore fund
manager Duxton.
But Ceres Ag was placed in the hands of administrators Philip
Campbell-Wilson and Said Jahani of Grant Thornton at the end of
March with debts of around $175 million after becoming insolvent,
in part due to the drought, AFR discloses.
AFR relates that minutes of a reconvened second meeting of
creditors held on October 16 said: "In regard to claim of
insolvent trading, we have estimated the company may have been
insolvent from June 30, 2016 and that a claim of insolvent trading
may be commenced against the directors in the amount of circa AUD15
million."
According to AFR, Grant Thornton said Ceres Ag spent about AUD20.9
million on rent in the four years prior to administrators being
appointed and estimated that almost half of this amount--AUD10
million--"may be recoverable by a liquidator".
"This estimate is based on an assessment of what a tenant, acting
reasonably, would likely expend, based on its circumstances, to
undertake improvements to a property in such circumstances as the
company was, with a related party landlord," the minutes said, AFR
relays.
At the meeting, creditors voted on the recommendation of
administrators in favour of a revised deed of company arrangement
(DOCA) put forward by Mr. Hawkins' Pajiti Trust.
This was on the basis that they were likely to get a better
return--between 18 cents and 46 cents in the dollar--compared with
0 cents and 17 cents if Ceres went into liquidation.
Under the DOCA, Pajiti would appoint new management and reduce the
size of the business so that it conducted operations only in the
south with a focus on the livestock trade business.
In March, Mr. Hawkins' Pegela sold the Brudle Park dry cropping
aggregation leased to Ceres for about AUD50 million to
Macquarie-backed Viridis Ag.
Ceres Agricultural, which operated one of Australia's largest
integrated cattle finishing and cropping enterprises before
voluntary administrator Grant Thornton was appointed on March 28,
operated from leased properties in Oberon, Moree and Warialda. The
two leased properties in Oberon were Mayfield and Ballyroe.
GERALDTON INVESTMENTS: First Creditors' Meeting Set for Nov. 19
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Geraldton
Investments Pty Ltd will be held on Nov. 19, 2019, at 11:00 a.m. at
the offices of FTI Consulting (Australia) Pty Ltd, Level 47,
Central Park, at 152 -158 St Georges Terrace, in Perth, WA.
Ian Charles Francis and Daniel Hillston Woodhouse of FTI Consulting
were appointed as administrators of Geraldton Investments on Nov.
8, 2019.
PARK TOWER: First Creditors' Meeting Set for Nov. 21
----------------------------------------------------
A first meeting of the creditors in the proceedings of Park Tower
Developments Pty Ltd will be held on Nov. 21, 2019, at 11:00 a.m.
at the offices of Veritas Advisory, Level 5, at 123 Pitt Street, in
Sydney, NSW.
Steve Naidenov and Vincent Pirina of Veritas Advisory were
appointed as administrators of Park Tower on Nov. 11, 2019.
PEPPER RESIDENTIAL No.25: S&P Assigns B (sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 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 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 and excess spread. The
assessment of credit risk takes into account 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.
-- That S&P also has factored into its ratings the legal structure
of the trust, which has been established as a special-purpose
entity and meets our criteria for insolvency remoteness.
RATINGS ASSIGNED
Pepper Residential Securities Trust No.25
Class Rating Amount (mil.)
A1-u AAA (sf) US$150.00
A1-a AAA (sf) A$161.40
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
The exchange rate applicable to the class A1-u notes is US$0.682128
per Australian dollar. The exchange rate applicable to the class
A1-GEUR notes is EUR0.615764 per Australian dollar. The class A1-a
and class A1-GEUR note sizes are to be determined.
SPHERE HEALTHCARE: Second Creditors' Meeting Set for Nov. 19
------------------------------------------------------------
A second meeting of creditors in the proceedings of Sphere
Healthcare Pty. Limited and Tabco Pty Ltd has been set for Nov. 19,
2019, at 12:00 p.m. at the offices of Conservatory 3/4, Mercure
Liverpool, at 424-458 Hoxton Park Road, in Prestons, 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. 18, 2019, at 4:00 p.m.
Philip Quinlan and Ryan Eagle of KPMG were appointed as
administrators of Sphere Healthcare on Aug. 16, 2019.
TAK NOMINEES: First Creditors' Meeting Set for Nov. 18
------------------------------------------------------
A first meeting of the creditors in the proceedings of Tak Nominees
Pty Ltd will be held on Nov. 18, 2019, at 11:00 a.m. at the offices
of Quigley & Co, Level 5, at 231 Adelaide Terrace, in Perth, WA.
Peter Reymond Quigley of Quigley & Co was appointed as
administrator of Tak Nominees on Nov. 6, 2019.
TRITON TRUST 2019-3: S&P Assigns BB (sf) Rating to Class E Bonds
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Triton Trust No.8 Bond Series
2019-3.
The 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 it applies. This credit support comprises mortgage
insurance covering 54.5% 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$150,000, funded from day
one by Columbus Capital Pty Ltd., available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.
-- The benefit of a fixed- to floating-rate interest-rate swap
provided by National Australia Bank Ltd. (NAB) to hedge the
mismatch between receipts from any fixed-rate mortgage loans and
the variable-rate RMBS.
RATINGS ASSIGNED
Triton Trust No.8 Bond Series 2019-3
Class Rating Amount (mil. A$)
A1-AU AAA (sf) 800.00
A1-5Y AAA (sf) 50.00
A2 AAA (sf) 70.00
AB AAA (sf) 40.00
B AA (sf) 20.00
C A (sf) 12.70
D BBB (sf) 3.60
E BB (sf) 2.00
F NR 1.70
NR--Not rated
The issuer has not informed S&P Global Ratings Australia Pty Ltd.
whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.
VULETA HOLDINGS: First Creditors' Meeting Set for Nov. 21
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Vuleta
Holdings Pty Ltd will be held on
Nov. 21, 2019, at 10:30 a.m. at Level 4, 15 Ogilvie Road, in Mount
Pleasant, WA.
Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
was appointed as administrator of Vuleta Holdings on Nov. 11,
2019.
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C H I N A
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GUANGDONG HELENBERGH: Moody's Withdraws B2 CFR for Business Reasons
-------------------------------------------------------------------
Moody's Investors Service has withdrawn Guangdong Helenbergh Real
Estate Group Co Ltd's B2 corporate family rating with a stable
outlook.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons. This follows the assignment of a first-time B2 corporate
family rating and stable outlook to Helenbergh China Holdings
Limited, the parent of Guangdong Helenbergh, on September 27,
2019.
Helenbergh China's B2 CFR mainly reflects the credit profile of
Guangdong Helenbergh, which accounts for almost all of its
operations and financial profile.
Helenbergh China Holdings Limited is a Guangdong-based residential
property developer. Operating through its onshore wholly-owned
subsidiary, Guangdong Helenbergh Real Estate Group Co Ltd, the
company offers different products such as apartments, high-rise
residential buildings and villas in 12 provinces and municipalities
in China.
KAISA GROUP: Fitch Rates $300MM Sr. Notes Final 'B'
----------------------------------------------------
Fitch Ratings assigned China-based homebuilder Kaisa Group Holdings
Limited's (B/Stable) USD300 million 11.95% senior notes due 2023 a
final rating of 'B' with a Recovery Rating of 'RR4'. The notes will
be used to refinance its medium- to long-term debt that will fall
due in the next year.
The notes are rated at the same level as Kaisa's senior unsecured
rating as they constitute its direct and senior unsecured
obligations. The final rating is in line with the expected rating
assigned on November 3, 2019.
Kaisa's ratings are underpinned by a strong asset base that
supports scale expansion, which is at a level comparable with 'BB'
category homebuilders. The company had a large and well-located
land bank consisting of 167 projects in 47 cities across five major
economic regions at end-1H19. Its geographical diversification
mitigates project and region-related risks and gives it more
flexibility when launching new projects to support sales growth.
Kaisa's ratings are constrained by high leverage--measured by net
debt/adjusted inventory (urban renewal projects (URP) and
investment properties at original cost)--of 72% at end-1H19,
although this is mitigated by high profitability.
Fitch believes Kaisa will start deleveraging from 2020, supported
by its enlarged scale and increased margin, with more high-margin
URPs being recognised. Kaisa is able to secure a large land bank at
low cost in China's Greater Bay Area through its URP business,
which supports its high EBITDA margin of over 30%. The wider margin
of the URP business, at over 40%, will help deleveraging. However,
Kaisa's leverage will remain high if it expands its scale at the
same pace as in 2017 and 2018, as URPs only contributed 30% of
contracted sales in 2018.
KEY RATING DRIVERS
URPs a Business Strength: Fitch believes Kaisa's URP business
offers operational flexibility, as its high profitability enables
the company to sustain price cuts in a market downturn. Kaisa can
also sell stakes in its URPs, if needed, at a profit because of
their low land cost. Kaisa's long experience in the URP business
has enabled it to secure a large land bank with a high gross profit
margin of over 40%, supporting the company's EBITDA margin,
excluding capitalised interest in cost of goods sold (COGS), of
30%-35%. A large URP pipeline of 128 projects, covering a site area
of 32 million square metres (sq m), also allows for a consistent
stream of projects entering the sales phase.
Kaisa has converted an average gross floor area (GFA) of 940,000 sq
m a year for the past 10 years; this offers some operational
flexibility with land replenishment. Nevertheless, the URP business
has limited scope to build scale and will become a less important
driver at higher rating levels. URPs require a longer development
cycle and thus funds will be trapped for a longer period and incur
higher funding without immediate cash flow generation or profit
contribution, raising Kaisa's leverage above that of peers without
as large an exposure to URPs. The nature of the business and the
high profitability mean Kaisa can operate at a higher leverage than
other Chinese homebuilders for a sustained period.
High Leverage Constrains Ratings: Fitch expects Kaisa's leverage,
measured by net debt/adjusted inventory, to stay above 70% in 2019,
but to fall below that level thereafter. Kaisa's sales scale in
2019 would be insufficient to cover its high tax and interest
burden. Reliance on the non-URP homebuilding business, which has a
lower margin, and growth at the business that is faster than Fitch
expects, may limit Kaisa's capacity to deleverage. However, Fitch
thinks there may be improvement once the company's attributable
sales rise above CNY100 billion from 2020, as its sales efficiency
- contracted sales/gross debt - will exceed 0.8x and support
stronger fund flow from operation.
Large and Premium Land Bank: Fitch believes Kaisa's quality land
bank will support its ability to meet its sales target in 2019. Its
premium asset base can also buffer liquidity if conversion of its
URP land bank takes longer than the company expects, as it can
easily find buyers for its well-located URPs, especially in
Shenzhen. Kaisa's land bank totalled 25.8 million sq m (estimated
sellable resources of CNY501 billion) at end-1H19, of which 14.1
million sq m, or 54.6%, was in the Greater Bay Area and 3.2 million
sq m in Shenzhen.
Robust Contracted Sales Growth: Fitch thinks Kaisa's 2019
contracted sales target is achievable due to the supportive
policies in the Greater Bay Area and the company's well-located
land bank. Kaisa had available sellable resources of CNY158 billion
at end-2018, implying a sell-through rate of 57% to support a 20%
sales growth in 2019, close to its historical sell-through rate of
around 60%. Kaisa's attributable contracted sales rose by 34% to
CNY55.1 billion in 9M19, supported by an average selling price
increase of 4% and GFA growth of 28%.
DERIVATION SUMMARY
Kaisa's attributable sales of CNY70 billion in 2018 were comparable
with those of 'BB' category peers, such as CIFI Holdings (Group)
Co. Ltd. (BB/Stable), Logan Property Holdings Company Limited
(BB/Stable) and China Aoyuan Group Limited (BB-/Positive), and
exceeded the CNY40 billion-50 billion sales of Yuzhou Properties
Company Limited (BB-/Stable), KWG Group Holdings Limited
(BB-/Stable) and Times China Holdings Limited (BB-/Stable). Over
half of Kaisa's land bank GFA is in the Greater Bay Area, similar
to that of Logan, China Aoyuan and Times China. Kaisa's EBITDA
margin of over 30% is at the higher end of 'BB' category peers due
to its high-margin URPs.
Kaisa's leverage of over 70% is similar to that of Oceanwide
Holdings Co. Ltd. (B-/Stable), Xinhu Zhongbao Co., Ltd. (B-/Stable)
and Tahoe Group Co., Ltd. (B-/Stable). Kaisa's business profile is
much stronger than that of Oceanwide and Xinhu, with a larger sales
scale and more diversified land bank. Its churn, measured by
contracted sales/total debt, of 0.64x is also healthier than the
ratios of the two peers, which are below 0.25x. Kaisa and Tahoe,
whose land bank is more exposed to the Pan-Bohai Area, the Yangtze
River Delta and Fujian province, have similar scale and margin.
However, Tahoe's shorter land-bank life of two to three years
pressures its leverage and Tahoe's liquidity is much tighter than
that of Kaisa.
Kaisa's closest peer among 'B' category issuers is Yango Group Co.,
Ltd. (B+/Stable). Yango's sales of CNY118 billion in 2018 were
larger than Kaisa's CNY70 billion and its land bank was also more
diversified, although Yango's EBITDA margin, excluding capitalised
interest, of around 28% was narrower than Kaisa's more than 30%.
Yango's leverage, measured by net debt/adjusted inventory, of below
65% in 2019 is lower than its expectation of Kaisa's leverage.
Yango's moderately stronger business and financial profiles
justifies the one-notch difference.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Attributable contracted sales to rise by 20% in 2019 and 2020
- Attributable land premium/contracted sales at 28% in 2019 and
31% in 2020 (2018: 23%)
- Cash collection rate of around 80% in 2019 and 85% in 2020
(2018: 75%)
- Construction cost/sales proceeds at around 30% in 2019 and 2020
(2018: 30%)
- Dividend payout ratio of 20% of net income (2018: 19%)
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Leverage, measured by net debt/adjusted inventory, sustained
below 60%
- EBITDA margin, excluding capitalised interest in COGS,
sustained above 30%
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Leverage, measured by net debt/adjusted inventory, above 75%
for a sustained period
- EBITDA margin, excluding capitalised interest in COGS, below
25% for a sustained period
LIQUIDITY AND DEBT STRUCTURE
Cash Meets Short-Term Obligations: Kaisa had cash and cash
equivalents of CNY28 billion at end-1H19, including restricted cash
of CNY7 billion, against CNY22 billion in short-term debt. The
company also had total credit lines of CNY165 billion, of which
CNY119 billion was unused. In addition, Kaisa obtained approval
from the Shenzhen Stock Exchange to issue four asset-backed
securities, consisting of CNY5 billion linked to supply-chain
financing (CNY555 million issued), CNY3 billion linked to long-term
rental apartments, CNY685 million secured by mortgage balloon
payments (issued) and CNY475 million backed by income from its
shipping business (issued). Kaisa's average funding cost stayed
flat at 8.4% in 2018.
REDSUN PROPERTIES: Moody's Rates Proposed Sr. Unsec. US$ Notes B3
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Redsun Properties
Group Limited's (B2 positive) proposed senior unsecured USD notes.
Redsun plans to use the proceeds from the proposed notes to
refinance their existing indebtedness.
RATINGS RATIONALE
"The proposed bond issuance will lengthen Redsun's debt maturity
profile and will not have a material impact on the company's credit
metrics, because Redsun will use the proceeds to refinance its
existing debt," says Cedric Lai, a Moody's Vice President and
Senior Analyst.
Moody's expects that Redsun's debt leverage--as measured by
revenue/adjusted debt including adjustments for its shares in joint
ventures and associates)--will trend towards 60%-65% over the next
12-18 months from around 44% for the 12 months ended June 2019. Its
interest coverage--as measured by adjusted EBIT/interest (including
adjustments for its shares in joint ventures and
associates)--should strengthen to around 2.0x-2.5x from 2.2x over
the same period.
Redsun's B2 corporate family rating (CFR) reflects the company's
long track record of developing properties in Jiangsu Province,
quality land bank, as well as strong sales execution. The rating
also considers the recurring income streams generated from its
investment properties, which improve the stability of its debt
servicing.
However, the CFR is constrained by its developing funding channels,
moderate credit metrics, and high exposure to joint venture
businesses, which in turn lowers the transparency of its credit
metrics.
Redsun's liquidity is adequate. Specifically, the company's RMB16.9
billion in cash as of June 30, 2019 could cover 125% of its
short-term debt of RMB13.5 billion. Moody's expects that the
company's cash holdings, together with its operating cash flow,
will be sufficient to cover its short-term debt over the next 12
months and committed land payments over the same period.
The B3 senior unsecured rating is one notch lower than its CFR to
reflect the risk of structural subordination. This subordination
risk considers the fact that the majority of Redsun's claims are at
its operating subsidiaries and have priority over claims at the
holding company in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.
In terms of environmental, social and governance factors, Moody's
has taken into account the concentrated ownership by Redsun's key
shareholder, Mr. Zeng Huansha, who held a 72% direct and indirect
stake in Redsun as of June 30, 2019.
Moody's has also considered (1) the presence of three independent
non-executive directors (INED) on Redsun's eight-member board of
directors, (2) the fact that the INEDs also chair both the audit
and remuneration committees; and (3) the presence of other internal
governance structures and standards, as required under the
Corporate Governance Code for companies listed on the Hong Kong
Stock Exchange.
The positive outlook reflects Moody's expectation that Redsun will
(1) continue its strong contracted sales growth; (2) strengthen its
credit metrics over the next 12-18 months; and (3) improve access
to both offshore and onshore funding channels.
Redsun's ratings could be upgraded if the company improves its debt
leverage and funding channels, while maintaining strong contracted
sales growth. Credit metrics indicative of a potential upgrade
include (1) revenue/adjusted debt rising above 60%-65%; (2)
adjusted EBIT/interest rising above 2.25x; and (3) cash/short-term
debt rising above 1.25x, all on a sustained basis.
A downgrade is unlikely in the near term, given the positive
outlook on Redsun's ratings.
However, the rating outlook could be revised to stable from
positive if the company fails to improve its credit metrics over
the next 12-18 months or maintain adequate liquidity over the same
period.
The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.
XINHU ZHONGBAO: S&P Affirms 'B' LT ICR, Alters Outlook to Neg.
--------------------------------------------------------------
On Nov. 6, 2019, S&P Global Ratings revised the outlook on Xinhu
Zhongbao Co. Ltd. to negative from stable. At the same time, S&P
affirmed its 'B' long-term issuer credit rating on the company and
the 'B-' long-term issue rating on the outstanding senior unsecured
notes guaranteed by the company.
S&P said, "We revised the outlook on Xinhu to reflect the company's
deteriorating liquidity position, which could lead to refinancing
risk given its sizable short-term debt maturities. The increasingly
challenging environment for refinancing and the company's
lackluster sales are key risks in the next six to 12 months, in our
view. The company faces a sizable maturity concentration in 2020,
and its refinancing tenors are shortening, leading to heightened
levels of short-term debt. In addition, we believe the liquidity
buffer provided by Xinhu's investment portfolio is becoming less
adequate compared with its liquidity needs."
Xinhu's liquidity position has weakened. The company's unrestricted
cash declined to Chinese renminbi (RMB) 12.2 billion as of Sept.
30, 2019, from RMB14.5 billion at end-June, after it repaid its
RMB5 billion domestic bonds. The company's short-term debt
(including puttable bonds) remained above RMB25 billion. Xinhu
issued a small tranche of domestic public bonds of RMB750 million
in September that will mature in 2023 with a put option in 2021,
pointing to tenor shortening in the current credit environment,
compared with 2015-2016.
However, S&P does not see an immediate risk regarding the repayment
of the US$620 million senior notes in March 2020. This is because
of the company's available mix of U.S. dollar funds, Hong
Kong-listed equities, and approved foreign exchange quota. In
addition, Xinhu has implemented a number of refinancing measures.
These include a domestic public bond issuance within its RMB7.5
billion quota, an offshore bond quota of US$500 million, the
rollover of its RMB5 billion portfolio of trade finance and working
capital loans, and new onshore bank loan drawdowns. However, if the
company is unsuccessful in executing the refinancing measures, its
liquidity position could worsen, leaving it vulnerable to changes
in market conditions and institutional confidence.
At the same time, Xinhu's sales have been lackluster. The company's
contracted sales are below S&P's expectations, with only RMB10
billion achieved in the first nine months of the year, representing
a 14% decline year on year. S&P believes Xinhu has a material risk
of missing its 2019 sales target of RMB20 billion.
Xinhu's estimated RMB30 billion in saleable resources from the
Shanghai projects to be launched in 2020 and 2021 serve as a
stronger prospect for the company to substantially improve its
liquidity and leverage position. S&P said, "But we believe risks
related to execution slippages could cause a delay or an
underperformance in sales. We also expect the company's liquidity
to remain under significant pressure in the next 12-18 months if
sales in other regions prove unsatisfactory, given that saleable
resources in Shanghai will only be partially released in 2020."
To supplement organic cash flows, Xinhu has sold three project
companies to Sunac China Holdings Ltd. in July for a total
consideration of RMB6.7 billion. S&P believes this is the first
step in Xinhu's efforts to monetize its sizable primary land assets
in Nantong and Wenzhou. Such transactions, if executed more
routinely, could provide a strong source of liquidity in the next
two to three years and help the company to deleverage.
In addition, S&P expects Xinhu to become more active in exploring
monetization of its existing investment portfolio in the next two
years. Other than China CITIC Bank Co. Ltd., which is unlikely to
be sold and heavily pledged, it estimates the market value of the
company's listed investments that could be easily liquidated to be
RMB2.5 billion-RMB3.0 billion. Xinhu's unlisted investments have an
aggregate book value in excess of RMB10 billion, which could be
used for equity pledge financing. S&P estimates those investments
could provide about RMB5 billion of emergency liquidity within a
relatively short period should circumstances become necessary. But
if short-term debt continues to exceed its cash position, such
additional liquidity may be insufficient to mitigate refinancing
risks.
The negative outlook reflects Xinhu's significant liquidity and
refinancing pressure, given the large amount of debt maturing in
2020. While S&P does not see an immediate risk of liquidity stress
for its U.S. dollar senior notes due in March 2020, Xinhu's
liquidity improvement hinges on improving its sales performance and
successfully issuing onshore and offshore debt for refinancing.
S&P said, "We could lower the rating if Xinhu is unable to improve
its liquidity position, such that refinancing becomes increasingly
difficult. This could be indicated by weak or delayed sales, an
inability to refinance with longer-dated debt, or an inability to
monetize its investments or land assets in the next six months. A
ratio of projected liquidity sources over liquidity uses of
materially less than 1.2x for 2020 would point to such a scenario.
"We could revise the outlook back to stable if Xinhu materially
improves its liquidity position. This could happen if it manages to
improve its capital structure by reducing reliance on short-term
debt, improving its sales, or receiving substantial cash inflow
from asset disposals." Liquidity sources over uses sustainably
above 1.2x in the next 12 months, while debt to EBITDA continues to
fall below 10x could suggest such improvement.
Xinhu mainly engages in the development of residential properties
with a focus on the Yangtze River Delta region. The company also
engages in urban redevelopment in Shanghai as well as primary land
development in Nantong and Wenzhou. Its contracted sales were
RMB16.2 billion in 2018. Xinhu also has diversified equity
investments in banks, financial businesses, and fintech companies.
The company is the second-largest shareholder of China CITIC Bank
with a 4.99% ownership.
Xinhu was listed on the Shanghai stock exchange in 1999. It is one
of the constituents of the CSI 300 index.
=========
I N D I A
=========
AYAAN TRENDZ: ICRA Lowers Rating on INR14.11cr Loan to B+
---------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Ayaan
Trendz Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 14.11 [ICRA]B+(Stable) ISSUER NOT
Short Term- COOPERATING; Long Term Rating
Fund Based downgraded from [ICRA]BB-
(Stable)/[ICRA]A4 ISSUER NOT
COOPERATING, rating continues
to remain under 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding Ayaan Trendz Private Limited performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.
As part of its process and in accordance with its rating agreement
with Ayaan Trendz Private Limited ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.
Incorporated in August 2011 by Mr. Anil Agarwal and Mr. Mukesh
Agarwal, Ayaan Trendz Private Limited is engaged in manufacturing
and domestic sales of embroidered and printed sarees. The company
is part of the Vipul Group based in Surat, Gujarat. The group is
engaged in the textile business for over three decades through
other group companies, including Vipul Industries Private Limited
(VIPL). ATPL started commercial production of sarees from November
2011. The company procures grey material from the local suppliers
in Surat, outsources the dyeing and printing activities to VIPL
while undertaking the embroidery work in-house.
AZAD ISPAT: ICRA Maintains B+ Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA said the ratings for the INR12.00-crore bank facilities of
Azad Ispat India Private Limited (AIIPL) Continues to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.00 [ICRA]B+(Stable); ISSUER NOT
Fund based- COOPERATING; Rating Continues
Cash credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
Incorporated in February 2008, Azad Ispat India Private Limited
(AIIPL), an ISO 9001:2008 certified company, manufactures Thermo
Mechanically Treated (TMT) bars, with a capacity to produce 31360
tonnes per annum (TPA). The company sells its product to the
dealers who further supply to the housing segment of the
construction industry, under the brand name "AZAD TMT". It
manufactures TMT bars of Fe 500 grade. It also has facilities to
produce mild steel (MS) ingots (14400 TPA) and billets which are
used for captive consumption. Its manufacturing facility is located
in Hindupur (Andhra Pradesh). The major raw materials consumed by
AIIPL for the production of ingot are sponge iron and scrap. The
company procures sponge iron as well as scrap from the
manufacturers based out of Bangalore and Bellary in Karnataka. All
the sales are made in the domestic market.
BARANI FERROCAST: ICRA Keeps B- Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR14.00-crore bank facilities of
Barani Ferrocast Private Limited (BFPL) Continues to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]B-(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.65 [ICRA]B-(Stable); ISSUER NOT
Fund based- COOPERATING; Rating Continues
Cash credit to remain under 'Issuer Not
Cooperating' category
Long-term– 5.72 [ICRA]B-(Stable); ISSUER NOT
Fund Based- COOPERATING; Rating Continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long-term– 4.63 [ICRA]B-(Stable); ISSUER NOT
Unallocated COOPERATING; Rating Continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
BFPL is involved in the business of manufacturing ferrous castings
using green sand molding and no bake molding process, based on the
customer requirements. The company was incorporated in FY2011 and
started commercial operations from FY2014. The company is led by
Mr. T K Karuppannasamy and Mr. K Devaraj whose experience in the
metal industry spans over two decades. The company has a production
shop floor area of 2020 sq. mt. and services floor area of 210 sq.
mt. to carry out the molding process. The company focuses on
manufacturing intricate engineering parts that caters to various
sectors like automobiles, power, general machinery etc.
BHAVANI COTEX: ICRA Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Bhavani
Cotex (BC) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 6.90 [ICRA]B+(Stable) ISSUER NOT
COOPERATING; Rating moved to
'Issuer Not Cooperating'
Category
Term Loan 1.60 [ICRA]B+(Stable) ISSUER NOT
COOPERATING; Rating moved to
'Issuer Not Cooperating'
Category
Rationale
The ratings for the INR8.50 crore bank facilities of BC moved to
Issuer non-cooperating category. The long-term rating is denoted as
[ICRA]B+(Stable) ISSUER NOT COOPERATING with a Stable outlook.
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.
BC was established as a partnership firm in July, 2009. Mr.
Gordhanbhai Patel, Mr. Rakeshbhai Patel and Mr. Naineshbhai Patel
manage the operations of the firm and they have extensive
experience in cotton business. The firm's manufacturing unit is
located at Bodeli in Vadodara district, Gujarat. The plant is
equipped with with 32 ginning machines and 1 pressing machine
having an installed capacity of producing 300 cotton bales per day.
The firm is also involved in trading of cotton bales.
DHANDU MARIAMMAN: ICRA Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR6.00-crore bank facilities of
Dhandu Mariamman Steels (DMS) Continues to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]B
(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.50 [ICRA]B (Stable); ISSUER NOT
Fund based- COOPERATING; Rating Continues
Cash credit to remain under 'Issuer Not
Cooperating' category
Long-term– 0.50 [ICRA]B (Stable); ISSUER NOT
Unallocated COOPERATING; Rating Continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
Dhandumariamman Steels is a trader in ferrous and non ferrous scrap
which is widely used in foundries; the firm supplies metal scrap to
some of the leading foundries located in and around Coimbatore,
Tamilnadu. The firm mainly deals in trading of cast iron scrap that
is suited for foundries catering to manufacturing of pumps,
automotive parts and general machineries. The firm commenced
operations in the year 2007 and is managed by M. P. Mohanraj who is
the sole proprietor.
ECOVINAL INT'L: ICRA Cuts INR10.50cr Loan Rating to B+, Not Coop.
-----------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Ecovinal International Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.50 [ICRA]B+ (Stable); ISSUER NOT
Fund Based/CC COOPERATING; Rating downgraded
from [ICRA]BB+ (Stable) and
moved to the 'Issuer Not
Cooperating' category
Short Term- 2.75 [ICRA]A4; ISSUER NOT
Non-Fund COOPERATING; Rating downgraded
Based from [ICRA]A4+ and moved to the
'Issuer Not Cooperating'
Category
Long Term/ 2.58 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating downgraded from
[ICRA]BB+ (Stable)/
[ICRA]A4+ and moved to the
'Issuer Not Cooperating'
Category
Rationale
The rating downgrade is because of lack of adequate information
regarding Ecovinal International Private Limited's performance and
hence the uncertainty around its credit risk. ICRA assesses whether
the information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.
As part of its process and in accordance with its rating agreement
with Ecovinal International Private Limited ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a
rating.
Ecovinal International Private Limited (EIPL) was established in
1999 by Mr. Felix Justa Maranon, Mr. N. K. Pandey and Mr. B. L.
Agarwal. Each of the three promoters has more than two decades of
experience in the food-processing industry. EIPL was initially into
manufacturing of natural white vinegar which finds application as a
preservation medium in the Indian gherkin industry. The
manufacturing facility for the same is located at Kunigal,
Karnataka, with an installed capacity of 24 million litres per
annum. EIPL also established another business segment, Specialised
Food Division (SFD), in FY2012. Under SFD, the company exports
pickled vegetables, especially gherkin pickles and the same
contributes to nearly 95% of the total SFD income of EIPL.
GMW ENGINEERS: Ind-Ra Affirms BB+ Issuer Rating, Outlook Now Neg.
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised GMW Engineers
Private Limited's (GEPL) Outlook to Negative from Stable while
affirming its Long-Term Issuer Rating at 'IND BB+'.
The instrument-wise rating actions are:
-- INR12 mil. Fund-based limits affirmed; Outlook revised to
Negative from Stable with IND BB+/Negative/IND A4+ rating;
-- INR105 mil. Non-fund-based limits affirmed with IND A4+
rating; and
-- INR4 mil. (reduced from INR5.88 mil.) Term loan due on March
2024 affirmed; Outlook revised to Negative from Stable with
IND BB+/Negative rating.
KEY RATING DRIVERS
The Outlook revision reflects GEPL's limited revenue visibility
over the medium term as a result of continued weak order book
position.
The affirmation reflects GEPL's continued small scale of
operations, as reflected by revenue of INR134 million in FY19
(FY18: INR101 million). The revenue increased as a result of
increased execution of orders. The company achieved a turnover
INR62.02 million during 1HFY20. As on September 30, 2019, it had an
outstanding order book of INR139 million (1.03x of FY19 revenues),
which will be executed over the next one year, showing continued
low revenue visibility.
The ratings factor in GEPL's modest EBITDA margins since it mainly
undertakes small size sub-contract works. The margin fell to 11% in
FY19 (FY18: 15.95%) due to an increase in raw materials consumed
and fluctuation in raw material (steel) prices. The return on
capital employed was 9.65% in FY19 (FY18:10%).
Liquidity Indicator - Stretched: GEPL's cash and cash equivalents
remained weak at INR0.4 million, with total outstanding debt of
INR20 million as of March 31, 2019. Cash flow from operations
turned negative at INR8 million in FY19 (FY18: INR17 million) on
account of increased working capital requirements. The average cash
credit utilization was 96.30% during the 12 months ended September
2019.
The ratings continue to be constrained by the company's elongated
net cash cycle due to working capital-intensive nature of
operations.
The ratings also continue to factor in the company's moderate
credit metrics, as indicated by interest coverage
(operating EBITDA/gross interest expense) of 3.6x in FY19 (FY18:
3.2x) and net leverage (total adjusted debt/operating EBITDAR) of
1.3x (0.9x). The interest coverage improved because of a decrease
in interest and finance costs to INR4.07 million in FY19
(FY18:INR5.02 million). The net leverage deteriorated on account of
a decrease in absolute operating EBITDA to INR15 million in FY19
(FY18: INR16 million) and additional debts availed during the
year-end. The credit metrics are likely to remain comfortable in
FY20 due to the absence of any major debt-led capex plans.
The ratings are supported by the promoters' experience of more than
30 years in executing engineering, procurement and construction
contracts.
RATING SENSITIVITIES
Negative: Continued weak revenue visibility on account of the order
book sustaining below 1.5x of its FY19 revenues, decline in the
EBITDA margins and/or elongation of the net working capital cycle,
leading to deterioration in liquidity profile, will result in a
negative rating action.
Positive: Improvement in the order book above 1.5x of revenues and
improvement in the working capital cycle, leading to an improvement
in liquidity profile, will result in the Outlook being revised back
to Stable.
COMPANY PROFILE
Incorporated in 1986, GEPL is engaged in the installation of
hydro-mechanical and water intake equipment such as hydel gates,
stop log gates, piping work, etc. for various power projects,
mainly hydro power projects. The work includes designing, supply
and installation of steel structures for meeting the demands of
projects. The company undertakes 100% sub-contract works for hydro
power civil contractors. GEPL is promoted by Mr. Onkar Singh, Mr.
Pritam Singh, Mr. Sarwan Singh, Mr. Balbir Singh and their family.
IMPERIALL TECHNOFORGE: ICRA Keeps 'D' Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR11.98-crore bank facilities of
Imperiall Technoforge Private Limited (ITPL) continues to remain
under 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating Continues to remain under
the 'Issuer Not Cooperating'
category
Fund-based– 6.58 [ICRA]D; ISSUER NOT COOPERATING;
Term Loans Rating Continues to remain under
the 'Issuer Not Cooperating'
category
Non-fund 0.40 [ICRA]D; ISSUER NOT COOPERATING;
Based–Letter Rating Continues to remain under
Of Guarantee the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
Incorporated in 2012, Imperiall Technoforge Private Limited (ITPL)
is owned and managed by Mr. Samir Vaishnav and other family
members. The company was taken over by the current management from
State Bank of India in an auction of the manufacturing facilities
of Micro Forge (India) Limited. ITPL manufactures forged and
machined components. The unit is situated in Rajkot (Gujarat) and
has an installed capacity of 9000 tons per annum (TPA). The
commercial production was commenced in October 2013.ITPL
manufactures forged and machined components, particularly crank
shafts and flanges, which finds application in automobile and
pipeline industry respectively. The company also operates on job
work basis for forging players located nearby in Rajkot.
J.R.T. AGROMIN TRADING: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: J.R.T. Agromin Trading Private Limited
52/14 Soundarya Colony
Anna Nagar West
Chennai 600101
IN
Insolvency Commencement Date: October 25, 2019
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: April 22, 2020
Insolvency professional: Dr. M.S. Sankar
Interim Resolution
Professional: Dr. M.S. Sankar
A 1206, S&S Sarvam
200 Feet Pallavaram
Thuraipakkam Radial Road
Pallikaranai, Chennai 600100
E-mail: m.s.sankar@outlook.com
jrtagrominirp@gmail.com
Last date for
submission of claims: November 8, 2019
JALANDHAR AMRITSAR: Ind-Ra Affirms D Rating on INR1.417BB Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the rating on
Jalandhar Amritsar Tollways Ltd.'s (JATL) bank loans as follows:
-- INR1.417 bil. Bank loans (Long-term) affirmed with IND D
rating.
KEY RATING DRIVERS
The rating reflects delays in the payments of the negative grant of
INR570 million to the National Highways Authority of India (NHAI;
'IND AAA'/Stable) in FY19, tight liquidity, and the inadequacy of
the estimated operating revenue to meet negative grant obligations
of INR1,840 million for FY19-FY21. JATL has requested the deferment
of negative grant payment to NHAI; the company is awaiting NHAI's
decision on the matter.
The project has failed to perform major maintenance due to
non-availability of funds, and consequently incurred penalties. The
project sponsor, IVRCL Limited, is facing insolvency issues and is
under process for liquidation, eliminating any chance of support to
the project. The project does not have any scheduled principal
repayments over FY19-FY21, as per the earlier concessions granted
by the lenders.
JATL's outstanding debt, which stood at INR1,328.2 million as on 31
August 2019, indicates that funded interest term loan designated
for funding the interest payments, carved into the funded interest
term loan(FITL-2), during FY19-FY21 has not been drawn; however,
interest payments were made in FY19. The usage of cash flows to
meet interest payments while the negative grant payments are
pending is in contravention with the waterfall applicable to escrow
accounts.
RATING SENSITIVITIES
Positive: An increase in revenue, leading to the project becoming
self-sufficient to pay negative grants and make debt service
payments, on a sustained basis, and a positive response from NHAI
on the deferment of the negative grant payment would result in an
upgrade.
COMPANY PROFILE
JATL is a special purpose company that was set up to widen,
operate, and maintain a 49km road stretch on the National Highway 1
between Jalandhar and Amritsar in Punjab. NHAI has awarded the
project to JATL under a 20-year concession. JATL is wholly owned by
IVRCL. The project stretch is maintained by IVRCL, which has over
two decades of experience in operating toll roads.
K.K. BUILDERS: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR66.00-crore bank facilities of
K.K. Builders continue to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 23.00 [ICRA]B+ (Stable); ISSUER NOT
Fund Based/CC COOPERATING; Continues to
remain in the 'Issuer Not
Cooperating' category
Long Term- 7.35 [ICRA]B+ (Stable); ISSUER NOT
Fund Based TL COOPERATING; Continues to
remain in the 'Issuer Not
Cooperating' category
Short Term- 35.00 [ICRA]A4; ISSUER NOT
Non Fund Based COOPERATING; Continues to
remain in the 'Issuer Not
Cooperating' category
Long Term/ 0.65 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Continues to remain in the
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
K.K. Builders, a partnership firm formed in 1994, is a Kerala based
civil construction contractor. The firm is involved in the
execution of road, bridge and building construction projects for
Government agencies. The firm is a contractor registered with the
Kerala Public Works Department (PWD). The firm has obtained ISO
9001:2008 and ISO 14001:2004 certifications and has the requisite
management, manpower and equipment resources to execute road and
bridge projects.
The firm also operates four hotels, namely KK Residency, Hotel
Broad Bean, KK Tourist Home (Kannur) and KK Tourist Home (Iritty)
in Kannur district. The hotels have quality rooms, restaurants and
beer & wine bar which serve the local population, whereas KK
Tourist Home (Kannur) only has lodging facility. Apart from the
contracting and hotels division, the firm is also involved in a
Kannur bus stand BOT project, operates two stone crusher units and
owns KK Fashion Retail which is involved in garments and textile
retailing. The businesses were set up by Mr. K.K. Kunhiraman, and
are currently managed by his four sons and a son-in-law. The
Partners of the firm are Mr. K.K Mohandas, Mr. K.K. Radhakrishnan,
Mr. K.K. Rajan, Mr. K.K. Premkumar and Mr. M.C. Shanmugan.
K.K. LEISURES: ICRA Maintains B- Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR15.00-crore bank facilities of
K.K. Leisures & Tourism International Private Limited continues to
remain under 'Issuer Not Cooperating' category'. The ratings are
denoted as "[ICRA]B- (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 14.27 [ICRA]B- (Stable); ISSUER NOT
Fund Based TL COOPERATING; Rating Continues
to remain in the 'Issuer Not
Cooperating' category
Long Term- 0.73 [ICRA]B- (Stable); ISSUER NOT
Unallocated COOPERATING; Rating Continues
to remain in the 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
K.K. Leisures & Tourism International Private Limited, incorporated
in 2007, owns and operates hotels across Kerala. The Company has
three hotels under the name – Broad Bean; of which two hotels are
located in Kannur district and a resort in Munnar district. During
September 2013, the promoters of the company acquired a 3-star
property in Kochi – Broad Bean, Vytilla (erstwhile Nyle Plaza),
which was later upgraded to a 4-star hotel and operates as a
subsidiary of KKLT. The group enjoys moderate brand equity due to
its operational history of over a decade of the 'Broad Bean' chain.
KARIWALA DESIGNERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Kariwala Designers Private Limited
188 B, Maniktala Main Road
Kolkata 700054
West Bengal
Insolvency Commencement Date: October 24, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: April 20, 2020
Insolvency professional: Chhedi Rajbhar
Interim Resolution
Professional: Chhedi Rajbhar
40, Strand Road, Model House
2nd Floor, Room No. 49
Kolkata 700001
E-mail: crajbharco.ca@gmail.com
kariwala.cirp@gmail.com
Last date for
submission of claims: November 6, 2019
LAKELAND CHEMICALS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Lakeland Chemicals (India) Limited
Registered office:
Survey No. 63/6A, 6B
Khopoli Rasayani Road
Madap, Khalapur Raigad Raigarh
Maharashtra 410202
India
Principal office:
Unit No. 17, Ground Floor
Cama Industrial Estate
Sun Mill Compound
Lower Parel West
Mumbai 400013
Insolvency Commencement Date: October 19, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: April 15, 2020
Insolvency professional: Rajeev Nandkishore Bhatia
Interim Resolution
Professional: Rajeev Nandkishore Bhatia
304 Richa Industrial Estate
Off Link Road, Andheri West
Mumbai 400053
E-mail: rajeevnbhatia@gmail.com
lcil.ibc@gmail.com
Last date for
submission of claims: November 2, 2019
LAKSHMIDURGA TEXTILES: ICRA Cuts Loan Ratings to B+/Not Cooperating
-------------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Lakshmidurga Textiles Private Limited (LTPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 10.50 [ICRA]B+(Stable) ISSUER NOT
Cash Credit COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Fund based- 1.50 [ICRA]B+(Stable) ISSUER NOT
Term Loan COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Unallocated 0.50 [ICRA]B+(Stable) ISSUER NOT
Limits COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
ICRA has moved the long term ratings for the bank facilities of
LTPL to the 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Lakshmidurga Textiles Private Limited was incorporated as a private
limited company in the year 2010. It is engaged in the ginning and
pressing of cotton lint, trading of cotton lint and seed and has 48
gins to process 350 bales of cotton per day. The company is located
in Chilakamarri Village of Nalgonda District in Telangana. The
promoters have more than 35 years of experience in this industry
and earlier operated a spinning mill and were also involved in
trading of cotton products.
M.N.S. PRINTERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M.N.S. Printers Private Limited
No. 345/4, Bhattara Halli
Old Madras Road
Bangalore 560049
Karnataka, India
Insolvency Commencement Date: October 25, 2019
Court: National Company Law Tribunal, Bangalore Bench
Estimated date of closure of
insolvency resolution process: April 22, 2020
(180 days from commencement)
Insolvency professional: Srinivas Thatikonda
Interim Resolution
Professional: Srinivas Thatikonda
Flat No. 006
Nanda Ashirwad Apartments
No. 1, Canara Bank Colony
2nd Main, Chandra Layout
Bengaluru 560072
Karnataka
E-mail: srinivas@srinivasthatikonda.com
Last date for
submission of claims: November 13, 2019
MADHUR ENGINEERS: ICRA Lowers Rating on INR60cr LT Loan to B+
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Madhur Engineers Private Limited (MEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 60.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Downgraded from
[ICRA]BB-(Stable), Rating
continues to remain under
'Issuer Not Cooperating'
category'
Rationale
The rating downgrade is because of lack of adequate information
regarding MEPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Madhur Engineers Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.
Madhur Engineers Private Limited (MEPL) is a trader of special
purpose carbon /alloy steel and bright bars. The company purchases
steel from JSW Steel and supplies it to forging and machining
companies located in the state of Maharashtra. The company also
operates a dedicated warehouse for JSW to store steel inventory for
all the steel to be sold at Alandi (Maharashtra) and Chennai.
MVR GAS: ICRA Maintains B+ Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA said the ratings for the INR14.50-crore bank facilities of MVR
Gas continues to remain under 'Issuer Not Cooperating' category'.
The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term– 3.24 [ICRA]B+ (Stable); ISSUER NOT
Term Loan COOPERATING; Continues to
remain in the 'Issuer Not
Cooperating' category
Long Term– 7.25 [ICRA]B+ (Stable); ISSUER NOT
Cash Credit COOPERATING; Continues to
remain in the 'Issuer Not
Cooperating' category
Short Term– 2.67 [ICRA]A4; ISSUER NOT
Bank Guarantee COOPERATING; Continues to
remain in the 'Issuer Not
Cooperating' category
Long Term/ 1.34 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term– ISSUER NOT COOPERATING;
Unallocated Continues to remain in the
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately
reflect the credit risk profile of the entity.
MVR Gas is a proprietorship concern, established in the year 1999
by Mr. B.V. Sadanand. The proprietor has an experience of 28 Years
in the oil and gas industry and looks after the entire operations.
The concern is engaged in the business of bottling and marketing of
LPG for domestic use as well for use in commercial establishments
such as hotels, restaurants and industries. The concern purchases
LPG from domestic suppliers, does bottling in its own centre near
Bangalore and supplies them to end users through distributors.
MY CHOICE: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s. My Choice Knit and Apparels Private Limited
#26/18/11, 4th Main
1st Cross, Begur Road
Bommanahalli, Bengaluru
Karnataka 560068
Insolvency Commencement Date: October 18, 2019
Court: National Company Law Tribunal, Bengaluru Bench
Estimated date of closure of
insolvency resolution process: April 15, 2020
(180 days from commencement)
Insolvency professional: Ramanahalli Shivanna Doddabyregowda
Interim Resolution
Professional: Ramanahalli Shivanna Doddabyregowda
No. 350 1st Cross
Canara Bank Layout
Kodigehalli
Vidyaranyapura (Post)
Bengaluru 560097
Mobile: 9916633897
9483080322
E-mail: rsdgowda@yahoo.co.in
Last date for
submission of claims: November 6, 2019
NAGARJUN ENGINEERING: CRISIL Moves 'B' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nagarjun
Engineering Enterprises (NEE) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with NEE 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 NEE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NEE 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 NEE to 'CRISIL B/Stable Issuer not cooperating'.
NEE, set up in 2004 by Mrs. Sunanda Girish. The Karnataka- based
firm, provides turnkey solutions for auditoriums, seminar halls,
and conference facilities.
PB was set up as a partnership firm in 1957 by members of the
Khandelwal family. The Mumbai-based firm trades in ferroalloys,
non-ferrous metals, and minor metals.
NECTAR CRAFTS: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of
Nectar Crafts (NC) Continues to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable)/ [ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1.60 [ICRA]B+ (Stable); ISSUER NOT
Term Loans COOPERATING; Rating Continues
to remain under 'Issuer Not
Cooperating' category
Long-term– 7.00 [ICRA]B+ (Stable); ISSUER NOT
Fund Based COOPERATING; Rating Continues
Facilities to remain under 'Issuer Not
Cooperating' category
Long-term– 0.40 [ICRA]B+ (Stable); ISSUER NOT
Unallocated COOPERATING; Rating Continues
Facilities to remain under 'Issuer Not
Cooperating' category
Short-term– 1.00 [ICRA]A4; ISSUER NOT
Non Fund Based COOPERATING; Rating Continues
Facilities to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
Established in 2005 as a partnership firm, Nectar Crafts is
primarily engaged in manufacturing of various knitted fabrics,
specializing in Velour, Terry, Polar Fleece and processing &
finishing of knitted fabrics. The firm is also into manufacturing
and export of garments, albeit on a small scale. The firm has its
facilities located in Tirupur (Tamil Nadu).
PARAS STEEL: ICRA Cuts INR5.0cr Loan Rating to B+, Not Coop.
------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Paras
Steel Corporation (PSC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit (5.00) [ICRA]B+ (Stable) ISSUER NOT
COOPERATING; Rating downgraded
from [ICRA]BB+ (Stable) and
moved to the 'Issuer Not
Cooperating' category
Letter of Credit 30.00 [ICRA]A4 ISSUER NOT
COOPERATING; Rating downgraded
from [ICRA]A4+ and moved to
the 'Issuer Not Cooperating'
category
Rationale
The rating downgrade is because of lack of adequate information
regarding PSC performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Vijaykumar And Co., ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.
PSC was established in 1998 as a proprietorship concern of Mr.
Jaysukhlal Shah to carry out ship recycling activities. Currently,
the firm operates from the Alang Ship Breaking Yard in Bhavnagar,
Gujarat. PSC is part of the Bhupatrai Chimanlal Group, which
started its business in 1970 with its flagship company, Mono Plast,
and began ship breaking activities from 1985. At present, the Group
enjoys a diversified presence across various industries like ship
recycling, shipbuilding, steel, textiles, mining and solar, among
others. The Group companies include Dalkan Ship Breaking Ltd.
(engaged in ship breaking), Vijaykumar And Co. (engaged in ship
breaking), Mono Steel India Limited (engaged in manufacturing
sponge iron, MS billets and TMT bars), and Jay Bharat Steel
Corporation (engaged in manufacturing MS billets), etc.
In FY2017, the Group reported a net profit of INR0.78 crore on an
operating income (OI) of INR127.23 crore, as compared to a net
profit of INR0.48 crore on an OI of INR51.96 crore in the previous
year. Further, as per provisional financials, the Group reported
profit before depreciation and tax of INR1.28 crore on an operating
income of INR157.09 crore in FY2018.
PRAMUKH COPPER: ICRA Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------
ICRA said the ratings for the INR15.00-crore bank facilities of
Pramukh Copper Pvt. Ltd (ITPL) continues to remain under 'Issuer
Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating Continues to remain under
the 'Issuer Not Cooperating'
category
Term Loans 1.75 [ICRA]D; ISSUER NOT COOPERATING;
Rating Continues to remain under
the 'Issuer Not Cooperating'
category
Letter of Credit/ 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Buyer's Credit Rating Continues to remain under
the 'Issuer Not Cooperating'
category
Bank Guarantee 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating Continues to remain under
the 'Issuer Not Cooperating'
category
Forward Contract 0.10 [ICRA]D; ISSUER NOT COOPERATING;
Rating Continues to remain under
the 'Issuer Not Cooperating'
category
Unallocated 2.15 [ICRA]D/D; ISSUER NOT
Limits COOPERATING; Rating Continues
to remain under the 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
Established in January 2011, Pramukh Copper Private Limited (PCPL)
is a private limited company involved in processing copper cathodes
and copper scraps to produce copper bus bar and profiles, round
copper rods, copper strips and copper coils. PCPL also procures
copper rods from outside and modifies them in terms of sizing and
length before selling them to the final customers. Furthermore,
PCPL also does production on jobwork basis. PCPL's plant is located
at Silvassa, Dadra Nagar Haveli, and has an installed capacity of
around 1500 MTPA.
RELIABLE AGENCIES: ICRA Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR10.00-crore bank facilities of
Reliable Agencies continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 5.21 [ICRA]B+(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Term loan 0.30 [ICRA]B+(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Unallocated 4.49 [ICRA]B+(Stable)/[ICRA]A4;
Limits ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Reliable Agencies was established in the year 1972 by Mr.
M.Venkataraman with the objective of engaging in the business of
distributing welding equipment and consumables. Over the years the
entity has expanded its business into distribution of all the
reputed brands of welding equipment and consumables. The firm
currently has exclusive distribution rights for the products of
Ador, D&H Secheron and Schutz Carbon in the Hyderabad region of
Telangana.
SALVI CHEMICAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Salvi Chemical Industries Limited
107/108 Western EDGE II (Commercial)
Off W.E. Highway
Borivali (East) Mumbai
Mumbai City
MH 400066
IN
Insolvency Commencement Date: October 15, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: April 25, 2020
(180 days from commencement)
Insolvency professional: Mr. Santanu T Ray
Interim Resolution
Professional: Mr. Santanu T Ray
301, A Wing, BSEL Tech Park
Sector 30 A
Opposite Vashi Railway Station
Vashi, Thane, Navi Mumbai
Maharashtra 400705
E-mail: santanutray@aaainsolvency.com
- and -
AAA Insolvency Professionals LLP
A301, BSEL Tech Park
Sector 30 A
Opp. Vashi Railway Station
400705
E-mail: salvichemicals@aaainsolvency.com
Tel.: 022-42667394
Last date for
submission of claims: November 12, 2019
SAMYU GLASS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Samyu Glass Private Ltd
Plot No. 6, 3rd Floor
Kavuri Hills, Phase I
Jubilee Hills
Hyderabad 500033
Insolvency Commencement Date: October 18, 2019
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: April 15, 2020
Insolvency professional: Srinivasa Rao Ravinuthala
Interim Resolution
Professional: Srinivasa Rao Ravinuthala
FF 26, Raghavaratna Tower
Chirag Ali Lane, Abids
Hyderabad 500001
E-mail: cma.ravisrao@gmail.com
ip.samyuglass@gmail.com
Last date for
submission of claims: November 6, 2019
SANTOSH ENTERPRISES: ICRA Cuts Rating on INR4cr Loan to 'D'
-----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Santosh Enterprises (SE), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.75 [ICRA]D ISSUER NOT COOPERATING;
Fund Based/CC Rating downgraded from [ICRA]B
(Stable) and continues to remain
in the 'Issuer Not Cooperating'
category
Short Term- 4.00 [ICRA]D ISSUER NOT COOPERATING;
Fund Based Rating downgraded from [ICRA]B
(Stable) and continues to remain
in the 'Issuer Not Cooperating'
category
Long Term- 0.20 [ICRA]D ISSUER NOT COOPERATING;
Unallocated Rating downgraded from [ICRA]B
(Stable) and continues to remain
in the 'Issuer Not Cooperating'
category
Rationale
The rating downgrade follows the overdrawal of cash credit facility
by Santosh Enterprises to the lender, based on best available
information in the public domain. ICRA has limited information on
the entity's performance since the time it was last rated in July
2016. As part of its process and in accordance with its rating
agreement with SE, ICRA has been trying to seek information from
the entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.
Key rating drivers and their description
Credit strengths
Not applicable
Credit challenges
Overdrawals of working capital borrowings
There has been continuous overdrawals by SE in the cash credit
account for more than 30 days, based on best available
information in the public domain.
Liquidity Position: Poor
SE's liquidity profile is poor as reflected by recent
irregularities in debt servicing by company.
Rating sensitivities
Positive triggers – Regularisation of debt servicing on a
sustained basis (more than three months).
Established in 1990, Santosh Enterprises (SE) is a proprietorship
concern and is engaged in fabrication of steel structural
installation components like angle, channel, plates, railings and
gallery mainly used in wind mills supplied by Wind World India
Limited (WWIL) erstwhile Enercon India Limited. The firm operates
through its fabrication and galvanization units at Ambad and Gonde,
Nashik.
SHIVAY MINERALS: ICRA Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR6.50 crore bank facilities of
Shivay Minerals continues to remain under Issuer non-cooperating
category. The long-term rating is denoted as [ICRA]B ISSUER NOT
COOPERATING with a Stable outlook.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based– 4.50 [ICRA]B(Stable); ISSUER NOT
Term Loan COOPERATING; Rating Continues
to remain under the 'Issuer
Not Cooperating' category
Fund-based– 2.00 [ICRA]B(Stable); ISSUER NOT
Working Capital COOPERATING; Rating Continues
Facilities to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.
Shivay Minerals was incorporated in April, 2017. It is promoted by
Mr. Nayankumar Ghelajibhai Bhagiya along with seven other partners.
The firm plans to manufacture ceramic body clay (powder), which is
used in manufacturing ceramic tiles. The key promoters have
reasonable experience in manufacturing ceramic body clay (powder).
Its manufacturing facility is located at Morbi, Gujarat, which is a
ceramic industry hub. It has an installed capacity to produce
90,000 MT of ceramic body clay (powder) annually.
SHREE DATT: Ind-Ra Lowers LT Issuer Rating to 'BB', Outlook Stable
------------------------------------------------------------------
India Rating and Research (Ind-Ra) has downgraded Shree Datt
Aquaculture Farms Private Limited's (Shree Datt) Long-Term Issuer
Rating to 'IND BB' from 'IND BB+ (ISSUER NOT COOPERATING)'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR36.2 mil. (reduced from INR41.4 mil.) Term loan due on
March 2023 downgraded with IND BB/Stable rating;
-- INR415 mil. Fund-based working capital limits Long–term
rating
downgraded; Short-term rating affirmed with IND BB/Stable/IND
A4+ rating; and
-- INR43.5 mil. Non-fund-based working capital limits affirmed
with IND A4+ rating.
KEY RATING DRIVERS
The downgrade reflects a significant deterioration in Shree Datt's
overall credit profile in FY19. The company's revenue declined to
INR1,469 million in FY19 (FY18: INR1,772 million) due to a fall in
shrimp prices to INR430 per kg from INR570 per kg and increased
competition from large organized players. Additionally, Shree
Datt's EBITDA margins remained modest in FY19. The margin increased
to 4.2% in FY19 (FY18: 3.9%) due to a reduction in raw material
prices. The return on capital employed was 5% in FY19. (FY18: 6%).
Furthermore, the company's credit metrics deteriorated in FY19,
mainly due to a fall in the absolute EBITDA to INR61 million (FY18:
INR69 million). The interest coverage (operating EBITDA/gross
interest expense) was 1.4x in FY19 (FY18: 1.7x) and the net
leverage (total adjusted net debt/operating EBITDAR) was 7.7x
(7.2x).
Liquidity Indicator – Poor: The ratings also reflect Shree Datt's
tight liquidity position, with its consolidated peak utilization of
the fund-based working capital limits standing at around 93% for
the 12 months ended September 2019. Shree Datt's cash conversion
cycle elongated to 125 days in FY19 (FY18: 103 days) on account of
an increase in inventory days to 118 days in FY19 (FY18:95 days).
The company had a cash balance of INR6.9 million and a restricted
cash balance of INR1.6 million as of March 2019. Shree Datt has a
scheduled debt repayment of INR7.2 million in FY20. The debt
service coverage ratio for FY20 is 1.1x and that for FY21 is 1.1x.
The ratings continued to be constrained by the inherent
vulnerability of the seafood industry to disease and viral attacks,
competition and fluctuating currency, and unfavorable changes in
government policies. Shree Datt focuses majorly on Vannamei shrimp;
this variety of shrimp has better resistance to diseases and a
higher production density than other varieties, mitigating the
risks to some extent.
The ratings are supported by the availability of a captive pond
that serves 50% of Shree Datt's raw material requirements.
The ratings also benefit from the improved geographical
diversification in Shree Datt's customer base. The US market's
contribution to revenue declined to 62% in FY19 from 75% revenue in
FY18.
The ratings are also supported by the promoters' operating
experience of around two decades in the aquaculture business,
leading to established relationships with fish farmers.
RATING SENSITIVITIES
Negative: Any decline in the revenue or EBITDA margins, resulting
in deterioration of credit metrics, on a sustained basis, and/or
any deterioration in the net cash conversion cycle, leading to
stressed liquidity, will be negative for the ratings
Positive: A sustained improvement in the revenue and EBITDA
margins, resulting in improved liquidity and credit metrics, with
the net leverage falling below 3x, on a sustained basis, would be
positive for the ratings.
COMPANY PROFILE
Incorporated in 2003, Shree Datt is engaged in the rearing,
processing, and export of various kinds of seafood. The company has
a 90-metric-tonnes-per-day processing unit in Billimora, Gujarat.
In addition, it has a 600-metric-tonne cold storage facility.
SHREE GAJAPATI: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shree Gajapati Paints Private Limited
Keranitola, Station Road
P.S. Kotowali, Midnapore
West Bengal 721101
Insolvency Commencement Date: October 25, 2019
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: April 21, 2020
(180 days from commencement)
Insolvency professional: Rasik Singhania
Interim Resolution
Professional: Rasik Singhania
Chitrakoot Building
Room No. 98, 9th Floor
230A, AJC Bose Road
Kolkata, West Bengal 700020
E-mail: rasik.singhania@gmail.com
sgppl.cirp@gmail.com
Last date for
submission of claims: November 13, 2019
SHRI RAM: ICRA Maintains B+ Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA said the ratings for the INR16.50 crore bank facilities of
Shri Ram Rolling Mill (SRRM) continues to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 10.00 [ICRA]B+ (Stable) ISSUER NOT
Limit–Cash COOPERATING; Rating continues
Credit to remain under the 'Issuer
Not Cooperating' category
Fund Based 5.09 [ICRA]B+ (Stable) ISSUER NOT
Limit–Term COOPERATING; Rating continues
Loan to remain under the 'Issuer
Not Cooperating' category
Untied Limits 1.41 [ICRA]B+ (Stable) ISSUER NOT
COOPERATING; Rating continues
to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
Shri Ram Rolling Mill (SRRM) was established as a partnership firm
by the Raipur-based Gidwani family in 2006. SRRM's plant is located
at Rawabhata Industrial Area in Raipur, Chhattisgarh. SRRM has
facilities for manufacturing mild steel (MS) ingots/billets and
steel structurals with an annual capacity of 40,000 metric tonnes
(MT) and 10,000 MT per annum, respectively.
SHUBHJIVAN DEVELOPERS: ICRA Cuts INR20cr Loan Rating to B/Not Coop.
-------------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Shubhjivan Developers LLP (SDLLP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund 20.00 [ICRA]B(Stable) ISSUER NOT
based–Cash Credit COOPERATING Downgraded from
[ICRA]BB-(Stable); Rating
moved to the 'Issuer Not
Cooperating' category
Rationale
The long-term rating downgrade is because of lack of adequate
information regarding the performance of SDLLP and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.
As part of its process and in accordance with its rating agreement
with the firm, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.
SDLLP was incorporated in February 2016 as a limited liability
partnership firm by Mr. Jivanbhai Govani and Mr. Priyank Panchani.
The firm's partners have been in the real-estate business for over
two decades through various Group entities, involved in the
real-estate business in Gujarat. SJD is executing its first
residential project namely, Serenity Garden, at Kalavad Road,
Rajkot in Gujarat. The construction for the project started in May
2016 and is likely to be completed by June, 2019. The project
consists of development of 230 high-end apartments covering
4,28,579 sq. ft. of the total saleable area, comprising 4-BHK and
5-BHK units. The project also has other amenities like club house,
mini theatre, gymnasium, jogging track, common garden and outdoor
game facility for children. The ticket size of the apartment ranges
from INR0.28 crore to INR0.43 crore, which renders it easily
marketable compared to high-ticket value projects.
SOLAR OFFSET: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Solar Offset Printers Pvt Ltd
Plot No. 42, Industrial Development Plot
Manvila, Kulathoor P.O
Trivandrum KI 695583
Insolvency Commencement Date: October 23, 2019
Court: National Company Law Tribunal
Estimated date of closure of
insolvency resolution process: April 20, 2020
Insolvency professional: Mr. Easwara Pillai Kesavan Nair
Interim Resolution
Professional: Mr. Easwara Pillai Kesavan Nair
Vijayakumar & Easwaran
Chartered Accountants
6th Floor, Amrita Trade Towers
S.A. Road Pallimukku
Kochi, Kerala
E-mail: keaswaran@gmail.com
solar.offset@aaainsolvecy.com
- and -
E-10A, Kailash Colony
Greater Kailash-1
New Delhi 110048
Last date for
submission of claims: November 6, 2019
SRI VASAVI: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Sri Vasavi Industries Limited
Registered office:
Village V.R. Agraharam
Rajam Mandal, Srikakulam District
Andhra Pradesh 532127
Insolvency Commencement Date: October 28, 2019
Court: National Company Law Tribunal, Amaravathi Bench
Estimated date of closure of
insolvency resolution process: April 25, 2020
(180 days from commencement)
Insolvency professional: Mr. Girish Siriram Juneja
Interim Resolution
Professional: Mr. Girish Siriram Juneja
22 Dignity Apartments
Bon Bon Lane
7 Bungalows, Versova
Andheri (West)
Mumbai 400053
E-mail: junejagirish31@gmail.com
- and -
1221 Maker Chamber V
Jamnalal Bajaj Road
Nariman Point
Mumbai 400021
E-mail: ip.srivasavi@gmail.com
Last date for
submission of claims: November 11, 2019
SUPREME STARTECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Supreme Startech Private Limited
Registered office:
Supreme Startech Private Limited
Block No. 13-14 Seva Sadan
C.A. Road Nagpur
MH 440018
Insolvency Commencement Date: October 25, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: April 22, 2020
(180 days from commencement)
Insolvency professional: CA Pawan Kumar Ramdhan Agarwal
Interim Resolution
Professional: CA Pawan Kumar Ramdhan Agarwal
42, Gopal Bhawan
199 Princess Street
Mumbai 400002
E-mail: arbitratorpr@gmail.com
Last date for
submission of claims: November 9, 2019
SYGLAK LABORATORIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Syglak Laboratories Private Limited
F-14, MIDC Kulgaon
Badlapur East
Badlapur MH 421503
IN
Insolvency Commencement Date: October 22, 2019
Court: National Company Law Tribunal, Nagpur Bench
Estimated date of closure of
insolvency resolution process: April 19, 2020
(180 days from commencement)
Insolvency professional: Mr. Ashish Avinash Saoji
Interim Resolution
Professional: Mr. Ashish Avinash Saoji
Flat No. 107, Kanchanganga Estate
Borkute Layout, Narerndra Nagar
Nagpur 40015
E-mail: ashishsaoji@gmail.com
- and -
3rd Floor, M.G. House
Rabindranath Tagore Marg
Civil Lines, Nagpur 440001
E-mail: ip.syglak@gmail.com
Last date for
submission of claims: November 5, 2019
TODAY HOMES: NCLT Initiates Insolvency Proceedings vs. Firm
-----------------------------------------------------------
ETRealty.com reports that the National Company Law Tribunal (NCLT)
has initiated corporate insolvency resolution process against
Delhi-based Today Homes and Infrastructure under Section 7 of the
Insolvency and Bankruptcy Code 2016.
The court has appointed Deepak Bansal as the interim resolution
professional (IRP) for the case, the report discloses.
According to the report, Dynacon Projects' plea stated that Today
Homes, who has been construction Royal Elegancia in Sector 73,
Gurugram, signed an agreement in 2013 with them to carry out the
civil, electricity, plumbing and sanitary works. The total contract
value was about INR42.33 crore.
The amount was to be paid monthly as per RA bills based on work
done on site. Dynacon Projects submitted 18 RA bills and stated
that INR1,38 crore excluding 18% interest is due.
ETRealty.com relates that Today Homes in its reply said that
serious dispute(s) exists between them related to service tax rate
discrepancy and payments, among others. In an inspection by
Engineer-in-Charge, it was found that materials and products used
were of sub-standards.
There has also been a delay of over 10 weeks in completion of work
by Dynacon Projects and hence they are liable to pay INR4.23 crore
as compensation, according to the builder's plea, the report
relays.
Today Homes however could not support their claims with any
documentary evidence hence NCLT admitted Dynacon Project's plea and
ordered them to deposit INR2 lakh to the IRP to meet the expenses,
ETRealty.com says.
ETRealty.com notes that the court has ordered a stay on all
ongoing/pending suits or proceedings against Today Homes and
Infrastructure. It has also prohibited the company from
transferring, encumbering or disposing of its assets. Any
foreclosure of company's assets or recovery of any property by an
owner or lessor where such property is occupied by or in the
possession of the company has also been prohibited.
The ex-management of the company has been directed to provide all
documents in their possession and furnish every information within
a period of one week from the admission of the petition to the IRP,
adds ETRealty.com.
TURQUOISE & GOLD: ICRA Keeps D Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA said the ratings for the INR14.70-crore bank facilities of
Turquoise & Gold Apparels Private Limited (TGAPL) continues to
remain under 'Issuer Not Cooperating' category'. The ratings are
denoted as "[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based TL Continues to remain in the
'Issuer Not Cooperating' category
Short Term- 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based Continues to remain in the
'Issuer Not Cooperating' category
Long Term/ 3.20 [ICRA]D/[ICRA]D; ISSUER NOT
Short term– COOPERATING; Continues to remain
Unallocated in the 'Issuer Not Cooperating'
category
The rating takes into account continued delays in debt servicing by
the entity. As part of its process and in accordance with its
rating agreement with Turquoise & Gold Apparels Private Limited,
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.
Incorporated in 2008, TGAPL is promoted and managed by Ms. Dimple
Varma along with her sisters, Ms. Samara Mahindra and Ms. Natasha
Mahindra. The company manufactures readymade garments primarily,
for the exports market and specializes in children's wear and
women's wear. It has a presence in the domestic market through its
showrooms in Bangalore and Goa. It has three manufacturing
facilities in Bangalore, with a total workforce of around 1,700 and
a total production capacity of 17 lakh garments per month.
USHDEV ENGITECH: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ushdev Engitech
Limited's (UEL) term loan ratings to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The ratings will now appear as 'IND BB
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- INR895.2 mil. Rupee term loan due on June 2022 migrated to
non-cooperating category with IND BB (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 23, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
UEL operates wind power plants across Karnataka, Maharashtra, Tamil
Nadu, Gujarat and Rajasthan with an aggregate capacity of 58.2MW.
Ushdev Power Holdings Private Limited is UEL's holding company and
is part of the Ushdev Group with a presence in power, mining,
trading, and industrial sectors.
VIJAYKUMAR AND CO: ICRA Cuts Rating on INR5.0cr Loan to B+
----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Vijaykumar And Co. (VAC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit (5.00) [ICRA]B+ (Stable) ISSUER NOT
COOPERATING; Rating downgraded
from [ICRA]BB+ (Stable) and
moved to the 'Issuer Not
Cooperating' category
Letter of Credit 30.00 [ICRA]A4 ISSUER NOT
COOPERATING; Rating downgraded
from [ICRA]A4+ and moved to
the 'Issuer Not Cooperating'
category
Rationale
The rating downgrade is because of lack of adequate information
regarding VAC performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Vijaykumar And Co., ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.
VAC was established in 1994 as a proprietorship concern to carry
out ship recycling activities, which was subsequently converted
into a partnership firm in the current fiscal. Currently, the firm
operates from the Alang Ship Breaking Yard in Bhavnagar, Gujarat.
VAC is part of the Bhupatrai Chimanlal Group, which started its
business in 1970 with its flagship company, Mono Plast, and began
ship breaking activities from 1985. At present, the Group enjoys a
diversified presence across various industries like ship recycling,
shipbuilding, steel, textiles, mining and solar, among others. The
Group companies include Paras Steel Corporation (engaged in ship
breaking), Dalkan Ship Breaking Ltd. (engaged in ship breaking),
Mono Steel India Limited (engaged in manufacturing sponge iron, MS
billets and TMT bars), and Jay Bharat Steel Corporation (engaged in
manufacturing MS billets), etc.
In FY2017, the Group reported a net profit of INR0.78 crore on an
operating income (OI) of INR127.23 crore, as compared to a net
profit of INR0.48 crore on an OI of INR51.96 crore in the previous
year. Further, as per provisional financials, the Group reported
profit before depreciation and tax of INR1.28 crore on an operating
income of INR157.09 crore in FY2018.
=================
I N D O N E S I A
=================
KAWASAN INDUSTRI: Fitch Affirms 'B' LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings affirmed Indonesia-based PT Kawasan Industri Jababeka
Tbk's Long-Term Issuer Default Rating at 'B'. The Outlook is
Stable. At the same time, Fitch Ratings Indonesia has affirmed
KIJA's National Long-Term Rating at 'A-(idn)' with Stable Outlook.
All ratings have been removed from Rating Watch Negative, on which
they were placed on July 10, 2019.
The affirmations follow confirmation by KIJA's board that the
information and facts that the company has obtained are not
sufficient for it to reach a conclusion that a Change of Control
(CoC) event has occurred, which could have triggered a buyback
requirement of KIJA's outstanding USD300 million 6.5% bond due 2023
. The company believes that there is no CoC under the terms and
conditions of its notes. Fitch said earlier that the ratings may be
affirmed if it is determined that a CoC has not been triggered.
Notwithstanding the resolution of this event, Fitch notes the
ongoing challenges to the company's board of directors composition.
At this time, Fitch does not believe that the operations have been
affected or that management's attention has been diverted away from
the company's operation, hence Fitch has assigned a Stable Outlook.
However, any weakening in operations on account of such actions
could lead to negative rating action.
'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.
KEY RATING DRIVERS
Robust Performance: The affirmation and Stable Outlook reflect
KIJA's robust operating performance so far in 2019 and its view of
the board's focus on daily operations and appropriate management of
ongoing legal issues. KIJA reported attributable presales of IDR891
billion in 9M19, up by 11% yoy and on track to meet its 2019
forecast of IDR1 trillion. KIJA also reported leverage, as measured
by net adjusted debt/adjusted inventory, of 49% and non-development
EBITDA/interest cover (calculated on a latest 12 months basis) of
0.9x. This was in line with its expectations.
A lawsuit, which was filed against KIJA on July 19, 2019, was
withdrawn on October 28, 2019. However, a new lawsuit has been
filed by the same group of shareholders. KIJA says the plaintiff
has asked for the result of the annual general meeting (AGM),
conducted on June 26, 2019, to be declared void. The company
indicated that, should the judge rule in favour of the plaintiff,
it will have to re-conduct its AGM, which may include the
appointment of a president director and commissioner.
Strong Industrial-Land Sales: Fitch expects rising competition
among industrial property developers in Cikarang, east of Jakarta,
to affect sales at KIJA's Kota Jababeka estate. However, sales at
its second industrial estate - Kawasan Industri Kendal - may see
robust growth in the medium-term given low competition and the
estate's improving reputation, partly due to the 2Q19 entrance of
an anchor tenant, Chinese textile manufacturer, Jiangsu Lianfa.
KIJA sold 17 hectares of land, the largest amount since the
estate's inception, to Jiangsu in June 2019. Moody's believes this
may attract more investment due to an improved reputation and
growth of supporting industries within the estate.
Moody's also expects sales to further improve in 4Q19, as KIJA is
likely to launch more new projects on better consumer sentiment
after the official inauguration of President Jokowi in October
2019. KIJA's attributable presales increased by 11% yoy in 9M19,
predominantly due to higher sales in Kendal. Residential sales
improved by 64% yoy in 3Q19; however, weakness in 1H19 saw sales
drop by 13% yoy in 9M19. Fitch also expects KIJA to shift towards
the mid and mid- to high-end market, which has performed better
than the low-end within the Kota Jababeka township. However,
disruptions to operations, which may stem from the ongoing lawsuit,
may delay launches and affect sales.
Improving Power-Plant EBITDA: Moody's expects EBITDA from KIJA's
power plant to improve to around IDR220 billion from 2020, after
falling to a forecast IDR199 billion this year due to more frequent
stops-and-starts in operation and scheduled gas turbine maintenance
in 3Q19. This prevented KIJA from declaring full capacity to the
state electricity company, PT Perusahaan Listrik Negara (Persero)
(PLN; BBB/Stable). Moody's also forecasts KIJA's non-development
EBITDA gross interest cover ratio, after proportionately
consolidating key variables from KIJA's joint ventures, to be 1.0x
from 2020, after falling to a forecast 0.9x in 2019. KIJA's 130
megawatt power plant is still under reserve shutdown, nevertheless,
the 20-year power purchase agreement with PLN remains in force.
Flexible Capex: KIJA's non-development capex, which Fitch forecasts
at around IDR165 billion in 2019-2022, will be limited to regular
maintenance of its power plant, dry port facilities and other
infrastructure for the next few years. This, coupled with the
discretionary nature of land acquisitions and construction costs,
which are partly contingent on meeting sales thresholds, allows the
company to accumulate cash buffers and strengthen its liquidity
profile.
Increasing Product Diversification: Fitch believes KIJA's increased
focus on residential and commercial products in Kota Jababeka and
Kendal will provide long-term diversification benefits. The
residential and commercial segments contributed an average of 55%
of total presales in the past five years, compared with 14% in
2011. Similarly, presale concentration in Kota Jababeka has
declined to an average of 75% in the past three years, from 100% in
2011. Improved diversification could lessen KIJA's exposure to the
high cyclicality of industrial land sales and provide traction for
growth.
Large, Low-Cost Land Bank: KIJA has a mature land bank in Kota
Jababeka of over 1,200 hectares, adequate for over 50 years of
development assuming sales of 10 hectares a year. Kota Jababeka is
the company's most mature development, with established
infrastructure and a captive industrial market. This land has
commanded premium pricing due to little competition, but now faces
threats from cheaper pricing in neighbouring estates. Kendal adds
another 570 hectares to KIJA's land bank, which provides enough
resources for over 30 years of development, assuming sales of 10
hectares a year.
Concentration and Forex Risk: KIJA's rating is constrained by its
highly concentrated business in Kota Jababeka, which Fitch expects
to contribute around 60%-70% of presales over the medium term.
Concentration risk should gradually dissipate with the increasing
contribution from Kendal. KIJA is also exposed to currency
fluctuation, as most of its debt is US dollar-denominated while the
majority of its EBITDA is in rupiah. KIJA has hedged USD200 million
of its USD300 million bonds at various upper-strike prices, the
highest of which is at IDR16,000 to USD1. Fitch believes the
remaining currency fluctuation risk is manageable, as
non-development income adequately covers interest expenses in the
medium term
DERIVATION SUMMARY
KIJA's rating is comparable with that of other Fitch-rated property
developers, such as PT Modernland Realty Tbk (B/Stable), PT Alam
Sutera Realty Tbk (ASRI; B/Stable), PT Ciputra Development Tbk
(CTRA; BB-/Negative) and PT Lippo Karawaci TBK (B-/Stable). No
Country Ceiling, parent/subsidiary or operating environment aspects
affect KIJA's rating.
Fitch believes KIJA has a weaker development profile than
Modernland and ASRI. There is high demand risk in KIJA's Cikarang
township and its Kendal township is at an earlier stage of
development relative to the more mature and strategically located
townships of Modernland's Jakarta Garden City and ASRI's Alam
Sutera. Moody's believes this is compensated by KIJA's stronger and
stable non-development cash flow, which support debt servicing
capacity across economic cycles.
Fitch believes KIJA's business profile is weaker than that of CTRA,
which has significantly larger operating presales, more
geographically diversified projects and lower business cyclicality,
as it focuses on residential properties rather than industrial land
sales. CTRA also has lower leverage, which supports its higher
rating than KIJA.
Lippo's property presales scale is similar to that of KIJA, as
Moody's expects both companies to sell around IDR1 trillion in
annual presales. A substantial portion of KIJA's presales stem from
industrial land, which can be more volatile than residential
property sales during downturns. However, the company has gradually
reduced its industrial sales mix in favour of higher residential
properties and commercial plots. In contrast, Lippo's presales have
dried up in the last few years owing to weak operational execution,
despite its focus on residential property, and a sustained
turnaround is yet to be seen. KIJA is rated higher than Lippo to
reflect the availability of non-development cash flow from its
long-term power purchase agreement with PLN, which supports its
interest payments in the medium term.
KIJA's rating on the National Rating scale is comparable with that
of PT Ciputra Residence (CTRR; A+(idn)/Negative), PT PP Properti
Tbk (PPRO; BBB+(idn)/Negative, Standalone Credit Profile: bbb(idn))
and Lippo (BB+(idn)/Stable). CTRR's rating is based on the
consolidated profile of its parent, CTRA. Fitch rates CTRR two
notches above KIJA because CTRR has larger property development
scale, broader geographical project diversification, lower leverage
and KIJA has higher exposure to cyclical industrial land sales.
KIJA has a wider profit margin, stronger non-development interest
cover and better operating cash flow generation than PPRO. KIJA
also has a more established property-development record. These
factors result in KIJA being rated two notches above PPRO's
Standalone Credit Profile. Relative to Lippo, KIJA's higher rating
reflects the availability of non-development cash flow to support
its interest payments in the medium-term and Lippo's weak
operational execution and uncertainty around its business
turnaround.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Attributable presales of around IDR1.0 trillion in 2019-2020
(2018: IDR1.2 trillion).
- Discretionary land acquisition capex of around IDR90 billion in
2019 and IDR200 billion in 2020-2022 (2018: IDR93 billion).
- Construction capex of around IDR500 billion-600 billion in
2019-2020 (2018: IDR444 billion).
- No dividend payout in 2019 and a 10% dividend payout ratio in
2020-2022 (2018: none).
- IDR165 billion of non-development capex annually for 2019-2022
(2018: IDR66 billion).
KEY RECOVERY RATING ASSUMPTIONS
- The recovery analysis assumes KIJA would be liquidated in a
bankruptcy rather than be considered as a going concern. Fitch has
also assumed a 10% administrative claim in the recovery analysis.
- Fitch assigned a liquidation value under a distressed scenario
of around IDR3.8 trillion as of end-September 2019. The estimate
reflects Fitch's assessment of the value of trade receivables under
a liquidation scenario, with a 75% advance rate, net investment
property with a 50% advance rate and land bank with a 100% advance
rate. Moody's believes the company's reported land bank value,
which is based on historical land cost, is at a significant
discount to current market value and, thus, is already
conservative.
- The company's power-plant fixed assets, land bank located in
Kendal and total assets of certain non-guarantor subsidiaries are
excluded from the liquidation-value estimate, as they are not part
of KIJA's US-dollar senior unsecured bonds' guarantor group.
- Trade payables of IDR155 billion are assumed to be fully
covered by the cash balance.
- Around IDR220 billion of senior secured loans are senior to the
outstanding USD300 million senior unsecured bond in the waterfall.
These assumptions result in a recovery rate for the outstanding
senior unsecured bonds within the range for a 'RR2' Recovery
Rating. Nevertheless, Fitch rates the senior unsecured bonds at 'B'
with a Recovery Rating of 'RR4' because, under its Country-Specific
Treatment of Recovery Ratings criteria, Indonesia falls into 'Group
D' of creditor friendliness and instrument ratings of issuers with
assets in this group are subject to a soft cap at the issuer's IDR
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Attributable presales sustained above IDR1.5 trillion
- Improving leverage, as measured by adjusted net debt/adjusted
inventory, of below 50% on a sustained basis
- Non-development EBITDA/gross interest cover ratio maintained at
above 1.0x on a sustained basis (2019F: 0.9x)
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Attributable presales below IDR1 trillion for a sustained
period (2019F: IDR1 trillion)
- Worsening leverage, as measured by adjusted net debt/adjusted
inventory, of above 60% (2019F: 49%)
- Material weakening in the company's non-development interest
cover for a sustained period
LIQUIDITY
Comfortable Liquidity: KIJA had a readily available cash balance of
around IDR750 billion and short-term debt maturities of around
IDR120 billion at September 30, 2019, of which approximately IDR65
billion was a revolving facility that is typically rolled over in
the normal course of business. Non real-estate capex for the next
few years will be limited to regular power-plant maintenance and
dry port infrastructure development. This, coupled with the
discretionary nature of land acquisitions and some construction
costs that are contingent on meeting sales thresholds in the
current period, allows Jababeka to accumulate cash buffers and
strengthen its liquidity profile.
FULL LIST OF RATING ACTIONS
PT Kawasan Industri Jababeka Tbk
- Long Term IDR affirmed at 'B' with Stable Outlook; off RWN
- Senior unsecured debt class rating affirmed at 'B'/RR4; off
RWN
- National Long-Term Rating affirmed at 'A-(idn)' with Stable
Outlook; off RWN
Jababeka International B.V.
- Rating on the USD300 million senior unsecured bond affirmed at
'B'/RR4; off RWN
=====================
N E W Z E A L A N D
=====================
[*] NEW ZEALAND: Revised Insolvency Law Protects Voucher-Holders
----------------------------------------------------------------
Susan Edmunds at Stuff.co.nz reports that changes to insolvency law
announced by the Government will include requirements to honour 50
per cent of the value of gift cards or vouchers held by consumers,
Commerce and Consumer Affairs Minister Kris Faafoi said.
"When a business is insolvent, these consumers are often left out
of pocket. We are changing the law to require businesses that go
into receivership, administration or liquidation but continue to
trade, to honour at least 50 percent of the value of the gift card
or voucher," Stuff quotes Mr. Faafoi as saying.
Typically, when a retailer is placed in receivership or
liquidation, the owners of gift cards or vouchers stand at the back
of the queue of creditors owed money, behind staff, the IRD, banks,
and any other secured creditors, alongside other unsecured
creditors, Stuff notes.
When Dick Smith, the Australian electronics company, collapsed just
after Christmas 2015, its vouchers--many of which were recently
purchased gifts--became worthless, the report says.
"We're extending the scope of the entitlements for employees of
failed companies, so that both payments in lieu of notice and long
service leave will be protected in the same way as wages."
Another change involves making insolvency law fairer for businesses
that provide goods and services to failed companies in good faith,
according to Stuff.
"Right now, the law allows liquidators to reverse transactions made
by a company up to two years before they are put into
liquidation."
Stuff relates that Mr. Faafoi said this was too long a period for
any creditor to be uncertain about whether an amount they received
in good faith will have to be recovered, sometimes putting their
own financial situation at risk.
"We're going to improve commercial confidence by reducing the
'claw-back' period to six months. However, I've also concluded that
two years is not long enough for creditors who have a close
connection with a director of the failed company. So we'll be
increasing the claw-back period from two years to four years for
'related party' creditors."
Most of these changes were recommended by the Insolvency Working
Group in a report published in 2017, and will be included in a
future Insolvency Law Reform Bill.
"I want to express my appreciation to the Insolvency Working Group
for their recommendations. This important work provided the
foundation for the reforms I'm announcing today," Mr. Faafoi said.
=====================
P H I L I P P I N E S
=====================
CHINA BANKING: Fitch Affirms BB+ LT IDRs, Outlook Stable
--------------------------------------------------------
Fitch Ratings affirmed the Long-Term Foreign- and Local-Currency
Issuer Default Ratings on China Banking Corporation at 'BB+'. The
Outlook is Stable.
KEY RATING DRIVERS
IDRS AND VIABILITY RATING
The IDRs and Viability Rating of CBC are driven by its standalone
credit profile, which takes into account bank's moderate franchise,
adequate capital buffers, acceptable profitability and generally
steady funding and liquidity profile. These are balanced against
the risks from rapid loan growth in recent years and the high
concentration in large borrowers, which are characteristics common
among Philippine banks.
CBC's reported non-performing loan ratio of 1.2% at end-June 2019
was stable compared with a year ago, and remained lower than the
industry's 2.2%. Fitch believes this reflects a largely benign
operating environment and the bank's satisfactory risk controls and
client selection. Loan quality following recent high loan growth
(CAGR of 15% over 2014-2018) remains untested over economic cycles
and its high large-borrower concentration raises the risk of
sharper credit deterioration in a downturn. Nevertheless, Fitch
believes that these downside risks are mitigated for now by the
still-supportive economic backdrop and the bank's steady
underwriting standards.
Fitch assesses the bank's earnings profile to be the strongest
among Fitch-rated domestic mid-sized peers, given its higher and
more stable operating profit/risk-weighted assets on average (1.7%
over 2015-2018), less reliance on one-off asset sales and trading
gains, and generally lower credit cost, which is a function of its
better asset quality. Its return on assets of 1.0% in 1H19 was
similar to last year's, despite margin compression amid higher
funding costs. Easing funding conditions and a lower deposit
reserve requirement should help to support its margins and Fitch
expects profitability to remain broadly steady in the near term.
CBC's Common Equity Tier 1 ratio of 12.9% at end-June 2019 and
Fitch Core Capital ratio of 13.4% at end-2018 formed an adequate
buffer for the bank to grow in the near term and withstand
impairment shocks. Fitch expects the capital ratios to decline over
time as risk-weighted asset growth is likely to be brisk, outpacing
its organic capital retention. Nonetheless, Fitch expects the bank
to maintain adequate capital buffers over the regulatory minimum in
the near to medium term, supported by its major shareholder - SM
Investments Corporation, one of the Philippines' largest
conglomerates.
CBC's funding and liquidity profile is a rating strength. The bank
is primarily deposit funded, with low-cost current and savings
accounts making up about 57% of its deposits attend- June 2019. Its
balance sheet is relatively liquid, as reflected by its
loan-to-deposit ratio of 71% at end-June 2019, although Fitch
expects this to gradually rise as loan growth reaccelerates.
SUPPORT RATING AND SUPPORT RATING FLOOR
The bank's Support Rating and Support Rating Floor reflect its view
of a moderate probability of extraordinary state support, if
required. This considers the bank's moderate systemic importance,
with market share of about 5% in system assets, and the Philippine
sovereign's fiscal flexibility, as indicated by its 'BBB' rating.
RATING SENSITIVITIES
IDRS AND VR
Excessive credit growth in riskier sectors, such as unsecured
consumer loans, which are not accompanied by stronger loss
absorption buffers would put pressure on the bank's ratings.
Conversely, a sustainable improvement in its risk-adjusted
profitability, through revenue diversification or improved
operating cost efficiency, without undue risk-taking may be
positive for its ratings. This is assuming that the bank's other
credit strengths remain broadly intact.
SUPPORT RATING AND SUPPORT RATING FLOOR
The Support Rating and Support Rating Floor would be sensitive to
perceived changes in the state's propensity and ability to provide
extraordinary support to the bank in a timely manner.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.
PHILIPPINE NATIONAL BANK: Fitch Affirms BB+ LT IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings affirmed the Long-Term Issuer Default Rating on
Philippine National Bank (PNB) at 'BB+'. The Outlook is Stable.
KEY RATING DRIVERS
IDRS AND VIABILITY RATING
The IDR of PNB is driven by its standalone credit profile, as
indicated by its Viability Rating. The ratings reflect the bank's
adequate franchise as the fifth-largest bank in the Philippines,
generally stable funding and liquidity profile, and acceptable
loss-absorption buffers, which are balanced against its high risk
appetite and weaker-than-average profitability and asset quality.
The ratings also consider the risks from rapid credit growth in
recent years and high concentration in large borrowers, which are
traits common among Philippine banks.
PNB's recent asset-quality metrics reflect a largely supportive
operating environment and the bank's continued efforts to dispose
legacy assets. Loan quality following the recent rapid credit
growth (CAGR of 17% over 2014-2018) remains largely untested, in
its view, and its high large borrower concentration makes the bank
susceptible to lumpy impairments in the event of a downturn. The
bank's plans to ramp up growth in the consumer segment, which
typically attracts higher default rates than corporates in the
Philippines, suggest that non-performing loan ratio may rise over
the medium term. Nevertheless, Fitch expects downside risks to be
mitigated for now by the still-supportive operating environment.
PNB's profitability has benefitted in recent years from large gains
on foreclosed asset sales, which Fitch estimates as equivalent to
about 42% of its net income on average over 2015-2018. Contribution
from these one-off earnings sources should reduce in the future as
most of the prime foreclosed properties have been sold. Its return
on assets of 0.8% in 1H19 was weaker than the Fitch-rated private
domestic banks average of 1.1% given its higher operating costs.
However, returns could improve as the bank plans to ramp up growth
in the consumer lending segment, provided risks are managed well.
The bank's consolidated common equity Tier 1 ratio of 13.2% at
end-June 2019 formed an adequate buffer against impairment shocks
and the PHP12 billion rights issuance completed in July 2019
(equivalent to around 1.6pp of end-2018 risk-weighted assets)
should help to provide the bank more room to grow. Fitch expects
its capital ratios to gradually decline as loan growth is likely to
continue to outpace internal capital generation, but maintain an
adequate buffer above the regulatory minimum in the near term.
PNB's funding and liquidity profile is a rating strength. Fitch
believes PNB's funding franchise benefits from its broad branch
network and long operating history in the Philippines. The bank
remains primarily deposit funded despite recent wholesale issuance,
with current and savings accounts making up a healthy 76% of total
deposits at June 2019. It also has a liquid balance sheet, as
indicated in its net loan-to-deposit ratio of 77% and liquidity
coverage ratio of 131% at June 2019.
SUPPORT RATING AND SUPPORT RATING FLOOR
The bank's Support Rating and Support Rating Floor reflect its view
of a moderate probability of extraordinary state support, if
required. This considers the bank's moderate systemic importance,
with market share of about 6% in system assets, and the Philippine
sovereign's fiscal flexibility, as indicated by its 'BBB' rating.
RATING SENSITIVITIES
IDRS AND VIABILITY RATING
Aggressive M&A or excessive pursuit of higher-risk segments, such
as unsecured consumer and microfinance loans, as PNB seeks to boost
profitability would put pressure on the bank's ratings. In
assessing such growth, Fitch will consider the pace of expansion in
these sectors relative to the overall balance-sheet and capital
buffers, the bank's underwriting and pricing practices relative to
industry norms, as well as the level of risk mitigation measures
put in place.
Conversely, a sustained and significant improvement in PNB's
profitability - without inordinate risk-taking - strengthened asset
quality and risk frameworks, together with a moderation in loan
growth that is more in line with internal capital generation, would
be positive to its ratings.
SUPPORT RATING AND SUPPORT RATING FLOOR
The Support Rating and Support Rating Floor would be sensitive to
perceived changes in the state's propensity and ability to provide
extraordinary support to the bank in a timely manner.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.
RIZAL COMMERCIAL: Fitch Affirms BB+ LT IDRs, Outlook Stable
-----------------------------------------------------------
Fitch Ratings affirmed the Long-Term Foreign- and Local-Currency
Issuer Default Ratings on Rizal Commercial Banking Corporation at
'BB+'. The Outlook is Stable.
KEY RATING DRIVERS
IDRS AND VIABILITY RATING
RCBC's IDRs and Viability Rating are driven by its standalone
credit profile. The ratings reflect the bank's moderate domestic
franchise, acceptable funding and liquidity profile and
satisfactory capitalisation, which are offset by its higher risk
appetite, and weaker-than-average profitability and asset quality.
The ratings also consider its high large-borrower concentration,
which is common among Philippine banks.
RCBC's asset-quality metrics reflect its above-industry share of
consumer loans, which typically have higher default rates than
corporate loans in the Philippines, and a large one-off corporate
impairment, which underlines the risks to asset quality from its
concentrated loan portfolio. Beyond the one-off default, Fitch
expects RCBC's non-performing loan ratio to increase over time
because the bank plans to accelerate growth in the consumer and SME
sectors, although Fitch does not expect its asset quality metrics
to weaken significantly in the near term given the still-supportive
economic environment.
RCBC's risk-adjusted profitability, as measured by operating profit
over risk-weighted assets, has been weaker than most of its peers,
largely due to its lower operating cost efficiency and higher
credit costs. Fitch expects these factors to continue to weigh on
earnings in the near term, but easing funding conditions and lower
deposit reserve requirements may provide some reprieve while faster
growth in the higher-yielding consumer and SME sectors should also
provide some tailwind to margins.
RCBC's regulatory Common Equity Tier 1 ratio of 13.3% at end-June
2019 formed an adequate buffer for the bank to grow and withstand
moderate impairment stresses. Fitch expects capitalisation to
decline gradually after weighing the bank's target for high loan
growth against its internal capital generation capacity, but
capitalisation should remain satisfactorily above local regulatory
minimums in the near term.
Fitch expects the bank's funding and liquidity profile to remain
generally stable in the near term. The bank remains mostly deposit
funded (74% of funding at June 2019), with lower-cost current and
savings account comprising of 56% of deposits. Its loan-to-deposit
ratio of 94% at end-June 2019 reflects a tighter-than peer, but
still satisfactory, liquidity profile.
MEDIUM-TERM NOTE PROGRAMME AND SENIOR DEBT
RCBC's medium-term note programme and senior notes are rated at the
same level as its Long-Term Foreign-Currency IDR. This is because
the notes constitute direct, unsecured and unsubordinated
liabilities of the bank, and rank equally with all its other
unsecured, unsubordinated liabilities.
SUPPORT RATING AND SUPPORT RATING FLOOR
The bank's Support Rating and Support Rating Floor reflect out view
of a moderate probability of extraordinary state support, if
required. This considers the bank's moderate systemic importance,
with market share of about 4% in system assets, and the Philippine
sovereign's fiscal flexibility, as reflected in its 'BBB' rating.
RATING SENSITIVITIES
IDRS AND VIABILITY RATING
RCBC's ratings may come under pressure if its risk appetite were to
increase significantly, such as due to greater borrower
concentration or excessive growth in riskier segments without
corresponding improvements in the bank's loss-absorption capacity.
A sharp deterioration in retail asset quality may also impact
RCBC's VR more relative to peers, given RCBC's larger exposure to
consumer loans (around 30% of loans at end-1H19). Fitch may also
takes negative rating action if its capital and liquidity positions
were to weaken materially.
Conversely, a sustained and significant improvement in the bank's
profitability - without inordinate risk-taking - stronger loan
quality and enhanced risk controls would strengthen RCBC's ratings
over time.
SUPPORT RATING AND SUPPORT RATING FLOOR
The Support Rating and Support Rating Floor would be sensitive to
perceived changes in state's propensity and ability to provide
extraordinary support to the bank in a timely manner.
MEDIUM-TERM NOTE PROGRAMME AND SENIOR DEBT
The ratings on RCBC's medium-term note programme and senior notes
would be sensitive to movements in its Long-Term Foreign-Currency
IDR.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.
=================
S I N G A P O R E
=================
HATTEN LAND: Auditor Issues Disclaimer of Opinion on FY2019 Report
------------------------------------------------------------------
The Business Times reports that Hatten Land's independent auditor,
Ernst & Young, has made a disclaimer of opinion on Hatten's
financial statements for the year ended June 30, 2019.
BT relates that while Hatten's directors have prepared the
financial statements on a going concern basis based on the
assumptions disclosed in the financial statements, Ernst & Young
highlighted conditions that have given rise to material
uncertainties on the group's ability to continue as a going
concern.
Among other things, Ernst & Young noted in its report dated Nov. 8
that as at end-June 2019, the group's total loans and borrowings
amounted to MYR416.52 million, of which MYR328.83 million was
classified as current liabilities and exceeded the group's cash and
bank balances of MYR28.48 million, BT relays.
The company's total loans and borrowings amounted to MYR186.06
million, all of which was classified as current liabilities, and
exceeded the company's cash and bank balances of MYR269,000, the
report discloses.
Subsequent to the year-end, the group had not been able to meet its
forecast sales target for its development properties, and
experienced slower recovery of its receivables, adds BT.
Hatten Land Limited operates as a property developer. The Company
develops malls, hotels, and residential properties. Hatten Land
serves customers in Singapore and Malaysia.
KOON HOLDINGS: Gets Debt Moratorium Until February 28 Next Year
---------------------------------------------------------------
Fiona Lam at The Business Times reports that the High Court of
Singapore has granted a debt moratorium to mainboard-listed Koon
Holdings and its subsidiary Koon Construction & Transport (KCT).
It will last from Nov. 7 to Feb. 28, 2020, Koon Holdings said in a
bourse filing on Nov. 8, the report says.
In October, the two companies applied for court protection as they
intend to propose and implement a scheme of arrangement as part of
the group's restructuring exercise to restore their financial
position, according to BT.
BT relates that the court also ordered both companies to file an
affidavit by Nov. 21 stating the status of KCT's ongoing projects
with the Land Transport Authority and JTC Corporation and the
source of funds for KCT to complete those projects. The affidavit
should also state what plans both companies may have for small
creditors who might be more cash-flow vulnerable.
Koon Holdings and KCT are also required to file their scheme
applications by Dec. 12, the report notes.
They will then attend a pre-trial conference for the scheme
applications on Dec. 16, 2019, and a court hearing will be held on
Jan. 3, 2020, BT says.
Over the coming weeks, Koon Holdings and KCT will work closely with
their advisers to finalise the details of the schemes they intend
to propose to their creditors, the firms said on Nov. 8, the report
relates.
According to the report, Koon Holdings and KCT have appointed Tan
Kok Quan Partnership as legal adviser and RSM Corporate Advisory as
financial consultant to advise on their debt restructuring so that
the group may continue as a going concern.
On Nov. 4, Koon Holdings said it appointed a new chief operating
officer to oversee its construction and precast operations.
Shares of Koon Holdings have been suspended since Aug. 30, the
report notes. It requested the voluntary suspension as it was
assessing the ability of KCT to continue on a going concern basis.
Koon Holdings is an infrastructure and civil engineering service
provider specialising in reclamation and shore protection works.
KCT is the group's main operating company.
TEE INTERNATIONAL: Deloitte & Touche Gives Disclaimer of Opinion
----------------------------------------------------------------
The Business Times reports that Tee International's independent
external auditor, Deloitte & Touche, has issued a disclaimer of
opinion on the engineering group's financial statements for the
year ended May 31, 2019 (FY2019).
Deloitte said that it has not been able to obtain sufficient
appropriate audit evidence to provide a basis for an audit opinion
on the financial statements, according to BT.
It highlighted that during the course of its audit, it noted
certain transactions totalling SGD3.75 million paid to Tee
International's former group chief executive and managing director,
Phua Chian Kin, and Oscar Investment, a British Virgin
Islands-incorporated company fully owned by Mr. Phua, BT relates.
Of this sum, SGD3 million remained outstanding as at May 31. Mr
Phua was relieved of his role and duties as group chief executive
and managing director in September but remained as a director of
the company.
He had previously informed Delotte during the course of its audit
that the SGD3 million advance was to pay for expenses to secure new
projects for the group's engineering business, the report relays.
"This is inconsistent from the statement made by (Mr. Phua) as
disclosed in Note 5(g)(ii) that SGD2.5 million of the advance was
utilised to repay a loan obtained by Oscar from a third-party
lender, and the balance of SGD500,000 was utilised by (Mr. Phua).
"No explanation has been provided for this subsequent change,"
Deloitte said.
According to BT, Mr. Phua said, as disclosed in Note 5(g)(i), all
the shares in Tee Land's subsidiary Tee Resources Sdn Bhd had been
pledged in September 2017 as a security to the third-party lender
in relation to a US$15 million credit facility to Oscar. The
purpose of the credit facility as stated in the loan facility
agreement was to enable Oscar to apply for all amounts borrowed to
make loans to Tee Resources to fund a project. Tee Land is the
listed property arm of Tee International.
TEE International Limited (SGX:M1Z), an investment holding company,
engages in engineering, real estate, and infrastructure businesses.
TEE International Limited has operations in Singapore, Malaysia,
Thailand, Vietnam, Hong Kong, Australia, and New Zealand. The
company was founded in 1980 and is headquartered in Singapore.
TEE International reported net losses of SGD1.56 million and
SGD7.60 million for years ended May 31, 2017, and 2018,
respectively.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Nov. 4, 2019 to Nov. 8, 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
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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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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