/raid1/www/Hosts/bankrupt/TCRAP_Public/191217.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, December 17, 2019, Vol. 22, No. 251
Headlines
A U S T R A L I A
BEACOS PTY: Second Creditors' Meeting Set for Dec. 19
BUILDING AND STRATA: Second Creditors' Meeting Set for Dec. 23
EC & M LIMITED: Second Creditors' Meeting Set for Dec. 20
JB FINANCIAL: Second Creditors' Meeting Set for Dec. 23
MZI RESOURCES: Second Creditors' Meeting Set for Dec. 20
PERTH FASHION: Second Creditors' Meeting Set for Dec. 23
SAMSON OIL: All Four Proposals Approved at Annual Meeting
TIMEPIECES AUSTRALIA: First Creditors' Meeting Set for Dec. 30
VOCATION LTD: Court Hands Down Penalties in ASIC Action
ZMG PTY: First Creditors' Meeting Set for Dec. 27
C H I N A
BAOSHANG BANK: Interbank Deposits Hit Huishang Bank Hardest
CHINA LENDING: Li Jingping Resigns as CEO
HOHHOT ECONOMIC: Narrowly Avoids Another Bond Default
SEAZEN GROUP: Fitch Affirms BB LongTerm IDRs, Outlook Stable
WANDA GROUP: S&P Lowers ICR to 'B' Due to Rising Refinancing Risk
H O N G K O N G
[*] HONG KONG: Richest Family Urges Government to Help Its Hotels
I N D I A
ADINATH COLD: CARE Keeps D on INR8cr Debt in Not Cooperating
AISHWARYA TECHNOLOGY: CARE Maintains 'D' Ratings in Not Cooperating
B. BUCHA REDDY: CRISIL Keeps D Debt Ratings in Not Cooperating
BHARATH WIND: CARE Reaffirms 'D' Rating on INR3.92cr LT Loan
GOVAAN STEELS: CRISIL Keeps 'D' Ratings in Not Cooperating
GUPTA & SONS: Ind-Ra Lowers & Migrates LT Issuer Rating to 'D'
GUPTA GLOBAL: CRISIL Maintains 'D' Ratings in Not Cooperating
H. R. INT'L CRISIL Keeps 'D' Rating in Not Cooperating
HLM INDIA: CRISIL Maintains 'D' Ratings in Not Cooperating
JAGDAMBAY EXPORTS: CARE Cuts Rating on INR10.57cr Loan to 'D'
JATSON POWER: Ind-Ra Amends Nov. 13, 2018 Ratings Release
KD INFRAENGICON: CRISIL Maintains 'D' Ratings in Not Cooperating
KOHINOOR EXIMTEX: CRISIL Keeps D Ratings in Not Cooperating
KRISHNA REDDY: CARE Lowers Rating on INR6.30cr LT Loan to 'D'
KSA POWERINFRA: Ind-Ra Affirms D LongTerm Issuer Rating
M V OMNI: Ind-Ra Migrates 'D' LT Issuer Rating to Non-Cooperating
MAHALAXMI TMT: CARE Keeps D on INR64.07cr Debt in Not Cooperating
NITHYA TOBACCOS: CARE Keeps D in INR12cr Loans in Not Cooperating
PARAS BHAVANI: CARE Lowers Rating on INR50.24cr LT Loan to 'D'
PC JEWELLER: CRISIL Lowers Rating on INR2197.14cr Loan to 'D'
PENTAGON ALUMINIUM: CARE Lowers Rating on INR6.30cr Loan to D
RM DAIRY: CARE Assigns 'D' Rating to INR42.41cr LT Loan
RUBY BUS: CRISIL Maintains 'B-' Debt Ratings in Not Cooperating
TECHNICO STRIPS: CARE Maintains 'D' Rating in Not Cooperating
VATIKA INFRACON: CARE Lowers Rating on INR128.90cr NCDs to 'C'
VATIKA SOVEREIGN: CARE Lowers Rating on INR182.97cr Loan to C (CE)
VISTACORE INFRAPROJECTS: CARE Keeps D Rating in Not Cooperating
N E W Z E A L A N D
LIFETIME INCOME: A.M. Best Hikes Finc'l. Strength Rating to B(Fair)
P A P U A N E W G U I N E A
CAPITAL GENERAL: A.M. Best Cuts Finc'l. Strength Rating to C(Weak)
CAPITAL LIFE: A.M. Best Affirms C-(Weak) Finc'l. Strength Rating
P H I L I P P I N E S
MANILA WATER: Water Rant Wipes Out US$2 Billion Market Value
MAYNILAD WATER: Could Face Financial Crunch, DMCI Warns
X X X X X X X X
[*] BOND PRICING: For the Week Dec. 9, 2019 to Dec. 13, 2019
- - - - -
=================
A U S T R A L I A
=================
BEACOS PTY: Second Creditors' Meeting Set for Dec. 19
-----------------------------------------------------
A second meeting of creditors in the proceedings of:
- Beacos Pty Ltd ATFT Beacos Trust
- Earth Radar Pty Ltd
- Earth Radar Group Pty Ltd
- Rebirthed Earth Pty Ltd
- Soil Transfer Pty Ltd
- Staking U Asia Pacific Campus Pty Ltd
- Vac-U-Dig Pty Ltd
- Vac-U-Digga Pty Ltd ATF Vac-U-Digga Trust
- Vac-U-Digga R & D Pty Ltd
- Vac Group Employees Pty Ltd
- Vac Group Holdings Pty Ltd
- Vac Group Operations Pty Ltd
- VHS IP Pty Ltd
has been set for Dec. 19, 2019, at 10:00 a.m. at Beenleigh Events
Centre, Cnr of Kent St and Crete St, in Beenleigh, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 18, 2019, at 5:00 p.m.
William James Harris and Robert Kirman of McGrathNicol were
appointed as administrators of Beacos Pty on Nov. 18, 2019.
BUILDING AND STRATA: Second Creditors' Meeting Set for Dec. 23
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Building and
Strata Certification Pty Ltd has been set for Dec. 23, 2019, at
11:00 a.m. at the offices of O'Brien Palmer located at Level 9, 66
Clarence 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 Dec. 20, 2019, at 10:00 a.m.
Daniel Frisken of O'Brien Palmer was appointed as administrator of
Building and Strata Certification on Nov. 18, 2019.
EC & M LIMITED: Second Creditors' Meeting Set for Dec. 20
---------------------------------------------------------
A second meeting of creditors in the proceedings of EC & M Limited
has been set for Dec. 20, 2019, at 10:30 a.m. at the offices of
KPMG, Level 8, at 235 St Georges Terrace, in Perth, WA.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 19, 2019, at 4:00 p.m.
Martin Bruce Jones and Clint Peter Joseph of KPMG were appointed as
administrators of EC & M Limited on Aug. 22, 2019.
JB FINANCIAL: Second Creditors' Meeting Set for Dec. 23
-------------------------------------------------------
A second meeting of creditors in the proceedings of JB Financial
Group Pty Ltd has been set for Dec. 23, 2019, at 10:00 a.m. at
Hotel Grand Chancellor Brisbane, at 23 Leichhardt Street, in
Spring Hill, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 20, 2019, at 4:00 p.m.
Marcus William Ayres and Brett Stephen Lord of Ernst & Young were
appointed as administrators of JB Financial on Nov. 19, 2019.
MZI RESOURCES: Second Creditors' Meeting Set for Dec. 20
--------------------------------------------------------
A second meeting of creditors in the proceedings of MZI Resources
Ltd has been set for Dec. 20, 2019, at 9:00 a.m. at Level 19,
Exchange Tower, at 2 The Esplanade, in Perth, WA.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 19, 2019, at 4:00 p.m.
Robert Kirman and Jason Preston of McGrathNicol were appointed as
administrators of MZI Resources on April 19, 2019.
PERTH FASHION: Second Creditors' Meeting Set for Dec. 23
--------------------------------------------------------
A second meeting of creditors in the proceedings of Perth Fashion
Festival Pty Ltd has been set for Dec. 23, 2019, at 10:00 a.m. at
The Duxton Hotel, 1 St Georges Terrace, in Perth, WA.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 22, 2019, at 5:00 p.m.
Cameron Shaw and Richard Albarran of Hall Chadwick Chartered
Accountants were appointed as administrators of Perth Fashion on
Nov. 18, 2019.
SAMSON OIL: All Four Proposals Approved at Annual Meeting
---------------------------------------------------------
The Annual General Meeting of shareholders of Samson Oil & Gas
Limited was held on Nov. 29, 2019 in Perth, Australia. At the AGM,
the sharholders: (i) re-elected Mr. Nicholas Ong as a director;
(ii) the re-elected Mr. Gregory Channon as a director; (iii)
approved, on an advisory basis, the adoption of the remuneration
report for the fiscal year ended June 30, 2019; and (iv) approved,
on an advisory basis, the compensation of the Company's named
executive officers.
About Samson Oil
Headquartered in Perth, Western Australia, Samson Oil & Gas Limited
--http://www.samsonoilandgas.com-- is an independent energy
company primarily engaged in the acquisition, exploration,
exploitation and development of oil and natural gas properties,
primarily with a focus in Montana and North Dakota.
Samson Oil reported a net loss of $7.15 million for the fiscal year
ended June 30, 2019, compared to a net loss of $6.04 million for
the fiscal year ended June 30, 2018. As of Sept. 30, 2019, the
Company had $38.19 million in total assets, $48.51 million in total
liabilities, and a total stockholders' deficit of $10.32 million.
Moss Adams LLP, in Denver, Colorado, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Oct. 15, 2019, citing that the Company is in violation of its debt
covenants, incurred a net loss from operations, has cash outflows
from operations, and its current liabilities exceed its current
assets as of and for the year ended June 30, 2019. These
conditions raise substantial doubt about its ability to continue as
a going concern.
TIMEPIECES AUSTRALIA: First Creditors' Meeting Set for Dec. 30
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Timepieces
Australia Pty Limited will be held on Dec. 30, 2019, at 11:00 a.m.
at the offices of SV Partners, Level 7, at 151 Castlereagh Street,
in Sydney, NSW.
Shumit Banerjee -- shumit.banerjee@svp.com.au -- and Jason Lloyd
Porter of SV Partners were appointed as administrators of
Timepieces Australia on Dec. 16, 2019.
VOCATION LTD: Court Hands Down Penalties in ASIC Action
-------------------------------------------------------
The Federal Court of Australia, on Nov. 1, 2019, delivered judgment
on penalties and made final orders in Australian Securities and
Investments Commission's civil penalty proceedings against Vocation
Limited (In Liquidation) and its officers, Mark Hutchinson (former
CEO), John Dawkins AO (former Chairman) and Manvinder Gréwal
(former CFO).
The penalties follow an earlier judgment by his Honour Justice
Nicholas, finding that the defendants had contravened various
provisions of the Corporations Act (Act).
The Court made declarations and ordered:
* Mr. Hutchinson be disqualified from managing corporations
for six years and pay a pecuniary penalty in the amount
of AUD70,000;
* Mr. Dawkins AO be disqualified from managing corporations
for two years and pay a pecuniary penalty in the amount
of AUD25,000; and
* Mr. Gréwal be disqualified from managing corporations for
three years and pay a pecuniary penalty in the amount of
AUD30,000.
Furthermore, on Dec. 12, 2019, the Court made declarations that
Vocation (but not Mr. Hutchinson, Mr. Dawkins and Mr. Grewal)
contravened:
* section 1041H(1) of the Act by making misleading and deceptive
statements to the ASX and UBS AG Australia in an ASX
announcement and in a due diligence questionnaire; and
* its continuous disclosure obligations under section 674(2) of
the Act by not disclosing to the market the actions taken by
the former Victorian Department of Education and Early
Childhood Development when it suspended all payments to
Vocation.
The penalties follow a judgment made by the Federal Court of
Australia on May 31, 2019 in ASIC's civil penalty proceedings
against Vocation and its three officers.
ASIC announced proceedings against Vocation and Mr. Hutchinson, Mr.
Dawkins AO and Mr. Gréwal in September 2016, seeking declarations
of contravention by Vocation and three of its officers, pecuniary
penalties and disqualification orders.
ZMG PTY: First Creditors' Meeting Set for Dec. 27
-------------------------------------------------
A first meeting of the creditors in the proceedings of ZMG Pty.
Ltd. will be held on Dec. 27, 2019, at 10:00 a.m. at the offices of
Veritas Advisory, Level 5, at 123 Pitt Street, in Sydney, NSW.
Steve Naidenov of Veritas Advisory was appointed as administrator
of ZMG Pty on Dec. 13, 2019.
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C H I N A
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BAOSHANG BANK: Interbank Deposits Hit Huishang Bank Hardest
-----------------------------------------------------------
Wu Hongyuran and Denise Jia at Caixin Global report that nearly
seven months after China's financial regulators took the rare move
of seizing troubled Baoshang Bank in Inner Mongolia, more details
have emerged on losses other banks incurred from interbank deposits
at Baoshang.
Caixin learned that Baoshang had interbank transactions with more
than 200 banks, among which Huishang Bank, Xiamen International
Bank and Guizhou Rural Credit Union have the largest exposure.
Huishang Bank, an urban commercial bank in central China, had about
CNY6 billion (US$854 million) of losses on interbank deposits at
Baoshang, Caixin learned exclusively from several people close to
Huishang Bank.
As of the end of June, Huishang Bank had about CNY11.5 billion of
interbank deposits with peers including Baoshang, while it had an
impairment provision of only CNY345 million for any losses on those
assets, Caixin discloses citing the bank's financial report.
The bank's executives said in August that it received a payment
guarantee from regulators and that Baoshang has had only a limited
impact on the bank's operations.
Baoshang might use part of its assets to cover Huishang Bank's
losses, several market participants told Caixin.
Chinese state-backed provincial lender Bank of Guizhou, which filed
for an initial public offering (IPO) in Hong Kong, disclosed
earlier this week that it still had about CNY151.3 million ($21.7
million) of outstanding interbank deposits at Baoshang as of
Dec. 6, Caixin relays.
That was after Bank of Guizhou received CNY1.31 billion of
compensation from China's national deposit insurance fund, the bank
said.
Bank of Guizhou also subscribed for an undisclosed amount of
interbank wealth management products from Baoshang that hasn't been
written down or covered by the deposit insurance fund. Normally,
banks would use off-balance sheet profits to cover these losses,
people from regulators told Caixin.
When the People's Bank of China and the China Banking and Insurance
Regulatory Commission took over Baoshang Bank in May, citing
"severe credit risk," the regulators guaranteed that all of
Baoshang's corporate deposits and interbank debts up to CNY50
million would be honored, and at least 70% of interbank deposits
exceeding CNY50 million held by Baoshang would be guaranteed,
according to Caixin.
Baoshang was partly owned by Chinese financial group Tomorrow
Holdings, the conglomerate controlled by tycoon Xiao Jianhua, who
is reportedly under investigation for graft. The regional bank
helped Tomorrow Holdings put together at least CNY150 billion of
funding through shadowy practices, including loans packaged as
wealth management products, and interbank lending, Caixin discloses
citing a source familiar with the bank.
About Baoshang Bank
Baoshang Bank Co., Ltd. provides various commercial banking
products services to individuals and corporate customers in China.
As reported in the Troubled Company Reporter-Asia Pacific on May
27, 2019, Caixin Global said China's financial regulators took
control of a small private bank as part of authorities' efforts to
break up fallen tycoon Xiao Jianhua's business empire and contain
financial risks. According to Caixin, the People's Bank of China
(PBOC) and China Banking and Insurance Regulatory Commission
(CBIRC) announced on May 24 the takeover of Baoshang Bank Co. for a
year. The rare takeover came two years after Xiao, the billionaire
founder of conglomerate Tomorrow Holding Group, went missing from a
luxury Hong Kong hotel. He is reportedly to have been placed under
graft investigation by Chinese authorities. The regulators said the
takeover reflects the "severe credit risk" the bank poses and is
intended to protect the interests of the bank's depositors and
other clients.
CHINA LENDING: Li Jingping Resigns as CEO
-----------------------------------------
China Lending Corporation's President, Chief Executive Officer and
Chairwoman of the Board of Directors, Li Jingping, resigned from
her position as CEO effective Nov. 30, 2019. Ms. Li will continue
to serve as the president and chairwoman of the Company's Board of
Directors.
The Company's Board of Directors has appointed Mr. Liu Zhigang,
currently a vice president of the Company, to the CEO position,
beginning Dec. 1, 2019.
"We are excited to welcome someone as qualified as Zhigang to our
executive team. His extensive domain expertise and proven track
record in supply chain management make him the ideal choice to lead
the Company during our exploration of new business opportunities in
the field of supply chain financing," commented Ms. Li.
"In particular, Zhigang has acquired a considerable amount of
experience in the development and operation of systems for supply
chain financing. Such technical knowledge will enable us to
upgrade the precision and efficiency of our supply chain financing
systems management while simultaneously mitigating those related
risks. Moreover, Zhigang's comprehensive network of business
contacts and financial institutions will help to support the future
development of the Company, most notably in strengthening our
current partnership with Rui Xin Insurance Technology (Ningbo) Co.,
Ltd ("Rui Xin") Co., Ltd. Looking ahead, we are confident in
Zhigang's ability to build bridges between cutting-edge technology
and modern-day business applications as he spearheads our
development both throughout China and especially in the Yangtze
River Delta Economic Zone."
Mr. Liu has served as a vice president and director of the Company
since March 26, 2019. Mr. Liu has more than 18 years of supply
chain information and management consulting experience. Prior to
joining the Company, he excelled in a number of sales and marketing
positions with several internet technology and computer software
companies in China. Between 2017 and 2018, he served as a vice
president at Shanghai Juleo Information Technology Co., Ltd, where
he ensured top sales performance and customer satisfaction by
overseeing business development initiatives and sales team
management. From 2014 to 2017, he served as a vice president of
marketing for Beijing Yuan Niao Technology Co., Ltd. Mr. Liu earned
his bachelor's degree in computer science and technology from
Beijing University of Technology in 1999 and a master's degree in
business management from Xiamen University in 2018.
About China Lending
Founded in 2009, China Lending -- http://www.chinalending.com-- is
a non-bank direct lending corporation and provides services to
micro, small and medium sized enterprises, farmers, and
individuals, who are currently underserved by commercial banks in
China. The Company is headquartered in Urumqi, the capital of
Xinjiang Autonomous Region.
China Lending reported a net loss US$94.12 million for the year
ended Dec. 31, 2018, compared to a net loss of US$54.78 million for
the year ended Dec. 31, 2017. As of June 30, 2019, the Company had
US$55.40 million in total assets, US$108.26 million in total
liabilities, $9.99 million in convertible redeemable Class A
preferred shares, and a total deficit of $62.85 million.
Friedman LLP, in New York, the Company's auditor since 2017, issued
a "going concern" qualification in its report dated April 26, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, citing that the Company has incurred
significant losses and is uncertain about the collection of its
loans receivables and extension of defaulted loans. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
HOHHOT ECONOMIC: Narrowly Avoids Another Bond Default
-----------------------------------------------------
Liang Hong and Denise Jia at Caixin Global report that one day
after a state-owned infrastructure company in the northern Chinese
city of Hohhot failed to repay a CNY1 billion (US$142.1 million)
bond, bondholders received partial payment under an agreement with
the borrower, narrowly avoiding another default by a Chinese local
government financing vehicle (LGFV).
Smaller bondholders received full payment from the issuer, Hohhot
Economic and Technological Development Zone Investment Development
Group Co. Ltd., which is wholly owned by the financial and audit
bureau of the Inner Mongolia capital city's special economic zone,
while big holders received partial payment, a person close to the
matter told Caixin.
The biggest bondholder, Tianfeng Securities Co. Ltd., received
about half of the amount due Dec. 9, the person said. Tianfeng
Securities is also one of the underwriters of the bonds.
Inner Mongolia is a less-developed inland region where local
governments in recent years have struggled to replenish their
coffers amid the ongoing economic slowdown, according to Caixin.
The government of the autonomous region has also been rocked by a
series of corruption cases, which contributed to the near-default,
Caixin relates citing a researcher who tracks Inner Mongolia's LGFV
bonds.
Leadership turmoil in the Hohhot Economic & Technological
Development Zone caused a capital shortage in the companies owned
by the economic zone, the researcher said, Caixin relays.
A spokesman from the Hohhot development zone confirmed with Caixin
that the borrower reached a rollover agreement with some
bondholders and the remaining balance will be paid off in three
months.
According to Caixin, the resolution came after the company missed a
Dec. 6 deadline for early repayment of the bond, catching investors
off guard because they usually consider debt issued by LGFVs to be
safe investments with government-guaranteed payments.
Caixin relates that the note, issued in December 2016, carries an
annual coupon rate of 6.8% and allows investors to exercise a put
option three years after issuance, meaning holders have the right
to force the issuer to repay the principal before maturity. A month
earlier, the issuer tried to persuade investors not to exercise the
put option because of a capital shortage, according to some
reports, Caixin relays.
A person close to Tianfeng told Caixin that the brokerage hosted a
meeting with other bondholders before the due date. As the main
underwriter and biggest holder, Tianfeng didn't want a default and
smaller holders wanted a full exit, so negotiations stalled until
the due date, the person told Caixin.
At the time, the Hohhot company had only CNY500 million in its
accounts, so it let bondholders negotiate among themselves, the
person said, relays Caixin.
Since the company rolled over the bond instead of canceling the put
option, the bond is still listed in "default" status in the
Shanghai Clearing House's system. But that doesn't matter now
because of the rollover agreement with bondholders, an investment
manager at a brokerage told Caixin.
Even though the default crisis seems to be resolved for now, it has
already caused ripple effects in the bond market, the report
states. Another LGFV bond from a different issuer in the Inner
Mongolia autonomous region, the Hohhot Chunhua Water Development
Group Co. Ltd., sold off on Dec. 9, Caixin says.
The Communist Party chief of Hohhot was placed under investigation
in June on suspicion of corruption, according to Caixin. In August,
Xing Yun, former vice chairman of the Standing Committee of the
People's Congress of Inner Mongolia, pleaded guilty to accepting
bribes worth CNY449 million ($64 million), a record sum for a
provincial-level official caught up in China's sweeping anti-graft
campaign since late 2012, Caixin relates.
In the most recent case, Li Jianping, a senior Communist Party
member of the Hohhot Economic & Technological Development Zone, was
put under investigation in September for serious violation of laws
and rules, adds Caixin.
SEAZEN GROUP: Fitch Affirms BB LongTerm IDRs, Outlook Stable
------------------------------------------------------------
Fitch Ratings affirmed China-based homebuilder Seazen Group
Limited's Long-Term Foreign- and Local-Currency Issuer Default
Rating at 'BB' and has affirmed SGL subsidiary Seazen Holdings Co.
Ltd.'s Long-Term Foreign-Currency IDR at 'BB'. The Outlooks on the
IDRs are Stable. Fitch has also affirmed the senior unsecured
ratings and all outstanding bonds of the two entities at 'BB'. All
ratings have been removed from Rating Watch Negative.
The Stable Outlook reflects Fitch's assessment that SGL and SHCL's
operational and financial risks, as well as access to liquidity,
have stabilised and have not deteriorated significantly after their
founder and former chairman, Mr Wang Zhenhua, was held in criminal
custody by Chinese police and is awaiting court trial. Mr Wang's
son, previously a non-executive director, has assumed the role of
chairperson of the two entities. Mr Wang senior no longer has a
role in the two entities, although he still has a 71% stake in SGL,
which holds 67% of SHCL.
Fitch uses a consolidated approach to rate SHCL, based on our
Parent and Subsidiary Rating Linkage criteria.
KEY RATING DRIVERS
Funding and Liquidity Stabilised: Mr Wang's arrest had affected the
group's funding access for a short period, but its funding access
has since recovered and the group has obtained financing from a
large number of onshore and offshore banks since August 2019. In
addition, funding access has further improved with its recent
issuance of USD350 million 7.5% senior notes due 2021.
In addition, the group's continued growth in contracted sales,
project disposals and its decision to slow down land acquisitions
in 2H19 have helped the company maintain adequate liquidity.
The group's onshore and offshore bonds have change of control
covenants, whereby the group has to make an offer to repurchase all
outstanding notes if the change of control is then accompanied by a
negative rating action: negative outlook or downgrade by an onshore
rating agency for onshore bonds; while for offshore bonds, a
downgrade by an international rating agency. The group has not
breached any of its bond covenants since Mr Wang's arrest.
Continued Sales Generation: Fitch believes that SGL will be able to
meet its full-year total contracted sales target of CNY270 billion
in 2019. Contracted sales at SGL have continued to increase, with
total contracted sales of CNY247 billion in 11M19, a yoy increase
of 24%. Contracted sales by gross floor area reached 21.9 million
sq m, a yoy increase of 38%. SGL has maintained attributable
contracted sales proportion of around 70%.
Diversified, Sufficient Land Bank: Fitch estimates the group has
sufficient land bank for around three years of development,
although the group has slowed down land acquisition and disposed of
certain projects in 2H19. The group had an attributable land
reserves of 98.2 million sq m, or 73% of the total land reserves,
as of 1H19. The group will continue to focus on the Yangtze River
Delta, but has been increasing its land bank outside the region to
provide a buffer in case of regional market uncertainties. Its land
acquisition cost in 1H19 has remained low, at around CNY2,990 per
sq m.
Lower Leverage: SGL's leverage is expected to decrease to around
38% in 2019, from 44% in 2018, due to slower land acquisition in
2H19. However, Fitch expects some fluctuation in its leverage as it
continues to expand its contracted sales scale and
investment-property businesses. SGL's business profile strength is
supported by its large business scale (the company targets CNY270
billion in total contracted sales in 2019), its diversified land
bank, and a growing investment-property business that generates
predictable contractual rental income.
Increased Recurring Income: Fitch estimates the group's recurring
EBITDA will continue to increase rapidly, providing strong support
to interest servicing in 2019. SGL doubled its rental and
property-management fee income to CNY2 billion in 2018 from the
operation of Wuyue Plaza-branded shopping malls, which are mainly
in second- and third-tier cities. Recurring EBITDA/interest expense
paid increased to 0.4x in 2018, from 0.2x in 2017. Fitch expects
SGL to generate around CNY4 billion in rental and management fees
in 2019, and recurring EBITDA/interest expense to trend to above
0.4x after 2019.
DERIVATION SUMMARY
Fitch's consolidated approach to rating SGL and SHCL is based on
its Parent and Subsidiary Rating Linkage criteria due to SGL's 67%
stake in SHCL. Their strong strategic and operational ties are
reflected by SGL representing SHCL's entire exposure to the China
homebuilding business, while SGL raises offshore capital to fund
the group's business expansion. The two entities share the same
chairman.
SGL's quick sales churn strategy contributed to the rapid expansion
of its contracted sales to a level that is higher than that of most
'BB' category peers. SGL's attributable sales reached CNY143
billion in 2018, larger than that of Sino-Ocean Group Holding
Limited (BBB-/Stable, Standalone Credit Profile: bb+), CIFI
Holdings (Group) Co. Ltd. (BB/Stable), and almost double the size
of China Aoyuan Group Limited (BB-/Positive), KWG Group Holdings
Limited (BB-/Stable), and Logan Property Holdings Company Limited
(BB/Stable). SGL has also quickly expanded its investment
properties, which generated CNY2 billion of recurring income and a
recurring EBITDA/interest of 0.4x in 2018. SGL's
investment-property portfolio of around CNY40 billion is much
larger than that of all the other 'BB' rated peers, and this
contributed to the leverage increase and justified the higher
leverage than its peers in 2018.
SGL has maintained its leverage - defined by net debt/adjusted
inventory (after joint venture (JV) and associate proportionate
consolidation) - at around 45% in 2018, in line with 'BB' rated
peers, such as CIFI, but higher than Sino-Ocean Group's leverage of
around 35%. SGL's recurring EBITDA/interest of 0.4x is at a similar
level to that of Sino-Ocean Group in 2018. However, Sino-Ocean
Group has a stronger and longer record in investment-property
operations than SGL, which supports Sino-Ocean Group's Standalone
Credit Profile at one notch above SGL's rating.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Total contracted sales reaching CNY270 billion in 2019, with
around 70% attributable interests
- Land premium representing around 30% of attributable sales
proceeds in 2019 and 50-60% in 2021-2022
- CNY25 billion in investment property capex each year in
2019-2022
- Overall EBITDA margin to remain above 25%
- SGL maintaining a controlling shareholding in SHCL and no
weakening in the operational ties between the two entities
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
For both SGL and SHCL:
- Net debt/adjusted inventory (after JV proportionate
consolidation) sustained below 40%
- Recurring EBITDA/interest paid sustained above 0.4x
- No material deterioration in its access to funding and
pre-sales relative to Fitch's expectation
(All the ratios mentioned are based on parent SGL's consolidated
financial data)
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
For both SGL and SHCL:
- Weakening in its access to funding and material deterioration
in pre-sales relative to Fitch's expectation
- Consolidated contracted sales/total debt below 1.5x for a
sustained period
- Net debt/adjusted inventory (after JV proportionate
consolidation) above 50% for a sustained period
- EBITDA margin below 18% for a sustained period
Separately for SGL, a weakening of the linkage between SGL and SHCL
may lead to negative rating action.
(All the ratios mentioned above are based on parent SGL's
consolidated financial data)
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: The group had an unrestricted cash balance of
CNY40 billion in 1H19, which was sufficient to cover its short-term
borrowings of CNY36 billion. The group issued USD300 million 7.5%
senior notes due 2021, USD300 million 6.5% senior notes due 2022
and USD350 million 7.5% senior notes due 2021 in January, May and
December 2019, respectively.
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.
SGL and SHCL have an ESG relevance score of 4 for governance
structure due to Mr Wang Zhenhua's 71% stake in SGL, reflecting the
concentration of ownership.
WANDA GROUP: S&P Lowers ICR to 'B' Due to Rising Refinancing Risk
-----------------------------------------------------------------
S&P Global Ratings, on Dec. 13, 2019, lowered its long-term issuer
credit rating on Wanda Group Co. Ltd. to 'B' from 'B+'. S&P then
withdrew the rating at the company's request.
S&P said, "We downgraded Wanda Group because we believe the company
faces heightened refinancing risk over the next 12 months. In our
view, Wanda Group's capital structure is reliant on short-term debt
financing and its weighted average debt maturity has reduced to
less than two years."
Wanda Group has RMB4.6 billion of domestic bonds that investors
could redeem in 2020. Its unrestricted cash balance of RMB5.6
billion as of Sept. 30, 2019, should be able to cover these bond
redemptions. However, Wanda Group's liquidity will likely weaken if
the company only relies on its cash on hand to repay the bonds.
Wanda Group's RMB2.4 billion bond was puttable in September 2019,
and almost the entire amount was put by investors. The company also
has other short-term debt maturities of RMB5.1 billion due in the
12 months ending Sept. 30, 2020, mostly short-term bank borrowings.
Historically, the company was able to roll over these bank loans.
However, amid the current funding conditions, it will be highly
dependent on banks for rollover of loans.
Wanda Group's efforts to seek new funding will unlikely fully
mitigate its refinancing pressure. This is mainly because we see
high uncertainty in these financing plans materializing in a timely
manner. S&P expects banks and investors to take a cautious and
selective approach when extending funding support to
privately-owned enterprises in China, such as Wanda Group. The
company last tapped the domestic bond market in July 2019 by
issuing RMB1.07 billion in notes with a 6.8% coupon.
S&P said, "We expect Wanda Group's cash flow from operations to
remain soft and make a limited contribution to alleviating the
refinancing pressure. In our view, the company's business
performance will likely be under pressure in 2019 and 2020, driven
by softer manufacturing activities and oversupply in the refinery
business in China. The intense domestic competition will also
likely be aggravated by new independent refinery and chemical
producers that started operations this year. In our base case, we
expect Wanda Group's funds from operations (FFO) to be RMB2.7
billion-RMB2.8 billion in 2019 and 2020, compared with RMB3.1
billion in 2018."
The impact of Wanda Group's guarantee for the liabilities of Snton
Group Co. Ltd. is dependent on the timing and outcome of Snton
Group's bankruptcy and restructuring proceedings. The exact amount
and timing of this potential liability is uncertain at the moment.
As of June 30, 2019, Wanda Group reported that its guarantees
extended to Snton Group are RMB903 million. S&P said, "We have
included this amount in Wanda Group's debt and leverage
calculation. However, we have not treated this as one of the uses
of liquidity due to the uncertain timing." Wanda Group is a key
guarantor of Snton Group's liabilities. Snton Group went into
financial distress in late 2018 and filed for bankruptcy and
restructuring in March 2019.
S&P said, "In our base case, Wanda Group's leverage (ratio of debt
to EBITDA) will remain stable in 2019 and rise in 2020. The
increase will be mainly due to our expectation that the company
will have higher capital spending for its petrochemical expansion
plans. We also assume Wanda Group will have working capital
requirements of RMB1.2 billion per year to support its expanding
operations.
"The negative outlook at the time of the withdrawal reflected our
view that Wanda Group's liquidity position could deteriorate over
the next 12 months due to the large amount of short-term debt
maturities. These include bonds that may be put by investors in the
next 12 months. The outlook also reflected our view that Wanda
Group's FFO would remain soft due to slow manufacturing activities
and intense domestic competition.
"We could have downgraded Wanda Group if the liquidity of the
company's parent, Wanda Holdings Group Co. Ltd., weakened and it
was in material deficit. This could happen if: (1) the group's cash
balance drops considerably; (2) it cannot secure funds to refinance
its upcoming puttable bonds; (3) the group's relationship with
local banks deteriorates such that its ability to roll over loans
is significantly weakened; or (4) its FFO weakens.
"We could have revised the outlook on Wanda Group to stable if the
company maintained its liquidity position even if investors
exercised the put option on domestic bonds. This could happen if
the company secures timely and sufficient funds for refinancing."
Wanda Group is a privately owned company based in Shandong, China,
with operations in refinery, chemicals, tires, cables, and
electronics. It is a key operating subsidiary of Wanda Holdings.
Wanda Holdings is a privately owned company in Shandong, China. The
company holds a 50.24% stake in Wanda Group and is its largest
shareholder. Apart from Wanda Group, Wanda Holdings also engages in
oil trading, terminals, and other businesses.
=================
H O N G K O N G
=================
[*] HONG KONG: Richest Family Urges Government to Help Its Hotels
-----------------------------------------------------------------
Jinshan Hong and Blake Schmidt at Bloomberg News report that a
member of the wealthiest family in Hong Kong has called on the
government to help the city's hotels as the economy sags under
months-long pro-democracy protests.
"We strongly urge the government to help the hotel industry,"
Bloomberg quotes Sun Hung Kai Properties Ltd. Executive Director
Adam Kwok as saying in a rare public address on Dec. 13. "We really
need it."
Mr. Kwok was speaking at the media launch for a new Sun Hung Kai
property, Alva Hotel by Royal, Bloomberg relays. He said hotel
revenue for the company as a group had fallen by as much as 40% in
November and December due to the unrest. This half, hotel revenue
is forecast to be down around 30%.
At $38 billion, the Kwok family is Hong Kong's wealthiest clan,
according to a Bloomberg Billionaires Index ranking of Asia's
richest families. Their empire is also among the most exposed to
the city's anti-government protests, which have been fueled in part
by anger over a widening wealth gap and the outsized political
influence of property tycoons, Bloomberg says.
According to Bloomberg, the unrest has left Hong Kong's economy on
the verge of its first annual contraction in a decade and caused
tourism to dry up. Arrivals fell 44% in October compared with the
same month of 2018, and the hotel occupancy rate averaged 68%.
Retail sales have also plunged, the report states.
Bloomberg relates that Mr. Kwok said authorities should refer to
the stimulus policies employed during the 2003 SARS epidemic.
Asked why Sun Hung Kai was going ahead with the new hotel opening,
he said the property had been in the pipeline for a long time.
Total investment for Alva Hotel by Royal is around HK$2.8 billion
($359 million), Bloomberg discloses.
"We are in a difficult time but we give our full heart to operate,"
Bloomberg quotes Mr. Kwok as saying. "With this hotel, we are
offering good quality at a very affordable price. People will
come."
Sun Hung Kai, Hong Kong's biggest developer, isn't forcing staff to
take unpaid leave, or laying employees off, Mr. Kwok, as cited by
Bloomberg, said.
"Hong Kong and mainland China will continue to be our focus of
investment," Mr. Kwok, as cited by Bloomberg, said. "I'm confident
about the future of Hong Kong. People will come back."
Mr. Kwok is one of the next-in-line heirs for Sun Hung Kai. His
grandfather Kwok Tak-seng, a grocery wholesaler from Guangdong,
immigrated to Hong Kong after the war and co-founded the property
developer in 1963. The patriarch's three sons, Raymond, Walter, and
Thomas, ran the family business after he passed away.
=========
I N D I A
=========
ADINATH COLD: CARE Keeps D on INR8cr Debt in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Adinath
Cold Storage Private Limited (ACSPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 8.50 CARE D; ISSUER NOT COOPERATING;
Facility Based on best available
Information
Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers
CARE had, vide its press release dated November 16, 2018, placed
the rating of ACSPL under the 'issuer non-cooperating' category as
ACSPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. ACSPL continues to be
non-cooperative despite repeated requests for submission of
information through email dated November 11, 2019 and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arri ve at a
fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on November 16, 2018 the following were
the rating weaknesses.
Key Rating Weaknesses
Delay in debt servicing obligations: As per banker interaction
dated November 14, 2018 there are overdrawals in cash credit
facility and the account was classified as NPA.
ACSPL, incorporated on June 29, 2010 is promoted by Mr.
RamanraoBholla and Mrs. VijayalaxmiBholla. The company is
engaged in processing of pulses and providing cold storage facility
to local farmers and traders on rental basis. The facility, with
storage capacity of around 60000 square feet is located at Nagpur
district of Maharashtra.
AISHWARYA TECHNOLOGY: CARE Maintains 'D' Ratings in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aishwarya
Technology and Telecom Ltd. (ATTL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.11 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Short Term Bank 4.50 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Long-term/Short 6.00 CARE D/CARE D; ISSUER NOT
term Bank COOPERATING, Based on best
Facilities available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 3, 2017 placed the
ratings of ATTL under the 'issuer non-cooperating' category as ATTL
had failed to provide information for monitoring of the rating.
ATTL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated October 7, 2019 and October 9, 2019. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account stretched liquidity position with
continued delays in debt service obligation.
Detailed description of the key rating drivers
At the time of last rating on August 21, 2018, the following were
the rating strengths and weaknesses (updated for financials
for FY19 published on BSE):
Key Rating Weaknesses
Subdued financial performance in FY18 and stretched liquidity The
total operating income of the company declined significantly by
around 53% in FY18 (INR26.24 crore), y -o-y over FY17 (Rs.55.86
crore). Low operating income led to the under-recovery of expenses
and ATTL reported operating loss (INR9.82 crore) in FY18 against
PBILDT of INR3.03 crore (FY17). The company also reported net loss
and cash loss during the year. The financial performance continues
to remain subdued during FY19 with the total operating income
registering degrowth of around 50% to INR13.15 crore with the
company registering operating loss of INR14.48 crore during the
year. The company continues to report net loss and cash loss.
Initiation of Corporate Insolvency Resolution Process (CIRP) The
Interim Resolution Professional (IRP) of ATTL has intimated the BSE
that CIRP has been initiated based on the order dated 01.08.2018
passed by NCLT, Hyderabad bench against a petition filed by an
operating creditor of the company with a request to initiate CIRP
at the back of non-payment of approx. INR1.73 crore outstanding as
on September 12, 2017 along with interest amount of INR0.09 crore
for the delay in payment. The amount was so due against the invoice
raised by the creditor for the purchase made by ATTL in different
occasions. However, as per published Annual Report of FY19 on the
Stock Exchange, the company has made settlement with operational
creditors and hence, is out of CIRP proceedings as per order passed
on September 19, 2018.
Small Scale of operation
The scale of operation of the company has remained moderate with a
net worth base of INR25.07 crore as on March 31, 2018 (Rs.33.96
crore in FY17). Due to high loss incurred, the net worth base
eroded significantly as on March 31, 2018. The same further
deteriorated to INR11.08 crore as on Mar.31, 2019 due to continues
loss.
Stretched working capital cycle
The operating cycle stretched further to 393 days in FY18 compared
to 167 days in FY17 due to high collection period (308 days in
FY18).This further elongated to 502 days during FY19 due to high
collection period (395 days in FY19).
Key Rating Strengths
Experienced promoters
The promoters of ATTL, Mr. G Rama Krishna Reddy, Rama Manohar Reddy
and Mrs. G Amulya Reddy have more than two decades of experience in
the telecom sector.
Exclusive distributorship from reputed clients
ATTL has exclusive distributorship from Sumitomo Electric
Industries, Japan for India, Bangladesh & Sri Lanka for entire
range of splicing machines. The company has further appointed
re-sellers in various parts of India, Sri Lanka & Bangladesh, for
promoting these splicing machines.
Aishwarya Technologies & Telecom Limited (ATTL) was promoted by Mr.
G Rama Manohar Reddy and Mrs. G Amulya Reddy as a partnership firm
named Advanced Electronics & Communications System. ATTL was formed
by taking over the business of the said partnership firm. ATTL is a
ISO 9001:2008 certified company, which manufactures testing &
measuring equipment like fiber, data and copper cable fault
locators for telephone service providers, defense sector, cable TV
operators and railways. The company has its manufacturing
facilities situated at Hyderabad and it supplies a wide range of
telecom & fiber optic products to Bharat Sanchar Nigam Limited,
Tata Tele Services, Bharati Airtel, Mahanagar Telephone Nigam
Limited, railways & defense sectors in India.
B. BUCHA REDDY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of B.Bucha Reddy and Co
(BBRC) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 CRISIL D (ISSUER NOT
COOPERATING)
Overdraft 5.5 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 0.5 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with BBRC for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 BBRC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BBRC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of BBRC continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Established in 1991 by Mr. B Bucha Reddy, BBRC is a partnership
firm engaged in civil construction work, mainly related to
irrigation projects in Andhra Pradesh (AP).
BHARATH WIND: CARE Reaffirms 'D' Rating on INR3.92cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Bharath Wind Farm Limited (BWFL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 3.92 CARE D Reaffirmed
Facilities
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of BWFL factors in weak
operational & financial performance of the company and ensuing
off-take risk as existing power purchase agreements (PPA) are
expiring by March 2020. The rating also takes note of instances of
delays in debt servicing of BWFL in the past.
Rating Sensitivities
Positive Factors
* Satisfactory track record of timely servicing of debt
obligations on sustained basis.
* Sustained improvement in operational and financial performance.
Detailed description of the key rating drivers
Key Rating Weaknesses
Weak financial performance
During FY19, BWFL's total income declined 4.8% y-o-y to INR19.9
crore from INR20.9 crore, on account of decrease in interest
income. During FY19, income from sale of power marginally improved
to INR5.7 crore from INR5.2 crore in FY18, while the interest
income decreased to INR13.9 crore in FY19 from INR15.6 crore in
FY18. For FY19, the company reported net profit of INR0.6 crore
(PY: INR0.2 crore) and GCA of INR6.8 crore (PY: INR10.9 crore).
During FY19, delays in realization of trade receivables along with
cash flow mismatches owing to seasonality of wind power generation
business had resulted in instances of delays in repayment of
interest and principal obligations on term loan. Further, there are
ongoing delays in servicing of debt obligations guaranteed by
BWFL.
Off-take risk
BWFL's existing PPAs for the entire capacity is expiring by March
2020, thereby exposing the company to off-take risk.
Seasonality associated with wind generation and relatively low
PLFs
Wind farms are exposed to inherent risk of climate fluctuations
leading to variations in the wind patterns which affects the PLF.
Generally, the wind farms enjoy high PLF during May – September
period (Monsoon period), whereas the PLF is relatively low during
the other seasons. During the off-season stretching from October to
April, wind generation dips significantly impacting the cash flows.
BWFL's PLF levels have been low historically due to the design and
ageing of wind turbines. During FY19, BWFL's PLF stood at 11.33%
against 9.38% in FY18.
Key Rating Strengths
Established presence of OGPL in renewable energy segment and part
of the non-financial services segment of Shriram Group
BWFL is a subsidiary of Orient Green Power Company Limited (OGPL).
OGPL's promoter is SVL Limited (formerly known as Shriram
Industrial Holdings Limited), which is part of Chennai based
Shriram Group. As of March 2019, OGPL had a portfolio of
operational wind capacity of 425 MW. BWFL has been supported by the
group companies in terms of funding requirements. As on Mar ch 31,
2019, total loans and advances from the group companies stood at
INR101 crore (PY: INR85 crore). Similarly, BWFL has provided loans
to its subsidiary (Rs.137 crore as on March 31, 2019), translating
into 79.7% of its net worth. Further, BWFL has als o extended loans
to other group entities amounting INR76.4 crore as on March 31,
2019.
Industry outlook
Wind power continues to dominate the share of renewable energy (RE)
capacity in India at about 35.6 GW as on March 31, 2019 forming
around 45% of total RE capacity, though the overall share has come
down in last 2-3 years. The government plans to increase the
overall renewable energy capacity to 175 GW by 2022, out of which
wind capacity is planned to be enhanced to 60 GW. Given there is
continued emphasis by the government to increase capacity addition
in the sector, vast potential, established technology and faster
and modular nature of implementation, the outlook is stable for the
wind power sector. Nevertheless, there are issues like weak
financial risk profile of Discoms and poor evacuation
infrastructure leading to lower off-take; besides the inherent risk
of variation in wind patterns.
Liquidity: Poor
Poor liquidity marked by lower accruals when compared to repayment
obligations and modest cash balance. The company had cash and bank
balance of INR0.2 crore as on September 30, 2019. Further, the
company does not have any sanctioned working capital limits.
Bharath Wind Farm Ltd (BWFL), a wholly owned subsidiary of Orient
Green Power Company Limited (OGPL), was incorporated in December
2006 for the purpose of generating electricity through wind mills.
BWFL has a total ins talled capacity of 25 MW located in Andhra
Pradesh. BWFL had entered into power purchase agreement (PPA) with
Southern Power Distribution Company of Andhra Pradesh Limited
(APSPDCL) to supply 4.25 MW of power at INR2.70 per kWh till March
30, 2020. For the balance power, BWFL has entered PPA with
Manikaran Power Limited for purchase of power up to 2 crore units
per year at tariff of INR4.96 kWh between April 01, 2019 to March
31, 2020. BWFL's subsidiary Clarion Wind Farm Pvt. Ltd. (CWFL) has
a total installed capacity of 91.53 MW located in Tamil Nadu.
GOVAAN STEELS: CRISIL Keeps 'D' Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Govaan Steels Private
Limited (GSPL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 20 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 15 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Cash 7.14 CRISIL D (ISSUER NOT
Credit Limit COOPERATING)
CRISIL has been consistently following up with GSPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 GSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of GSPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Incorporated in June 2008, GSPL manufactures mild steel billets and
thermo-mechanically treated (TMT) bars. GSPL commenced commercial
operations in September 2010 and is based in Coimbatore, Tamil
Nadu.
GUPTA & SONS: Ind-Ra Lowers & Migrates LT Issuer Rating to 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Gupta & Sons
(Motors) Private Limited's (GSMPL) Long-Term Issuer Rating to 'IND
D' from 'IND BB' and has simultaneously migrated the ratings to the
non-cooperating category. The Outlook on the earlier rating was
Stable. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR60 mil. Fund-based limits (Long-term) downgraded and
migrated to non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR20 mil. Non-fund-based limits (Short-term) downgraded and
migrated to non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
KEY RATING DRIVERS
The downgrade reflects delays in servicing of interest and
irregularities in utilization levels.
COMPANY PROFILE
GSMPL was incorporated in 1973 in the Gwalior (Madhya Pradesh) by
Mr. Sunil Gupta. The company has a two-wheeler dealership of Bajaj
Auto.
GUPTA GLOBAL: CRISIL Maintains 'D' Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gupta Global
Resources Private Limited (GGRPL) continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 21.3 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 14.8 CRISIL D (ISSUER NOT
COOPERATING)
Funded Interest 22.04 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
Letter of Credit 53.86 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 141.52 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Working Capital 100.40 CRISIL D (ISSUER NOT
Term Loan COOPERATING)
CRISIL has been consistently following up with GGRPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 GGRPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GGRPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of GGRPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
Incorporated in 2001, GGRPL is engaged in the business of coal
washing and coal trading. It is a closely held company promoted by
Mr. Padmesh Gupta. Presently, this Company has 8 state-of-the-art
Coal Washeries, located in the State of Maharashtra & Madhya
Pradesh, Chhattisgarh, Jharkhand and Andhra Pradesh. It has a
capacity of 38.75 million per annum.
H. R. INT'L CRISIL Keeps 'D' Rating in Not Cooperating
------------------------------------------------------
CRISIL said the ratings on bank facilities of H. R. International
Limited (HRIL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 12 CRISIL D (ISSUER NOT
COOPERATING)
Foreign Documentary 10 CRISIL D (ISSUER NOT
Bills Purchase COOPERATING)
Letter of Credit 10 CRISIL D (ISSUER NOT
COOPERATING)
Packing Credit 8 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 6.06 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan .94 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with HRIL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 HRIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HRIL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of HRIL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
HRIL, part of the Mall group of Kolkata, trades in jute and
jute-based products. The company commissioned a jute-bag
manufacturing unit in December 2011 with total capacity of 63,000
bags per annum. The Mall family has a track record of over 100
years in the jute business (including trading and manufacturing).
The business was started by Mr. Harkisandas Ramkishendas Mall and
is currently being managed by the family's fourth generation.
HLM INDIA: CRISIL Maintains 'D' Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of HLM India Private
Limited (HIPL) continues to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.50 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 10.85 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 2.65 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with HIPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 HIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of HIPL continues to be 'CRISIL D Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
The TSI group was established in 2006 and manufactures carriers
used in logistic services. It manufactures tippers and trailers
under TSIPL, car and truck carriers under LIAPL, and refrigerated
carriers under HIPL. Its promoters have industry experience of over
four decades.
JAGDAMBAY EXPORTS: CARE Cuts Rating on INR10.57cr Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jagdambay Exports (JDE), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 10.57 CARE D; Stable; ISSUER NOT
Facilities COOPERATING; Revised from
CARE B; Issuer not
cooperating on the basis of
best available information
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the bank facilities of JDE
takes into account ongoing delays in the servicing of debt
obligation.
Ongoing delays in the servicing of debt obligation: There have been
ongoing delays in the servicing of debt obligation and the account
has been classified as NPA.
Jagdambay Exports (JE), was established in May, 1993 as a
proprietorship firm by Mr. Balwinder Kumar Sharma (proprietor) and
his brothers Mr. Pawan Kumar Sharma & Mr.Suraj Prakash Sharma. The
firm is engaged in the manufacturing of readymade garments and
knitted fabrics at its manufacturing facility located at Ludhiana,
Punjab wi th total installed capacity of 20,000 units per day for
readymade garments and 70 tonne per day for knitted fabric. JE is
an export oriented unit with majority of its sales comprising of
exports to various countries. The product line of the firm
comprises of readymade garments and knitted fabrics which caters to
baby wear segment with age from 0 to 36 months.
JATSON POWER: Ind-Ra Amends Nov. 13, 2018 Ratings Release
---------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified a November 13, 2018
ratings release on Jatson Power Private Limited (JPPL) to correctly
state the rating for fund-based working capital limits.
The amended release is as follows:
India Ratings and Research (Ind-Ra) has affirmed Jatson Power
Private Limited's (JPPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- 0.09 mil. Term Loan due on July 2019 affirmed with IND BB-
/Stable rating;
-- INR47.5 mil. (increased from INR42.5 mil.) Fund-based working
capital limits affirmed with IND BB-/Stable rating; and
-- INR32.5 mil. Non-fund-based working capital limits affirmed
with IND A4+ rating.
KEY RATING DRIVERS
The affirmation reflects JPPL's continued small scale of operation
and moderate credit metrics. In FY18 company's revenue declined to
INR 175.40 million from INR 196.47. Revenue declined due to decline
in demand. Gross interest coverage (Operating EBITDA/Gross interest
expenses) was to 1.6x in FY18 (FY17:1.6x) and net leverage (Total
adjusted net debt/EBITDA) 4.5x (4.4x). Net leverage slightly
declined due to increase in total debt. RoCE was 9% in FY18
(FY17:9%) and EBITDA margin was modest around 7.6% (7.1%).
Operating margin slightly improved with the declined in raw
material cost.
The liquidity profile of the company is moderate around 96.97%
utilization of its working capital limits during the past 12 months
ended September 2018.
However, the ratings are also supported by JPPL's founder's
experience of over two decades in the electrical contract
business.
RATING SENSITIVITIES
Positive: A substantial rise in revenue and improvement in the
credit metrics will be positive for the ratings.
Negative: Deterioration in the overall credit metrics from the
present level may lead to a negative rating action.
COMPANY PROFILE
JPPL, formerly Jatson Industrial Services, was incorporated in 2004
as a private limited company at Vapi, Ahmedabad. The company
undertakes turnkey projects for electrical installations. It also
manufactures low-voltage electric panels.
KD INFRAENGICON: CRISIL Maintains 'D' Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of KD Infraengicon
Private Limited (QKEPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6.53 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 8.40 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Fund- 1.57 CRISIL D (ISSUER NOT
Based Bank Limits COOPERATING)
CRISIL has been consistently following up with QKEPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 QKEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on QKEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of QKEPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
QKEPL, promoted in August 2010 by Ranchi-based Mr. Manzar Imam Khan
and his family members, undertakes civil construction, primarily
construction of roads, in Jharkhand and Bihar.
KOHINOOR EXIMTEX: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Kohinoor Eximtex
Private Limited (KEPL: art of the Kohinoor group) continues to be
'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Cash 9 CRISIL D (ISSUER NOT
Credit Limit COOPERATING)
CRISIL has been consistently following up with KEPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 KEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of KEPL continues to be 'CRISIL D Issuer not
cooperating'.
Incorporated in 2012, KEPL manufactures fabrics and readymade
garments in Surat. Mr Sanjay Juneja and Mr Hiren Kapadia are the
promoters.
Incorporated in 2010, EVPL manufactures sarees and dress materials.
The manufacturing facility in Surat is managed by Mr Sanjay Juneja
and Mr Jitendra Shukla.
EGPL, incorporated in 2015, manufactures sarees and ladies' dress
material in Surat and is promoted by Mr Juneja and Mr Nikunj
Kapadia.
Registered in 2012, KT manufactures sarees and ladies' dress
material. The firm is based in Surat. Its partners are Mr. Sanjay
Juneja and Mr. Hiren Kapadia.
KRISHNA REDDY: CARE Lowers Rating on INR6.30cr LT Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Krishna Reddy Rural Godowns (KRRG), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 6.30 CARE D; ISSUER NOT CO-OPERATING
Facilities Revised from CARE B+; Stable
Detailed Rationale& Key Rating Drivers
CARE has been seeking no default statement from KRRG to monitor the
ratings vide email communications dated November 5, 2019, November
7, 2019, November 18, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided no
default statement for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The ratings on KRRG's
bank facilities will now be denoted as CARE D; Stable issuer not
co-operating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detail description of key rating drivers
The rating revision to the bank facilities of Krishna Reddy Rural
Godowns is on account of on-going delays in repayment of its term
loan installments.
Key Rating Weakness
Delays in debt servicing
The firm is undergoing stressed liquidity position hence couldn't
able to meet debt obligation on time.
KSA POWERINFRA: Ind-Ra Affirms D LongTerm Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed KSA Powerinfra
Private Limited's (KSAPPL) Long-Term Issuer Rating at 'IND D'.
The instrument-wise rating actions are:
-- INR180 mil. Fund-based facilities (Long- term) affirmed with
IND D rating;
-- INR650 mil. Non-fund-based facilities (Short- term) affirmed
with IND D rating;
-- INR170 mil. Proposed fund-based facilities* (Long- term)
affirmed with Provisional IND D rating; and
-- INR550 mil. Proposed non-fund-based facilities*(Short- term)
affirmed with Provisional IND D rating.
* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by KSAPPL to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
The affirmation reflects the devolvement of KSAPPL's letter of
credit for more than 30 days ended 10 December 2019 owing to a
tight liquidity position, resulting from delays in getting
receivables from customers.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least the last three
consecutive months could result in a rating upgrade.
COMPANY PROFILE
Incorporated in 2007, KSA Powerinfra Private Limited (KSAPPL) is an
engineering procurement and construction company engaged in the
execution of several turnkey projects, such as setting up of
electric substations (up to 400Kv), transmission lines, wind power
projects, co-generation plants, process plants, industrial
electrification and so on.
M V OMNI: Ind-Ra Migrates 'D' LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M V Omni Projects
(India) Ltd.'s (MVOPIL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR1.20 bil. Fund-based working capital limits (Long-term)
migrated to non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating;
-- INR1.90 bil. Non-fund-based working capital limits (Short-
term) migrated to non-cooperating category with IND D (ISSUER
NOT COOPERATING) rating;
-- INR10 mil. Forward contract limits (Short-term) migrated to
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR120 mil. Proposed corporate loan (Long-term) migrated to
non-cooperating category with Provisional IND D (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 10, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
MVOPIL started operations as a proprietorship firm, M V Omni
Enterprise, in 1994 and was incorporated as a limited company in
2002. The company is engaged in civil construction activities, with
a major focus on the construction of residential and commercial
buildings for government and public sector entities. It is also
engaged in irrigation works and the construction of roads.
MAHALAXMI TMT: CARE Keeps D on INR64.07cr Debt in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahalaxmi
TMT Private Limited (MTPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 64.07 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated August 28, 2018, placed the
ratings of MTPL under the 'Issuer Non Co-operating' category as the
company had failed to provide information for monitoring of the
ratings. MTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mail
communications dated May 13, 2019 and numerous phone calls. In line
with the extant SEBI guidelines, CARE has reviewed the ratings on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, CARE has withdrawn the ratings for certain bank facilities
of MTPL aggregating INR721.31 crore as the same have been
transferred by the lenders to Asset Reconstruction Companies
(ARCs). As such, with the takeover of the exposure by ARCs, the
rated facilities have ceased to exist as bank facilities. This is
in line with CARE's policy for withdrawal of ratings for bank
facilities.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating on August 28, 2018 the following were
the rating weaknesses (updated based on best available information
including FY19 financials obtained from MCA filings of MTPL).
Key Rating Weaknesses
Delays in debt servicing: Debt servicing of MTPL is irregular as
reflected by delays in servicing of its principal on term loans and
interest. The liquidity of the company is poor reflected by its
cash accruals being lower than its debt servicing requirements.
Bhilwara, Rajasthan based Mahalaxmi TMT Private Limited (MTPL) is a
part of Sangam group and is engaged in manufacturing of billets and
thermo-mechanically treated (TMT) bars since April 1, 2010. MTPL
has an integrated steel manufacturing facility located at Wardha,
Maharashtra with installed capacity of 420,000 Metric Tonne Per
Annum (MTPA) for billets and 500,000 MTPA for TMT bars.
NITHYA TOBACCOS: CARE Keeps D in INR12cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nithya
Tobaccos (NT) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 12.00 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from NT to monitor the rating
vide e-mail communications dated September 25, 2019, October 14,
2019, October 15, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of best available information which however, in CARE's opinion is
not sufficient to arrive at fair rating. The rating on Nithya
Tobaccos bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating on August 17, 2018, the following were
the rating strengths and weaknesses.
Key Rating Weaknesses
Delays in bank facilities
The firm has been liquidity issues due to cash flow mismatches
resulting in overdrawing in cash credit facilities.
Key rating strengths
Experienced proprietor with around two decades in tobacco industry
The firm was established in March 2016 as a proprietorship firm, by
Mr. Vasu Babu. Mr. Babu has worked for 20 years in the same line of
business in the associate concern i.e Tobacco Trading Company which
is engaged in sale of tobacco products.
Ongole based Nithya Tobaccos (NT) was established in March 2016 as
a proprietorship concern by Mr. G Vasu Babu. Mr Babu is an
authorized licensed holder for processing and selling of Flue-Cured
Virginia (FCV) Non Traditional tobacco from Government of Andhra
Pradesh. NT is mainly engaged in processing and selling of FCV Non
Traditional tobacco. The orders undertaken by the firm are secured
through the competitive bidding process conducted by Tobacco Board
(TB) at Andhra Pradesh location.
PARAS BHAVANI: CARE Lowers Rating on INR50.24cr LT Loan to 'D'
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Paras Bhavani Steel Private Limited (PBSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 50.24 CARE D; ISSUER NOT COOPERATING;
Facilities Revised from CARE C on the
basis of best available
information
Short Term Bank 22.00 CARE D; ISSUER NOT COOPERATING;
Facilities Revised from CARE A4 on the
basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from PBSPL to monitor the ratings
vide e-mail communications dated October 10, 2019, November 5,
2019, November 6, 2019 and November 25, 2019 along with numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the ratings on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, PBSPL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The ratings
on PBSPL's bank facilities will now be denoted as CARE D/CARE D;
ISSUER NOT CO-OEPRATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The revision in the ratings assigned to the bank facilities of
PBSPL takes into account the overdrawings in its working capital
limits exceeding 30 days and delay in payment of term loan
instalments.
Detailed description of the key rating drivers
At the time of last rating on November 13, 2019, the following were
the rating strengths and weaknesses (updated for information
received from lender):
Key Rating Weaknesses
Overdrawing in cash credit account exceeding 30 days and delay in
payment of term loan installments on account of PBSPL's poor
liquidity: PBSPL operates in an intensely competitive and
fragmented stainless steel products industry, which is cyclical in
nature with close linkages to the growth in the economy. The
competition has intensified in the recent times, with continued
slowdown in growth in demand. This has resulted in decline in
operating profitability for PBSPL in FY19. Coupled with sustained
high interest costs, the decline in operating profitability
resulted in lower cash accruals for the company, which barely
covered its repayment obligations. Further, withdrawal of funds by
the promoters (INR8.05 crore withdrawn in FY19 from outstanding
unsecured loans as on March 31, 2018) along with lower cash
accruals stretched PBSPL's liquidity and resulted into an instance
of overdrawals in its fund based working capital limits exceeding
30 days along with delay in payment of its term loan installments.
Incorporated in October 2007, PBSPL is engaged in manufacturing of
welded, seamless and stainless steel (SS) pipes at its
manufacturing facilities located at Odhav and Rajpur (Kadi), near
Ahmedabad in Gujarat. The company is promoted by Mr. Parasmal S.
Bohra and his family members. The company manufactures a
diversified range of steel rolled products like SS seamless tubes
and pipes and caters to various industries including construction,
automobile, textile, food processing and pharmaceuticals.
PC JEWELLER: CRISIL Lowers Rating on INR2197.14cr Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of PC Jeweller
Limited (PCJ; part of the PCJ group), to 'CRISIL D/CRISIL D' from
'CRISIL BB+/Negative/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Exchange 53.76 CRISIL D (Downgraded from
Forward 'CRISIL A4+')
Fund-Based 2197.14 CRISIL D (Downgraded from
Facilities 'CRISIL BB+/Negative')
Long Term Loan 87.00 CRISIL D (Downgraded from
'CRISIL BB+/Negative')
Non-Fund Based 1274.03 CRISIL D (Downgraded from
Limit 'CRISIL A4+')
Proposed Fund- 128.83 CRISIL D (Downgraded from
Based Bank Limits 'CRISIL BB+/Negative')
Proposed Non 21.24 CRISIL D (Downgraded from
Fund based limits 'CRISIL BB+/Negative')
Proposed Standby 67.25 CRISIL D (Downgraded from
Line of Credit 'CRISIL A4+')
Standby Line 107.75 CRISIL D (Downgraded from
of Credit 'CRISIL BB+/Negative')
The downgrade in the rating factors in the instances of devolvement
of Letter of Credits (LC) and overutilization in working capital
limits for more than 30 days. The same is reflective of the fact
that the liquidity profile of the group has deteriorated in past
few months on account of cash flow mismatches.
The ratings reflect instances of LC devolvement and overutilization
in working capital limits, large working capital requirement and
the risk of unfavourable regulatory changes. These weaknesses are
partially offset by PCJ group's strong market position in
manufacturing and retailing gold and diamond jewellery and the
above-average capital structure.
Analytical Approach
CRISIL has combined the business and financial risk profiles of PCJ
and its four wholly owned subsidiaries - PC Universal Pvt Ltd,
Transforming Retail Pvt Ltd, Luxury Products Trendsetter Pvt Ltd,
and PC Global Jewellers DMCC'collectively referred to as the PCJ
group, as the entities have business and operational synergies.
Moreover, PCJ had extended inter-corporate advances to the
subsidiaries as they do not have bank lines of their own.
Key Rating Drivers & Detailed Description
Weaknesses
* Devolvement of LC and overutilization in working capital limits:
Stretch in liquidity, owing to cash flow mismatches, have led to
devolvement of LCs during the past three to four months. Working
capital limits were used to honour the LC payment, and in few
instances, were overutilised beyond 30 days.
* Large working capital requirement: Operations are working
capital-intensive: inventory, high at 418 days as on Sept 30, 2019
(218 days as on March 31, 2019) has remained at 200 days over the
past few years. Furthermore, receivables outstanding at INR1631
crore as on Sept 30, 2019 (INR1618 crore as on June 30, 2019)
continue to constrain the working capital cycle. Despite expected
addition of stores, inventory is expected to remain over 200 days
over the medium term. On account of credit of up to 180 days
offered to overseas buyers, gross current assets are expected to be
above 300 days over the medium term, driven by receivables of
120-130 days.
* Exposure to the risk of unfavourable regulatory changes: The
jewellery sector depends on the import of gold, which forms an
important part of India's foreign exchange outgo and current
account deficit (CAD). In the past, the government has undertaken
several regulatory measures to curb the import of gold to control
the CAD, including the following:
- Hike in import duty to 12.5% from 2%
- Introduction of the 80:20 rule (scrapped in fiscal 2015)
- Discontinuation of the gold-on-loan scheme (restarted in
fiscal 2015)
- Modification of the gold deposit scheme; introduction of
excise duty of 1%
- Requirement of permanent account number card for purchases of
over INR2 lakh
- Introduction of the sovereign gold bond scheme to shift
consumer preference away from physical gold
Introduction of the goods and service tax is, however, expected to
benefit organised jewellers, including the PCJ group. Nevertheless,
the performance of jewellery retailers will remain susceptible to
adverse regulatory changes.
Strengths
* Strong market position: The group has a strong market position
and a well-established brand in North India. As on June 30, 2019,
it had 85 stores, expanding exponentially from three stores in
fiscal 2008, thus increasing the geographic reach. The strong brand
is backed by the 25-year-long experience of the promoters in the
domestic and the export markets.
* Above-average capital structure: Capital structure should remain
above average: total outside liabilities to tangible networth ratio
was 0.61 times as on Sept 30, 2019 vis-a-vis 0.94 time as on March
31, 2019, with limited capital expenditure (capex).
Liquidity Poor
Liquidity is weak, with fund-based and non-fund-based bank limit
utilisation averaging 90% over the 12 months through October 2019.
Accrual should sufficiently cover maturing debt over the medium
term in the absence of any major debt-funded capex. Current ratio
is expected at 2 times over the medium term. Promoters have infused
INR215 crore of unsecured loans during the second quarter of fiscal
2020, to support the working capital requirement of the company.
However, export receivables recovery along with cash flow
management will remain a key monitorable over the medium term.
Rating sensitivity factors
Upward factors
* Regularisation of bank limits for a period of more than 90 days
* Improvement in working capital management and liquidity
Established in 2005, Delhi-based PCJ manufactures, retails, and
exports jewellery. The product range includes gold, diamond, and
other jewellery and silver articles.
The company has four subsidiaries: PC Universal Pvt Ltd,
Transforming Retail Pvt Ltd, Luxury Products Trendsetter Pvt Ltd,
and PC Jeweller DMCC (incorporated in Dubai).
PENTAGON ALUMINIUM: CARE Lowers Rating on INR6.30cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pentagon Aluminium Company Private Limited (PACPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 6.30 CARE D; ISSUER NOT CO-OPERATING
Facilities Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
The revision in rating to the bank facilities of PACPL takes into
account on-going delay in debt servicing obligation due to tight
liquidity position.
Key rating sensitivities
Positive Factor
* Improvement in liquidity position as reflected by the timely
repayment of debt obligations.
* Improvement in debt coverage indicators as marked by interest
coverage and TDGCA beyond 3x and below 5x respectively.
Key Rating Weaknesses
Ongoing Delays
There has been an ongoing delay in the interest servicing of the
term loan facility due to stretched liquidity position.
Delhi-based, Pentagon Aluminium Company Private Limited (PAPL) was
incorporated in February 2014 by Mr Amit Sharma and Ms Shakuntala
Kaushik. PAPL is setting up a manufacturing (Hot rolling mill) unit
at Una, Himachal Pradesh with the objective to manufacture
aluminium products such as aluminium sheets, plates and coils of
various shapes and sizes with proposed installed capacity of 3600
tonnes per annum. The company commenced its operations in September
2018. There are a total of only 2 hot rolling plants in India
wherein one is owned by HINDALCO and the other by the VEDANTA
Group. The finished products find their application in PET Bottles,
Shoe dyes, Fans Cookers, Medicine sheets, beer and wine bottle
caps, etc. The products goes through various stages starting from
melting to alloying to casting to reheating and then finally to
rolling.
The key raw material for the company are aluminum ingots which it
procures from HINDALCO and other traders all over the world based
on the best available price offered to them and sells to various
traders PAN India.
RM DAIRY: CARE Assigns 'D' Rating to INR42.41cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of RM Dairy
Products LLP, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 42.41 CARE D Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of RM Dairy takes into
account stretched liquidity position of the company owing to
delayed realizations from customers in the dairy industry which has
led to an elongated operating cycle and consequently continuous
overdrawals and delays in meeting debt obligations. The rating is
also constrained by the weak financial risk profile and low
profitability margins of the firm. However, the ratings derive
comfort from experienced partners.
Rating Sensitivities
Positive Factors
* Improvement in realizations from customers with better working
capital management and firm's ability to meet its debt obligations
on a sustainable basis.
* Growth in total operating income beyond INR250 crore with
improvement in PBILDT margin beyond 11% on a sustainable basis and
improved capital structure.
Detailed description of the key rating drivers
Low Profitability Margins: The PBILDT margin of the firm stood low
at 4.8% (PY: 3.91%) in FY19, primarily due to high cost of material
consumed. The low PAT margin of 0.59% (PY: 0.50%) during FY19 was
due to significantly high interest costs incurred by the company on
account of excessive reliance on working capital borrowings.
Weak financial risk profile: The financial risk profile of the firm
has deteriorated and stood weak as exhibited by high overall
gearing of 5.3x as on March 31, 2019 (PY: 4.98x), mainly on account
higher reliance on external borrowing to fund elongated operating
cycle The same has also resulted in deterioration in the Total Debt
to GCA from 11.09x as on March 31, 2018 to 12.53x as on March 31,
2019. The interest coverage ratio of the firm has moderated to
1.88x (PY:2.24x) during FY19, primarily due to higher working
capital borrowings resulting in increase in the interest cost.
Stretched receivables leading to cash flow mismatches: The
operating cycle of the company deteriorated to 74 days (PY: 41
days) as on 31st March 2019 primarily on account of increase in
average collection period from 21 days in FY18 to 41 days in FY19
as a result of competitive industry scenario due to supply-demand
mismatch of dairy products. Further, the average working capital
utilization for the past 12 months has remained high at around 99.4
%.
Key Rating Strengths
Experienced Partners: RM Dairy LLP is promoted by Mr. Ram Vinod
Singh, Mr. Ravi Singhal, Mr. Shishir Singh, and Mr.Girish Goyal.
Mr. Ram is a graduate and holds an experience of more than 20 years
in the construction business and currently looks after overall
administration of the firm. Mr. Shishir is an MBA with an
experience of over a decade in the construction business. Mr. Ravi
who looks after the marketing and procurement division of the firm
also has an experience of around 20 years in the construction
business. In 2015, the partners ventured into the dairy industry by
establishing a manufacturing facility in Aligarh with an installed
capacity of 4 lakh litre to produce paneer, butter, desi ghee,
skimmed milk powder, and other milk products.
Liquidity: Stretched- The liquidity continues to remain poor owing
to elongated operating cycle which has led to continuous
overdrawals and delay in debt repayment obligations.
RM Dairy Products LLP is the flagship company of Ram Meher Group.
The group was started in 2005 with focus in the real estate and
glass industry. RM Dairy Products LLP was incorporated in April,
2015 as a limited liability partnership firm by eight partners - Mr
Ram Vinod Singh, Ms Radha Singh, Mr Shishir Singh, Mr Girish Goyal,
Ms Suman Goyal, Mr Ravi Singhal, Ms Archana Singhal and Ms Shally
Singh. The firm has a manufacturing plant in Aligarh, Uttar Pradesh
with an installed capacity of around 4 lakh litre per day to
produce skimmed milk powder, ghee, and milk.
RUBY BUS: CRISIL Maintains 'B-' Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ruby Bus Private
Limited (RBPL) continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 27 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Letter of Credit 7 CRISIL A4 (ISSUER NOT
COOPERATING)
Overdraft 5 CRISIL A4 (ISSUER NOT
COOPERATING)
Proposed Long Term 0.05 CRISIL B-/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Working Capital .95 CRISIL B-/Stable (ISSUER NOT
Term Loan COOPERATING)
CRISIL has been consistently following up with RBPL for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 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 RBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of RBPL continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
RBPL was incorporated in 1947 by late Mr. Shantilal Kapashi.
Currently the company is being managed by Mr. Pankaj Kapashi. The
company is engaged in manufacturing bus body for Staff Buses,
School Buses, Executive Buses, Luxury Buses, and special Purpose
Applications like Ambulances, Delivery Vans, Defence/Army Vehicles
and other Custom Designed Vehicles. The company has manufacturing
unit in Ahmedabad.
TECHNICO STRIPS: CARE Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Technico
Strips and Tubes Private Limited (TSTPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 21.55 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Short Term Bank 14.50 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed description of the key rating drivers
CARE has been seeking information from TSTPL to monitor the ratings
vide e-mail communications/letters dated November 1, 2019; October
31, 2019; October 30, 2019; October 25, 2019 and October 21, 2019;
September 5, 2019; August 30, 2019; August 27, 2019; August 20,
2019; August 8, 2019 and August 2, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Technico Strips and Tubes Private Limited's (TSTPL) bank
facilities will now be denoted as CARE D/ CARE D; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account delays in the servicing of the debt
obligation by the company.
Detailed description of the key rating drivers
At the time of last rating on September 5, 2019, the following was
the rating weakness:
Detailed description of the key rating drivers
Key Rating Weakness
Delays in the debt servicing: As per the account statements
provided by the company, there have been instances of delays in the
servicing of the repayment obligations for the term loans availed
by the company. Further, there have also been instances of
overdrawals in the fund based limits availed by the company for not
more than 30 days. The same has been on account of the stretched
liquidity position of the company.
Technico Strips & Tubes Private Limited (TSTPL) was incorporated in
April -1992 by the name 'R.N. Gupta Cycles Private Limited' and was
earlier engaged in the manufacturing of cycle parts. Subsequently,
the company changed its name to TSTPL in 2007. The company is
promoted by Mr. Ajay Gupta and his son, Mr. Nitin Gupta and
currently is engaged in the manufacturing of electric-resistance
welded steel tubes and cold-drawn welded steel tubes at its sole
facility in Ludhiana, with an annual production capacity of 22000
MT (as on March 31, 2018).
VATIKA INFRACON: CARE Lowers Rating on INR128.90cr NCDs to 'C'
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vatika Infracon Private Limited (VIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 128.90 CARE C; Stable Revised from
Debenture (NCD) CARE BB-; Stable
issue
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the NCD issues by Vatika
Infracon Private Limited takes into account instances of delays in
debt obligations by the company (not rated by CARE). The rating
continues to be constrained by, aggressive sales and development
plans, subdued industry scenario and high exposure towards group
companies & related parties.
Rating Sensitivities
Positive factors
* Timely servicing of debt obligation
* Implement the project without any cost and time overrun.
* Generate envisaged revenue.
Negative factors
* Delay in project execution.
Detailed description of the key rating drivers
Key Rating Weakness
Project execution and salability risk
The company is yet to start the construction of its upcoming
project- Vatika City 2. The company proposes to avail construction
finance of INR400 crore for the project while total cost is INR3397
crore. The project is expected to launch i n Q3FY20 as earlier
expected in Q3FY19, due to delay in receipt of licenses. Thus, the
company is exposed to project execution risk. Also, on account of
subdued industry scenario, the project is exposed to salability
risk after the launch of the project.
Excessive dependence on customer advances
VIPL has shown excessive dependence on customer advances as a means
for project execution. For the upcoming project, VIPL has projected
to fund about 71.46% of the total project cost by utilizing
proceeds from customer advances. Excessive dependence on customer
advances for project execution might impact the schedule of the
project if the sales momentum is not as expected.
Subdued industry scenario
The real estate sector during the rec ent years witnessed a
slowdown owing to various government reforms. Demonetization & GST
implementation were some of the factors which even though aimed at
curbing the black money menace, hit the sector hard through sale
stagnation leading to a dip in prices. However, with the
introduction of the RERA Act, it forced the builders in timely
completion and delivery of projects which is in the interest of
both consumers as well as for real estate sector. The affordable
housing sector, owing to governmental thrust was the only segment
that showed some improvement. However, with the effect of these
reforms stabilizing, the sector is expected to witness small but
sustainable improvement during FY20.
Key Rating Strengths
Experienced promoters and established track record of group
Vatika Group is promoted by Delhi based- Bhalla family. Mr. Anil
Bhalla, who is currently the Chairman of the Board and is an active
participant in the company affairs. He is assisted by his two sons
–Mr. Gautam Bhalla who handles the real estate business and Mr.
Gaurav Bhalla who handles other verticals, including hotels,
facility management and business center. The group has completed
seven commercial projects comprising total saleable area of 21.04
lakh square feet (lsf) and two residential project (Vatika City)
with saleable area of 40.14 lsf in Gurgaon.
Favorable location of the project
The project is located in Sector 89, Gurgaon towards the south
western periphery of the city. The area is an emerging residential
sector of Gurgaon located in close proximity to Dwarka Expressway
(also known as Northern Periphery Road). This area has gained
prominence post the announcement of approx. 18 km long (150 m wide)
Dwarka Expressway connecting the new growth sectors of Delhi,
Gurgaon and Palam Vihar with NH-8 near Kherki Dhaula, Gurgaon. The
nearby sectors 85-99 are characterized by the presence of various
residential plotted and group housing developments by private
developers.
Liquidity- Stretched
The company has stretched liquidity profile marked by nil
collections as project is yet to be launched. Against this, the
company has debt service obligations thereby making the liquidity
position stretched.
Vatika Infracon Private Limited (VIPL) was incorporated in 2010 for
the purpose of real estate development. The company is a step-down
subsidiary of Vatika Ltd (rated CARE C; Stable revised in
November-19), Vatika Group's flagship company. VIPL is developing a
77 acres gated township 'Vatika City 2' as the final phase of
Vatika India Next (An integrated township with area spanning over
677 acres having residential- floors, plots, villas, group housing,
gated towns and commercial projects) in Sector 89, Gurgaon with
saleable area of 68.02 lakh square feet (lsf). The project will be
developed in 4 phases and the land for the project has already been
acquired with licenses for phase 1 already received.
VATIKA SOVEREIGN: CARE Lowers Rating on INR182.97cr Loan to C (CE)
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vatika Sovereign Park Private Limited (VSPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 182.97 CARE C (CE); Stable; ISSUER NOT
Facilities@ COOPERATING; Revised from
CARE BB (CE); Stable; Issuer
not cooperating; Based on best
available information
Detailed Rationale & Key Rating Drivers
VSPPL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on Vatika Sovereign Park Priva te Limited
bank facilities will now be denoted as CARE C (CE); Stable; ISSUER
NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating of VSPPL is backed by unconditional and irrevocable
corporate guarantee from Vatika Limited.
The revision in the rating assigned to the bank facilities of
Vatika Limited takes into account instances of delays in debt
obligations by the company (not rated by CARE). The rating
continues to be constrained by, aggressive sales and development
plans, subdued industry scenario and high exposure towards group
companies & related parties.
Rating Sensitivities
Positive Factors
* Timely servicing of debt obligations
* Timely completion of project with no cost over runs
* Achievement of envisaged sales and timely receivables of customer
advances
Negative Factors
* Lower than envisaged level of sales of existing inventory.
* Lower than envisaged levels of committed customer advances.
Detailed description of the key rating drivers (Vatika Limited)
Key Rating Weakness
Delays in servicing of debt obligations
Auditor in its report for FY19 has reported the instances of delays
in debt servicing by the company. The delays have been on few
facilities (not rated by CARE) ranging from 0-90 days.
Project execution and salability risk
The company is developing 10 projects (4 commercial and 6
residential) on which it has incurred 47% of the projected cost as
on July 30, 2019 (P.Y. 42%). While the company has incurred 35.83%
of projected construction cost as on July 31, 2019 (P.Y. 30.16%).
All the approvals necessary for completion of project are in place
as on July 31, 2019.
As on July 31, 2019, the company has sold 49% of 603.43 lsf area at
a sales consideration of INR8990.74 crore and received INR7469.71
crore of customer advances translating into 83% of sales
consideration.
Subdued industry scenario
With the on-going economic conditions, the real estate industry is
facing issues on many fronts. These include subdued demand,
curtailed funding options, rising costs, restricted supply due to
delays in approvals, etc. thereby resulting in stress on cash
flows. The industry has seen low demand for quite some time now
primarily due to factors like sustained high level of inflation,
which apart from keeping interest rates high, has adversely
impacted the buying power a nd affordability for the consumers.
Risks emanating from exposure to group and related entities
Vatika has invested in various subsidiaries and group companies
that are primarily land-holding companies. Apart from investments
in subsidiaries of about INR926.58 crore as on March 31, 2019 (PY:
INR899.34 crore), Vatika has provided loans and advances to these
companies aggregating more than INR3500 crore.
Moderation in financial risk profile marked by continued elevation
in gearing levels
The financial risk profile is characterized by the presence of high
debt with overall gearing stood at 4.15x (P.Y. 6.06x) as on March
31, 2019 as per provisional results. The company has debt repayment
of INR1008.49 crore scheduled to be repaid in FY20 at group level
inclusive of standalone debt of repayment of INR912.30 crore.
Key Rating Strengths
Experienced promoters and established track record of group Vatika
Group is promoted by Delhi based- Bhalla family. Mr. Anil Bhalla,
who is currently the Chairman of the Board and is an active
participant in the company affairs. He is assisted by his two sons
– Mr. Gautam Bhalla who handles the real estate business and Mr.
Gaurav Bhalla who handles other verticals, including hotels,
facility management and business center. The group has completed
seven commercial projects comprising total saleable area of 21.04
lakh square feet (lsf) and two residential project (Vatika City)
with saleable area of 40.14 lsf in Gurgaon. The company had rec
eived PE-funding from global funds like Baer Capital, Goldman Sachs
in 2008 and has tied-up with Government of Singapore's sovereign
wealth fund 'GIC' in 2015 for development of group housing projects
'Sovereign Park', 'Seven Elements' and 'Urban Expression' in
'Vatika Express City' township project in Harsaru, Gurgaon. The
group has land bank of about 103.14 acres having market value of
INR2,211 crore as on March 31, 2019.
Project updates
Vatika is currently executing ten projects including six
residential projects (saleable area of 545.49 lsf) and four
commercial projects (saleable area of 57.94 lsf). The residential
projects are located in Gurgaon, Ambala and Jaipur, while the
commercial projects are located in NCR primarily in Gurgaon and
Faridabad. The company had incurred approximately 47% of the
aggregate project cost till July 31, 2019. On the sales front,
Vatika has sold about 49% of the total saleable area till July 31,
2019. The stagnancy in sales is in-line with overall subdued demand
scenario in the industry.
Liquidity: Stretched
The liquidity of the company is stretched on account of low
collections of ~INR167 cr in 4MFY20 as against principal repayment
obligation of INR948.49 cr in FY20. The company has lumpy repayment
obligations in the near term as well as pending expenditure on
construction which makes the current liquidity profile stretched.
Analytical approach: Combined, CARE while arriving at the rating of
Vatika Limited, has considered combined financials which includes
its subsidiaries and associate companies (Vatika Seven Elements
Private Limited and Vatika Sovereign Park Pvt Ltd) which are under
the same management to which Vatika has also provided support in
the form of Corporate Guarantee.
Vatika Sovereign Park Private Limited (VSPPL) was incorporated in
2011 for the purpose of real estate project development. The
company is a step-down subsidiary of Vatika Ltd (Vatika rated- CARE
C; Stable, revised in November-19), Group's flagship company. VSPPL
is developing a 9.68 acres luxurious residential towers at a cost
of INR645 crore, part of Vatika India Next (An integrated township
with area spanning over 677 acres having residential- floors,
plots, villas, group housing, gated towns and commercial projects)
in Sector 99, Gurgaon with saleable area of 68.02 lakh square feet
(lsf). The project is a joint venture between Vatika Limited and
GIC, Singapore's sovereign wealth fund. Project is designed by
Arcop, Canada and Landscaping is designed by M. Paul Friedberg, New
York.
VISTACORE INFRAPROJECTS: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vistacore
Infraprojects Private Limited (VIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 30.00 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
information
Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers
CARE had, vide its press release dated September 26, 2018, placed
the rating of VIPL under the 'issuer non-cooperating' category as
VIPL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. VIPL continues to be
non-cooperative despite repeated requests for submission of
information through email dated November 11, 2019 and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on September 26, 2018 the following were
the rating weaknesses:
Key Rating Weaknesses
Delay in debt servicing obligations: As per the interaction with
the banker during last review, there are continuous overdrawals of
more than 60 days in the cash credit facility.
VIPL is promoted by the Patil family with Mr. Utkarsh B. Patil
heading the operations of the company. Earlier, the company was
established as a proprietorship concern in the name of “Vista
core Infra -projects” in 2008. Subsequently, it was reconstituted
as a private limited company in 2015 with its name changed to the
current one. VIPL carries out civil construction work for
buildings, roads, bridges, tunnels, culverts, highways, water
treatment plants, industrial structures, powerhouses, water supply
distribution schemes and others. VIPL is a part of the Vistacore
group, which was founded in the year 2002.
=====================
N E W Z E A L A N D
=====================
LIFETIME INCOME: A.M. Best Hikes Finc'l. Strength Rating to B(Fair)
-------------------------------------------------------------------
AM Best has upgraded the Financial Strength Rating to B (Fair) from
B- (Fair) and the Long-Term Issuer Credit Rating to "bb" from "bb-"
of Lifetime Income Limited (LIL) (New Zealand). The outlook of
these Credit Ratings (ratings) is stable.
The ratings reflect LIL's balance sheet strength, which AM Best
categorizes as adequate, as well as its marginal operating
performance, limited business profile and marginal enterprise risk
management.
The rating upgrades reflect an improvement in AM Best's assessment
of LIL's business profile. While the company remains a new entrant
to New Zealand's life insurance market having launched its
underwriting operations in 2016, it continues to execute its
initial start-up business strategy successfully. LIL's core product
offering is variable annuity (VA) products for the retirement
community, which although remains in the early stage of its product
life cycle in New Zealand, has demonstrated a good level of
traction and growth over recent years. AM Best considers LIL's core
VA product, which includes guaranteed lifetime withdrawal benefits,
to carry elevated product risk and also exposes the company to the
prevailing interest rate environment. This risk is mitigated
partially through the company's ability to adjust VA product
features, including guaranteed income rates. The company's business
profile assessment also considers LIL's limited product and
geographical diversification as a VA insurer that operates solely
in New Zealand.
LIL's balance sheet strength is underpinned by its risk-adjusted
capitalization, as measured by Best's Capital Adequacy Ratio
(BCAR), which is projected to be at least at a strong level over
the medium term. AM Best expects LIL's prospective capital position
to be supported by ongoing, timely capital injections from the
group's shareholders to support future business growth. Offsetting
balance sheet factors include the company's marginal buffer in its
regulatory solvency position and its small absolute capital base,
which increases the sensitivity of its capital position to shock
events and future business growth. In addition, the company is
considered to have a reliance on third-party dynamic hedging to
support its VA product. The ratings also factor in a neutral
holding company impact from the company's 100% ownership by
Retirement Income Group Limited.
AM Best views LIL to have a limited track record of positive
operating performance and its earnings have been hampered
historically by high expenses relative to the size of its premium
base due to its start-up nature. Recent operating results also have
been impacted by policyholder withdrawals in the fixed annuity
portfolio, acquired by LIL in 2017, and the reduction in the
interest rate environment in New Zealand, where rates have fallen
during 2019 to historically low levels. AM Best notes that a
portion of the costs associated with the investment management
arising from LIL's business is borne by an affiliated company, with
the combined performance of these entities considered in assessing
the underlying performance of LIL's business portfolio.
===============================
P A P U A N E W G U I N E A
===============================
CAPITAL GENERAL: A.M. Best Cuts Finc'l. Strength Rating to C(Weak)
------------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating to C (Weak)
from C+ (Marginal) and the Long-Term Issuer Credit Rating to "ccc"
from "b-" of Capital General Insurance Company Limited (CGI) (Papua
New Guinea). The outlook of these Credit Ratings (ratings) remains
negative. Concurrently, these ratings have been withdrawn as the
company has requested to no longer participate in AM Best's
interactive rating process.
The ratings reflect CGI's balance sheet strength, which AM Best
categorizes as weak, as well as its adequate operating performance,
limited business profile and weak enterprise risk management. The
rating factor in a neutral impact from the company's 100% ownership
by Capital Insurance Group Limited.
The rating downgrades reflect a deterioration in AM Best's view of
CGI's operating performance and balance sheet strength
fundamentals. The company's underwriting and operating performance
metrics have exhibited a high degree of volatility over a number of
years. Most recently, a notable increase in large loss activity
arising from the company's property portfolio during the second
half of 2019 is expected to drive a material pre-tax operating loss
for full-year 2019. A number of single large property losses,
principally arising from fire events, have triggered the company's
reinsurance protection multiple times during the second half of
2019. While the majority of gross losses are expected to be
absorbed by its reinsurance coverage, AM Best expects the company
to incur sizable reinsurance reinstatement costs during the
period.
As a result of the aforementioned pre-tax operating loss expected
for 2019, which falls materially outside of AM Best's prior
expectations, the company is expected to report a notable decline
in shareholder's equity at year-end 2019. Consequently, CGI's
risk-adjusted capitalization, as measured by Best's Capital
Adequacy Ratio (BCAR), continues to depict a high level of
volatility and trend negatively.
The negative outlooks reflect AM Best's expectation of continued
pressure on risk-adjusted capitalization over the medium term and
ongoing volatility in operating performance metrics.
CAPITAL LIFE: A.M. Best Affirms C-(Weak) Finc'l. Strength Rating
----------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of C- (Weak) and
the Long-Term Issuer Credit Rating of "cc" of Capital Life
Insurance Company Limited (CLI) (Papua New Guinea). The outlook of
these Credit Ratings (ratings) is stable. Concurrently, these
ratings have been withdrawn as the company has requested to no
longer participate in AM Best's interactive rating process.
The ratings reflect CLI's balance sheet strength, which AM Best
categorizes as weak, as well as its adequate operating performance,
limited business profile and weak enterprise risk management. The
rating factor in a neutral impact from the company's 100% ownership
by Capital Insurance Group Limited.
Risk-adjusted capitalization, as measured by Best's Capital
Adequacy Ratio (BCAR), remained at a very weak level at year-end
2018. This follows an internal control failure that resulted in
notable reserve strengthening of the company's medical portfolio,
which led to a significant decline in shareholders' equity at
year-end 2017. The company's management team has since implemented
a number of remedial actions, including large premium rate
adjustments and strengthening of policy conditions. AM Best expects
these steps to generate additional retained earnings over the
medium term, which will bolster prospective risk-adjusted
capitalization.
A notable improvement in underwriting performance was seen in 2018,
albeit still loss-making. Overall, the company reported an
operating loss of PGK 2.2 million (USD 0.7 million) in 2018, as
compared with PGK 7.0 million in 2017. AM Best expects CLI to
report positive underwriting and operating earnings over the medium
term, driven by an anticipated improvement in the performance of
its core medical portfolio.
AM Best continues to view CLI's business profile as limited given
the company's small scale of operations and niche portfolio of
business. The company also is viewed to have a moderate level of
product concentration and a high level of geographical
concentration, with its entire premium base emanating from Papua
New Guinea.
AM Best views CLI's risk management as underdeveloped, with recent
internal control failures and deficiencies having caused material
volatility in the company's earnings and capital adequacy. Despite
significant management attention on improving the company's risk
management framework and governance, AM Best expects this will take
some time to become effective.
=====================
P H I L I P P I N E S
=====================
MANILA WATER: Water Rant Wipes Out US$2 Billion Market Value
------------------------------------------------------------
Bloomberg News reports that investors in Manila Water Co. and other
utilities that supply water to the Philippine capital have seen
more than $2 billion combined market value wiped out after
President Rodrigo Duterte said their contracts are disadvantageous
to the public and a new agreement must be crafted.
According to Bloomberg, Mr. Duterte's statement caused Ayala
Corp.'s Manila Water to drop almost PHP11 billion ($218 million) in
claims from the government.
Separately a regulator canceled a 15-year extension of their
contracts, Bloomberg relays. "Until there is clarity with the
contracts, the market will punish these stocks and any rebound will
be fleeting," Bloomberg quotes Manny Cruz, analyst at Papa
Securities, as saying.
Manila Water Company, Inc. is the sole provider of water and used
water (wastewater) services to over six million people in the East
Zone of Metro Manila. It is a subsidiary of Ayala Corporation.
MAYNILAD WATER: Could Face Financial Crunch, DMCI Warns
-------------------------------------------------------
Victor V. Saulon at BusinessWorld Online reports that Maynilad
Water Services, Inc. risks financial difficulty should its
creditors simultaneously demand payment of loans totaling some
PHP42 billion due to a "material change" in its contract with the
government, which has revoked extension of the water concession
beyond 2022.
Meantime, Metro Manila's west zone water provider has suspended its
capital expenditure program pending resolution of issues involving
its concession contract, which the Justice department has ordered
reviewed, BusinessWorld says.
These are among the issues faced by one of its shareholders DMCI
Holdings, Inc., said its Chairman and President Isidro A. Consunji,
according to BusinessWorld.
He told reporters that the water company has loans of about PHP42
billion, which become due and demandable under its covenant with
lenders in case of any material change in its contract,
BusinessWorld relays.
"Under our loan covenants, any material change in the contract
lahat ng (all the) loans [become] due and demandable," the report
quotes Mr. Consunji as saying.
According to BusinessWorld, in a hearing at the House of
Representatives on Dec. 11, Maynilad President and Chief Executive
Officer Ramoncito S. Fernandez said he learned of the Dec. 5
revocation of the 15-year extension of Metro Manila's water
concessions on Dec. 11. "While we were meeting almost [the] whole
day, our creditors have already asked us how will this affect [the
company]. 'Will you still be able to pay the loans that you've
contracted with us long term'?" he told reporters then.
"Sa ngayon lang, lahat ng capex namin suspended (Right now, all our
capital expenditures are suspended)," Mr. Consunji, as cited by
BusinessWorld, said.
He said the suspended spending program means the third water
treatment plant in Putatan, Muntinlupa is on hold, along with a
similar facility in Dagat-dagatan in Caloocan City. Both plants are
supposed to help in responding to Metro Manila's water shortage as
water in Angat Dam, the capital's main source, remains below ideal
elevation, BusinessWorld relays.
Mr. Consunji said latest estimates show the suspended projects cost
around PHP30 billion, BusinessWorld adds.
He added that the suspension was meant to avoid legal action from
contractors should the company fail to secure a loan from banks as
payment for construction of water treatment plants, according to
the report.
Asked how long the capex program's suspension could last, he
replied: "Until this thing is resolved - 'yung MWSS contract, kung
meron negotiation ng contract. Hanggang matapos 'yun at acceptable
sa bangko, call lahat ng loans. (Until this thing is resolved - the
contract with the Metropolitan Waterworks and Sewerage System, if
there is a re-negotiation of the contract. Until that is over and
the outcome is acceptable to the banks, all the loans will be
called,) relays BusinessWorld.
He said Manila Water probably has the same amount of demandable
loans, which if called by the lenders could sink the
concessionaires, BusinessWorld adds.
According to BusinessWorld, the companies woes arose after
President Rodrigo R. Duterte threatened to sue their top officials,
plus government executives responsible for their concession
agreements, for "economic sabotage."
BusinessWorld relates that the threat came after Manila Water on
Nov. 29 disclosed that it had won PHP7.39 billion in an arbitration
case with the government. The international arbitration came after
the Ayala-led company called on the government to honor its pledge
to reimburse foregone operating revenues arising from a significant
reduction in the rate of return committed in its concession
contract, the report says.
Separately, Maynilad was granted by a Singapore tribunal on July
24, 2017 an arbitral award of at least PHP3.42 billion for losses
resulting from the refusal of the MWSS to implement the
concessionaire's water tariffs. The water company did not move to
enforce the award or compel the government to pay.
Arbitration was a legal remedy provided under the contract crafted
by the administration of Fidel V. Ramos when water distribution in
Metro Manila was turned over to the private sector in 1997.
BusinessWorld says adjustments in water rates as applied for by the
companies go through the scrutiny of the MWSS regulatory office.
The same goes for capital spending on projects, which the regulator
approves only if they are prudent and efficient.
"It appears that if the contract is shortened, 'yung mga capex to
provide for supply, waste-water treatment will be suspended dahil
'di kayang bayaran 'yan by 2022. (It appears that if the contract
is shortened, the capex to provide for supply, waste-water
treatment will be suspended because these can't be paid by 2022),"
BusinessWorld quotes Mr. Consunji as saying.
The original concession contracts between the government on the one
hand as well as Maynilad and Manila Water on the other were
supposed to end in 2022, but these were separately extended by the
government under then President Gloria Macapagal-Arroyo, the report
notes.
About Maynilad
Maynilad Water Services, Inc. is the water and wastewater services
provider of cities and municipalities that form the West Zone of
the Greater Manila Area in the Philippines.
DMCI Holdings has a 25.24% stake in Maynilad, while Metro Pacific
Investments Corp. holds 52.8%. Japan's Marubeni Corp. has a 20%
stake, while the balance is held by other shareholders,
BusinessWorld discloses.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Dec. 9, 2019 to Dec. 13, 2019
------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 1.00
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.09
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.09
CHINA
----
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.00
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.06
ALAER NORTHWESTERN INDUST 5.35 09/16/22 CNY 60.00
ALAER NORTHWESTERN INDUST 5.35 09/16/22 CNY 61.21
ALAER XINXIN STATE-OWNED 6.80 06/16/22 CNY 50.60
ALAER XINXIN STATE-OWNED 6.80 06/16/22 CNY 56.87
ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 40.18
ANHUI FOREIGN ECONOMIC CO 7.30 07/13/21 CNY 70.01
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 41.15
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 47.18
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 41.29
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 44.57
ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 20.19
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 60.00
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 61.87
ANSHUN STATE-RUN ASSETS M 6.98 01/10/20 CNY 20.01
ANSHUN STATE-RUN ASSETS M 6.98 01/10/20 CNY 20.06
BAODING NATIONAL HI-TECH 7.33 12/24/19 CNY 20.06
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.00
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.97
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 61.54
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 65.50
BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 47.27
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.32
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.65
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.26
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 40.00
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 40.83
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 40.90
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 41.15
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 41.40
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.09
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.43
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.30
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 61.26
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 20.51
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 23.68
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.24
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 22.10
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.27
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.57
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 40.57
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 41.01
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 43.87
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 41.30
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 41.41
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 41.20
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 41.33
BENGHU HI NEW TECH INVEST 8.70 04/17/21 CNY 40.00
BENGHU HI NEW TECH INVEST 8.70 04/17/21 CNY 41.15
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 60.00
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 60.27
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 61.58
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 65.65
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 40.69
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 50.00
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 40.79
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 43.40
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 60.00
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 60.66
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.00
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.17
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.15
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.50
C&D REAL ESTATE CORP LTD 6.15 04/03/20 CNY 20.24
CANGZHOU CONSTRUCTION & I 6.72 01/23/20 CNY 20.16
CANGZHOU CONSTRUCTION & I 6.72 01/23/20 CNY 20.30
CEFC SHANGHAI INTERNATION 4.08 09/09/21 CNY 60.00
CEFC SHANGHAI INTERNATION 4.98 12/10/20 CNY 61.29
CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 40.62
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 41.18
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 41.40
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 20.16
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 61.67
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 68.20
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 57.48
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 61.00
CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 46.69
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 62.58
CHANGSHA PILOT INVESTMENT 6.70 12/10/19 CNY 20.09
CHANGSHA TIANXIN CITY CON 3.43 08/08/23 CNY 74.60
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 41.22
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 44.00
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.00
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.72
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 20.13
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 62.00
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 67.32
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 41.36
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 47.00
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 40.61
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 41.32
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 50.30
CHANGXING URBAN CONSTRUCT 6.80 11/30/19 CNY 20.00
CHANGXING URBAN CONSTRUCT 6.80 11/30/19 CNY 20.03
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 59.00
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 60.07
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.15
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.20
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 40.00
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 41.05
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.00
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.26
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 20.16
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.51
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.70
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 60.00
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 60.40
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.34
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.80
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 20.10
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 20.24
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 41.05
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 46.00
CHENGDU HI-TECH INVESTMEN 6.28 11/20/19 CNY 20.05
CHENGDU HI-TECH INVESTMEN 6.28 11/20/19 CNY 20.35
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 40.95
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 38.50
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 40.43
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 61.25
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 68.83
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 59.30
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 60.33
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 17.05
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 20.16
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 60.00
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 61.60
CHENGDU XINGJIN URBAN CON 7.30 11/27/19 CNY 20.08
CHENGDU XINGJIN URBAN CON 7.30 11/27/19 CNY 25.40
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 41.07
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 42.30
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 41.34
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 41.37
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.25
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.56
CHENZHOU HIGH-TECH KLC HO 6.45 01/23/22 CNY 60.59
CHENZHOU HIGH-TECH KLC HO 6.45 01/23/22 CNY 68.60
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 19.99
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 20.00
CHENZHOU XINTIAN INVESTME 6.15 04/24/22 CNY 59.18
CHINA MINSHENG INVESTMENT 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDINGS 8.90 12/13/21 CNY 50.01
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 40.00
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 40.49
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 40.81
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.00
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 61.10
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 64.00
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 40.62
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 41.00
CHONGQING BEIFEI INDUSTRY 7.13 12/25/19 CNY 20.15
CHONGQING BEIFEI INDUSTRY 7.13 12/25/19 CNY 20.30
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 40.00
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 40.76
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 40.00
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 41.35
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.12
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.25
CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 20.48
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 20.08
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 20.20
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 60.00
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 60.29
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 41.45
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 47.33
CHONGQING FULING STATE-OW 6.39 01/21/20 CNY 20.18
CHONGQING FULING STATE-OW 6.39 01/21/20 CNY 21.20
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 60.00
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 60.31
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 41.79
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 50.80
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 40.00
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 40.98
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.00
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 40.00
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 40.46
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.79
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 40.94
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.12
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.32
CHONGQING HONGRONG CAPITA 7.20 10/16/19 CNY 20.02
CHONGQING HONGRONG CAPITA 7.20 10/16/19 CNY 20.15
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 20.07
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 25.00
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 40.63
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 40.70
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 40.90
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 41.01
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.56
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.37
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.65
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 41.30
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 41.33
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 41.45
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 41.80
CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 69.68
CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 69.70
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 69.87
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 69.95
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 69.97
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 70.10
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.27
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.28
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 40.93
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 41.70
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 20.00
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 20.09
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 40.00
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 40.00
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 20.20
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 60.05
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 66.25
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.52
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.70
CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 40.75
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 60.00
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 61.82
CHONGQING WANSHENG ECO & 6.39 04/17/20 CNY 20.16
CHONGQING WANSHENG ECO & 6.39 04/17/20 CNY 20.20
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 40.63
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 40.91
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 43.90
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 45.00
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 61.66
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 64.21
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 41.43
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 42.33
CHONGQING YONGCHUAN HUITO 7.33 10/16/19 CNY 20.01
CHONGQING YONGCHUAN HUITO 7.33 10/16/19 CNY 20.32
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 40.77
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 41.60
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 60.00
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 61.78
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.00
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.63
CHONGQING YUXING CONSTRUC 7.30 12/10/19 CNY 19.52
CHONGQING YUXING CONSTRUC 7.30 12/10/19 CNY 20.08
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 40.91
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 61.15
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 64.55
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 19.76
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 19.80
CHUZHOU CITY CONSTRUCTION 6.81 11/23/19 CNY 20.07
CHUZHOU CITY CONSTRUCTION 6.81 11/23/19 CNY 20.16
CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 41.00
CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 41.46
CHUZHOU TONGCHUANG CONSTR 7.05 01/09/20 CNY 20.00
CHUZHOU TONGCHUANG CONSTR 7.05 01/09/20 CNY 20.13
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.20
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 41.09
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 48.80
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.00
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 40.60
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.70
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 40.72
DALIAN DETA HOLDING CO LT 6.50 11/15/19 CNY 20.04
DALIAN PUWAN ENGINEERING 7.09 02/20/21 CNY 39.80
DALIAN PUWAN ENGINEERING 4.50 02/01/23 CNY 74.50
DALIAN PUWAN ENGINEERING 4.50 02/01/23 CNY 74.73
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 60.15
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 60.15
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.81
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 40.81
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.82
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 40.82
DANDONG PORT GROUP CO LTD 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 61.35
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 63.00
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 40.00
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 41.12
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 59.64
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 60.00
DANYANG INVESTMENT GROUP 6.81 10/23/19 CNY 25.02
DANYANG INVESTMENT GROUP 6.81 10/23/19 CNY 25.11
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 40.45
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 40.58
DAQING GAOXIN STATE-OWNED 6.88 12/05/19 CNY 20.03
DAQING GAOXIN STATE-OWNED 6.88 12/05/19 CNY 20.03
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 58.36
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 62.50
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 40.62
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 40.83
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 40.84
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 43.53
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 60.00
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 61.53
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 20.11
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 20.34
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 60.23
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 60.93
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 40.53
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 48.26
DONGLING GROUP INC CO 8.00 07/14/22 CNY 60.00
DONGLING GROUP INC CO 8.00 07/14/22 CNY 61.72
DONGTAI UBAN CONSTRUCTION 7.10 12/26/19 CNY 20.08
DONGTAI UBAN CONSTRUCTION 7.10 12/26/19 CNY 20.15
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 41.16
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 41.17
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 48.48
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 60.98
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 61.76
DR PENG TELECOM & MEDIA G 6.00 06/16/22 CNY 65.01
DR PENG TELECOM & MEDIA G 7.00 04/25/23 CNY 75.00
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 60.00
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 60.29
EASTAR HOLDINGS GROUP CO 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTION 7.55 10/22/19 CNY 20.02
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 41.24
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 47.54
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.00
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.44
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 41.54
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 46.50
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 41.16
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 42.00
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 61.46
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 64.49
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 54.32
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 55.04
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 60.00
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 61.82
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 40.90
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 43.00
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 40.80
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 41.52
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.20
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.32
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 20.12
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 20.21
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 60.00
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 61.20
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.00
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 61.36
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 40.81
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 41.15
FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 40.33
FUQING CITY STATE-OWNED A 5.94 11/26/22 CNY 70.73
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 59.98
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 62.80
FUZHOU INVESTMENT DEVELOP 6.78 01/16/20 CNY 20.15
FUZHOU JIANGONG GROUP CO 6.80 12/10/19 CNY 40.14
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 60.00
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 60.00
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 61.11
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 61.36
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.20
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.28
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 60.00
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 61.80
GANZHOU DEVELOPMENT ZONE 8.15 12/31/19 CNY 25.19
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 25.24
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 32.60
GANZHOU DEVELOPMENT ZONE 8.15 12/31/19 CNY 33.50
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 39.00
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 41.03
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 20.06
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 25.00
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.00
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 61.33
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 40.30
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 40.68
GOOCOO INVESTMENT CO LTD 7.20 02/01/21 CNY 50.00
GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 25.06
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 61.73
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 64.00
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.73
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.76
GUANGDONG TAIANTANG PHARM 4.98 02/02/21 CNY 65.00
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 40.86
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 60.00
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 61.00
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 40.54
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 41.00
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 40.74
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 44.77
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 41.27
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 40.98
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 41.15
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 42.07
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 47.00
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 70.00
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 73.97
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 74.29
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.00
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.52
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 60.00
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 61.49
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 60.63
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 65.00
GUIYANG HI-TECH HOLDING C 6.01 12/01/19 CNY 25.01
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 74.00
GUIYANG URBAN DEVELOPMENT 6.20 02/28/20 CNY 20.03
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 60.00
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 61.05
GUIZHOU GUILONG INDUSTRIA 7.80 04/28/22 CNY 74.23
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 72.40
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 74.07
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 62.90
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 63.01
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 39.90
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 40.68
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 40.92
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 49.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 60.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 61.33
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 62.15
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 62.20
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 40.06
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 40.55
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 37.50
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 40.31
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.13
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.35
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 61.06
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 65.20
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 40.60
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 41.42
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 40.90
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.51
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 61.34
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 67.20
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.14
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.20
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 41.11
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 41.12
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 40.40
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 41.50
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.17
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.25
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 73.50
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 41.47
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 41.21
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 41.12
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 41.30
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.26
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.32
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.35
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.85
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 40.83
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 46.60
HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 41.34
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 43.26
HEFEI GAOXIN DEVELOPMENT 6.90 03/12/20 CNY 40.38
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 20.14
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 21.12
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 43.35
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 45.22
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 59.74
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 60.00
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 13.17
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 35.49
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 50.43
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 50.72
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.28
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 60.06
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 40.36
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 44.50
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.00
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 41.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 41.16
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 61.01
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 65.88
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 41.46
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 41.52
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.24
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.38
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 20.15
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 20.32
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 58.41
HUAIAN CITY URBAN ASSET O 6.87 12/26/19 CNY 20.16
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.45
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.85
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 41.05
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 47.84
HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 67.89
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.00
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.92
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 41.28
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 47.50
HUAIAN QINGHE NEW AREA IN 6.68 01/24/20 CNY 20.09
HUAIAN QINGHE NEW AREA IN 6.68 01/24/20 CNY 24.14
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 40.20
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 40.43
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.00
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.32
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 41.09
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 41.65
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 41.25
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 41.38
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 60.65
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 60.94
HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 40.71
HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 41.12
HUANGSHI URBAN CONSTRUCTI 6.96 10/25/19 CNY 20.02
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 60.00
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 61.47
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 61.96
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 62.40
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.20
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.21
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 20.01
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 20.01
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 40.33
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 40.52
HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 72.86
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 60.00
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 60.79
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 41.20
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 42.25
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 57.25
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 67.00
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 74.46
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 74.72
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 40.94
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 40.98
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 41.78
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 42.72
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 40.00
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 41.31
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 58.60
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 60.64
HUZHOU CITY INVESTMENT DE 6.70 12/14/19 CNY 20.09
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 41.42
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 42.38
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 41.01
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 40.00
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 41.32
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 58.76
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 59.90
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 60.00
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 60.00
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 40.56
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 44.00
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 61.77
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 62.10
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.84
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.97
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 41.18
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 46.50
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 41.25
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 41.50
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.19
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.25
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 40.59
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 40.89
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.77
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.85
JIANGSU HANRUI INVESTMENT 5.00 08/31/23 CNY 74.63
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 41.16
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 49.30
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.17
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.19
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.00
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.87
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.00
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.61
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.00
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.99
JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 40.54
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 25.36
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 29.90
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 20.01
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 20.25
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 40.71
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 45.00
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 40.00
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 41.29
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 25.48
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 26.10
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 60.32
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 61.06
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 20.04
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 31.00
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 60.50
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 61.61
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 60.39
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 67.50
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 40.96
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 50.19
JIANGSU ZHANGJIAGANG ECON 6.98 11/16/19 CNY 20.07
JIANGSU ZHUFU INDUSTRIAL 4.93 12/29/20 CNY 70.06
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 58.90
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 68.51
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 40.97
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 49.34
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 40.98
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 41.10
JIANGYIN GAOXIN DISTRICT 6.60 02/27/20 CNY 20.15
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 40.30
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 41.00
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 59.46
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.03
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 40.77
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 42.75
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 20.02
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 21.50
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 59.30
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 62.86
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 20.07
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 24.43
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 41.28
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 45.17
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 41.37
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 41.80
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.00
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.46
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.70
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 41.22
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 20.00
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 20.07
JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 40.42
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 41.11
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 41.35
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 59.30
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 60.25
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 41.14
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 60.30
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 60.74
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.25
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.40
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 39.00
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 39.83
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 40.23
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 48.68
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 38.57
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 40.58
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 46.89
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 47.00
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 59.80
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 61.27
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 40.75
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 41.80
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.47
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 46.95
JINHU COUNTY STATE-OWNED 4.00 07/26/22 CNY 74.39
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 61.49
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 64.44
JINING HI-TECH TOWN CONST 6.09 04/30/22 CNY 61.50
JINING HI-TECH TOWN CONST 6.09 04/30/22 CNY 61.84
JINSHAN STATE-OWNED ASSET 6.65 11/27/19 CNY 20.06
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.00
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.16
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 40.62
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 40.80
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 40.94
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 44.91
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 40.89
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 41.04
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 45.00
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 60.71
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 62.82
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 59.55
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 60.66
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 60.36
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 61.70
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 20.20
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 40.79
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 60.00
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 60.18
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 60.05
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 60.16
KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 24.25
KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 36.10
KANGMEI PHARMACEUTICAL CO 5.33 01/27/22 CNY 36.69
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 25.33
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 60.00
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 61.23
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.36
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.36
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.08
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.16
KUNMING DONGJUN REAL ESTA 4.50 11/02/21 CNY 73.94
KUNMING EXPRESSWAY CONSTR 7.50 01/21/20 CNY 20.14
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 20.02
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 23.01
KUNSHAN CHUANGYE HOLDING 6.28 11/07/19 CNY 20.05
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 41.39
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 45.45
KUNSHAN HIGH TECHNOLOGY G 7.10 03/26/21 CNY 41.33
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 40.59
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 41.40
LANZHOU NATIONAL CAPITAL 6.32 09/10/21 CNY 34.90
LANZHOU NATIONAL CAPITAL 6.32 09/10/21 CNY 39.84
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.89
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 61.49
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 61.95
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 61.96
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 60.85
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 61.28
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 60.97
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 65.60
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 60.58
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 65.00
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 7.27
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.55
LILING LUJIANG INVESTMENT 7.18 09/05/21 CNY 40.83
LILING LUJIANG INVESTMENT 8.10 05/22/21 CNY 40.94
LILING LUJIANG INVESTMENT 8.10 05/22/21 CNY 43.00
LILING LUJIANG INVESTMENT 7.18 09/05/21 CNY 45.23
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.00
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.09
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 20.18
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.00
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.13
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 59.94
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 60.37
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.19
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.50
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 25.00
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 25.27
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 60.00
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 61.60
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.07
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.10
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.49
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.50
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 62.29
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 70.90
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 74.02
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.10
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.11
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 58.00
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 60.98
LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 40.94
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 41.25
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 50.31
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 40.00
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 41.51
LU'AN CITY CONSTRUCTION I 5.20 09/25/20 CNY 49.74
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.00
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.65
LUOHE CITY CONSTRUCTION I 6.99 10/30/19 CNY 20.06
LUOHE CITY CONSTRUCTION I 5.25 09/11/20 CNY 40.57
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 41.10
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 43.00
MAANSHAN ECONOMIC TECHNOL 7.10 12/20/19 CNY 20.08
MAANSHAN ECONOMIC TECHNOL 7.10 12/20/19 CNY 21.13
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 61.33
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 64.99
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 60.99
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 61.84
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 41.10
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 41.14
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 20.32
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 61.34
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 65.32
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.45
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.46
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 60.70
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 65.00
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.75
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.76
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 20.20
NANCHANG ECONOMY TECHNOLO 6.88 01/09/20 CNY 20.19
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.09
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.22
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 20.26
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 60.78
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 60.99
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 41.03
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 51.20
NANJING HEXI NEW TOWN ASS 3.47 06/17/21 CNY 69.84
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 40.79
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 42.10
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 20.12
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 20.00
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 20.01
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 20.11
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 62.13
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 41.24
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 46.80
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 20.07
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 20.10
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 40.95
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 44.80
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.43
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.83
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.00
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.64
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 41.22
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 45.40
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 20.19
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 24.00
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.53
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.55
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.15
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.25
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 60.00
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 61.55
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 40.63
NEIJIANG CITY XINGYUAN IN 4.28 08/16/23 CNY 74.37
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 41.32
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 48.53
NEOGLORY HOLDING GROUP CO 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GROUP CO 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP CO 8.10 11/23/18 CNY 72.00
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 41.27
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 46.30
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 61.13
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 61.36
NINGBO EASTERN NEW TOWN D 6.45 01/21/20 CNY 20.12
NINGBO EASTERN NEW TOWN D 6.45 01/21/20 CNY 20.32
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 41.31
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 49.00
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 61.88
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 68.29
NINGBO SHUNNONG GROUP CO 7.20 10/16/19 CNY 20.02
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.16
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.24
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.33
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.45
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 41.30
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 41.40
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 41.52
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 45.00
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 60.20
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 61.84
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 41.29
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 42.70
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 60.15
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 60.76
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 61.22
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 61.34
PANZHIHUA STATE OWNED ASS 5.41 07/29/20 CNY 19.30
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 40.32
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 40.85
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 61.30
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 62.92
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 20.00
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 20.06
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 40.50
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 41.06
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.00
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.25
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.17
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.17
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 59.71
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 60.00
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 20.04
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 20.08
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 61.24
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 62.46
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 41.38
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 48.80
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 40.00
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 40.80
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 41.23
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 41.41
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 61.27
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 66.90
QIANDONGNANZHOU KAIHONG A 7.80 10/30/19 CNY 19.95
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.00
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.22
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 59.32
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 66.80
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 20.01
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 62.48
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 41.50
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 41.66
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 41.69
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 62.09
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 64.90
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 41.13
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 41.34
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.46
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.56
QINGDAO JIAOZHOU CITY DEV 6.59 01/25/20 CNY 20.07
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 60.80
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 61.04
QINGDAO JIMO DISTRICT URB 8.10 12/17/19 CNY 25.16
QINGDAO JIMO DISTRICT URB 8.10 12/17/19 CNY 25.90
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 40.32
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 48.79
QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 52.33
QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 54.86
QINGHAI PROVINCIAL INVEST 7.25 02/22/20 USD 63.50
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 41.23
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 41.25
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 41.19
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 20.00
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 20.02
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 41.10
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 47.50
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 40.00
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 40.63
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 41.08
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 44.61
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.37
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 21.50
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.00
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.31
QINZHOU CITY DEVELOPMENT 7.10 10/16/19 CNY 40.00
QINZHOU CITY DEVELOPMENT 7.10 10/16/19 CNY 40.01
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 60.33
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 64.90
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 41.17
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 42.55
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.50
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.63
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 40.98
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 43.42
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.54
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.56
REWARD SCIENCE AND TECHNO 5.53 07/05/21 CNY 29.10
REWARD SCIENCE AND TECHNO 6.40 03/03/22 CNY 70.00
RIGHT WAY REAL ESTATE DEV 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.19
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.21
RUCHENG COUNTY HYDROPOWER 6.65 04/25/20 CNY 40.43
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 40.82
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 45.90
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 41.02
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 44.03
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 41.27
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 49.00
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.21
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.81
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 41.34
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 42.43
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 20.08
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 20.22
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 49.47
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 53.30
RUZHOU CITY XINYUAN INVES 4.43 09/26/23 CNY 73.47
RUZHOU CITY XINYUAN INVES 4.43 09/26/23 CNY 73.53
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 60.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 60.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 60.63
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 60.84
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 41.60
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 47.00
SHAANXI PROVINCIAL EXPRES 5.99 06/18/20 CNY 60.86
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 40.48
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 45.50
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 61.36
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 63.10
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 61.84
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 62.41
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.85
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.88
SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 61.69
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 62.45
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 40.42
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 44.00
SHANDONG JINMAO TEXTILE C 6.97 04/01/21 CNY 20.70
SHANDONG JINMAO TEXTILE C 8.00 09/25/20 CNY 35.84
SHANDONG PUBLIC HOLDINGS 7.18 01/22/20 CNY 20.17
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 40.29
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 43.40
SHANDONG SNTON GROUP CO L 5.18 09/08/21 CNY 8.52
SHANDONG SNTON GROUP CO L 6.20 05/30/21 CNY 9.50
SHANDONG TAIFENG HOLDING 5.80 03/12/20 CNY 20.12
SHANDONG TAIYANG INDUSTRY 5.97 03/02/21 CNY 71.43
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 60.00
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 60.33
SHANDONG WANTONG PETROLEU 5.97 11/29/21 CNY 33.95
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 39.11
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 39.94
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 18.50
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 20.31
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.96
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.98
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 25.05
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 25.15
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 25.47
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 25.50
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 20.19
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 41.18
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 41.30
SHANGHAI JINSHAN URBAN CO 6.60 12/21/19 CNY 20.09
SHANGHAI JINSHAN URBAN CO 6.60 12/21/19 CNY 20.18
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 50.96
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 51.07
SHANGHAI MINHANG URBAN CO 6.48 10/23/19 CNY 20.02
SHANGHAI MINHANG URBAN CO 6.48 10/23/19 CNY 20.10
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 60.79
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 61.77
SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 41.19
SHANGHAI PUTAILAI NEW ENE 5.30 05/18/20 CNY 66.67
SHANGHAI URBAN CONSTRUCTI 5.25 11/30/19 CNY 20.03
SHANGHAI YONGYE ENTERPRIS 6.84 05/21/20 CNY 25.43
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 20.44
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 25.40
SHANGQIU DEVELOPMENT INVE 6.60 01/15/20 CNY 20.16
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 47.90
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 47.99
SHAOGUAN JINYE DEVELOPMEN 7.30 10/18/19 CNY 20.04
SHAOGUAN JINYE DEVELOPMEN 7.30 10/18/19 CNY 20.14
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 59.70
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 63.39
SHAOXING CHENGZHONGCUN RE 6.50 01/24/20 CNY 20.10
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 60.00
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 61.61
SHAOXING CITY INVESTMENT 6.40 11/09/19 CNY 20.05
SHAOXING CITY INVESTMENT 6.40 11/09/19 CNY 20.20
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 61.58
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 68.00
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 41.21
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 45.26
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 60.00
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 61.68
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.00
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.66
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 60.00
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 61.49
SHAOXING PAOJIANG INDUSTR 6.90 10/31/19 CNY 20.02
SHAOXING PAOJIANG INDUSTR 6.90 10/31/19 CNY 20.14
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 41.05
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 43.90
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 40.61
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 40.80
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 41.50
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 41.73
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 40.86
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 41.41
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 41.96
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 42.30
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 41.10
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 60.00
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 60.98
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 60.52
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 61.26
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.23
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.39
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 60.96
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 67.50
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 61.92
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 74.42
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 74.92
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 72.84
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 75.00
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.20
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.23
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 61.78
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 67.20
SHIJIAZHUANG URBAN CONSTR 6.55 03/09/21 CNY 72.00
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.59
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.59
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 40.00
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 40.52
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 40.68
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 41.30
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 40.47
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 42.87
SHUANGLIU COUNTY WATER CO 7.40 02/26/20 CNY 25.16
SHUANGLIU COUNTY WATER CO 7.40 02/26/20 CNY 25.34
SHUANGLIU COUNTY WATER CO 6.92 07/30/20 CNY 25.47
SHUANGLIU COUNTY WATER CO 6.92 07/30/20 CNY 25.50
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 20.06
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 22.00
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.00
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.97
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 60.23
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 66.00
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 20.22
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 20.29
SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.62
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 61.01
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 68.00
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 60.00
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 61.67
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 40.00
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 41.38
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 59.89
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 61.10
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 41.04
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 47.82
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 40.30
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 40.76
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.18
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.20
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 59.13
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 64.18
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 40.00
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 40.01
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 40.79
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 41.20
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 41.07
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.71
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 41.83
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.91
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 29.01
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 40.29
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 40.60
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 20.09
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 20.07
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 24.80
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 41.14
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 41.13
SUZHOU URBAN CONSTRUCTION 5.79 10/25/19 CNY 19.90
SUZHOU URBAN CONSTRUCTION 5.79 10/25/19 CNY 20.02
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 40.78
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 41.00
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 60.80
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 61.53
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 41.01
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 42.60
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 19.90
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 20.15
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 40.65
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 41.36
TAICANG HENGTONG INVESTME 7.45 10/30/19 CNY 20.02
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 61.25
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 64.65
TAICANG URBAN CONSTRUCTIO 6.75 01/11/20 CNY 20.20
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 40.63
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 41.30
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 40.00
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 41.03
TAIYUAN HIGH-SPEED RAILWA 5.18 09/06/20 CNY 40.69
TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 40.98
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 41.28
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 46.50
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 73.86
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 74.60
TAIZHOU CITY CONSTRUCTION 6.53 07/11/21 CNY 41.20
TAIZHOU CITY CONSTRUCTION 6.53 07/11/21 CNY 41.34
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.10
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.44
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.37
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.60
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 40.59
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 19.80
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 20.06
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 25.78
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 26.00
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 62.02
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 64.00
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.14
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.33
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 40.00
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 40.21
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 40.31
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 42.62
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 40.80
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 47.15
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 40.77
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 47.00
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.14
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.25
TIANJIN BINHAI NEW AREA C 6.10 11/23/21 CNY 61.90
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 59.59
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 60.66
TIANJIN DONGLI CITY INFRA 6.05 06/19/20 CNY 20.03
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 20.06
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 22.00
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 61.08
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 61.30
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 39.88
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 49.00
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 56.65
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 58.95
TIANJIN HARBOR CONSTRUCTI 8.00 04/01/21 CNY 72.37
TIANJIN HARBOR CONSTRUCTI 8.80 01/24/21 CNY 72.42
TIANJIN HI-TECH INDUSTRY 6.65 09/12/21 CNY 40.50
TIANJIN HOPETONE CO LTD 7.50 07/25/21 CNY 39.80
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 40.35
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 41.16
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 61.47
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 61.70
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 61.78
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 40.80
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 41.00
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 41.29
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 40.87
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 47.50
TIANJIN REAL ESTATE GROUP 4.50 09/29/20 USD 50.00
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 40.78
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 39.20
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 39.77
TIANJIN TEDA INVESTMENT H 6.89 04/27/20 CNY 20.25
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 37.92
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 41.80
TIANJIN WATER INVESTMENT 8.40 01/15/21 CNY 50.95
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 40.89
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 40.91
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 41.16
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 41.80
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 41.44
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 45.16
TIANRUI GROUP CEMENT CO L 5.95 09/25/20 CNY 50.00
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 20.43
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 22.50
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 61.17
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 68.00
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 40.98
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 41.63
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 20.29
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 20.30
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.23
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.50
TUNGHSU OPTOELECTRONIC TE 5.09 11/17/21 CNY 29.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 60.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 62.03
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.19
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.20
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 61.82
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 68.81
WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 40.01
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 20.04
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 24.30
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 60.00
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 61.30
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 20.08
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 20.51
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 41.00
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 41.39
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 41.42
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 41.54
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 60.68
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 63.00
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 10.60
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 41.51
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 41.18
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 44.36
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 41.19
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 43.02
WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 41.54
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.04
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.16
WUHAN METRO GROUP CO LTD 5.25 04/14/22 CNY 60.78
WUHAN URBAN CONSTRUCTION 5.60 03/08/20 CNY 20.12
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 61.72
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 66.35
WUHU JINGHU CONSTRUCTION 6.68 05/16/20 CNY 20.12
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 40.00
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 41.73
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.43
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.45
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 20.11
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 20.15
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.60
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.60
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 40.86
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 42.53
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 70.10
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 73.00
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 40.46
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 40.60
WUXI TAIHU NEW CITY DEVEL 3.47 08/29/23 CNY 72.47
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.00
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.14
WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 40.47
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 40.48
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 41.12
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 20.21
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 21.80
XI'AN AEROSPACE CITY INVE 6.96 11/08/19 CNY 20.05
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 60.23
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 61.46
XI'AN INTERNATIONAL INLAN 7.90 09/23/21 CNY 42.28
XIAN QUJIANG DAMING PALAC 6.39 03/21/20 CNY 50.52
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 20.00
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 20.04
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 40.43
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 48.99
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 39.15
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 39.53
XIANGTAN JIUHUA ECONOMIC 6.59 01/21/22 CNY 58.11
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 40.50
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 40.92
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 55.49
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 59.80
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.06
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.10
XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 81.37
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 40.87
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 43.38
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.18
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.24
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 60.78
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 65.00
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.38
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.80
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 41.00
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 41.56
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 46.69
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 52.72
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 41.21
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 41.40
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 55.31
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 57.96
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 74.47
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 74.50
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.00
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.27
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 19.85
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 20.02
XINJIANG HUIFENG URBAN CO 6.10 05/23/20 CNY 17.88
XINJIANG HUIFENG URBAN CO 6.10 05/23/20 CNY 20.17
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 41.20
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.36
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.38
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 40.54
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 41.00
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 60.75
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 61.26
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.18
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.22
XINYANG HONGCHANG PIPE GA 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 41.08
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 46.30
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 40.20
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 40.54
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.52
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.83
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 40.88
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 47.00
XINYU CITY SHANTYTOWN ZON 6.42 12/09/20 CNY 70.24
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 61.56
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 63.63
XINYU URBAN CONSTRUCTION 7.08 12/13/19 CNY 20.07
XINYU URBAN CONSTRUCTION 7.08 12/13/19 CNY 20.19
XINZHENG NEW DISTRICT DEV 6.60 01/29/21 CNY 50.00
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 50.00
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 50.96
XINZHENG NEW DISTRICT DEV 6.60 01/29/21 CNY 51.16
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 40.00
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 41.19
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 41.25
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 43.41
XIWANG GROUP CO LTD 7.41 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 41.40
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 46.00
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 41.68
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 46.00
XUZHOU BOCHANT DEVELOPMEN 5.69 07/28/21 CNY 65.72
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.37
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.66
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 60.57
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 67.38
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 40.93
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 41.23
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 41.29
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 51.50
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 41.00
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 41.53
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 61.42
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 64.46
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.54
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.60
YANCHENG CITY DAFENG DIST 7.08 12/13/19 CNY 20.00
YANCHENG CITY DAFENG DIST 7.08 12/13/19 CNY 20.07
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 41.22
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 41.40
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 41.65
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 42.00
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 38.30
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 40.47
YANCHENG ORIENTAL INVESTM 6.99 10/26/19 CNY 20.02
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.26
YANCHENG SOUTH DISTRICT D 6.93 10/26/19 CNY 20.03
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 41.00
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 41.42
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.56
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.70
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 60.00
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 62.00
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 40.26
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 46.00
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 70.00
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 72.13
YANGZHOU HANJIANG CONSTRU 6.20 03/12/20 CNY 20.20
YANGZHOU HANJIANG CONSTRU 6.20 03/12/20 CNY 20.44
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 61.96
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 66.63
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.29
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.39
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 20.04
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 20.40
YICHANG URBAN CONSTRUCTIO 8.13 11/17/19 CNY 30.30
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 40.93
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 43.47
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 60.61
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 60.61
YIHUA ENTERPRISE GROUP CO 7.00 04/29/22 CNY 66.00
YIHUA LIFESTYLE TECHNOLOG 6.88 07/16/20 CNY 50.11
YIHUA LIFESTYLE TECHNOLOG 6.88 07/23/20 CNY 58.00
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 41.33
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 41.90
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 40.70
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 41.20
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 59.07
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 60.29
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 62.82
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 62.84
YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 69.37
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 59.99
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 61.18
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 41.31
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 49.95
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 59.58
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 60.00
YIWU URBAN & RURAL NEW CO 4.25 11/24/21 CNY 74.58
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 60.00
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 62.19
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 20.00
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 20.01
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 41.04
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 43.50
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 60.42
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 68.00
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 40.58
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 42.80
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 60.00
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 61.07
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.34
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.42
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 59.63
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 60.00
YUEYANG URBAN CONSTRUCTIO 6.05 07/12/20 CNY 20.24
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 20.00
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 20.05
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 61.08
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 61.68
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 64.47
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 64.50
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 20.02
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 20.07
YUNCHENG URBAN CONSTRUCTI 7.48 10/15/19 CNY 20.01
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 40.50
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 40.54
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 40.85
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 41.50
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.00
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.10
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 20.49
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 26.04
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 41.09
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 41.28
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 20.05
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 20.16
ZHANGJIAJIE ECONOMIC DEVE 7.40 10/18/19 CNY 20.02
ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 41.32
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 38.00
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.88
ZHANGZHOU CITY CONSTRUCTI 6.60 03/26/20 CNY 20.24
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 60.00
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 61.68
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 41.32
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 41.32
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 40.24
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 60.00
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 61.33
ZHAOYUAN STATE-OWNED ASSE 6.64 12/31/19 CNY 20.09
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 40.61
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 50.00
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 41.31
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 49.00
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 41.56
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 48.50
ZHEJIANG HUZHOU HUANTAIHU 6.70 11/28/19 CNY 20.04
ZHEJIANG HUZHOU HUANTAIHU 6.70 11/28/19 CNY 20.17
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 60.95
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 20.14
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 20.17
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 22.90
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 60.81
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 61.96
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 62.00
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 64.99
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 60.00
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 61.46
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 61.75
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 66.20
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.37
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.38
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 40.80
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 41.12
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 48.49
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.05
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.30
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 59.58
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 59.60
ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 40.69
ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 40.80
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 59.81
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.65
ZHONGMINTOU LEASING HOLDI 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP CO 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 60.00
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 60.57
ZHONGTIAN FINANCIAL GROUP 7.00 10/15/20 CNY 74.63
ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 41.06
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 25.72
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 26.65
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.44
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 45.00
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 72.52
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 73.44
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 57.31
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 60.01
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 20.66
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 21.15
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 40.96
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 44.50
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 60.90
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 61.11
ZHUJI URBAN & RURAL INVES 6.92 12/19/19 CNY 20.16
ZHUJI URBAN & RURAL INVES 6.92 12/19/19 CNY 20.33
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 40.61
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 40.70
ZHUZHOU CITY CONSTRUCTION 8.36 11/10/21 CNY 62.60
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.95
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 41.18
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 60.00
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 61.20
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 61.45
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 68.53
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 20.03
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 20.50
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.00
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 61.08
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 40.56
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 41.14
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 44.00
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 70.47
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 72.96
HONG KONG
---------
DR PENG HOLDING HONGKONG 5.05 06/01/20 USD 70.78
HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 70.00
HNA GROUP INTERNATIONAL C 7.00 01/24/20 USD 74.89
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 43.49
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 43.49
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.00
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.00
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.00
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.00
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 14.27
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 14.44
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 8.03
ACME FAZILKA POWER PVT LT 0.01 09/07/46 INR 12.19
AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 22.48
AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 22.51
APG HABITAT PVT LTD 1.00 09/09/28 INR 52.63
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 32.18
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 39.42
AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 58.77
AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 58.82
BENGAL AEROTROPOLIS PROJE 5.00 12/01/29 INR 71.50
BENGAL AEROTROPOLIS PROJE 5.00 12/01/28 INR 72.99
BENGAL AEROTROPOLIS PROJE 5.00 12/01/27 INR 74.73
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.23
BOTHE WINDFARM DEVELOPMEN 10.00 11/28/32 INR 71.93
BRIGHT BUILDTECH PVT LTD 1.00 09/01/23 INR 72.78
BRIGHT BUILDTECH PVT LTD 1.00 09/01/23 INR 72.78
CORE EDUCATION & TECHNOLO 7.00 05/07/49 USD 0.23
CREIXENT SPECIAL STEELS L 0.01 08/28/25 INR 55.25
CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 33.23
CUMULUS TRADING CO PVT LT 0.01 12/29/29 INR 40.23
CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 54.44
DAYAKARA SOLAR POWER PVT 0.10 04/05/26 INR 56.41
DEWAN HOUSING FINANCE COR 8.50 04/18/23 INR 39.02
EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 50.93
EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 52.52
EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 53.40
EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 56.44
EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 58.50
GREEN URJA PVT LTD 0.01 02/14/30 INR 41.30
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 2.86
HINDUSTAN CONSTRUCTION CO 0.01 01/05/27 INR 52.36
HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 47.86
JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTURES 7.00 05/15/17 USD 4.61
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 24.12
JTPM ATSALI LTD 0.01 08/29/48 INR 9.96
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 22.80
KVK ENERGY & INFRASTRUCTU 0.01 01/25/24 INR 67.97
LIC HOUSING FINANCE LTD 7.81 04/27/20 INR 4.01
MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 60.17
MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 26.96
MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 24.86
MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 24.86
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 23.96
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 39.78
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 42.31
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 45.12
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 48.20
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 51.56
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 55.21
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 59.16
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/26 INR 63.45
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/25 INR 68.07
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/24 INR 72.98
PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 24.60
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 60.22
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 63.53
REI AGRO LTD 5.50 11/13/14 USD 0.02
REI AGRO LTD 5.50 11/13/14 USD 0.02
RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 13.76
SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 61.21
SUZLON ENERGY LTD 5.75 07/16/19 USD 66.75
SUZLON ENERGY LTD 5.75 07/16/19 USD 66.75
SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61
TN URJA PVT LTD 0.10 02/22/36 INR 27.54
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 28.86
WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 54.18
WS T&D LTD 0.10 03/24/29 INR 44.78
JAPAN
-----
AVANSTRATE INC 0.05 10/29/32 JPY 9.75
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.58 03/26/21 JPY 2.02
TKJP CORP 0.85 03/06/19 JPY 2.02
KOREA
-----
HEUNGKUK FIRE & MARINE IN 5.70 12/29/46 KRW 49.47
INDUSTRIAL BANK OF KOREA 3.84 03/10/45 KRW 38.21
KIBO ABS SPECIALTY CO LTD 5.00 02/26/21 KRW 65.73
KIBO ABS SPECIALTY CO LTD 5.00 02/24/22 KRW 69.60
KIBO ABS SPECIALTY CO LTD 5.00 08/28/21 KRW 70.36
KIBO ABS SPECIALTY CO LTD 5.00 02/28/20 KRW 70.59
KIBO ABS SPECIALTY CO LTD 5.00 09/11/20 KRW 72.72
KIBO ABS SPECIALTY CO LTD 5.00 12/25/19 KRW 74.70
LOTTE CARD CO LTD 3.95 06/28/49 KRW 68.35
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 68.93
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SILLAJEN INC 1.00 03/21/24 KRW 39.78
SINBO SECURITIZATION SPEC 5.00 12/21/20 KRW 64.53
SINBO SECURITIZATION SPEC 5.00 03/21/21 KRW 65.56
SINBO SECURITIZATION SPEC 5.00 08/31/21 KRW 66.22
SINBO SECURITIZATION SPEC 5.00 07/26/21 KRW 66.70
SINBO SECURITIZATION SPEC 5.00 02/23/22 KRW 67.93
SINBO SECURITIZATION SPEC 5.00 01/26/22 KRW 68.14
SINBO SECURITIZATION SPEC 5.00 08/31/22 KRW 68.45
SINBO SECURITIZATION SPEC 5.00 07/26/22 KRW 68.88
SINBO SECURITIZATION SPEC 5.00 12/27/21 KRW 69.45
SINBO SECURITIZATION SPEC 5.00 06/29/21 KRW 70.59
SINBO SECURITIZATION SPEC 5.00 06/29/22 KRW 70.95
SINBO SECURITIZATION SPEC 5.00 09/28/22 KRW 71.05
SINBO SECURITIZATION SPEC 5.00 09/27/21 KRW 73.05
SINBO SECURITIZATION SPEC 5.00 06/23/20 KRW 73.31
SINBO SECURITIZATION SPEC 5.00 08/25/21 KRW 73.31
SINBO SECURITIZATION SPEC 5.00 07/27/21 KRW 73.53
SINBO SECURITIZATION SPEC 5.00 03/15/20 KRW 74.03
SINBO SECURITIZATION SPEC 5.00 02/28/21 KRW 74.71
SINBO SECURITIZATION SPEC 5.00 01/27/21 KRW 74.95
MALAYSIA
--------
AEON CREDIT SERVICE M BHD 3.50 09/15/20 MYR 1.28
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.58
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.32
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.37
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.22
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.37
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.25
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.14
REDTONE INTERNATIONAL BHD 2.75 03/04/20 MYR 0.21
SENAI-DESARU EXPRESSWAY B 1.35 06/30/31 MYR 68.16
SENAI-DESARU EXPRESSWAY B 1.35 12/31/30 MYR 69.29
SENAI-DESARU EXPRESSWAY B 1.35 06/28/30 MYR 70.45
SENAI-DESARU EXPRESSWAY B 1.35 12/31/29 MYR 71.60
SENAI-DESARU EXPRESSWAY B 1.35 12/29/28 MYR 74.01
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 0.85
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
YTL LAND & DEVELOPMENT BH 6.00 10/31/21 MYR 0.26
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW Z 4.80 09/27/21 NZD 1.28
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 51.38
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 44.41
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 44.41
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PTE 4.00 12/31/21 USD 30.00
BLUE OCEAN RESOURCES PTE 4.00 12/31/21 USD 30.00
BLUE OCEAN RESOURCES PTE 4.00 12/31/21 USD 30.00
ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 46.13
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 70.61
EZION HOLDINGS LTD 0.25 11/20/27 SGD 61.29
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 73.75
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 74.04
HYFLUX LTD 4.60 09/23/19 SGD 40.05
HYFLUX LTD 4.25 09/07/18 SGD 40.25
HYFLUX LTD 4.20 08/29/19 SGD 40.33
INDO INFRASTRUCTURE GROUP 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 46.21
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 33.46
MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 29.00
NEPTUNE ORIENT LINES LTD/ 4.40 06/22/21 SGD 67.58
ORO NEGRO DRILLING PTE LT 7.50 01/24/19 USD 42.40
OSA GOLIATH PTE LTD 12.00 10/09/20 USD 62.63
PACIFIC RADIANCE LTD 4.30 09/30/19 SGD 10.00
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.55
MDX PCL 4.75 09/17/03 USD 22.88
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
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