/raid1/www/Hosts/bankrupt/TCRAP_Public/200922.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, September 22, 2020, Vol. 23, No. 190
Headlines
A U S T R A L I A
CRAFTECH CUSTODIANS: Second Creditors' Meeting Set for Sept. 29
EMECO PTY: Moody's Rates $180MM Senior Secured Notes B1
HDT GROUP: First Creditors' Meeting Set for Sept. 30
MAKO TIDAL: First Creditors' Meeting Set for Sept. 29
PERENTI GLOBAL: Fitch Assigns 'BB' IDR; Outlook Positive
PERENTI GLOBAL: S&P Rates Proposed US$350MM Unsecured Notes BB
PROJECT.BUILT HOLDINGS: Second Creditors' Meeting Set for Sept. 29
RESIMAC TRIOMPHE 2020-1: S&P Assigns Prelim. B+ Rating to F Notes
STORAGE AND SOLAR: First Creditors' Meeting Set for Sept. 29
C H I N A
COUNTRY GARDEN: Moody's Withdraws Ba1 CFR, Alters Outlook to Stable
KUNMING INDUSTRIAL: Fitch Publishes 'BB+' LT IDR, Outlook Stable
I N D I A
ANTONY ROAD: CARE Lowers Rating on INR41.43cr LT Loan to B
BHOORATHNOM CONST: Ind-Ra Withdraws BB-/Non-Cooperating Rating
FLEXITUFF VENTURES: CARE Assigns D Rating to INR463.50cr Loans
GMR POCHANPALLI: CARE Lowers Rating on INR353.10cr NCD to D
GRAND HIRA: CARE Keeps D Debt Rating in Not Cooperating Category
KRISHNA SAHAKARI: Ind-Ra Rates INR1,364.5BB Loan 'B'
LAXMI CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating
PRERNA SERVICES: CARE Keeps D Debt Ratings in Not Cooperating
REETA AND SONS: CARE Assigns B+ Rating to INR10cr LT Loan
RVV HATCHERIES: CARE Lowers Rating on INR7.33cr LT Loan to B
SAMARTH AD: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
SE FORGE: CARE Reaffirms D Rating on INR180.85cr Term Loan
SINGH ENTERPRISES: Ind-Ra Affirms BB- Long Term Issuer Rating
SVC PROJECTS: CARE Assigns B+ Rating to INR63.40cr LT Loan
N E W Z E A L A N D
CHILLI HOUSE: Owner Sells Family Restaurant for NZD1 on Trade Me
[*] NEW ZEALAND: 16% of Auckland Hospitality Cos. Mull Closure
S I N G A P O R E
SWEE HONG: SGX Junks Delisting Appeal; To Delist by Sept. 23
S O U T H K O R E A
DOOSAN GROUP: To Sell Headquarters Building for KRW800 Billion
X X X X X X X X
[*] BOND PRICING: For the Week Sept. 14 to Sept. 18, 2020
- - - - -
=================
A U S T R A L I A
=================
CRAFTECH CUSTODIANS: Second Creditors' Meeting Set for Sept. 29
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Craftech
Custodians Pty Limited has been set for Sept. 29, 2020, at 10:30
a.m. via electronic means. Creditors wishing to attend by
electronic means are advised they can utilise the following
facility:
Facility Number: (02) 8088 0900 or 1800 896 323
Password: 3530684063
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 28, 2020, at 4:00 p.m.
Christopher Palmer of O'Brien Palmer was appointed as administrator
of Craftech Custodians on Aug. 25, 2020.
EMECO PTY: Moody's Rates $180MM Senior Secured Notes B1
-------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the USD180
million senior secured notes issued by Emeco Pty Limited, a
wholly-owned subsidiary of Emeco Holdings Limited (B1 stable). The
notes are fully and unconditionally guaranteed by Emeco Holdings
Limited (Emeco).
The proceeds from the bonds have been utilized to repay and
terminate USD 180 million of the USD 322.1 million notes due in
March 2022. The company will be utilizing the proceeds from the
fully underwritten equity issuance of AUD 149 million and cash on
hand to repay the remaining USD142 million of the notes due in
March 2022. Emeco has issued a notice to repay the remaining notes
on October 15, 2020.
The outlook is stable.
RATINGS RATIONALE
Emeco's ratings and credit profile reflect the company's increased
scale and diversification. The improvement in the business profile
has been supported by earnings accretive, equity funded
acquisitions carried out by Emeco over the last 24 months.
Emeco's diversified commodity exposure supports its credit profile.
On February 28, 2020, Emeco completed its acquisition of Pit N
Portal Mining Services Pty Ltd, a provider of underground hard-rock
rental equipment. This acquisition improves Emeco's product and
customer diversification and reduces its exposure to coal and
increased the exposure to gold.
In addition, Emeco continues to benefit from demand for mining
equipment through structural changes in the mining equipment
sector, in particular from the consolidation of equipment and
mining service providers, and miners remaining focused on the
preservation of capital. However, equipment rental companies will
remain susceptible to earnings volatility as a result of mining
cyclicality.
Emeco's financial profile improved in the fiscal year ended June
2020 (FY2020) due to contributions from its recent acquisitions, as
well as a continued solid operating performance. Its operating
EBITDA increased to around AUD246 million in FY2020 from AUD214
million in FY2019, which in turn improved its net leverage, as
measured by adjusted net debt/EBITDA, to 1.7x in FY2020 from 2.1x
in FY2019.
Post repayment of the remaining USD142 million of notes due in
2022, Moody's expects adjusted pro forma debt/EBITDA to reduce to
around 1.1x-1.4x for the next 12-18 months. Moody's expects the
company to maintain its conservative financial policy and maintain
its gross leverage within tolerance level set for the rating over
the next 12-18 months.
Moody's views Emeco's increasingly conservative financial profile
as providing the company with a buffer against the cyclical nature
of the mining equipment rental industry. Other buffers include its
(1) geographic and commodity diversification, (2) significant fleet
size, and (3) ability to manage cash flow and capital expenditure
in weak utilization periods. That said, the company is still
exposed to the inherent cyclicality of the minerals industry, which
can cause sharp declines in earnings.
Moody's has also considered the following environmental, social and
governance (ESG) factors in its assessment.
In terms of environmental risks, Emeco's rating takes into account
the exposure to the coal sector with around 16% of its revenues
coming from thermal coal and 33% from metallurgical coal in the
fourth quarter of 2020. The environmental impact of the coal
industry includes issues such as carbon emissions, land use, waste
management, and water and air pollution caused by its mining,
processing and end-use. These issues could materially increase
regulatory costs for Emeco's customers and indirectly affect
Emeco's profitability, and/or reduce demand for Emeco's products.
However, Emeco is somewhat insulated from these risks over the next
few years given its primary focus on customers exporting
high-quality thermal coal from Australia. Moody's expects that
demand for high-quality thermal coal will be less impacted by
environmental risks than lower-quality coal from other regions over
the next few years.
From a governance perspective, Emeco is listed on the Australian
Stock Exchange and adheres to the listing rules. The company has
also publicly stated gearing policy targeting to reduce its net
debt/operating EBITDA to 1.0x.
The stable outlook on the ratings reflects Moody's expectation of a
supportive operating environment and solid operating performance
over the next 12-18 months. It also reflects management's
continuing commitment to deleverage and adopt conservative
financial policies.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Moody's would upgrade Emeco's rating if it continues to secure new
contracts and sustain or increase its revenue and earnings.
Specifically, Moody's would consider upgrading the ratings if it
generates positive free cash flow on a sustained basis and reduces
its level of gross debt, whereby its leverage, as measured by
adjusted debt/EBITDA, remains below 2.5x in a downcycle.
Moody's could downgrade the ratings if a worse-than-expected macro
environment, operating underperformance and/or competitive
pressures lead to a large number of Emeco's contracts being
terminated or not renewed on similar terms and margins, thereby
further reducing revenue and cash flow generation.
Moody's could also downgrade the ratings if its liquidity
diminishes and the company cannot maintain adequate compliance with
the covenants in its debt facilities. Specifically, Moody's would
consider downgrading Emeco's ratings if its adjusted debt/EBITDA
exceeds 3.0x on a sustained basis.
The principal methodology used in this rating was Equipment and
Transportation Rental Industry published in April 2017.
Emeco Holdings Limited, established in 1972 and based in Perth, is
a mining equipment rental and mining services company.
Emeco Pty Limited is a wholly owned subsidiary of Emeco Holdings
Limited.
HDT GROUP: First Creditors' Meeting Set for Sept. 30
----------------------------------------------------
A first meeting of the creditors in the proceedings of HDT Group
Pty Ltd will be held on Sept. 30, 2020, at 11:00 a.m. via
electronic facilities.
Danny Vrkic & Daniel O'Brien of DV Recovery Management were
appointed as administrators of HDT Group on Sept. 18, 2020.
MAKO TIDAL: First Creditors' Meeting Set for Sept. 29
-----------------------------------------------------
A first meeting of the creditors in the proceedings of MAKO Tidal
Turbines Pty Ltd will be held on Sept. 29, 2020, at 10:00 a.m. via
via telephone.
Adam Bernard Preiner of Integra Restructuring & Insolvency was
appointed as administrator of MAKO Tidal on Sept. 17, 2020.
PERENTI GLOBAL: Fitch Assigns 'BB' IDR; Outlook Positive
--------------------------------------------------------
Fitch Ratings has assigned Perenti Global Limited a first-time
Long-Term Issuer Default Rating (IDR) of 'BB'. The Outlook is
Positive.
Perenti's rating reflects its position as the leading mining
services contractor globally and its prudent financial policy,
which is balanced by high jurisdiction risks of its operations
across Africa.
The rating is underpinned by a stable earnings base from its
underground mining contracts and its ability to generate free cash
flow (FCF) during weak commodity environment. Fitch expects Perenti
will continue to increase its earnings and maintain a conservative
level of credit metrics, with its order book reaching around AUD5.4
billion with a near-term pipeline project value of AUD8.8 billion.
The Positive Outlook reflects Perenti's expansion into North
America and Botswana, which, together with existing contracts in
Australia, will reduce its overall exposure to 'B' rated African
countries.
KEY RATING DRIVERS
Stable Cash Flow from Underground Mining: Perenti's underground
mining division (the largest division with around 70% EBITDA
contribution in FY20) has generated stable cash flow through the
cycle. This was evidenced by the division's stable EBITDA
contribution over the last decade, especially when compared to its
surface mining and investments divisions as well as competitors.
The stability is underpinned by the strong cost position of the
mines that Perenti serves, the focus on production-related
services, as well as the higher barriers to entry and lower capital
intensity than surface mining.
The underground mining EBITDA enhances the cash flow stability of
the Perenti group and Perenti's ability to meet interest payments,
even during a commodity downturn. This is in stark contrast to
peers with direct exposure to commodity price movements and thus
have far more volatile cash flow profiles through the cycle.
Conservative Financial Policy: Perenti has a sound record of
maintaining conservative financial policies. It has a target
leverage ratio - defined by the company as net debt/EBITDA - of
less than 2x and has proved its willingness to maintain a strong
balance sheet by raising equity to fund growth capex and
acquisitions.
In addition, the nature of its business model allows the company to
reduce its growth capex during commodity downturns, which allows it
to generate positive cash flow after capex. Perenti has managed its
leverage by undertaking capital management initiatives, including
reducing capex, suspending dividends and divesting non-core assets,
to return leverage to within its target level.
Fitch expects Perenti's leverage - measured by funds from
operations (FFO) net leverage - will improve to around 1.0x in FY24
from 1.4x in FY20. The improvement is driven by expected FCF in
FY22-FY24.
Exposure to Africa: Fitch believes the strong growth pipeline in
Australia, North America and Botswana will reduce Perenti's
exposure to weaker sovereign countries in Africa. Around 50% of its
revenue is derived from Africa, which has high operating and
political risks. Perenti terminated two surface mining contracts in
Burkina Faso in late 2019 due to a terrorist attack in the region.
However, these risks are countered by the company's long history of
operation in the region, its diversified operation within Africa,
its ability to redeploy assets and its effort to expand into the
huge North America market.
Perenti's customer base and operations are diversified by mining
services (underground, surface and investments), commodity and
geography. Thus, Fitch believes Perenti's diversified earnings
stream and operational profile reduces the company's exposure to
any single counterparty or contract or event in a certain
geography.
DERIVATION SUMMARY
Perenti's rating reflects its stable cash flow from diversified
underground mining services contracts and competitive cost position
of the mines it serves. This compares favourably against its peer,
Indonesia-based PT Bukit Makmur Mandiri Utama (BB-/Negative), which
has a less diversified business model with concentrated and lower
quality counterparties. Perenti has better scale, diversified
commodity and customer base and credit metrics, but these are
countered by its significant exposure to Africa. These factors
underscore the one-notch rating differential between the two
entities.
Downer EDI Limited (BBB/Stable) has better scale, diversified
business operations and zero exposure to Africa when compared with
Perenti. These factors underscore the three-notch rating
differential between Perenti and Downer.
KEY ASSUMPTIONS
- Strong revenue growth in FY21 and FY22 due to new contract wins
and extension of existing contracts.
- Group EBITDA margin to be around 20% over the next four years.
- Net Capex of around 10%-12% of revenue from FY22-FY24; FY21 net
capex estimated at around AUD400 million.
- Dividend payout ratio at around 40%-45% of underlying net
profit after tax.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Maintain FFO net leverage below 2x for a sustained period;
- Derive, at least, 60% of revenue and work-in-hand from
investment-grade rated countries on a sustained basis.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Failure to achieve the upgrade sensitivities could result in a
return to a Stable Outlook.
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity: Perenti had cash and equivalents of AUD327
million at end-June 2020, and interest-bearing liabilities of
AUD782 million, resulting in an interest-bearing net debt position
of AUD455 million. Its overall liquidity position improved to
around AUD600 million in cash and undrawn facilities, ensuring that
the company is well positioned for growth and to withstand COVID-19
uncertainty.
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.
PERENTI GLOBAL: S&P Rates Proposed US$350MM Unsecured Notes BB
--------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB' issue rating
to the proposed five-year US$350 million unsecured 144a notes
issued by Perenti Finance Pty Ltd., the financing arm of Perenti
Global Ltd. (BB/Stable/--). S&P assigned the notes a recovery
rating of '4', reflecting its expectation for average (30%-50%;
rounded estimate 45%) recovery prospects in the event of a payment
default.
The company will use the proceeds, including cash, to redeem
Barminco Finance Pty Ltd.'s US$350 million secured notes due 2022,
as well as pay transaction costs. As part of the recapitalization,
the group's security structure would be consolidated and the
existing secured bank facility's committed limits reduced to A$400
million from A$530 million. The revised capital structure will
provide Perenti with long-dated debt and minimal refinancing risk
over the medium term.
S&P said, "We view the proposed transaction as broadly credit
neutral. The issuer credit rating reflects Perenti's increased
scale and geographic diversity following its Barminco acquisition,
as well our view of the company's ability to sustain credit metrics
in line with the 'BB' rating level even under a moderate stress
scenario.
"Our 'BB' long-term issuer credit rating on Perenti Global Ltd. is
unchanged. The outlook is stable."
Recovery Analysis
S&P said, "Our recovery analysis for Perenti Global Ltd.
contemplates a hypothetical simulated default during the first half
of 2025. The issue ratings on Perenti Finance Pty Ltd. and Perenti
International Pty Ltd.'s A$400 million, senior secured, syndicated
and bilateral bank facilities are 'BBB-' with a recovery rating of
'1'. This reflects our expectation of a very high recovery (95%)
should a default event occur." The A$350 million bilateral
facilities mature on July 1, 2023, and the A$50 million syndicated
facilities mature on May 12, 2022. The bank loans are guaranteed by
Perenti Global Ltd. and rank pari passu with all other senior
secured debt of the company.
The 'BB' issue rating on Perenti Finance Pty Ltd.'s proposed
five-year US$350 million senior unsecured notes maturing in 2025 is
in line with the issuer credit rating on the company. These notes
are also guaranteed by Perenti Global Ltd. and rank pari passu with
all other unsecured debt. The '4' recovery rating reflects S&P's
expectation of average recovery prospects (45%) should a default
event occur.
At the time of hypothetical default, S&P expects adverse
macroeconomic conditions to cause global end-market demand and
pricing for commodities to deteriorate materially, leading to steep
declines in demand for Perenti's services and multiple contract
cancellations. As a result, Perenti's revenue significantly
declines, impairing its ability to meet its cash interest
payments.
S&P values the company as a going concern because we believe that
following a payment default, the company is likely to be
reorganized due to the longer-term value in its established brands
and business segments.
Simulated default assumptions:
-- Simulated year of default: 2025
-- EBITDA at emergence: A$137.7 million
-- EBITDA multiple (engineering and construction services): 5.0x
-- Gross enterprise value: A$688.5 million
Simplified waterfall
-- Net enterprise value at emergence (after 5% administrative
costs): A$654.1 million
-- Estimated secured priority claims (including prepetition
interest): approximately A$70 million
-- Estimated net enterprise value available to secured first-lien
debt: A$584.5 million
-- Estimated secured first-lien claims (revolving facility [85%
drawn] including prepetition interest): A$352.8 million
-- Recovery expectations: 90%-100% (rounded estimate: 95%)
-- Recovery rating: '1'
-- Estimated net enterprise value available for unsecured debt:
A$231.8 million
-- Estimated senior unsecured claims (including prepetition
interest): approximately A$514.5 million
-- Recovery expectations: 30%-50% (rounded estimate: 45%)
Recovery rating: '4'
*All debt amounts include six months of prepetition interest.
PROJECT.BUILT HOLDINGS: Second Creditors' Meeting Set for Sept. 29
------------------------------------------------------------------
A second meeting of creditors in the proceedings of Project.Built
(Holdings) Pty Ltd has been set for Sept. 29, 2020, at 9:30 a.m.
via virtual meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 28, 2020, at 4:00 p.m.
Bruce Gleeson of Jones Partners was appointed as administrator of
Project.Built on Aug. 25, 2020.
RESIMAC TRIOMPHE 2020-1: S&P Assigns Prelim. B+ Rating to F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to 10 classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust
- RESIMAC Premier Series 2020-1. RESIMAC Triomphe Trust - RESIMAC
Premier Series 2020-1 is a securitization of prime residential
mortgages originated by RESIMAC Ltd.
The preliminary ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including that this is a closed portfolio, which means
no further loans will be assigned to the trust after the closing
date.
-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for the rated notes and lenders' mortgage insurance
on 20.3% of the portfolio, which covers 100% of the face value of
these loans, accrued interest, and reasonable costs of
enforcement.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including principal draws, and a
liquidity facility equal to 0.75% of the outstanding balance of the
notes, are sufficient under our stress assumptions to ensure timely
payment of interest.
-- The extraordinary expense reserve of A$250,000, funded by
RESIMAC Ltd. before closing, available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.
-- The benefit of a cross-currency swap to hedge the mismatch
between the Australian dollar receipts from the underlying assets
and the U.S. dollar payments on the class A1a and A1b notes to be
provided by National Australia Bank Ltd.
-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 might put upward pressure on mortgage
arrears over the longer term. S&P recently updated its outlook
assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. The
collateral pool at close for this transaction will not include any
loans where the borrower has applied for a COVID-19 hardship
payment arrangement. Nevertheless, S&P undertook additional
cash-flow sensitivity analysis to assess the rated notes'
sensitivity to delays in borrower payments should some loans enter
hardship arrangements following the closing date.
S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."
PRELIMINARY RATINGS ASSIGNED
RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-1
Class Rating Amount (mil.)
A1a AAA (sf) US$75.000
A1b AAA (sf) US$75.000
A2 AAA (sf) A$345.000
A3 AAA (sf) A$120.000
AB AAA (sf) A$36.000
B AA (sf) A$14.625
C A (sf) A$11.625
D BBB (sf) A$6.000
E BB (sf) A$3.000
F B+ (sf) A$1.500
G NR A$2.250
NR--Not rated.
STORAGE AND SOLAR: First Creditors' Meeting Set for Sept. 29
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Storage and
Solar Pty Ltd will be held on Sept. 29, 2020, at 2:30 p.m. via
electronic means.
Matthew Jess of Worrells was appointed as administrator of Storage
and Solar on Sept. 17, 2020.
=========
C H I N A
=========
COUNTRY GARDEN: Moody's Withdraws Ba1 CFR, Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service has assigned Baa3 issuer rating to
Country Garden Holdings Company Limited, and has withdrawn its Ba1
corporate family rating.
At the same time, Moody's has upgraded the company's senior
unsecured bond rating to Baa3 from Ba2.
The outlook is revised to stable from positive.
"The Baa3 issuer rating reflects our expectation that Country
Garden's will sustain its leading market position and track record
in property development while maintaining its prudent financial
management," says Celine Yang, a Moody's Assistant Vice President
and Analyst.
"The upgrade of Country Garden's senior unsecured debt ratings
reflects its strengthened credit profile and improved credit
diversification that mitigates structural subordination risk, with
the latter driven by (1) its enlarged operating scale, (2) the
improved geographic distribution of its property development
projects, and (3) the increased number of operating subsidiaries
that generate cash flow through diverse business cycles," adds
Yang.
RATINGS RATIONALE
Country Garden's Baa3 issuer rating reflects the company's strong
brand name, good geographic diversification, strong liquidity and
solid track record of resilient operations through the cycles. The
company has a balanced land bank across major regions in China (A1
stable), which can support its business growth over the next three
to four years.
Country Garden focuses on developing residential projects, which
benefit from solid property demand from the ongoing urbanization in
the key regions in which it operates.
Country Garden has demonstrated strong sales execution capability,
achieving stable and resilient sales even during previous down
cycles. Country Garden's attributable contracted sales grew by 3%
year-on-year to RMB382 billion for the first eight months in 2020
despite the negative impact from the coronavirus outbreak.
However, Country Garden's rating is constrained by its low profit
margins and large exposure to lower-tier cities, where demand can
be volatile.
Moody's expects Country Garden's leverage, as measured by
revenue/adjusted debt, will remain strong at 110%-115% in the
coming 12-18 months, from 114% for the 12 months ended June 2020.
This improvement will be driven by growth in revenue thanks to the
company's strong contracted sales over the past two to three years,
as well as its disciplined approach to pursuing growth and
controlling debt increase.
Meanwhile, Moody's forecasts Country Garden's EBIT/interest will
improve slightly to 4.5x-4.7x from 4.4x over the same period,
driven by higher revenue recognition and declining interest costs.
Country Garden's liquidity is excellent. Moody's expects the
company's cash holdings along with its operating cash flow can
cover its short-term debt and committed land payments over the next
12-18 months. The company's cash to short-term debt ratio remained
strong at 1.9x as of June 30, 2020, compared to 2.3x as of December
31, 2019.
In terms of environmental, social and governance (ESG) factors,
Moody's has considered the concentrated ownership by Country
Garden's key shareholder, Ms. YANG Huiyan, who held a total 57.6%
stake in the company at June 30, 2020. Such risk is partly
mitigated by the presence of five independent non-executive
directors out of a total 13-member board of directors, and the
presence of other internal governance structures and standards, as
required under the Corporate Governance Code for companies listed
on the Hong Kong Stock Exchange. In addition, its related party
transactions have been low relative to its sales around 3%, and
dividend payouts have been moderate below 40% over the last five
years.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook reflects Country Garden's good liquidity,
underpinned by its strong operating cash flow and good access to
both the onshore and offshore capital markets.
Country Garden's ratings could be upgraded if it maintains its
strong operating profile, disciplined liquidity and financial
management, and demonstrates the sustainability of its business
model with a high level of business and financial stability.
Credit metrics indicative of an upgrade include (1)
revenue/adjusted debt above 120%-125%, (2) EBIT/interest over
6.5x-7.0x, and (3) strong liquidity, with its cash/short-term debt
above 1.5x on a sustained basis.
However, the ratings could be downgraded if (1) sales deteriorate
significantly; (2) its liquidity weakens; or (3) it undertakes
aggressive debt-funded expansion that weakens its credit metrics,
such that revenue/adjusted debt drops below 95%-100%, EBIT/interest
below 4.5x- 5x.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Country Garden Holdings Company Limited, founded in 1992 and listed
on the Hong Kong Stock Exchange, is a leading Chinese integrated
property developer. As of end of June 2020, the company's land bank
by attributable gross floor area (GFA) in China, including that of
joint ventures (JVs) and associates, was 172 million square meters
(sqm). Its revenue was RMB185 billion ($26 billion) in H1 2020.
KUNMING INDUSTRIAL: Fitch Publishes 'BB+' LT IDR, Outlook Stable
----------------------------------------------------------------
Ratings has published Kunming Industrial Development & Investment
Co. Ltd.'s (KIDI) Long-Term Foreign- and Local-Currency Issuer
Default Ratings of 'BB+'. The Outlook is Stable.
KIDI's ratings are assessed under Fitch's Government-Related
Entities Rating Criteria, reflecting the entity's control and
ownership by the Kunming municipal government, the government's
support record and expectations, as well as the socio-political and
financial implications for the government should KIDI default.
KIDI was established in 2005 and is fully owned by the government
of Kunming, the capital city of China's Yunnan province. The
company is tasked with promoting domestic industry investment and
development and is mainly engaged in primary land and industrial
park development, industrial and financial investment, commodity
trading and civil-use explosives production.
KEY RATING DRIVERS
'Very Strong' Status, Ownership and Control: KIDI is a limited
liability company that is fully owned by the Kunming State-owned
Assets Supervision and Administration Commission (SASAC), a
sub-department of the city government. Kunming SASAC has direct
control and oversight of the company's board and monitors its
strategic planning and finances. All major corporate events require
government approval. The company is required to report its
operational and financial results to the government regularly.
'Strong' Support Record and Expectations: KIDI has a solid
government support record as the city's major government-related
entity (GRE) to promote domestic industry investment and
development. KIDI received recurring capital and assets injections
from the government during 2016-2019 to support the development of
not-for-profit infrastructure, operate investment funds and expand
the company's operating assets. Annual subsidies of CNY406 million,
CNY440 million, CNY220 million and CNY204 over the period comprised
the majority of the company's pre-tax profit.
'Moderate' Socio-Political Implications of Default: Fitch believes
KIDI plays a key role in promoting industries and urban development
within Kunming municipality. Hence, a default could disrupt the
city's economic development. However, Kunming has more than one
GRE, which means that the government can appoint another GRE or a
private company to provide some of KIDI's services in the short to
medium term, if necessary, although there may be some economic
implications.
'Strong' Financial Implications of Default: Fitch believes a
default by KIDI would limit financing for the city's other GREs in
view of the company's assets size and substantial receivables due
from the government. KIDI has funding from multilateral channels,
including bank financing, and is an active domestic issuer with one
issuance in the international debt capital market. Thus, a failure
by the government to provide timely support, leading to a default
by KIDI, could damage the financing capability for the government
and other GREs.
'b' Standalone Credit Profile: Fitch's assessment of the company's
Standalone Credit Profile is driven by its weak financial profile,
with net debt/EBITDA likely to remain above 40x through to 2024.
However, government support should mitigate the weak financial
profile. Fitch rates KIDI's revenue defensibility as 'Weaker' under
its Public Sector, Revenue-Supported Entities Rating Criteria
because it is exposed to the economic cycle and has low
price-bargaining power. Fitch rates KIDI's operating risk as
'Midrange' based on its predictable costs.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
An upgrade of Fitch's credit view of Kunming municipality's ability
to provide subsidies, grants or other legitimate resources allowed
under China's policies and regulations would lead to a change in
KIDI's ratings.
An increase in the incentive for Kunming municipality to provide
support to KIDI, including stronger socio-political or financial
implications of default or a stronger support record and
expectation may trigger positive rating action.
A significant improvement in KIDI's Standalone Credit Profile.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A downgrade of Fitch's credit view of Kunming municipality's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations would lead to a
change in KIDI's ratings.
Weaker assessment of the socio-political and financial implications
of default, a weaker support record and support expectation or a
dilution in the government's shareholding may trigger negative
rating action.
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
=========
ANTONY ROAD: CARE Lowers Rating on INR41.43cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Antony Road Transport Solutions Private Limited (ARTSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 41.43 CARE B; Stable; Issuer not
Facilities cooperating; Revised from
CARE B+; Stable; on the basis
of best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated August 14, 2019, placed the
rating(s) of ARTSPL under the 'issuer non-cooperating' category as
ARTSPL had failed to provide information for monitoring of the
rating. ARTSPL continues to be non-cooperative despite repeated
requests for submission of information through emails, phone calls
and a letter dated August 4, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The revision in rating factors in non-cooperation by ARTSPL and
CARE's efforts to undertake a review of the ratings outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk.
Detailed description of the key rating drivers
At the time of last rating on August 14, 2019 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):
Key Rating Weaknesses
* Modest scale of operations albeit continuous & healthy growth
over last 4 years: The scale of operations of ARTS stood relatively
modest with the total operating income ranging from INR38.98 crore
to INR95.75 crore over FY16-FY19 (refers to the period April 1 to
March 31). However, the same has been continuously increasing at a
healthy rate of 34.93% CAGR over the same period owing to increase
in deployment of buses over the said period. However, given the
modest scale of operations, the tangible net-worth base also stood
modest.
* Leveraged capital structure albeit moderate debt coverage
indicators: The capital structure of ARTSPL stood leveraged with
the overall gearing stood at 1.68 times as on March 31, 2019, given
the high reliance on external term debt for funding the addition of
buses in each year. However, given the significant improvement in
the profitability & cash accruals, the debt coverage indicators
improved and stood moderately comfortable in FY19.
* Risks associated with geographical & customer concentration
albeit mitigated by absence of regional competition: ARTS is
exposed to significant geographical & customer concentration since
its operations are confined only to cluster no. 7 of New Delhi,
whereas the same cater to only single customer. Moreover, the
single-customer services coupled with terms & conditions of the bid
limit the flexibility of the company to negotiate on various terms
like payment, schedule, rates, etc. However, comfort can be derived
from the fact that the company is the sole provider of public bus
transport services in a specific region of the city.
* Project execution & funding risks associated to ongoing fleet
expansion: ARTS faces significant project execution and funding
risk associated with ongoing fleet expansion. The company had been
an L1 bidder for the operations in a new cluster for over a decade
of tenure, for which DoT had floated the tender. The said capital
expenditure would require investments of over INR200 crore in
various buses.
Key Rating Strengths
* Experienced promoters in public bus transport services business:
The overall operations of ARTSPL are looked after by Mr. Jimmy
Kallarakkal and Mr. Edison Thomas, who possess requisite experience
of over a decade in the public bus transport services business.
* Strong group support with group companies: ARTSPL shares
operational synergies with the Antony Group in terms of common
management and derives significant operational synergies with
Antony Garages Private Limited (AGPL) and Antony Commercial
Vehicles Private Limited (ACV). All the three companies are
operated by the same management, whereas the buses owned & deployed
by ARTSPL are supplied by ACV (being an authorized distributor for
commercial vehicles of Ashok Leyland Limited), whereas the body
building of which in turn is carried out by AGPL.
* Exclusive agreement in place with Delhi transport authority for
providing public bus services in cluster no. 7 of New Delhi: AGPL
had successfully won the bidding contract from Department of
Transport, Delhi (DoT) to run the public bus transport services in
cluster no. 7 of New Delhi. With regard to this, ARTS has entered
into an agreement with DoT, under which it is bound to provide
buses and run them as a means of public road transport in cluster
no. 7 of New Delhi, as per the schedule provided by DoT. The
contract is valid for a period of 10 years (renewable up to 2
years) from the date the depot is provided by DoT. On the other
hand, the rates are fixed on the basis of consumable charge,
capital charge and manpower & overheads charge, which are linked to
the prevailing CPI (Consumer Price Index) rates.
* High profit margins: The PBILDT margin of ARTSPL stood high in
the range of 23.47% to 30.30% over FY16-FY19, given the service
nature of operations. Given this, the PAT margin also stood
comfortable in the range of 4.97% to 7.23% over the same period.
* Comfortable operating cycle: ARTSPL maintains an average
inventory of 1-3 days comprising spare parts of buses, used for
occasional repairs & maintenance. Moreover, the debtors are
generally recovered in 15 days from the date of billing. On the
other hand, the suppliers (including those of oil & grease, fuel,
spare parts, etc.) provide a credit period of over 15-20 days. Led
by this, the operating cycle stood comfortable in the range of -12
to 8 days over FY16-FY19.
Liquidity position – Stretched: Liquidity is marked by tightly
matched accruals to repayment obligations, highly utilized bank
limits and modest cash balance of INR0.85 crore in FY19. The
investment in net working capital as a percentage of total capital
employed stood at 2.02% as on March 31, 2019 whereas the net cash
flow from operating activity stood positive at INR20.40 crore
during FY19. Further the current ratio and quick ratio stood below
unity level during FY19.
Incorporated in 2010 by Mr. Jimmy Kallarakkal and Mr. Edison
Thomas, Antony Road Transport Solutions Private Limited (ARTS) is
engaged in providing public bus transport services in cluster no. 7
of New Delhi. ARTS is an SPV (Special Purpose Vehicle) incorporated
by Antony Garages Private Limited (AGPL) so as to operate the bid
won by the latter on September 3, 2012, from the Department of
Transport, Delhi (DoT) to run the buses in cluster no. 7 of New
Delhi. With regard to this, ARTS has entered into an agreement
(valid for 10 years, renewable up to 2 years) with DoT on June 20,
2013, under which it is bound to provide 328 buses (258 non-AC and
70 AC) (the buses are to be provided phase-wise after the
allocation of depot by DoT) including 30 as spares, and run them as
a means of public road transport, as per the schedule provided by
DoT. As on November 21, 2017, the company owns a fleet of 254 buses
(all non-AC) of which a total of 229 buses have been deployed,
whereas the balance have been kept as spares (including 1 bus which
was destroyed in fire). On the other hand, the rates are fixed on
the basis of consumable charge, capital charge and manpower &
overheads charge, which are linked to the prevailing CPI (Consumer
Price Index) rates. Currently, the company charges ~Rs.50 per km
per bus per month billing cycle. ARTS belongs to the Antony Group,
and is a subsidiary of AGPL which is engaged in the body building
of buses, tempos, trucks and other commercial vehicles; and
providing public bus transport services in Pune. AGPL is an
authorized body building manufacturer for the commercial vehicles
of Ashok Leyland. On the other hand, Antony Commercial Vehicles
Private Limited (ACV) is an authorized distributor for the
commercial vehicles of Ashok Leyland in Pune, whereas Antony Motors
Private Limited (AMPL) and Antony Waste Handling Cell Private
Limited (AWHC) are engaged in manufacturing of waste & garbage
carriage vehicles. ARTS shares operational synergies with the
Antony Group in terms of common management and significant
operational linkages with AGPL and ACV.
BHOORATHNOM CONST: Ind-Ra Withdraws BB-/Non-Cooperating Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bhoorathnom
Construction Company Private Limited's Long-Term Issuer Rating of
'IND BB- (ISSUER NOT COOPERATING)' in the non-cooperating category
and has simultaneously withdrawn it.
The instrument-wise rating actions are:
-- INR160 mil. Fund-based working capital limit* maintained in
non-cooperating category and withdrawn; and
-- INR720 mil. Non-fund-based working capital limit** maintained
in non-cooperating category and withdrawn.
*Maintained at 'IND BB- (ISSUER NOT COOPERATING)/IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn
** Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn
KEY RATING DRIVERS
The rating has been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.
COMPANY PROFILE
Established in 1972, Hyderabad-based Bhoorathnom Construction
Company constructs roads and water pipeline projects for various
government departments.
FLEXITUFF VENTURES: CARE Assigns D Rating to INR463.50cr Loans
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Flexituff Ventures International Limited (FVIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 36.24 CARE D Assigned
Long-term/Short-
term Bank
Facilities 237.24 CARE D/CARE D Assigned
Short-term Bank
Facilities 190.02 CARE D Assigned
Detailed Rationale & Key Rating Drivers
The ratings for the bank facilities of FVIL take into account the
on-going delays and defaults in servicing of debt obligations owing
to its poor liquidity arising due to weak financial performance
marked by negative operating profitability and cash loss in FY20
(refers to period April 1 to March 31). The company has been facing
inadequate cash flows to meet debt servicing requirements leading
to delays and defaults in debt servicing since more than 12
months.
Rating Sensitivities
Positive Factors
* Sustained track record of timely servicing of debt obligations
for a minimum period of 90 days from the date of last
delay/defaults
Detailed description of the key rating drivers
Key Rating Weaknesses
* On-going delays and defaults in servicing debt obligations: There
are on-going delays in servicing of debt obligations owing to the
weak financial performance of the company over the last three years
marked by net losses reported in FY18, FY19 and FY20 along with
sizable cash loss in FY20, resulting in inadequate cash flows to
meet operational and debt servicing requirements.
* Susceptibility of operating profitability to volatility in raw
material prices and foreign exchange fluctuation risk: The key raw
materials of FVIL include plastic granules which is a derivative of
crude oil. The prices of raw material are volatile in nature being
derivatives of crude. Considering the volatility associated with
raw material prices and timing difference arising in procurement of
raw material and realization of sales, the operating profitability
of FVIL remains susceptible to volatility in crude oil prices. Any
change in average crude oil prices would result into increased
prices for most of its derivative products, leading to increase in
raw material cost for FVIL. FVIL maintains inventory of around two
months, thus maintaining the flexibility to pass on the volatility
in raw material prices. Further, FVIL earns majority of its revenue
from exports thereby exposing it to foreign exchange fluctuation
risk.
Liquidity: Poor
The liquidity of the company remained stretched during the last
three years ended FY20 with elongated working capital cycle as a
result of high collection period. FVIL offers credit period to
customers ranging from 1 month to 6 months. Correspondingly, FVIL
utilizes letter of credit facility to facilitate the creditors
which has to be paid within 90 days. Further, FVIL had long overdue
debtors of more than INR100 crore outstanding as on March 31, 2020
which further put pressure on liquidity. Further, FVIL had large
scheduled term debt repayment obligation during FY19 and FY20 as
against low cash accruals resulting into cash flow mismatch and
delays and defaults in debt servicing. Moreover, CARE takes
cognizance of the company's decision to avail moratorium granted by
its lenders as a Covid-19 relief measure (as permitted by the
Reserve Bank of India) for a period of March to August 2020 towards
the interest payment on its working capital limits.
Formerly known as Flexituff International Limited, the company was
formed in 1966 as a partnership firm. Subsequently, the firm was
converted into a private limited company in 1985 and the company
got listed on the Indian Stock Exchanges in 2011. The name of the
company was changed to Flexituff Ventures International Limited
w.e.f. September 28, 2018. FVIL is engaged in the business of
manufacturing Flexible Intermediate Bulk Container (FIBC), reverse
printed BiaxiallyOriented Polypropylene (BOPP) woven bags, Leno
Bags (small packaging bags), geotextile fabrics and ground cover
(used for prevention of landslides, control of soil erosion and
river bank protection) and polymer compounds (used for wires and
cables) and drippers. The main product of the company is FIBC,
which is used in bulk packaging and transportation requirement for
multiple industries like cement, chemical, pharmaceutical, food
processing consumer goods, sugar and meat products. FVIL has a long
and established track record in the FIBC market and is one of the
leading players in the domestic market along with established
relationship in the export markets which fetches repetitive orders
for the company. The sales of FVIL are mainly focused on exports to
Europe, UK and USA. The company has two manufacturing facilities,
located at Pithampur (Madhya Pradesh) and Kashipur (Uttarakhand)
which commenced its operations in December 2015 and has a total
extrusion capacity of 1,02,050 MTPA as on March 31, 2020.
FVIL is spearheaded by Mr. Saurabh Kalani, who has been involved
in the business of polymer packaging for over two decades. He is a
commerce graduate from Sydenham College, Mumbai and the founder
President of the Indian Flexible Intermediate Bulk Container
Association (IFIBCA). He is well supported by the senior
professionals having over two decades of experience in varied
industries, and more than ten years of experience with FVIL.
GMR POCHANPALLI: CARE Lowers Rating on INR353.10cr NCD to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of GMR
Pochanpalli Expressways Limited (GPEL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 353.10 CARE D Revised from CARE BB
Debenture issue and removed from credit watch
Long term Bank 20.00 CARE D Revised from CARE BB
Facilities and removed from credit watch
(Bank Guarantee)
Detailed Rationale & Key Rating Drivers
CARE has revised the ratings of GPEL to CARE D. Instruments with
this rating are in default or are expected to be in default soon.
The revision in the ratings of GPEL follows the delays in servicing
of its debt obligations by the company.
Rating sensitivities
Positive Factors
* Timely servicing of debt obligations for more than three months.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Delays in servicing of debt obligations: Earlier, GPEL had sought
moratorium on debt service obligations due on April 15, 2020 from
investor of NCDs pursuant to the Reserve Bank of India's (RBI)
circular and Insurance Regulatory and Development Authority's
(IRDA) circular in the context of outbreak of COVID-19. As
confirmed by the investor and trustee, the moratorium has been
rejected by the investor and there have been delays in servicing of
debt obligations by the company.
* Reduction in annuity leading to moderation in debt coverage
indicators: NHAI has reduced the annuity to around INR39 crore as
per 22nd annuity received on March 26, 2020 against INR54.18
crore as per concession agreement on account of delay in major
maintenance of the stretch. The reduction in annuity has led to the
moderation in the debt coverage indicators and has impacted the
overall debt service capability of the company.
* Adverse outcome of arbitration proceedings: GPEL had invoked the
arbitration proceedings against NHAI on account of penalty levied
by NHAI (INR10.78 crore deducted from 18th annuity) for delay in
completion of first periodic major maintenance of the stretch. The
company had raised claim of INR104 crore on NHAI for expenditure
incurred on unwarranted major maintenance in FY15. On January 14,
2020, the Hon'ble Tribunal has pronounced the award and has
directed the company to carry out the major maintenance
irrespective of the roughness index. The tribunal has directed the
company to commence the major maintenance with effect from April
01, 2020 and complete it within 9 months. The tribunal has also
directed the NHAI to refund amount of INR10.79 crore along with
interest @12%.
* Weakened strength of structure with continuing exposure to group
companies: GPEL has advanced funds to group companies which stood
at INR259.64 crore as on March 31, 2019 (PY: INR203.12 crore). The
total support to group companies stood at INR303.11 crore including
the interest accrued on loans and advances as on March 31, 2019
(PY: 251.86 crore). The transfer of funds is inconsistent with the
structure originally envisaged and has diluted the strong credit
quality inbuilt in the structure. Though, the company has recovered
INR18.23 crore from group companies in FY20, the company is yet to
recover significant portion of advances from group companies.
Key Rating Strengths
* Annuity nature of project revenues thus eliminating traffic risk:
The project revenues are linked with the annuity receivables from
NHAI and not dependent on the traffic on the
project stretch. However, the annuity receivables are subject to
full availability and regular maintenance of the project stretch as
per terms of concession agreement.
* Established track record of annuity receipt and low counter party
credit risk: The project has low counter party credit risk marked
by established delay free track record of annuity receipt coupled
with comfortable financial risk profile of NHAI (rated CARE AAA;
Stable). GPEL has received twenty annuities from NHAI till now. The
annuity payments are due semi-annually in mid of September and
March of every year and have been regular without any delay.
GMR Pochanpalli Expressways Private Limited (GPEL) was incorporated
as a Special Purpose Vehicle (SPV) by the GMR group on October 18,
2005 to develop and maintain the 102-km stretch on the National
Highway (NH) -7 connecting Adloor Yellareddy and Gundla Pochanpalli
in the state of Andhra Pradesh. As on March 31, 2017, GMR Highways
Limited (GHL) along with GMR Infrastructure Limited (GIL) and GMR
Energy Limited (GEL), held 100% stake of GPEL. The concession was
awarded by NHAI on Build, Operate and Transfer (BOT) Annuity Basis
to the consortium based on its lowest annuity quote of INR108 crore
(payable semi-annually). GPEL has entered into a Concession
Agreement (CA) with NHAI on March 31, 2006 for the project. The
project cost of INR702.26 crore has been funded by way of equity
INR138 crore, preference shares of INR12.26 crore from the
promoters and the balance INR552 crore by way of debt. The project
achieved Commercial Operations Date (COD) on March 26, 2009.
GRAND HIRA: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Grand Hira
Resorts Private Limited (GHRPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 19, 2019 placed the
ratings of GHRPL under the 'issuer non-cooperating' category as
Grand Hira Resorts Private Limited had failed to provide
information for monitoring of the rating. Grand Hira Resorts
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated August 07, 2020, August 24, 2020. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further banker could not be contacted.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating on July 19, 2019 the following were the
rating weakness:
The rating takes into account on-going delays in meeting the debt
obligations.
Grand Hira Resorts Private Limited (GHRPL) was incorporated in 2006
and is currently being managed by Mr Randhir Singh Yadav, Mrs Billo
Yadav and Mr Sunny Yadav. GHRPL is in the hospitality industry and
constructed a four star hotel with a total cost of project of INR22
crore. The hotel consists of 48 double rooms, 4 suites and banquet
facility. It also includes 4 specialty restaurants comprising of a
fast food facility, Indian food restaurant, coffee house cum bar
and a Japanese cuisine restaurant.
KRISHNA SAHAKARI: Ind-Ra Rates INR1,364.5BB Loan 'B'
-----------------------------------------------------
India Ratings & Research (Ind-Ra) has taken the following rating
actions on The Krishna Sahakari Sakkare Karkhane Niyamit's (TKSSKN)
bank facilities:
-- INR500 mil. Fund-based working capital facility affirmed with
IND B/Stable rating;
-- INR1,364.54 bil. Fund-based working capital facility assigned
with IND B/Stable rating; and
-- INR1,135.46 bil. Term loan due on June 2025 assigned with
IND B/Stable rating.
KEY RATING DRIVERS
TKSSKN's ratings are constrained by its weak credit metrics owing
to its high working-capital requirements and debt-led capex in FY20
to increase its production capacity to 5,500 tons crushed per day
(TCD; FY19: 4,000TCD) and power capacity to 27MW (12MW). The
cooperative's debt service coverage ratio has remained below 1x
over the three years ended FY20 and was 0.2x in FY20 (FY19: 0.82x).
FY20 financials are provisional in nature.
Liquidity Indicator- Stretched: TKSSKN's average maximum
utilization of fund-based limits was 97.8% for the 12 months ended
July 2020. The average cash conversion cycle, although elongated,
improved to 196 days in FY20 (FY19: 620 days) due to a reduction in
the finished goods' inventory levels owing to increased sales
during the year. Ind-Ra expects the cash conversion cycle to remain
long over the medium term owing to the working capital intensive
nature of operations of the sugar industry. At FYE20, TKSSKN's cash
and cash equivalents stood at INR1,19 million (FYE19: INR28.36
million). Available funds to the total debt stood at merely 0.04%
in FY20 (FY19: 1.32%). Ind-Ra expects the company's liquidity
position to be constrained due to significant near-term repayment
obligations on the term loans in FY21.
TKSSKN's ratings are constrained by the cooperative's volatile
operating margins that have ranged between 9% and 15% over
FY15-FY18. The operating margins contracted to 3.01% in FY20 (FY19:
32.14%) due to a reduction in sugar prices owing to sufficient
supply in Indian and international markets.
The rating factor in the cooperative's continued medium scale of
operations. TKSSKN's total income improved to INR3,124.13 million
in FY20 (FY19: INR1,935.54 million) due to increased sugar sales
during the year. The sale of sugar and by-products accounted for
90% of the total FY20 revenue. The natures of operations in the
sugar industry are cyclical. Ind-Ra expects the revenue to improve
in FY21 on the back of favorable monsoon during the year, resulting
in improved sugarcane production.
The ratings benefit from the cooperative's promoters' over
three-decade-long experience in the sugar industry.
RATING SENSITIVITIES
Positive: Future developments that could, individually or
collectively, lead to a positive rating action include:
-- consistent operating margins maintained in excess of 15%
-- improvement in debt metrics - debt service coverage ratio
over 1x
-- sustained improvement in the cash conversion cycle
-- increased availability of monitorable high-frequency
performance updates
Negative: Future developments that could, individually or
collectively, lead to a negative rating action include:
-- operating margins falling to negative levels
-- deterioration in debt metrics
-- deterioration in the cash conversion cycle
-- failure to furnish a monitorable high-frequency performance
updates
COMPANY PROFILE
TKSSKN came into existence in 1984 after it received an industrial
license from the government of India under the Industrial Act of
1951. The society was registered on March 10, 1981, under Karnataka
Co-operative Societies Act, 1959. The cooperative operates a
5,500TCD sugar plant and a 27MW capacity cogen power plant in
Athani Taluk of Belgaum district in Karnataka.
LAXMI CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Laxmi
Constructions (SLC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.50 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Short Term Bank 5.45 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated June 19, 2019, placed the
ratings of SLC under the 'issuer noncooperating' category as
company had failed to provide information for monitoring of the
rating. The firm continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated January 31, 2020 to August 28, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last PR dated June 19, 2019 the following were the
rating strengths and weakness:
Detailed description of the key rating drivers
Key rating Weaknesses
* Delays in meeting of debt obligations: The company was unable to
generate sufficient cash flows leading to strained liquidity
position resulting in delays in meeting its debt obligations on
time.
Key Rating Strengths
* Experienced promoter for more than two decades in construction
industry: SRC is a partnership firm, established by Mr. V Ravinder
Reddy in the year 2009. Mr. V Ravinder Reddy has rich experience in
the field of civil construction for more than two decades and looks
after the day to day activities of the firm. The firm is benefitted
in terms of bagging new orders in a competitive environment through
the experience of the promoter in the civil construction business.
Sri Laxmi Constructions (SLC) was established in the year 2007 as a
Partnership firm. The firm has its registered office located at Old
Bowenpally, Hyderabad, Telangana. SLC is engaged in construction of
bridges, canals and road works. The firm procuress its work orders
through online tenders from State government of Telangana as well
as undertakes sub contract works from other private companies.
PRERNA SERVICES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prerna
Service Private Limited (PSP) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.22 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Short Term Bank 2.00 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 12, 2019 placed the
ratings of PSP under the 'issuer non-cooperating' category as
Prerna Services Private Limited had failed to provide information
for monitoring of the rating. Prerna Services Private Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 7, 2020, August 24, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. Further
banker could not be contacted.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating on July 12, 2019 the following were the
rating weakness:
The rating takes into account the on-going delays in the servicing
of interest obligations due to stressed liquidity position.
Prerna Service Private Limited (PSP) was incorporated in February
2013; however the commercial operations of the company have started
in February 2015. The operations of the company are current being
managed by Manoj Kumar Tyagi, Mr.Vijender Singh and Ms. Pinki
Hudda. The company is engaged in manufacturing as well as trading
of I.T. products such as personal computers, smart phones,
chargers, tablets, etc. The company imports its entire raw material
requirement from China & Hong Kong and manufactures it at its
plant, located at Roorkee, Uttarakhand. The company has an
installed capacity of 87,000 pieces of tablets as on September 30,
2015. The product is sold under the brand name “PENTA” (brand
name acquired by PTP) to traders located in Delhi and near regions.
Pantel Technologies Private Limited is an associate concern of PSP
engaged in similar business.
REETA AND SONS: CARE Assigns B+ Rating to INR10cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Reeta
and Sons (R & S), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 10.00 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of R & S is constrained
by its partnership nature of constitution, small scale of operation
with low profitability margin, working capital intensive nature of
operation and presence in intensely competitive industry. However,
the aforesaid constraints are partially offset by the entity's
experienced promoters along with its moderate capital structure and
locational advantage of the shop.
Key Rating Sensitivities:
Positive Factors
* Sizeable increase in scale of operations from present level
(Total Operating Income above INR100.00 crore) and improvement in
PBILDT margin to more than 8% the entity on a sustained basis.
* Improvement in capital structure with overall gearing ratio
reaching lower than 0.80x on a sustained basis.
Negative Factors
* Any sizeable de-growth in scale of operations from present level
(Total operating income below INR50.00 crore on a sustained basis.
* Deterioration in capital structure with overall gearing ratio
reaching higher than the level of 1.50x on a sustained basis.
Key Rating Weaknesses
* Partnership nature of business: R&S, being a partnership firm, is
exposed to inherent risk of partners' capital being withdrawn at
the time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Furthermore,
partnership firms have restricted access to external borrowing as
credit worthiness of partners would be the key factors affecting
credit decision for the lenders.
* Small scale of operations with low profitability margins: R&S is
a relatively small player in trading of gems and jewellery, having
total operating income (TOI) and PAT of INR74.23 crore and INR0.11
crore, respectively, in FY20 (Prov.). TOI has witnessed a growth of
24.02% during FY20 (Prov.) over FY19 (A). Capital of the entity was
also moderately low at INR9.25 crore as on March 31, 2020. The
profitability margins remained low marked by PBILDT margin and PAT
margin at 2.61% (FY19: 2.90%) and 0.15% (FY19: 0.21%),
respectively, during FY20. On account of COVID-19, the government
of India imposed nationwide lockdown from March 25, 2020. As the
entity engaged in the trading of gems and jewellery through outlet,
it has to close its operation during lockdown. The entity has again
started operation from May 8, 2020 onwards after maintaining proper
safety arrangements in its business premises
adhering to government guidelines. The entity has achieved revenue
of INR8.47 crore during April 1, 2020 to July 31, 2020.
* Working capital intensive nature of operation: R&S's business,
being a trader of gems and jewellery, is working capital intensive
in nature. The operations of R&S's are working capital intensive as
marked by high inventory period of 107 days in FY20 (Provisional).
Accordingly, the operating cycle days was also high at 94 days in
FY20 (as compared to 131 days in FY19). The average working capital
utilization remained high at around 96% during the last 12 months
ended July, 2020.
* Presence in intensely competitive industry: R&S faces stiff
competition from the organized as well as unorganized players in
the industry. This apart, the entity faces tough competition from
various regional and local players and has to price its products
competitively without compromising the quality of the products. In
such a competitive scenario smaller entities like R&S in general
are more vulnerable on account of its limited pricing flexibility.
Key Rating Strengths
* Experienced promoters: R&S is engaged into trading of gems and
jewellery since 2014. Mr. Gopal Krishna Patra (aged, 67 years) has
more than two decades of experience and Mrs. Kusuma Kumari Patro
(Aged 54 years) has more than a decade of experience in the same
line of business. They look after the day to day operations of the
entity. They are supported by Mr. Aswin Kumar Patro, Ms. Rashmita
Patro and a team of experienced personnel.
* Moderate capital structure: The capital structure of the entity
remained moderate mainly on account of moderately higher debt
levels as against moderate capital base as on March 31, 2020. The
overall gearing of the entity improved marginally to 1.15x as on
Mar.31, 2020 as against 1.16x as on Mar.31, 2019 on account of
scheduled repayment of term loan and infusion of funds by the
promoter.
* Shop in advantageous location: The entity has shop at Janpath,
Satyanagar, Bhubaneswar which is located in populated area with
significant amount of foot fall from local area. Establishment
occupies a prominent location in Satya Nagar. It is an effortless
task in commuting to this establishment as there are various modes
of transport readily available. It is at Janpath Main Road, Near
Kendra Vidhyalaya, which makes it easy for first-time visitors in
locating this establishment.
Liquidity: Stretched - Liquidity position of the entity remained
stretched as marked by its tightly matched cash accruals as against
its debt repayment obligations. Cash balance was low at INR0.05
crore as on March 31, 2020. The average utilization of working
capital limit remained high at around 96% during last 12 months
ended July, 2020. Moreover, the entity has availed moratorium on
payment of interest on working capital and repayment of vehicle
loan for the month of March, 2020 to August, 2020. However, the
entity has not applied for the COVID loan to the bank.
Reeta and Sons was established in 2014 and is engaged in the
business of trading of of gems & jewellery in a retail shop
situated at Janpath, Satyanagar, Bhubaneswar. This well-known
establishment acts as a one-stop destination servicing customers
both local and from other parts of Bhubaneshwar. Over the course of
its journey, this business has established a firm foothold in the
industry. In future, this business aims to expand its line of
products and services and cater to a larger client base. In
Bhubaneshwar, this establishment occupies a prominent location in
Satya Nagar. It is an effortless task in commuting to this
establishment as there are various modes of transport readily
available. The entity is known to provide top service in the
following categories: Jewellery showrooms, Gold Jewellery
showrooms, Silver Jewellery showrooms.
Mr. Gopal Krishna Patra and Kusuma Kumari Patro has more than two
decades and one decade of experience, respectively, in the same
line of business. They look after the day to day operations of the
entity supported by other partners along with a team of experienced
personnel.
RVV HATCHERIES: CARE Lowers Rating on INR7.33cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of RVV
Hatcheries (RVVH), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.33 CARE B; Stable; Issuer not
Facilities cooperating; Revised from
CARE BB-; Stable; on the
basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated June 11, 2019, placed the
ratings of RVVH under the 'issuer noncooperating' category as
company had failed to provide information for monitoring of the
rating. The firm continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated January 31, 2020 to August 06, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The revision in the rating takes into account the non-availability
of requisite information due to non-cooperation by RVV Hatcheries
with CARE's efforts to undertake a review of the outstanding
ratings as CARE views information availability risk as key factor
in its assessment of credit risk profile.
Detailed description of the key rating drivers
At the time of last PR dated June 11, 2019 the following were the
rating strengths and weakness
Detailed description of the key rating drivers
Key Rating Weaknesses
* Small Scale of operations and declining PBILDT margin and thin
PAT margin during review period: RVV Hatcheries was established in
the year 2005. Further, the scale of operations of the entity is
small by Total operating income (TOI) stood at INR32.67 crore in
FY18 with low net worth of INR6.22 crore. The PBILDT margin of the
firm has declining during the review period. The PBILDT margin
decreased from 15.75% in FY16 to 10.04% in FY18 due to increase in
raw material expenses (Birds feed and medicines) and employees
cost. The PAT margin of the firm decreased from 2.14% in FY16 to
1.80% in FY18 due to decrease in PBILDT absolute terms.
* Working capital intensive nature of operations: The operating
cycle of the firm remained intensive in nature. However the
operating cycle of the firm remained satisfactory and increase in
average creditor's period to 71 days in FY18, as the firm gets
extended credit period from its associate concern from whom it
purchases the feeds. Operating cycle of the entity continues to
remain satisfactory due to its nature of business operations where
in the firm is required to keep high inventory level of parent bird
and raw material stock to feed the birds in different growing
stages and to mitigate fluctuation in raw material prices. RVVH
operates on cash & carry model. RVVH makes payment to suppliers of
birds in 10-15 days. Further the firm purchases feeds from its
associate entity (RVV Agri Feeds Private Limited) and enjoying an
extended credit period of 30 days. The average utilization of
working capital facility is 90% during past twelve months ended
with October 31, 2018.
* Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: Constitution as a partnership firm
has the inherent risk of possibility of withdrawal of the partner's
capital at the time of personal contingency which can affect its
capital structure. Further, partnership concern has restricted
access to external borrowing which limits their growth
opportunities to some extent. The partners infused capital of
INR1.09 core in FY17 and withdrawn capital of INR0.04 crore in
FY18
* Highly fragmented industry with intense competition from large
number of players: RVRF faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. However, improved
demand scenario of poultry products in the country enables well for
the company.
Key Rating Strengths
* Experience of the partners for more than two decade in Poultry
business: RVV Hatcheries is promoted by Mr. Chandrasekar Reddy
Gurram along with his wife Mrs. Shalini Reddy Gurram. The partners
have more than two decade of experience in poultry feeds business
through their association with the group entities. Due to long term
presence in the market, the firm has good relation with customer
and supplier.
* Growth in total operating income during review period: The total
operating income of the firm grew by a CAGR of 25.05% from INR20.81
crore in FY16 to INR32.67 crore in FY18 on account of increasing
demand for its products from existing and new customers. During
7MFY19, the firm achieved total sales of INR14 crore.
* Moderate capital structure and debt coverage indicators during
review period: RVVH Hatcheries has moderate capital structure
during review period. The debt equity ratio and overall gearing
ratio of the entity improved respectively from 1.87x and 3.04x as
on March 31, 2016 to 0.87x and 1.50x respectively as on March 31,
2018 due to repayment of term loan and unsecured loans The entity
has moderate debt coverage indicators during review period. Total
debt/GCA improved from 6.94x in FY16 to 5.49x in FY18 due to
decrease in total debt at the back of repayment of term loan. The
PBILDT interest coverage ratio improved from 2.20x in FY16 to 2.49x
in FY18 due to decrease in interest cost at the back of repayment
of term loan Total debt/Cash flow from operations stood at 2.10x as
on March 31, 2018 due to decrease in cash flow from operating
activities at the back of decrease in sundry creditors.
* Stable demand outlook of poultry products: Poultry products like
eggs have large consumption across the country in the form of
bakery products, cakes, biscuits and different types of food dishes
in home and restaurants. The demand has been driven by the rapidly
changing food habits of the average Indian consumer, dictated by
the lifestyle changes in the urban and semi-urban regions of the
country. The demands for poultry products are sustainable and
accordingly, the kind of industry is relatively insulated from the
economic cycle.
RVV Hatcheries (RVVH) was established in the year 2005 by Mr.
Chandrasekar Reddy Gurram along with his wife Mrs. Gurram Shalini
Reddy. The partners have more than two decades of experience in
poultry business. The firm is engaged in raring of parent birds to
hatching eggs and trading of hatching eggs, chicks, cull birds and
their Manure. The firm has three branches located in Takkallapally,
Kurmapally and Injapur. The breeder farm is located at
Takallapally, while the chick and grower sheds are located at
kurmapally. The firm mainly buys parent birds for raring from Venco
research & breeding farm ltd. The firm purchases raw materials for
feeding of birds like rice brokens, maize, sun flower oil cake,
shell grit, minerals and soya from its associate concerns (RVV Agri
Feeds Private Limited). The firm sells 75% of its hatching eggs to
Mumbai, Orissa, Kolkatta, siliguri (West Bengal), etc., and the
balance 25% of hatching eggs is used by the firm for incubating
process, inturn it will sell the day old chicks to Sneha Farms Pvt
Ltd. The firm has installed capacity of 1,70,000 number of birds.
SAMARTH AD: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Samarth Ad Protex
Pvt. Ltd's Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR397.4 mil. Long-term loans due on April 2023 migrated to
issuer not co-operating category with IND BB+ (ISSUER NOT
COOPERATING) rating; and
-- INR147 mil. Fund-based limits migrated to issuer not co-
operating category with IND BB+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 11, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Samarth Ad Protex manufactures block bottom bags/polypropylene
laminated bags in Purulia district, West Bengal. The company has a
production capacity of 8,000 metric tons per annum.
SE FORGE: CARE Reaffirms D Rating on INR180.85cr Term Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of SE
Forge Limited (SEFL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 180.85 CARE D Reaffirmed
facility-Term
Loan
Long term Bank 46.45 CARE D Reaffirmed
facility–Fund
Based Working
capital limits
Short term Bank 96.00 CARE D Reaffirmed
facility–Non
Fund based
working capital
limits
Detailed Rationale & Key Rating Drivers
The reaffirmation of ratings assigned to the bank facilities of
SEFL is on account of delay in servicing of its debt obligations
and lack of a clean repayment track record.
Rating Sensitivities
Positive Factors
* Repayment of dues in timely manner for over 3 months.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Delay in servicing of debt obligation: SEFL had delayed in
servicing of its debt obligations due to deterioration in the
financial and liquidity profile of parent which generated the major
revenue coupled with high debt service obligations.
SE Forge Ltd. (SEFL), incorporated in June 2006, is a wholly owned
subsidiary of Suzlon Energy Ltd. SEFL was established by SEL as a
backward integration to its Wind Turbine Generators (WTGs) design
and manufacturing facilities. SEFL is engaged in the business of
manufacturing Iron Castings and Forged products, primarily used as
components in the WTGs and other related equipment. SEFL has a
Forging unit with an installed capacity of approx. 42,000 rings per
annum at Vadodara in Gujarat and a Foundry unit with an installed
capacity of approx. 1,20,000 MTPA at Coimbatore in Tamil Nadu, both
situated in Special Economic Zones (SEZs).
SINGH ENTERPRISES: Ind-Ra Affirms BB- Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Singh Enterprises'
(SINGHE) Long-Term Issuer Rating at 'IND BB-'. The Outlook is
Stable.
The instrument-wise rating actions are:
-- INR25 mil. Fund-based limits affirmed with IND BB-/Stable
rating; and
-- INR150 mil. Non-fund-based limits affirmed with IND A4+
rating.
KEY RATING DRIVERS
The affirmation reflects SINGHE's continued small scale of
operations with revenue of INR339.32 million in FY20 (FY19:
INR350.05 million). The revenue declined in FY20 due to delayed
payments from customers following the COVID-19-led lockdown.
However, the firm executed higher number of orders over FY19 in
FY20. At end-August 2020, SINGHE had an order book of INR1,535.5
million, indicating strong revenue visibility over the medium term.
The agency expects the company's revenue to decline further in FY21
due to delayed billing processes as well as work execution owing to
the continued COVID-19-led disruptions. FY20 numbers are
provisional in nature.
Liquidity Indicator - Stretched: SINGHE utilized its non-fund-based
limits fully and fund-based limits at 74.16% over the 12 months
ended July 2020. It does not have any capital market exposure and
relies on banking channels to meet its funding requirements. The
cash flow from operations turned positive to INR28.13 million in
FY20 (FY19: negative INR60.82 million) due to absolute EBITDA
increasing to INR27.85 million (INR26.32 million) due to a decline
in raw material prices, coupled with favorable changes in the
working capital. The net working capital cycle stood at negative 88
days (FY19: negative 77 days). Ind-Ra expects the liquidity
position to deteriorate marginally in FY21 on account of the likely
decline in the revenue, with increased utilization of the
fund-based working capital limits. SINGHE did not avail the Reserve
Bank of India-prescribed moratorium.
The ratings also continue to be constrained by the proprietorship
nature of the business.
The ratings, however, continue to be supported by the promoter's
experience of around three decades as a railways/civil contractor.
The ratings also continue to be supported by SINGHE's healthy
EBIDTA margins, which increased marginally to 8.21% in FY20 (FY19:
7.52%). The return on capital employed was 36.5% in FY20 (FY19:
35%). Ind-Ra expects the margin to deteriorate marginally in FY21
due to the impact of the COVID-19 outbreak and associated
lockdown.
The ratings also factor in SINGHE's comfortable credit metrics even
though its gross interest coverage (operating EBITDA/gross interest
expense) marginally deteriorated to 5.54x in FY20 (FY19: 5.60x) due
to an increase in the interest expense. The net leverage (adjusted
net debt/operating EBITDA) improved to 0.82x in FY20 (FY19: 1.14x)
due to a decline in the total debt and an increase in the absolute
EBITDA. Ind-Ra expects the credit metrics to deteriorate marginally
in FY21 on account of a decline in the absolute EBITDA.
RATING SENSITIVITIES
Negative: A decline in the interest coverage below 2x and a further
stretch in the liquidity on a sustained basis will be negative for
the ratings.
Positive: A sustained improvement in the scale of operations,
leading to an improvement in the credit metrics, working capital
cycle and the liquidity will be positive for ratings.
COMPANY PROFILE
SINGHE was incorporated at 1992 as proprietorship firm. Its
registered office is in Ranchi (Jharkhand). It is managed by Ranjan
Kumar. The firm is engaged in the design, execution, supply,
installation, testing, commissioning of interlocking system, and
the maintenance of safety-related rail signalling and control
systems. It also executes projects involving the laying of various
cables, track circuiting and other telecom works.
SVC PROJECTS: CARE Assigns B+ Rating to INR63.40cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of SVC
Projects Private Limited (SVCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 63.40 CARE B+; Stable Assigned
Facilities
Long/Short Term 64.10 CARE B+; Stable/CARE A4
Bank Facilities Assigned
Detailed Rationale & Key Rating Drivers:
The ratings assigned to the bank facilities of SVCPL is on account
of fluctuating scale of operations, long pending receivables
resulting elongated operating cycle, stretched liquidity position,
concentrated order book towards defence sector and tender based
nature of operations in an intensely competitive civil construction
industry. The ratings, however, are underpinned by experienced
promoters, long track record of operations in construction sector,
satisfactory order book position, adequate asset base for project
execution and comfortable capital structure and debt coverage
indicators.
Key Rating Sensitivities:
Positive Sensitivities:
* Realization of pending receivables from Andhra Pradesh Township
Infrastructure Development Corporation Limited (APTIDCO; an
undertaking of A.P. State Government) during FY21.
* Improvement in operating cycle period to less than three months.
* Increase in scale of operations with timely execution of projects
in hand, improvement in TOI beyond INR150 crore while maintaining a
PBILDT margin of 10% or above.
Negative Sensitivities:
* Delay in realization of receivables from APTIDCO and other
clients (especially BEL) resulting in tight liquidity position for
the company.
* Delay in sanctioning of enhanced working capital limits by banks
beyond September 2020.
* Any significant delay in the progression of projects in hand.
* Registering total operating income below INR150.00 crore during
FY21.
Detailed description of the key rating drivers
Key Rating Weaknesses:
* Fluctuating scale of operations with significant decline in FY20:
The scale of operations of the company has remained fluctuating
with an y-o-y TOI growth of more than two times in FY19 while a
significant decline of around 65% y-o-y in FY20. The same is
primarily on account of deterioration in liquidity position of
SVCPL during FY20 due to pending receivables from APTIDCO that
restricted to company's ability to execute orders. Also, the State
Govt. has cancelled few of the orders of the company during FY20.
During Q1FY21, the company generated revenue
of INR17.00 crore with PBT of INR1.80 crore.
* Pending receivables resulting in elongated working capital cycle:
SVCPL operates in a working capital intensive industry where the
requirement of working capital remains high. Although, the
operating cycle of the company remained satisfactory until FY19, it
elongated to 254 days during FY20 (Prov.) on account of significant
delay in realization of receivables from APTIDCO resulting in
stretched collection period of 178 days during FY20 (Prov.)
vis-à-vis 40 days during FY19. As on July 27, 2020, the
receivables from APTIDCO amounted to more than 60% of the total
receivables of the company.
* Concentrated order book: Almost the entire order book of the
company remains concentrated towards work orders from defense
sector which exposes the company to client concentration risk.
Further, the company is also exposed to client concentration risk
with a single client comprising around 65% of the outstanding order
book of SVCPL as on July 31, 2020.
* Tender-based nature of operations in intensely competitive civil
construction industry: SVCPL receives all its work orders from
government departments constituting 100% of its order book. All
these are tender-based and the revenues are dependent on the
company's ability to bid successfully for these tenders.
Profitability margins come under pressure because of this
competitive nature of the industry. However, the promoters' long
industry experience of more than two decades mitigates this risk to
some extent. Further, there are numerous fragmented & unorganized
players operating in the segment which makes the civil construction
space highly competitive.
* Impact of COVID-19: The Government of India had announced
nationwide lockdown from March 23, 2020 in the wake of of COVID-19
pandemic. The lockdown has impacted production/operations of
various business segments. As SVCPL operates in "Non-Essential
Goods/Services" segment, the operations of the company have been
halted. SVCPL resumed operations from the end of May'20 at around
40%-50% capacity. Q3FY21 onwards company expects the works to gain
momentum. Further, recent announcements of Govt. of India w.r.t
extension of timelines for project completion, release of partial
bank guarantees proportionate to completion of projects etc. will
ease the company's operations going forward.
Key Rating Strengths:
* Experienced promoters and long track record of the company: SVCPL
has been promoted by Mr. (Late) Satyanarayana Raju and Mr. P Vishnu
Kumar Raju (present Managing Director) who have long presence in
the construction industry with experience of 30 years in the said
segment. Mr. Vishnu Kumar Raju is a B.E. in Civil Engineering from
1983 batch. Mr. P Murali Maheshwara Raju, the Director of the
company (B. Tech. (Civil Engineering)) also has an experience of 28
years in the construction industry and manages the project work of
the company. The company has been benefiting from promoter's
extensive experience and reputation and has also helped SVCPL in
building industry relations.
* Satisfactory order book position: SVCPL has an outstanding order
book position of INR329.11 crore as on July 31, 2020 thereby
providing revenue visibility for the medium term. The company
receives projects through direct participation in tenders floated
by various government organizations. It generally procures turnkey
projects which include work encompassing civil, electrical, and air
conditioning works.
* Adequate asset base for executing projects on own: The company
has an adequate asset base to execute the present order book size.
SVCPL has been executing all its projects on its own with minimal
reliance on sub-contractors. It has its own fleet of equipment viz.
batching plant, cement storage silos, hydraulic rotary rig, crawler
crane, tower crane, hydraulic mobile crane, transit mixers (RMC),
hydraulic excavators etc. The equipment and construction vehicles
constitute around ~75% of the total gross block of the company.
* Comfortable capital structure and coverage indicators: SVCPL has
been maintaining a conservative capital structure with an adequate
net worth base vis-à-vis bank borrowings. The overall gearing
ratio improved from 1.34x as on March 31, 2019 to 1.09x as on March
31, 2020 (Prov.) on account of plough back of profits to reserves.
The interest coverage ratio remained satisfactory at 2.24x during
FY20 (Prov.), other debt coverage indicator represented by total
debt to GCA also stood modest at 6.86x during FY20 (Prov.) (5.63x
during FY19).
Liquidity analysis: Stretched
Liquidity position of the company remains stretched marked by
tightly matched accruals to repayment obligations, extensively
utilized bank limits and modest cash balance. However, the company
has approached bankers for the enhancement of working capital
limits and sanctioning of the same is expected to ease the
liquidity position of the company. Further, the company has free
cash balance of INR1.89 crore as on August 25, 2020. The average
utilization of fund based working capital limits remained high at
94.67% during the 12 month period ended July 31, 2020. The company
has availed moratorium during April 2020. Thereafter, no moratorium
was availed for any of its bank facilities.
SVC Projects Private Limited (SVCPL) (formerly, Sri Venkateswara
Constructions) was incorporated in 1970 as a sole proprietor firm
by Mr. Satyanarayana Raju and it was reconstituted as a Private
Limited Company in the year 2000. The company is engaged in
execution of civil work orders in the segment of building
construction, water supply and electrical & technical works. SVCPL
is a special class contractor registered with various reputed
defence departments since 1987. Apart from executing orders from
Indian Defence departments, the company also undertakes work order
from Public Work Departments and other departments of State
Governments. The promoters have extensive experience in civil
construction industry and apart from SVCPL, the other companies of
the group are SVC Minerals Private Limited, Nunet Technologies
Private Limited and Dwaraka Plaza Constructions Private Limited.
=====================
N E W Z E A L A N D
=====================
CHILLI HOUSE: Owner Sells Family Restaurant for NZD1 on Trade Me
----------------------------------------------------------------
Anuja Nadkarni at Stuff.co.nz reports that an Auckland business
owner said she has no choice but to sell the family restaurant for
NZD1 on Trade Me because of Covid-19.
According to Stuff, Bianca Xiang said her restaurant, Chilli House
BBQ, located at mixed use development Apollo Square Apartments at
40 Rosedale Rd on the North Shore, was badly affected by the
pandemic.
"We've lost all our money. There's nothing wrong with the
restaurant, it's a beautiful restaurant, we spent NZD300,000
renovating it, but we haven't been able to operate it because of
Covid-19," Stuff quotes Ms. Xiang as saying.
After two failed attempts at selling the business on Trade Me, Ms.
Xiang said she felt like she had no choice but to sell it for
NZD1.
"We don't care about the price any more, we've been trying to sell
it for two months. We just want someone to run the business."
Her husband and co-owner has been overseas with family for more
than five months, which made it even harder for Ms. Xiang to
operate the business alone, she said.
The Xiangs bought the restaurant last year, but during alert level
4, the restaurant had to let staff go, Stuff says.
"We can't run it any more because we haven't had any income to pay
the rent," Ms. Xiang said.
Ms. Xiang said she was hopeful the business would sell.
On Sept. 21 the Trade Me listing had 17 bids, reaching NZD103, with
three days remaining, Stuff discloses.
[*] NEW ZEALAND: 16% of Auckland Hospitality Cos. Mull Closure
--------------------------------------------------------------
Stuff.co.nz reports that a recent Hospitality New Zealand survey
revealed in Auckland 16 per cent of hospitality businesses were
considering permanently closing their business, compared to 10.7
per cent for the rest of the country.
Last week, the association's chief executive Julie White said the
Level 2 and 2.5 extension announced earlier this month could push
some businesses to the "brink of collapse," Stuff relates.
"We still have operators that can only realistically trade at level
1, due to social distancing measures, so the longer they are
closed, the harder it will be for them to reopen," Stuff quotes Ms.
White as saying.
=================
S I N G A P O R E
=================
SWEE HONG: SGX Junks Delisting Appeal; To Delist by Sept. 23
------------------------------------------------------------
Vivien Shiao at The Business Times reports that the Singapore
Exchange (SGX) on Sept. 20 said that it will not be acceding to
watch-listed construction firm Swee Hong's delisting appeal as well
as its request for an extension of six months for the company to
submit its resumption proposal.
As a result, Swee Hong will have to delist by Sept. 23, 2020.
BT relates that the exchange said it took into account the fact
that Swee Hong's scheme of arrangement approved on Sept. 2, 2020
will result in the company no longer being in a net liability
position upon completion of the scheme. Even with the approval for
the scheme, it does not enable the company to meet any of the
extension criteria requirements.
In addition, SGX noted that while the company had submitted that
investor CIIC Group was able to procure the entry into three
memorandums of understanding (MOUs) with large Chinese state-owned
enterprises and a public listed firm to participate and collaborate
on construction projects in Singapore, within the region and in
China, the company has not entered into further definitive
agreements nor been awarded actual projects, BT relays.
According to BT, SGX said that it is highly speculative, and there
is no certainty that the company will be able to secure any actual
projects.
As the company currently operates only in Singapore, there is no
evidence that securing such projects will enable it to achieve
profitability and have a market capitalisation of at least S$40
million to meet the requirements for its removal from the watch
list, said the exchange.
BT relates that SGX also pointed out that there were discrepancies
between unaudited and audited accounts, with the re-stated revenue
for FY2019 reduced by SGD36 million to a negative SGD11.2 million
from a previously reported revenue of SGD25.14 million due to an
allowance for impairment loss of SGD32.3 million against the
revenue.
There was also a significant reduction in gross revenue from
SGD25.1 million in FY2019 to SGD4.7 million in FY2020. The company
generated negative cash flows from its operating activities of
SGD5.4 million in FY2019 and SGD4.1 million in FY 2020. Swee Hong
also reported an increase in its loss before tax for FY2019 after
the re-statement, which widened further to a loss of SGD57.9
million, BT discloses.
BT relates that SGX also said Swee Hong had submitted that if it
fails to maintain its listing status, there can be no assurance
that the CIIC Group would continue to support the company
financially and operationally. There was also no information
provided which suggests that even if a further extension of six
months was granted as requested, the company will be profitable and
have a market capitalisation of at least SGD40 million and will be
able to exit the watch list, SGX, as cited by BT, said.
The board said that the company is not able to make any exit offer
to its shareholders, given its current financial position status,
BT relays. It has also written to the company's controlling
shareholder KH Foges and investor CIIC Group, which would be an
incoming controlling shareholder of the company, assuming the
completion of the scheme of arrangement approved on Sept 2, 2020,
to ask for an exit offer proposal. Both parties have not done so to
date, according to BT.
Trading in Swee Hong shares has been suspended since May 2019, BT
notes.
About Swee Hong
Swee Hong Ltd (SGX:QF6) -- http://sweehong.sg/-- is a
Singapore-based company, which is engaged in the business of
building construction and investment holding. Its segments include
Civil Engineering and Tunnelling. The Civil Engineering segment
includes civil engineering works, such as road construction works,
road maintenance works, sewerage rehabilitation (excluding
tunneling works), drains (excluding tunneling works), soil
improvement works and other infrastructure works. The Tunnelling
segment includes micro-tunneling works. The Company's ongoing
projects include road widening of upper Paya Lebar road from Upper
Serangoon road to Bartley road and sewer diversion at Springleaf
station. The Company focuses on Parks and Services, Infrastructure
Construction and Tunneling. It provides services, such as
architectural, mechanical and electrical (M&E); civil and structure
(C&S); soil works; landscaping; roads; bridges; flyover; canals,
and project management.
=====================
S O U T H K O R E A
=====================
DOOSAN GROUP: To Sell Headquarters Building for KRW800 Billion
--------------------------------------------------------------
Yonhap News Agency reports that cash-squeezed Doosan Group said on
Sept. 21 that it has signed a deal with a local private equity fund
to sell its headquarters building in Seoul for KRW800 billion
(US$689 million).
The sale of Doosan Tower is part of Doosan Group's plan to repay
its KRW3 trillion in debt extended by its creditors, including the
Korea Development Bank (KDB), the group said, Yonhap relays.
Under the deal with Mastern Invest Management, Doosan Group will
sell the building in downtown Seoul on Sept. 28, according to
Yonhap.
Earlier this month, the group said it will sell new shares worth
KRW1.3 trillion of its power plant-building affiliate Doosan Heavy
Industries & Construction Co. and other affiliates' assets to repay
its debts, Yonhap recalls.
Yonhap says the power plant builder also sold its 27-hole golf
course, Club Mow, to a consortium led by Hana Financial Investment
Co. for KRW185 billion and venture capital firm Neoplux Co. to
Shinhan Financial Group Co. for KRW73 billion.
Doosan's core businesses are based on ISB (Infrastructure Support
Business). Doosan's Infrastructure Support Businesses are made up
of five subsidiaries: Doosan Corporation, Doosan Heavy Industries &
Construction, Doosan Infracore, Doosan Engineering & Construction
and Doosan Engine. These subsidiaries provide electrical power,
desalinated drinking water, construction equipment, advanced
machinery, defense supplies, houses, highways and bridges, chemical
processing equipment and industrial engines.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Sept. 14 to Sept. 18, 2020
---------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.04
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 0.98
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.17
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.17
PALADIN ENERGY LTD 10.00 02/01/23 USD 60.63
PALADIN ENERGY LTD 10.00 02/01/23 USD 60.63
VIRGIN AUSTRALIA HOLDINGS 8.08 03/05/24 AUD 15.65
VIRGIN AUSTRALIA HOLDINGS 7.88 10/15/21 USD 15.42
VIRGIN AUSTRALIA HOLDINGS 8.25 05/30/23 AUD 15.23
VIRGIN AUSTRALIA HOLDINGS 7.88 10/15/21 USD 15.15
VIRGIN AUSTRALIA HOLDINGS 8.13 11/15/24 USD 15.00
VIRGIN AUSTRALIA HOLDINGS 8.13 11/15/24 USD 15.00
VIRGIN AUSTRALIA HOLDINGS 8.00 11/26/24 AUD 6.82
CHINA
-----
AKESU DISTRICT GREEN INDU 4.09 03/11/23 CNY 59.75
AKESU DISTRICT GREEN INDU 4.09 03/11/23 CNY 59.69
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 40.24
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 40.12
ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 60.70
ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 59.30
AN SHUN YU KUN REAL ESTAT 5.48 11/10/21 CNY 69.32
ANHUI FOREIGN ECONOMIC CO 7.30 07/13/21 CNY 70.01
ANHUI JIANGNAN INDUSTRIAL 4.76 07/08/23 CNY 59.01
ANHUI JIANGNAN INDUSTRIAL 4.76 07/08/23 CNY 58.93
ANHUI PINGTIANHU INVESTME 7.40 10/23/20 CNY 20.08
ANHUI PINGTIANHU INVESTME 7.40 10/23/20 CNY 19.60
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 27.18
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 20.32
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 24.57
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 20.65
ANJI NORTHWEST DEVELOPMEN 5.90 07/18/23 CNY 59.63
ANLU CONSTRUCTION DEVELOP 5.45 06/15/23 CNY 60.83
ANLU CONSTRUCTION DEVELOP 5.45 06/15/23 CNY 60.82
ANQING ECONOMIC&TECHNOLOG 4.09 03/09/23 CNY 60.02
ANQING ECONOMIC&TECHNOLOG 4.09 03/09/23 CNY 58.79
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 41.14
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 40.00
ANSHUN STATE-RUN ASSETS M 4.48 07/18/23 CNY 56.50
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 20.38
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 20.00
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 45.50
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 41.45
BAOYING CITY CONSTRUCTION 4.50 03/24/23 CNY 60.47
BAOYING CITY CONSTRUCTION 4.50 03/24/23 CNY 60.32
BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 31.30
BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 60.00
BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 58.54
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 21.20
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 20.70
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.40
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 19.99
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 20.83
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 20.39
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.33
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.00
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 20.49
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 20.41
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.45
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 23.68
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 20.12
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.01
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.01
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.27
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.05
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 20.11
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 20.00
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 43.87
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 40.51
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 20.61
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 20.40
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 20.00
BEIPIAO CITY CONSTRUCTION 6.70 03/25/23 CNY 62.03
BEIPIAO CITY CONSTRUCTION 6.70 03/25/23 CNY 52.22
BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 20.44
BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 20.00
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.02
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.00
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 45.65
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 41.30
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 30.00
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 20.31
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 23.40
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 20.26
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 40.47
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 40.00
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 60.42
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.00
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.02
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 19.90
BOZHOU URBAN CONSTRUCTION 4.78 04/14/23 CNY 60.62
BOZHOU URBAN CONSTRUCTION 4.78 04/14/23 CNY 60.50
CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 68.00
CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 60.85
CEFC SHANGHAI INTERNATION 4.98 12/10/20 CNY 61.29
CEFC SHANGHAI INTERNATION 4.08 09/09/21 CNY 60.00
CHANG DE DING LI INDUSTRY 4.30 03/10/23 CNY 60.19
CHANG DE DING LI INDUSTRY 4.30 03/10/23 CNY 59.93
CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 40.21
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 21.40
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 20.47
CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 60.00
CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 59.87
CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 62.03
CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 59.78
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 41.86
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 41.80
CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 30.93
CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 60.67
CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 60.30
CHANGSHA METRO GROUP CO L 5.97 04/03/25 CNY 72.69
CHANGSHA METRO GROUP CO L 5.40 07/14/25 CNY 71.74
CHANGSHA METRO GROUP CO L 5.40 07/14/25 CNY 70.00
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 46.65
CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 60.10
CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 59.96
CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 60.17
CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 59.77
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 24.00
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 20.55
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.60
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.00
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 47.32
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 41.10
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 27.00
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 20.57
CHANGXING COMMUNICATIONS 7.88 04/30/21 CNY 30.30
CHANGXING COMMUNICATIONS 6.75 06/16/21 CNY 20.70
CHANGXING COMMUNICATIONS 7.88 04/30/21 CNY 20.55
CHANGXING COMMUNICATIONS 6.75 06/16/21 CNY 19.94
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 40.45
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 39.00
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.34
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.30
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 20.20
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 20.19
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 41.01
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 40.00
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 42.10
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 41.16
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 26.00
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 20.49
CHENGDU GARDEN WATER CITY 6.15 05/03/23 CNY 60.42
CHENGDU GARDEN WATER CITY 6.15 05/03/23 CNY 60.04
CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.05
CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.00
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 20.46
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 48.83
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 41.44
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 20.11
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 40.74
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 39.30
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 40.92
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 40.00
CHENGDU XINKAIYUAN URBAN 5.29 04/27/23 CNY 59.92
CHENGDU XINKAIYUAN URBAN 5.29 04/27/23 CNY 59.58
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 41.00
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 40.60
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 20.52
CHENZHOU BAIFU INVESTMENT 4.96 03/22/26 CNY 73.33
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.25
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.12
CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.82
CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.80
CHENZHOU INDUSTRY INVESTM 6.45 01/23/22 CNY 40.36
CHENZHOU XINTIAN INVESTME 5.38 03/08/26 CNY 73.87
CHENZHOU XINTIAN INVESTME 5.38 03/08/26 CNY 73.12
CHENZHOU XINTIAN INVESTME 6.15 04/24/22 CNY 39.78
CHINA MINSHENG INVESTMENT 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDINGS 8.60 09/21/21 CNY 68.00
CHINA OCEANWIDE HOLDINGS 8.90 12/13/21 CNY 63.00
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.40
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.14
CHONGQIN BAIYAN INVESTMEN 5.75 05/03/23 CNY 61.50
CHONGQIN BAIYAN INVESTMEN 5.75 05/03/23 CNY 60.47
CHONGQIN XINLIANG INVESTM 4.76 08/26/23 CNY 56.48
CHONGQIN XINLIANG INVESTM 4.76 08/26/23 CNY 56.41
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.10
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 41.00
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 40.77
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 40.73
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 20.30
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 20.15
CHONGQING BISHAN DISTRICT 4.93 03/29/23 CNY 60.52
CHONGQING BISHAN DISTRICT 4.93 03/29/23 CNY 60.16
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 20.34
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 20.00
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 20.29
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 20.00
CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 20.07
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 40.38
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 40.00
CHONGQING ECO&TECH DEVELO 3.95 04/13/23 CNY 60.80
CHONGQING ECO&TECH DEVELO 3.95 04/13/23 CNY 60.13
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 27.33
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 20.42
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 40.66
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 40.00
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 30.80
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 20.58
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 20.63
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 20.00
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 20.24
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.16
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 20.00
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.00
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 21.00
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 20.70
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.29
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.13
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 20.51
CHONGQING JIN TONG INDUST 4.44 11/16/23 CNY 74.76
CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 60.04
CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 60.01
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.55
CHONGQING KAIQIAN INVESTM 4.64 03/21/23 CNY 58.88
CHONGQING KAIQIAN INVESTM 4.64 03/21/23 CNY 58.76
CHONGQING LAND PROPERTIES 3.36 03/21/23 CNY 60.57
CHONGQING LAND PROPERTIES 3.36 03/21/23 CNY 60.10
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.06
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.00
CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 70.10
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 40.73
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 40.60
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 40.14
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 40.05
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 40.00
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 20.56
CHONGQING MAIRUI URBAN CO 4.95 04/21/23 CNY 60.99
CHONGQING MAIRUI URBAN CO 4.95 04/21/23 CNY 60.44
CHONGQING NANCHUAN CITY C 4.20 07/11/23 CNY 59.90
CHONGQING NANCHUAN CITY C 4.20 07/11/23 CNY 59.23
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 21.70
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 20.25
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.15
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.00
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 46.25
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 39.69
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 21.70
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 20.47
CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 20.34
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 40.67
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 40.00
CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 60.76
CHONGQING TONGNAN DISTRIC 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 40.22
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 23.90
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 20.33
CHONGQING WANSHENG ECO DE 5.40 11/18/21 CNY 69.73
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 60.66
CHONGQING XINGRONG HOLDIN 4.86 03/31/23 CNY 58.79
CHONGQING XINGRONG HOLDIN 4.86 03/31/23 CNY 58.50
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 42.33
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 40.63
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 21.60
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 20.65
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 41.08
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 40.00
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 20.76
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 20.39
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 20.57
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 20.38
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 44.55
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 40.85
CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 40.71
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25
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 IN 6.18 08/18/21 CNY 48.80
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 40.59
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.60
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.27
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 20.26
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 20.00
DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 61.26
DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 59.82
DALIAN PULANDIAN CONSTRUC 3.80 01/25/23 CNY 58.42
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 40.53
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 20.35
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 20.35
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.30
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.30
DALIAN SHITAI CITY CONSTR 4.50 02/01/23 CNY 58.70
DALIAN SHITAI CITY CONSTR 4.50 02/01/23 CNY 57.73
DALIAN SHITAI CITY CONSTR 7.09 02/20/21 CNY 20.07
DANDONG PORT GROUP CO LTD 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 61.40
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 60.61
DANGYANG XINYUAN INVESTME 4.97 03/29/23 CNY 59.81
DANGYANG XINYUAN INVESTME 4.97 03/29/23 CNY 59.37
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 20.00
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 40.00
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 39.71
DANYANG INVESTMENT GROUP 3.99 01/25/23 CNY 59.51
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 20.14
DATONG ECONOMIC CONSTRUCT 4.49 10/22/22 CNY 60.28
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 39.30
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 38.92
DAYE ZHENHENG CITY DEVELO 4.50 03/28/23 CNY 59.06
DAYE ZHENHENG CITY DEVELO 4.50 03/28/23 CNY 58.92
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 23.53
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 20.33
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 20.26
DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.45
DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.00
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 40.83
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 40.00
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.33
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.33
DEXING INVESTMENT HOLDING 5.99 03/21/23 CNY 60.58
DEXING INVESTMENT HOLDING 5.99 03/21/23 CNY 59.78
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 28.26
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 20.34
DONGLING GROUP INC CO 8.00 07/14/22 CNY 41.26
DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.00
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 28.48
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 20.52
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 20.35
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 41.58
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 40.61
DONGZHI COUNTY CITY OPERA 4.88 06/20/23 CNY 60.31
DONGZHI COUNTY CITY OPERA 4.88 06/20/23 CNY 60.27
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 39.46
DUNYUN STATE-OWNED ASSETS 6.60 12/28/22 CNY 59.10
EASTAR HOLDINGS GROUP CO 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 27.54
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 20.52
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.00
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 40.22
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 26.50
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 20.65
FANGCHENGGANG GANGFA HOLD 8.09 04/16/21 CNY 22.00
FANGCHENGGANG GANGFA HOLD 8.09 04/16/21 CNY 20.44
FEICHENG CITY ASSETS MANA 4.04 03/23/23 CNY 59.48
FEICHENG CITY ASSETS MANA 4.04 03/23/23 CNY 59.42
FEIXI COUNTY URBAN & RURA 4.45 06/03/23 CNY 61.24
FEIXI COUNTY URBAN & RURA 4.45 06/03/23 CNY 60.42
FENG COUNTY ECONOMIC DEVE 5.18 06/21/23 CNY 59.40
FENG COUNTY ECONOMIC DEVE 5.18 06/21/23 CNY 58.77
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 44.49
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 41.02
FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 60.00
FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 59.35
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 54.79
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 40.33
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 40.00
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 19.73
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 20.24
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 20.65
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 20.55
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 40.53
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 40.00
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.74
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.00
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 41.15
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 40.50
FUQING CITY STATE-OWNED A 5.94 11/26/22 CNY 56.18
FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 25.18
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 40.39
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 40.03
FUZHOU CHANGLE DISTRICT S 4.50 04/11/23 CNY 59.95
FUZHOU CHANGLE DISTRICT S 4.50 04/11/23 CNY 58.80
FUZHOU LINCHUAN URBAN CON 5.68 07/05/23 CNY 61.34
FUZHOU LINCHUAN URBAN CON 5.68 07/05/23 CNY 61.04
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 40.67
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 40.57
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 40.55
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 40.00
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 40.93
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 40.00
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 20.27
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 19.00
GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 60.68
GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 60.08
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.78
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.00
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.26
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.00
GONGQINGCHENG FINANCIAL M 5.85 03/25/23 CNY 61.13
GONGQINGCHENG FINANCIAL M 5.85 03/25/23 CNY 58.93
GOOCOO INVESTMENT CO LTD 8.00 02/01/21 CNY 50.00
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 44.00
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 41.21
GUANGAN ECONOMIC & TECHNO 5.16 04/14/23 CNY 59.56
GUANGAN ECONOMIC & TECHNO 5.16 04/14/23 CNY 59.35
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.34
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.34
GUANGDONG HUIZHOU COMMUNI 4.16 05/17/23 CNY 60.30
GUANGDONG HUIZHOU COMMUNI 4.16 05/17/23 CNY 60.06
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 20.10
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 20.00
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.59
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.00
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 21.00
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 20.16
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 24.77
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 20.25
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 23.00
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 20.45
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 21.15
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 20.44
GUANGYUAN YUANQU CONSTRUC 4.48 03/10/23 CNY 59.17
GUANGYUAN YUANQU CONSTRUC 4.48 03/10/23 CNY 59.16
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 47.00
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 40.99
GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 73.48
GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 72.93
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 63.07
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 62.87
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 60.00
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 20.39
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 20.00
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 40.90
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 40.00
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 45.00
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 40.51
GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 59.26
GUIYANG GUANSHANHU DISTRI 4.48 03/09/23 CNY 58.89
GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 58.87
GUIYANG GUANSHANHU DISTRI 4.48 03/09/23 CNY 58.40
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 60.90
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 60.00
GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 60.72
GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 58.09
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 41.21
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 40.00
GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 61.00
GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 60.20
GUIZHOU GUILONG INDUSTRIA 7.80 04/28/22 CNY 51.28
GUIZHOU GUILONG INDUSTRIA 7.80 04/28/22 CNY 49.65
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 48.84
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 48.41
GUIZHOU RAILWAY INVESTMEN 7.50 04/23/24 CNY 63.72
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 41.50
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 41.38
GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 73.66
GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 73.34
HAIAN COUNTY DEVELOPMENT 5.45 04/13/23 CNY 59.32
HAIAN COUNTY DEVELOPMENT 5.45 04/13/23 CNY 59.24
HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 60.91
HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 60.88
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 20.22
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 20.22
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 20.10
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 20.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 40.63
HAIKOU MEILAN INTERNATION 5.25 09/06/19 USD 55.18
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 42.20
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 41.16
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 40.67
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 21.42
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 20.18
HAIXI STATE-OWNED CAPITAL 8.60 01/02/21 CNY 20.30
HAIXI STATE-OWNED CAPITAL 8.60 01/02/21 CNY 20.30
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.20
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.07
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 47.20
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 40.73
HANGZHOU CITY CONSTRUCTIO 3.80 03/14/23 CNY 60.05
HANGZHOU CITY CONSTRUCTIO 3.80 03/14/23 CNY 60.00
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 20.45
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 20.45
HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 60.12
HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 59.16
HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 29.00
HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 20.57
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 40.40
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 20.67
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 72.89
HANGZHOU WEST LAKE INVEST 4.30 04/25/23 CNY 61.22
HANGZHOU WEST LAKE INVEST 4.30 04/25/23 CNY 60.62
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 20.56
HANGZHOU XIAOSHAN QIANJIA 4.00 03/22/23 CNY 60.27
HANGZHOU XIAOSHAN QIANJIA 4.00 03/22/23 CNY 60.15
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 20.49
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 20.44
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 20.75
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 20.48
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 21.85
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 20.56
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 26.60
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 20.32
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 CONST 4.10 11/16/21 CNY 59.92
HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.70
HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 40.99
HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 40.59
HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 62.42
HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 60.46
HEFEI CONSTRUCTION INVEST 7.20 04/29/24 CNY 64.27
HEFEI XINCHENG STATE-OWNE 4.13 07/15/23 CNY 59.36
HEFEI XINCHENG STATE-OWNE 4.13 07/15/23 CNY 59.10
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.22
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.00
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 30.93
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 30.80
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 25.22
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 18.55
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.81
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.74
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.28
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.05
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 44.50
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 40.10
HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 60.00
HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 59.75
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 21.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 20.39
HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 59.84
HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 59.67
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 45.88
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 40.68
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 20.40
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 20.80
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 20.52
HNA GROUP CO LTD 7.10 04/15/20 CNY 70.00
HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 31.83
HUAIAN CITY HUAIAN DISTRI 4.63 05/03/23 CNY 64.10
HUAIAN CITY HUAIAN DISTRI 4.63 05/03/23 CNY 60.12
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 41.54
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 40.90
HUAIAN CITY XUYI URBAN AS 5.10 04/15/23 CNY 59.79
HUAIAN CITY XUYI URBAN AS 5.10 04/15/23 CNY 59.21
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 27.84
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 20.42
HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 58.85
HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 58.01
HUAIAN HONGZE DISTRICT UR 4.37 07/18/23 CNY 58.96
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 47.50
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 40.52
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 20.33
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 20.00
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 20.11
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 20.10
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 40.34
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 40.00
HUAIHUA TRANSPORTATION CO 4.96 04/12/23 CNY 59.65
HUAIHUA TRANSPORTATION CO 4.96 04/12/23 CNY 59.26
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 21.65
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 20.60
HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 60.27
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 20.60
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 20.42
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 20.37
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 41.14
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 40.65
HUANGSHI CIHU HIGH-TECH D 4.50 06/08/23 CNY 63.00
HUANGSHI CIHU HIGH-TECH D 4.97 06/08/23 CNY 60.41
HUANGSHI CIHU HIGH-TECH D 4.50 06/08/23 CNY 60.17
HUANGSHI CIHU HIGH-TECH D 4.97 06/08/23 CNY 60.05
HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 20.44
HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 20.25
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 41.29
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 40.00
HUAWEN MEDIA GROUP 6.00 04/04/21 CNY 45.50
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 42.40
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 41.28
HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 62.24
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.52
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.11
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 40.57
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 40.00
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 22.25
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 20.48
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 61.09
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 60.06
HUNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 59.84
HUNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 59.82
HUNAN JINYANG INVESTMENT 4.39 04/06/23 CNY 59.54
HUNAN JINYANG INVESTMENT 4.39 04/06/23 CNY 58.73
HUNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 40.22
HUNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 38.60
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 56.50
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 56.48
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 47.00
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 39.47
HUNAN PROVINCIAL RAILWAY 6.09 04/30/25 CNY 74.05
HUNAN PROVINCIAL RAILWAY 6.09 04/30/25 CNY 70.00
HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 61.84
HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 59.31
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 58.30
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 57.50
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 22.72
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.36
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 20.36
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.20
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 20.42
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 20.00
HUNAN YOUZHOU INVESTMENT 4.80 07/07/23 CNY 60.17
HUNAN YOUZHOU INVESTMENT 4.80 07/07/23 CNY 60.16
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 42.38
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 40.78
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 20.40
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 20.38
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 20.00
INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 60.20
INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 59.50
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 40.00
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 40.00
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 39.06
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 38.90
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 44.00
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 40.10
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 42.10
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 41.02
JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 59.80
JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 58.86
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 20.87
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 20.43
JIANAN INVESTMENT HOLDING 4.30 03/08/23 CNY 60.27
JIANAN INVESTMENT HOLDING 4.30 03/08/23 CNY 60.26
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 26.50
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 20.44
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 20.48
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 41.10
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 40.99
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 20.19
JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 61.28
JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 60.32
JIANGSU HAIZHOU DEVELOPME 4.67 06/06/23 CNY 61.51
JIANGSU HAIZHOU DEVELOPME 4.67 06/06/23 CNY 60.41
JIANGSU HAIZHOUWAN DEVELO 5.37 03/29/23 CNY 45.00
JIANGSU HANRUI INVESTMENT 4.63 04/15/23 CNY 61.00
JIANGSU HANRUI INVESTMENT 4.63 04/15/23 CNY 60.54
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 20.80
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 20.50
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 20.61
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 20.00
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 40.84
JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 20.22
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 29.90
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 25.06
JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 28.80
JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 20.49
JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 59.88
JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 58.98
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 25.00
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 20.34
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 20.42
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 20.00
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 26.10
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 25.07
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.69
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.32
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 40.91
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 47.50
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 40.78
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 30.19
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 20.51
JIANGSU ZHANGJIAGANG ECON 3.95 03/22/23 CNY 60.00
JIANGSU ZHANGJIAGANG ECON 3.95 03/22/23 CNY 59.99
JIANGSU ZHUFU INDUSTRIAL 4.47 07/20/23 CNY 58.33
JIANGSU ZHUFU INDUSTRIAL 4.93 12/29/20 CNY 40.18
JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 60.00
JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 59.62
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 70.07
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 69.59
JIANGXI LONGHU MOUNTAIN T 4.35 03/16/23 CNY 59.70
JIANGXI LONGHU MOUNTAIN T 4.35 03/16/23 CNY 59.37
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 29.34
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 20.45
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 20.56
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 20.56
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 21.00
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 20.15
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.66
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.31
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 42.75
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 40.47
JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 71.00
JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 69.27
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 42.86
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 39.81
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 21.13
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 20.30
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 21.80
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 20.55
JIAXING XIANGJIADANG DEVE 4.13 07/20/23 CNY 59.79
JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 60.89
JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 60.89
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.47
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.00
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.55
JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 59.95
JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 59.90
JILIN ECONOMIC AND TECHNO 6.20 04/29/23 CNY 60.54
JILIN ECONOMIC AND TECHNO 6.20 04/29/23 CNY 59.22
JILIN NORTHEAST SOCK INDU 7.50 05/19/22 CNY 71.71
JILIN NORTHEAST SOCK INDU 6.80 12/19/21 CNY 69.84
JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 20.11
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 20.49
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 20.48
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 39.61
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 39.61
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 20.37
JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.60
JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.00
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.50
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.34
JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 60.04
JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 60.00
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 20.33
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 20.00
JINGJIANG CITY INVESTMENT 4.55 03/30/23 CNY 59.58
JINGJIANG CITY INVESTMENT 4.55 03/30/23 CNY 59.52
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 48.68
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 40.14
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 31.76
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 30.99
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 20.15
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 18.57
JINGMEN DONGBAO DISTRICT 4.44 07/22/23 CNY 20.00
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 60.70
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 59.80
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 21.80
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 20.27
JINGZHOU URBAN CONSTRUCTI 3.97 03/10/23 CNY 59.96
JINGZHOU URBAN CONSTRUCTI 3.97 03/10/23 CNY 59.68
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.33
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 40.86
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 44.44
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 40.73
JINING HIGH TECH URBAN CO 6.09 04/30/22 CNY 41.50
JINING HIGH TECH URBAN CO 6.09 04/30/22 CNY 41.02
JINTANG MODERN AGRICULTUR 5.49 07/14/23 CNY 58.31
JINTANG MODERN AGRICULTUR 5.49 07/14/23 CNY 57.68
JINZHAI URBAN DEVELOPMENT 5.90 04/25/23 CNY 61.36
JINZHAI URBAN DEVELOPMENT 5.90 04/25/23 CNY 60.92
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 44.91
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 40.28
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.60
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.29
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 25.00
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 20.90
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 20.32
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 20.32
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 42.82
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 39.97
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 40.92
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 39.55
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 40.88
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 40.36
JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 59.49
JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 59.40
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 20.60
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 20.39
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.85
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.13
KAIFENG URBAN OPERATION I 6.35 03/23/22 CNY 40.24
KAIFENG URBAN OPERATION I 6.35 03/23/22 CNY 40.23
KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 60.10
KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 60.10
KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 60.00
KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 58.26
KANGMEI PHARMACEUTICAL CO 6.33 01/27/22 CNY 36.69
KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 24.15
KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 24.15
KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 22.30
KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 21.25
KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 21.25
KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 21.25
KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 21.25
KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 21.25
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 60.87
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 40.00
KUNMING DONGJUN REAL ESTA 4.50 11/02/21 CNY 49.38
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 25.45
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 20.45
KUNSHAN HIGH TECHNOLOGY G 7.10 03/26/21 CNY 20.45
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 20.60
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 20.35
LANZHOU STATE OWNED ASSET 6.32 09/10/21 CNY 40.16
LANZHOU STATE OWNED ASSET 6.32 09/10/21 CNY 34.90
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.59
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.39
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 41.54
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 41.53
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 40.85
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 40.65
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 45.60
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 40.62
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 45.00
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 40.31
LIAOCHENG ANTAI URBAN RUR 5.16 04/11/23 CNY 60.45
LIAOCHENG ANTAI URBAN RUR 5.16 04/11/23 CNY 60.29
LIAOCHENG ANTAI URBAN RUR 4.58 04/11/23 CNY 60.11
LIAOCHENG ANTAI URBAN RUR 4.58 04/11/23 CNY 59.94
LIAOCHENG XINGYE ECONOMIC 5.20 04/13/23 CNY 60.68
LIAOCHENG XINGYE ECONOMIC 5.20 04/13/23 CNY 58.54
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.24
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 3.63
LIAONING YAODU DEVELOPMEN 6.50 04/29/23 CNY 60.77
LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 59.28
LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 58.75
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 40.55
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 40.49
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.11
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.10
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 61.09
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 60.00
LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 60.57
LIUPANSHUI MINSHENG INVES 5.08 01/29/23 CNY 58.68
LIUPANSHUI MINSHENG INVES 5.08 01/29/23 CNY 58.66
LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 59.12
LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 59.11
LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.30
LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.10
LIUYANG URBAN CONSTRUCTIO 4.45 05/24/23 CNY 60.43
LIUYANG URBAN CONSTRUCTIO 4.45 05/24/23 CNY 60.39
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 40.77
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 46.17
LIUZHOU INVESTMENT HOLDIN 4.28 03/08/23 CNY 59.46
LIUZHOU INVESTMENT HOLDIN 4.28 03/08/23 CNY 59.45
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 63.68
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 40.44
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 38.00
LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 40.45
LONGYAN RAILWAY CONSTRUCT 4.98 04/13/23 CNY 59.30
LONGYAN RAILWAY CONSTRUCT 4.98 04/13/23 CNY 59.24
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 30.31
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 20.47
LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 59.81
LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 59.43
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 40.42
LOUDI WANBAO NEW DISTRICT 5.13 02/01/23 CNY 59.56
LOUDI WANBAO NEW DISTRICT 5.13 02/01/23 CNY 59.40
LU'AN CITY CONSTRUCTION I 5.05 04/26/21 CNY 50.59
LU'AN CITY CONSTRUCTION I 3.97 02/22/21 CNY 50.20
LU'AN CITY CONSTRUCTION I 5.20 09/25/20 CNY 50.20
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 40.96
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 40.00
LUOHE CITY INVESTMENT HOL 5.25 09/11/20 CNY 40.07
LUOYANG CITY COUNTRY CONS 4.28 04/26/23 CNY 60.38
LUOYANG CITY COUNTRY CONS 4.28 04/26/23 CNY 60.10
LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.64
LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.00
LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 74.03
LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 70.00
LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 59.58
LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 59.57
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 43.00
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 40.61
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 44.99
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 40.64
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 41.83
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 41.20
MEISHAN ASSET MANAGEMENT 7.84 02/26/21 CNY 20.38
MEISHAN CITY DONGPO DEVEL 5.90 06/30/23 CNY 59.36
MEISHAN CITY DONGPO DEVEL 5.90 06/30/23 CNY 59.14
MEISHAN HONGDA CONSTRUCTI 4.18 03/28/23 CNY 60.04
MEISHAN HONGDA CONSTRUCTI 4.18 03/28/23 CNY 59.08
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 45.32
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 40.84
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.09
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.07
MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 60.00
MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 59.79
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 45.00
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 41.33
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 20.29
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 20.29
MUNICIPALITY OF SHENZHEN 3.00 03/29/22 CNY 60.00
MUNICIPALITY OF SHENZHEN 3.00 03/29/22 CNY 60.00
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 40.53
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 40.39
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 31.20
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 20.58
NANJING BAIXIA STATE-OWNE 3.98 03/29/23 CNY 60.72
NANJING BAIXIA STATE-OWNE 3.98 03/29/23 CNY 60.04
NANJING HEXI NEW TOWN ASS 3.20 07/22/21 CNY 70.01
NANJING HEXI NEW TOWN ASS 3.47 06/17/21 CNY 40.10
NANJING JIANGNING ECONOMI 7.94 04/14/24 CNY 65.41
NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 60.57
NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 59.89
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 41.29
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 40.74
NANJING LISHUI URBAN CONS 4.97 04/28/23 CNY 60.60
NANJING LISHUI URBAN CONS 4.97 04/28/23 CNY 59.64
NANJING QIXIA STATE-OWNED 4.10 06/24/23 CNY 60.15
NANJING QIXIA STATE-OWNED 4.10 06/24/23 CNY 59.76
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 46.17
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 26.80
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 20.59
NANNING HI-TECH INDUSTRIA 4.28 03/25/23 CNY 59.12
NANNING HI-TECH INDUSTRIA 4.28 03/25/23 CNY 55.20
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 24.80
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 20.49
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.60
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.54
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.08
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.03
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 25.40
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 20.46
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.96
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.93
NANTONG CITY TONGZHOU DIS 3.75 07/07/23 CNY 61.50
NANTONG CITY TONGZHOU DIS 3.75 07/07/23 CNY 59.46
NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 61.52
NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 60.82
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 40.57
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 40.00
NANYANG HIGH-TECH DISTRIC 6.45 04/29/23 CNY 61.88
NANYANG HIGH-TECH DISTRIC 6.45 04/29/23 CNY 60.80
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.16
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.00
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 28.53
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 20.68
NEIJIANG STATE-OWNED ASSE 6.20 04/12/23 CNY 59.44
NEIJIANG STATE-OWNED ASSE 6.20 04/12/23 CNY 59.43
NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 59.61
NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 56.36
NEOGLORY HOLDING GROUP CO 8.10 11/23/18 CNY 72.00
NEOGLORY HOLDING GROUP CO 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP CO 8.00 10/22/20 CNY 56.00
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 26.30
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 20.47
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.84
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.67
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 29.00
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 20.42
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 48.29
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 41.32
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 20.66
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 20.00
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 25.00
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 20.70
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 20.69
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 20.30
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 41.10
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 40.20
NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 60.40
NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 59.79
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 20.54
NINGXIANG STATE-OWNED ASS 4.89 06/03/23 CNY 60.27
NINGXIANG STATE-OWNED ASS 4.89 06/03/23 CNY 59.03
ONE BELT ONE ROAD JIANGSU 4.70 07/15/23 CNY 60.18
ONE BELT ONE ROAD JIANGSU 4.70 07/15/23 CNY 60.18
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.76
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.38
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 40.73
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 40.71
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 41.92
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 41.00
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 20.45
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 20.32
PANZHIHUA STATE OWNED ASS 5.41 07/29/20 CNY 19.30
PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.36
PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.00
PEKING UNIVERSITY FOUNDER 6.30 03/04/24 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.50 11/16/23 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.68 08/09/23 CNY 49.00
PEKING UNIVERSITY FOUNDER 5.80 01/28/22 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.10 08/22/21 CNY 49.00
PEKING UNIVERSITY FOUNDER 4.80 07/26/21 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.30 09/12/20 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.15 07/23/20 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.20 05/31/20 CNY 49.00
PEKING UNIVERSITY FOUNDER 5.99 11/02/21 CNY 11.00
PINGHU CITY INVESTMENT DE 5.13 04/29/23 CNY 61.16
PINGHU CITY INVESTMENT DE 5.13 04/29/23 CNY 60.61
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 20.66
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 20.36
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.08
PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 59.33
PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 60.07
PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 60.00
PINGXIANG CHANGXING INVES 5.26 04/11/23 CNY 59.60
PINGXIANG CHANGXING INVES 5.26 04/11/23 CNY 58.74
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 40.54
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 40.21
PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 60.00
PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 59.77
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 42.46
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 40.85
PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 60.00
PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 59.58
PIZHOU RUNCAI ASSET MANAG 5.90 12/18/20 CNY 50.19
PUTIAN HIGH TECHNOLOGY IN 5.90 05/03/22 CNY 50.44
PUTIAN HIGH TECHNOLOGY IN 5.90 05/03/22 CNY 50.19
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.29
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.00
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.60
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.39
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.00
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 46.90
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 40.87
QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 57.68
QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 56.65
QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 60.00
QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 59.98
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 21.00
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 20.63
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 39.60
QIANXINAN AUTONOMOUS REGI 5.90 06/22/23 CNY 59.13
QIANXINAN AUTONOMOUS REGI 5.90 06/22/23 CNY 58.70
QIDONG COMMUNICATIONS INV 4.00 03/18/23 CNY 60.75
QIDONG COMMUNICATIONS INV 4.00 03/18/23 CNY 59.95
QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 60.01
QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 59.30
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 46.61
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 20.61
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 20.59
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 20.52
QIHE CITY OPERATION CONST 5.10 03/07/23 CNY 59.92
QIHE CITY OPERATION CONST 5.10 03/07/23 CNY 59.41
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 47.20
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 46.38
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 20.46
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.30
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 40.64
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 41.00
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 40.65
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 28.79
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 20.39
QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 60.40
QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 59.67
QINGDAO WEST COAST DEVELO 4.26 06/06/23 CNY 60.51
QINGDAO WEST COAST DEVELO 4.26 06/06/23 CNY 59.95
QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 35.40
QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 35.20
QINGHAI STATE-OWNED ASSET 5.40 05/21/23 CNY 56.23
QINGHAI STATE-OWNED ASSET 5.90 12/17/22 CNY 56.20
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 20.31
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 20.31
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 20.30
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 27.50
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 20.34
QINHUANGDAO CITY DEVELOPM 4.69 04/14/23 CNY 60.87
QINHUANGDAO CITY DEVELOPM 4.69 04/14/23 CNY 59.02
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 21.28
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 20.41
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.23
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.00
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.04
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.00
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 20.15
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 20.00
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 40.80
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 40.73
QUANJIAO URBAN INFRASTRUC 5.10 05/18/23 CNY 59.35
QUANJIAO URBAN INFRASTRUC 5.10 05/18/23 CNY 59.34
QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 61.95
QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 59.17
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 22.55
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 20.38
QUJING ECO TECH DEVELOPME 5.75 06/01/23 CNY 59.56
QUJING ECO TECH DEVELOPME 5.75 06/01/23 CNY 59.15
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.51
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 20.33
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 23.42
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 20.59
RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 59.32
RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 59.03
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 20.61
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 20.61
RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 59.86
RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 58.22
RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 60.72
RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 60.00
REWARD SCIENCE AND TECHNO 6.40 03/03/22 CNY 70.00
REWARD SCIENCE AND TECHNO 5.53 07/05/21 CNY 29.10
RIGHT WAY REAL ESTATE DEV 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 60.54
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 25.90
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 20.59
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 24.03
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 20.42
RUDONG COUNTY KAITAI CITY 4.57 01/08/23 CNY 60.29
RUDONG NEW WORLD INVESTME 4.37 07/18/23 CNY 78.32
RUGAO COMMUNICATIONS CONS 3.74 03/23/23 CNY 59.81
RUGAO ECONOMIC & TRADE DE 3.95 03/24/23 CNY 60.05
RUGAO ECONOMIC & TRADE DE 3.95 03/24/23 CNY 59.85
RUGAO ECONOMIC & TRADE DE 8.30 01/22/21 CNY 29.00
RUGAO ECONOMIC & TRADE DE 8.30 01/22/21 CNY 20.45
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 20.93
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 20.48
RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 60.54
RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 58.97
RUICHANG CITY INVESTMENT 5.68 03/25/23 CNY 59.93
RUICHANG CITY INVESTMENT 5.50 06/17/23 CNY 59.76
RUICHANG CITY INVESTMENT 5.68 03/25/23 CNY 59.32
RUICHANG CITY INVESTMENT 5.50 06/17/23 CNY 58.90
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 53.30
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 50.66
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.86
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 40.58
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 40.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.00
SANMING TRANSPORTATION CO 3.68 03/29/23 CNY 59.44
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 47.00
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 40.68
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 45.50
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 40.42
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 43.10
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 40.80
SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 61.01
SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 60.06
SHANDONG BORUN INDUSTRIAL 6.50 11/02/21 CNY 66.04
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 41.95
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 41.24
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 40.77
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 20.78
SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 42.45
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 41.01
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 24.00
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 20.78
SHANDONG JINMAO TEXTILE C 8.00 09/25/20 CNY 35.84
SHANDONG JINMAO TEXTILE C 6.97 04/01/21 CNY 20.70
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 23.40
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 20.10
SHANDONG RUYI TECHNOLOGY 7.90 09/18/23 CNY 52.10
SHANDONG SNTON GROUP CO L 6.20 05/30/21 CNY 9.50
SHANDONG SNTON GROUP CO L 5.18 09/08/21 CNY 8.52
SHANDONG TAIYANG INDUSTRY 5.97 03/02/21 CNY 42.86
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 40.36
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 40.00
SHANDONG WANTONG PETROLEU 7.97 11/29/21 CNY 18.95
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 20.42
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 20.42
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 20.75
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 20.52
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 25.75
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 25.27
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 40.90
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 40.79
SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 71.64
SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 40.68
SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 40.49
SHANGHAI PUTAILAI NEW ENE 5.50 03/19/21 CNY 66.67
SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 61.07
SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 59.75
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 25.40
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 20.14
SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 60.80
SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 60.34
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 31.53
SHANTOU INVESTMENT & FINA 7.99 03/04/24 CNY 64.64
SHANXI INTERNATIONAL ELEC 5.88 05/24/22 CNY 62.60
SHANXI XIANG KUANG GROUP 8.80 02/11/22 CNY 69.90
SHANXI XIANG KUANG GROUP 8.80 02/11/22 CNY 54.50
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 63.39
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 60.54
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 40.83
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 40.00
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 48.00
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 41.35
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 40.62
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 41.07
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 40.93
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 40.00
SHAOXING KEYAN CONSTRUCTI 6.28 03/24/22 CNY 41.56
SHAOXING KEYAN CONSTRUCTI 6.28 03/24/22 CNY 40.00
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 23.90
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 20.32
SHAOXING SHANGYU ECONOMIC 4.76 04/11/23 CNY 60.33
SHAOXING SHANGYU ECONOMIC 4.76 04/11/23 CNY 60.32
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.55
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.12
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 40.61
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 20.32
SHAOYANG DULIANG INVESTME 5.50 04/13/23 CNY 59.77
SHAOYANG DULIANG INVESTME 5.50 04/13/23 CNY 57.99
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 20.78
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 20.69
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 20.53
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 41.00
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 40.00
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 41.26
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 39.73
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 47.50
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 40.59
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 63.79
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 46.42
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 63.25
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 62.50
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 47.20
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 40.91
SHIJIAZHUANG URBAN CONSTR 6.55 03/09/21 CNY 41.40
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 41.17
SHIYAN STATE-OWNED CAPITA 6.58 08/20/21 CNY 40.71
SHIYAN STATE-OWNED CAPITA 6.58 08/20/21 CNY 40.00
SHIYAN STATE-OWNED CAPITA 6.88 10/11/20 CNY 20.68
SHIYAN STATE-OWNED CAPITA 6.88 10/11/20 CNY 20.12
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 22.87
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 20.07
SHUCHENG COUNTY URBAN CON 5.50 04/29/23 CNY 61.24
SHUCHENG COUNTY URBAN CON 5.50 04/29/23 CNY 61.23
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 66.00
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 60.53
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 20.47
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 20.00
SICHUAN CHENG'A DEVELOPME 7.18 09/12/20 CNY 20.06
SICHUAN COAL GASIFICATION 7.00 04/18/23 CNY 60.32
SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00
SICHUAN LANGZHONG FAMOUS 5.60 04/19/23 CNY 59.85
SICHUAN LANGZHONG FAMOUS 5.60 04/19/23 CNY 59.51
SICHUAN LONGYANG TIANFU N 5.45 05/27/23 CNY 60.87
SICHUAN LONGYANG TIANFU N 5.45 05/27/23 CNY 59.92
SICHUAN NAXING INDUSTRIAL 6.80 08/18/22 CNY 74.73
SICHUAN NAXING INDUSTRIAL 6.80 08/18/22 CNY 74.72
SICHUAN NAXING INDUSTRIAL 4.68 03/31/23 CNY 58.53
SICHUAN NAXING INDUSTRIAL 4.68 03/31/23 CNY 57.62
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.42
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 48.00
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 40.84
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 40.77
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 40.00
SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 59.73
SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 59.30
SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 60.56
SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 60.06
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 20.58
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 20.00
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 40.78
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 40.63
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 27.82
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 20.58
SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 60.45
SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 60.00
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 20.42
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 44.18
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 39.85
SUINING KAIDA INVESTMENT 4.89 04/08/23 CNY 59.19
SUINING KAIDA INVESTMENT 4.89 04/08/23 CNY 58.41
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 20.48
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 20.00
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 21.83
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 20.71
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 20.70
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 20.38
SUIZHOU HIGH-TECH INDUSTR 4.47 03/25/23 CNY 59.55
SUIZHOU HIGH-TECH INDUSTR 4.47 03/25/23 CNY 59.17
SUIZHOU URBAN CONSTRUCTIO 7.18 09/02/21 CNY 41.20
SUIZHOU URBAN CONSTRUCTIO 7.18 09/02/21 CNY 40.67
SUIZHOU YULONG WATER SUPP 6.10 03/28/23 CNY 59.76
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 40.06
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 29.01
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 20.15
SUZHOU CITY CONSTRUCTION 3.89 03/24/23 CNY 59.97
SUZHOU CITY CONSTRUCTION 3.89 03/24/23 CNY 59.94
SUZHOU CITY HENGCHENG CON 4.40 03/01/23 CNY 60.07
SUZHOU CITY HENGCHENG CON 4.40 03/01/23 CNY 60.06
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 20.80
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 20.39
SUZHOU NEW & HIGH-TECH IN 4.18 03/23/23 CNY 59.66
SUZHOU NEW & HIGH-TECH IN 4.18 03/23/23 CNY 59.06
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 40.47
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 25.53
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 25.23
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 40.98
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 22.60
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 20.40
TAIAN TAISHAN HOLDINGS CO 5.50 04/26/23 CNY 60.62
TAIAN TAISHAN HOLDINGS CO 5.50 04/26/23 CNY 59.76
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 20.70
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 20.16
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 64.65
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 61.22
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 20.31
TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 63.87
TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 59.74
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 20.39
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 20.00
TAIYUAN HIGH-SPEED RAILWA 5.18 09/06/20 CNY 40.10
TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 25.19
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 26.50
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 20.42
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 63.45
TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.14
TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.00
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 44.00
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 41.27
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 26.00
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 25.12
TAIZHOU JINDONG URBAN CON 5.10 06/02/23 CNY 60.78
TAIZHOU JINDONG URBAN CON 5.10 06/02/23 CNY 59.56
TAIZHOU JINDONG URBAN CON 7.10 09/03/20 CNY 20.60
TAIZHOU JINDONG URBAN CON 7.10 09/03/20 CNY 20.07
TAIZHOU XINBINJIANG DEVEL 7.60 03/05/21 CNY 21.00
TAIZHOU XINBINJIANG DEVEL 7.60 03/05/21 CNY 20.28
TAIZHOU XINTAI GROUP CO L 4.07 03/23/23 CNY 59.99
TAIZHOU XINTAI GROUP CO L 4.07 03/23/23 CNY 59.95
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 20.10
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 20.19
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 20.09
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 27.15
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 20.22
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 40.06
TIANJIN BINHAI NEW AREA C 6.10 11/23/21 CNY 43.90
TIANJIN BOHAI STATE-OWNED 3.82 04/18/23 CNY 59.69
TIANJIN BOHAI STATE-OWNED 3.82 04/18/23 CNY 59.25
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 40.24
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 39.59
TIANJIN DONGLI CITY INFRA 4.28 12/02/22 CNY 59.51
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 46.30
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 45.65
TIANJIN GUANGCHENG INVEST 5.40 04/20/23 CNY 58.36
TIANJIN GUANGCHENG INVEST 5.40 04/20/23 CNY 57.75
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 49.00
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 44.47
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 39.74
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 39.00
TIANJIN HARBOR CONSTRUCTI 6.29 10/21/21 CNY 70.37
TIANJIN HARBOR CONSTRUCTI 8.80 01/24/21 CNY 40.87
TIANJIN HARBOR CONSTRUCTI 8.00 04/01/21 CNY 40.83
TIANJIN HI-TECH INDUSTRY 6.65 09/12/21 CNY 40.36
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 41.70
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 40.59
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 20.35
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 20.24
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 46.10
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 46.00
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 20.38
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 20.00
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 20.20
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 20.19
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 27.50
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 20.44
TIANJIN NINGHE INVESTMENT 5.50 04/22/23 CNY 60.92
TIANJIN NINGHE INVESTMENT 5.50 04/22/23 CNY 60.02
TIANJIN RAILWAY CONSTRUCT 5.58 04/13/25 CNY 73.17
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 20.39
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 20.03
TIANJIN STATE-OWNED CAPIT 1.60 12/17/39 USD 73.92
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 41.80
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 39.20
TIANJIN WATER INVESTMENT 8.40 01/15/21 CNY 24.94
TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 60.60
TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 59.77
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.76
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 20.40
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.34
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 20.32
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 45.16
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 41.00
TIANRUI GROUP CEMENT CO L 5.95 09/25/20 CNY 50.00
TONGLING CONSTRUCTION INV 4.12 03/14/23 CNY 60.00
TONGLING CONSTRUCTION INV 4.12 03/14/23 CNY 59.63
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 22.50
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 20.09
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 20.98
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 20.61
TSINGHUA UNIGROUP CO LTD 5.20 12/10/23 CNY 65.51
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 41.38
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 40.85
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
ULANQAB CITY INVESTMENT D 8.39 04/25/22 CNY 51.68
ULANQAB JINING DISTRICT G 6.16 03/24/23 CNY 61.51
ULANQAB JINING DISTRICT G 6.16 03/24/23 CNY 58.74
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 41.19
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 40.00
WAFANGDIAN COASTAL PROJEC 3.98 02/01/23 CNY 58.46
WAFANGDIAN COASTAL PROJEC 3.98 02/01/23 CNY 58.28
WANGCHENG ECONOMIC DEVELO 3.75 07/13/23 CNY 61.05
WANGCHENG ECONOMIC DEVELO 3.75 07/13/23 CNY 59.77
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 48.81
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 41.07
WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 25.35
WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 59.39
WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 59.18
WEIHAI URBAN CONSTRUCTION 3.33 03/02/23 CNY 59.13
WEIHAI URBAN CONSTRUCTION 3.33 03/02/23 CNY 58.40
WEIHAI WENDENG URBAN PROP 4.80 05/26/23 CNY 59.02
WEIHAI WENDENG URBAN PROP 4.80 05/26/23 CNY 58.50
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 40.86
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 40.00
WENDENG GOLDEN BEACH INVE 3.97 03/21/23 CNY 59.41
WENDENG GOLDEN BEACH INVE 3.97 03/21/23 CNY 58.48
WENZHOU CITY CONSTRUCTION 5.00 04/26/23 CNY 61.78
WENZHOU CITY CONSTRUCTION 5.00 04/26/23 CNY 61.45
WENZHOU CITY CONSTRUCTION 4.05 01/25/23 CNY 60.69
WENZHOU CITY CONSTRUCTION 4.05 01/25/23 CNY 60.22
WENZHOU GANGCHENG DEVELOP 5.19 03/29/23 CNY 60.46
WENZHOU GANGCHENG DEVELOP 5.19 03/29/23 CNY 60.19
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 20.63
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 20.60
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 20.60
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 20.59
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 40.40
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 CONSTRUCTION I 8.19 04/21/21 CNY 20.50
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 5.39
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.96
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.38
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 43.02
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 40.68
WUHAN JIANGXIA URBAN CONS 4.80 06/03/23 CNY 60.53
WUHAN JIANGXIA URBAN CONS 4.80 06/03/23 CNY 60.32
WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 20.40
WUHAN METRO GROUP CO LTD 5.25 04/14/22 CNY 40.46
WUHU COMMUNICATIONS INVES 4.50 04/28/23 CNY 60.05
WUHU COMMUNICATIONS INVES 4.50 04/28/23 CNY 59.99
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 46.35
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 40.70
WUHU JINGHU CONSTRUCTION 4.37 07/20/23 CNY 59.59
WUHU JIUJIANG CONSTRUCTIO 3.96 03/21/23 CNY 59.78
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 20.68
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 20.00
WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 60.56
WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 59.50
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.45
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 40.69
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 20.51
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 20.40
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 20.27
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 20.10
WUXI HUIKAI ECONOMIC DEVE 4.16 04/08/23 CNY 60.07
WUXI HUIKAI ECONOMIC DEVE 4.16 04/08/23 CNY 59.83
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 40.45
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 40.02
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.13
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.11
WUXI TAIHU NEW CITY DEVEL 4.49 05/03/23 CNY 61.05
WUXI TAIHU NEW CITY DEVEL 4.49 05/03/23 CNY 60.64
WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.12
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.11
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 20.53
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.46
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.46
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 41.46
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 40.40
XI'AN INTERNATIONAL INLAN 7.90 09/23/21 CNY 42.28
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 63.20
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 59.68
XIANGTAN CITY CONSTRUCTIO 7.60 04/02/22 CNY 64.80
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 28.99
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 20.17
XIANGTAN JIUHUA ECONOMIC 6.59 01/21/22 CNY 37.79
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.75
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.73
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 20.26
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 39.96
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.00
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 19.99
XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 60.30
XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 59.54
XIANGYANG CITY XIANGZHOU 5.18 04/28/23 CNY 60.88
XIANGYANG CITY XIANGZHOU 5.18 04/28/23 CNY 60.66
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 23.38
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 20.42
XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 60.15
XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 59.97
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 45.00
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 40.60
XIANTAO CITY CONSTRUCTION 4.59 04/18/23 CNY 60.27
XIANTAO CITY CONSTRUCTION 4.59 04/18/23 CNY 59.95
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 20.50
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 20.45
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 46.69
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 40.46
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 32.72
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 20.52
XIAOGAN URBAN CONSTRUCTIO 3.94 07/05/21 CNY 63.12
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 20.51
XIAOXIAN COUNTY DEVELOPME 4.85 06/22/23 CNY 60.54
XIAOXIAN COUNTY DEVELOPME 4.85 06/22/23 CNY 60.42
XINDONGGANG HOLDING GROUP 5.53 04/27/23 CNY 60.16
XINDONGGANG HOLDING GROUP 5.53 04/27/23 CNY 59.81
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 42.71
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 41.82
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 49.71
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 49.21
XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 60.00
XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 58.46
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 21.35
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 20.40
XINMI CAIYUAN CITY CONSTR 4.35 02/28/23 CNY 59.83
XINMI CAIYUAN CITY CONSTR 4.35 02/28/23 CNY 59.81
XINMIN CITY LUXIN MUNICIP 6.41 07/29/21 CNY 34.44
XINMIN CITY LUXIN MUNICIP 6.41 07/29/21 CNY 33.49
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 40.75
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 40.73
XINYANG HONGCHANG PIPE GA 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 26.30
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 20.49
XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 60.00
XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 59.27
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.32
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.14
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 41.53
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 40.93
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 27.00
XINYU CITY SHANTYTOWN ZON 6.42 12/09/20 CNY 40.24
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 41.39
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 40.95
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 25.25
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 21.07
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 20.37
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 20.28
XIUSHAN INDUSTRY DEVELOPM 5.85 04/14/23 CNY 60.10
XIUSHAN INDUSTRY DEVELOPM 5.85 04/14/23 CNY 59.32
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 46.00
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 40.78
XUANCHENG STATE-OWNED ASS 4.12 04/07/23 CNY 60.32
XUANCHENG STATE-OWNED ASS 4.12 04/07/23 CNY 60.15
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 26.00
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 20.67
XUZHOU BOCHANT DEVELOPMEN 5.69 07/28/21 CNY 66.34
XUZHOU CITY JIAWANG CONST 4.00 03/23/23 CNY 59.60
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 61.00
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 60.78
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.66
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.03
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 20.49
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 31.50
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 20.59
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 21.00
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 20.60
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 64.46
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 61.06
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.05
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.05
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 20.15
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 18.30
YANCHENG DAFENG DISTRICT 8.70 01/24/21 CNY 20.97
YANCHENG DAFENG DISTRICT 8.50 12/30/20 CNY 20.60
YANCHENG DAFENG DISTRICT 8.70 01/24/21 CNY 20.44
YANCHENG DAFENG DISTRICT 8.50 12/30/20 CNY 20.37
YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 60.40
YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 60.05
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.33
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 40.63
YANCHENG YANDU DISTRICT S 3.67 03/17/23 CNY 58.92
YANCHENG YANDU DISTRICT S 3.67 03/17/23 CNY 58.56
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 41.17
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.15
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.07
YANGZHONG CITY INVESTMENT 5.15 06/03/23 CNY 60.95
YANGZHONG TRANSPORTATION 4.98 04/07/23 CNY 60.70
YANGZHONG TRANSPORTATION 4.98 04/07/23 CNY 60.43
YANGZHONG TRANSPORTATION 4.95 04/07/23 CNY 60.36
YANGZHONG TRANSPORTATION 4.95 04/07/23 CNY 59.55
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 26.00
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 20.40
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 40.89
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 40.00
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 46.63
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 41.14
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.03
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.00
YI CHENG CONSTRUCTION INV 5.44 04/27/23 CNY 60.03
YI ZHENG CITY DEVELOPMENT 4.63 01/08/23 CNY 60.00
YI ZHENG CITY DEVELOPMENT 4.63 01/08/23 CNY 59.99
YI ZHENG CITY DEVELOPMENT 8.60 01/09/21 CNY 29.30
YI ZHENG CITY DEVELOPMENT 8.60 01/09/21 CNY 20.30
YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 60.63
YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 60.00
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 23.47
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 20.47
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 40.70
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 40.61
YIHUA ENTERPRISE GROUP CO 7.00 04/29/22 CNY 54.00
YIHUA ENTERPRISE GROUP CO 6.80 03/15/21 CNY 47.99
YIHUA ENTERPRISE GROUP CO 5.99 11/26/20 CNY 30.00
YIHUA LIFESTYLE TECHNOLOG 6.88 07/16/20 CNY 35.90
YIHUA LIFESTYLE TECHNOLOG 6.88 07/23/20 CNY 35.00
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 20.41
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 20.53
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 40.29
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 39.17
YINGKOU LAOBIAN CITY CONS 4.98 03/11/23 CNY 60.00
YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 60.00
YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 59.79
YINGKOU LAOBIAN CITY CONS 4.98 03/11/23 CNY 58.48
YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 69.99
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 46.85
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 46.85
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 61.18
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 60.90
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 60.00
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 59.85
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 29.95
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 20.51
YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.40
YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.27
YIWU URBAN & RURAL NEW CO 4.25 11/24/21 CNY 50.03
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 41.10
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 40.00
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 23.50
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 20.37
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 48.00
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 40.62
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 20.13
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.69
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.00
YONGXING YINDU CONSTRUCTI 5.60 03/24/23 CNY 59.86
YONGXING YINDU CONSTRUCTI 5.60 03/24/23 CNY 59.42
YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 60.50
YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 59.30
YUANAN COUNTY QIFENG CITY 5.50 05/27/23 CNY 59.79
YUANAN COUNTY QIFENG CITY 5.50 05/27/23 CNY 59.79
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 40.39
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 40.18
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.07
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.00
YUEYANG YUNXI CITY CONSTR 6.00 07/08/23 CNY 78.50
YUEYANG YUNXI CITY CONSTR 6.00 07/08/23 CNY 60.28
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 44.50
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 44.47
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 40.83
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 40.55
YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 61.30
YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 60.50
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 20.50
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 20.63
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.09
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.00
ZAOYANG CITY CONSTRUCTION 5.50 03/22/23 CNY 60.45
ZAOYANG CITY CONSTRUCTION 5.50 03/22/23 CNY 60.43
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 26.04
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 20.05
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 20.41
ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 20.50
ZHANGSHU STATE-OWNED ASSE 4.80 06/22/23 CNY 62.67
ZHANGSHU STATE-OWNED ASSE 4.80 06/22/23 CNY 60.14
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.90
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.70
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 40.93
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 40.00
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 20.60
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 20.47
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 20.15
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 41.28
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 40.00
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 60.49
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 60.00
ZHEJIANG CHANGXING JINGKA 7.99 03/03/21 CNY 30.00
ZHEJIANG CHANGXING JINGKA 7.99 03/03/21 CNY 20.40
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 48.50
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 40.52
ZHEJIANG HANGZHOU QINGSHA 7.90 04/23/21 CNY 24.00
ZHEJIANG HANGZHOU QINGSHA 7.90 04/23/21 CNY 20.63
ZHEJIANG HUISHENG INVESTM 4.49 03/15/24 CNY 70.03
ZHEJIANG HUISHENG INVESTM 4.49 03/15/24 CNY 70.00
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.48
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 41.06
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 40.00
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 41.06
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 41.03
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 40.72
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 61.03
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 60.00
ZHENGZHOU MOUZHONG DEVELO 4.59 04/18/23 CNY 60.45
ZHENGZHOU MOUZHONG DEVELO 4.59 04/18/23 CNY 60.02
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 46.20
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 41.08
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 28.50
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 28.49
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 20.39
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 20.30
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 40.13
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 39.60
ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 60.81
ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 58.76
ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 20.36
ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 20.34
ZHIJIANG STATE-OWNED ASSE 4.38 03/28/23 CNY 64.70
ZHIJIANG STATE-OWNED ASSE 4.38 03/28/23 CNY 60.49
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 60.00
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 59.87
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.42
ZHONGMINTOU LEASING HOLDI 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP CO 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.49
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.00
ZHONGTIAN FINANCIAL GROUP 7.00 10/15/20 CNY 23.88
ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 20.27
ZHOUSHAN DINGHAI CITY CON 6.67 07/20/22 CNY 40.62
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.40
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 40.70
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 26.65
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 25.12
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 56.42
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 55.80
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 41.90
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 41.66
ZHUHAI HUIHUA INFRASTRUCT 4.70 06/27/23 CNY 60.63
ZHUHAI HUIHUA INFRASTRUCT 4.70 06/27/23 CNY 60.26
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 21.15
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 20.09
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 41.16
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 24.50
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 20.28
ZHUZHOU CITY CONSTRUCTION 8.36 11/10/21 CNY 43.75
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 20.16
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.86
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 40.85
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.55
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 40.00
ZHUZHOU RECYCLING ECONOMI 4.38 03/24/23 CNY 57.46
ZHUZHOU RECYCLING ECONOMI 4.38 03/24/23 CNY 57.04
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.78
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.15
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.42
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.00
ZIYANG WATER INVESTMENT C 3.97 03/17/23 CNY 58.74
ZIYANG WATER INVESTMENT C 3.97 03/17/23 CNY 58.46
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.15
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.00
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 59.68
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 58.49
ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 60.00
ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 57.36
ZUNYI HONGHUAGANG CITY DE 5.05 06/27/23 CNY 59.03
ZUNYI HONGHUAGANG CITY DE 5.05 06/27/23 CNY 56.21
ZUNYI NEW DISTRICT DEVELO 5.99 04/07/26 CNY 69.70
ZUNYI NEW DISTRICT DEVELO 5.99 04/07/26 CNY 67.66
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 57.96
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 52.98
HONG KONG
---------
HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 75.00
DR PENG HOLDING HONGKONG 7.55 12/01/21 USD 71.48
INDIA
-----
ABM INVESTAMA TBK PT 7.13 08/01/22 USD 67.09
ABM INVESTAMA TBK PT 7.13 08/01/22 USD 65.58
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 40.00
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 40.00
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.44
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.44
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.43
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.43
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 10.92
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 10.78
GAJAH TUNGGAL TBK PT 8.38 08/10/22 USD 67.77
INDONESIA
---------
3I INFOTECH LTD 2.50 03/31/25 USD 4.27
AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 24.80
AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 24.76
APG HABITAT PVT LTD 1.00 09/09/28 INR 58.45
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 42.31
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 40.52
AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 61.94
AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 61.78
BRITANNIA INDUSTRIES LTD 8.00 08/28/22 INR 30.95
CREIXENT SPECIAL STEELS L 0.01 08/28/25 INR 66.57
CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 60.51
CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 37.55
DEWAN HOUSING FINANCE COR 8.50 04/18/23 INR 26.17
DLF EMPORIO RESTAURANTS L 0.01 06/29/30 INR 44.15
DLF HOME DEVELOPERS LTD 0.01 06/29/30 INR 46.92
EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 69.72
EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 67.38
EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 64.09
EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 63.13
EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 61.38
FUTURE RETAIL LTD 5.60 01/22/25 USD 64.42
FUTURE RETAIL LTD 5.60 01/22/25 USD 58.28
GREEN URJA PVT LTD 0.01 02/14/30 INR 46.68
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00
HINDUSTAN CONSTRUCTION CO 0.01 01/05/27 INR 58.94
HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 55.19
INDIABULLS HOUSING FINANC 6.38 05/28/22 USD 72.79
JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTURES 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 26.84
JTPM ATSALI LTD 0.01 08/29/48 INR 10.98
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 25.50
KRIBHCO INFRASTRUCTURE LT 1.00 04/15/26 INR 72.34
MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 66.62
MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 30.05
MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 27.55
MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 27.55
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 26.42
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/26 INR 70.17
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 65.42
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 60.97
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 56.83
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 53.01
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 49.56
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 46.44
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 43.64
PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 27.23
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 69.66
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 65.67
REI AGRO LTD 5.50 11/13/14 USD 0.56
REI AGRO LTD 5.50 11/13/14 USD 0.56
RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 11.64
SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 48.63
SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 67.08
SUZLON ENERGY LTD 5.75 07/16/19 USD 25.54
SUZLON ENERGY LTD 5.75 07/16/19 USD 25.54
SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61
TN URJA PVT LTD 0.10 02/22/36 INR 29.18
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 30.25
WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 56.26
WS T&D LTD 0.10 03/24/29 INR 50.57
ZYDUS FOUNDATION 0.10 03/25/25 INR 70.08
INDONESIA
---------
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 0.99 11/27/26 JPY 73.14
UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 67.88
UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 66.72
SOUTH KOREA
-----------
ECOMAISTER CO LTD 2.00 10/11/22 KRW 60.98
HEUNGKUK FIRE & MARINE IN 5.70 12/29/46 KRW 46.42
KIBO ABS SPECIALTY CO LTD 5.00 09/11/20 KRW 75.01
KIBO ABS SPECIALTY CO LTD 5.00 08/28/21 KRW 72.52
KIBO ABS SPECIALTY CO LTD 5.00 02/24/22 KRW 71.76
KIBO ABS SPECIALTY CO LTD 5.00 02/28/22 KRW 70.93
KIBO ABS SPECIALTY CO LTD 5.00 02/24/23 KRW 69.67
KIBO ABS SPECIALTY CO LTD 5.00 02/26/21 KRW 63.39
LOTTE CARD CO LTD 3.95 06/28/49 KRW 38.65
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 61.91
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
SINBO SECURITIZATION SPEC 5.00 09/28/22 KRW 73.25
SINBO SECURITIZATION SPEC 5.00 06/29/22 KRW 73.15
SINBO SECURITIZATION SPEC 5.00 06/29/21 KRW 72.71
SINBO SECURITIZATION SPEC 5.00 12/27/21 KRW 71.61
SINBO SECURITIZATION SPEC 5.00 02/28/23 KRW 71.29
SINBO SECURITIZATION SPEC 5.00 03/20/23 KRW 71.14
SINBO SECURITIZATION SPEC 5.00 02/28/22 KRW 70.92
SINBO SECURITIZATION SPEC 5.00 07/24/23 KRW 69.29
SINBO SECURITIZATION SPEC 5.00 08/29/23 KRW 69.12
SINBO SECURITIZATION SPEC 5.00 08/29/23 KRW 69.12
SINBO SECURITIZATION SPEC 5.00 09/26/23 KRW 68.99
SINBO SECURITIZATION SPEC 5.00 09/26/23 KRW 68.99
SINBO SECURITIZATION SPEC 5.00 09/26/23 KRW 68.99
SINBO SECURITIZATION SPEC 5.00 01/25/23 KRW 68.82
SINBO SECURITIZATION SPEC 5.00 06/27/23 KRW 68.30
SINBO SECURITIZATION SPEC 5.00 08/29/22 KRW 67.10
SINBO SECURITIZATION SPEC 5.00 08/31/22 KRW 67.10
SINBO SECURITIZATION SPEC 5.00 09/26/22 KRW 67.08
SINBO SECURITIZATION SPEC 5.00 07/26/22 KRW 67.07
SINBO SECURITIZATION SPEC 5.00 07/24/22 KRW 67.07
SINBO SECURITIZATION SPEC 5.00 01/25/22 KRW 66.75
SINBO SECURITIZATION SPEC 5.00 01/26/22 KRW 66.74
SINBO SECURITIZATION SPEC 5.00 02/23/22 KRW 66.38
SINBO SECURITIZATION SPEC 5.00 06/27/22 KRW 66.06
SINBO SECURITIZATION SPEC 5.00 12/21/20 KRW 64.30
SINBO SECURITIZATION SPEC 5.00 08/31/21 KRW 64.09
SINBO SECURITIZATION SPEC 5.00 07/26/21 KRW 63.13
SINBO SECURITIZATION SPEC 5.00 03/21/21 KRW 62.72
SRI LANKA
---------
SRI LANKA DEVELOPMENT BON 5.66 05/01/23 USD 74.36
SRI LANKA DEVELOPMENT BON 4.57 01/22/23 USD 73.78
SRI LANKA DEVELOPMENT BON 4.38 01/22/23 USD 73.73
SRI LANKA DEVELOPMENT BON 4.35 03/16/23 USD 72.52
SRI LANKA DEVELOPMENT BON 4.26 05/01/23 USD 71.48
SRI LANKA DEVELOPMENT BON 4.22 05/01/23 USD 71.39
SRI LANKA DEVELOPMENT BON 6.87 01/22/25 USD 70.12
SRI LANKA DEVELOPMENT BON 6.75 01/22/25 USD 69.75
SRI LANKA DEVELOPMENT BON 6.50 01/22/25 USD 68.98
SRI LANKA DEVELOPMENT BON 6.02 01/22/25 USD 67.51
SRI LANKA DEVELOPMENT BON 5.98 01/22/25 USD 67.39
SRI LANKA DEVELOPMENT BON 4.90 01/22/25 USD 63.84
SRI LANKA GOVERNMENT INTE 5.75 04/18/23 USD 73.17
SRI LANKA GOVERNMENT INTE 5.75 04/18/23 USD 73.06
SRI LANKA GOVERNMENT INTE 6.85 03/14/24 USD 71.56
SRI LANKA GOVERNMENT INTE 6.85 03/14/24 USD 71.49
SRI LANKA GOVERNMENT INTE 6.35 06/28/24 USD 71.43
SRI LANKA GOVERNMENT INTE 6.35 06/28/24 USD 71.26
SRI LANKA GOVERNMENT INTE 6.85 11/03/25 USD 67.50
SRI LANKA GOVERNMENT INTE 6.13 06/03/25 USD 67.43
SRI LANKA GOVERNMENT INTE 6.85 11/03/25 USD 67.17
SRI LANKA GOVERNMENT INTE 6.13 06/03/25 USD 66.98
SRI LANKA GOVERNMENT INTE 6.83 07/18/26 USD 66.61
SRI LANKA GOVERNMENT INTE 6.83 07/18/26 USD 66.50
SRI LANKA GOVERNMENT INTE 7.85 03/14/29 USD 64.97
SRI LANKA GOVERNMENT INTE 7.85 03/14/29 USD 64.88
SRI LANKA GOVERNMENT INTE 6.20 05/11/27 USD 64.50
SRI LANKA GOVERNMENT INTE 6.20 05/11/27 USD 64.38
SRI LANKA GOVERNMENT INTE 6.75 04/18/28 USD 64.25
SRI LANKA GOVERNMENT INTE 6.75 04/18/28 USD 63.98
SRI LANKA GOVERNMENT INTE 7.55 03/28/30 USD 63.56
SRI LANKA GOVERNMENT INTE 7.55 03/28/30 USD 63.43
SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 51.00
MALAYSIA
--------
AEON CREDIT SERVICE M BHD 3.50 09/15/20 MYR 0.85
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.52
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.24
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.10
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.01
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.16
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.50
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.01
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 2.62
SENAI-DESARU EXPRESSWAY B 1.35 12/31/29 MYR 74.53
SENAI-DESARU EXPRESSWAY B 1.35 06/28/30 MYR 73.38
SENAI-DESARU EXPRESSWAY B 1.35 12/31/30 MYR 72.10
SENAI-DESARU EXPRESSWAY B 1.35 06/30/31 MYR 70.84
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.03
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW Z 4.80 09/27/21 NZD 1.17
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 22.75
SINGAPORE
---------
ALAM SYNERGY PTE LTD 6.63 04/24/22 USD 50.54
APL REALTY HOLDINGS PTE L 5.95 06/02/24 USD 51.27
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 42.64
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 42.63
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.50
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.50
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 39.54
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 39.54
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 28.97
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 28.97
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 28.97
ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 45.75
ETERNA CAPITAL PTE LTD 7.50 12/11/22 USD 50.67
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 27.38
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 51.89
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 46.51
GOLDEN ENERGY & RESOURCES 9.00 02/14/23 USD 73.94
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 GROUP 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 31.05
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 15.00
JGC VENTURES PTE LTD 10.75 08/30/21 USD 77.65
MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 22.55
MODERNLAND OVERSEAS PTE L 6.95 04/13/24 USD 29.23
MULHACEN PTE LTD 6.50 08/01/23 EUR 41.76
MULHACEN PTE LTD 6.50 08/01/23 EUR 41.30
NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 59.92
ORO NEGRO DRILLING PTE LT 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 67.56
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 62.17
SSMS PLANTATION HOLDINGS 7.75 01/23/23 USD 46.62
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 5.55 10/10/16 SGD 12.25
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75
THAILAND
--------
MDX PCL 4.75 09/17/03 USD 22.88
G STEEL PCL 3.00 10/04/15 USD 0.55
*********
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.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***