/raid1/www/Hosts/bankrupt/TCRAP_Public/200707.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, July 7, 2020, Vol. 23, No. 135
Headlines
A U S T R A L I A
EMERALD REVERSE 2006-1: Fitch Withdraws BB+sf Class B Debt Rating
NETWORK TEN: Books AUD227MM Loss, Warns of Pandemic Impact
PAGES EQUIPMENT: First Creditors' Meeting Set for July 15
PAGES SALES: First Creditors' Meeting Set for July 15
PHIRE PTY: First Creditors' Meeting Set for July 15
PRECISION AUTO: First Creditors' Meeting Set for July 14
SWINBURNE UNIVERSITY: Looks to Sell Office Tower in Melbourne
TODAE SOLAR: First Creditors' Meeting Set for July 14
VIRGIN AUSTRALIA: Bondholders Seek to Block Sale to Bain Capital
WEILIN TRADE: First Creditors' Meeting Set for July 14
WHITE RIBBON: Emerges from Financial Collapse
C H I N A
MODERN LAND: Fitch Rates Proposed USD Senior Notes B
SUNAC CHINA: Fitch Rates Proposed USD Senior Notes BB
SUNSHINE 100 CHINA: S&P Downgrades ICR to CCC-, Still on Watch Neg.
WEST CHINA CEMENT: Fitch Affirms LT IDR & Sr. Unsec. Rating at BB-
I N D I A
ANKUR TRADERS: CRISIL Lowers Rating on INR10cr Term Loan to B
DR WIESNER TEST: Insolvency Resolution Process Case Summary
JAYANTH COTTON: CRISIL Reaffirms B Rating on INR11cr Loans
MAHAKAL AGRO: CRISIL Migrates B+ Debt Ratings to Not Cooperating
NAGARWALA ENTERPRISES: CRISIL Moves B+ Debt Rating to Not Coop
NAMASTE EXPORTS: CRISIL Reaffirms B- Rating on INR4.5cr Loan
OSWAL OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
PALLAVA GRANITE: CRISIL Raises Rating on INR4cr Loan From D
PKP PROCESSORS: CRISIL Migrates D Debt Ratings to Not Cooperating
PLAZMA GRANITO: CRISIL Hikes Rating on INR20cr Term Loan to B+
PLK MANUFACTURING: CRISIL Reaffirms B+ Rating on INR7.5cr Loan
PODDAR CONSTRUCTION: CRISIL Moves B INR5cr Debt Rating to Not Coop.
RELIANCE COMM: NCLT Reserves Order vs. Anil Ambani in SBI Plea
SHIRDI SAI: CRISIL Moves D Ratings from Not Cooperating Category
SILVER PROTEINS: Insolvency Resolution Process Case Summary
SOMISETTY RICE: CRISIL Assigns B Rating to INR4.95cr Loan
SONA ALLOYS: Insolvency Resolution Process Case Summary
SUPREME MANOR: CRISIL Migrates D Rating to Not Cooperating
SUTARIYA GEMS: CRISIL Reaffirms B+ Rating on INR10cr Cash Debt
V2 RETAIL LIMITED: Insolvency Resolution Process Case Summary
VASAN HEALTHCARE: Claims Delay Insolvency Process
VIPIN BROTHERS: CRISIL Migrates B INR10cr Debt Rating to Not Coop.
VIPIN KUMAR: CRISIL Migrates B INR10cr Debt Rating to Not Coop.
YOUVAAKSHI REFINERIES: CRISIL Moves B Debt Rating to Not Coop.
YOUVAKKSHI MARKETING: CRISIL Moves B Debt Rating to Not Cooperating
YOUVAKSHHII DIGITAL: CRISIL Moves B INR30cr Debt Rating to Not Coop
YOUVAKSHI EXPORTS: CRISIL Moves B INR15cr Debt Rating to Not Coop.
YOUVAKSHI GODOWNS: CRISIL Moves B INR30cr Debt Rating to Not Coop.
YOUVAKSHI INFRA: CRISIL Migrates B INR25cr Debt Rating to Not Coop.
YOUVAKSHI NEWS: CRISIL Migrates B Debt Ratings to Not Cooperating
YOUVAKSHI SHOPPING: CRISIL Moves B INR30cr Debt Rating to Not Coop.
YOUVAKSHI VEGETABLE: CRISIL Moves B INR15cr Debt Rating in Not Coop
YOUVAKSHI-A-MINES: CRISIL Moves B INR90cr Debt Rating to Not Coop.
M O N G O L I A
TRADE AND DEVELOPMENT: Fitch Affirms LT Issuer Ratings at B3
S I N G A P O R E
HOE LEONG: Liew's Reappointment is in Co.'s, Shareholder's Interest
S O U T H K O R E A
SSANGYONG MOTOR: KDB Rolls Over Carmaker's Debt Amid Pandemic
T H A I L A N D
[*] THAILAND: 404 Factories Shutter Amid Coronavirus Pandemic
X X X X X X X X
[*] BOND PRICING: For the Week June 29, 2020 to July 3, 2020
- - - - -
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A U S T R A L I A
=================
EMERALD REVERSE 2006-1: Fitch Withdraws BB+sf Class B Debt Rating
-----------------------------------------------------------------
Fitch Ratings has downgraded four tranches and affirmed two
tranches of two Emerald Reverse Mortgage Series transactions and
simultaneously withdrawn the ratings. Emerald Reverse Mortgage
Series 2006-1 Trust and Emerald II Reverse Mortgage Series 2007-1
Trust are securitisations of Australian reverse mortgages
originated by Bluestone Group Pty Limited.
The ratings have been withdrawn as they are no longer considered by
Fitch to be relevant to the agency's coverage. Fitch will no longer
provide ratings or analytical coverage of the structured finance
transactions.
Emerald II Reverse Mortgage Series 2007-1 Trust
- Class A AU3FN0003307L LT BBBsf; Affirmed
- Class A AU3FN0003307L LT WDsf; Withdrawn
- Class B (Deferrable Interest Rate) AU3FN0003315L LT Bsf;
Downgrade
- Class B (Deferrable Interest Rate) AU3FN0003315L LT WDsf;
Withdrawn
- Class C (Deferrable Interest Rate) AU3FN0003323L LT CCCsf;
Downgrade
- Class C (Deferrable Interest Rate) AU3FN0003323L LT WDsf;
Withdrawn
Emerald Reverse Mortgage Series 2006-1 Trust
- Class A AU300EMER013; LT Asf; Downgrade
- Class A AU300EMER013; LT WDsf; Withdrawn
- Class B (Deferrable Interest Rate) AU300EMER021; LT BB+sf;
Downgrade
- Class B (Deferrable Interest Rate) AU300EMER021; LT WDsf;
Withdrawn
- Class C (Deferrable Interest Rate) AU300EMER039; LT Bsf;
Affirmed
- Class C (Deferrable Interest Rate) AU300EMER039; LT WDsf;
Withdrawn
KEY RATING DRIVERS
Presence of Derivatives: The downgrades can be attributed to the
impact of historic low Australian bank bill swap rates (0.1% as of
July 1, 2020) on the transactions' derivatives, which are seeing an
increasing over-hedge position develop. The over-hedge has come
about as a result of mortality and morbidity rates exceeding that
implied in the derivatives' notional balance. The 'CCCsf' rating
for the class C notes in Emerald 2007-1 reflects that default is a
real possibility.
The notional balances of the derivatives are based on a fixed
schedule, which implies a certain rate of borrower death or move to
aged care. Should the actual rate of borrower exit due to death or
move to aged care be greater than that implied in the derivative's
notional balance the over-hedge position will increase. The size of
the over-hedge, including both the fixed-floating swaps and
interest rate floors, is 5.5% and 12.1% of the outstanding asset
balance for Emerald 2006-1 and 2007-1, as of the April and March
2020 payment dates, respectively. The over-hedge is projected to
worsen over time.
Concentration Risk Caps Rating: The class B rating of Emerald
2006-1 was further constrained by the increased concentration of
borrowers in the portfolio, which will affect the consistency of
future cash flows. The potential for irregular payments in the tail
end of the transaction reduces the likelihood that the transaction
will continue to produce sufficient cash flow to pay interest on a
timely basis (when class A is fully repaid). The agency applied a
rating cap of 'BB+sf' on notes that do not benefit from support
from the liquidity facility, which affected Emerald 2006-1's class
B note.
Elevated Morbidity Rates: Fitch observed that morbidity rates in
the two portfolios have trended consistently higher over the last
18 months. The 12-month average morbidity to mortality ratio was
101% and 65% for Emerald 2006-1 and 2007-1, respectively, notably
higher than the criteria's 50% assumption. The high morbidity rates
resulted in the increase in the transactions' derivative over-hedge
position, making them more vulnerable to lower interest rates.
Residential Property Values: Australian home prices have rebounded
with the CoreLogic Hedonic index increasing by 8.9% since June
2019, driven primarily by the Sydney and Melbourne markets. These
two transactions closed in June 2006 and June 2007, respectively
and national dwelling prices have increased by 62.9% and 51.8%
since their respective closing dates.
Loans secured by properties located in Western Australia remain a
source of risk for the transactions as property values are
generally tracking below values in 2006 and 2007. Western
Australian loans make up 21.6% and 33.2% of the Emerald 2006-1 and
2007-1 portfolios, respectively.
Portfolio Characteristics: At the April 30, 2020 reporting date,
the Emerald 2006-1 portfolio consisted of 444 borrower groups with
a weighted-average indexed loan/value ratio of 47.8%. The loans
were spread throughout Australia, with the largest concentration of
45.8% of the portfolio in New South Wales. Borrowers aged 80 and
above (taking the minimum age of joint borrowers) accounted for
56.8% of the loans. At the March 31, 2020 reporting date, the
Emerald 2007-1 portfolio consisted of 475 borrower groups with a WA
indexed LVR of 54.3%. Loans in New South Wales comprised 37.2% of
the portfolio; while 56.3% of the borrowers were aged 80 and
above.
Application of Bespoke Criteria: Fitch applied variations to its
Australian Emerald Reverse Mortgage Bespoke Rating Criteria to
reflect the transactions' sensitivity to the derivatives. The
nature of the two transactions' derivative contracts make the
transactions particularly vulnerable to deviations from the
standard mortality rates, morbidity to mortality assumption,
property price growth and interest rate path assumptions. In
addition, the methodology applies these for a period of over 35
years. Annualised assumptions, such as interest rates or house
price growth are compounded for the entire period, making the model
implied ratings sensitive to small changes to these variables.
RATING SENSITIVITIES
No longer relevant as ratings have been withdrawn.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
CRITERIA VARIATION
Fitch applied criteria variations in the following ways:
- Fitch deviated from its criteria by not following the
model-implied results. Scenario analysis was used to produce
model-implied ratings across a range of scenarios. The ratings were
assigned within the range of model-implied ratings produced by this
scenario analysis. The scenario analysis includes: morbidity
assumption ranging from 50% to 100%; property price growth rates
(following an initial market value decline) range from 2% to 3% per
year; low interest rate stress path starting from the Fitch
stressed interest rate path as per Fitch's Structured Finance and
Covered Bond Interest Rate Stresses Rating Criteria to a gradual
reversion from the current bank bill swap rate to 2% and 3%.
- Reduced the 'BBsf' and 'Bsf' low voluntary prepayment rate to
3%, from 4% and 5%, respectively, to reflect Fitch's view of
expected prepayment rates in the medium term.
- Use the most recent Australian Government Actuary Life Table
2015-17.
Under this scenario analysis, the range of model implied ratings
are as follows:
Emerald 2006-1
Class A - AAsf to Asf
Class B - BBBsf to BBBsf
Class C - Bsf to CCCsf
Emerald 2007-1
Class A - BBBsf to BBsf
Class B - BBsf to CCCsf
Class C - CCCsf to CCCsf
Without the application of the criteria variation, the model
implied ratings would have been as follows:
Emerald 2006-1
Class A - Asf
Class B - BBBsf
Class C - Bsf
Emerald 2007-1
Class A - BBBsf
Class B - CCCsf
Class C - CCCsf
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and transactions. There were no findings that were material
to this analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio or conducted a review
of origination files as part of its ongoing monitoring.
Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing.
Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
Emerald 2006-1 and Emerald 2007-1 have ESG Relevance Scores of 4
for Exposure to Social Impacts. This reflects the reduced borrower
prepayment rates as a result of the underlying assets' high
prepayment penalties, which has a negative impact on the credit
profile and is relevant to the ratings in conjunction with other
factors.
Except for the matters discussed, the highest level of ESG credit
relevance, if present, 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.
NETWORK TEN: Books AUD227MM Loss, Warns of Pandemic Impact
----------------------------------------------------------
Zoe Samios at The Sydney Morning Herald reports that Network Ten
has warned that the coronavirus pandemic could have a material
impact on its financial position after posting a AUD227 million
loss and writing down the value of its television licences and
programming contracts.
According to the report, the ViacomCBS-owned network, which runs
television shows such as MasterChef, The Masked Singer and The
Bachelor, made AUD602 million in the year to December 31, 2019 but
slumped to a AUD266.6 million loss as it moved its sales team
inhouse and invested in expensive shows and sports deals.
Documents filed with the Australian Securities and Investment
Commission on July 3 include a AUD10.7 million write down in value
of programming rights and a AUD46.6 million write down of onerous
contracts, SMH relays. Excluding significant items, Ten posted
earnings before interest, tax, depreciation and amortisation of
AUD24.2 million.
SMH relates that a Ten spokesman said that the large costs were due
to increased local investment. The network, which was bought by
CBS--now ViacomCBS--in 2017, brought its sales team inhouse after
ending its Multi-Channel Network joint venture with Foxtel after
four years. The company also invested in expensive shows such as
The Masked Singer and The Amazing Race and commenced its first year
of a new AUD100 million broadcast deal with the Victorian Racing
Club.
"It was a year of investment at Ten as we bedded down our prime
time schedule and set up our sales team for success," a spokeswoman
said. "The results of that investment are evident this year:
audience and audience share growth, and TV ad market share
growth."
Ten has reported consecutive months of audience share growth since
last August and revenue share growth since last October. But
outgoing chief executive Paul Anderson said the company had
experienced revenue decline of up to 38 per cent in 2020 because of
drastic falls in advertising spend caused by the pandemic.
The broadcaster booked AUD113.28 million worth of advertising
between January and March this year, according to Think TV figures
previously obtained by The Age and The Sydney Morning Herald. But
the biggest impact of advertising slump was felt by media companies
in April and May. Production of some of Ten's shows, including
Australian Survivor, were also affected by the pandemic. Ten also
had the rights to broadcast the Formula One in Melbourne earlier
this year but the event was cancelled due to government
restrictions.
"The impact of COVID-19 on the company's businesses -- including
postponement, cancellation or rescheduling of televised events for
which the company has broadcast rights, and production delays in
television and entertainment programming – could be material to
the company's operating results, cash flows and financial
position," the report quotes Mr. Anderson as saying.
"Due to the evolving and uncertain nature of this situation, we are
not able to estimate the full extent of the adverse impact on the
company's operating results, cash flows, and financial position --
including advertising, affiliate and content licensing revenues --
particularly over the near-to-medium term."
The report comes as ViacomCBS merges Ten with other local entities,
SMH notes. The company promoted Ten's chief content officer
Beverley McGarvey earlier this year as head of content across all
brands, including MTV and Nickelodeon, while chief sales officer
Rod Prosser took control of ViacomCBS' sales division. ViacomCBS is
also currently looking for a chief transformation officer for Ten.
ViacomCBS and Ten are in the final phase of merging the two
businesses, the report notes. Ten does not have directly comparable
accounts from 2018 because of a change in its reporting year.
Network Ten is one of Australia's leading entertainment and news
content companies, with free-to-air television and digital media
assets.
PAGES EQUIPMENT: First Creditors' Meeting Set for July 15
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Pages
Equipment Holdings Pty Ltd will be held on July 15, 2020, at 12:00
a.m. at the offices of Romanis Cant, 2nd Floor, at 106 Hardware
Street, in Melbourne, Victoria.
Anthony Robert Cant and Renee Di Carlo of Romanis Cant were
appointed as administrators of Pages Equipment on July 3, 2020.
PAGES SALES: First Creditors' Meeting Set for July 15
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Pages Sales
Pty Ltd will be held on July 15, 2020, at 11:00 a.m. at the offices
of Romanis Cant, 2nd Floor, at 106 Hardware Street, in Melbourne,
Victoria.
Anthony Robert Cant and Renee Di Carlo of Romanis Cant were
appointed as administrators of Pages Sales on July 3, 2020.
PHIRE PTY: First Creditors' Meeting Set for July 15
---------------------------------------------------
A first meeting of the creditors in the proceedings of Phire Pty
Ltd will be held on July 15, 2020, at 3:00 p.m. at 51 Robinson
Street, in Dandenong, Victoria.
Peter Robert Vince and Paul William Langdon of Vince & Associates
were appointed as administrators of Phire Pty on July 3, 2020.
PRECISION AUTO: First Creditors' Meeting Set for July 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Precision
Auto Group Pty Ltd, formerly trading as 'williamstown Bodyworks'
and 'precision Auto Group' will be held on July 14, 2020, at 10:00
a.m. via teleconference facility.
Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of Precision Auto on July 2, 2020.
SWINBURNE UNIVERSITY: Looks to Sell Office Tower in Melbourne
-------------------------------------------------------------
The Sydney Morning Herald reports that cash-strapped Swinburne
University is looking to offload a boutique Melbourne office tower
it acquired just 12 months ago as the financial effects of the
COVID-19 pandemic bite.
Victorian universities are reeling from the absence of
international students after the coronavirus crushed the education
sector. Swinburne faces a AUD150 million deficit and, like multiple
other universities, has warned staff of looming job cuts, SMH
says.
SMH relates that the university, whose main campus is in Hawthorn,
could lessen the severity of the pandemic's financial blow if it
sells an eight-storey building in the city's heart in which it had
planned to roll out a vertical campus.
The education provider is understood to be finalising agents to
handle the listing.
"The sale of property assets would need to be approved by the
university council and be conducted in accordance with standard
government processes for sale of such property," the report quotes
a Swinburne spokeswoman as saying. "In the event that Swinburne
commences a private sale for 226 Flinders Lane, a further statement
may be made at that time."
The university has outpost campuses in Wantirna and Croydon and an
offshore campus in Sarawak, Malaysia.
Swinburne settled on Invicta House at 226-232 Flinders Lane in June
last year after forking out AUD44 million to the private Lazarovits
family, who had held the building since 1998, the report notes.
The property is opposite the Nicholas building and close to Ross
House in a celebrated part of Flinders Lane that features popular
walkways Degraves Street and Scott Alley.
SMH says Swinburne was following a trend set by several other
suburban universities which have already established vertical
campus in Melbourne's CBD, notably Monash and La Trobe
universities.
Despite the turmoil and economic uncertainty created by the
pandemic, the university should have little trouble selling, with
buyers demonstrating appetite for commercial real estate, the
report says.
TODAE SOLAR: First Creditors' Meeting Set for July 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Todae Solar
Pty Ltd will be held on July 14, 2020, at 11:00 a.m. via Microsoft
Teams.
Andrew Schwarz and Matt Adams of AS Advisory were appointed as
administrators of Todae Solar on July 2, 2020.
VIRGIN AUSTRALIA: Bondholders Seek to Block Sale to Bain Capital
----------------------------------------------------------------
Angus Whitley at Bloomberg News reports that Virgin Australia
Holdings Ltd. bondholders asked the country's deals regulator to
let them pitch a plan to rescue the airline in an effort to derail
a sale to Bain Capital LP.
Bloomberg relates that Singapore-based Broad Peak Investment
Advisers Pte. and other bondholders told the Takeovers Panel that
some elements of the Deloitte-run auction of the airline were
"unacceptable" and effectively barred a different plan from being
put to creditors, the panel said in a statement July 6.
According to Bloomberg, Bain agreed to buy Virgin Australia last
month in one of the biggest bets on the industry since it was
hammered by the coronavirus epidemic. Unsecured bondholders were
owed AUD1.99 billion ($1.4 billion) when the airline collapsed in
April under AUD6.8 billion in debt. Deloitte said it's not possible
yet to determine how much of that debt can be recovered.
The bondholders' plans threaten to prolong a rescue that was driven
through by Deloitte before Virgin Australia ran out of cash,
Bloomberg says.
Bloomberg relates that the bondholders asked the panel to let them
make "an alternative proposal." The Takeovers Panel hasn't decided
whether to conduct proceedings on the matter.
In June, Virgin Australia noteholders submitted to Deloitte a
recapitalization proposal for the airline that they said would
create "a sustainable capital structure underpinned by public
ownership," Bloomberg relays.
About Virgin Australia
Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.
As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2020, Bloomberg News related that Virgin Australia Holdings
Ltd. became Asia's first airline to fall to the coronavirus after
the outbreak deprived the debt-burdened company of almost all
income. Administrators at Deloitte, who have taken control of the
Brisbane-based carrier, aim to restructure the business and find
new owners within months. More than 10 parties have expressed an
interest, Deloitte related on April 21.
Virgin Australia, which has furloughed 80% of its 10,000 workers,
will continue to operate some flights for essential workers,
freight and the repatriation of Australians, Bloomberg said. The
airline's frequent flyer program is a separate company and is not
in administration.
Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20, 2020.
The company owes AUD6.8 billion to lenders, bondholders, aircraft
lessors, trade creditors and employees.
On April 29, 2020, the company and certain affiliates filed
petitions pursuant to Chapter 15 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of New York.
As reported in the Troubled Company Reporter-Asia Pacific on June
29, 2020, The Sydney Morning Herald said Virgin Australia
administrator Deloitte said it has agreed to sell the bankrupt
airline to American private equity giant Bain Capital, after rival
bidder Cyrus Capital Partners withdrew its rescue offer due to a
"lack of engagement".
Joint administrator Vaughan Strawbridge said in a statement that
Bain had presented a "strong and compelling bid" for Virgin that
would "secure the future of Australia's second airline". However,
neither Deloitte nor Bain would reveal the size of the bid, how
many jobs will be lost or how much would be paid to creditors,
which are owed AUD6.8 billion, SMH said.
WEILIN TRADE: First Creditors' Meeting Set for July 14
------------------------------------------------------
A first meeting of the creditors in the proceedings of Weilin Trade
Pty Ltd will be held on July 14, 2020, at 11:00 a.m. at Level 34,
Santos Tower, 32 Turbot Street, in Brisbane, Queensland.
Steven Staatz & Henry McKenna of Vincents were appointed as
administrators of Weilin Trade on July 2, 2020.
WHITE RIBBON: Emerges from Financial Collapse
---------------------------------------------
ABC News reports that White Ribbon Australia has emerged from
financial collapse with a new funding source and a new boss, who is
pledging to replace "tokenism" with action to end men's violence
against women.
The charity--which describes itself as working "to eliminate
gendered violence" and creating an "Australia free from all forms
of violence against women and children"--went into liquidation last
year, after running at a substantial operational loss.
That followed other controversies including the departure of
directors and the organisation's public stance on abortion, the
report says.
Its new executive director, Adelaide-based activist Brad Chilcott,
on June 24 conceded that its efforts to raise awareness of domestic
violence had strayed ahead of its financial collapse.
He said the charity had allowed some to believe that symbolic
gestures about domestic violence were adequate to address the issue
of domestic abuse, the report relays.
"There was a tokenism towards the end, and some men felt like they
could say a pledge and put on a ribbon and their work was done,"
Mr. Chilcott told ABC Radio National.
"White Ribbon Australia did an excellent job of raising awareness
and they did that for many years.
"Now the time for awareness has passed. People are aware . . . I
think it's time for White Ribbon to change."
According to ABC, social services provider Communicare has now
revived White Ribbon out of administration, taking on its
intellectual property and remaining assets.
ABC relates that Mr. Chilcott--a progressive pastor at Activate
Church in Adelaide, founder of refugee advocacy organisation
Welcome to Australia and one-time adviser to former SA Labor
premier Jay Weatherill - said the link with the frontline agency
would help White Ribbon take stronger action.
He said it would be ending its male-only White Ribbon Ambassadors
program and "moving from awareness to advocacy".
"We're trying to equip local communities and individuals to take
meaningful action to end gendered violence," Mr. Chilcott said.
White Ribbon is a non-profit organisation which aims to prevent
men's violence against women using a primary prevention approach in
schools, workplaces and communities across Australia.
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C H I N A
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MODERN LAND: Fitch Rates Proposed USD Senior Notes B
----------------------------------------------------
Fitch Ratings has assigned a 'B' rating to China-based property
developer Modern Land Co., Limited's (B/Stable) proposed US dollar
senior notes. The Recovery Rating is 'RR4.' The proposed notes are
rated at the same level as Modern Land's senior unsecured rating,
as they represent its direct, unconditional, unsecured and
unsubordinated obligations.
Modern Land's Issuer Default Rating reflects its weaker margin and
higher leverage, which is offset by a stronger business profile.
Its ratings are also supported by improving land-bank quality after
the company repositioned its business towards tier one and two
cities, which have higher land prices, to support contracted sales
growth.
KEY RATING DRIVERS
Leverage to Stay High: Fitch expects Modern Land to acquire land in
the next few years to sustain sales growth, which will keep
leverage at around 45%. Modern Land's leverage fell to 39% in 2019,
from 47% in 2018 and 49% in 2017, as the company cut spending on
land acquisitions to 30% of attributable sales proceeds (2018: 45%)
and improved its cash collection to 76% (2018: 72%). Fitch assesses
leverage on a proportionately consolidated basis, as the high share
of contracted sales from joint ventures means that Modern Land's
consolidated financial statements do not adequately reflect its
financial profile.
Margin Remains Low: Modern Land's EBITDA margin, excluding
capitalised interest, improved to 17% in 2019, from 13% in 2018,
driven by a slight improvement in gross profit margin to 26%, from
23% in 2018, as well as lower selling, general and administrative
expenses. However, the company's EBITDA margin remains lower than
the 20%-25% of 'B' rated peers. Modern Land's churn rate, measured
by contracted sales/total debt, remains stable at around 1.5x.
Land Bank Pressure Remains: Modern Land had a land bank life of
around three years as at end-2019, and Fitch expects it to remain
under land banking pressure to sustain growth in the next few
years. The company says its increased land acquisitions in
tier-three cities in 2017-2018 were a one-time strategy shift, and
it now plans to focus on tier one and two cities. Tier one cities,
such as Beijing, and tier two cities, like Taiyuan, Hefei, Xiantao
and Changsha, accounted for around 70% of Modern Land's saleable
resources by value at end-2019.
Resilient Attributable Contracted Sales: Fitch expects Modern
Land's attributable contracted sales to be resilient in a market
downturn, as its land bank is concentrated in tier one and two
cities. Modern Land's attributable contracted sales amounted to
CNY19 billion in 2019, after rising by 49% in 2018, while total
contracted sales rose by 13% to CNY36 billion.
DERIVATION SUMMARY
Modern Land's attributable contracted sales of CNY19 billion in
2019 were in line with those of other 'B' rated companies, such as
Beijing Hongkun Weiye Real Estate Development Co., Ltd.'s
(B/Stable) at CNY14 billion and Redco Properties Group Ltd
(B/Stable) at CNY15 billion. Modern Land's leverage was lower than
Hongkun's 54% and higher than Redco's 21% at end-2019, but its
EBITDA margin was lower than Hongkun's 43% and Redco's 23%.
Modern Land's sales are lower than those of 'B+' rated companies,
including Fantasia Holdings Group Co., Limited's (B+/Stable) CNY27
billion and Redsun Properties Group Limited's (B+/Stable) around
CNY30 billion. The leverage of these peers is similar to that of
Modern Land, but Modern Land has a lower margin.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within its Rating Case for the Issuer
- Attributable contracted sales of CNY27 billion in 2020.
- Gross profit margin from property development maintained around
25% in 2020-2022
- Construction cash cost accounting for 30%-35% of attributable
contracted sales in 2020-2022.
- Land premium accounting for 45%-50% of annual sales receipts in
2020-2022 and average land acquisition cost to increase in
2020-2022.
KEY RECOVERY RATING ASSUMPTIONS
The recovery analysis assumes that Modern Land would be liquidated
in a bankruptcy because it is an asset-trading company.
Fitch has assumed a 10% administrative claim
The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in sale or liquidation
processes conducted during bankruptcy or insolvency proceedings and
distributed to creditors.
The cash balance is adjusted such that only cash in excess of the
higher of accounts payables and three months of contracted sales is
factored in.
An advance rate of 60% is applied to adjusted inventory, as Modern
Land's EBITDA is lower than 20%.
Property, plant and equipment advance rate at 60%.
70% advance rate applied to accounts receivables.
Advance rate of 100% applied to restricted cash, which mainly
consists of guarantees for the company's bank borrowing and
construction work
Based on its calculation of adjusted liquidation value after
administrative claims, Fitch estimates the Recovery Rate of the
offshore senior unsecured debt to be within the 'RR4" recovery
range.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Net debt/adjusted inventory (including joint venture
proportionate consolidation) below 40% for a sustained period
- Land bank maintained at above 2.5 years of sales
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Insufficient land bank for 2.0 years of sales
- Net debt/adjusted inventory (including joint venture
proportionate consolidation) above 55% for a sustained period
- EBITDA margin (excluding capitalised interest) below 18% for a
sustained period
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: Modern Land's liquidity remains healthy, with
total cash of CN11.4 billion, including restricted cash of CNY3.5
billion, compared with short-term debt of CNY9.5 billion at
end-2019.
ESG CONSIDERATIONS
The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
SUNAC CHINA: Fitch Rates Proposed USD Senior Notes BB
-----------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to Sunac China Holdings
Limited's (Sunac, BB/Stable) proposed US dollar senior notes. The
proposed notes are rated at the same level as Sunac's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations.
Sunac's rating reflects Fitch's expectation that the company will
continue deleveraging until it sustains more headroom below 40%,
the leverage threshold above which Fitch may consider negative
rating action. Sunac's leverage, measured by net debt/adjusted
inventory with proportional consolidation of joint ventures (JV)
and associates, was 38% at end-2019.
Sunac's large attributable land bank of more than 153 million
square metres of saleable gross floor area is well-diversified
across various regions in China, which should support contracted
sales and further deleveraging.
KEY RATING DRIVERS
Leverage to Decrease: Sunac's leverage was maintained at around 38%
at end-2019, which is at a similar level as end-2018. Debt at the
consolidated level rose by around CNY90 billion, but the company's
stable leverage ratio reflects the increasing trend of funding JVs
and associates at the parent level, leading to relatively low
leverage at the JVs and associates. Fitch expects Sunac to continue
to control the pace of land acquisition, which will give it some
headroom below the 40% leverage level.
Fitch expects Sunac to maintain steady growth in attributable
contracted sales, leading to sustained cash generation and lower
leverage. Attributable contracted sales rose by 18% to CNY383.9
billion in 2019. Sunac's trade payables have also risen
significantly in line with its expanding scale. Nevertheless, its
trade payables/inventory ratio was manageable at around 0.2x in
2018 and 2019, which was lower than that of peers that rely on
trade payables to fund construction. Fitch believes Sunac's trade
payables/inventory ratio will not rise significantly.
Diversified Land Bank: Sunac's land bank is diversified across
China, including northern, south-west and south-east China, the
Beijing area and the Yangtze River Delta. It also has a presence in
central China, the Greater Bay Area and Hainan province. Over 82%
of Sunac's land bank, based on saleable value, is situated in Tier
1 and 2 cities, where pent-up demand is more robust than in
lower-tier cities. The remaining land bank is in strong third-tier
cities. Geographical diversification helps mitigate local policy
restrictions, as each local government implements differing
home-purchase limits.
Strong Sales and Margins: Fitch forecasts Sunac's average selling
price (ASP) to be CNY14,000-14,500/sq m in the next few years. The
company maintained its ASP at around CNY14,500/sq m in 2019,
reflecting its focus on higher-tier cities. Sunac's attributable
contracted sales are comparable with that of other large Chinese
homebuilders, including China Vanke Co., Ltd. (BBB+/Stable) and
Poly Developments and Holdings Group Co., Ltd. (BBB+/Stable).
Sunac's large scale also allows it to trim construction costs,
leading to a strong EBITDA margin - including the proportional
share of EBITDA from JVs and associates - of around 27% in 2019, or
30% if valuation gains from acquired projects are removed from
costs of goods sold (COGS). Fitch expects an EBITDA margin,
including valuation gains in COGS, of around 25% in the medium
term.
Non-Development Contribution: Fitch forecasts Sunac will spend
CNY15 billion-21 billion a year in 2020 to ramp up its property
management, rental and decoration businesses as well as the
cultural and tourism business it acquired in 2017. Fitch expects
the projects to be fully funded by the sale of properties in the
same area. Revenue contribution from Sunac's non-development
business was CNY9.9 billion in 2019, with a gross margin of about
38%. Sunac also aims to improve the operating efficiency of the
cultural and tourism business after the acquisition of the
operational and management company from Dalian Wanda Commercial
Management Group Co., Ltd. (BB+/Stable).
DERIVATION SUMMARY
Sunac's homebuilding attributable sales scale and geographical
diversification are comparable with that of large 'BBB' rated
homebuilders, such as Vanke and Poly, and are also comparable with
or superior to that of Longfor Group Holdings Limited (BBB/Stable)
and Shimao Group Holdings Limited (BBB- /Stable).
Country Garden Holdings Company Limited (BBB-/Stable) has larger
attributable scale and geographic coverage than Sunac. However,
Country Garden's land bank is more concentrated in low-tier cities,
where demand is susceptible to negative sentiment, while the
majority of Sunac's land bank is situated in Tier 1 and 2 cities,
as reflected in Sunac's higher margin.
However, Sunac's financial profile is more volatile than that of
investment-grade peers; its non-development EBITDA interest
coverage of 0.2x is less than Longfor's 0.7x and Shimao's 0.5x.
Its leverage forecast for Sunac of 35%-40% is more comparable with
'BB' rated issuers, such as Sino-Ocean Group Holding Limited
(BBB-/Stable; Standalone Credit Profile: bb+), Seazen Group Limited
(BB/Stable) and its subsidiary, Seazen Holdings Co., Ltd.
(BB/Stable), CIFI Holdings (Group) Co. Ltd. (BB/Stable) and China
Aoyuan Group Limited (BB-/Positive).
KEY ASSUMPTIONS
Fitch's Key Assumptions Within its Rating Case for the Issuer:
- Land-bank replenishment to maintain a land-bank life of 4.0-4.5
years
- Capex of CNY15 billion-21 billion a year in 2020, decreasing
thereafter
- Contracted ASP of CNY14,000-14,500/sq m
- EBITDA margin, including the effect of revaluation of acquired
projects from COGS, of 22%-26%
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Net debt/adjusted inventory below 30% for a sustained period
(2019: 38%)
- EBITDA margin, excluding the effect of revaluation of acquired
projects from COGS, sustained above 25% (2019: 30%)
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Net debt/adjusted inventory above 40% for a sustained period
- EBITDA margin, excluding the effect of revaluation of acquired
projects from COGS, of below 20% for a
sustained period
- Change in management strategy to refocus on aggressive
acquisitions, away from Sunac's stated
objective to reduce its leverage ratio
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: Fitch expects Sunac to maintain sufficient
liquidity for its operations and debt repayment, as contracted
sales reached CNY384 billion on an attributable basis in 2019.
Sunac had a cash balance of CNY126 billion at 2019, which is less
than short-term debt of CNY136 billion. However, most of the
short-term debt is secured bank loans, which Fitch expects to be
rolled over.
ESG CONSIDERATIONS
The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
SUNSHINE 100 CHINA: S&P Downgrades ICR to CCC-, Still on Watch Neg.
-------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Sunshine 100 China Holdings Ltd. to 'CCC-' from 'CCC'. S&P kept the
ratings on CreditWatch, where they were placed with negative
implications on April 16, 2020.
The downgrade reflects increasing default risk for Sunshine 100 due
to a delay in securing repayment sources. By the end of June this
year, the company had only received part of the proceeds from the
disposal of its Qingyuan project in Guangdong province. In
addition, local governments dictate the schedule and policies
around land, adding uncertainty to the timing of any primary land
sales from Sunshine 100's projects in the cities of Wenzhou and
Xinglong.
S&P said, "We believe Sunshine 100's operations will not generate
sufficient cash. In our view, the developer's weak sales will not
cover financing and operating expenses in the coming 12 months. The
impact of COVID-19 has been especially negative for the company."
That is because some saleable resources are in Wuhan and Wenzhou,
cities with relatively strict containment measures. Sunshine 100
reported Chinese renminbi (RMB) 1.8 billion in contracted sales for
the first five months of 2020, down 43% from the same period last
year.
Sunshine 100 has an unrestricted cash balance of only RMB2.4
billion as of Dec. 31, 2019, while it has RMB10.6 billion in
short-term debt due in the next 12 months. Upcoming bullet
maturities include US$400 million offshore senior unsecured notes
and RMB1 billion domestic corporate bonds, both due in September
2020.
Further issuance by Sunshine 100 in the capital markets would be
challenging, in our view. Given the large shortfall and the
company's weak credit profile, a new issuance offshore would be
difficult. S&P understands Sunshine 100 is also in discussions with
financial institutions for asset-backed financing facilities by
leveraging on its account receivables to cover its debt repayment
needs. However, this carries high execution risk because the time
for slippage is limited, in its view.
The CreditWatch with negative implications reflects the heightened
repayment risk over Sunshine 100's bullet maturities in September
2020. S&P aims to resolve the CreditWatch based on the company's
ability to secure new funding.
S&P could lower the rating if a default on the notes appear almost
certain. This could happen if Sunshine 100 fails to obtain any
committed funding by early September or if it intends to undertake
any exchange offer or restructuring.
S&P may affirm the rating if Sunshine 100 receives sufficient
financial support to repay its imminent maturities.
WEST CHINA CEMENT: Fitch Affirms LT IDR & Sr. Unsec. Rating at BB-
------------------------------------------------------------------
Fitch Ratings has affirmed West China Cement Limited's Long-Term
Issuer Default Rating and senior unsecured rating at 'BB-'. The
Outlook on the IDR remains Positive.
The affirmation reflects Fitch's expectation that WCC's FFO net
leverage will remain slightly above its upgrade trigger of 1.0x in
2020 after considering a possible acquisition, higher dividend
payments, and the limited impact of the coronavirus pandemic. The
Positive Outlook reflects WCC's strong deleveraging capacity beyond
2020. Fitch expects its FFO net leverage to drop to below 1.0x from
2021 due to continued positive free cash flow generated from its
strong EBITDA margins and limited capex commitments.
KEY RATING DRIVERS
Limited Impact from Pandemic: Fitch expects WCC's gross profit and
EBITDA margins to stay strong at 34% and 39% in 2020, respectively,
similar to 2019 levels, supported by solid demand and lower
coking-coal prices, although its revenue could dip by 4% due to the
impact of COVID-19. The average selling price of cement dipped in
Shaanxi to CNY460 per tonnage by end-1Q20 from CNY490 per tonnage
at end-2019, and has recovered to around CNY470 per tonnage by June
2020, as construction activities resumed. Fitch expects demand to
remain strong in 2H20 amid the government's support of
infrastructure investment.
Potential Acquisition: WCC announced on January 3, 2020 it agreed
to acquire all the shares and shareholder loans of Schwenk Namibia
for USD104.4 million. Schwenk Namibia owns 69.8% of Ohorongo Cement
Plant, one of two cement-producing companies in Namibia, southern
Africa. The transaction has not been completed to date and the
longstop date has been extended to August 31, 2020. Fitch expects
the acquisition, if completed, to improve the geographical
diversification of WCC in the long term, but it will also result in
negative free cash flow in 2020.
Deleveraging Capacity Remains Strong: Fitch expects WCC's leverage
to remain above 1.0x in 2020, the level at which it would upgrade
the rating, due to cash outflow for the Schwenk Namibia
acquisition, higher dividend payments and the modest impact of the
disruptions from the pandemic. However, Fitch believes the
company's deleveraging capacity will remain strong as Fitch expects
it to generate CNY800 million-1.2 billion in free cash flow in
2021-2022 on the back of strong EBTIDA generation and limited capex
commitments.
Strong Domestic Market Position: Fitch expects WCC to keep its
strong market position in its core market of Shaanxi in the medium
term as there will be no capacity increase in the province in the
next two years. It had total cement production capacity of 29.2
million tonnes per annum at end-2019, of which around 80% was in
Shaanxi. WCC has the highest market share of around 25% in the
province by capacity. It is particularly dominant in southern
Shaanxi with around 75% market share. The strong market position
will continue to support its profit margins.
Conch Shareholding Beneficial: Fitch expects the collaboration
between WCC and its second-largest shareholder, Anhui Conch Cement
Company Limited (Conch, A/Stable), to help WCC to further improve
its operating efficiency and support its market position in
Shaanxi. Conch has helped WCC to reduce raw-material prices and
boost profitability. They have collaborated on creating a more
stable market supply and greater pricing discipline in Shaanxi and
nearby regions. Conch had a 21.11% stake in WCC as of end-2019, and
has two non-executive directors on WCC's board. WCC and Conch's
combined market share in Shaanxi is over 40% by cement and clinker
production capacity.
DERIVATION SUMMARY
WCC is smaller than CEMEX, S.A.B. de C.V. (BB-/Negative) and China
Hongqiao Group Limited (BB-/Stable) in terms of EBITDA generation.
Hongqiao and WCC both have strong domestic market positions, but
Mexico-based CEMEX has wider geographical diversification. CEMEX
has more diverse offerings as it has some niche products while WCC
mainly sells commoditised cement products. WCC maintains higher
margins due to the efficiency of its core cement business. WCC has
continued to deleverage since 2016, with net leverage that is lower
than that of both CEMEX and Hongqiao.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within its Rating Case for the Issuer
- Sales revenue to decrease by 4% in 2020 and rise by 4% per year
over 2021-2023 (2019: 22%).
- A gross profit margin of 36%-39% for 2020-2023 (2019: 39%)
- Capex of CNY1.2 billion in 2020, CNY1.2 billion in 2021, CNY0.8
billion in 2022, CNY0.8 billion in 2023
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- FFO net leverage sustained below 1.0x
- Positive free cash flow on a sustained basis
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Failure to achieve the upgrade sensitivities over the next 12
months could result in a return to a Stable Outlook
- Material earnings disruption or large increase in financial
leverage could result in a return to a Stable Outlook or place
downward pressure on the ratings
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: WCC had total available cash of CNY780 million
and unused banking facilities of CNY369 million, adequate to cover
its short-term debt of CNY1.1 billion. WCC has only one bond
outstanding, which is a three-year medium-term note with principal
of CNY500 million due in May 2022.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).
=========
I N D I A
=========
ANKUR TRADERS: CRISIL Lowers Rating on INR10cr Term Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Ankur Traders and Manufacturers (ATM) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 10 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
The downgrade reflects weakening of ATM's financial risk profile
and liquidity on account of debt-funded capital expenditure. The
firm has availed term debt of around INR6 crore from Small
Industries Development Bank of India (SIDBI) to set up a new
manufacturing facility. Further, business risk profile is expected
to get impacted by the current pandemic and liquidity is expected
to remain poor over the medium term.
The rating also reflects the firm's modest scale of operations and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of the proprietor in the iron
and steel trading industry.
Analytical Approach
Unsecured loan of INR2.64 crore as on March 31, 2019, from the
proprietor, his family members and related parties has been
considered as neither debt nor equity, as it is expected to remain
in the business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: The financial risk profile was
weak, as reflected in low networth of INR2.53 crore and moderate
total outside liabilities to tangible networth (TOLTNW) ratio of
2.19 times as on March 31, 2019. Debt protection metrics were weak,
as reflected in interest coverage and net cash accrual to total
debt (NCATD) ratio of 1.32 times and 0.08 time, respectively, in
fiscal 2019. The financial risk profile is expected to have
weakened further in fiscal 2020 with networth estimated at INR2.42
crore and TOLTNW ratio increasing to 4 times due to SIDBI term
debt. Debt protection metrics are also estimated to have weakened
further, with interest coverage and NCATD ratio at 1.2 times and
0.06 time, respectively, in fiscal 2020.
* Modest scale of operations: Revenue is estimated at INR25 crore
in fiscal 2020, compared with INR17.81 crore in fiscal 2019. In
spite of the increase in revenue, scale of operations remains
modest due to intense competition in the iron and steel trading
business. However, turnover may improve over the medium term on
account of enhancement in production capacity, supported by the new
manufacturing unit.
* Large working capital requirement: Gross current assets (GCAs)
were at 100-290 days in the past three fiscals, driven by
receivables of 50-65 days, moderate inventory of 4-80 days and
security deposit (5-25% of project value) with the government
department for tenders. Working capital requirement will remain
large, with GCAs estimated at 166 days as on March 31, 2020, driven
by receivables of 50 days and inventory of 30 days. The firm will
continue to maintain sizeable security deposit over the medium
term.
Strength
* Extensive industry experience of the proprietor: The proprietor
has extensive experience in the iron and steel trading industry,
which has helped him establish and maintain long-term relationships
with customers and get repeat orders.
Liquidity Poor
Expected cash accrual of INR0-50 lakh per fiscal will not be
sufficient to cover the debt obligation of INR0.90-1.30 crore in
each fiscal over the medium term. Bank limit utilisation was high
at 86% on average for the 12 months through May 2020, because of
large working capital requirement. However, proprietor and related
parties will continue to provide support in the form of unsecured
loans.
Outlook: Stable
CRISIL believes ATM will continue to benefit from the extensive
experience of its promoters in the steel and iron trading
business.
Rating Sensitivity Factors
Upward factors
* Improvement in liquidity supported by increase in cash accrual to
more than INR2 crore
* Steady improvement in turnover
* Better working capital management.
Downward factors
* GCAs increasing to more than 180 days
* Substantial decline in turnover post the pandemic
* Further weakening of the financial risk profile and liquidity.
ATM is a proprietorship firm set up in 1995 by Mr Ankur Agarwal in
Lucknow, Uttar Pradesh. The firm manufactures stainless steel (SS)
railings and SS gates on jobwork basis and trades in SS pipes and
sheets. It is also engaged in setting up commercial kitchens,
mainly for government departments.
DR WIESNER TEST: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Dr. Wiesner Test & Automation Systems Private Limited
No. 147, 6th Main, 3rd Cross
Industrial Suburb, 2nd Stage
Yeshwanthpur Industrial Layout
Tumkur Road Bangalore
Karnataka 560022
Insolvency Commencement Date: March 17, 2020
Court: National Company Law Tribunal, Bangalore Bench
Estimated date of closure of
insolvency resolution process: September 13, 2020
Insolvency professional: Mr. Addanki Haresh
Interim Resolution
Professional: Mr. Addanki Haresh
No. 36/1, 2nd Floor
Munivenkatappa Complex
Bellary Road, Ganganagar
Bangalore 560032
E-mail: ipdrwiesner@gmail.com
Last date for
submission of claims: July 14, 2020
JAYANTH COTTON: CRISIL Reaffirms B Rating on INR11cr Loans
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facility of Jayanth Cotton Industries (JCI).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (Reaffirmed)
Long Term Loan 5 CRISIL B/Stable (Reaffirmed)
The rating reflects the firm's modest scale of operations in the
intensely competitive cotton ginning industry and susceptibility to
volatile raw material prices and unfavorable regulations. These
weaknesses are partially offset by the extensive experience of the
partners.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations in the intensely competitive cotton
ginning industry: JCI's scale of operations is modest, as
reflected in net sales of INR65.43 crore during fiscal 2020,
limiting benefits from economies of scale available to larger
players. Intense competition may continue to constrain
scalability.
* Susceptibility to volatile raw material prices and unfavorable
regulations: The operating margin of cotton ginners such as JCI is
susceptible to changes in cotton prices. Raw cotton is the major
raw material accounting for about 90-95% of the production cost.
Cotton prices have been highly volatile and are expected to remain
so, thereby exposing the firm to price risk. Cotton prices are
volatile because they are dependent on the monsoon, and are also
affected by international demand. So, any adverse movement in
cotton prices can negatively impact profitability. Also any abrupt
change in regulation can impact market prices and profitability of
players in the cotton value chain, including ginners.
* Moderate capital structure: Modest networth and total outside
liabilities to adjusted networth ratio of INR4.03crore and 2.28
times, respectively, estimated as on March 31, 2020, reflect the
moderate capital structure.
Strength:
* Extensive experience of the partners: JCI partners has been in
the cotton industry for about decade now, which provides an
extensive industry experience. Over the medium term, JCI will
benefit from the partners' extensive industry experience and their
understanding of the dynamics of the local market and established
relationship with farmers and customers.
Liquidity Stretched
Cash accrual, expected at INR0.60 crore should be adequate to cover
term debt obligation of INR0.31 crore in FY2021. Bank limit
utilisation was moderate at 80% on average in the 12 months through
April 2020. Current ratio was low at 1.14 times as on March 31,
2020.
Outlook: Stable
CRISIL believes JCI will continue to benefit over the medium term
from the experience of its partners in the cotton industry.
Rating Sensitivity factors
Upward factor
* Sustained improvement in operating margin by over 100 basis
points resulting in more-than-expected net cash accrual.
* Improvement in financial risk profile
Downward factor
* Decline in scale of operations leading to fall in revenue by 15%
or decline in profitability below 3 % resulting in lower-than
expected net cash accrual.
* Increase in working capital requirements weakening the financial
risk profile.
Set up in 2015, JCI gins and presses raw cotton into cotton bales
and seeds for sale in Andhra Pradesh, Tamil Nadu, Gujarat,
Maharashtra and Haryana. The unit at Adhoni, Andhra Pradesh, has a
capacity of 250 bales per day. Mr. Sridhar Reddy, Mr. Rajender
Kumar Reddy and Mr. Surya Pratap Reddy are the partners.
MAHAKAL AGRO: CRISIL Migrates B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mahakal Agro
Foods Private Limited (MAFPL) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 14 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Working
Capital Facility 8 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with MAFPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 MAFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MAFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MAFPL to 'CRISIL B+/Stable Issuer not cooperating'.
MAFPL was incorporated in 2018 by Mr. Amit Gupta and family
members. Promoters have interest in other entities engaged in same
line of business. It is setting up a rice mill with capacity of
5,400 metric tonnes per annum in Gwalior, Madhya Pradesh. It is
expected to commence operations from September, 2019.
NAGARWALA ENTERPRISES: CRISIL Moves B+ Debt Rating to Not Coop
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nagarwala
Enterprises (NE) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with NE for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 NE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NE is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of NE to 'CRISIL B+/Stable Issuer not cooperating'.
Incorporated in 1980, NE is a partnership concern. Firm is promoted
by Mr. Narendra Nagarwala. The firm is engaged into ginning and
pressing of the raw cotton and crushing of cotton seeds and factory
is situated in Wani, Maharashtra.
NAMASTE EXPORTS: CRISIL Reaffirms B- Rating on INR4.5cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
bank facilities of Namaste Exports Limited (NEL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing
Credit 4.5 CRISIL B-/Stable (Reaffirmed)
Foreign Bill
Discounting 2.0 CRISIL B-/Stable (Reaffirmed)
Letter of Credit 1.0 CRISIL B-/Stable (Reaffirmed)
Proposed Working
Capital Facility 5.5 CRISIL B-/Stable (Reaffirmed)
The ratings continue to reflect weak operating performance and poor
debt protection metrics. The rating also constrained by small scale
of operations in highly fragmented industry for leather garments
export and susceptibility of margins to adverse movement in forex
rates. These weaknesses are mitigated by promoters' extensive
experience in this line of business.
Key Rating Drivers & Detailed Description
Weakness:
* Weak operating performance and financial risk profile: NEL's
weak operating performance is reflected in the company's limited
pricing power and also, owing to relatively high fixed costs.
Continues cash losses by the company resulting in erosion in its
net worth base. NEL's net worth is estimated to have reduced to
INR3.26 cr as on 31st March 2020 from INR4.87 crores as at March
31, 2019. Consequently, NEL is expected to report the high gearing
of over 2 times over the medium term.
* The small scale of operations in a highly fragmented industry for
leather garments export: NEL has a small scale of operations, as
reflected in its estimated revenues of appx INR30.0 crore in fiscal
2020. The operations are expected to be impacted in the first
quarter of fiscal 2021 due to Covid led lockdown. Additionally, the
overseas market is highly competitive due to competition from other
players across the globe as well as from domestic players.
* Susceptibility of margins to adverse movement in foreign exchange
(forex) rates: About 95% of the company's sales are from exports.
The company hedges 50% of its export receivables through forward
contracts, while the balance remains uncovered exposing the company
to forex fluctuation risk.
Strengths:
* Promoters' extensive experience in the leather industry: The
promoters have been in this line of business for over 3 decades and
have built long-standing relationships with several customers.
Liquidity Poor
Liquidity is poor marked by cash losses. The company does not have
long term repayment obligations, however fund base limits were
utilized at more than 80 per cent during the 12-month period ended
Jan 2020.
Outlook: Stable
CRISIL believes NEL will continue to benefit from the extensive
experience of its promoters and established relationships with key
suppliers and customers.
Rating Sensitivity factors
Upward factors:
* Sustained improvement in scale of operations by 25% and
break-even at operating margin level, leading to higher cash
accruals
* Sustainable improvement in financial risk profile and working
capital management.
Downward factors:
* Decline in operating profitability by over 200 basis point
* Substantial increase in its working capital requirements unless
promoters capital infusion.
Established in 1988 by Mrs. Madhura Bhat, NEL is engaged in the
manufacture and exports of leather garments. About 95% of total
turnover is from exports to countries including Italy, Spain,
France, US, Canada. The company sells its products to famous
fashion brands including Bugatti, Spengler, Milestone, and Tommy
Hilfiger.
OSWAL OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Oswal
Overseas Limited (OOL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.2 CRISIL D (ISSUER NOT COOPERATING)
Cash Credit 5.0 CRISIL D (ISSUER NOT COOPERATING)
Proposed Cash
Credit Limit 3.18 CRISIL D (ISSUER NOT COOPERATING)
Term Loan 7.62 CRISIL D (ISSUER NOT COOPERATING)
Working Capital
Term Loan 5 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with OOL for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 OOL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OOL is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.
Based on the last available information, the ratings on bank
facilities of OOL 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.
OOL, incorporated in 1984, was promoted by the late Mr. Manjeet
Singh and his brother Mr. Paramjeet Singh. It manufactures sugar
(more than 90% of revenue) and steel ingots. Its manufacturing unit
in Bareilly has crushing capacity of 3500 tonne per day. Mr.
Paramjeet Singh manages the company's operations.
PALLAVA GRANITE: CRISIL Raises Rating on INR4cr Loan From D
-----------------------------------------------------------
CRISIL has upgraded the rating of Pallava Granite Industries
Chennai Private Limited (PGICPL) to 'CRISIL B-/Stable' from 'CRISIL
D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Export Packing
Credit 4 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Letter of Credit 1 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Proposed Long Term
Bank Loan Facility 2 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The upgrade reflects timely servicing of debt obligation over the
last 6 months supported by improvement in liquidity.
The rating reflects Pallava Granite group's
working-capital-intensive operations and average financial risk
profile. This rating weaknesses are partially offset by the
extensive experience of the promoters in the granite industry.
Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Pallava Granite Industries India Private
Limited (PGIIPL), PGICPL and Pallava RED Granite Pvt Ltd (PGPL).
This is because all these entities, collectively referred to as the
Pallava group, are in a similar line of business and managed by the
same promoter, and have significant operational linkages.
Key Rating Drivers & Detailed Description
Weakness:
* Working capital intensive operations: Operations are working
capital intensive as reflected by estimated gross current asset
days of over 600 days as on March 31, 2020. This was majorly on
account of high inventory and debtors.
* Average Financial risk profile: Groups financial risk is average
marked by estimated gearing of negative in fiscal 2020.TOL/TNW is
expected to be high and interest coverage ratio is estimated at 0.5
times in near fiscal. Given the COVID-19 and subsequent slowdown,
the financial risk is expected to be average in near term.
Strength:
* Extensive experience of group's promoters in the granite
industry: Pallava group's promoter, Mr. Subba Reddy, has over three
decades of experience in the granite industry. The promoter also
operates owned quarries in Tamil Nadu and Andhra Pradesh, which
cater to the majority of the group's raw material requirements.
Liquidity Stretched
Bank limits have been moderately utilized at above 80% for the year
ended March 2020. The group's annual cash accruals would be
insufficient against maturing repayment obligation in INR2-3
crores. Unsecured loans and modest cash balance will support the
liquidity in near term. The firm current ratio is estimated at less
than 1 time as on March 2020.The firm has availed moratorium on
interest from bank.
Outlook: Stable
CRISIL believes pallava granite group will continue to benefit over
the medium term from the partner's extensive industry experience.
Rating Sensitivity Factor
Upward Factor
* Sustained increase in accretions resulting in improvement in
financial risk profile
* Improvement in working capital cycle with Gross current Asset
Days of less than 300.
Downward Factor
* Further stretch in working capital cycle and deterioration in
liquidity
* Decline in the revenues by 30%.
The Pallava group processes and exports granite; its day-to-day
operations are managed Mr. Subba Reddy. PGPL and PGICPL were set up
in 1983 and PGIPL in 1989. The group is based in Chennai.
PKP PROCESSORS: CRISIL Migrates D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of PKP Processors
(PKP) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.1 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Proposed Long
Term Bank Loan
Facility 2.9 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Term Loan 6 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
CRISIL has been consistently following up with PKP for obtaining
information through letters and emails dated April 29, 2020 and May
29, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 PKP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PKP is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PKP to 'CRISIL D Issuer not cooperating'.
Set up in, 1996, PKP Processors (PKP) is engaged in dyeing of
fabric and yarn on job work basis. The firm is managed by four
partners Mr. P. Subramanian, Mr. Sathish Kumar, Mr.Vinod Kumar and
Mr. Prem Kumar.
PLAZMA GRANITO: CRISIL Hikes Rating on INR20cr Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Plazma Granito Private Limited (PGPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming the short term rating at
'CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL A4 (Reaffirmed)
Cash Credit 7 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Term Loan 20 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The upgrade reflects improvement in company's business risk profile
on the back of steady growth in revenues and operating margins.
Company's revenues increased to INR38.91 Crore in fiscal 2020 from
INR26.03 Crore in fiscal 2019 along with operating margins
increasing to 20.08% in fiscal 2020 compared to 16.54% in fiscal
2019. The same was on the back of addition of new customers and
sales in export market. Improved operating performance is expected
to sustain over the medium term. Further, company's financial risk
profile has also improved. Networth stood at INR7.91 Crore as on
March 31, 2020 compared to INR6.89 Crore as on March 31, 2019. The
same is on the back of steady accretion to reserves and nil
dividend payout. Company's interest coverage ratio increased to
2.48 times in fiscal 2020 from 1.34 times in fiscal 2019. Improved
business and financial risk profile is expected to sustain over the
medium term.
The ratings continue to reflect the company's large working capital
requirement and exposure to intense competition. This weakness is
partially offset by the promoter's extensive industry experience
and improved profitability.
Analytical Approach
Unsecured loans amounting to INR5.74 Crore as on March 31, 2020
have been treated as neither debt nor equity due to track record of
non-withdrawal of the same.
Key Rating Drivers & Detailed Description
Weakness:
* Large working capital requirement: Working capital requirement is
large as indicated by estimated gross current assets which stood at
231 days as on March 31, 2020 driven by high receivables of 118
days and inventory of 107 days.
* Exposure to intense competitive pressure: The ceramic tiles
industry is highly fragmented, with the unorganised segment
accounting majority of the overall market share. Furthermore, PGPL
has to compete with reputed brands such as Kajaria, Nitco, Somani,
and Asian Granito, along with cheap imports from China.
Strengths:
* Extensive experience of the promoters: Benefits from
three-decade-long experience of the promoters, their strong
understanding of local market dynamics, and healthy relations with
customers and suppliers should continue to support the business.
* Improvement in profitability: Operating profit before interest,
depreciation, and tax increased to INR7.81 crore in fiscal 2020
(provisional) from INR4.30 crore in fiscal 2019, backed by an
increase in exports share and sale of premium products.
Liquidity Poor
PGPL has poor liquidity driven by highly utilised bank lines. PGPL
has access to fund based limits of INR7 Crore, utilized to the tune
of 97% on average for 12 months ended March 2020. Company is
expected to generate cash accruals in the range of INR4.00-4.50
crore per annum in fiscal 2021 and 2022 against repayment
obligation of INR3.36 Crore each for the same period. Current ratio
stood at 4.12 times as on March 31, 2020 along with unencumbered
cash and bank balance estimated at INR1.63 Crore as on March 31,
2020. The company does not have any significant debt funded capex
plans over the medium term.
Outlook: Stable
CRISIL believes PGPL will continue to benefit over the medium term
from the extensive experience of its promoters.
Rating Sensitivity factors
Upward Factor
* Improvement in revenues by 20% along with operating margins
sustaining at current levels
* Sustenance of financial risk profile at current levels
Downward Factor
* Decline in revenues by 20% or significant decline in operating
margins
* Larger than expected capital withdrawals or large debt funded
capex.
Incorporated in 2014, PGPL is based in Morbi, Gujarat. The company
manufactures vitrified tiles. Commercial operations began in March,
2017.
PLK MANUFACTURING: CRISIL Reaffirms B+ Rating on INR7.5cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of PLK Manufacturing Unit (PLK).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the firm's weak financial risk
profile, and its modest scale amid intense competition and
susceptibility of operating margins to volatile gold prices. These
rating weaknesses are partially offset by the extensive experience
of the promoters in the gold jewellery industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: Revenue of INR45.03 crore estimated
in fiscal 2020, reflects the modest scale, restricting scalability,
and bargaining power against customers and suppliers, given the
intense competition in the industry with large number of players.
Moreover, with the ongoing pandemic, the demand for the gold
jewellery is estimated to remain sluggish, thus impacting the
business risk profile of small as well as large players in the gold
industry.
* Below-average financial risk profile: Capital structure is weak
marked with estimated low networth of INR3-3.10 crore as on March
31, 2020, gearing and total outside liabilities to adjusted
networth (TOLANW) ratio was estimated at 2.25 times and 2.26 times,
respectively as on March 31, 2020. Debt protection metrics were
subdued, with interest coverage and net cash accrual to adjusted
total debt (NCATD) ratios estimated at 1.5-1.6 times and 0.04-0.5
time, respectively, in fiscal 2020. With low operating margins and
low accretion to reserves, the financial risk profile is expected
to remain at similar level over the medium term.
* Susceptibility of operating margins to volatile gold prices: The
firm is exposed to risks related to volatility in gold prices. The
firm has maintained huge stock of gold jewellery historically and
thus operating profitability has been fluctuating over the last
three fiscals through fiscal 2020 in the range of 4.7 per cent in
fiscal 2018 to ~3.1 per cent in fiscal 2020.
Strength:
* Extensive experience of the promoters: The four-decade-long
experience of the partners in the gold jewellery business, and
their strong relationships with various customers, have helped the
firm establish its market position in Kerala. This has resulted in
year-on-year growth in revenue from INR18.66 crore in fiscal 2017
to ~INR45.03 crore in fiscal 2020.
Liquidity Poor
Liquidity is marked by low cash accrual of INR0.1-0.3 crore
expected in fiscal 2021 and fiscal 2022, though against no maturing
debt. Bank limit of INR7 crore has been fully utilised for the 12
months ended March 31, 2020. Cash and bank balance stood at INR0.01
crore as on March 31, 2019.Improvement in cash accruals and timely
enhancement of bank lines to fund the working capital requirement
over the near term, shall remain key monitorable.
Outlook: Stable
CRISIL believes PLK will continue to benefit from the extensive
experience of its promoters in the gold jewellery industry.
Rating Sensitivity factors
Upward factors
* Steady growth in revenue, and higher operating margin, leading to
net cash accrual of over INR1 crore
* Improvement in debt protection metrics and capital structure,
backed by lower debt levels
Downward factors
* Stagnant business performance, due to weak demand, or reduction
in operating margin, or large capital withdrawals by the partners
leading to lower cash accrual
* Weakening of financial risk profile, with TOLANW exceeding 4
times
Set up in 2015, Kerala-based PLK manufactures gold ornaments. The
firm was set up by Mr. Jomy Varghese and Mr. Jimmy Varghese as a
partnership firm.
PODDAR CONSTRUCTION: CRISIL Moves B INR5cr Debt Rating to Not Coop.
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Poddar
Construction (PC) to 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Fund- 5 CRISIL B/Stable (ISSUER NOT
Based Bank Limits COOPERATING; Rating Migrated)
CRISIL has been consistently following up with PC for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 PC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PC to 'CRISIL B/Stable Issuer not cooperating'.
A Kolkata-based firm, PC was established in 2000. The firm is a
real estate developer that primarily works on residential projects
in and around Kolkata. Managed by Mr. Aniket Poddar, it is focused
on executing LIG/MIG projects because of its low capital outlay and
better saleability. Since its inception, the group has completed 24
projects with construction area of about 2 lakh sqft.
RELIANCE COMM: NCLT Reserves Order vs. Anil Ambani in SBI Plea
--------------------------------------------------------------
The Economics Times reports that the insolvency court has reserved
its order on the plea filed by the State Bank of India against Anil
Ambani to recover over INR1,200 crore.
ET relates that the public sector lender had approached the
Mumbai-bench of the National Company Law Tribunal (NCLT) under
Section 97(3) of the Insolvency and Bankruptcy Code (IBC), seeking
its intervention to direct the insolvency board to nominate a
resolution professional (RP) to assess and submit a report on the
assets owned by Mr. Ambani.
On June 30, a division bench of a judicial member Mohammed Ajmal
and a technical member Ravikumar Duraisamy had reserved its order
after hearing both the sides.
Senior counsel Venkatesh Dhond along with Ryan Dsouza is
representing SBI, while Anil Ambani is represented by senior
advocate Harish Salve, ET notes.
According to ET, the public sector lender had moved the insolvency
court to recover more than INR1,200 crore under the personal
guarantee clause of the bankruptcy law. The lender had said Mr.
Ambani had personally guaranteed loans taken by Reliance
Communications, currently undergoing insolvency proceedings, which
the state-owned lender is trying to recover.
"As regards the proceedings filed by SBI, this also does not relate
to any personal borrowing but arose out of a guarantee given for a
loan which was availed by Reliance Communications and Reliance
Infratel, way back in 2016 to repay the debts of Chinese and
certain other Indian Banks," said Anil Ambani on June 23, during
the AGM of one of the Reliance ADA Group Companies, ET relays.
"Upon the resolution of RCOM and RITL's debt as per their
Resolution Plans filed before NCLT, a significant proportion, if
not the whole, of the said debts will stand discharged and all
these matters satisfactorily resolved," he further added.
Recently, in March, the SBI board had approved a resolution plan
for Reliance Communications in March that envisaged lenders
recovering around INR23,000 crore of their money, entailing a
haircut of nearly 50%. RCom owes nearly INR5,000 crore to SBI.
RCom filed for bankruptcy last year after which its secured debt
was estimated at around INR33,000 crore while lenders submitted
claims of around INR49,000 crore in August 2019.
About Reliance Communications
Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.
As reported in the Troubled Company Reporter-Asia Pacific on May
10, 2019, The Economic Times said the National Company Law Tribunal
on May 9 allowed Reliance Communications (RCom) to exclude the 357
days spent in litigation and admitted it for insolvency. With
this, RCom, which owes over INR50,000 crore to banks, has become
the first Anil Ambani group company to be officially declared
bankrupt after the NCLT on May 9 superseded its board and appointed
a new resolution professional to run it and also allowed the
SBI-led consortium of 31 banks to form a committee of creditors.
SHIRDI SAI: CRISIL Moves D Ratings from Not Cooperating Category
----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with the Securities
and Exchange Board of India guidelines, had migrated its ratings on
the bank facilities of Shirdi Sai Electricals Ltd (SSEL) to 'CRISIL
D/CRISIL D Issuer Not Cooperating'. However, the management has
subsequently started sharing the requisite information necessary
for carrying out a comprehensive review of the ratings.
Consequently, CRISIL is migrating its ratings to 'CRISIL D/CRISIL
D' from 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 512 CRISIL D (Migrated from
'CRISIL D ISSUER NOT
COOPERATING')
Cash Credit 78 CRISIL D (Migrated from
'CRISIL D ISSUER NOT
COOPERATING')
Cash Credit/ 30 CRISIL D (Migrated from
Overdraft facility 'CRISIL D ISSUER NOT
COOPERATING')
Letter of Credit 147 CRISIL D (Migrated from
'CRISIL D ISSUER NOT
COOPERATING')
Proposed Long Term 28 CRISIL D (Migrated from
Bank Loan Facility 'CRISIL D ISSUER NOT
COOPERATING')
The ratings factor in the company's poor liquidity driven by
working capital-intense operations, and exposure to geographical
concentration in revenue. However, the company benefits from its
established market position in the transformer manufacturing and
engineering, procurement, and construction (EPC) contracts
business, and healthy order book.
Key Rating Drivers & Detailed Description
Weaknesses
* Working capital intensive operations: Operations are likely to
remain working capital intensive over the medium term because of
tender-based business, resulting in significant funding requirement
towards security deposits and margin money for bank guarantees and
letters of credit. Gross current assets were estimated to be high
at 186 days primarily because of stretched receivables and sizeable
inventory of 125 days and 62 days, respectively, as on March 31,
2020. Moreover, about 75% of the receivables (including withheld
and retention money) is outstanding for over 6 months as of May
2020.
* Geographical concentration in revenue: Revenue is mainly derived
from Bihar and Andhra Pradesh; about 80-90% of the current orders
are from these states. Any delay in project execution or disputes,
or other events in these regions can affect cash flows from
customers.
Strength
* Established market position: The company has been undertaking
EPC contracts since 1999, resulting in an established market
position in this business backed by strong execution capability,
healthy relationships with customers, and robust order book (Rs
1,564 crore as on April 1, 2020). It also benefits from the
technological tie-up with Metglas Inc for manufacturing amorphous
core-based transformers.
Liquidity Poor
Liquidity is expected to remain poor over the medium term because
of working capital-intensive operations mainly due to stretched
receivables. Bank limits were extensively utilized due to large
working capital requirements. There is no irregularity in the
working capital facilities for more than 120 days as on date;
however timely realisation of receivables from discoms will remain
critical for sustaining the improved liquidity profile and the
current rating factors in potential default in case of delay in
realization of receivables from discoms.
Rating Sensitivity Factors
Upward factors
* Timely debt servicing for more than 3 months with sustained
improvement in liquidity profile
* Any large equity infusion improving liquidity.
SSEL was set up in 1994 as a partnership firm by Mr. N Visweswara
Reddy and his family members. It was reconstituted as a private
limited company and then as a closely held public limited company
in 2010.
SSEL designs and manufactures distribution transformers and
executes EPC contracts, primarily distribution system improvement
projects. The company has a technology licence from Metglas Inc (a
wholly owned subsidiary of Hitachi Metals America Ltd, the world's
leading producer of amorphous metal ribbon) for technology transfer
and supply of material to manufacture amorphous metal-based core
distribution transformers.
SSEL focuses on projects funded by Central government and
international agencies. Its manufacturing plant is in Kadapa,
Andhra Pradesh.
SILVER PROTEINS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Silver Proteins Private Limited
Registered office:
C/o Kiran Oil Mill
Bedi Road, Develiya Chali
Jamnagar, Gujarat 361008
Principal office:
Opp. Wind Mill Godown
Bedi Bander Road
Bedeshwar Road
Jamnagar 361002
Insolvency Commencement Date: July 2, 2020
Court: National Company Law Tribunal, Ahmedabad (Gujarat) Bench
Estimated date of closure of
insolvency resolution process: December 29, 2020
(180 days from commencement)
Insolvency professional: Mr. Shalabh Kumar Daga
Interim Resolution
Professional: Mr. Shalabh Kumar Daga
Insolvency Professional
405, Atlantis Enclave
Above Dinner Bell Restaurant
Subhash Chowk, Gurukul Memnagar
Ahmedabad 380052
Gujarat, India
E-mail: jlnus.ahd@gmail.com
silver.cirp@gmail.com
Last date for
submission of claims: July 16, 2020
SOMISETTY RICE: CRISIL Assigns B Rating to INR4.95cr Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Somisetty Rice Industries (SRI).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.95 CRISIL B/Stable (Assigned)
Proposed Long Term
Bank Loan Facility 4.05 CRISIL B/Stable (Assigned)
The rating reflects SRI's modest scale of operations and
vulnerability to volatility in raw material prices and changes in
government regulations. These weaknesses are partially offset by
extensive industry experience of the partners.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: SRI's modest scale, indicated by
expected operating income of INR22.23 crore for fiscal 2020.
Furthermore, the rice processing industry is highly fragmented and
competitive, with large number of small and medium players.
* Vulnerability to volatility in raw material prices and changes in
government regulations: Vulnerability of the paddy to the vagaries
of the rainfall can lead to fluctuations in availability and prices
of paddy, and thus could impact the business risk profile.
Moreover, it will continue to remain exposed to government
regulations in terms of prices of agro commodities, export/ import
restrictions etc.
Strength:
* Extensive industry experience of the partners: The partners have
an experience of over 20 years in Rice processing industry. This
has given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.
Liquidity Stretched
Bank limit utilization is high at around 95.35 percent for the past
twelve months ended Apr-2020. Cash accruals are expected to be over
INR0.30 crore against no repayment obligations.
Outlook: Stable
CRISIL believe SRI will continue to benefit from the extensive
experience of its partners, and established relationships with
clients.
Rating Sensitivity Factor
Upward factor
* Scale of operations above INR30 Cr while operating profitability
is sustained above 3.5 %
* Improvement in financial risk profile
Downward factor
* Decline in interest cover below 1.5 times
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.
SRI was established on 2010 as a partnership firm by Somisetty
Dilip Kumar and Somisetty Venkata Narasimhulu and his family in
Nellore, Andhra Pradesh. Firm is engaged into processing of rice.
SONA ALLOYS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sona Alloys Private Limited
4th Floor, Medi Max House
Opp. Karnavati Hospital
Ellisbridge
Ahmedabad 380006
Gujarat
Insolvency Commencement Date: June 25, 2020
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: December 22, 2020
Insolvency professional: Jagdishchandra Babulal Mistri
Interim Resolution
Professional: Jagdishchandra Babulal Mistri
Bungalow No. 2
New Uday Park Society, Part II
Opp. Chandrapuri Apartment
B/h Sarkari Vasahat
Vastraspur Ahemdabad 380052
Gujarat
E-mail: jbmistri@yahoo.com
cirp.sona@gmail.com
Last date for
submission of claims: July 9, 2020
SUPREME MANOR: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Supreme Manor
Wada Bhiwandi Infrastructure Pvt Ltd (SMWBIPL) to 'CRISIL D/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 377 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SMWBIPL through
letters and emails (from April 15 to June 11, 2020) for getting
information. However, the issuer has continued to be
non-cooperative. This has led to CRISIL undertaking rating
surveillance with the best available information.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component'.
Detailed Rationale
Despite repeated attempts to engage with the company's management,
CRISIL has not received any information on either the financial
performance or strategic intent of SMWBIPL. This restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL believes the information available for SMWBIPL is
consistent with 'Scenario 1' outlined in the 'Assessing information
adequacy risk' criteria.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated its rating on the
long-term bank facility and non convertible debenture of SMWBIPL to
'CRISIL D Issuer Not Cooperating'. The rating remains in the
'CRISIL D' category given the continued delay by the company in
debt servicing and its bank account being a non-performing asset.
SMWBIPL was incorporated as a special-purpose vehicle for
four-laning of the 54.32 km Manor-Wada section of State Highway
(SH)-34 and the 40.07 km Wada-Bhiwandi section of SH-35 in Thane,
Maharashtra, on a build, operate and transfer (toll) basis. The
scope of work includes widening of the existing 94.39 km two-lane
stretch and its improvement, operation and maintenance.
SUTARIYA GEMS: CRISIL Reaffirms B+ Rating on INR10cr Cash Debt
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Sutariya Gems Private Limited (SGPL) at 'CRISIL B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (Reaffirmed)
Long Term Loan 10.1 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 5.9 CRISIL B+/Stable (Reaffirmed)
The rating reflects SGPL's average financial risk profile, large
working capital requirements along with susceptibility to volatile
diamond prices amidst intense competition leading to moderate
operating profit margins. These weaknesses are partially offset by
established presence in the diamond industry backed by the
promoters' extensive experience
CRISIL has also taken into cognizance, moratorium being granted by
the bankers on the term loan repayments and interest on cash credit
facilities till August 31, 2020, as permitted by the Reserve Bank
of India (RBI), which should significantly contain the risk of
default. CRISIL believes although elongated, the company would see
a steady inflow of receivables from its customers, over the medium
term and would also be able to partially revive its export
operations over the next two-three months.
Analytical Approach
Unsecured loans
The company has unsecured loans of INR11.29 crore as of March 31,
2019, brought in by the promoters. The interest rate charged on
this USL is 9% p.a. This USL are subordinated to the bank
facilities. CRISIL has treated the USL as Neither Debt nor Equity.
Preference Share Capital
2% Preference shares of INR1.25 crores were introduced by the
promoters in 2009 at a premium of INR11.25 crores. The preference
shares are treated as debt.
Key Rating Drivers & Detailed Description
Weaknesses:
* Comfortable financial risk profile: Networth has been moderate
at INR14.35 crore as on March 31, 2019, with high total outside
liabilities to adjusted net worth ratio of 6.40 times. Also,
interest coverage and net cash accrual to adjusted debt ratios were
at 1.42 times and 0.03 time, respectively, in fiscal 2019.
Financial risk profile should remain average over the medium term.
* Large working capital requirements: Operations have been working
capital intensive, with gross current assets, inventory, and
receivables at 288 days, 113 days, and 178 days, respectively, as
on March 31, 2019. Working capital intensity is expected to
increase over the medium term.
* Susceptibility to volatile diamond prices amidst intense
competition and sluggish global demand resulting in moderate
operating profit margins: The diamond industry is highly fragmented
because of low entry barriers on account of relatively low capital
and technology requirements, attracting numerous un-organised
players across the country. SGPL is also exposed to risks related
to volatility in diamond prices. The company maintains inventory of
rough and polished diamonds of which rough diamonds are usually
procured from the international market. This makes the company
vulnerable to fluctuation in diamond prices and with relatively
limited value addition operating profitability has been moderate at
around 4% to 4.5% over the last three fiscals through 2019.
Strengths:
* Established market presence backed by experience of promoters:
Supported by extensive experience of the promoters, SGPL has
established its position in domestic and international cut and
polished diamond markets for around three decades. The promoters
have maintained longstanding relations with customers while
successfully navigating through several business cycles over the
years.
Liquidity Stretched
SGPL's liquidity position is getting stretched amidst sluggish
demand across key global markets which has resulted in inventory
glut and elongation in receivables. Accordingly, the bank limits
were almost fully utilized. The company has long term repayment
obligation of around INR1.15 crore per annum. The liquidity is
partially supported by, moratorium granted by the bankers on the
term loan repayments and interest on cash credit facilities till
August 31, 2020, as permitted by the Reserve Bank of India (RBI)
along with funding support in the form unsecured loans extended by
the promoters to the tune of INR11.29 crore as on March 31, 2019.
This funding support is expected to continue over the medium term.
Outlook: Stable
CRISIL believes that SGPL will maintain its established position in
the diamond industry over the medium term, supported by its
promoters' extensive industry experience and its established
relations with its customers.
Rating Sensitivity factors
Upward Factors:
* Improvement in financial risk profile with TOLANW below 2 times
* Significant improvement in net cash accruals through improved
scale of operations or improvement in profitability along with
geographical diversification
Downward Factors:
* Decline in operating profitability or stretch in working capital
cycle with GCA stretching beyond 320 days
* Large dividend payouts resulting in cash accruals and net worth
being lower than CRISIL's expectations
* Significant deterioration in debt protection metrics or capital
structure
SGPL was set up in 1986 as a partnership firm- Sutaria Brothers,
and was reconstituted as a private limited company in 2009. SGPL is
engaged in cutting and polishing of diamonds. The company is
headquartered in Mumbai (Maharashtra) and its processing facilities
are located in Surat (Gujarat).
V2 RETAIL LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: V2 Retail Limited
Registered and Principal address:
Khasra No. 928
Extended Lal Dobra
Abadi Village Kapashera
Tehsil VasantVihar
New Delhi, South West
Delhi 110037
Insolvency Commencement Date: June 25, 2020
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: December 22, 2020
Insolvency professional: Amit Gupta
Interim Resolution
Professional: Amit Gupta
B-12, Basement
MurliBhawan, 10-A
Ashok Marg
Lucknow 226001
U.P.
E-mail: amitguptacs@gmail.com
- and -
C-17, Vinay Nagar
Krishna Nagar
Lucknow 226023
Uttar Pradesh
India
E-mail: cirp.v2retail@gmail.com
Tel: 7905798954
Last date for
submission of claims: July 13, 2020
VASAN HEALTHCARE: Claims Delay Insolvency Process
-------------------------------------------------
The Hindu reports that the insolvency process of Vasan Healthcare
Pvt. Ltd. has been hit by a slew of parties making claims and delay
in deciding the voting pattern of committee of lenders, according
to sources.
In 2017, the National Company Law Tribunal (NCLT), Chennai, had
ordered commencement of insolvency proceedings against Vasan
Healthcare, in a petition filed by Alcon Laboratories (India) Pvt.
Ltd., one of its suppliers, the Hindu recalls. Later the
proceedings were stayed by a single judge of Madras High Court.
Nearly two years later, in October 2019, the Division Bench had
vacated the stay and the case was back at NCLT.
The Hindu relates that the insolvency proceedings would be long
drawn proceeds with extension of time frame likely to be sought,
according to sources.
The NCLT has given an order that any decision taken by the
committee of lenders would depend on the voting rights which has to
be determined, the report says.
Meanwhile, 10 unsecured creditors who have lent money to the Vasan
Healthcare, on June 30 moved an application in NCLT, seeking that
all their claims be included and they be treated as financial
creditors.
So far, financial creditors including Andhra Bank, Edelweiss Asset
Reconstruction, Kotak Mahindra Bank, HDFC Bank among others have a
claim totalling INR1,268 crore against the company, the report
discloses.
Vasan Health Care Private Limited provides health care services.
The Company serves patients in India.
VIPIN BROTHERS: CRISIL Migrates B INR10cr Debt Rating to Not Coop.
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vipin Brothers
(VB) to 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Warehouse Receipts 10 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with VB for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 VB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VB is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VB to 'CRISIL B/Stable Issuer not cooperating'.
CRISIL has combined the business and financial risk profiles of VB
with group concerns ' Vipin Kumar Nitin Kumar and Om & Company.
This is because these entities, collectively referred to as the
Vipin group, are in the same line of business and have financial
linkages.
The Vipin group, established in Ganganagar, Rajasthan, trades in
agro-commodities. Mrs Kamini Devi, her husband Mr. Shamlal and
their son Mr. Vipin Kumar are the promoters.
VIPIN KUMAR: CRISIL Migrates B INR10cr Debt Rating to Not Coop.
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vipin Kumar
Nitin Kumar (VKNK) to 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Warehouse Receipts 10 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up VKNK for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 VKNK, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VKNK is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VKNK to 'CRISIL B/Stable Issuer not cooperating'.
CRISIL has combined the business and financial risk profiles of
VKNK with group concerns ' Vipin Brothers and Om & Company. This is
because these entities, collectively referred to as the Vipin
group, are in the same line of business and have financial
linkages.
The Vipin group, established in Ganganagar, Rajasthan, trades in
agro-commodities. Mrs Kamini Devi, her husband Mr. Shamlal and
their son Mr. Vipin Kumar are the promoters.
YOUVAAKSHI REFINERIES: CRISIL Moves B Debt Rating to Not Coop.
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvaakshi
Refineries India Private Limited (YRIPL) to 'CRISIL B/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 60 CRISIL B/Stable (ISSUER NOT
Credit Limit COOPERATING; Rating Migrated)
CRISIL has been consistently following up with YRIPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 YRIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YRIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of YRIPL to 'CRISIL B/Stable Issuer not cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of YRIPL with Kadapa Oils Complex India Pvt
Ltd (KOCIPL) and SGK Flours and Oils Pvt Ltd (SGK). This is because
the three entities, collectively referred to as the Youvaakshi
refineries group, are expected to be in the same line of business
with significant business linkages, have a common management, and
fungible cash flows.
Incorporated in 2015, YRIPL is planning to acquire an edible oil
refinery of 200 tpd capacity based out of Kadapa, Andhra Pradesh.
Currently it is into trading of edible oil.
KOCIPL, incorporated in 2017, is engaged in trading of crude edible
oils such as palm oil, sunflower, rice bran, soya and groundnut.
SGK, incorporated in 2017, is engaged in trading of refined edible
oils such as palm oil, sunflower, rice bran, soya and groundnut.
YOUVAKKSHI MARKETING: CRISIL Moves B Debt Rating to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakkshi
Marketing India Private Limited (YMIPL) to 'CRISIL B/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 15 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with YMIPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 YMIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YMIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of YMIPL to 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in 2015, YMIPL is into production of mineral water in
the name of 'Youvakshi' and trading of food products like rice,
spices, red chillies, spices, onion, ginger etc. It is promoted by
Mr. Gummadi Venkateswerllu.
YOUVAKSHHII DIGITAL: CRISIL Moves B INR30cr Debt Rating to Not Coop
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakshhii
Digital India Private Limited (YDIPL) to 'CRISIL B/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 30 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with YDIPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 YDIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YDIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of YDIPL to 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in 2015, YDIPL is into online trading of electronic
goods. It is promoted by Mr. Gummadi Venkateswerllu.
YOUVAKSHI EXPORTS: CRISIL Moves B INR15cr Debt Rating to Not Coop.
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakshi
Exports And Iimports India Private Limited (YEIPL) to 'CRISIL
B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 15 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with YEIPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 YEIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YEIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of YEIPL to 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in 2015, YEIPL is into trading of edible oil. It
imports palm oil and trades in domestic market. It is promoted by
Mr. Gummadi Venkateswerllu.
YOUVAKSHI GODOWNS: CRISIL Moves B INR30cr Debt Rating to Not Coop.
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakshi
Godowns India Private Limited (YGIPL) to 'CRISIL B/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 30 CRISIL B/Stable (ISSUER NOT
Credit Limit COOPERATING; Rating Migrated)
CRISIL has been consistently following up with YGIPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 YGIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YGIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of YGIPL to 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in January 2019, YGIPL is expected to be engaged
distribution of food products and providing warehousing facility to
regional farmers/traders in Telangana and Andhra Pradesh. It is
promoted by Mr. Gummadi Venkateswerllu. Operations are expected to
commence in FY20.
YOUVAKSHI INFRA: CRISIL Migrates B INR25cr Debt Rating to Not Coop.
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakshi
Infra Projects Private Limited (YIPPL) to 'CRISIL B/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 25 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with YIPPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 YIPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YIPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of YIPPL to 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in 2017, YIPPL is into trading of infra related
products like steel, cement, aluminum etc. It is promoted by Mr.
Gummadi Venkateswerllu. Operations are expected to commence in
FY20.
YOUVAKSHI NEWS: CRISIL Migrates B Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakshi News
Broadcasting India Private Limited (YNBPL) to 'CRISIL B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 15 CRISIL B/Stable (ISSUER NOT
Credit Limit COOPERATING; Rating Migrated)
Proposed Long Term 15 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with YNBPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 YNBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YNBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of YNBPL to 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in January 2019, YNBPL is expected to be engaged in
news broadcasting under the name 'Youvakshi TV'. It is promoted by
Mr. Gummadi Venkateswerllu. Operations are expected to commence in
FY20.
YOUVAKSHI SHOPPING: CRISIL Moves B INR30cr Debt Rating to Not Coop.
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakshi
Shopping Malls India Private Limited (YSMPL) to 'CRISIL B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 30 CRISIL B/Stable (ISSUER NOT
Credit Limit COOPERATING; Rating Migrated)
CRISIL has been consistently following up with YSMPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 YSMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YSMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of YSMPL to 'CRISIL B/Stable Issuer not cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of YSMPL with Dhana Sree Collections
Private Limited (DSCPL). This is because the two entities,
collectively referred to as the Youvakshi Shopping group, are
expected to be in the same line of business with significant
business linkages, have a common management, and fungible cash
flows.
Incorporated in 2017, YSMPL is planning to acquire a shopping
complex based out of Hyderabad, Telangana. Currently it is into
trading of ladies garments. Post the acquisition it is expected to
venture in retailing of gold ornaments along with ladies premium
sarees.
DSCPL, incorporated in 2018, is expected to engage in retailing of
ladies and kids wear. Operations have not commenced yet.
YOUVAKSHI VEGETABLE: CRISIL Moves B INR15cr Debt Rating in Not Coop
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakshi
Vegetable Basket Private Limited (YVBPL) to 'CRISIL B/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 15 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with YVBPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 YVBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YVBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of YVBPL to 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in 2017, YVBPL is into online trading of vegetables
and other food products. It is promoted by Mr. Gummadi
Venkateswerllu.
YOUVAKSHI-A-MINES: CRISIL Moves B INR90cr Debt Rating to Not Coop.
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of
Youvakshi-A-Mines India Private Limited (YAMPL) to 'CRISIL B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 90 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with YAMPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 YAMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YAMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of YAMPL to 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in 2015, YAMPL is into trading of granites. It is also
setting up a unit for cutting and processing of granite. It is
promoted by Mr. Gummadi Venkateswerllu.
===============
M O N G O L I A
===============
TRADE AND DEVELOPMENT: Fitch Affirms LT Issuer Ratings at B3
------------------------------------------------------------
Moody's Investors Service has affirmed Trade and Development Bank
of Mongolia LLC's B3 long-term local and foreign currency issuer
ratings.
At the same time, Moody's has affirmed all other ratings and
assessments of the bank.
The outlook remains negative.
Its rating action follows the merger of TDBM and Ulaanbaatar City
Bank effective as of 29 June 2020.
RATINGS RATIONALE
The affirmation of TDBM's b3 BCA reflects Moody's assessment that
the credit profile of the merged entity will be broadly similar to
that of TDBM prior to the merger. The b3 BCA also reflects TDBM's
strong franchise as the second largest bank in Mongolia, allowing
the bank to maintain stable funding and liquidity despite its very
high level of problem loans and modest capitalization.
The merger closed, with a share swap ratio of close to one to one,
adjusting for the difference in the number of shares between the
two banks, and UBCB was consolidated into TDBM. Both banks are
majority owned by the same shareholder, Erdenebileg Doljin.
The merger will result in a more diversified loan portfolio and a
reduced concentration in corporate exposures. Additionally, the
merger may provide opportunities to strengthen TDBM's deposit
franchise, save costs and enhance profitability.
The negative outlook reflects Moody's expectation for a significant
economic slowdown in Mongolia, as expressed by the negative outlook
on Mongolia's issuer rating, and the resulting deterioration in the
operating environment of Mongolian banks, which may weaken the
credit metrics of TDBM.
The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, volatile oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. TDBM's asset
quality could deteriorate depending on the severity and duration of
the economic disruptions caused by the coronavirus outbreak,
particularly given TDBM's high exposures to cyclical sectors such
as mining and construction.
Moody's has not incorporated affiliate support for TDBM, and
therefore the adjusted BCA is in line with the bank's BCAs of b3.
No government support uplift is incorporated in TDBM's long-term
ratings because the bank's BCA is at the same level as the
Mongolian government's issuer rating of B3. Nonetheless, Moody's
assumes a high level of government support for the merged entity
given its importance to the Mongolian banking system as the second
largest bank with a combined market share of around 23% as of the
end of 2019.
TDBM's long-term Counterparty Risk Assessment of B2(cr) and
long-term Counterparty Risk Ratingsof B2 take into consideration
the b3 Adjusted BCA and Moody's Basic LGF analysis, which positions
the Preliminary Rating Assessment of the CR Assessment and CRRs one
notch above the bank's Adjusted BCA, prior to the incorporation of
government support.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
WHAT COULD CHANGE THE RATING UP
Given the negative outlook, an upgrade of TDBM's ratings is
unlikely in the near future. The outlook on the long-term deposit
ratings could return to stable if the outlook on the sovereign
rating returns to stable, the risks in the banks' operating
environment remain broadly stable and TDBM maintains stable credit
metrics.
WHAT COULD CHANGE THE RATING DOWN
Moody's could downgrade TDBM's ratings if its BCA is downgraded or
if the sovereign rating is downgraded. The bank's BCA could be
downgraded if its problem loans rise significantly without a
strengthening in its capitalization. A material deterioration of
the bank's funding and/or liquidity could also result in a
downgrade of the bank's BCA.
The principal methodology used in these ratings was Banks
Methodology published in November 2019.
Trade and Development Bank of Mongolia LLC is headquartered in
Ulaanbaatar. The bank reported the total asset of MNT7.8 trillion
(USD2.8 billion) as of December 31, 2019.
Issuer: Trade and Development Bank of Mongolia LLC
- Baseline Credit Assessment of b3 affirmed
- Adjusted BCA of b3 affirmed
- Long-term Counterparty Risk Assessment of B2(cr) affirmed
- Short-term Counterparty Risk Assessment of NP (cr) affirmed
- Local currency and foreign currency long-term Counterparty Risk
Ratings of B2 affirmed
- Local currency and foreign currency short-term Counterparty
Risk Ratings of NP affirmed
- Local currency long-term deposit rating of B3 affirmed, outlook
maintained at negative
- Foreign currency long-term deposit rating of Caa1 affirmed,
outlook maintained at negative
- Local currency and foreign currency short-term deposit ratings
of NP affirmed
Local currency and foreign currency long-term issuer ratings of
B3 affirmed, outlook maintained at negative
- Local currency and foreign currency short-term issuer ratings
of NP affirmed
- Foreign currency senior unsecured MTN rating of (P)B3 affirmed
- Outlook maintained at negative
=================
S I N G A P O R E
=================
HOE LEONG: Liew's Reappointment is in Co.'s, Shareholder's Interest
-------------------------------------------------------------------
The Business Times reports that the board of Hoe Leong Corporation
on July 4 clarified that the re-appointment of Liew Yoke Pheng,
Joseph as executive director on June 26 was "in the interest of the
company and shareholders", given that the company is currently
undergoing a restructuring process.
Mr. Liew was nominated by the company's financial creditors to be
appointed as chief executive office in October 2019 and board
chairman in November 2019 for the purpose of managing the financial
and corporate restructuring of the group, BT says.
On June 26, he was re-appointed as an executive director--just two
days after his re-election was voted down at the company's annual
general meeting, according to BT. This was after taking into
account the submission of two proxy forms supporting his
re-election from two substantial shareholders--United Overseas Bank
(UOB) and DBS--which had arrived past the submission deadline on
June 23.
UOB and DBS became the biggest shareholders in the heavy equipment
trader--with a direct interest of 28.66 per cent and 16.32 per cent
respectively--following a debt-for-equity swap as part of the
restructuring, the report says.
On July 4, the board said: "As this restructuring exercise is still
ongoing, the board believes that the continued support of the
company's financial creditors is dependent on Mr. Liew continuing
in his role as chairman and CEO of the company. Accordingly, the
board is of the view that the re-appointment of Mr. Liew as
(executive director) on 26 June 2020 is in the interest of the
company and shareholders."
The Business Times understands that the financial creditors wield
some say in the decision, given their power to foreclose the
company if they do not have confidence in the company's management
team.
BT also understands that the company will hold an extraordinary
general meeting where shareholders can ratify Mr. Liew's
re-appointment.
Hoe Leong Corporation Ltd. -- https://www.hoeleong.com/ -- provides
vessel-chartering services for the oil and gas industry. The
Company also manufactures, trades and distributes spare parts for
heavy equipment and industrial machinery.
=====================
S O U T H K O R E A
=====================
SSANGYONG MOTOR: KDB Rolls Over Carmaker's Debt Amid Pandemic
-------------------------------------------------------------
Yonhap News Agency reports that the main creditor bank of SsangYong
Motor Co. on July 6 rolled over the carmaker's KRW90 billion
(US$7.5 million) worth of debt maturing this month to help it stay
afloat amid the new coronavirus outbreak.
The state-run Korea Development Bank (KDB) extended the deadline
for the payment of KRW70 billion maturing on July 6 and KRW20
billion maturing on July 19 to the end of this year, a KDB
spokesman said over the phone, Yonhap relays.
According to Yonhap, KDB Executive Director Choi Dae-hyon said last
week that it will be hard to extend a fresh loan to SsangYong
Motor, but it won't retrieve existing loans from the carmaker if
foreign financial institutions roll over their debts to the
carmaker.
As of July 3, SsangYong Motor has KRW199 billion worth of
short-term debt that has to be paid back to the KDB and foreign
lenders such as JP Morgan, BNP Paribas and Bank of America within
the next 12 months, Yonhap discloses.
Yonhap notes that SsangYong Motor has struggled with declining
sales due to a lack of new models and Mahindra's recent decision
not to inject fresh capital into the Korean unit.
Yonhap relates that Mahindra said earlier this year it will inject
KRW230 billion into SsangYong for the next three years after
obtaining approval from its board. But its board voted against the
investment plan in April, as the COVID-19 pandemic continues to
affect vehicle sales in global markets.
Instead of the proposed KRW230 billion, Mahindra said it would
consider a "special one-time infusion" of up to KRW40 billion over
the next three months to help SsangYong continue operations.
The one-time cash injection falls far short of the KRW500 billion
Goenka had said is needed to turn SsangYong around by 2022, the
report states.
According to Yonhap, SsangYong continued to report net losses in
the past 13 quarters through the first quarter of this year.
In the first quarter, its net losses deepened to KRW193.54 billion
from KRW26 billion a year earlier. Its sales from January to May
fell 32 percent to 39,206 vehicles from 58,030 a year ago, Yonhap
discloses.
From January to June, the SUV-focused carmaker's sales fell 28
percent to 49,387 vehicles from 68,189 units in the year-ago
period.
Its lineup consists of the flagship G4 Rexton, as well as the
Tivoli, Korando and Rexton Sports.
In 2011, Indian carmaker Mahindra & Mahindra Ltd. acquired a 70
percent stake in SsangYong Motor for KRW523 billion, Yonhap
recalls. Mahindra currently owns a 74.65 percent stake in the
SUV-focused carmaker.
Mahindra is in the process of selling the South Korean unit by
picking a lead manager for a potential exit from the loss-making
affiliate, Yonhap adds citing industry sources.
Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in production of sports utility vehicles (SUVs) and
recreational vehicles (RVs). The company's production is grouped
into four lines: SUVs under brand names REXTON, KYRON and ACTYON;
sports utility trucks (SUTs) under the brand name ACTYON Sports;
passenger cars under brand name Chairman, and multi-purpose
vehicles (MPVs) under the brand name Rodius. It also provides
automobile parts such as coolers, diesel engines and others.
===============
T H A I L A N D
===============
[*] THAILAND: 404 Factories Shutter Amid Coronavirus Pandemic
-------------------------------------------------------------
Bangkok Post reports that up to 16,680 factory workers lost their
jobs in Thailand in the first six months of the year, with 404
factories closing down, as the pandemic continues to hamper the
economy, according to the Department of Industrial Works (DIW).
The country has lost an estimated THB25.4 billion in investment
value from the closures, Bangkok Post discloses.
Most of the businesses that shut down were small and medium-sized
enterprises that could not afford the stresses on the economy
caused by the coronavirus outbreak and lockdown measures, said DIW
director-general Prakob Vivitjinda, the report relays.
"During the same period in 2019, 666 factories closed permanently
in Thailand, so the DIW is actually not very concerned about the
factory closures because they are relatively normal," the report
quotes Mr. Prakob as saying.
According to Bangkok Post, the DIW also reported that 1,702
factories registered their businesses in the country in the first
six months of the year, a 10.2% year-on-year increase, with a total
investment value of THB174.8 billion, a 14.1% year-on-year
decrease.
The department expects to learn more about the effects of the
outbreak on the industrial sector in the third and fourth quarters
of the year.
"What the full impact of the pandemic will be on factories so far
in the first half of the year is difficult to gauge," Mr. Prakob
said.
Bangkok Post says the government is keen to attract investors who
want to relocate their manufacturing base to Asean and Thailand,
believing that the region's ability to efficiently handle the
outbreak is a major selling point for businesses looking to
expand.
Bangkok Post relates that Mr. Prakob said the DIW has proposed to
the Industry Ministry an economic rehabilitation plan of five
projects worth a total of THB148 billion to support domestic
factories.
The department is in talks with domestic financial institutions to
participate in a scheme to securitise machinery leases in
cooperation with the Industry Ministry.
"The government wants to support factories with access to soft
loans at low interest rates," Mr. Prakob, as cited by Bangkok Post,
said.
Factory operators can propose their own ideas for relief measures
to the DIW. The government will register and evaluate machinery as
guaranteed assets to submit to financial institutions, Bangkok Post
adds.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week June 29, 2020 to July 3, 2020
------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.03
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 0.97
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY L 13.25 02/15/18 USD 0.15
PALADIN ENERGY LTD 10.00 02/01/23 USD 52.48
PALADIN ENERGY LTD 10.00 02/01/23 USD 52.48
VIRGIN AUSTRALIA HOLDI 8.00 11/26/24 AUD 14.86
VIRGIN AUSTRALIA HOLDI 8.08 03/05/24 AUD 19.55
VIRGIN AUSTRALIA HOLDI 8.25 05/30/23 AUD 43.61
VIRGIN AUSTRALIA HOLDI 8.13 11/15/24 USD 14.90
VIRGIN AUSTRALIA HOLDI 8.13 11/15/24 USD 14.65
VIRGIN AUSTRALIA HOLDI 7.88 10/15/21 USD 15.77
VIRGIN AUSTRALIA HOLDI 7.88 10/15/21 USD 13.49
CHINA
-----
AKESU DISTRICT GREEN I 4.09 03/11/23 CNY 60.95
AKESU DISTRICT GREEN I 4.09 03/11/23 CNY 60.87
AKESU XINCHENG ASSET I 6.40 04/20/22 CNY 40.52
AKESU XINCHENG ASSET I 6.40 04/20/22 CNY 40.00
ALTAY PREFECTURE STATE 4.85 01/22/23 CNY 60.70
ALTAY PREFECTURE STATE 4.85 01/22/23 CNY 59.98
AN SHUN YU KUN REAL ES 5.48 11/10/21 CNY 66.31
ANHUI FOREIGN ECONOMIC 7.30 12/24/21 CNY 11.91
ANHUI FOREIGN ECONOMIC 7.30 07/13/21 CNY 70.01
ANHUI PINGTIANHU INVES 7.40 10/23/20 CNY 20.19
ANHUI PINGTIANHU INVES 7.40 10/23/20 CNY 19.60
ANHUI PROVINCE TONGLIN 7.30 05/13/21 CNY 47.18
ANHUI PROVINCE TONGLIN 7.30 05/13/21 CNY 40.62
ANJI COUNTY STATE-OWNE 8.30 04/24/21 CNY 24.57
ANJI COUNTY STATE-OWNE 8.30 04/24/21 CNY 20.69
ANQING ECONOMIC&TECHNO 4.09 03/09/23 CNY 60.88
ANQING ECONOMIC&TECHNO 4.09 03/09/23 CNY 59.92
ANQING URBAN CONSTRUCT 6.01 04/27/22 CNY 41.61
ANQING URBAN CONSTRUCT 6.01 04/27/22 CNY 40.00
BAOJI HI-TECH INDUSTRI 8.25 04/21/21 CNY 20.68
BAOJI HI-TECH INDUSTRI 8.25 04/21/21 CNY 20.00
BAOTOU CITY SCIENCE ED 6.48 03/25/22 CNY 45.50
BAOTOU CITY SCIENCE ED 6.48 03/25/22 CNY 41.25
BAOYING CITY CONSTRUCT 4.50 03/24/23 CNY 61.39
BAOYING CITY CONSTRUCT 4.50 03/24/23 CNY 61.36
BAYAN ZHUOER HETAO WAT 8.54 03/31/22 CNY 31.85
BAZHONG STATE-OWNED AS 5.13 12/02/22 CNY 60.89
BAZHONG STATE-OWNED AS 5.13 12/02/22 CNY 60.00
BAZHONG STATE-OWNED AS 8.50 04/25/21 CNY 21.20
BAZHONG STATE-OWNED AS 8.50 04/25/21 CNY 20.77
BEIJING BIOMEDICINE IN 6.35 07/23/20 CNY 20.40
BEIJING BIOMEDICINE IN 6.35 07/23/20 CNY 20.12
BEIJING CAPITAL DEVELO 6.50 02/27/21 CNY 20.83
BEIJING CAPITAL DEVELO 6.50 02/27/21 CNY 20.54
BEIJING CAPITAL DEVELO 7.19 01/15/21 CNY 20.60
BEIJING CAPITAL DEVELO 7.19 01/15/21 CNY 20.00
BEIJING CHANGXIN CONST 6.74 04/22/21 CNY 20.80
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 61.13
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 60.90
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 23.68
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 20.16
BEIJING HAIDIAN STATE- 5.50 08/07/20 CNY 20.15
BEIJING HAIDIAN STATE- 5.50 08/07/20 CNY 20.11
BEIJING JINGMEI GROUP 6.14 09/09/20 CNY 20.28
BEIJING JINGMEI GROUP 6.14 09/09/20 CNY 20.27
BEIJING JINLIYUAN STAT 7.00 10/28/20 CNY 20.42
BEIJING JINLIYUAN STAT 7.00 10/28/20 CNY 20.00
BEIJING SHIJINGSHAN ST 6.08 08/18/21 CNY 43.87
BEIJING SHIJINGSHAN ST 6.08 08/18/21 CNY 41.11
BEIJING XINCHENG INFRA 7.50 04/21/21 CNY 20.82
BEIJING XINGZHAN INVES 6.66 04/24/21 CNY 20.75
BEIPIAO CITY CONSTRUCT 6.70 03/25/23 CNY 63.45
BEIPIAO CITY CONSTRUCT 6.70 03/25/23 CNY 52.56
BENGBU GAOXIN INVESTME 8.70 04/17/21 CNY 20.75
BENGBU GAOXIN INVESTME 8.70 04/17/21 CNY 20.00
BENXI URBAN CONSTRUCTI 6.24 01/22/22 CNY 40.60
BENXI URBAN CONSTRUCTI 6.24 01/22/22 CNY 40.00
BIJIE CONSTRUCTION INV 6.50 01/28/22 CNY 45.65
BIJIE CONSTRUCTION INV 6.50 01/28/22 CNY 41.26
BIJIE KAIYUAN CONSTRUC 7.78 02/25/21 CNY 30.00
BIJIE KAIYUAN CONSTRUC 7.78 02/25/21 CNY 20.58
BINZHOU HI-TECH DEVELO 8.60 01/10/21 CNY 23.40
BINZHOU HI-TECH DEVELO 8.60 01/10/21 CNY 20.53
BINZHOU ZHONGHAI VENTU 6.65 04/13/22 CNY 40.95
BINZHOU ZHONGHAI VENTU 6.65 04/13/22 CNY 40.00
BORALA MONGOL AUTONOMO 5.77 08/26/22 CNY 61.22
BORALA MONGOL AUTONOMO 5.77 08/26/22 CNY 59.50
BORALA MONGOL AUTONOMO 7.18 08/09/20 CNY 20.17
BORALA MONGOL AUTONOMO 7.18 08/09/20 CNY 20.00
BOZHOU URBAN CONSTRUCT 4.78 04/14/23 CNY 61.73
BOZHOU URBAN CONSTRUCT 4.78 04/14/23 CNY 60.86
CANGNAN COUNTY STATE O 5.58 11/11/22 CNY 68.00
CANGNAN COUNTY STATE O 5.58 11/11/22 CNY 60.60
CEFC SHANGHAI INTERNAT 4.08 09/09/21 CNY 60.00
CEFC SHANGHAI INTERNAT 4.98 12/10/20 CNY 61.29
CHANG DE DING LI INDUS 4.30 03/10/23 CNY 61.11
CHANG DE DING LI INDUS 4.30 03/10/23 CNY 60.96
CHANGCHUN MODERN AGRIC 7.00 07/25/21 CNY 40.72
CHANGCHUN MODERN AGRIC 7.00 07/25/21 CNY 38.00
CHANGDE ECONOMIC CONST 7.00 03/24/21 CNY 21.40
CHANGDE ECONOMIC CONST 7.00 03/24/21 CNY 20.66
CHANGDE URBAN CONSTRUC 3.59 01/12/23 CNY 60.64
CHANGDE URBAN CONSTRUC 3.59 01/12/23 CNY 60.40
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 62.03
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 60.84
CHANGSHA COUNTY XINGCH 7.90 03/25/22 CNY 42.89
CHANGSHA COUNTY XINGCH 7.90 03/25/22 CNY 42.80
CHANGSHA ECONOMIC & TE 8.45 04/13/22 CNY 31.50
CHANGSHA FURONG CITY D 3.88 01/26/23 CNY 61.53
CHANGSHA FURONG CITY D 3.88 01/26/23 CNY 59.73
CHANGSHA METRO GROUP C 6.20 04/23/23 CNY 47.87
CHANGSHA METRO GROUP C 6.20 04/23/23 CNY 45.80
CHANGSHA TIANXIN CITY 4.20 11/06/22 CNY 60.59
CHANGSHA TIANXIN CITY 4.20 11/06/22 CNY 60.10
CHANGSHA YUHUA URBAN C 3.80 01/28/23 CNY 60.34
CHANGSHA YUHUA URBAN C 3.80 01/28/23 CNY 59.77
CHANGSHA YUHUA URBAN C 7.17 04/18/21 CNY 24.00
CHANGSHA YUHUA URBAN C 7.17 04/18/21 CNY 20.80
CHANGSHU BINJIANG URBA 6.39 09/11/21 CNY 40.67
CHANGSHU BINJIANG URBA 6.39 09/11/21 CNY 40.00
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 47.32
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 41.69
CHANGSHU TRANSPORTATIO 7.00 04/29/21 CNY 40.92
CHANGSHU TRANSPORTATIO 7.00 04/29/21 CNY 27.00
CHANGXING COUNTY TRANS 6.75 06/16/21 CNY 40.70
CHANGXING COUNTY TRANS 7.88 04/30/21 CNY 40.95
CHANGXING COUNTY TRANS 7.88 04/30/21 CNY 30.30
CHANGXING URBAN CONSTR 6.00 12/03/21 CNY 40.59
CHANGXING URBAN CONSTR 6.00 12/03/21 CNY 39.00
CHANGZHOU BINHU CONSTR 8.04 12/12/20 CNY 20.62
CHANGZHOU BINHU CONSTR 8.04 12/12/20 CNY 20.00
CHANGZHOU PUBLIC HOUSI 6.64 07/02/21 CNY 40.52
CHANGZHOU PUBLIC HOUSI 6.64 07/02/21 CNY 40.50
CHANGZHOU TIANNING CON 6.48 02/12/22 CNY 41.45
CHANGZHOU TIANNING CON 6.48 02/12/22 CNY 40.00
CHAOHU URBAN TOWN CONS 6.50 04/30/22 CNY 42.11
CHAOHU URBAN TOWN CONS 6.50 04/30/22 CNY 42.10
CHENGDU ECONOMIC & TEC 6.90 05/30/21 CNY 46.00
CHENGDU ECONOMIC & TEC 6.90 05/30/21 CNY 40.91
CHENGDU GARDEN WATER C 6.15 05/03/23 CNY 60.63
CHENGDU KONGGANG CITY 6.92 07/30/20 CNY 25.50
CHENGDU KONGGANG CITY 6.92 07/30/20 CNY 25.20
CHENGDU LONGBO INVESTM 8.10 04/24/21 CNY 20.65
CHENGDU LONGBO INVESTM 8.10 04/24/21 CNY 20.30
CHENGDU PIDU DISTRICT 6.95 04/01/22 CNY 48.83
CHENGDU PIDU DISTRICT 6.95 04/01/22 CNY 41.70
CHENGDU PIDU DISTRICT 7.25 10/15/20 CNY 20.35
CHENGDU PIDU DISTRICT 7.25 10/15/20 CNY 18.50
CHENGDU SHUZHOU CITY C 6.58 05/26/22 CNY 61.29
CHENGDU SHUZHOU CITY C 6.58 05/26/22 CNY 59.30
CHENGDU XINGCHENGJIAN 6.00 03/20/22 CNY 41.60
CHENGDU XINGCHENGJIAN 6.00 03/20/22 CNY 40.00
CHENGDU XINKAIYUAN URB 5.29 04/27/23 CNY 81.28
CHENGDU XINKAIYUAN URB 5.29 04/27/23 CNY 61.23
CHENGDU XINKAIYUAN URB 7.43 08/12/21 CNY 41.19
CHENGDU XINKAIYUAN URB 7.43 08/12/21 CNY 41.00
CHENGFA INVESTMENT GRO 6.87 04/30/21 CNY 21.37
CHENGFA INVESTMENT GRO 6.87 04/30/21 CNY 20.78
CHENZHOU BAIFU INVESTM 6.54 08/28/21 CNY 40.25
CHENZHOU BAIFU INVESTM 6.54 08/28/21 CNY 40.24
CHENZHOU FUCHENG HIGH 4.73 01/22/23 CNY 60.68
CHENZHOU FUCHENG HIGH 4.73 01/22/23 CNY 59.92
CHENZHOU INDUSTRY INVE 6.45 01/23/22 CNY 48.60
CHENZHOU INDUSTRY INVE 6.45 01/23/22 CNY 39.92
CHENZHOU XINTIAN INVES 5.38 03/08/26 CNY 74.96
CHENZHOU XINTIAN INVES 6.15 04/24/22 CNY 39.41
CHENZHOU XINTIAN INVES 6.30 07/17/20 CNY 20.00
CHENZHOU XINTIAN INVES 6.30 07/17/20 CNY 20.00
CHINA GRAND AUTOMOTIVE 8.63 04/08/22 USD 81.25
CHINA MINSHENG INVESTM 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDIN 8.90 12/13/21 CNY 55.00
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONME 7.10 10/18/20 CNY 20.40
CHINA YIXING ENVIRONME 7.10 10/18/20 CNY 20.36
CHONGQIN BAIYAN INVEST 5.75 05/03/23 CNY 61.58
CHONGQIN XINLIANG INVE 4.76 08/26/23 CNY 75.82
CHONGQIN XINLIANG INVE 4.76 08/26/23 CNY 56.59
CHONGQING BANAN ECONOM 6.17 03/13/22 CNY 41.40
CHONGQING BANAN ECONOM 6.17 03/13/22 CNY 41.07
CHONGQING BANAN ECONOM 7.00 08/20/21 CNY 41.10
CHONGQING BANAN ECONOM 7.00 08/20/21 CNY 41.01
CHONGQING BEICHENG CON 7.30 10/16/20 CNY 20.35
CHONGQING BEICHENG CON 7.30 10/16/20 CNY 20.30
CHONGQING BISHAN DISTR 4.93 03/29/23 CNY 61.25
CHONGQING BISHAN DISTR 4.93 03/29/23 CNY 61.10
CHONGQING CHANGSHOU EC 7.20 07/15/21 CNY 40.79
CHONGQING CHANGSHOU EC 7.10 06/19/21 CNY 40.68
CHONGQING CHANGSHOU EC 7.10 06/19/21 CNY 40.00
CHONGQING CITY CONSTRU 5.12 05/21/20 CNY 20.25
CHONGQING CITY CONSTRU 5.12 05/21/20 CNY 20.01
CHONGQING DASUN ASSET 6.98 09/10/20 CNY 20.24
CHONGQING DAZU INDUSTR 6.30 04/28/22 CNY 60.63
CHONGQING DAZU INDUSTR 6.30 04/28/22 CNY 40.00
CHONGQING ECO&TECH DEV 3.95 04/13/23 CNY 61.00
CHONGQING ECO&TECH DEV 3.95 04/13/23 CNY 60.46
CHONGQING FULING DISTR 7.89 03/20/21 CNY 27.33
CHONGQING FULING DISTR 7.89 03/20/21 CNY 20.84
CHONGQING FULING TRAFF 6.68 02/03/22 CNY 40.89
CHONGQING FULING TRAFF 6.68 02/03/22 CNY 40.00
CHONGQING GAOXIN ZONE 7.80 04/25/21 CNY 40.98
CHONGQING GAOXIN ZONE 7.80 04/25/21 CNY 30.80
CHONGQING GARDENING IN 8.45 06/03/21 CNY 40.96
CHONGQING GARDENING IN 8.45 06/03/21 CNY 40.00
CHONGQING HAOJIANG CON 8.05 03/06/21 CNY 20.55
CHONGQING HAOJIANG CON 8.05 03/06/21 CNY 20.00
CHONGQING HAOJIANG CON 7.99 11/22/20 CNY 20.33
CHONGQING HAOJIANG CON 7.99 11/22/20 CNY 20.00
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 41.10
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 41.00
CHONGQING HECHUAN INDU 6.19 06/17/20 CNY 20.32
CHONGQING HECHUAN INDU 6.19 06/17/20 CNY 20.04
CHONGQING HONGYE INDUS 6.30 06/03/20 CNY 25.00
CHONGQING HONGYE INDUS 6.30 06/03/20 CNY 20.08
CHONGQING INTERNATIONA 7.08 10/18/20 CNY 20.50
CHONGQING INTERNATIONA 7.08 10/18/20 CNY 20.36
CHONGQING JIANGBEIZUI 6.50 07/21/21 CNY 40.90
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 60.70
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 60.00
CHONGQING JIULONG HI-T 6.60 08/19/21 CNY 40.99
CHONGQING JIULONG HI-T 6.60 08/19/21 CNY 40.88
CHONGQING KAIQIAN INVE 4.64 03/21/23 CNY 59.62
CHONGQING KAIQIAN INVE 4.64 03/21/23 CNY 59.05
CHONGQING KANGDA ENVIR 7.00 12/18/22 CNY 70.00
CHONGQING LAND PROPERT 3.36 03/21/23 CNY 60.68
CHONGQING LAND PROPERT 3.36 03/21/23 CNY 60.10
CHONGQING LAND PROPERT 6.30 08/22/20 CNY 20.23
CHONGQING LIANGJIANG N 5.88 09/16/21 CNY 41.19
CHONGQING LIANGJIANG N 5.88 09/16/21 CNY 41.12
CHONGQING LIANGJIANG N 3.10 08/05/21 CNY 70.38
CHONGQING LIANGJIANG N 6.70 04/25/21 CNY 22.72
CHONGQING LIANGJIANG N 6.70 04/25/21 CNY 20.81
CHONGQING LIANGJIANG N 3.60 04/19/21 CNY 40.82
CHONGQING LIANGJIANG N 3.60 04/19/21 CNY 40.65
CHONGQING LIANGJIANG N 3.17 01/13/21 CNY 40.41
CHONGQING LIANGJIANG N 3.17 01/13/21 CNY 40.02
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 61.88
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 61.57
CHONGQING QIANJIANG CI 8.00 03/21/21 CNY 21.70
CHONGQING QIANJIANG CI 8.00 03/21/21 CNY 20.58
CHONGQING SHUANGFU CON 7.49 10/23/20 CNY 20.37
CHONGQING SHUANGFU CON 7.49 10/23/20 CNY 20.00
CHONGQING SHUANGQIAO E 5.99 11/19/21 CNY 46.25
CHONGQING SHUANGQIAO E 5.99 11/19/21 CNY 40.76
CHONGQING TAX FREE POR 7.50 04/24/21 CNY 21.70
CHONGQING TAX FREE POR 7.50 04/24/21 CNY 20.85
CHONGQING TEA GARDEN I 7.70 05/20/21 CNY 40.68
CHONGQING TONGLIANG JI 6.59 04/08/22 CNY 41.39
CHONGQING TONGLIANG JI 6.59 04/08/22 CNY 40.00
CHONGQING TONGNAN DIST 4.99 12/31/22 CNY 60.83
CHONGQING TONGNAN DIST 4.99 12/31/22 CNY 60.00
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 45.00
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 40.52
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 23.90
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 20.64
CHONGQING WANSHENG ECO 5.40 11/18/21 CNY 69.90
CHONGQING WANZHOU SANX 4.95 08/25/22 CNY 61.51
CHONGQING XINGRONG HOL 4.86 03/31/23 CNY 62.91
CHONGQING XINGRONG HOL 4.86 03/31/23 CNY 60.16
CHONGQING XIYONG MICRO 6.58 07/25/21 CNY 42.33
CHONGQING XIYONG MICRO 6.58 07/25/21 CNY 41.05
CHONGQING YONGCHUAN HU 7.28 05/30/21 CNY 41.60
CHONGQING YONGCHUAN HU 7.28 05/30/21 CNY 40.87
CHONGQING YUELAI INVES 6.09 04/29/22 CNY 41.86
CHONGQING YUELAI INVES 6.09 04/29/22 CNY 40.00
CHONGQING YUNAN ASSET 7.05 06/17/21 CNY 40.76
CHONGQING YUNAN ASSET 7.05 06/17/21 CNY 40.70
CHONGQING YUZHONG STAT 7.25 02/26/21 CNY 20.64
CHONGQING YUZHONG STAT 7.25 02/26/21 CNY 20.57
CHUN'AN XINANJIANG DEV 6.10 03/11/22 CNY 44.55
CHUN'AN XINANJIANG DEV 6.10 03/11/22 CNY 41.45
CHUZHOU CITY CONSTRUCT 6.17 11/30/21 CNY 61.66
CHUZHOU CITY CONSTRUCT 6.40 08/22/21 CNY 41.27
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 38.49
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 48.80
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 41.02
DALI ECONOMIC DEVELOPM 7.90 03/04/21 CNY 20.44
DALI ECONOMIC DEVELOPM 7.90 03/04/21 CNY 20.00
DALI ECONOMIC DEVELOPM 8.30 12/11/20 CNY 20.60
DALI ECONOMIC DEVELOPM 8.30 12/11/20 CNY 20.43
DALI HAIDONG DEVELOPME 6.01 01/25/23 CNY 60.01
DALI HAIDONG DEVELOPME 6.01 01/25/23 CNY 59.00
DALIAN PULANDIAN CONST 3.80 01/25/23 CNY 57.76
DALIAN PULANDIAN CONST 3.80 01/25/23 CNY 57.00
DALIAN PUWAN ENGINEERI 4.50 02/01/23 CNY 58.72
DALIAN PUWAN ENGINEERI 4.50 02/01/23 CNY 52.11
DALIAN PUWAN ENGINEERI 7.09 02/20/21 CNY 19.68
DALIAN PUWAN ENGINEERI 7.09 02/20/21 CNY 19.64
DALIAN RONGDA INVESTME 5.69 12/05/21 CNY 41.00
DALIAN RONGDA INVESTME 5.69 12/05/21 CNY 40.98
DALIAN RONGQIANG INVES 7.92 04/14/21 CNY 20.60
DALIAN RONGQIANG INVES 7.92 04/14/21 CNY 20.59
DALIAN RONGQIANG INVES 8.60 01/20/21 CNY 20.55
DALIAN RONGQIANG INVES 8.60 01/20/21 CNY 20.54
DANDONG PORT GROUP CO 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUC 5.38 08/10/22 CNY 63.00
DANGTU COUNTY CONSTRUC 5.38 08/10/22 CNY 61.57
DANGYANG XINYUAN INVES 4.97 03/29/23 CNY 60.37
DANGYANG XINYUAN INVES 4.97 03/29/23 CNY 60.11
DANGYANG XINYUAN INVES 7.99 05/23/21 CNY 40.00
DANYANG HI-TECH INDUST 6.40 04/24/22 CNY 40.00
DANYANG HI-TECH INDUST 6.40 04/24/22 CNY 39.72
DANYANG INVESTMENT GRO 3.99 01/25/23 CNY 60.50
DANYANG INVESTMENT GRO 6.90 10/23/20 CNY 20.36
DANYANG INVESTMENT GRO 6.90 10/23/20 CNY 20.15
DATONG ECONOMIC CONSTR 4.49 10/22/22 CNY 61.32
DATONG ECONOMIC CONSTR 4.49 10/22/22 CNY 61.20
DAWA COUNTY CITY CONST 6.29 06/12/22 CNY 62.50
DAWA COUNTY CITY CONST 6.29 06/12/22 CNY 59.53
DAYE ZHENHENG CITY DEV 4.50 03/28/23 CNY 59.99
DAYE ZHENHENG CITY DEV 4.50 03/28/23 CNY 59.46
DAYE ZHENHENG CITY DEV 7.30 03/03/21 CNY 23.53
DAYE ZHENHENG CITY DEV 7.30 03/03/21 CNY 20.64
DAYE ZHENHENG CITY DEV 7.95 11/27/20 CNY 20.55
DAZHOU DEVELOPMENT HOL 5.10 11/27/22 CNY 61.10
DAZHOU DEVELOPMENT HOL 5.10 11/27/22 CNY 60.00
DAZHOU DEVELOPMENT HOL 6.55 01/14/22 CNY 41.04
DAZHOU DEVELOPMENT HOL 6.55 01/14/22 CNY 40.00
DEHONGZHOU HONGKANG IN 6.68 01/23/22 CNY 40.88
DEHONGZHOU HONGKANG IN 6.68 01/23/22 CNY 40.85
DEXING INVESTMENT HOLD 5.99 03/21/23 CNY 60.60
DEXING INVESTMENT HOLD 5.99 03/21/23 CNY 60.00
DEYANG ECONOMIC DEVELO 7.90 04/28/21 CNY 28.26
DEYANG ECONOMIC DEVELO 7.90 04/28/21 CNY 20.52
DONGLING GROUP INC CO 8.00 07/14/22 CNY 62.13
DONGLING GROUP INC CO 8.00 07/14/22 CNY 60.00
DONGTAI UBAN CONSTRUCT 7.58 04/23/21 CNY 28.48
DONGTAI UBAN CONSTRUCT 7.58 04/23/21 CNY 20.70
DONGTAI UBAN CONSTRUCT 8.65 01/13/21 CNY 20.83
DONGTAI UBAN CONSTRUCT 8.65 01/13/21 CNY 20.54
DONGYING CITY URBAN AS 5.57 03/31/22 CNY 41.58
DONGYING CITY URBAN AS 5.57 03/31/22 CNY 41.13
DR PENG HOLDING HONGKO 5.05 06/01/20 USD 55.56
DUJIANGYAN XINGYAN INV 6.10 03/12/22 CNY 40.00
DUJIANGYAN XINGYAN INV 6.10 03/12/22 CNY 39.40
DUNYUN STATE-OWNED ASS 6.60 12/28/22 CNY 60.33
EASTAR HOLDINGS GROUP 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTI 7.50 06/03/21 CNY 47.54
ENSHI URBAN CONSTRUCTI 7.50 06/03/21 CNY 40.90
EZHOU CITY CONSTRUCTIO 6.68 09/19/21 CNY 41.00
EZHOU CITY CONSTRUCTIO 6.68 09/19/21 CNY 40.63
EZHOU CITY CONSTRUCTIO 7.76 05/15/21 CNY 46.50
EZHOU CITY CONSTRUCTIO 7.76 05/15/21 CNY 41.06
FANGCHENGGANG CITY GAN 8.09 04/16/21 CNY 22.00
FANGCHENGGANG CITY GAN 8.09 04/16/21 CNY 20.71
FEICHENG CITY ASSETS M 4.04 03/23/23 CNY 60.46
FEICHENG CITY ASSETS M 4.04 03/23/23 CNY 60.23
FENGCHENG CITY CONSTRU 6.49 02/10/22 CNY 44.49
FENGCHENG CITY CONSTRU 6.49 02/10/22 CNY 41.10
FENGCHENG CITY MODERN 5.76 12/17/22 CNY 60.00
FENGCHENG CITY MODERN 5.76 12/17/22 CNY 59.93
FENGXIAN URBAN INVESTM 6.48 03/20/22 CNY 41.02
FENGXIAN URBAN INVESTM 6.48 03/20/22 CNY 40.00
FENGXIAN URBAN INVESTM 4.23 07/13/21 CNY 55.52
FENGXIAN URBAN INVESTM 4.23 07/13/21 CNY 55.03
FUGU COUNTY STATE-OWNE 8.69 12/16/20 CNY 20.59
FUGU COUNTY STATE-OWNE 8.69 12/16/20 CNY 20.00
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUST 7.08 06/27/21 CNY 40.97
FUJIAN PROVINCE LIANJI 6.29 04/30/22 CNY 41.43
FUJIAN PROVINCE LIANJI 6.29 04/30/22 CNY 40.00
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 61.62
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 60.00
FUNING URBAN INVESTMEN 7.19 08/15/21 CNY 41.15
FUNING URBAN INVESTMEN 7.19 08/15/21 CNY 41.09
FUQING CITY STATE-OWNE 5.94 11/26/22 CNY 57.26
FUQING CITY STATE-OWNE 6.66 03/01/21 CNY 25.40
FUXIN INFRASTRUCTURE C 6.18 03/18/22 CNY 42.80
FUXIN INFRASTRUCTURE C 6.18 03/18/22 CNY 40.48
FUZHOU CHANGLE DISTRIC 4.50 04/11/23 CNY 60.30
FUZHOU CHANGLE DISTRIC 4.50 04/11/23 CNY 59.66
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 61.52
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 60.00
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 41.14
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 40.00
GANZHOU CITY DEVELOPME 5.50 06/16/22 CNY 61.80
GANZHOU CITY DEVELOPME 5.50 06/16/22 CNY 60.00
GANZHOU DEVELOPMENT ZO 7.43 02/19/21 CNY 20.68
GANZHOU DEVELOPMENT ZO 7.43 02/19/21 CNY 19.00
GAOMI STATE-OWNED ASSE 4.69 01/26/23 CNY 61.22
GAOMI STATE-OWNED ASSE 4.69 01/26/23 CNY 61.14
GAOYOU CITY CONSTRUCTI 5.48 09/15/22 CNY 61.42
GAOYOU CITY CONSTRUCTI 5.48 09/15/22 CNY 60.00
GOLMUD INVESTMENT HOLD 8.70 12/30/20 CNY 20.52
GOLMUD INVESTMENT HOLD 8.70 12/30/20 CNY 20.30
GONGQINGCHENG FINANCIA 5.85 03/25/23 CNY 62.42
GONGQINGCHENG FINANCIA 5.85 03/25/23 CNY 58.79
GOOCOO INVESTMENT CO L 8.00 02/01/21 CNY 50.00
GREENLAND HOLDING GROU 6.24 05/23/20 CNY 25.06
GREENLAND HOLDING GROU 6.24 05/23/20 CNY 25.04
GUANGAN DEVELOPMENT AN 6.39 03/24/22 CNY 44.00
GUANGAN DEVELOPMENT AN 6.39 03/24/22 CNY 41.42
GUANGAN ECONOMIC & TEC 5.16 04/14/23 CNY 60.74
GUANGAN ECONOMIC & TEC 5.16 04/14/23 CNY 60.20
GUANGAN ECONOMIC & TEC 7.10 09/22/21 CNY 40.80
GUANGAN ECONOMIC & TEC 7.10 09/22/21 CNY 40.79
GUANGDONG TAIANTANG PH 4.98 02/02/21 CNY 69.00
GUANGXI BAISE DEVELOPM 7.27 06/20/21 CNY 40.40
GUANGXI LAIBIN INDUSTR 5.97 11/26/21 CNY 40.92
GUANGXI LAIBIN INDUSTR 5.97 11/26/21 CNY 40.00
GUANGXI LIUZHOU DONGCH 7.40 10/29/20 CNY 21.00
GUANGXI LIUZHOU DONGCH 7.40 10/29/20 CNY 20.18
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 24.77
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 20.45
GUANGXI URBAN CONSTRUC 7.59 04/14/21 CNY 23.00
GUANGXI URBAN CONSTRUC 7.59 04/14/21 CNY 20.66
GUANGYUAN INVESTMENT H 7.30 04/22/21 CNY 21.15
GUANGYUAN INVESTMENT H 7.30 04/22/21 CNY 20.54
GUANGYUAN YUANQU CONST 4.48 03/10/23 CNY 60.95
GUANGYUAN YUANQU CONST 4.48 03/10/23 CNY 59.99
GUANGYUAN YUANQU CONST 8.35 08/26/21 CNY 47.00
GUANGYUAN YUANQU CONST 8.35 08/26/21 CNY 41.35
GUANGZHOU HUANTOU NANS 6.38 11/18/24 CNY 74.20
GUANGZHOU METRO GROUP 6.05 06/03/24 CNY 73.62
GUANGZHOU METRO GROUP 6.45 04/02/24 CNY 64.46
GUANGZHOU METRO GROUP 6.45 04/02/24 CNY 60.00
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 40.55
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 40.00
GUILIN ECONOMIC CONSTR 5.60 04/22/22 CNY 41.50
GUILIN ECONOMIC CONSTR 5.60 04/22/22 CNY 40.00
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTR 7.30 03/27/22 CNY 45.00
GUIYANG BAIYUN INDUSTR 7.30 03/27/22 CNY 41.80
GUIYANG GUANSHANHU DIS 4.48 03/09/23 CNY 59.83
GUIYANG GUANSHANHU DIS 4.48 03/09/23 CNY 59.29
GUIYANG GUANSHANHU DIS 4.87 01/28/23 CNY 60.19
GUIYANG GUANSHANHU DIS 4.87 01/28/23 CNY 59.78
GUIYANG URBAN CONSTRUC 5.23 12/02/22 CNY 59.65
GUIYANG URBAN CONSTRUC 5.23 12/02/22 CNY 59.40
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 61.52
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 57.97
GUIZHOU FANJINGSHAN IN 6.95 01/28/22 CNY 41.13
GUIZHOU FANJINGSHAN IN 6.95 01/28/22 CNY 40.00
GUIZHOU GUIAN CONSTRUC 4.17 10/28/22 CNY 61.00
GUIZHOU GUIAN CONSTRUC 4.17 10/28/22 CNY 60.89
GUIZHOU GUILONG INDUST 7.80 04/28/22 CNY 52.21
GUIZHOU GUILONG INDUST 7.80 04/28/22 CNY 51.43
GUIZHOU HONGCAI INVEST 6.00 06/07/23 CNY 73.78
GUIZHOU HONGCAI INVEST 6.00 06/07/23 CNY 73.72
GUIZHOU RAILWAY INVEST 7.50 04/23/24 CNY 65.85
GUIZHOU RAILWAY INVEST 7.50 04/23/24 CNY 65.75
GUIZHOU RAILWAY INVEST 7.20 03/27/22 CNY 42.50
GUIZHOU RAILWAY INVEST 7.20 03/27/22 CNY 42.02
GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 72.67
HAIAN COUNTY DEVELOPME 5.45 04/13/23 CNY 59.66
HAIAN COUNTY DEVELOPME 5.45 04/13/23 CNY 58.04
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 61.64
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 60.88
HAICHENG URBAN JINCAI 8.17 04/16/21 CNY 20.33
HAICHENG URBAN JINCAI 8.17 04/16/21 CNY 20.10
HAICHENG URBAN JINCAI 8.56 12/19/20 CNY 20.46
HAICHENG URBAN JINCAI 8.56 12/19/20 CNY 20.00
HAIFENG MARINE INFRAST 6.84 04/29/22 CNY 40.82
HAIFENG MARINE INFRAST 6.84 04/29/22 CNY 40.00
HAIKOU MEILAN INTERNAT 5.25 09/06/19 USD 59.11
HAIMEN CITY DEVELOPMEN 6.22 04/03/22 CNY 42.20
HAIMEN CITY DEVELOPMEN 6.22 04/03/22 CNY 41.93
HAINING CITY DEVELOPME 5.58 10/22/21 CNY 41.24
HAINING CITY DEVELOPME 5.58 10/22/21 CNY 41.00
HAINING CITY JIANSHAN 6.90 11/04/20 CNY 21.42
HAINING CITY JIANSHAN 6.90 11/04/20 CNY 20.36
HAIXI STATE-OWNED CAPI 8.60 01/02/21 CNY 20.48
HAIYAN COUNTY STATE-OW 7.00 09/04/20 CNY 20.25
HANDAN CONSTRUCTION & 5.48 05/27/22 CNY 67.20
HANDAN CONSTRUCTION & 5.48 05/27/22 CNY 61.44
HANGZHOU FUYANG CITY C 7.20 03/19/21 CNY 20.75
HANGZHOU FUYANG CITY C 7.20 03/19/21 CNY 20.74
HANGZHOU FUYANG DEVELO 4.76 01/27/23 CNY 61.03
HANGZHOU FUYANG DEVELO 4.76 01/27/23 CNY 59.96
HANGZHOU FUYANG DEVELO 7.70 04/28/21 CNY 40.92
HANGZHOU FUYANG DEVELO 7.70 04/28/21 CNY 29.00
HANGZHOU GONGSHU DISTR 6.90 07/21/21 CNY 41.23
HANGZHOU GONGSHU DISTR 6.90 07/21/21 CNY 40.40
HANGZHOU LOWER DISTRIC 3.80 03/14/23 CNY 61.07
HANGZHOU LOWER DISTRIC 3.80 03/14/23 CNY 60.00
HANGZHOU WEST LAKE INV 4.30 04/25/23 CNY 61.48
HANGZHOU WEST LAKE INV 4.30 04/25/23 CNY 60.85
HANGZHOU XIAOSHAN ECO& 6.90 05/13/21 CNY 40.99
HANGZHOU XIAOSHAN QIAN 4.00 03/22/23 CNY 61.41
HANGZHOU XIAOSHAN QIAN 4.00 03/22/23 CNY 61.37
HANGZHOU YUHANG CITY C 7.00 03/03/21 CNY 20.84
HANGZHOU YUHANG ECONOM 7.45 03/03/21 CNY 20.75
HANGZHOU YUHANG ECONOM 7.45 03/03/21 CNY 20.66
HANGZHOU YUHANG TRANSP 7.19 04/18/21 CNY 21.85
HANGZHOU YUHANG TRANSP 7.19 04/18/21 CNY 20.77
HANJIANG STATE-OWNED-A 7.30 11/11/20 CNY 26.60
HANJIANG STATE-OWNED-A 7.30 11/11/20 CNY 20.49
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00
HEBEI ZHONGYUE CITY CO 4.10 11/16/21 CNY 60.07
HEBEI ZHONGYUE CITY CO 4.10 11/16/21 CNY 59.96
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 41.03
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 40.99
HECHI CITY CONSTRUCTIO 5.58 11/13/22 CNY 62.42
HECHI CITY CONSTRUCTIO 5.58 11/13/22 CNY 60.41
HEFEI CONSTRUCTION INV 7.20 04/29/24 CNY 66.11
HEFEI CONSTRUCTION INV 7.20 04/29/24 CNY 65.84
HEILONGJIANG HECHENG C 7.05 06/21/22 CNY 45.97
HEILONGJIANG HECHENG C 7.05 06/21/22 CNY 45.93
HEILONGJIANG HECHENG C 5.60 11/11/21 CNY 40.33
HEILONGJIANG HECHENG C 5.60 11/11/21 CNY 40.00
HEILONGJIANG POST-DISA 7.06 11/20/20 CNY 6.79
HEILONGJIANG POST-DISA 7.06 11/20/20 CNY 6.78
HEILONGJIANG POST-DISA 7.10 11/19/20 CNY 25.52
HEILONGJIANG POST-DISA 7.10 11/19/20 CNY 18.55
HEISHAN TONGHE ASSET M 6.79 09/18/22 CNY 59.67
HEISHAN TONGHE ASSET M 6.79 09/18/22 CNY 59.28
HENGYANG BAISHAZHOU DE 6.87 08/22/21 CNY 44.50
HENGYANG BAISHAZHOU DE 6.87 08/22/21 CNY 40.73
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 60.18
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 60.00
HENGYANG HONGXIANG STA 6.20 06/19/20 CNY 20.04
HENGYANG HONGXIANG STA 6.20 06/19/20 CNY 20.00
HENGYANG XIANGJIANG WA 7.40 04/23/21 CNY 21.10
HENGYANG XIANGJIANG WA 7.40 04/23/21 CNY 20.64
HETIAN YUXIN STATE-OWN 4.65 03/28/23 CNY 60.82
HETIAN YUXIN STATE-OWN 4.65 03/28/23 CNY 60.77
HEYUAN CITY RUNYE INVE 6.20 12/03/21 CNY 45.88
HEYUAN CITY RUNYE INVE 6.20 12/03/21 CNY 41.16
HEZE INVESTMENT DEVELO 7.14 03/24/21 CNY 20.95
HEZE INVESTMENT DEVELO 7.14 03/24/21 CNY 20.66
HEZHOU URBAN CONSTRUCT 8.16 05/16/21 CNY 41.32
HEZHOU URBAN CONSTRUCT 8.16 05/16/21 CNY 40.81
HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10
HNA GROUP INTERNATIONA 6.25 10/05/21 USD 74.46
HONGHEZHOU ROAD DEVELO 6.27 05/06/20 CNY 20.00
HONGHEZHOU ROAD DEVELO 6.27 05/06/20 CNY 19.99
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 26.00
HUAIAN CITY HUAIAN DIS 4.63 05/03/23 CNY 61.13
HUAIAN CITY URBAN ASSE 5.70 04/23/22 CNY 41.54
HUAIAN CITY URBAN ASSE 5.70 04/23/22 CNY 41.39
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.80
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.56
HUAI'AN DEVELOPMENT HO 7.30 03/10/21 CNY 27.84
HUAI'AN DEVELOPMENT HO 7.30 03/10/21 CNY 20.62
HUAIAN HONGRI TRANSPOR 5.09 04/20/23 CNY 58.72
HUAIAN HONGRI TRANSPOR 5.09 04/20/23 CNY 58.69
HUAI'AN NEW CITY INVES 6.95 07/28/21 CNY 47.50
HUAI'AN NEW CITY INVES 6.95 07/28/21 CNY 40.91
HUAI'AN NEW CITY INVES 7.45 03/04/21 CNY 20.48
HUAI'AN NEW CITY INVES 7.45 03/04/21 CNY 20.00
HUAIHUA CITY INDUSTRIA 7.70 10/29/20 CNY 20.20
HUAIHUA CITY INDUSTRIA 7.70 10/29/20 CNY 20.19
HUAIHUA ECONOMIC DEVEL 6.80 03/26/22 CNY 40.00
HUAIHUA ECONOMIC DEVEL 6.80 03/26/22 CNY 39.89
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 60.07
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 59.95
HUAINAN URBAN CONSTRUC 6.79 07/09/21 CNY 41.65
HUAINAN URBAN CONSTRUC 6.79 07/09/21 CNY 41.05
HUANGGANG CITY CONSTRU 4.08 01/18/23 CNY 61.22
HUANGGANG CITY CONSTRU 4.08 01/18/23 CNY 60.40
HUANGGANG CITY CONSTRU 7.45 03/04/21 CNY 20.80
HUANGGANG CITY CONSTRU 7.45 03/04/21 CNY 20.72
HUANGGANG CITY CONSTRU 8.60 12/25/20 CNY 20.62
HUANGGANG CITY CONSTRU 8.60 12/25/20 CNY 20.60
HUANGSHAN CHENGTOU GRO 5.95 05/06/22 CNY 60.65
HUANGSHAN CHENGTOU GRO 5.95 05/06/22 CNY 41.75
HUANGSHI CIHU HIGH-TEC 9.30 01/21/21 CNY 20.71
HUANGSHI CIHU HIGH-TEC 8.70 12/05/20 CNY 20.45
HUANGSHI URBAN CONSTRU 5.99 04/29/22 CNY 41.57
HUANGSHI URBAN CONSTRU 5.99 04/29/22 CNY 40.00
HUAWEN MEDIA GROUP 6.00 04/04/21 CNY 35.20
HUAWEN MEDIA GROUP 5.45 11/08/20 CNY 47.65
HUBEI PROVINCE CHANGJI 6.15 04/03/22 CNY 42.40
HUBEI PROVINCE CHANGJI 6.15 04/03/22 CNY 41.56
HULUDAO INVESTMENT GRO 7.50 10/18/23 CNY 63.23
HULUDAO INVESTMENT GRO 7.50 10/18/23 CNY 60.00
HULUDAO INVESTMENT GRO 7.05 10/18/20 CNY 20.52
HULUDAO INVESTMENT GRO 7.05 10/18/20 CNY 20.24
HULUNBEIER INVESTMENT 6.31 04/30/22 CNY 61.03
HULUNBEIER INVESTMENT 6.31 04/30/22 CNY 40.00
HUNAN CHANGDE DEYUAN I 6.50 06/16/21 CNY 42.25
HUNAN CHANGDE DEYUAN I 6.50 06/16/21 CNY 40.85
HUNAN CHUZHISHENG HOLD 5.60 12/18/22 CNY 61.96
HUNAN CHUZHISHENG HOLD 5.60 12/18/22 CNY 60.26
HUNAN JINYANG INVESTME 4.39 04/06/23 CNY 60.40
HUNAN JINYANG INVESTME 4.39 04/06/23 CNY 59.61
HUNAN JINYANG INVESTME 4.37 01/19/23 CNY 60.80
HUNAN JINYANG INVESTME 4.37 01/19/23 CNY 60.47
HUNAN JINYANG INVESTME 5.70 11/27/21 CNY 39.66
HUNAN JINYANG INVESTME 5.70 11/27/21 CNY 38.60
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 56.42
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 56.28
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 47.00
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 39.16
HUNAN PROVINCIAL RAILW 6.09 04/30/25 CNY 70.00
HUNAN SHAODONG ECO-IND 6.50 01/11/23 CNY 59.93
HUNAN SHAODONG ECO-IND 6.50 01/11/23 CNY 59.36
HUNAN TIER GROUP CO LT 4.20 03/17/23 CNY 58.79
HUNAN TIER GROUP CO LT 4.20 03/17/23 CNY 57.92
HUNAN TIER GROUP CO LT 7.10 03/03/21 CNY 20.95
HUNAN TIER GROUP CO LT 7.10 03/03/21 CNY 20.62
HUNAN TIER GROUP CO LT 8.00 12/23/20 CNY 22.72
HUNAN TIER GROUP CO LT 8.00 12/23/20 CNY 20.67
HUNAN XIANGJIANG NEW A 7.36 03/17/21 CNY 20.80
HUNAN XIANGJIANG NEW A 7.36 03/17/21 CNY 20.00
HUZHOU URBAN CONSTRUCT 6.48 08/28/21 CNY 42.38
HUZHOU URBAN CONSTRUCT 6.48 08/28/21 CNY 41.10
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 20.59
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 20.15
HUZHOU XISAISHAN DEVEL 7.80 04/29/21 CNY 20.84
HUZHOU XISAISHAN DEVEL 7.80 04/29/21 CNY 20.00
INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 60.37
INNER MONGOLIA KE'ERQI 6.45 04/30/22 CNY 40.00
INNER MONGOLIA KE'ERQI 6.45 04/30/22 CNY 39.33
INNER MONGOLIA KE'ERQI 6.50 03/11/22 CNY 40.00
INNER MONGOLIA KE'ERQI 6.50 03/11/22 CNY 39.47
INNER MONGOLIA SHENGXI 8.18 08/21/21 CNY 44.00
INNER MONGOLIA SHENGXI 8.18 08/21/21 CNY 40.38
INNER MONGOLIA ZHUNGEE 6.54 12/31/21 CNY 42.10
INNER MONGOLIA ZHUNGEE 6.54 12/31/21 CNY 41.72
JIAN CITY JINGANGSHAN 4.87 01/27/23 CNY 60.47
JIAN CITY JINGANGSHAN 4.87 01/27/23 CNY 58.77
JIAN CITY JINGANGSHAN 7.99 06/03/21 CNY 40.87
JIAN CITY JINGANGSHAN 7.99 06/03/21 CNY 40.63
JIANAN INVESTMENT HOLD 4.30 03/08/23 CNY 61.20
JIANAN INVESTMENT HOLD 4.30 03/08/23 CNY 61.20
JIANAN INVESTMENT HOLD 6.85 05/23/21 CNY 46.50
JIANAN INVESTMENT HOLD 6.85 05/23/21 CNY 40.85
JIANGDONG HOLDING GROU 7.14 04/24/21 CNY 20.89
JIANGMEN NEW HI-TECH I 6.03 04/22/22 CNY 41.55
JIANGMEN NEW HI-TECH I 6.03 04/22/22 CNY 41.50
JIANGMEN NEW HI-TECH I 7.39 11/04/20 CNY 20.47
JIANGSU HAIZHOUWAN DEV 5.37 03/29/23 CNY 45.00
JIANGSU HANRUI INVESTM 4.63 04/15/23 CNY 61.21
JIANGSU HANRUI INVESTM 4.63 04/15/23 CNY 61.00
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 20.12
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 20.01
JIANGSU JINGUAN INVEST 7.90 04/08/21 CNY 20.80
JIANGSU JINGUAN INVEST 7.90 04/08/21 CNY 20.76
JIANGSU JINTAN GUOFA I 6.85 05/30/21 CNY 40.44
JIANGSU JINTAN GUOFA I 6.85 05/30/21 CNY 40.00
JIANGSU JURONG FUDI BI 7.70 03/21/21 CNY 41.52
JIANGSU JURONG FUDI BI 7.70 03/21/21 CNY 41.20
JIANGSU NANTONG NO2 CO 8.10 07/10/21 CNY 40.18
JIANGSU NEWHEADLINE DE 7.00 08/27/20 CNY 29.90
JIANGSU NEWHEADLINE DE 7.00 08/27/20 CNY 25.22
JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 28.80
JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 20.80
JIANGSU RUNQI WANGUO I 4.14 10/21/21 CNY 59.12
JIANGSU RUNQI WANGUO I 4.14 10/21/21 CNY 59.10
JIANGSU SUHAI INVESTME 7.28 05/29/21 CNY 45.00
JIANGSU SUHAI INVESTME 7.28 05/29/21 CNY 40.76
JIANGSU TAICANG PORT D 7.40 04/28/21 CNY 40.92
JIANGSU TAICANG PORT D 7.40 04/28/21 CNY 20.00
JIANGSU WANGTAO INVEST 6.82 09/15/20 CNY 26.10
JIANGSU WANGTAO INVEST 6.82 09/15/20 CNY 25.20
JIANGSU WUZHONG ECONOM 5.49 11/19/21 CNY 41.21
JIANGSU WUZHONG ECONOM 5.49 11/19/21 CNY 40.32
JIANGSU XISHAN ECONOMI 5.78 07/20/22 CNY 61.70
JIANGSU XISHAN ECONOMI 5.78 07/20/22 CNY 60.50
JIANGSU YANGKOU PORT C 6.23 04/10/22 CNY 47.50
JIANGSU YANGKOU PORT C 6.23 04/10/22 CNY 41.51
JIANGSU YIXING ECONOMI 7.69 04/18/21 CNY 30.19
JIANGSU YIXING ECONOMI 7.69 04/18/21 CNY 20.79
JIANGSU ZHANGJIAGANG E 3.95 03/22/23 CNY 61.35
JIANGSU ZHANGJIAGANG E 3.95 03/22/23 CNY 60.00
JIANGSU ZHUFU INDUSTRI 4.93 12/29/20 CNY 40.33
JIANGXI HEJI INVESTMEN 5.09 12/17/22 CNY 60.00
JIANGXI HEJI INVESTMEN 5.09 12/17/22 CNY 58.84
JIANGXI HUIHENG PROPER 4.43 08/30/21 CNY 70.72
JIANGXI HUIHENG PROPER 4.43 08/30/21 CNY 69.91
JIANGXI LONGHU MOUNTAI 4.35 03/16/23 CNY 60.75
JIANGXI LONGHU MOUNTAI 4.35 03/16/23 CNY 60.10
JIANGXI PINGXIANG CHAN 8.18 05/22/21 CNY 49.34
JIANGXI PINGXIANG CHAN 8.18 05/22/21 CNY 40.89
JIANGXI PROVINCE SITON 8.20 04/18/21 CNY 20.82
JIANGYIN LINGANG NEW C 7.10 11/07/20 CNY 21.00
JIANGYIN LINGANG NEW C 7.10 11/07/20 CNY 20.38
JIANGYOU HONGFEI INVES 6.55 09/02/22 CNY 60.93
JIANGYOU HONGFEI INVES 6.55 09/02/22 CNY 59.46
JIANHU COUNTY DEVELOPM 7.29 09/25/21 CNY 42.75
JIANHU COUNTY DEVELOPM 7.29 09/25/21 CNY 40.96
JIANHU URBAN CONSTRUCT 6.30 06/01/22 CNY 62.86
JIANHU URBAN CONSTRUCT 6.30 06/01/22 CNY 60.42
JIANHU URBAN CONSTRUCT 3.28 10/13/21 CNY 71.00
JIANHU URBAN CONSTRUCT 3.28 10/13/21 CNY 69.56
JIAXING ECONOMIC&TECHN 7.89 03/05/21 CNY 21.13
JIAXING ECONOMIC&TECHN 7.89 03/05/21 CNY 20.82
JIAXING NANHU INVESTME 7.45 02/26/21 CNY 21.80
JIAXING NANHU INVESTME 7.45 02/26/21 CNY 20.65
JIAYU COUNTY URBAN TOW 5.70 01/19/23 CNY 61.33
JIAYU COUNTY URBAN TOW 5.70 01/19/23 CNY 60.28
JIAYUGUAN CITY INFRAST 7.83 09/23/21 CNY 40.92
JIAYUGUAN CITY INFRAST 7.83 09/23/21 CNY 40.00
JIEYANGSHI CHENGSHI TO 6.55 08/27/21 CNY 40.56
JILIN CITY CONSTRUCTIO 3.80 01/27/23 CNY 61.98
JILIN CITY CONSTRUCTIO 3.80 01/27/23 CNY 59.90
JILIN ECONOMIC AND TEC 6.20 04/29/23 CNY 60.21
JILIN ECONOMIC AND TEC 6.20 04/29/23 CNY 60.17
JILIN NORTHEAST SOCK I 6.80 12/19/21 CNY 69.75
JILIN RAILWAY INVESTME 7.18 03/04/21 CNY 20.14
JINAN CITY CONSTRUCTIO 6.80 03/20/21 CNY 20.67
JINAN CITY LICHENG DIS 5.00 06/23/22 CNY 60.10
JINAN CITY LICHENG DIS 5.00 06/23/22 CNY 60.09
JINAN HI-TECH HOLDING 6.38 06/19/21 CNY 40.81
JINCHANG CONSTRUCTION 6.79 12/21/22 CNY 61.31
JINCHANG CONSTRUCTION 6.79 12/21/22 CNY 60.00
JINCHENG STATE-OWNED C 4.99 11/11/21 CNY 40.89
JINCHENG STATE-OWNED C 4.99 11/11/21 CNY 40.87
JINGDE TAOCI CULTURAL 5.38 11/27/22 CNY 60.26
JINGDE TAOCI CULTURAL 5.38 11/27/22 CNY 58.00
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 20.08
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 20.06
JINGHONG STATE-OWNED A 8.08 05/23/21 CNY 40.57
JINGHONG STATE-OWNED A 8.08 05/23/21 CNY 39.00
JINGJIANG CITY INVESTM 4.55 03/30/23 CNY 60.94
JINGJIANG CITY INVESTM 4.55 03/30/23 CNY 59.73
JINGJIANG HARBOUR GROU 7.30 08/05/21 CNY 48.68
JINGJIANG HARBOUR GROU 7.30 08/05/21 CNY 40.24
JINGMEN CITY CONSTRUCT 6.85 07/09/22 CNY 46.90
JINGMEN CITY CONSTRUCT 6.85 07/09/22 CNY 46.20
JINGMEN CITY CONSTRUCT 7.00 10/17/20 CNY 20.37
JINGMEN CITY CONSTRUCT 7.00 10/17/20 CNY 18.57
JINGMEN HIGH-TECH DEVE 5.48 08/11/22 CNY 60.94
JINGMEN HIGH-TECH DEVE 5.48 08/11/22 CNY 59.80
JINGZHOU DEVELOPMENT Z 8.20 12/09/20 CNY 21.80
JINGZHOU DEVELOPMENT Z 8.20 12/09/20 CNY 20.50
JINGZHOU URBAN CONSTRU 3.97 03/10/23 CNY 60.93
JINGZHOU URBAN CONSTRU 3.97 03/10/23 CNY 60.55
JINHU COUNTY STATE-OWN 7.75 08/25/21 CNY 41.33
JINHU COUNTY STATE-OWN 7.75 08/25/21 CNY 40.91
JINING CITY SHIZHONG D 6.39 01/29/22 CNY 44.44
JINING CITY SHIZHONG D 6.39 01/29/22 CNY 41.34
JINING HI-TECH TOWN CO 6.09 04/30/22 CNY 41.58
JINING HI-TECH TOWN CO 6.09 04/30/22 CNY 41.50
JINZHAI URBAN DEVELOPM 5.90 04/25/23 CNY 81.32
JINZHAI URBAN DEVELOPM 5.90 04/25/23 CNY 62.06
JINZHOU CITY INVESTMEN 6.44 08/18/21 CNY 44.91
JINZHOU CITY INVESTMEN 6.44 08/18/21 CNY 40.56
JINZHOU CITY INVESTMEN 8.50 12/27/20 CNY 20.58
JINZHOU HUAXING INVEST 8.38 02/25/21 CNY 25.00
JINZHOU HUAXING INVEST 8.38 02/25/21 CNY 20.59
JINZHOU HUAXING INVEST 9.10 01/21/21 CNY 20.90
JINZHOU HUAXING INVEST 9.10 01/21/21 CNY 20.59
JISHOU HUATAI STATE OW 7.18 02/09/22 CNY 42.82
JISHOU HUATAI STATE OW 7.18 02/09/22 CNY 40.06
JIUJIANG CITY CONSTRUC 5.50 05/22/22 CNY 61.56
JIUJIANG CITY CONSTRUC 5.50 05/22/22 CNY 59.55
JIUJIANG LAND INVESTME 6.20 03/23/22 CNY 41.58
JIUJIANG LAND INVESTME 6.20 03/23/22 CNY 40.36
JIUJIANG LIANXI DISTRI 4.58 03/30/23 CNY 60.40
JIUJIANG LIANXI DISTRI 4.58 03/30/23 CNY 60.29
JIUQUAN ECONOMIC DEVEL 7.40 02/26/21 CNY 20.60
JIUQUAN ECONOMIC DEVEL 7.40 02/26/21 CNY 20.53
JIXI STATE OWN ASSET M 6.87 01/19/22 CNY 40.85
JIXI STATE OWN ASSET M 6.87 01/19/22 CNY 40.46
KAIFENG NEW DISTRICT I 6.35 03/23/22 CNY 40.81
KAIFENG NEW DISTRICT I 6.35 03/23/22 CNY 40.75
KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 60.74
KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 60.10
KAILI GUIZHOU TOWN CON 5.29 12/17/22 CNY 60.00
KAILI GUIZHOU TOWN CON 5.29 12/17/22 CNY 59.11
KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 21.25
KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 20.10
KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 21.25
KANGMEI PHARMACEUTICAL 6.33 01/27/22 CNY 36.69
KANGMEI PHARMACEUTICAL 6.80 06/28/21 CNY 21.25
KANGMEI PHARMACEUTICAL 7.00 06/21/21 CNY 21.25
KANGMEI PHARMACEUTICAL 5.50 04/20/21 CNY 21.25
KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 20.67
KANGMEI PHARMACEUTICAL 6.28 03/20/21 CNY 21.25
KASHGAR SHENKA INVESTM 7.08 07/07/20 CNY 25.18
KASHGAR SHENKA INVESTM 7.08 07/07/20 CNY 24.75
KASHI URBAN CONSTRUCTI 5.80 07/20/22 CNY 61.41
KASHI URBAN CONSTRUCTI 5.80 07/20/22 CNY 60.00
KUERLE CITY CONSTRUCTI 6.99 05/20/20 CNY 25.05
KUERLE CITY CONSTRUCTI 6.99 05/20/20 CNY 25.04
KUNMING DONGJUN REAL E 4.50 11/02/21 CNY 49.98
KUNSHAN COMMUNICATION 6.95 05/22/21 CNY 45.45
KUNSHAN COMMUNICATION 6.95 05/22/21 CNY 41.04
KUNSHAN HIGH TECHNOLOG 7.10 03/26/21 CNY 20.78
LAIWU CITY ECONOMIC DE 7.08 02/28/21 CNY 20.65
LAIWU CITY ECONOMIC DE 7.08 02/28/21 CNY 20.60
LANZHOU STATE OWNED AS 6.32 09/10/21 CNY 40.38
LANZHOU STATE OWNED AS 6.32 09/10/21 CNY 34.90
LAOHEKOU CITY CONSTRUC 6.75 08/12/22 CNY 61.42
LAOHEKOU CITY CONSTRUC 6.75 08/12/22 CNY 61.33
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 42.41
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 42.39
LEQING CITY STATE OWNE 5.99 10/20/21 CNY 41.40
LEQING CITY STATE OWNE 5.99 10/20/21 CNY 40.85
LESHAN STATE-OWNED ASS 5.68 10/22/21 CNY 45.60
LESHAN STATE-OWNED ASS 5.68 10/22/21 CNY 41.10
LIANYUNGANG TRANSPORT 5.47 11/17/21 CNY 45.00
LIANYUNGANG TRANSPORT 5.47 11/17/21 CNY 40.82
LIAOCHENG ANTAI URBAN 5.16 04/11/23 CNY 61.66
LIAOCHENG ANTAI URBAN 5.16 04/11/23 CNY 61.27
LIAOCHENG ANTAI URBAN 4.58 04/11/23 CNY 61.09
LIAOCHENG ANTAI URBAN 4.58 04/11/23 CNY 60.81
LIAOCHENG XINGYE ECONO 5.20 04/13/23 CNY 61.84
LIAOCHENG XINGYE ECONO 5.20 04/13/23 CNY 58.99
LIAONING COASTAL ECONO 8.90 04/01/21 CNY 11.46
LIAONING COASTAL ECONO 8.90 04/01/21 CNY 3.63
LIAONING YAODU DEVELOP 6.50 04/29/23 CNY 61.48
LIAONING YAODU DEVELOP 6.50 04/29/23 CNY 59.87
LILING HIGH-TECH INDUS 4.93 01/19/23 CNY 60.10
LILING HIGH-TECH INDUS 4.93 01/19/23 CNY 58.75
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 20.04
LINFEN YAODU DISTRICT 7.19 03/13/22 CNY 41.01
LINFEN YAODU DISTRICT 7.19 03/13/22 CNY 40.37
LINFEN YAODU DISTRICT 6.99 09/27/20 CNY 20.13
LINFEN YAODU DISTRICT 6.99 09/27/20 CNY 20.00
LISHUI CITY CONSTRUCTI 5.67 08/13/22 CNY 61.76
LISHUI CITY CONSTRUCTI 5.67 08/13/22 CNY 60.00
LISHUI CITY CONSTRUCTI 6.00 05/23/20 CNY 20.10
LISHUI CITY CONSTRUCTI 6.00 05/23/20 CNY 20.02
LIUPANSHUI AFFORDABLE 5.08 01/29/23 CNY 59.38
LIUPANSHUI AFFORDABLE 5.08 01/29/23 CNY 59.27
LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 61.18
LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 60.94
LIUYANG MODERN MANUFAC 4.72 01/19/23 CNY 61.09
LIUYANG MODERN MANUFAC 4.72 01/19/23 CNY 60.14
LIUYANG NEW INDUSTRIAL 4.43 10/23/22 CNY 60.68
LIUYANG NEW INDUSTRIAL 4.43 10/23/22 CNY 60.30
LIUYANG URBAN CONSTRUC 6.98 08/22/21 CNY 41.50
LIUYANG URBAN CONSTRUC 6.98 08/22/21 CNY 41.36
LIUZHOU CITY INVESTMEN 7.18 12/31/22 CNY 47.15
LIUZHOU INVESTMENT HOL 4.28 03/08/23 CNY 60.36
LIUZHOU INVESTMENT HOL 4.28 03/08/23 CNY 60.35
LIUZHOU LONGJIAN INVES 8.28 04/30/24 CNY 64.44
LIYANG KUNLUN URBAN CO 5.90 10/24/21 CNY 40.96
LIYANG KUNLUN URBAN CO 5.90 10/24/21 CNY 38.00
LONGHAI STATE-OWNED AS 6.58 08/15/21 CNY 40.97
LONGYAN RAILWAY CONSTR 4.98 04/13/23 CNY 60.16
LONGYAN RAILWAY CONSTR 4.98 04/13/23 CNY 59.25
LOUDI CITY CONSTRUCTIO 7.95 04/15/21 CNY 30.31
LOUDI CITY CONSTRUCTIO 7.95 04/15/21 CNY 20.59
LOUDI TIDU INVESTMENT 4.83 01/20/23 CNY 60.99
LOUDI TIDU INVESTMENT 4.83 01/20/23 CNY 60.23
LOUDI TIDU INVESTMENT 7.18 08/27/21 CNY 41.00
LOUDI TIDU INVESTMENT 7.18 08/27/21 CNY 40.00
LOUDI WANBAO NEW DISTR 5.13 02/01/23 CNY 60.24
LOUDI WANBAO NEW DISTR 5.13 02/01/23 CNY 59.91
LU'AN CITY CONSTRUCTIO 5.05 04/26/21 CNY 51.14
LU'AN CITY CONSTRUCTIO 3.97 02/22/21 CNY 50.60
LU'AN CITY CONSTRUCTIO 5.20 09/25/20 CNY 50.57
LUJIANG CITY CONSTRUCT 6.70 04/16/22 CNY 41.09
LUJIANG CITY CONSTRUCT 6.70 04/16/22 CNY 40.00
LUOHE CITY INVESTMENT 5.25 09/11/20 CNY 40.22
LUOYANG CITY COUNTRY C 4.28 04/26/23 CNY 61.83
LUOYANG CITY DEVELOPME 4.47 12/02/22 CNY 61.91
LUOYANG CITY DEVELOPME 4.47 12/02/22 CNY 60.00
LUZHOU XINGLU TOUZI JI 6.41 04/23/25 CNY 70.00
LUZHOU XINGYANG INVEST 4.87 01/28/23 CNY 59.77
LUZHOU XINGYANG INVEST 4.87 01/28/23 CNY 59.76
MA'ANSHAN CIHU HIGH TE 6.85 09/09/21 CNY 43.00
MA'ANSHAN CIHU HIGH TE 6.85 09/09/21 CNY 41.24
MAANSHAN ECONOMIC TECH 6.49 03/06/22 CNY 44.99
MAANSHAN ECONOMIC TECH 6.49 03/06/22 CNY 41.11
MAANSHAN HUASHAN DISTR 6.07 04/20/22 CNY 41.83
MAANSHAN HUASHAN DISTR 6.07 04/20/22 CNY 41.42
MEISHAN CITY ASSET OPE 7.84 02/26/21 CNY 20.70
MEISHAN CITY ASSET OPE 7.84 02/26/21 CNY 20.40
MEISHAN HONGDA CONSTRU 4.18 03/28/23 CNY 60.11
MEISHAN HONGDA CONSTRU 4.18 03/28/23 CNY 60.08
MEISHAN HONGDA CONSTRU 6.56 06/19/20 CNY 20.06
MEISHAN HONGDA CONSTRU 6.56 06/19/20 CNY 20.02
MEIZHOU CITY XIN JIN Y 6.02 04/22/22 CNY 45.32
MEIZHOU CITY XIN JIN Y 6.02 04/22/22 CNY 41.60
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 20.25
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 20.23
MEIZHOU MEI COUNTY DIS 5.00 12/30/22 CNY 60.40
MEIZHOU MEI COUNTY DIS 5.00 12/30/22 CNY 60.00
MUDANJIANG AREA URBAN 6.48 06/30/22 CNY 65.00
MUDANJIANG AREA URBAN 6.48 06/30/22 CNY 61.56
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.57
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.56
MUNICIPALITY OF SHENZH 3.00 03/29/22 CNY 60.00
MUNICIPALITY OF SHENZH 3.00 03/29/22 CNY 60.00
NANCHANG WATER CONSERV 6.28 06/21/20 CNY 20.09
NANCHANG WATER CONSERV 6.28 06/21/20 CNY 20.08
NANCHONG AIRPORT INVES 6.80 01/26/22 CNY 41.29
NANCHONG AIRPORT INVES 6.80 01/26/22 CNY 40.95
NANCHONG ECONOMIC DEVE 8.28 04/21/21 CNY 31.20
NANCHONG ECONOMIC DEVE 8.28 04/21/21 CNY 20.84
NANJING BAIXIA STATE-O 3.98 03/29/23 CNY 61.25
NANJING BAIXIA STATE-O 3.98 03/29/23 CNY 60.99
NANJING HEXI NEW TOWN 3.20 07/22/21 CNY 69.50
NANJING HEXI NEW TOWN 3.47 06/17/21 CNY 66.00
NANJING JIANGNING ECON 7.94 04/14/24 CNY 66.82
NANJING LISHUI ECONOMI 6.27 09/22/21 CNY 41.29
NANJING LISHUI ECONOMI 6.27 09/22/21 CNY 41.23
NANJING LISHUI URBAN C 4.97 04/28/23 CNY 61.88
NANJING LISHUI URBAN C 4.97 04/28/23 CNY 61.01
NANJING LISHUI URBAN C 5.80 05/29/20 CNY 20.13
NANJING LISHUI URBAN C 5.80 05/29/20 CNY 20.02
NANJING STATE OWNED AS 5.60 03/06/23 CNY 47.47
NANJING STATE OWNED AS 5.60 03/06/23 CNY 47.10
NANJING TANGSHAN CONST 6.80 06/30/21 CNY 46.80
NANJING TANGSHAN CONST 6.80 06/30/21 CNY 40.98
NANNING HI-TECH INDUST 4.28 03/25/23 CNY 59.66
NANNING HI-TECH INDUST 4.28 03/25/23 CNY 55.20
NANNING LVGANG CONSTRU 7.30 06/27/21 CNY 44.80
NANNING LVGANG CONSTRU 7.30 06/27/21 CNY 40.72
NANPING CITY WUYI NEW 4.96 09/28/22 CNY 61.18
NANPING CITY WUYI NEW 4.96 09/28/22 CNY 60.60
NANPING CITY WUYI NEW 6.70 08/06/20 CNY 20.15
NANPING CITY WUYI NEW 6.70 08/06/20 CNY 20.12
NANTONG CHONGCHUAN URB 7.15 04/18/21 CNY 25.40
NANTONG CHONGCHUAN URB 7.15 04/18/21 CNY 20.69
NANTONG CITY GANGZHA D 3.80 09/06/21 CNY 70.71
NANTONG CITY GANGZHA D 3.80 09/06/21 CNY 70.34
NANTONG ECONOMIC & TEC 5.80 05/17/20 CNY 20.25
NANTONG ECONOMIC & TEC 5.80 05/17/20 CNY 20.01
NANTONG HIGH TECHNOLOG 5.00 10/19/22 CNY 61.87
NANTONG HIGH TECHNOLOG 5.00 10/19/22 CNY 61.52
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 41.35
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 40.00
NANYANG HIGH-TECH DIST 6.45 04/29/23 CNY 63.32
NANYANG HIGH-TECH DIST 6.45 04/29/23 CNY 62.94
NANYANG INVESTMENT GRO 7.05 10/24/20 CNY 20.36
NANYANG INVESTMENT GRO 7.05 10/24/20 CNY 20.29
NEIJIANG INVESTMENT HO 7.99 04/24/21 CNY 28.53
NEIJIANG INVESTMENT HO 7.99 04/24/21 CNY 20.62
NEIJIANG STATE-OWNED A 6.20 04/12/23 CNY 59.60
NEIJIANG STATE-OWNED A 6.20 04/12/23 CNY 59.40
NEIJINAG CONSTRUCTION 5.03 12/25/22 CNY 60.18
NEIJINAG CONSTRUCTION 5.03 12/25/22 CNY 56.36
NEOGLORY HOLDING GROUP 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GROUP 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 72.00
NINGBO CITY HAISHU GUA 7.75 03/06/21 CNY 26.30
NINGBO CITY HAISHU GUA 7.75 03/06/21 CNY 20.77
NINGBO CITY ZHENHAI IN 5.85 12/04/21 CNY 41.34
NINGBO CITY ZHENHAI IN 5.85 12/04/21 CNY 41.20
NINGBO ECONOMIC & TECH 7.09 04/21/21 CNY 29.00
NINGBO ECONOMIC & TECH 7.09 04/21/21 CNY 20.76
NINGBO MEISHAN ISLAND 6.27 03/23/22 CNY 48.29
NINGBO MEISHAN ISLAND 6.27 03/23/22 CNY 41.61
NINGGUO CITY STATE OWN 8.70 04/28/21 CNY 21.50
NINGGUO CITY STATE OWN 8.70 04/28/21 CNY 20.93
NINGHAI COUNTY URBAN I 7.99 04/16/21 CNY 20.88
NINGHAI COUNTY URBAN I 8.00 01/02/21 CNY 25.00
NINGHAI COUNTY URBAN I 8.00 01/02/21 CNY 20.61
NINGXIA TAIRUI PHARMAC 7.00 12/28/22 CNY 75.00
NINGXIANG CITY CONSTRU 6.70 01/20/22 CNY 42.10
NINGXIANG CITY CONSTRU 6.70 01/20/22 CNY 40.20
NINGXIANG ECONOMIC TEC 3.87 01/27/23 CNY 60.58
NINGXIANG ECONOMIC TEC 3.87 01/27/23 CNY 60.40
NINGXIANG ECONOMIC TEC 8.20 04/16/21 CNY 20.67
PANJIN CITY SHUANGTAIZ 6.48 10/23/22 CNY 61.56
PANJIN CITY SHUANGTAIZ 6.48 10/23/22 CNY 60.84
PANJIN CITY SHUANGTAIZ 7.25 01/22/22 CNY 40.76
PANJIN CITY SHUANGTAIZ 7.25 01/22/22 CNY 40.70
PANSHAN COUNTY STATE-O 7.48 01/21/22 CNY 41.23
PANSHAN COUNTY STATE-O 7.48 01/21/22 CNY 41.23
PANZHIHUA STATE OWNED 8.18 03/13/22 CNY 42.36
PANZHIHUA STATE OWNED 7.60 03/05/21 CNY 20.48
PANZHIHUA STATE OWNED 7.60 03/05/21 CNY 20.32
PANZHIHUA STATE OWNED 5.41 07/29/20 CNY 19.30
PEIXIAN CITY INVESTMEN 5.20 11/10/22 CNY 60.69
PEIXIAN CITY INVESTMEN 5.20 11/10/22 CNY 60.00
PEKING UNIVERSITY FOUN 6.30 03/04/24 CNY 49.00
PEKING UNIVERSITY FOUN 6.50 11/16/23 CNY 49.00
PEKING UNIVERSITY FOUN 6.68 08/09/23 CNY 49.00
PEKING UNIVERSITY FOUN 5.80 01/28/22 CNY 49.00
PEKING UNIVERSITY FOUN 5.99 11/02/21 CNY 49.00
PEKING UNIVERSITY FOUN 6.10 08/22/21 CNY 49.00
PEKING UNIVERSITY FOUN 4.80 07/26/21 CNY 49.00
PEKING UNIVERSITY FOUN 6.30 09/12/20 CNY 49.00
PEKING UNIVERSITY FOUN 6.15 07/23/20 CNY 49.00
PEKING UNIVERSITY FOUN 6.20 05/31/20 CNY 49.00
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 62.03
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 61.81
PINGHU ECONOMIC DEVELO 7.99 04/17/21 CNY 20.80
PINGHU ECONOMIC DEVELO 7.99 04/17/21 CNY 20.73
PINGLIANG CHENGXIANG C 7.10 09/17/20 CNY 20.31
PINGLIANG CHENGXIANG C 7.10 09/17/20 CNY 20.20
PINGLIANG CULTURAL & T 6.85 11/30/22 CNY 61.14
PINGLIANG CULTURAL & T 6.85 11/30/22 CNY 55.50
PINGTAN COMPREHENSIVE 3.92 01/29/23 CNY 60.87
PINGTAN COMPREHENSIVE 3.92 01/29/23 CNY 60.30
PINGXIANG CHANGXING IN 5.26 04/11/23 CNY 60.28
PINGXIANG CHANGXING IN 5.26 04/11/23 CNY 59.48
PINGXIANG HUIFENG INVE 6.60 01/26/22 CNY 40.46
PINGXIANG HUIFENG INVE 6.60 01/26/22 CNY 40.00
PINGYANG STATE-OWNED A 4.97 01/08/23 CNY 60.92
PINGYANG STATE-OWNED A 4.97 01/08/23 CNY 60.00
PIZHOU CITY HENGRUN IN 6.46 12/05/21 CNY 42.46
PIZHOU CITY HENGRUN IN 6.46 12/05/21 CNY 41.40
PIZHOU ECONOMIC DEVELO 5.00 10/29/22 CNY 60.00
PIZHOU ECONOMIC DEVELO 5.00 10/29/22 CNY 59.74
PIZHOU RUNCAI ASSET MA 5.90 12/18/20 CNY 50.49
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 51.10
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 51.09
PUYANG INVESTMENT GROU 8.00 12/11/20 CNY 20.51
PUYANG INVESTMENT GROU 8.00 12/11/20 CNY 20.00
QIANAN URBAN CONSTRUCT 7.19 08/11/21 CNY 41.18
QIANAN URBAN CONSTRUCT 7.19 08/11/21 CNY 40.00
QIANAN URBAN CONSTRUCT 8.88 01/23/21 CNY 20.79
QIANAN URBAN CONSTRUCT 8.88 01/23/21 CNY 20.00
QIANAN XINGYUAN WATER 6.25 04/22/22 CNY 46.90
QIANAN XINGYUAN WATER 6.25 04/22/22 CNY 41.27
QIANDONGNAN TRANSPORTA 5.79 12/21/22 CNY 59.00
QIANDONGNAN TRANSPORTA 5.79 12/21/22 CNY 57.28
QIANDONGNANZHOU KAIHON 5.30 09/22/26 CNY 74.80
QIANJIANG URBAN CONSTR 5.19 12/21/22 CNY 60.38
QIANJIANG URBAN CONSTR 5.19 12/21/22 CNY 60.00
QIANJIANG URBAN CONSTR 8.38 04/22/21 CNY 21.00
QIANJIANG URBAN CONSTR 8.38 04/22/21 CNY 20.91
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 39.56
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 38.50
QIDONG COMMUNICATIONS 4.00 03/18/23 CNY 60.92
QIDONG COMMUNICATIONS 4.00 03/18/23 CNY 60.75
QIDONG STATE-OWNED ASS 4.00 03/09/23 CNY 60.49
QIDONG STATE-OWNED ASS 4.00 03/09/23 CNY 59.30
QIDONG STATE-OWNED ASS 7.30 11/20/22 CNY 47.67
QIDONG STATE-OWNED ASS 7.30 11/20/22 CNY 47.60
QIDONG URBAN CONSTRUCT 7.90 04/28/21 CNY 20.96
QIDONG URBAN CONSTRUCT 8.20 04/04/21 CNY 20.98
QIHE CITY OPERATION CO 5.10 03/07/23 CNY 60.54
QIHE CITY OPERATION CO 5.10 03/07/23 CNY 60.02
QINGDAO CONSON DEVELOP 6.40 12/12/22 CNY 47.65
QINGDAO CONSON DEVELOP 6.40 12/12/22 CNY 47.20
QINGDAO HICREAT DEVELO 6.88 04/25/21 CNY 21.13
QINGDAO HICREAT DEVELO 6.88 04/25/21 CNY 20.78
QINGDAO JIAOZHOU BAY D 6.33 09/18/21 CNY 41.33
QINGDAO JIMO CITY TOUR 5.47 11/17/21 CNY 41.18
QINGDAO JIMO CITY TOUR 5.47 11/17/21 CNY 41.00
QINGDAO LAIXI CITY ASS 7.50 03/06/21 CNY 28.79
QINGDAO LAIXI CITY ASS 7.50 03/06/21 CNY 20.69
QINGHAI PROVINCIAL INV 6.40 07/10/21 USD 35.76
QINGHAI PROVINCIAL INV 7.88 03/22/21 USD 35.47
QINGHAI STATE-OWNED AS 5.90 12/17/22 CNY 60.00
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.61
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.60
QINGYUAN TRANSPORTATIO 8.20 12/19/20 CNY 20.55
QINGZHOU HONGYUAN PUBL 7.59 05/29/21 CNY 47.50
QINGZHOU HONGYUAN PUBL 7.59 05/29/21 CNY 40.52
QINHUANGDAO CITY DEVEL 4.69 04/14/23 CNY 60.76
QINHUANGDAO CITY DEVEL 4.69 04/14/23 CNY 59.95
QINHUANGDAO DEVELOPMEN 8.45 04/18/21 CNY 21.28
QINHUANGDAO DEVELOPMEN 8.45 04/18/21 CNY 20.73
QINHUANGDAO DEVELOPMEN 8.00 12/17/20 CNY 20.42
QINHUANGDAO DEVELOPMEN 8.00 12/17/20 CNY 20.00
QINZHOU BINHAI NEW CIT 7.00 08/27/20 CNY 20.16
QINZHOU BINHAI NEW CIT 7.00 08/27/20 CNY 20.00
QINZHOU BINHAI NEW CIT 6.99 07/07/21 CNY 40.77
QINZHOU BINHAI NEW CIT 6.99 07/07/21 CNY 40.00
QIONGLAI CITY CONSTRUC 6.98 03/25/22 CNY 44.90
QIONGLAI CITY CONSTRUC 6.98 03/25/22 CNY 41.00
QUJING CITY QILIN DIST 5.37 11/26/22 CNY 61.95
QUJING CITY QILIN DIST 5.37 11/26/22 CNY 60.06
QUJING DEVELOPMENT INV 7.48 04/28/21 CNY 40.82
QUJING DEVELOPMENT INV 7.48 04/28/21 CNY 22.55
QUJING ECO TECH DEVELO 7.48 07/21/21 CNY 40.76
QUJING ECO TECH DEVELO 7.48 07/21/21 CNY 40.50
QUZHOU STATE OWNED ASS 7.20 04/21/21 CNY 23.42
QUZHOU STATE OWNED ASS 7.20 04/21/21 CNY 20.79
RENHUAI CITY DEVELOPME 5.12 04/14/23 CNY 59.91
RENHUAI CITY DEVELOPME 5.12 04/14/23 CNY 59.90
RENHUAI CITY DEVELOPME 8.09 05/16/21 CNY 41.03
RENHUAI CITY DEVELOPME 8.09 05/16/21 CNY 41.01
RENQIU CONSTRUCTION IN 5.68 11/18/22 CNY 60.53
RENQIU CONSTRUCTION IN 5.68 11/18/22 CNY 58.22
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 60.99
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 60.00
REWARD SCIENCE AND TEC 6.40 03/03/22 CNY 70.00
REWARD SCIENCE AND TEC 5.53 07/05/21 CNY 29.10
RIGHT WAY REAL ESTATE 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTI 3.98 12/07/22 CNY 60.68
RIZHAO CITY CONSTRUCTI 3.98 12/07/22 CNY 60.10
RIZHAO CITY CONSTRUCTI 5.80 06/06/20 CNY 20.03
RUDONG COUNTY DONGTAI 6.99 06/20/21 CNY 45.90
RUDONG COUNTY DONGTAI 6.99 06/20/21 CNY 40.91
RUDONG COUNTY JINXIN T 8.08 03/03/21 CNY 24.03
RUDONG COUNTY JINXIN T 8.08 03/03/21 CNY 20.73
RUDONG COUNTY KAITAI C 4.57 01/08/23 CNY 61.27
RUGAO COMMUNICATIONS C 3.74 03/23/23 CNY 60.82
RUGAO COMMUNICATIONS C 3.74 03/23/23 CNY 60.50
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 61.02
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 60.88
RUGAO ECONOMIC & TRADE 8.30 01/22/21 CNY 29.00
RUGAO ECONOMIC & TRADE 8.30 01/22/21 CNY 20.76
RUGAO YANJIANG DEVELOP 8.60 01/24/21 CNY 20.93
RUGAO YANJIANG DEVELOP 8.60 01/24/21 CNY 20.74
RUIAN STATE OWNED ASSE 4.56 01/27/23 CNY 61.49
RUIAN STATE OWNED ASSE 4.56 01/27/23 CNY 60.94
RUICHANG CITY INVESTME 5.68 03/25/23 CNY 60.90
RUICHANG CITY INVESTME 5.68 03/25/23 CNY 59.58
RUZHOU CITY XINYUAN IN 6.30 09/16/21 CNY 53.30
RUZHOU CITY XINYUAN IN 6.30 09/16/21 CNY 49.61
SANMEN COUNTY STATE-OW 6.80 03/18/22 CNY 41.12
SANMEN COUNTY STATE-OW 6.80 03/18/22 CNY 40.00
SANMEN COUNTY STATE-OW 6.85 10/29/21 CNY 41.08
SANMEN COUNTY STATE-OW 6.85 10/29/21 CNY 40.00
SANMING TRANSPORTATION 3.68 03/29/23 CNY 60.72
SANMING TRANSPORTATION 3.68 03/29/23 CNY 60.15
SHAANXI ANKANG HIGH TE 8.78 09/17/21 CNY 47.00
SHAANXI ANKANG HIGH TE 8.78 09/17/21 CNY 41.60
SHAANXI PROVINCIAL EXP 5.99 06/18/20 CNY 60.22
SHAANXI XIXIAN NEW ARE 6.85 08/15/21 CNY 45.50
SHAANXI XIXIAN NEW ARE 6.85 08/15/21 CNY 40.98
SHAANXI XIXIAN NEW ARE 6.89 01/05/22 CNY 43.10
SHAANXI XIXIAN NEW ARE 6.89 01/05/22 CNY 41.22
SHAANXI XIXIAN NEW ARE 5.15 11/27/22 CNY 61.07
SHAANXI XIXIAN NEW ARE 5.15 11/27/22 CNY 61.01
SHANDONG BORUN INDUSTR 6.50 11/02/21 CNY 66.53
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 42.00
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 41.95
SHANDONG CENTURY SUNSH 8.19 07/21/21 CNY 41.34
SHANDONG CENTURY SUNSH 8.19 07/21/21 CNY 41.32
SHANDONG FUYU CHEMICAL 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CON 6.05 06/18/22 CNY 62.45
SHANDONG GAOCHUANG CON 6.05 06/18/22 CNY 61.76
SHANDONG HONGHE HOLDIN 8.50 06/23/21 CNY 44.00
SHANDONG HONGHE HOLDIN 8.50 06/23/21 CNY 41.24
SHANDONG JINMAO TEXTIL 6.97 04/01/21 CNY 20.70
SHANDONG JINMAO TEXTIL 8.00 09/25/20 CNY 35.84
SHANDONG RENCHENG RONG 7.30 10/18/20 CNY 23.40
SHANDONG RENCHENG RONG 7.30 10/18/20 CNY 20.32
SHANDONG RUYI TECHNOLO 7.90 09/18/23 CNY 52.10
SHANDONG SNTON GROUP C 5.18 09/08/21 CNY 8.52
SHANDONG SNTON GROUP C 6.20 05/30/21 CNY 9.50
SHANDONG TAIYANG INDUS 5.97 03/02/21 CNY 42.86
SHANDONG TENGJIAN INVE 6.00 06/08/22 CNY 60.73
SHANDONG TENGJIAN INVE 6.00 06/08/22 CNY 60.00
SHANDONG WANTONG PETRO 7.97 11/29/21 CNY 31.45
SHANGHAI CAOHEJING HI- 7.24 04/09/21 CNY 20.73
SHANGHAI CAOHEJING HI- 7.24 04/09/21 CNY 20.72
SHANGHAI CHONGMING CON 6.40 06/13/20 CNY 25.09
SHANGHAI JIADING ROAD 6.80 04/23/21 CNY 20.75
SHANGHAI JIADING ROAD 6.80 04/23/21 CNY 20.64
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 25.61
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 25.51
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 41.78
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 40.79
SHANGHAI MUNICIPAL INV 4.80 11/05/24 CNY 73.52
SHANGHAI NANHUI URBAN 6.04 08/20/21 CNY 41.24
SHANGHAI NANHUI URBAN 6.04 08/20/21 CNY 41.20
SHANGHAI PUTAILAI NEW 5.50 03/19/21 CNY 66.67
SHANGHAI PUTAILAI NEW 5.30 05/18/20 CNY 66.67
SHANGHAI URBAN CONSTRU 3.50 01/06/23 CNY 61.07
SHANGHAI URBAN CONSTRU 3.50 01/06/23 CNY 60.77
SHANGHAI YONGYE ENTERP 6.84 05/21/20 CNY 25.04
SHANGLUO CITY CONSTRUC 7.05 09/09/20 CNY 25.40
SHANGLUO CITY CONSTRUC 7.05 09/09/20 CNY 20.24
SHANGRAO CITY STATE-OW 4.65 01/29/23 CNY 61.47
SHANGRAO CITY STATE-OW 4.65 01/29/23 CNY 61.34
SHANTOU CITY CONSTRUCT 8.57 03/23/22 CNY 32.23
SHANTOU INVESTMENT & F 7.99 03/04/24 CNY 66.22
SHANXI XIANG KUANG GRO 8.80 02/11/22 CNY 68.38
SHANXI XIANG KUANG GRO 8.80 02/11/22 CNY 54.50
SHAOWU URBAN CONSTRUCT 5.88 09/11/22 CNY 63.39
SHAOWU URBAN CONSTRUCT 5.88 09/11/22 CNY 60.79
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 41.60
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 40.00
SHAOXING CITY INVESTME 5.75 04/17/22 CNY 48.00
SHAOXING CITY INVESTME 5.75 04/17/22 CNY 42.03
SHAOXING CITY KEQIAO D 6.40 08/20/21 CNY 41.20
SHAOXING CITY KEQIAO D 6.40 08/20/21 CNY 40.98
SHAOXING COUNTY KEYAN 6.28 03/24/22 CNY 41.67
SHAOXING COUNTY KEYAN 6.28 03/24/22 CNY 40.00
SHAOXING JINGHU NEW DI 6.13 04/30/22 CNY 61.82
SHAOXING JINGHU NEW DI 6.13 04/30/22 CNY 41.90
SHAOXING KEQIAO ECONOM 7.00 12/10/21 CNY 41.29
SHAOXING KEQIAO ECONOM 7.00 12/10/21 CNY 40.00
SHAOXING PAOJIANG INDU 6.98 05/29/21 CNY 43.90
SHAOXING PAOJIANG INDU 6.98 05/29/21 CNY 40.74
SHAOXING SHANGYU ECONO 4.76 04/11/23 CNY 61.50
SHAOXING SHANGYU ECONO 4.76 04/11/23 CNY 61.49
SHAOXING SHANGYU HANGZ 6.95 10/11/20 CNY 20.55
SHAOXING SHANGYU HANGZ 6.95 10/11/20 CNY 20.37
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 41.20
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 41.14
SHAOYANG CITY CONSTRUC 8.58 01/17/21 CNY 21.00
SHAOYANG CITY CONSTRUC 8.58 01/17/21 CNY 20.57
SHAOYANG DULIANG INVES 5.50 04/13/23 CNY 60.76
SHAOYANG DULIANG INVES 5.50 04/13/23 CNY 58.14
SHENGZHOU INVESTMENT H 7.60 07/17/21 CNY 41.57
SHENGZHOU INVESTMENT H 7.60 07/17/21 CNY 41.44
SHENMU CITY STATE-OWNE 7.28 06/23/21 CNY 41.07
SHENMU CITY STATE-OWNE 7.28 06/23/21 CNY 41.00
SHENYANG DADONG STATE- 6.05 03/20/22 CNY 41.19
SHENYANG DADONG STATE- 6.05 03/20/22 CNY 40.00
SHENYANG ECONOMIC AFFO 7.17 04/29/22 CNY 60.32
SHENYANG ECONOMIC AFFO 7.17 04/29/22 CNY 41.26
SHENYANG SUJIATUN DIST 6.40 06/20/20 CNY 20.06
SHENYANG SUJIATUN DIST 6.40 06/20/20 CNY 20.00
SHENYANG TIEXI STATE-O 6.00 01/14/22 CNY 47.50
SHENYANG TIEXI STATE-O 6.00 01/14/22 CNY 41.17
SHENZHEN METRO GROUP C 6.75 01/24/24 CNY 65.48
SHENZHEN METRO GROUP C 6.75 01/24/24 CNY 64.90
SHENZHEN METRO GROUP C 5.40 03/25/23 CNY 47.44
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 62.96
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 62.50
SHIJIAZHUANG REAL ESTA 5.65 05/15/20 CNY 20.00
SHIJIAZHUANG STATE-OWN 5.75 04/09/22 CNY 47.20
SHIJIAZHUANG STATE-OWN 5.75 04/09/22 CNY 41.54
SHIJIAZHUANG URBAN CON 6.55 03/09/21 CNY 41.40
SHISHI CITY CONSTRUCTI 6.10 05/04/22 CNY 61.90
SHISHI CITY CONSTRUCTI 6.10 05/04/22 CNY 41.78
SHIYAN STATE-OWNED CAP 6.58 08/20/21 CNY 41.21
SHIYAN STATE-OWNED CAP 6.58 08/20/21 CNY 40.00
SHIYAN STATE-OWNED CAP 6.88 10/11/20 CNY 20.68
SHIYAN STATE-OWNED CAP 6.88 10/11/20 CNY 20.36
SHOUGUANG CITY CONSTRU 7.10 10/18/20 CNY 22.87
SHOUGUANG CITY CONSTRU 7.10 10/18/20 CNY 20.29
SHUCHENG COUNTY URBAN 5.50 04/29/23 CNY 62.20
SHUCHENG COUNTY URBAN 5.50 04/29/23 CNY 62.19
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 66.00
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 61.27
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.59
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.00
SICHUAN CHENGDU ABA DE 7.18 09/12/20 CNY 20.30
SICHUAN CHENGDU ABA DE 7.18 09/12/20 CNY 20.00
SICHUAN COAL GASIFICAT 7.00 04/18/23 CNY 60.45
SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 45.00
SICHUAN LANGZHONG FAMO 5.60 04/19/23 CNY 60.88
SICHUAN LANGZHONG FAMO 5.60 04/19/23 CNY 60.87
SICHUAN NAXING INDUSTR 4.68 03/31/23 CNY 59.06
SICHUAN NAXING INDUSTR 4.68 03/31/23 CNY 58.24
SICHUAN NAXING INDUSTR 7.17 09/11/21 CNY 40.71
SICHUAN NAXING INDUSTR 7.17 09/11/21 CNY 40.00
SICHUAN TIANYIN INDUST 6.79 03/25/22 CNY 48.00
SICHUAN TIANYIN INDUST 6.79 03/25/22 CNY 41.27
SIHONG COUNTY HONG YUA 6.15 03/16/22 CNY 41.50
SIHONG COUNTY HONG YUA 6.15 03/16/22 CNY 40.00
SIHUI STATE OWNED ASSE 4.59 01/14/23 CNY 60.95
SIHUI STATE OWNED ASSE 4.59 01/14/23 CNY 60.32
SIYANG COUNTY MINKANG 4.94 01/21/23 CNY 60.99
SIYANG COUNTY MINKANG 4.94 01/21/23 CNY 58.68
SLENDER WEST LAKE TOUR 6.80 06/25/21 CNY 40.86
SLENDER WEST LAKE TOUR 6.80 06/25/21 CNY 40.00
SONGYUAN URBAN DEVELOP 5.79 12/04/21 CNY 40.78
SONGYUAN URBAN DEVELOP 5.79 12/04/21 CNY 40.71
SUINING CITY HEDONG DE 8.36 04/17/21 CNY 27.82
SUINING CITY HEDONG DE 8.36 04/17/21 CNY 20.76
SUINING COUNTY RUNQI I 5.42 11/20/22 CNY 60.97
SUINING COUNTY RUNQI I 5.42 11/20/22 CNY 60.00
SUINING COUNTY RUNQI I 7.10 06/25/21 CNY 40.74
SUINING COUNTY RUNQI I 7.10 06/25/21 CNY 40.30
SUINING FUYUAN INDUSTR 6.39 03/17/22 CNY 44.18
SUINING FUYUAN INDUSTR 6.39 03/17/22 CNY 41.18
SUINING KAIDA INVESTME 4.89 04/08/23 CNY 60.42
SUINING KAIDA INVESTME 4.89 04/08/23 CNY 60.09
SUINING KAIDA INVESTME 8.69 04/21/21 CNY 20.69
SUINING KAIDA INVESTME 8.69 04/21/21 CNY 20.00
SUIZHOU DEVELOPMENT IN 8.40 04/30/21 CNY 21.91
SUIZHOU DEVELOPMENT IN 8.40 04/30/21 CNY 20.84
SUIZHOU DEVELOPMENT IN 8.50 12/20/20 CNY 21.83
SUIZHOU DEVELOPMENT IN 8.50 12/20/20 CNY 20.64
SUIZHOU HIGH-TECH INDU 4.47 03/25/23 CNY 60.89
SUIZHOU HIGH-TECH INDU 4.47 03/25/23 CNY 59.18
SUIZHOU URBAN CONSTRUC 7.18 09/02/21 CNY 41.20
SUIZHOU URBAN CONSTRUC 7.18 09/02/21 CNY 41.06
SUIZHOU YULONG WATER S 6.10 03/28/23 CNY 62.80
SUNSHINE KAIDI NEW ENE 6.12 08/23/20 CNY 40.18
SUNSHINE KAIDI NEW ENE 6.12 08/23/20 CNY 29.01
SUQIAN CITY CONSTRUCTI 6.88 10/29/20 CNY 20.38
SUZHOU CITY CONSTRUCTI 3.89 03/24/23 CNY 60.81
SUZHOU CITY CONSTRUCTI 3.89 03/24/23 CNY 60.52
SUZHOU CITY HENGCHENG 4.40 03/01/23 CNY 61.85
SUZHOU CITY HENGCHENG 4.40 03/01/23 CNY 61.55
SUZHOU FENHU INVESTMEN 7.49 02/28/21 CNY 20.80
SUZHOU FENHU INVESTMEN 7.49 02/28/21 CNY 20.51
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 60.50
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 60.41
SUZHOU NEW DISTRICT EC 6.20 07/22/21 CNY 41.10
SUZHOU NEW DISTRICT EC 6.20 07/22/21 CNY 40.92
SUZHOU WUJIANG COMMUNI 6.80 10/31/20 CNY 25.48
SUZHOU WUJIANG COMMUNI 6.80 10/31/20 CNY 25.19
SUZHOU WUJIANG DISTRIC 5.25 07/08/22 CNY 61.83
SUZHOU WUJIANG DISTRIC 5.25 07/08/22 CNY 61.60
SUZHOU XIANGCHENG URBA 6.95 03/19/21 CNY 22.60
SUZHOU XIANGCHENG URBA 6.95 03/19/21 CNY 20.68
TAHOE GROUP CO LTD 7.50 07/05/20 CNY 70.00
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 62.09
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 60.92
TAICANG ASSETS MANAGEM 7.00 02/27/21 CNY 20.70
TAICANG ASSETS MANAGEM 7.00 02/27/21 CNY 20.38
TAICANG SCIENCE EDUCAT 5.54 08/28/22 CNY 64.65
TAICANG SCIENCE EDUCAT 5.54 08/28/22 CNY 61.80
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 21.30
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 20.43
TAIXING CITY HONGQIAO 5.03 10/29/22 CNY 63.87
TAIXING CITY HONGQIAO 5.03 10/29/22 CNY 60.87
TAIYUAN ECONOMIC TECHN 7.43 04/24/21 CNY 20.83
TAIYUAN HIGH-SPEED RAI 6.50 10/30/20 CNY 25.45
TAIYUAN HIGH-SPEED RAI 5.18 09/06/20 CNY 40.41
TAIYUAN STATE-OWNED IN 7.20 03/19/21 CNY 26.50
TAIYUAN STATE-OWNED IN 7.20 03/19/21 CNY 20.83
TAIZHOU CITY CONSTRUCT 6.92 10/16/23 CNY 64.10
TAIZHOU CITY CONSTRUCT 6.92 10/16/23 CNY 63.91
TAIZHOU CITY JIANGYAN 7.10 09/03/20 CNY 20.60
TAIZHOU CITY JIANGYAN 7.10 09/03/20 CNY 20.13
TAIZHOU HAILING CITY D 4.60 12/14/22 CNY 60.84
TAIZHOU HAILING CITY D 4.60 12/14/22 CNY 60.00
TAIZHOU JIAOJIANG STAT 6.18 07/06/22 CNY 64.00
TAIZHOU JIAOJIANG STAT 6.18 07/06/22 CNY 62.02
TAIZHOU JIAOJIANG STAT 7.46 09/13/20 CNY 26.00
TAIZHOU JIAOJIANG STAT 7.46 09/13/20 CNY 25.33
TAIZHOU XINBINJIANG DE 7.60 03/05/21 CNY 21.00
TAIZHOU XINBINJIANG DE 7.60 03/05/21 CNY 20.71
TAIZHOU XINTAI GROUP C 4.07 03/23/23 CNY 61.03
TAIZHOU XINTAI GROUP C 4.07 03/23/23 CNY 60.81
TANGSHAN CAOFEIDIAN DE 7.50 10/15/20 CNY 20.25
TIANJIN BAOXING INDUST 7.10 10/17/20 CNY 20.14
TIANJIN BEICHEN DISTRI 7.00 04/21/21 CNY 27.15
TIANJIN BEICHEN DISTRI 7.00 04/21/21 CNY 20.50
TIANJIN BEICHEN TECHNO 6.87 08/20/21 CNY 47.00
TIANJIN BEICHEN TECHNO 6.87 08/20/21 CNY 40.25
TIANJIN BINHAI NEW ARE 6.10 11/23/21 CNY 43.90
TIANJIN BOHAI STATE-OW 3.82 04/18/23 CNY 60.35
TIANJIN DONGFANG CAIXI 5.19 01/29/22 CNY 40.65
TIANJIN DONGFANG CAIXI 5.19 01/29/22 CNY 39.59
TIANJIN DONGLI CITY IN 4.28 12/02/22 CNY 59.50
TIANJIN DONGLI CITY IN 4.28 12/02/22 CNY 59.41
TIANJIN DONGLI CITY IN 6.05 06/19/20 CNY 20.01
TIANJIN ECONOMIC TECHN 6.50 12/03/22 CNY 46.30
TIANJIN ECONOMIC TECHN 6.50 12/03/22 CNY 45.62
TIANJIN GUANGCHENG INV 5.40 04/20/23 CNY 58.42
TIANJIN GUANGCHENG INV 5.40 04/20/23 CNY 58.30
TIANJIN GUANGCHENG INV 6.97 02/22/23 CNY 44.67
TIANJIN GUANGCHENG INV 6.97 02/22/23 CNY 41.65
TIANJIN GUANGCHENG INV 7.45 07/24/21 CNY 49.00
TIANJIN GUANGCHENG INV 7.45 07/24/21 CNY 40.22
TIANJIN HARBOR CONSTRU 6.29 10/21/21 CNY 70.41
TIANJIN HARBOR CONSTRU 8.00 04/01/21 CNY 41.35
TIANJIN HARBOR CONSTRU 8.80 01/24/21 CNY 41.57
TIANJIN HI-TECH INDUST 6.65 09/12/21 CNY 40.60
TIANJIN HI-TECH INDUST 6.65 09/12/21 CNY 40.51
TIANJIN HOPETONE CO LT 7.50 07/25/21 CNY 73.64
TIANJIN HUANCHENG URBA 5.75 04/27/22 CNY 41.70
TIANJIN HUANCHENG URBA 5.75 04/27/22 CNY 40.81
TIANJIN HUANCHENG URBA 7.20 03/21/21 CNY 20.53
TIANJIN HUANCHENG URBA 7.20 03/21/21 CNY 20.35
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 47.35
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 46.00
TIANJIN JINNAN CITY CO 6.50 06/03/21 CNY 40.65
TIANJIN JINNAN CITY CO 6.50 06/03/21 CNY 40.30
TIANJIN LINGANG INVEST 7.75 02/26/21 CNY 20.60
TIANJIN LINGANG INVEST 7.75 02/26/21 CNY 20.50
TIANJIN NINGHE DISTRIC 7.00 05/30/21 CNY 47.50
TIANJIN NINGHE DISTRIC 7.00 05/30/21 CNY 40.58
TIANJIN NINGHE INVESTM 5.50 04/22/23 CNY 59.76
TIANJIN NINGHE INVESTM 5.50 04/22/23 CNY 59.74
TIANJIN RAILWAY CONSTR 5.58 04/13/25 CNY 74.59
TIANJIN RAILWAY CONSTR 5.58 04/13/25 CNY 74.35
TIANJIN REAL ESTATE TR 8.59 03/13/21 CNY 20.87
TIANJIN RESIDENTIAL CO 8.00 12/19/20 CNY 20.19
TIANJIN WATER INVESTME 6.60 07/28/21 CNY 41.80
TIANJIN WATER INVESTME 6.60 07/28/21 CNY 38.95
TIANJIN WATER INVESTME 8.40 01/15/21 CNY 25.63
TIANJIN WUQING STATE-O 4.15 11/17/22 CNY 60.89
TIANJIN WUQING STATE-O 4.15 11/17/22 CNY 60.60
TIANJIN WUQING STATE-O 7.18 03/19/21 CNY 20.89
TIANJIN WUQING STATE-O 7.18 03/19/21 CNY 20.68
TIANJIN WUQING STATE-O 8.00 12/17/20 CNY 20.76
TIANJIN WUQING STATE-O 8.00 12/17/20 CNY 20.47
TIANMEN CITY CONSTRUCT 8.20 08/28/21 CNY 45.16
TIANMEN CITY CONSTRUCT 8.20 08/28/21 CNY 41.44
TIANRUI GROUP CEMENT C 5.95 09/25/20 CNY 54.00
TONGCHENG CITY CONSTRU 5.47 11/09/22 CNY 61.05
TONGCHENG CITY CONSTRU 5.47 11/09/22 CNY 60.00
TONGLING CONSTRUCTION 4.12 03/14/23 CNY 60.57
TONGLING CONSTRUCTION 4.12 03/14/23 CNY 60.00
TONGLING CONSTRUCTION 6.98 08/26/20 CNY 22.50
TONGLING CONSTRUCTION 6.98 08/26/20 CNY 20.20
TONGLING DAJIANG INVES 6.50 01/19/22 CNY 48.00
TONGLING DAJIANG INVES 6.50 01/19/22 CNY 41.29
TONGLU STATE-OWNED ASS 8.09 04/18/21 CNY 20.98
TONGLU STATE-OWNED ASS 8.09 04/18/21 CNY 20.86
TONGXIANG CITY CONSTRU 6.10 05/16/20 CNY 20.01
TONGXIANG CITY CONSTRU 6.10 05/16/20 CNY 20.01
TSINGHUA UNIGROUP CO L 5.20 12/10/23 CNY 54.00
TSINGHUA UNIGROUP CO L 4.94 03/25/22 CNY 70.00
TULUFAN DISTRICT STATE 6.20 03/19/22 CNY 41.40
TULUFAN DISTRICT STATE 6.20 03/19/22 CNY 41.38
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
ULANQAB CITY INVESTMEN 8.39 04/25/22 CNY 52.47
ULANQAB JINING DISTRIC 6.16 03/24/23 CNY 62.06
ULANQAB JINING DISTRIC 6.16 03/24/23 CNY 59.19
URUMQI ECO&TECH DEVELO 6.40 04/13/22 CNY 41.88
URUMQI ECO&TECH DEVELO 6.40 04/13/22 CNY 40.00
WAFANGDIAN COASTAL PRO 3.98 02/01/23 CNY 59.26
WAFANGDIAN COASTAL PRO 3.98 02/01/23 CNY 58.28
WANGCHENG ECONOMIC DEV 6.57 01/22/22 CNY 48.81
WANGCHENG ECONOMIC DEV 6.57 01/22/22 CNY 41.51
WEICHI HOLDING GROUP C 5.40 12/21/20 CNY 54.29
WEIFANG BINHAI INVESTM 6.16 04/16/21 CNY 25.66
WEIHAI LANCHUANG CONST 4.80 12/17/22 CNY 60.62
WEIHAI LANCHUANG CONST 4.80 12/17/22 CNY 59.39
WEIHAI URBAN CONSTRUCT 3.33 03/02/23 CNY 60.20
WEIHAI URBAN CONSTRUCT 3.33 03/02/23 CNY 58.40
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 41.58
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 40.00
WENDENG GOLDEN BEACH I 3.97 03/21/23 CNY 60.46
WENDENG GOLDEN BEACH I 3.97 03/21/23 CNY 59.70
WENZHOU CITY CONSTRUCT 5.00 04/26/23 CNY 62.61
WENZHOU CITY CONSTRUCT 5.00 04/26/23 CNY 62.57
WENZHOU CITY CONSTRUCT 4.05 01/25/23 CNY 61.29
WENZHOU CITY CONSTRUCT 4.05 01/25/23 CNY 61.26
WENZHOU GANGCHENG DEVE 5.19 03/29/23 CNY 61.29
WENZHOU GANGCHENG DEVE 5.19 03/29/23 CNY 61.28
WENZHOU HIGH-TECH INDU 7.30 05/30/21 CNY 40.75
WENZHOU HIGH-TECH INDU 7.95 03/21/21 CNY 20.77
WENZHOU LUCHENG CITY D 5.58 11/03/21 CNY 43.00
WENZHOU LUCHENG CITY D 5.58 11/03/21 CNY 40.92
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 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 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WUHAI CITY CONSTRUCTIO 8.19 04/21/21 CNY 20.78
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.96
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.74
WUHAN CITY HUANPI DIST 6.43 09/17/21 CNY 43.02
WUHAN CITY HUANPI DIST 6.43 09/17/21 CNY 41.35
WUHAN JIANGXIA URBAN C 8.99 01/20/21 CNY 20.92
WUHAN METRO GROUP CO L 5.25 04/14/22 CNY 41.50
WUHAN METRO GROUP CO L 5.25 04/14/22 CNY 40.96
WUHU COMMUNICATIONS IN 4.50 04/28/23 CNY 61.32
WUHU COMMUNICATIONS IN 4.50 04/28/23 CNY 61.22
WUHU COUNTY CONSTRUCTI 6.60 12/08/21 CNY 46.35
WUHU COUNTY CONSTRUCTI 6.60 12/08/21 CNY 41.22
WUHU JINGHU CONSTRUCTI 6.68 05/16/20 CNY 20.02
WUHU JIUJIANG CONSTRUC 3.96 03/21/23 CNY 60.61
WUHU JIUJIANG CONSTRUC 3.96 03/21/23 CNY 60.49
WUHU JIUJIANG CONSTRUC 8.49 04/14/21 CNY 20.90
WUHU JIUJIANG CONSTRUC 8.49 04/14/21 CNY 20.00
WUHU XINMA INVESTMENT 4.87 11/04/22 CNY 61.52
WUHU XINMA INVESTMENT 4.87 11/04/22 CNY 59.40
WUHU YIJU INVESTMENT G 6.45 08/11/21 CNY 41.45
WUHU YIJU INVESTMENT G 6.45 08/11/21 CNY 41.27
WUWEI CITY ECONOMY DEV 8.20 04/24/21 CNY 20.57
WUWEI CITY ECONOMY DEV 8.20 04/24/21 CNY 20.00
WUWEI CITY ECONOMY DEV 8.20 12/09/20 CNY 20.57
WUWEI CITY ECONOMY DEV 8.20 12/09/20 CNY 20.40
WUXI HUIKAI ECONOMIC D 4.16 04/08/23 CNY 60.70
WUXI HUIKAI ECONOMIC D 4.16 04/08/23 CNY 59.83
WUXI HUNING METRO HUIS 4.38 06/08/21 CNY 70.61
WUXI HUNING METRO HUIS 4.38 06/08/21 CNY 70.45
WUXI MUNICIPAL DEVELOP 6.10 10/11/20 CNY 20.32
WUXI MUNICIPAL DEVELOP 6.10 10/11/20 CNY 20.23
WUXI TAIHU NEW CITY DE 4.49 05/03/23 CNY 61.87
WUYANG CONSTRUCTION GR 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CO 7.18 10/12/20 CNY 20.34
WUZHONG URBAN RURAL CO 7.18 10/12/20 CNY 20.33
XIAMEN TORCH GROUP CO 7.49 04/21/21 CNY 24.88
XIAMEN TORCH GROUP CO 7.49 04/21/21 CNY 20.63
XIAN FENGDONG DEVELOPM 4.67 01/08/23 CNY 60.52
XIAN FENGDONG DEVELOPM 4.67 01/08/23 CNY 60.23
XI'AN INTERNATIONAL HO 6.20 10/21/21 CNY 41.46
XI'AN INTERNATIONAL HO 6.20 10/21/21 CNY 40.70
XI'AN INTERNATIONAL IN 7.90 09/23/21 CNY 42.28
XIANGSHUI GUANJIANG HO 4.98 12/24/22 CNY 63.20
XIANGSHUI GUANJIANG HO 4.98 12/24/22 CNY 60.43
XIANGTAN CITY CONSTRUC 7.80 01/30/22 CNY 54.00
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 20.37
XIANGTAN JIUHUA ECONOM 5.00 07/25/26 CNY 74.39
XIANGTAN JIUHUA ECONOM 6.59 01/21/22 CNY 38.33
XIANGTAN JIUHUA ECONOM 7.15 10/15/20 CNY 19.86
XIANGTAN JIUHUA ECONOM 7.15 10/15/20 CNY 19.67
XIANGTAN LIANGXING SOC 7.89 04/23/21 CNY 20.40
XIANGTAN WANLOU XINCHE 6.90 01/14/22 CNY 40.12
XIANGTAN WANLOU XINCHE 6.90 01/14/22 CNY 35.49
XIANGTAN ZHENXIANG STA 6.60 08/07/20 CNY 20.06
XIANGTAN ZHENXIANG STA 6.60 08/07/20 CNY 20.00
XIANGYANG CITY XIANGZH 5.18 04/28/23 CNY 61.87
XIANGYANG CITY XIANGZH 5.18 04/28/23 CNY 61.57
XIANGYANG HIGH TECH ST 7.00 05/29/21 CNY 43.38
XIANGYANG HIGH TECH ST 7.00 05/29/21 CNY 40.79
XIANGYANG STATE-OWNED 4.62 01/25/23 CNY 61.02
XIANGYANG STATE-OWNED 4.62 01/25/23 CNY 60.59
XIANNING HIGH-TECH INV 6.29 02/10/22 CNY 45.00
XIANNING HIGH-TECH INV 6.29 02/10/22 CNY 41.05
XIANNING HIGH-TECH INV 5.80 06/05/20 CNY 20.24
XIANNING HIGH-TECH INV 5.80 06/05/20 CNY 20.04
XIANTAO CITY CONSTRUCT 4.59 04/18/23 CNY 61.22
XIANTAO CITY CONSTRUCT 4.59 04/18/23 CNY 61.06
XIANTAO CITY CONSTRUCT 8.15 02/24/21 CNY 20.83
XIANTAO CITY CONSTRUCT 8.15 02/24/21 CNY 20.50
XIAOGAN GAOCHUANG INVE 6.87 09/22/21 CNY 46.69
XIAOGAN GAOCHUANG INVE 6.87 09/22/21 CNY 41.17
XIAOGAN GAOCHUANG INVE 7.43 06/23/21 CNY 52.72
XIAOGAN GAOCHUANG INVE 7.43 06/23/21 CNY 40.94
XIAOGAN URBAN CONSTRUC 6.89 05/29/21 CNY 40.97
XINDONGGANG HOLDING GR 5.53 04/27/23 CNY 61.15
XINDONGGANG HOLDING GR 5.53 04/27/23 CNY 60.81
XINGAN LEAGUE URBAN DE 6.18 12/21/22 CNY 43.37
XINGAN LEAGUE URBAN DE 6.18 12/21/22 CNY 43.37
XINGHUA URBAN CONSTRUC 7.36 07/15/20 CNY 25.14
XINGHUA URBAN CONSTRUC 7.36 07/15/20 CNY 25.00
XINGYI XINHENG URBAN C 5.40 12/16/22 CNY 60.00
XINGYI XINHENG URBAN C 5.40 12/16/22 CNY 59.27
XINING ECONOMIC DEVELO 5.90 06/04/20 CNY 20.04
XINING ECONOMIC DEVELO 5.90 06/04/20 CNY 20.00
XINJIANG HUIFENG URBAN 3.60 03/16/23 CNY 60.57
XINJIANG HUIFENG URBAN 3.60 03/16/23 CNY 60.49
XINJIANG KAIDI INVESTM 7.80 04/22/21 CNY 21.35
XINJIANG KAIDI INVESTM 7.80 04/22/21 CNY 20.38
XINJIANG RUNSHENG INVE 7.15 07/10/20 CNY 25.38
XINJIANG RUNSHENG INVE 7.15 07/10/20 CNY 25.11
XINMI CAIYUAN CITY CON 4.35 02/28/23 CNY 60.77
XINMI CAIYUAN CITY CON 4.35 02/28/23 CNY 60.70
XINTAI CITY COORDINATI 6.35 03/23/22 CNY 41.34
XINTAI CITY COORDINATI 6.35 03/23/22 CNY 40.75
XINYANG HONGCHANG PIPE 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTM 7.55 04/15/21 CNY 26.30
XINYANG HUAXIN INVESTM 7.55 04/15/21 CNY 20.79
XINYI CITY INVESTMENT 4.30 01/19/23 CNY 60.54
XINYI CITY INVESTMENT 4.30 01/19/23 CNY 60.00
XINYI CITY INVESTMENT 7.39 10/15/20 CNY 20.45
XINYI CITY INVESTMENT 7.39 10/15/20 CNY 20.40
XINYI URBAN TRANSPORTA 6.14 02/06/22 CNY 41.53
XINYI URBAN TRANSPORTA 6.14 02/06/22 CNY 41.50
XINYU CHENGDONG CONSTR 8.48 05/27/21 CNY 47.00
XINYU CHENGDONG CONSTR 8.48 05/27/21 CNY 40.79
XINYU CITY SHANTYTOWN 6.42 12/09/20 CNY 40.43
XINYU CITY YUSHUI DIST 7.70 06/24/22 CNY 61.70
XINYU CITY YUSHUI DIST 7.70 06/24/22 CNY 61.39
XINZHENG NEW DISTRICT 5.40 03/29/21 CNY 33.71
XINZHENG NEW DISTRICT 6.40 01/29/21 CNY 25.58
XINZHOU ASSET MANAGEME 7.90 02/21/21 CNY 21.07
XINZHOU ASSET MANAGEME 7.90 02/21/21 CNY 20.68
XINZHOU ASSET MANAGEME 8.50 12/18/20 CNY 20.68
XINZHOU ASSET MANAGEME 8.50 12/18/20 CNY 20.00
XIUSHAN INDUSTRY DEVEL 5.85 04/14/23 CNY 61.13
XIUSHAN INDUSTRY DEVEL 5.85 04/14/23 CNY 60.50
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 46.00
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 41.39
XUANCHENG STATE-OWNED 4.12 04/07/23 CNY 61.26
XUANCHENG STATE-OWNED 4.12 04/07/23 CNY 61.19
XUANCHENG STATE-OWNED 7.95 03/27/21 CNY 26.00
XUANCHENG STATE-OWNED 7.95 03/27/21 CNY 20.90
XUZHOU BOCHANT DEVELOP 5.69 07/28/21 CNY 66.62
XUZHOU CITY JIAWANG CO 4.00 03/23/23 CNY 60.63
XUZHOU CITY JIAWANG CO 4.00 03/23/23 CNY 60.30
XUZHOU CITY TONGSHAN D 5.23 09/18/22 CNY 61.53
XUZHOU CITY TONGSHAN D 5.23 09/18/22 CNY 60.00
XUZHOU CITY TONGSHAN D 6.60 08/08/20 CNY 20.66
XUZHOU CITY TONGSHAN D 6.60 08/08/20 CNY 20.19
XUZHOU ECONOMIC TECHNO 7.35 04/21/21 CNY 20.92
XUZHOU HI-TECH INDUSTR 7.86 04/22/21 CNY 31.50
XUZHOU HI-TECH INDUSTR 7.86 04/22/21 CNY 20.75
XUZHOU TRANSPORTATION 7.09 05/15/21 CNY 41.00
XUZHOU TRANSPORTATION 7.09 05/15/21 CNY 40.88
XUZHOU XINSHENG INVEST 5.13 08/12/22 CNY 64.46
XUZHOU XINSHENG INVEST 5.13 08/12/22 CNY 62.10
YA'AN DEVELOPMENT INVE 7.00 09/13/20 CNY 20.21
YA'AN DEVELOPMENT INVE 7.00 09/13/20 CNY 20.20
YANCHENG CITY TINGHU D 7.95 11/15/20 CNY 20.36
YANCHENG CITY TINGHU D 7.95 11/15/20 CNY 18.30
YANCHENG DAFENG DISTRI 8.70 01/24/21 CNY 20.97
YANCHENG DAFENG DISTRI 8.70 01/24/21 CNY 20.71
YANCHENG DAFENG DISTRI 8.50 12/30/20 CNY 20.62
YANCHENG DAFENG DISTRI 8.50 12/30/20 CNY 20.60
YANCHENG HIGH-TECH ZON 3.90 12/14/22 CNY 60.80
YANCHENG HIGH-TECH ZON 3.90 12/14/22 CNY 60.40
YANCHENG ORIENTAL INVE 6.48 09/15/21 CNY 41.07
YANCHENG ORIENTAL INVE 6.48 09/15/21 CNY 40.55
YANCHENG SOUTH DISTRIC 6.70 07/30/21 CNY 41.29
YANCHENG YANDU DISTRIC 3.67 03/17/23 CNY 59.68
YANCHENG YANDU DISTRIC 3.67 03/17/23 CNY 58.56
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 41.86
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 40.00
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 20.22
YANGZHONG TRANSPORTATI 4.98 04/07/23 CNY 61.60
YANGZHONG TRANSPORTATI 4.95 04/07/23 CNY 61.55
YANGZHONG TRANSPORTATI 4.95 04/07/23 CNY 61.20
YANGZHONG TRANSPORTATI 4.98 04/07/23 CNY 60.99
YANGZHOU CHEMICAL INDU 8.58 01/24/21 CNY 26.00
YANGZHOU CHEMICAL INDU 8.58 01/24/21 CNY 20.50
YANGZHOU ECONOMIC & TE 7.40 03/05/21 CNY 41.51
YANGZHOU ECONOMIC & TE 7.40 03/05/21 CNY 40.00
YANGZHOU HANJIANG CONS 5.88 06/15/22 CNY 66.63
YANGZHOU HANJIANG CONS 5.88 06/15/22 CNY 61.78
YANGZHOU JIANGDU YANJI 7.48 07/29/20 CNY 25.24
YANGZHOU JIANGDU YANJI 7.48 07/29/20 CNY 25.22
YI CHENG CONSTRUCTION 5.44 04/27/23 CNY 60.49
YI ZHENG CITY DEVELOPM 4.63 01/08/23 CNY 60.82
YI ZHENG CITY DEVELOPM 4.63 01/08/23 CNY 60.00
YI ZHENG CITY DEVELOPM 8.60 01/09/21 CNY 29.30
YI ZHENG CITY DEVELOPM 8.60 01/09/21 CNY 20.61
YICHANG HIGH-TECH INVE 4.80 12/15/22 CNY 61.77
YICHANG HIGH-TECH INVE 4.80 12/15/22 CNY 60.00
YICHUN URBAN CONSTRUCT 7.09 05/15/21 CNY 43.47
YICHUN URBAN CONSTRUCT 7.09 05/15/21 CNY 40.79
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.76
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.61
YIHUA ENTERPRISE GROUP 6.50 05/02/22 CNY 72.33
YIHUA ENTERPRISE GROUP 7.00 04/29/22 CNY 54.00
YIHUA ENTERPRISE GROUP 6.80 03/15/21 CNY 47.99
YIHUA ENTERPRISE GROUP 5.99 11/26/20 CNY 30.00
YIHUA LIFESTYLE TECHNO 6.88 07/23/20 CNY 35.00
YIHUA LIFESTYLE TECHNO 6.88 07/16/20 CNY 35.90
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 20.84
YINCHUAN URBAN CONSTRU 6.88 05/12/21 CNY 40.90
YINGKOU COASTAL DEVELO 6.45 01/26/22 CNY 40.29
YINGKOU COASTAL DEVELO 6.45 01/26/22 CNY 39.68
YINGKOU LAOBIAN CITY C 4.98 03/11/23 CNY 60.00
YINGKOU LAOBIAN CITY C 4.98 03/11/23 CNY 59.42
YINGKOU LAOBIAN CITY C 5.63 12/16/22 CNY 60.00
YINGKOU LAOBIAN CITY C 5.63 12/16/22 CNY 59.96
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 47.66
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 47.64
YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 70.36
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 61.18
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 60.63
YINING CITY STATE OWNE 5.37 09/24/22 CNY 61.40
YINING CITY STATE OWNE 5.37 09/24/22 CNY 60.19
YINING CITY STATE OWNE 8.90 01/23/21 CNY 29.95
YINING CITY STATE OWNE 8.90 01/23/21 CNY 20.73
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 61.18
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 60.40
YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 50.41
YIXING CITY CONSTRUCTI 6.16 03/30/22 CNY 41.95
YIXING CITY CONSTRUCTI 6.16 03/30/22 CNY 40.00
YIXING TUOYE INDUSTRIA 7.60 05/28/21 CNY 43.50
YIXING TUOYE INDUSTRIA 7.60 05/28/21 CNY 40.81
YIYANG ADVANCED INDUST 7.00 03/30/22 CNY 48.00
YIYANG ADVANCED INDUST 7.00 03/30/22 CNY 41.19
YONG ZHOU CITY CONSTRU 7.30 10/23/20 CNY 20.40
YONGJIA INVESTMENT GRO 6.50 11/12/21 CNY 41.18
YONGJIA INVESTMENT GRO 6.50 11/12/21 CNY 40.00
YONGXING YINDU CONSTRU 5.60 03/24/23 CNY 60.82
YONGXING YINDU CONSTRU 5.60 03/24/23 CNY 60.06
YONGZHOU ECONOMIC CONS 3.55 01/14/23 CNY 59.63
YONGZHOU ECONOMIC CONS 3.55 01/14/23 CNY 59.20
YUEYANG CITY DONGTING 6.15 03/20/22 CNY 40.95
YUEYANG CITY DONGTING 6.15 03/20/22 CNY 40.73
YUEYANG HUILIN INVESTM 5.50 11/03/21 CNY 40.29
YUEYANG HUILIN INVESTM 5.50 11/03/21 CNY 40.00
YUEYANG URBAN CONSTRUC 6.05 07/12/20 CNY 20.11
YUHUAN CITY COMMUNICAT 6.18 03/20/22 CNY 44.47
YUHUAN CITY COMMUNICAT 6.18 03/20/22 CNY 41.59
YUHUAN CITY COMMUNICAT 5.65 11/03/21 CNY 44.50
YUHUAN CITY COMMUNICAT 5.65 11/03/21 CNY 40.93
YUHUAN CITY CONSTRUCTI 5.10 05/03/23 CNY 62.10
YUNNAN METROPOLITAN CO 6.77 05/23/21 CNY 40.32
YUYAO CITY CONSTRUCTIO 7.09 05/19/21 CNY 41.02
YUZHOU GENERAL INVESTM 4.68 01/19/23 CNY 60.65
YUZHOU GENERAL INVESTM 4.68 01/19/23 CNY 60.00
ZAOYANG CITY CONSTRUCT 5.50 03/22/23 CNY 62.02
ZAOYANG CITY CONSTRUCT 5.50 03/22/23 CNY 60.55
ZHANGJIAGANG FREE TRAD 7.10 08/23/20 CNY 26.04
ZHANGJIAGANG FREE TRAD 7.10 08/23/20 CNY 20.14
ZHANGJIAGANG JINCHENG 6.88 04/28/21 CNY 40.90
ZHANGJIAJIE ECONOMIC D 7.80 04/17/21 CNY 20.74
ZHANGYE CITY INVESTMEN 6.92 09/22/21 CNY 40.90
ZHANGYE CITY INVESTMEN 6.92 09/22/21 CNY 40.89
ZHANGZHOU ECONOMIC DEV 6.17 04/27/22 CNY 41.22
ZHANGZHOU ECONOMIC DEV 6.17 04/27/22 CNY 40.00
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 41.00
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 40.89
ZHANJIANG INFRASTRUCTU 6.93 10/21/20 CNY 20.39
ZHAOQING GAOYAO DISTRI 6.68 04/14/22 CNY 41.56
ZHAOQING GAOYAO DISTRI 6.68 04/14/22 CNY 40.00
ZHEJIANG BINHAI NEW CI 4.65 12/23/22 CNY 61.44
ZHEJIANG BINHAI NEW CI 4.65 12/23/22 CNY 60.00
ZHEJIANG CHANGXING JIN 7.99 03/03/21 CNY 30.00
ZHEJIANG CHANGXING JIN 7.99 03/03/21 CNY 20.54
ZHEJIANG GUOXING INVES 6.94 08/01/21 CNY 48.50
ZHEJIANG GUOXING INVES 6.94 08/01/21 CNY 41.09
ZHEJIANG HUISHENG INVE 4.49 03/15/24 CNY 71.44
ZHEJIANG HUISHENG INVE 4.49 03/15/24 CNY 70.00
ZHEJIANG OUHAI CONSTRU 4.83 01/21/23 CNY 61.20
ZHEJIANG OUHAI CONSTRU 4.83 01/21/23 CNY 60.00
ZHEJIANG OUHAI CONSTRU 6.45 04/23/22 CNY 41.39
ZHEJIANG OUHAI CONSTRU 6.45 04/23/22 CNY 40.00
ZHEJIANG PROVINCE XINC 6.95 12/31/21 CNY 41.87
ZHEJIANG PROVINCE XINC 6.95 12/31/21 CNY 41.64
ZHEJIANG PROVINCE XINC 5.88 10/30/21 CNY 41.21
ZHEJIANG PROVINCE XINC 5.88 10/30/21 CNY 41.06
ZHENGZHOU JINGKAI INVE 5.48 07/31/22 CNY 61.80
ZHENGZHOU JINGKAI INVE 5.48 07/31/22 CNY 60.00
ZHENGZHOU MOUZHONG DEV 4.59 04/18/23 CNY 61.50
ZHENGZHOU MOUZHONG DEV 4.59 04/18/23 CNY 61.18
ZHENGZHOU MOUZHONG DEV 7.48 12/11/21 CNY 46.20
ZHENGZHOU MOUZHONG DEV 7.48 12/11/21 CNY 41.41
ZHENGZHOU PUBLIC HOUSI 5.98 07/17/20 CNY 20.15
ZHENGZHOU PUBLIC HOUSI 5.98 07/17/20 CNY 20.12
ZHENJIANG CITY CONSTRU 8.20 01/13/21 CNY 28.49
ZHENJIANG CITY CONSTRU 8.20 01/13/21 CNY 20.67
ZHENJIANG CITY CONSTRU 7.90 12/18/20 CNY 28.50
ZHENJIANG CITY CONSTRU 7.90 12/18/20 CNY 20.55
ZHENJIANG DANTU DISTRI 5.89 11/03/21 CNY 40.17
ZHENJIANG DANTU DISTRI 5.89 11/03/21 CNY 39.60
ZHENJIANG NEW AREA URB 8.35 02/26/21 CNY 20.59
ZHENJIANG NEW AREA URB 8.99 01/16/21 CNY 20.51
ZHIJIANG STATE-OWNED A 4.38 03/28/23 CNY 64.70
ZHIJIANG STATE-OWNED A 4.38 03/28/23 CNY 60.52
ZHIJIANG STATE-OWNED A 4.78 01/11/23 CNY 60.45
ZHIJIANG STATE-OWNED A 4.78 01/11/23 CNY 60.00
ZHONGGUANCUN DEVELOPME 4.20 08/12/22 CNY 60.69
ZHONGGUANCUN DEVELOPME 4.20 08/12/22 CNY 60.65
ZHONGMINTOU LEASING HO 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATI 5.25 11/26/21 CNY 41.01
ZHONGSHAN TRANSPORTATI 5.25 11/26/21 CNY 40.00
ZHONGTIAN FINANCIAL GR 7.00 10/15/20 CNY 15.00
ZHOUKOU INVESTMENT GRO 7.49 04/21/21 CNY 20.53
ZHOUSHAN DINGHAI STATE 7.13 08/04/21 CNY 41.40
ZHOUSHAN DINGHAI STATE 7.13 08/04/21 CNY 41.18
ZHOUSHAN DINGHAI STATE 7.25 08/31/20 CNY 26.65
ZHOUSHAN DINGHAI STATE 7.25 08/31/20 CNY 25.38
ZHOUSHAN ISLANDS NEW D 6.98 10/22/22 CNY 57.19
ZHOUSHAN ISLANDS NEW D 6.98 10/22/22 CNY 56.54
ZHOUSHAN PUTUO DISTRIC 7.18 06/20/22 CNY 57.44
ZHOUSHAN PUTUO DISTRIC 7.18 06/20/22 CNY 56.90
ZHUHAI HUIHUA INFRASTR 7.15 09/17/20 CNY 21.15
ZHUHAI HUIHUA INFRASTR 7.15 09/17/20 CNY 20.31
ZHUJI CITY YUEDU INVES 6.38 04/07/22 CNY 41.80
ZHUJI CITY YUEDU INVES 6.38 04/07/22 CNY 41.77
ZHUJI CITY YUEDU INVES 8.20 12/12/20 CNY 24.50
ZHUJI CITY YUEDU INVES 8.20 12/12/20 CNY 20.61
ZHUZHOU CITY CONSTRUCT 8.36 11/10/21 CNY 43.75
ZHUZHOU CITY CONSTRUCT 6.95 10/16/20 CNY 20.30
ZHUZHOU CITY CONSTRUCT 6.95 10/16/20 CNY 20.26
ZHUZHOU GECKOR GROUP C 6.38 04/17/22 CNY 41.54
ZHUZHOU GECKOR GROUP C 6.38 04/17/22 CNY 40.00
ZHUZHOU GECKOR GROUP C 6.95 08/11/21 CNY 41.05
ZHUZHOU GECKOR GROUP C 6.95 08/11/21 CNY 40.86
ZHUZHOU RECYCLING ECON 4.38 03/24/23 CNY 57.37
ZHUZHOU RECYCLING ECON 4.38 03/24/23 CNY 56.83
ZHUZHOU XIANGJIANG SCE 5.39 11/25/22 CNY 61.23
ZHUZHOU XIANGJIANG SCE 5.39 11/25/22 CNY 60.95
ZIBO BANYANG CITY URBA 5.50 09/09/22 CNY 60.67
ZIBO BANYANG CITY URBA 5.50 09/09/22 CNY 60.00
ZIYANG WATER INVESTMEN 3.97 03/17/23 CNY 60.11
ZIYANG WATER INVESTMEN 3.97 03/17/23 CNY 59.77
ZIYANG WATER INVESTMEN 7.40 10/21/20 CNY 20.34
ZIYANG WATER INVESTMEN 7.40 10/21/20 CNY 20.00
ZIZHONG COUNTY XINGZI 5.97 01/18/23 CNY 60.92
ZIZHONG COUNTY XINGZI 5.97 01/18/23 CNY 59.68
ZJ HZ QINGSHAN LAKE SC 7.90 04/23/21 CNY 24.00
ZJ HZ QINGSHAN LAKE SC 7.90 04/23/21 CNY 20.88
ZUNYI ECONOMIC DEVELOP 4.87 01/22/23 CNY 60.00
ZUNYI ECONOMIC DEVELOP 4.87 01/22/23 CNY 58.58
ZUNYI NEW DISTRICT DEV 5.99 04/07/26 CNY 70.61
ZUNYI NEW DISTRICT DEV 5.99 04/07/26 CNY 69.69
ZUNYI ROAD & BRIDGE CO 6.10 04/27/23 CNY 57.96
ZUNYI ROAD & BRIDGE CO 6.10 04/27/23 CNY 53.80
INDONESIA
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ABM INVESTAMA TBK PT 7.13 08/01/22 USD 54.27
ABM INVESTAMA TBK PT 7.13 08/01/22 USD 52.34
BERAU COAL ENERGY TBK 7.25 03/13/17 USD 40.00
BERAU COAL ENERGY TBK 7.25 03/13/17 USD 40.00
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.11
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.11
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.11
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.11
DELTA MERLIN DUNIA TEK 8.63 03/12/24 USD 9.91
DELTA MERLIN DUNIA TEK 8.63 03/12/24 USD 9.72
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 4.27
ACME FAZILKA POWER PVT 0.01 09/07/46 INR 17.14
AMPSOLAR SOLUTION PVT 0.01 11/03/37 INR 25.22
AMPSOLAR SOLUTION PVT 0.01 10/27/37 INR 25.26
APG HABITAT PVT LTD 1.00 09/09/28 INR 55.86
APG INTELLI HOMES PVT 1.25 02/04/35 INR 42.13
APG INTELLI HOMES PVT 1.25 02/04/35 INR 39.77
AUTOMOTIVE EXCHANGE PV 4.00 10/11/30 INR 60.50
AUTOMOTIVE EXCHANGE PV 4.00 06/01/30 INR 60.53
BENGAL AEROTROPOLIS PR 5.00 12/01/30 INR 73.11
BENGAL AEROTROPOLIS PR 5.00 12/01/29 INR 74.57
BRITANNIA INDUSTRIES L 8.00 08/28/22 INR 30.27
BUKIT MAKMUR MANDIRI U 7.75 02/13/22 USD 66.70
BUKIT MAKMUR MANDIRI U 7.75 02/13/22 USD 64.32
CREIXENT SPECIAL STEEL 0.01 08/28/25 INR 62.35
CUMULUS TRADING CO PVT 0.01 05/21/32 INR 36.04
CUMULUS TRADING CO PVT 0.01 01/23/30 INR 58.24
DAYAKARA SOLAR POWER P 0.10 04/05/26 INR 60.32
DEWAN HOUSING FINANCE 8.50 04/18/23 INR 21.72
DLF CYBER CITY DEVELOP 0.01 11/19/24 INR 71.11
EDELWEISS ASSET RECONS 2.00 07/22/29 INR 59.85
EDELWEISS ASSET RECONS 2.00 01/15/29 INR 61.38
EDELWEISS ASSET RECONS 2.00 10/07/28 INR 62.23
EDELWEISS ASSET RECONS 2.00 11/20/27 INR 65.18
EDELWEISS ASSET RECONS 2.00 03/28/27 INR 67.22
FUTURE RETAIL LTD 5.60 01/22/25 USD 27.41
FUTURE RETAIL LTD 5.60 01/22/25 USD 25.93
GAJAH TUNGGAL TBK PT 8.38 08/10/22 USD 65.32
GREEN URJA PVT LTD 0.01 02/14/30 INR 44.65
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00
HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 56.25
HITODI INFRASTRUCTURE 0.01 06/30/27 INR 52.78
INDIA INFOLINE FINANCE 5.88 04/20/23 USD 63.35
INDIABULLS HOUSING FIN 6.38 05/28/22 USD 57.75
JAIPRAKASH ASSOCIATES 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTU 7.00 05/15/17 USD 3.22
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 26.85
JTPM ATSALI LTD 0.01 08/29/48 INR 13.57
KANAKADURGA FINANCE LT 0.01 04/15/36 INR 25.47
KVK ENERGY & INFRASTRU 0.01 01/25/24 INR 72.73
MARIS POWER SUPPLY CO 2.00 04/18/28 INR 63.44
MYTRAH AADHYA POWER PV 0.01 07/05/35 INR 29.74
MYTRAH ADVAITH POWER P 0.01 07/13/36 INR 27.63
MYTRAH AKSHAYA ENERGY 0.01 07/13/36 INR 27.63
ORIGAMI CELLULO PVT LT 0.01 11/14/36 INR 26.57
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE 0.40 10/15/33 INR 42.29
PUNJAB INFRASTRUCTURE 0.40 10/15/32 INR 45.06
PUNJAB INFRASTRUCTURE 0.40 10/15/31 INR 48.08
PUNJAB INFRASTRUCTURE 0.40 10/15/30 INR 51.38
PUNJAB INFRASTRUCTURE 0.40 10/15/29 INR 55.01
PUNJAB INFRASTRUCTURE 0.40 10/15/28 INR 58.99
PUNJAB INFRASTRUCTURE 0.40 10/15/27 INR 63.34
PUNJAB INFRASTRUCTURE 0.40 10/15/26 INR 68.04
PUNJAB INFRASTRUCTURE 0.40 10/15/25 INR 73.08
PYRAMID SAIMIRA THEATR 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 27.32
REDKITE CAPITAL PVT LT 2.50 03/30/29 INR 63.50
REDKITE CAPITAL PVT LT 2.50 01/15/28 INR 66.88
REI AGRO LTD 5.50 11/13/14 USD 0.58
REI AGRO LTD 5.50 11/13/14 USD 0.58
RELIANCE COMMUNICATION 6.50 11/06/20 USD 10.02
SHRIRAM TRANSPORT FINA 5.10 07/16/23 USD 75.01
SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 48.56
SRI REJEKI ISMAN TBK P 7.25 01/16/25 USD 79.61
SURBHI INVESTMENTS & T 2.50 10/21/28 INR 64.48
SUZLON ENERGY LTD 5.75 07/16/19 USD 24.59
SUZLON ENERGY LTD 5.75 07/16/19 USD 24.59
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.61
TN URJA PVT LTD 0.10 02/22/36 INR 30.39
VIDEOCON INDUSTRIES LT 2.80 12/31/20 USD 30.25
WATSUN INFRABUILD PVT 4.00 10/16/37 INR 57.42
WS T&D LTD 0.10 03/24/29 INR 48.22
ZYDUS FOUNDATION 0.10 03/25/25 INR 65.49
JAPAN
-----
AVANSTRATE INC 0.10 10/29/32 JPY 9.75
TKJP CORP 0.58 03/26/21 JPY 2.02
TKJP CORP 0.85 03/06/19 JPY 2.02
TKJP CORP 1.02 12/15/17 JPY 0.50
UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 72.59
UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 72.62
UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 73.17
KOREA
-----
ECOMAISTER CO LTD 2.00 10/11/22 KRW 54.19
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 46.84
KIBO ABS SPECIALTY CO 5.00 02/28/22 KRW 70.28
KIBO ABS SPECIALTY CO 5.00 02/24/22 KRW 71.11
KIBO ABS SPECIALTY CO 5.00 08/28/21 KRW 71.87
KIBO ABS SPECIALTY CO 5.00 02/26/21 KRW 62.77
KIBO ABS SPECIALTY CO 5.00 09/11/20 KRW 74.10
LOTTE CARD CO LTD 0.54 06/28/49 KRW 41.60
PAPERCOREA INC 1.00 01/21/21 KRW 0.08
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 63.06
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 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 54.17
SINBO SECURITIZATION S 5.00 07/24/23 KRW 68.84
SINBO SECURITIZATION S 5.00 06/27/23 KRW 68.98
SINBO SECURITIZATION S 5.00 03/20/23 KRW 70.50
SINBO SECURITIZATION S 5.00 02/28/23 KRW 70.64
SINBO SECURITIZATION S 5.00 01/25/23 KRW 67.93
SINBO SECURITIZATION S 5.00 09/28/22 KRW 72.60
SINBO SECURITIZATION S 5.00 08/31/22 KRW 68.02
SINBO SECURITIZATION S 5.00 07/26/22 KRW 66.96
SINBO SECURITIZATION S 5.00 07/24/22 KRW 66.97
SINBO SECURITIZATION S 5.00 06/29/22 KRW 72.50
SINBO SECURITIZATION S 5.00 06/27/22 KRW 67.02
SINBO SECURITIZATION S 5.00 02/28/22 KRW 70.28
SINBO SECURITIZATION S 5.00 02/23/22 KRW 66.68
SINBO SECURITIZATION S 5.00 01/26/22 KRW 65.79
SINBO SECURITIZATION S 5.00 01/25/22 KRW 65.80
SINBO SECURITIZATION S 5.00 12/27/21 KRW 70.97
SINBO SECURITIZATION S 5.00 09/27/21 KRW 74.64
SINBO SECURITIZATION S 5.00 08/31/21 KRW 65.75
SINBO SECURITIZATION S 5.00 08/25/21 KRW 74.89
SINBO SECURITIZATION S 5.00 07/26/21 KRW 64.50
SINBO SECURITIZATION S 5.00 06/29/21 KRW 72.07
SINBO SECURITIZATION S 5.00 03/21/21 KRW 62.11
SINBO SECURITIZATION S 5.00 12/21/20 KRW 62.94
SINBO SECURITIZATION S 5.00 06/23/20 KRW 74.57
MALAYSIA
--------
AEON CREDIT SERVICE M 3.50 09/15/20 MYR 0.79
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.48
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.16
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.25
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.82
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.16
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.45
MALAYAN FLOUR MILLS BH 5.00 01/24/24 MYR 0.97
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 2.83
SENAI-DESARU EXPRESSWA 1.35 06/30/31 MYR 70.26
SENAI-DESARU EXPRESSWA 1.35 12/31/30 MYR 71.51
SENAI-DESARU EXPRESSWA 1.35 06/28/30 MYR 72.81
SENAI-DESARU EXPRESSWA 1.35 12/31/29 MYR 73.99
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.02
NEW ZEALAND
-----------
PRECINCT PROPERTIES NE 4.80 09/27/21 NZD 1.04
SKY NETWORK TELEVISION 6.25 03/31/21 NZD 73.29
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIO 15.00 07/15/06 USD 22.75
SINGAPORE
---------
ALAM SYNERGY PTE LTD 6.63 04/24/22 USD 44.92
APL REALTY HOLDINGS PT 5.95 06/02/24 USD 46.14
ASL MARINE HOLDINGS LT 3.00 10/01/26 SGD 51.38
ASL MARINE HOLDINGS LT 3.00 03/28/25 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.82
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.82
BERAU CAPITAL RESOURCE 12.50 07/08/15 USD 39.80
BERAU CAPITAL RESOURCE 12.50 07/08/15 USD 39.80
BLD INVESTMENTS PTE LT 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 31.59
BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 31.59
BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 31.59
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 45.75
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 32.06
EZION HOLDINGS LTD 0.25 11/20/27 SGD 67.22
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GEO COAL INTERNATIONAL 8.00 10/04/22 USD 61.94
GEO COAL INTERNATIONAL 8.00 10/04/22 USD 52.13
GOLDEN ENERGY & RESOUR 9.00 02/14/23 USD 74.27
GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 74.17
HYFLUX LTD 4.60 09/23/19 SGD 38.63
HYFLUX LTD 4.20 08/29/19 SGD 38.63
HYFLUX LTD 4.25 09/07/18 SGD 38.63
INDO INFRASTRUCTURE GR 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE L 6.00 12/11/24 USD 30.53
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 29.80
MEDCO BELL PTE LTD 6.38 01/30/27 USD 60.04
MEDCO BELL PTE LTD 6.38 01/30/27 USD 58.19
MEDCO OAK TREE PTE LTD 7.38 05/14/26 USD 61.70
MEDCO OAK TREE PTE LTD 7.38 05/14/26 USD 61.52
MEDCO PLATINUM ROAD PT 6.75 01/30/25 USD 63.34
MEDCO PLATINUM ROAD PT 6.75 01/30/25 USD 62.86
MICLYN EXPRESS OFFSHOR 8.75 11/25/18 USD 22.59
MODERNLAND OVERSEAS PT 6.95 04/13/24 USD 64.39
MULHACEN PTE LTD 6.50 08/01/23 EUR 38.42
MULHACEN PTE LTD 6.50 08/01/23 EUR 38.26
NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 59.87
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 14.69
PACIFIC RADIANCE LTD 4.30 03/31/20 SGD 10.00
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 67.89
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 67.56
SSMS PLANTATION HOLDIN 7.75 01/23/23 USD 59.36
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 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
THETA CAPITAL PTE LTD 6.75 10/31/26 USD 69.02
SRI LANKA
---------
SRI LANKA DEVELOPMENT 6.75 01/22/25 USD 55.62
SRI LANKA DEVELOPMENT 6.50 01/22/25 USD 54.95
SRI LANKA DEVELOPMENT 6.02 01/22/25 USD 53.67
SRI LANKA DEVELOPMENT 5.98 01/22/25 USD 53.51
SRI LANKA DEVELOPMENT 5.28 01/22/25 USD 50.49
SRI LANKA DEVELOPMENT 6.70 05/01/23 USD 59.93
SRI LANKA DEVELOPMENT 5.66 05/01/23 USD 57.94
SRI LANKA DEVELOPMENT 4.64 05/01/23 USD 56.43
SRI LANKA DEVELOPMENT 4.60 05/01/23 USD 56.36
SRI LANKA DEVELOPMENT 6.62 03/16/23 USD 60.36
SRI LANKA DEVELOPMENT 4.73 03/16/23 USD 56.35
SRI LANKA DEVELOPMENT 5.94 01/22/23 USD 59.93
SRI LANKA DEVELOPMENT 4.76 01/22/23 USD 57.79
SRI LANKA DEVELOPMENT 6.07 01/22/23 USD 57.48
SRI LANKA DEVELOPMENT 6.60 05/01/22 USD 66.58
SRI LANKA DEVELOPMENT 6.30 05/01/22 USD 66.15
SRI LANKA DEVELOPMENT 5.75 05/01/22 USD 65.38
SRI LANKA DEVELOPMENT 5.55 05/01/22 USD 65.09
SRI LANKA DEVELOPMENT 5.52 05/01/22 USD 65.05
SRI LANKA DEVELOPMENT 4.22 05/01/22 USD 63.58
SRI LANKA DEVELOPMENT 4.19 05/01/22 USD 63.53
SRI LANKA DEVELOPMENT 4.83 03/17/22 USD 64.94
SRI LANKA DEVELOPMENT 4.83 03/17/22 USD 64.94
SRI LANKA DEVELOPMENT 4.83 03/17/22 USD 64.93
SRI LANKA DEVELOPMENT 5.79 01/22/22 USD 68.19
SRI LANKA DEVELOPMENT 4.49 01/22/22 USD 66.62
SRI LANKA DEVELOPMENT 4.59 01/22/22 USD 66.45
SRI LANKA DEVELOPMENT 6.11 08/15/21 USD 74.11
SRI LANKA DEVELOPMENT 5.93 08/15/21 USD 73.89
SRI LANKA DEVELOPMENT 4.67 08/15/21 USD 72.69
SRI LANKA DEVELOPMENT 5.87 07/30/21 USD 74.46
SRI LANKA DEVELOPMENT 5.75 07/30/21 USD 74.35
SRI LANKA DEVELOPMENT 4.04 07/30/21 USD 72.79
SRI LANKA DEVELOPMENT 3.91 07/30/21 USD 72.66
SRI LANKA DEVELOPMENT 4.59 06/30/21 USD 74.72
SRI LANKA DEVELOPMENT 4.15 06/30/21 USD 74.33
SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 55.71
SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 55.66
SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 56.03
SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 55.89
SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 55.79
SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 55.63
SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 55.81
SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 55.61
SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 56.44
SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 56.32
SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 56.67
SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 56.49
SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 56.88
SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 56.75
SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 59.08
SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 57.93
SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 58.85
SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 57.80
SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 58.03
SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 57.88
SRI LANKA GOVERNMENT I 5.88 07/25/22 USD 60.78
SRI LANKA GOVERNMENT I 5.88 07/25/22 USD 60.66
SRI LANKA GOVERNMENT I 5.75 01/18/22 USD 62.31
SRI LANKA GOVERNMENT I 5.75 01/18/22 USD 62.25
SRI LANKA GOVERNMENT I 6.25 07/27/21 USD 70.24
SRI LANKA GOVERNMENT I 6.25 07/27/21 USD 69.99
SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 66.74
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.55
MDX PCL 4.75 09/17/03 USD 22.88
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2020. All rights reserved. ISSN: 1520-9482.
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***