/raid1/www/Hosts/bankrupt/TCRAP_Public/201208.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, December 8, 2020, Vol. 23, No. 245
Headlines
A U S T R A L I A
AMS HOLDINGS: Court Appoints McGrathNicol as Liquidators
EXALT LABOUR: First Creditors' Meeting Set for Dec. 15
INFRABUILD AUSTRALIA: Moody's Affirms Ba3 CFR, Outlook Negative
INSIGHT PROJECTS: First Creditors' Meeting Set for Dec. 15
ISIGNTHIS LTD: ASIC Commences Proceedings Against Co and Director
RESIMAC TRIOMPHE 2020-3: S&P Gives Prelim. BB Rating to Cl. E Notes
VILLAGE ROADSHOW: BGH Revised Takeover Bid on the Brink of Success
WINDOWS ON THE WORLD: First Creditors' Meeting Set for Dec. 15
C H I N A
LOGAN GROUP: S&P Rates New USD Sr. Unsecured Notes 'BB-'
SEAZEN GROUP: Fitch Upgrades LT IDRs to BB+, Outlook Stable
YONGCHENG COAL: Creditors OK More Repayment Plans After Defaults
I N D I A
ACUBE KRAFT: CRISIL Reaffirms B Rating on INR4.9cr Loans
BALAJI COTGIN: CRISIL Keeps B Debt Ratings in Not Cooperating
CORAL INFRA: Insolvency Resolution Process Case Summary
KARNATAKA MACHINE: CRISIL Keeps B+ Ratings in Not Cooperating
MAHASHAKTHI CHEMICALS: CARE Cuts Rating on INR7.50cr Loan to C
N.S.K. BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
NATURAL HERBALS: CRISIL Lowers Rating on INR19.5cr Loan to B
NIWAS DALL: CRISIL Keeps B+ Debt Rating in Not Cooperating
NUTAVE STONE: CRISIL Keeps B Debt Ratings in Not Cooperating
ONEWORLD SOURCING: CRISIL Keeps D Debt Ratings in Not Cooperating
PAMI METALS: Ind-Ra Moves 'D+' LT Issuer Rating to Non-Cooperating
PATIL AUTOMATION: CRISIL Lowers Rating on INR4cr Loan to 'B'
PATSON GLOBAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
PRAKASH INDUSTRIAL: CRISIL Keeps B on INR8cr Debt in NonCooperating
PRALHADRAO SALUNKHEPATIL: CRISIL Keeps B Rating in Not Cooperating
PRE UNIQUE PRIVATE: Ind-Ra Affirms 'B' LT Issuer Rating
PROGRESSIVE HOMES: Ind-Ra Keeps B Issuer Rating in Non-Cooperating
PROGRESSIVE INDUSTRIES: CRISIL Keeps B- Rating in Not Cooperating
RAHIL COLD: CRISIL Reaffirms D Rating on INR14.92cr LT Loan to D
RAMEE HOTELS: Ind-Ra Puts BB- LongTerm Issuer Rating on Watch Neg.
ROSE METALS: CRISIL Keeps B- on INR21cr Loans in Not Cooperating
SANKAR INDUSTRIES: CRISIL Keeps B- Ratings in Not Cooperating
SARAVANA INDUSTRIES: Ind-Ra Hikes LongTerm Issuer Rating to 'B+'
SATYA SRINIVASA: CRISIL Keeps B Debt Rating in Not Cooperating
SCHOOLNET INDIA: Ind-Ra Withdraws D Rating on Series C Debentures
SCORE INFORMATION: Ind-Ra Lowers LongTerm Issuer Rating to 'B+'
SHREE BISHNU: CRISIL Keeps D on INR8.3cr Loan in Not Cooperating
SONTHALIA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SRM POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
SUBHKARAN AND SONS: CRISIL Has D on INR50cr Debt in NonCooperating
SUNMARK CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SUYASH MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
T V SUBBAIAH: CRISIL Keeps B Debt Rating in Not Cooperating
UNIJULES LIFE: CRISIL Keeps D Debt Ratings in Not Cooperating
YUG WEAVE: Insolvency Resolution Process Case Summary
I N D O N E S I A
AGUNG PODOMORO: Fitch Upgrades LT Issuer Default Rating to CCC
J A P A N
JAPAN: Should Weigh Safety Net For Pandemic-Hit Firms
M A L A Y S I A
PRESS METAL: S&P Discontinues 'B+' ICR Following Bond Redemption
S I N G A P O R E
FLOATEL INT'L: Enters Lockup Deal for Restructuring with FELS
OCEAN TANKERS: Creditors' Proof of Claim Due Dec. 18
X X X X X X X X
[*] BOND PRICING: For the Week Nov. 30, 2020 to Dec. 4, 2020
- - - - -
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A U S T R A L I A
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AMS HOLDINGS: Court Appoints McGrathNicol as Liquidators
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The Federal Court has ordered the winding up of an unregistered
managed investment scheme (the scheme) operated by Mr. Chris Marco
and AMS Holdings (WA) Pty Ltd (AMS).
The Court also ordered that Mr. Marco be permanently restrained
from carrying on a financial services business without an
Australian Financial Services (AFS) licence or operating an
unregistered managed investment scheme.
Justice McKerracher made declarations that Mr. Marco, AMS and AMS
as trustee of the AMS Holdings Trust (AMS Trustee) contravened the
Corporations Act by:
* operating an unregistered managed investment scheme when the
scheme was required to be registered; and
* carrying on a financial services business without holding an
AFS licence.
The Court has ordered that the scheme and AMS be wound up and has
appointed Mr. Robert Kirman and Mr. Robert Brauer of McGrathNicol
as liquidators, replacing Mr. Cameron Shaw, Mr. Richard Albarran
and Mr. Marcus Watters of Hall Chadwick, who are the current
liquidators of AMS. The Court has also appointed Mr. Kirman and Mr.
Brauer as receivers and managers over all the property of the
defendants.
ASIC Commissioner Cathie Armour said, 'Today's decision is an
important milestone in our action against Mr. Marco and AMS.
Promoters of managed investment schemes must comply with the law,
including the requirement to register the scheme with ASIC and hold
an AFS licence. Where this doesn't occur, ASIC will take action.'
The full judgment with the Court's reasons is anticipated to be
handed down this Friday [Dec. 11].
ASIC's investigation into the conduct of Mr. Marco is ongoing.
On November 1, 2018, ASIC obtained asset preservation orders over
the assets held by the defendants.
On December 12, 2019, ASIC filed an application seeking the
appointment of interim receivers. ASIC's application was heard on
March 16, 2020. On May 28, 2020, the Court made orders appointing
Mr. Robert Kirman and Mr. Robert Brauer of McGrathNicol, Perth, as
Interim Receivers.
On July 24, 2020 the Interim Receivers filed their report with the
Court.
On October 28 and October 29, 2020, ASIC's application for final
orders to wind up the scheme was held.
EXALT LABOUR: First Creditors' Meeting Set for Dec. 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of Exalt Labour
Solutions Pty Ltd will be held on Dec. 15, 2020, at 10:00 a.m. at
the offices of Valles Accountants, Mezzanine, Level 1, 452 Flinders
Street, in Melbourne, Victoria.
Joshua Philip Taylor -- jtaylor@taylorinsolvency.com.au -- of
Taylor Insolvency was appointed as administrators of Exalt Labour
on Dec. 3, 2020.
INFRABUILD AUSTRALIA: Moody's Affirms Ba3 CFR, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family rating
(CFR) of InfraBuild Australia Pty Ltd. At the same time, Moody's
also affirmed the Ba3 backed senior secured notes rating of
InfraBuild Australia Pty Ltd. The outlook remains negative.
RATINGS RATIONALE
"The affirmation reflects InfraBuild's improved liquidity position
and solid operating performance in the first quarter of fiscal
2021" says Matthew Moore a Moody's Vice President and Senior Credit
Officer. "The ratings also benefit from our expectation that
federal and state governments will look to use infrastructure
spending as a tool to aid economic recovery after the coronavirus
passes" Moore adds.
InfraBuild's credit profile remains constrained by the company's
limited scale on a production and earnings basis, its high exposure
to volatile input costs and foreign exchange rates, the cyclical
nature of steel prices and demand, and its dependence on the
construction segment in Australia, which faces uncertainty and
downside risks.
InfraBuild's ratings continue to reflect its strong market position
in steel long products in Australia, a vertically integrated
business model with a flexible operating profile, and consistent
production levels.
Despite evidence of improving margins and credit metrics in the
most recent quarter, the negative outlook continues to reflect
InfraBuild's still weak margins and coverage levels for the
rating.
The outlook also reflects the continued weakness and uncertainty
facing the Australian construction sector, which Moody's believes
may face further reductions in activity in 2021 as existing
building construction projects complete and limited new projects
commence. While Moody's believes that government sponsored
infrastructure spending will be a key driver of activity over the
next several years, demand for InfraBuild's products will be
sensitive to the timing and magnitude of this spending, which has a
track record of frequently being delayed.
EBIT and EBITDA margins remained at low levels for the rating at
2.4% and 5.6%, respectively, in fiscal 2020. This largely reflected
weaker volumes and prices more than offsetting cost reduction
initiatives. In response to these weaker market conditions,
InfraBuild embarked on a further cost-reduction program in June
2020. The restructuring plan included a workforce reduction of
around 550 employees and the review of around 17 sites for
closure.
The Group made solid progress on its restructuring initiatives in
the September 2020 quarter, with around 400 roles removed from the
organization and the exiting of nine operating sites. These
initiatives contributed around AUD8 million of cost savings in the
period. InfraBuild expects more material savings from the program
going forward as it receives the full year benefit of initiatives
already taken, and continues to reduce headcount and rationalize
its footprint throughout the year.
The restructuring actions taken to date, combined with stronger
volumes than Moody's previous expectations, allowed the company to
register improved earnings in the first quarter, with reported
EBITDA of around AUD76 million, up 13% on the prior corresponding
period. EBITDA margins also increased to around 7% from around 5.6%
in fiscal 2020.
However, September has been a seasonally strong quarter, and given
the uncertainty and downside risk to demand for the remainder of
the June 2021 fiscal year, Moody's expects margins to weaken over
the next several quarters and for EBIT margins to finish the year
around 3.0-3.5%, which remains a weak level for the rating.
InfraBuild's leverage has remained at appropriate levels for the
rating with the company registering debt/EBITDA of around 3.8x for
fiscal 2020. While this was near the rating tolerance level of
4.0x, it was lower than Moody's previous expectations. Moody's now
expects that leverage will improve further to around 3.0-3.5x over
the next 12-18 months, which is an appropriate level for the
rating.
Notwithstanding the improvements in leverage levels, Moody's
continues to expect interest coverage levels to remain weak. This
reflects InfraBuild's high cost debt structure, which makes the
company's coverage metrics very sensitive to earnings
underperformance and lower EBIT margins. Moody's expects
EBIT/interest coverage to range between 1.5-2.0x over the next
12-18 months, which is below the 2.5x tolerance level for the
rating.
InfraBuild's liquidity profile has improved but will remain
sensitive to working capital needs and earnings underperformance.
InfraBuild had around AUD277 million in cash and AUD139 million of
availability under its credit facilities as at September 2020.
Moody's expects these liquidity levels, combined with cash flow
from operations, will be adequate to cover expected needs over the
next 12-18 months.
The Group's ratings continue to reflect the elevated environmental
risks facing steel producers, such as carbon regulation and air
pollution. Nevertheless, given InfraBuild's electric arc furnace
(EAF) production, which uses scrap steel and emits lower emissions
than blast furnace operations, Moody's sees this risk materializing
more around electricity prices and security of supply.
Governance risk is also a consideration, reflecting the
concentrated ownership of the company, which is ultimately fully
owned by the UK-based GFG Alliance. Moody's points out that GFG has
full control of InfraBuild, appointing all of its directors and
ultimately making all major decisions. This risk could most
manifest through dividends, increased leverage, or other cash flow
leakage to boost returns or support other GFG businesses, although
Moody's notes that the current terms of InfraBuild's debt
facilities place restrictions on this. Governance risk is also
amplified by the limited information available on the financial
position of GFG and its entities.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the current negative outlook and the uncertainty as to the
duration of weakening macroeconomic conditions, a ratings upgrade
is unlikely.
However, the rating could be stabilized if market conditions
improve, sales volumes are held near previous levels and steel
spreads increase. Specifically, the rating could be stabilized if
the company can sustain debt/EBITDA less than 4.0x; EBIT/interest
above 2.5x and EBIT margins comfortably above 4%. A stabilization
of the ratings would also require the company to maintain a strong
liquidity buffer and continue to execute on its cost reduction
initiatives.
The ratings would likely be downgraded if market conditions
deteriorate meaningfully and/or InfraBuild is unable to execute on
its cost improvement initiatives, such that EBIT margins and EBIT
interest coverage do not show continued improvement from current
levels. Specifically, the ratings could be downgraded if
debt/EBITDA increases above 4x, EBIT/interest does not improve
towards 2.5x and/or EBIT margins remain below 4%. The ratings could
also be downgraded if InfraBuild's liquidity profile deteriorates
meaningfully from current levels.
The principal methodology used in these ratings was Steel Industry
published in September 2017.
INSIGHT PROJECTS: First Creditors' Meeting Set for Dec. 15
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Insight
Projects (NSW) Pty Ltd will be held on Dec. 15, 2020, at 11:00 a.m.
at the offices of 'One Wharf Lane', Level 20, 171 Sussex Street, in
Sydney, NSW.
Jason Bing-Fai Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Insight Projects on Dec. 3, 2020.
ISIGNTHIS LTD: ASIC Commences Proceedings Against Co and Director
-----------------------------------------------------------------
Australian Securities and Investments Commission has commenced
civil penalty proceedings in the Federal Court against iSignthis
Ltd and its managing director and chief executive officer Nickolas
John Karantzis.
The proceedings allege breaches by iSignthis of its continuous
disclosure obligations and allege false and misleading
representations under the Corporations Act. In addition, the
proceedings also relate to Mr. Karantzis' involvement in those
alleged breaches by iSignthis, as well as breaches of directors'
duties and his failure to take reasonable steps to ensure
information that he gave to ASX was not false or misleading.
Integration agreements
ASIC alleges that iSignthis failed to disclose material information
in relation to three integration agreements in breach of its
continuous disclosure obligations.
The integration agreements were entered into with three customers,
being Corp Destination Pty Ltd, Fcorp Services Ltd and IMMO Servis
Group s.r.o. The agreements provided one-off integration and set-up
services for trading platforms. ASIC alleges the revenues derived
under the agreements resulted in iSignthis achieving performance
milestones which caused the allocation of 336,666,667 performance
shares, a substantial majority of which were allocated to the
directors of iSignthis, including to Mr. Karantzis.
Specifically, ASIC alleges iSignthis failed to disclose that in the
fourth quarter to June 30, 2018, it had recognised approximately
AUD3 million in revenue that was one-off and non-recurring. It is
alleged that the revenue was derived from the integration
agreements. In addition, ASIC alleges that iSignthis failed to
disclose it had incurred approximately AUD2.85 million in one-off
costs for out-sourcing services, which ASIC contends was for the
supply of the integration services.
ASIC also alleges iSignthis made misleading representations about
the revenues derived from the three integration agreements in an
analyst briefing given by Mr. Karantzis on August 3, 2018, when it
stated that iSignthis' revenue for one-off or up-front fees
accounted for less than 15% of the total revenue in the fourth
quarter to 30 June 2018, when ASIC alleges it actually amounted to
75% of the total unaudited revenue for that period.
ASIC also alleges that Mr. Karantzis was involved in the failure of
iSignthis to comply with its continuous disclosure obligations and
that Mr. Karantzis contravened his directors' duties under the
Corporations Act.
VISA relationship
ASIC's proceedings also relate to iSignthis' statements about the
suspension and termination of its commercial relationship with
VISA.
ASIC alleges that by April 17, 2020, iSignthis failed to disclose
that VISA had terminated its relationship with iSignthis and
iSignthis eMoney Ltd, and failed to disclose the reasons for VISA's
decision to terminate, which included that, according to VISA
"IsignThis is not operating appropriate programs to manage
Anti-Money Laundering and Risk".
ASIC alleges Mr. Karantzis also failed to take reasonable steps to
ensure information that he gave (and authorised to be given) to ASX
regarding the suspension and termination by VISA was not false or
misleading.
ASIC is seeking declarations and pecuniary penalties against
iSignthis and Mr. Karantzis. ASIC is also seeking orders that Mr.
Karantzis be disqualified from managing corporations.
The date for the first case management hearing is yet to be
scheduled by the Court.
iSignthis Ltd (ASX: ISX) -- https://www.isignthis.com/ -- is a
deposit taking financial institution or 'neo bank' providing
transactional banking services in the EU/EEA and Australia. The
Company is a principal member of Visa, Mastercard, JCB, Diners,
Discover & ChinaUnionpay. It has a patented process for performing
KYC remotely to allow it to onboard consumers to its merchant's
platforms as well as to issue its own bank accounts.
RESIMAC TRIOMPHE 2020-3: S&P Gives Prelim. BB Rating to Cl. E Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2020-3. RESIMAC Triomphe
Trust - RESIMAC Premier Series 2020-3 is a securitization of prime
residential mortgages originated by RESIMAC Ltd. (RESIMAC)
The preliminary ratings assigned reflect the following factors.
The credit risk of the underlying collateral portfolio and the
credit support provided to each rated class of notes are
commensurate with the ratings assigned. Subordination and lenders'
mortgage insurance (LMI) cover provide credit support. The credit
support provided to the rated notes is sufficient to cover the
assumed losses at the applicable rating stress. S&P's assessment of
credit risk takes into account RESIMAC's underwriting standards and
approval process, which are consistent with industrywide practices;
the strong servicing quality of RESIMAC; and the support provided
by the LMI policies on 21.4% of the portfolio.
S&P's ratings reflect RESIMAC's underwriting standards and approval
process, which are consistent with industrywide practices; the
strong servicing quality of RESIMAC; and the support provided by
the LMI policies on 21.7% of the portfolio.
The rated notes can meet timely payment of interest, excluding
residual class F note interest, and ultimate payment of principal
under the rating stresses.
Key rating factors are the level of subordination provided, the LMI
cover, the cross-currency swap, the liquidity facility, the
principal draw function, and the provision of an extraordinary
expense reserve. S&P's analysis is on the basis that the notes are
fully redeemed by their legal final maturity date and it does not
assume the notes are called at or beyond the call date.
S&P's ratings also take into account the counterparty exposure to
National Australia Bank Ltd. as cross-currency swap provider and
liquidity facility provider, and Westpac Banking Corp. as bank
account provider.
A currency swap is provided to hedge the Australian dollar receipts
from the underlying assets and the yen payments on the class A1
notes. The transaction documents for the swap and liquidity
facility include downgrade language consistent with S&P Global
Ratings' counterparty criteria. Interest-rate swaps might be
provided (subject to RESIMAC's hedging policy) to hedge the
fixed-rate receipts from the mortgage loans and the floating-rate
obligations on the notes. S&P has also factored into its ratings
the legal structure of the trust, which is established as a
special-purpose entity and meets its criteria for insolvency
remoteness.
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 said, "We updated our 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 does not include any loans where
the borrower has applied for a COVID-19 hardship payment
arrangement. Nevertheless, we undertook additional cash-flow
sensitivity analysis to assess the rated notes' sensitivity to
delays in borrower payments should some borrowers enter hardship
arrangements following the closing date."
S&P Global Ratings believes there remains a high degree of
uncertainty about the evolution of the coronavirus pandemic.
Reports that at least one experimental vaccine is highly effective
and might gain initial approval by the end of the year are
promising, but this is merely the first step toward a return to
social and economic normality; equally critical is the widespread
availability of effective immunization, which could come by the
middle of next year. S&P said, "We use 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 2020-3
Class Rating Amount (mil.)
A1 AAA (sf) JPY18,750.000
A2 AAA (sf) A$650.000
AB AAA (sf) A$58.000
B AA (sf) A$15.000
C A (sf) A$12.000
D BBB (sf) A$6.500
E BB (sf) A$3.500
F B (sf) A$2.000
G NR A$3.000
NR--Not rated.
VILLAGE ROADSHOW: BGH Revised Takeover Bid on the Brink of Success
------------------------------------------------------------------
Zoe Samios at The Sydney Morning Herald reports that prominent
buyout firm BGH Capital is on the brink of succeeding with a
revised takeover bid for embattled theme parks and cinema operator
Village Roadshow despite an ongoing revolt by major independent
shareholder, New York-based Mittleman Brothers.
BGH, which is led by high profile dealmakers Ben Gray and Robin
Bishop, has hit several snags along the way in its attempt to buy
the owner of the Wet n' Wild and Seaworld theme parks and other
film distribution assets because the company's two biggest
independent shareholders Mittleman Brothers and Spheria Asset
Management were unhappy with the initial offer on the table, SMH
says. But BGH's final offer, worth up to AUD3 per share, is now
expected to succeed and put an end to the year-long rollercoaster
ride after proxy votes submitted over the weekend showed signs of
shareholder approval.
SMH relates that sources briefed on the votes submitted over the
weekend who spoke on the condition of anonymity said the Board is
expecting scheme A - which values the company's shares at AUD3 -
could be approved based on the number of votes already in favour of
the deal.
According to SMH, the sources said dissident shareholder Mittleman,
which owns more than 15 per cent of the company, has used some of
its shares to vote against the AUD3 per share offer but is expected
to decide on what to do with its remaining shares at the scheme
meeting on Dec. 7.
SMH says the New-York based firm may have the sway on the register
to defeat the scheme at AUD3 per share but it may be unable to
prevent a second scheme, worth AUD2.95 per share, from succeeding.
The second scheme can be voted for by the founding Kirby Family and
former chief executive Graham Burke (which have a combined
shareholding of 40.4 per cent), which makes Mittleman's stake too
small to block the offer on its own.
Mittleman could use the rest of its shares to try and block scheme
A but as it is almost certain scheme B will succeed, it could opt
for the higher bid.
BGH lifted revised its offer in November after Mittleman and
Spheria both rejected the earlier offer, the report states.
SMH adds that Chris Mittleman, chief investment officer at
Mittleman Brothers said the Kirby family and Mr. Burke should not
be allowed to vote.
"We believe the independent executive report is irrefutably
defective and shamelessly outcome-driven, and that the Kirby/Burke
Group sit on both sides of the coercive transaction in both schemes
and thus should not be allowed to vote on Scheme B, just like
they're not allowed to vote on Scheme A, and the smoke and mirrors
they put up in attempt to obfuscate that reality are obvious," the
report quotes Mr. Mittleman as saying.
According to SMH, Mr. Mittleman has threatened legal action against
the directors and an independent committee for recommending the bid
and recently released a 21-page presentation last month raising his
concerns with the independent report and the offer.
Spheria, which owns 7.8 per cent of ASX-listed Village, has already
said it intends to vote in favor revised offer but the intention of
Mittleman remains unclear, the report notes.
Village has been troubled since a bitter and public family feud
between the Kirby brothers in 2019 over the leadership and
direction of the company, according to the report. BGH first
proposed to buy Village shares for AUD4 last January, valuing the
company at more than AUD770 million. But the coronavirus pandemic
forced Village to close its cinemas and theme parks for part of
this year and social distancing restrictions significantly affected
cash flow. The company still has an enormous debt pile and is
fighting an Australian Tax Office ruling for AUD11 million, SMH
notes.
Headquartered in Melbourne, Australia, Village Roadshow Limited
(ASX:VRL) -- https://villageroadshow.com.au/ -- operations include
cinema exhibition, the distribution of film, DVD's and videos, and
the production of motion pictures. The Company operates tourist
theme parks and resorts along with operating FM radio stations.
WINDOWS ON THE WORLD: First Creditors' Meeting Set for Dec. 15
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Windows on
the World Steel Windows Pty Ltd As Trustee for the WOW Unit Trust
will be held on Dec. 15, 2020, at 11:30 a.m. of Valles Accountants,
Mezzanine, Level 1, 452 Flinders Street, in Melbourne, Victoria.
Joshua Philip Taylor -- jtaylor@taylorinsolvency.com.au -- of
Taylor Insolvency was appointed as administrators of Windows on the
World Steel on Dec. 3, 2020.
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C H I N A
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LOGAN GROUP: S&P Rates New USD Sr. Unsecured Notes 'BB-'
--------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes by
Logan Group Co. Ltd. (BB/Stable/--). The China-based developer
intends to use the proceeds to refinance its existing debt. The
issue rating is subject to its review of the final issuance
documentation.
S&P said, "We rate the senior unsecured notes one notch below the
issuer credit rating on Logan to reflect structural subordination
risk. As of June 30, 2020, Logan's capital structure consisted of
Chinese renminbi (RMB) 63.2 billion in secured debt and unsecured
debt at the subsidiary level (including financial guarantees
provided to borrowings by joint ventures), and RMB32.4 billion in
unsecured debt at the parent level (including perpetual
securities). As such, its priority debt ratio is 66%, which was
above our notching threshold of 50%.
"We expect Logan to maintain its high margins and disciplined land
acquisitions. Robust operating profit growth and good cash
collection will likely improve its leverage. We anticipate the
company's financial leverage will stabilize at around 4x over the
next 12 months."
SEAZEN GROUP: Fitch Upgrades LT IDRs to BB+, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has upgraded China-based homebuilder Seazen Group
Limited's (SGL) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) to 'BB+' from 'BB'. The Outlook is Stable.
Fitch has also upgraded the Long-Term Foreign-Currency IDR of SGL's
67%-owned subsidiary, Seazen Holdings Co., Ltd. (SHCL), to 'BB+'
from 'BB'. The Outlook is Stable.
The rating upgrade reflects Fitch's view that SGL's large scale of
CNY160 billion-180 billion in attributable sales in 2019-2020 is
comparable with low investment-grade peers, and that it will be
able to keep its leverage below 40%, which had dropped to 32% in
1H20. In addition, recurring rental income from the group's
shopping mall portfolio has increased. Fitch estimates recurring
EBITDA/interest of 0.5x in 2020, despite the coronavirus pandemic.
Fitch uses a consolidated approach to rate SHCL based on its Parent
and Subsidiary Linkage Rating Criteria.
KEY RATING DRIVERS
Large Scale, Sales Recovering: SGL's monthly sales resumed positive
yoy growth in October 2020, although total sales were down by 14%
in 10M20 to CNY191 billion, with an average selling price (ASP) of
CNY10,700/square metre (sqm). Attributable and consolidated sales
account for around 70% and 60%, respectively, of the group's total
sales.
SGL reported satisfactory moving-average cash collection of around
90% and Fitch believes it remains on track to achieve its CNY250
billion total contracted sales target for 2020, which is 8% lower
than its 2019 sales. Fitch expects SGL to keep sales at CNY250
billion-270 billion in 2021-2022 to support its ranking as a top-20
property developer.
Lower Leverage Levels: Fitch expects SGL's year-end leverage to
remain below 40%, as Fitch believes it is committed to controlling
leverage at current levels, despite some fluctuation from land
replenishment to maintain its large scale. SGL's leverage,
including proportionate consolidation of joint ventures and
associates, dropped to 26% in 2019, from 44% in 2018, after it
suspended land acquisitions and asset disposals in 2H19. However,
leverage climbed back to 32% in 1H20 and Fitch estimates that it
reached 36% in September based on SHCL's 3Q20 reporting.
SGL spent CNY69 billion on attributable land premium in 10M20,
which Fitch estimates to be 60% of sales proceeds, up from CNY41
billion, or 25%, in 2019, and has budgeted CNY75 billion, or
40%-45% of cash collection, for land purchases in 2020-2021. Its
estimates are more conservative, as Fitch expects the company to
spend 50%-55% of sales proceeds on land in the next two years,
although actual land payments may be delayed and lower than
publicly disclosed.
Recurring Income Supports Rating: Fitch expects recurring income of
CNY5.0 billion in 2020 and CNY8.0 billion in 2021 to boost SGL's
interest coverage to 0.5x and 0.6x, respectively. Fitch estimates
that CNY2.3 billion of recurring EBITDA from CNY4.0 billion in
rental and management fee income covered 0.4x of interest paid in
2019. SGL halved rents for two months in response to the pandemic,
but this should be offset by expanded leasable gross floor area
(LFA). SHCL's rental revenue reached CNY3.4 billion before tax in
3Q20, while LFA rose 13% from 2019 to four million sqm. SGL added
23 Wuyue Plazas in 2019 and is on track to add 30 each in 2020 and
2021.
Stabilised Operation: SGL's operational and financial risks, as
well as its access to liquidity, did not deteriorated significantly
after its former chairman was sentenced to goal in June 2020. The
former chairman's son, previously a non-executive director, has
assumed the role of chairperson of SGL and SHCL. The former
chairman no longer has a role in the group, but retains a 68% stake
in SGL.
Focus on Yangtze River Delta: SGL's sales contribution was mainly
from the Yangtze River Delta (YRD) and tier three and four cities
and Fitch expects the group to benefit from strong demand in YRD as
well as in central and western China. The group's focus on the YRD
has driven its expansion and strong sales turnover, as measured by
consolidated contracted sales/gross debt, although SGL reduced its
reliance on the region to 55% of contracted sales in 1H20, from 80%
in 2017. SGL's successful fast-churn strategy is evident from its
high sales turnover of 1.8x in 2019.
Diversified and Sufficient Land Bank: SGL had total land bank of
137 million sqm at end-1H20. Fitch estimates its available-for-sale
portion of 124 million sqm will support sales for three to four
years. The group will continue to focus on YRD, but has been
increasing its land bank outside the region to buffer against
regional market uncertainty. YRD accounted for 46% of SGL's land
bank by gross floor area at end-2019 and 44% at end-1H20. New land
acquisitions in YRD still accounted for 37% of total land premium
in 2019 and 56% in 1H20.
Margin Decline Credit Neutral: Fitch expects SGL's full-year EBITDA
margin, without adjusting for capitalised interest, to recover to
16%, a level similar to SHCL's 3Q20 results, after dropping to 13%
in 1H20, from 21% in 2019. Fitch thinks the fall was in line with
industry trends. Land cost are stable, but unit construction cost
rose to CNY4,147/sqm in 1H20, from CNY3,919/sqm in 2019, as more
decoration costs are being embedded in construction expenses. The
company also attributes the margin drop to government-imposed price
ceilings to clamp down on speculative housing purchases.
DERIVATION SUMMARY
Fitch's consolidated approach to rating SGL and SHCL is based on
its Parent and Subsidiary Linkage Rating Criteria due to SGL's 67%
stake in SHCL. The strong strategic and operational ties are
reflected by SGL representing SHCL's entire exposure to the China
homebuilding business, while SGL raises offshore capital to fund
the group's business expansion. The two entities share the same
chairman.
SGL's quick sales churn strategy contributed to the rapid expansion
of its contracted sales to a level that is higher than that of most
'BB' category peers. SGL's total sales and attributable sales
reached CNY270 billion and CNY180 billion respectively in 2019,
almost double the size of Logan Group Company Limited (BB/Stable)
and China Aoyuan Group Limited (BB/Stable), while the leverage of
32% at end-1H20 is similar to Logan's 32% and Aoyuan's 35% at
end-2019. SGL lowered its leverage - defined by net debt/adjusted
inventory after joint ventures and associate proportionate
consolidation - to 26% in 2019 due to fewer land acquisitions, but
leverage increased during 2020 after land acquisitions resumed,
although Fitch estimates the company will maintain its leverage
below 40%.
SGL has also rapidly expanded its investment properties, which
generated CNY3.9 billion of recurring income and had recurring
EBITDA/interest of 0.4x in 2019, a level higher than Sino-Ocean
Group's 0.3x and Jinmao's 0.2x. SGL's investment-property portfolio
of around CNY66 billion at end-1H20 was much larger than that of
all 'BB' rated peers, which helps justify the one-notch
difference.
Compared with investment-grade peers, SGL has a much shorter track
record of maintaining a stable financial profile as it aggressively
expanded and built up land bank in 2016-2019. Shimao Group Holdings
Limited (BBB-/Stable) had lower leverage of below 35% in 2016-2019
while also enjoying 55% CAGR growth in attributable sales to reach
CNY182 billion in 2019. Shimao also had an investment-property
portfolio that generates recurring income to cover 0.3x of cash
interest paid.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- total contracted sales of about CNY250 billion per year in
2020-2021 with around 70% attributable interest.
- attributable land premium represents 55% and 50% of
attributable sales proceeds in 2020 and 2021, respectively, based
on actual attributable land premium from the company's A share
financial disclosures.
- attributable property development and Wuyue Plaza construction
costs equivalent to 35%-40% of attributable sales collection in
2020-2021
- Investment-property revenue to reach CNY5.0 billion and CNY8.0
billion in 2020 and 2021, with a stable gross profit margin at
68%.
- Overall EBITDA margin (excluding capitalised interest) to
remain above 25%
- SGL maintains controlling shareholding in SHCL and no weakening
in the operational ties between the two entities
RATING SENSITIVITIES
For both SGL and SHCL:
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Net debt/adjusted inventory (after proportionate consolidation
of joint ventures) sustained below 30%
- Recurring EBITDA/interest paid sustained above 0.6x
- Sustained neutral to positive cash flow from operations.
- Longer track record of operational and financial stability
comparable with that of investment-grade peers.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Net debt/adjusted inventory (after proportionate consolidation
of joint ventures) above 40% for a sustained period
- Recurring EBITDA/interest paid sustained below 0.3x
- For SGL, a weakening of linkages between SGL and SHCL may lead
to negative rating action.
All ratios mentioned are based on SGL's consolidated financial
data.
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: SGL had an unrestricted cash balance of
CNY59.8 billion at end 1H20, sufficient to cover short-term
borrowings of CNY45 billion. SHCL also showed sufficient liquidity
at end-September 2020, with CNY52 billion in available cash to
cover CNY33 billion short-term debt. The group's funding cost came
back down to 6.8% in 1H20, after temporarily climbing to 7.0% in
2H19, from 6.6% in 1H19. The company issued asset-based securities
totaling CNY2.9 billion at 4.8% in early 2020, backed by four of
its Wuyue malls. Fitch expects the group to gradually monetise its
malls to obtain low-cost funding.
Stable Funding Access Ensures Liquidity: The arrest of the former
chairman temporarily affected the group's funding access, but it
has managed to obtain financing from a large number of onshore and
offshore banks since August 2019. Funding access further improved
with multiple domestic and offshore issuances in 2020. The group's
continued growth in contracted sales, project disposals and its
decision to slow land acquisitions in 2H19 have helped maintain
adequate liquidity.
The group's onshore and offshore bonds have change of control
covenants, whereby the group has to make an offer to repurchase all
outstanding notes if a change of control is accompanied by negative
rating action, a Negative Outlook or a downgrade by an onshore
rating agency for its onshore bonds or an international rating
agency for its offshore bonds. The group has not breached its bond
covenants since the former chairperson's arrest.
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
SGL's and SHCL's ESG Relevance Score for Governance Structure has
been revised to 3 from 4, following the subdued impact from the
arrest of the group's former chairman in 2019 and the resumption of
normal operations. The score was 4 previously as the former
chairman had a 68% stake in SGL, a concentrated ownership structure
that damaged the group's credit profile when he was arrested,
affecting both the company's land acquisition activity and funding
access.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
YONGCHENG COAL: Creditors OK More Repayment Plans After Defaults
----------------------------------------------------------------
Reuters reports that creditors of China's Yongcheng Coal &
Electricity Holding Group Co have agreed to repayment plans for two
commercial paper issues after the state-owned miner defaulted on
them in late November, underwriters said on Dec. 4.
According to Reuters, defaults by highly rated Chinese state firms
including Yongcheng caught the world's second-largest bond market
off guard last month and prompted speculation that Beijing may be
renewing a deleveraging push interrupted by the COVID-19 pandemic.
At meetings on Dec. 1, creditors agreed that Yongcheng would first
repay 50% of the principal on the two issues on which it defaulted,
with the remainder extended for 270 days, underwriters said in
statements on the website of the National Interbank Funding Center,
Reuters relays.
Reuters says Yongcheng's 4.35% 1-billion yuan ($153.08 million)
commercial paper, underwritten by China Citic Bank Corp Ltd and
Bank of Zhengzhou Co Ltd, matured on Nov. 22.
Another CNY1 billion 4.38% commercial paper issue, underwritten by
China Citic Bank and Hua Xia Bank Co Ltd, matured Nov. 23.
Reuters relates that the repayment plans follow the same structure
as one agreed to by creditors to repay commercial paper on which
Yongcheng defaulted on Nov. 10. The company said last week that it
had repaid creditors 50% of the principal on that instrument.
Another creditor meeting to be held on Dec. 8 will vote on a
similar plan - though with interest paid together with 50% of the
principal - for another CNY1 billion commercial paper issue
maturing on Dec. 15, underwriters China Guangfa Bank Co Ltd and
Bank of China Ltd said in a statement on Dec. 4, according to
Reuters. A deal could avoid triggering a default.
Yongcheng faces maturities on two more CNY1 billion commercial
paper issues on Dec. 18 and Dec. 25, Reuters discloses citing
Refinitiv data.
Regulators have launched probes into Yongcheng, its auditor and
some of its underwriters, adds Reuters.
Yongcheng Coal & Electricity Holding Group Co. Ltd. mines and
distributes coal products. The Company produces brown coal
products, bituminous coal products, hard coal products, coking coal
products, and other related products. Yongcheng Coal & Electricity
Holding Group also provides electric generation, apparel
processing, trade, and other related services.
The company defaulted on a CNY1 billion (US$152 million) bond on
November 10, 2020.
=========
I N D I A
=========
ACUBE KRAFT: CRISIL Reaffirms B Rating on INR4.9cr Loans
--------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facilities of Acube Kraft Concepts Private Limited (AKCPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL B/Stable (Reaffirmed)
Term Loan 3.9 CRISIL B/Stable (Reaffirmed)
The rating continues to reflect the company's modest scale of
operations and working capital intensive nature of business. These
weaknesses are partially offset by the extensive experience of the
promoters in the home furnishings industry and established
relationships with suppliers and customers.
In fiscal 2021, the business was briefly impacted due to the
Covid-19 pandemic; however, the company has seen a revival in
orders and is expected to see an expansion in the topline over the
previous fiscal with revenue of INR2.72 crore as of September
2020.
Analytical Approach
Unsecured loan of INR64.59 lakh as on March 31, 2020, from the
promoters has been treated as debt.
Key Rating Drivers & Detailed Description
Weaknesses:
* Nascent stage of operations: AKCPL commenced operations in
September 2018, with fiscal 2020 being the first full year of
operations. Improvement in scale of operations by acquiring new
clients and improving capacity utilisation will remain a key
monitorable.
* Working capital intensive business: Operations remain working
capital intensive because of high inventory maintained based on the
long conversion periods. Gross current assets were at 323 days as
on March 31, 2020, and are expected at 260-280 days over the medium
term.
Strength:
* Extensive experience of the promoters: The promoters have
experience of over 40 years in the home furnishings industry. This
has given them an understanding of market dynamics and helped to
establish relationships with suppliers and customers.
Liquidity Stretched
* High bank limit utilisation: Bank limit utilisation was 96.81%
for the 12 months through September 2020.
* Cash accrual sufficient to meet debt obligation: Cash accrual is
expected at INR1.5-2 crore per fiscal against term debt obligation
of INR0.6-0.8 crore over the medium term. In addition, it will
cushion the liquidity of the company.
* Moderate current ratio: Current ratio was moderate at 0.94 time
as on March 31, 2020.
Outlook: Stable
CRISIL believes AKCPL will continue to benefit from the extensive
experience of the promoters and established relationships with
suppliers and customers.
Rating Sensitivity factors
Upward factors
* Sustained improvement in scale of operation by 20-25% and
sustenance of operating margin
* Improvement in working capital cycle, leading to improvement in
overall liquidity
Downward factors
* Decline in net cash accruals below INR1 crore on account of
decline in operating profits.
* Stretch in working capital cycle
* Large debt-funded capital expenditure weakens capital
structure
Incorporated in 2016, AKCPL is promoted by Mr. Pramod Kumar Gupta,
Mr. Ankur Prakash and Mr. Arpit Prakash. The company manufactures
decorative handicrafts. It has a production facility in SEZ
Moradabad.
BALAJI COTGIN: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Balaji Cotgin
Private Limited (SBCPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.75 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 1.23 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 2.02 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SBCPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SBCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SBCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SBCPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
SBCPL, incorporated in 2014, is managed by Mr. Ravikumar Garg and
Mr. Gokulsing Dhobal. The company gins and presses cotton to make
bales. It has a manufacturing capacity of 1000 quintal of cotton
per day. Its registered office is in Mantha, Maharashtra.
CORAL INFRA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Coral Infra Gold Private Limited
Registered office address:
Near Mahesh Bhawan
Daga Chowk
Bikaner (Raj) 334001
Corporate office:
E-92, Coral Castle
Subhash Marg, C-Scheme
Jaipur (Raj) 302001
Insolvency Commencement Date: November 25, 2020
Court: National Company Law Tribunal, Jaipur Bench
Estimated date of closure of
insolvency resolution process: May 24, 2021
Insolvency professional: Mahesh Chandra Purohit
Interim Resolution
Professional: Mahesh Chandra Purohit
105/101, Chhatrapati Marg
Vijay Path, Mansarovar
Jaipur 302020
Rajasthan
E-mail: mcpurohit1107@gmail.com
- and -
414, Ganpati Plaza
MI Road
Jaipur 302001
Rajasthan
E-mail: cirp.coral.infragold@gmail.com
Classes of creditors: Home Buyers/Allotees
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Suresh Agrawal
Mr. Hemant Kumar Bansal
Ms. Sarita Duck
Last date for
submission of claims: December 9, 2020
KARNATAKA MACHINE: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Karnataka Machine
Tools (KMT) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.1 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 0.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Letter of Credit 0.3 CRISIL A4 (ISSUER NOT
COOPERATING)
Long Term Loan 3 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Packing Credit 2 CRISIL A4 (ISSUER NOT
in Foreign Currency COOPERATING)
Proposed Long Term 3.79 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with KMT for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KMT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KMT is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KMT
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
KMT, based in Bengaluru, is promoted by Mr. Sulaiman Jamal. The
firm manufactures gears, gear boxes, and components.
MAHASHAKTHI CHEMICALS: CARE Cuts Rating on INR7.50cr Loan to C
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahashakthi Chemicals and Fertilizers Private Limited (MCFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable;
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated September 9, 2019 placed the
rating(s) MCFPL under the 'issuer non-cooperating' category as
MCFPL had failed to provide information for monitoring of the
rating. MCFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated September 30, 2020 to October 19, 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 ratings is on account of non-availability of
requisite information. The ratings assigned to the bank facilities
of Mahashakthi Chemicals and Fertilizers Private Limited (MCFPL)
takes into account net losses and cash losses during FY19 (refer to
the period from April 1 to March 31). The rating continue to remain
constrained by short track record of operations and small scale of
operations, weak debt coverage indicators, working capital
intensive nature of operations due to elongated collection period
and high competition from other players. The rating, however,
continues to draw strength from experienced promoters with more
than two decades of experience in the fertilizers industry and long
term relationship with suppliers and diversified customers.
Detailed description of the key rating drivers
Updated for the information available from Registrar of Company
Affairs (ROC)
Key Rating Weaknesses
* Short track record of operations and small Scale of operations:
The company started its operations in January 2015. The scale of
operations marked by total operating income declined significantly
and stood at INR3.76 crore in FY19 as compared to INR14.71 crore in
FY18.
* Net losses and cash losses during the current year: The company
has incurred net losses, hence the PBILDT and PAT margin stood
negative at 60.92% and 112.48% in FY19 as compared to 12% and 0.88%
in FY18 due to decline in the scale of operations.
* Weak debt coverage indicators: The debt coverage indicators
marked by PBILDT interest coverage and TD/GCA also stood at
negative on back of net losses and cash losses during FY19.
* Working capital intensive nature of operations due to elongated
collection period: The operating cycle of the company stood
elongated at 564 days in FY19 as compared to 102 days in FY18 due
to elongated collection period of 497 days as on March 31, 2019.
* High competition from other players: The fertilizers industry is
highly fragmented and competitive marked by the presence of large
number of small & established players. Owing to low entry barriers,
competition is significantly high and the manufacturers in the
industry do not have pricing power leading to stress on
profitability.
Key Rating Strengths
* Experienced promoters with more than two decades of experience in
the fertilizers industry: Mr. N. S. Viswanath (chairman) & Mr. H.
S. Chidananda (MD) hold degree of B.Sc.(agriculture) and have
experience of 27 years and 15 years respectively in the similar
industry. Both of them have worked in Mangalore Chemical &
Fertilizers Ltd and currently managing overall operations of the
company.
* Long term relationship with supplier and diversified customers:
Though the company started its business from January, 2015 onwards,
the promoters of the company enjoy good relationship
with the customers and suppliers across the state through their
past experience in the fertilizers industry.
Mahashakthi Chemicals and Fertilizers Private Limited (MCFPL), was
initially established as a Shree Chamundeswari Fertilizers and
Chemicals Private Ltd and renamed as MCFPL. MCFPL was incorporated
in November, 2012 and started its commercial operations from
January, 2015 is managed by Mr. H.S.Chidananda and other eight
directors. MCFPL is engaged in the business of trading and
manufacturing of granulated fertilizers and soil conditioner. MCFPL
product profile includes NPK(Nitrogen, potassium and phosphorus) of
different grades like 17:17:17, 20:20:0, 20:10:10, 18:18:10,
10:20:10, 14:6:21 and 15:05:05.
N.S.K. BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of N.S.K. Builders
Private Limited (NBPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 27 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 15 CRISIL D (ISSUER NOT
COOPERATING)
Open Cash Credit 8 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with NBPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on NBPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of NBPL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Formed in 1996 as a partnership entity, and later incorporated as a
private limited company in 2010, NBPL, promoted by Mr. NSK
Kalairaja and Mr. NSK Karunairaja, undertakes large infrastructure
projects such as roads and building construction.
NATURAL HERBALS: CRISIL Lowers Rating on INR19.5cr Loan to B
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Natural
Herbals and Seeds (NHS) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 19.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with NHS for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NHS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on NHS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of NHS
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.
NHS, a partnership firm, was started in 2011 by Mr. Praveen Rastogi
and his family members. Its manufacturing units are in Uttarakhand.
It produces menthol products such as menthol crystals and flags.
NIWAS DALL: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Niwas Dall and
Besan Mill (SNDBM) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 16 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Overdraft 2.5 CRISIL A4 (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SNDBM for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SNDBM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SNDBM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SNDBM
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Incorporated in 2010, Shri Niwas Dall and Besan Mill (SNDBM) is a
partnership firm engaged in processing of pulses. The firm is
promoted by Mr. Santkumar and Mr.Subhash Singhal is based in
Delhi.
NUTAVE STONE: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Nutave Stone Crushers
(NSC) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit .75 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term .29 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 4.96 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with NSC for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NSC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on NSC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of NSC
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
NSC, incorporated as a partnership concern in 2015, has set up a
plant for crushing of stones, at Nutave village, Karnataka. The
plant, with a capacity of 300 tonnes per hour, has become
operational from October 2016.
ONEWORLD SOURCING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Oneworld Sourcing
(OS; part of Oneworld group) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 66 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 12 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with OS for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of OS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on OS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of OS
continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of OS, Oneworld Creations Private Limited
(OCPL), Oneworld Industries Private Limited (OIPL), Oneworld Retail
Private Limited (ORPL), Ultimo Fabrics Private Limited (UFPL),
Worldstar Fabrics LLP (WF), Tissori India Fabrics Pvt Ltd (TIPL),
Maison De Couture Pvt Ltd (MDC), Worsted Overseas Trading LLP
(WOT), Oneworld Design Studio (ODS) and Zephyr Fabrics (ZF). This
is because all these entities, together referred to as the Oneworld
group, are in the same line of business and under a common
management, and have operational synergies.
Promoted and managed by Mr. Urvil Jani and Mr. Manoj Khushalani,
the Oneworld group trades in textile materials. It also sells
ready-made garments, manufacturing of which is outsourced.
Registered office is in Mumbai.
PAMI METALS: Ind-Ra Moves 'D+' LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Pami Metals 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 D
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR340 mil. Fund-based limit (Long-term/Short-term) migrated
to non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating;
-- INR23 mil. Term loan (Long-term) due on January 2022 migrated
to non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR10 mil. Non-fund-based limit (Short-term) migrated to non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 13, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1989, Kolkata-based Pami Metals manufactures copper
components, copper extrusions and fabricated sheet metals for
companies in the power and infrastructure sectors.
PATIL AUTOMATION: CRISIL Lowers Rating on INR4cr Loan to 'B'
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Patil
Automation Private Limited (PAPL) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Proposed Bank 2.45 CRISIL B/Stable (ISSUER NOT
Guarantee COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Term Loan 4.00 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Working Capital 1 .00 CRISIL B/Stable (ISSUER NOT
Term Loan COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with PAPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PAPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of PAPL
revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.
PAPL was incorporated in September 2015 by Mr. Manoj Patil and his
wife Ms Arti Patil in Pune (Maharashtra). The company designs,
manufactures, markets, and services machinery, assembly lines, and
conveyors for automobile manufacturers. It caters to the domestic
and international markets. Its manufacturing facilities are at
Chakan in Pune.
PATSON GLOBAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Patson Global Limited
(PGL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Channel Financing 9.6 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Cash 1.4 CRISIL B+/Stable (ISSUER NOT
Credit Limit COOPERATING)
CRISIL has been consistently following up with PGL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PGL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PGL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of PGL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
PGL, incorporated in 2005 and promoted by the Patna-based Patwari
family, is a super distributor of TMT bars, pipes, and other long
products in Bihar and Bengaluru. It is also a distributor of Steel
Authority of India Ltd (SAIL) in Bengaluru for hot-rolled and
soft-rolled coils, and other products, and of Indo Farm Equipment
Ltd in Bihar for tractors. Operations are managed by its
promoter-director, Mr. Raj Kumar Patwari.
PRAKASH INDUSTRIAL: CRISIL Keeps B on INR8cr Debt in NonCooperating
-------------------------------------------------------------------
CRISIL said the rating on bank facilities of Prakash Industrial
Infrastructure Private Limited (PIIPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8.5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with PIIPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PIIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PIIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of PIIPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up in 1975 as a partnership firm, Prakash Constructions, and
reconstituted as a private limited company in 2006, PIIPL is
promoted by Mr. Dinesh Agrawal and undertakes civil construction,
primarily for industrial projects, in the private sector.
PRALHADRAO SALUNKHEPATIL: CRISIL Keeps B Rating in Not Cooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of Pralhadrao
Salunkhepatil Agro Private Limited (PSAPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 15 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with PSAPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PSAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PSAPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of PSAPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in February 2017, PSAPL plans to set up a poultry
facility to rear chicken in Satara, Maharashtra. It is promoted by
Mrs. Madhuri Salunkhe and Mrs. Vimal Salunkhe. It also plans to set
up a feed mill for meeting its raw material requirement.
PRE UNIQUE PRIVATE: Ind-Ra Affirms 'B' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Pre Unique (India)
Private Limited's (PUIPL) Long-Term Issuer Rating at 'IND B'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR10.00 mil. Fund-based working capital limit affirmed with
IND B/Stable/IND A4 rating; and
-- INR100.00 mil. Non-fund-based working limit affirmed with
IND A4 rating.
KEY RATING DRIVERS
The affirmation reflects PUIPL's continued small scale of
operations with the revenue declining 8.37% yoy to INR191.96
million, according to the provisional financials of FY20. The
decline in the revenue was due to the reduced processing of the
palm oil seeds on account of insufficient raw material which
contributes to the operation and maintenance revenue segment. The
agency believes the company's revenue profile will continue to be
small in FY21 due to its lower-than-expected order book. As of
November 25, 2020, the company had booked revenue of INR120.00
million.
The margin was healthy at 8.71% in FY20 (FY19: 3.77%) with an
improvement in EBITDA owing to high-margin orders i.e. the
modernization of one project. However historically, the margins
have been modest. The type of contract secured along with cost
competitiveness are the determinants of operating margin. The
return on capital employed stood at 22% in FY20 (FY19: 9%). The
agency believes the company's margin will be modest in FY21 with no
new high-margin order in hand. In addition to this, the company's
plans to enter into the trading of refined palm oil is likely to
hold the margin at the modest level in the near term.
PUIPL's credit metrics are moderate with the gross interest
coverage (operating EBITDA/gross interest expense) of 2.10x in FY20
(FY19: 3.00x) and the net leverage (adjusted net debt/operating
EBITDAR) of 1.12x (4.92x). The gross interest coverage deteriorated
in FY20 as the interest expense rose due to an increase in the
utilization of short-term debt. On the contrary, the net interest
coverage was strong at 22.24x in FY20 (FY19: negative 6.6x) on
account of higher interest receipts on fixed deposit. The net
leverage improved in FY20 due to the repayment of an unsecured loan
that remains to be non-interest bearing in nature.
Liquidity Indicator - Stretched: The company's cash and cash
equivalents were low at INR16.72 million in FY20 (FY19: INR7.90
million). During FY20, the cash flow from operations improved
marginally to INR22.07 million (FY19: INR1.50 million) owing to an
increase in EBITDA. The agency expects the cash flow from
operations to be modest in FY21 considering the small scale of
operations and low EBITDA. The maximum average utilization of
PUIPL's fund-based limits was 65.40% for the 12 months ended
November 2020. The company had availed the Reserve Bank of
India-prescribed moratorium over March-August 2020; however, it
repaid the dues before the timeline.
RATING SENSITIVITIES
Positive: A rise in the revenue and profitability backed by an
increase in the order book, leading to an improvement in the credit
metrics and the liquidity profile, all on a sustained basis, will
lead to a positive rating action.
Negative: Inadequacy in maintaining a healthy order book leading to
deterioration in the credit metrics with the interest coverage
falling below 1.5x along with further deterioration in the
liquidity profile, all on a sustained basis, will lead to a
negative rating action.
COMPANY PROFILE
Incorporated in November 2015, Hyderabad-based PUIPL is engaged in
the design, supply, fabrication and commissioning of palm oil
mills. It has also ventured into the trading of palm seedlings.
PROGRESSIVE HOMES: Ind-Ra Keeps B Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Progressive
Homes' Long-Term Issuer Rating in 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 continue to appear as
'IND B (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- INR220 mil. Proposed long-term loans* assigned and maintained
in non-cooperating category with IND B (ISSUER NOT
COOPERATING) rating.
*The provisional rating of the proposed bank facilities has been
converted to final rating as per Ind-Ra's updated policy.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 19, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2004, Progressive Homes is a partnership firm
engaged in the real estate business. Vinod Trivedi, Devang Trivedi,
Jigar Trivedi, and Progressive Civil Engineers Pvt Ltd are partners
in the firm.
PROGRESSIVE INDUSTRIES: CRISIL Keeps B- Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Progressive
Industries (PI) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.0 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term .06 CRISIL B-/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 3.94 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with PI for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of PI
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Established as a proprietorship concern in fiscal 2010 and
reconstituted as a partnership firm in fiscal 2013 by Mr. Amarjit
Singh, Mr. Navtej Singh, Mr. Gurnam Singh, and Mr. Lakhvir Singh,
PI manufactures metal sheets and LPG cylinders for Indian Oil
Corporation Ltd, Bharat Petroleum Corporation Ltd, and Hindustan
Petroleum Corporation Ltd. The firm has an installed capacity of 60
thousand cylinder per month that vary in sizes ranging from
14.2-47.5 kilogrammes.
RAHIL COLD: CRISIL Reaffirms D Rating on INR14.92cr LT Loan to D
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Rahil Cold Storage LLP (RCS) at 'CRISIL D'. The rating continues
to reflect delays in repayment of bank debt on account of stretched
liquidity.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.25 CRISIL D (Reaffirmed)
Long Term Loan 14.92 CRISIL D (Reaffirmed)
Key Rating Drivers & Detailed Description
Weakness
* Delay in meeting term debt obligation: Due to stretched liquidity
, the cash accruals remained insufficient to meet debt obligation ,
leading to delays in repayment of bank debt. It's cash credit
facility is almost fully utilised.
Strength
* Extensive industry experience of the promoters: The promoters'
experience of about a decade in agricultural industry should
support business risk profile.
Liquidity Poor
The liquidity is stretched resulting in delays in debt servicing.
The latest bank limit utilization stood almost full.
Rating Sensitivity factors
Upward factor
* Track record of timely debt servicing for atleast over 90 days
* Improvement in working capital cycle
Set up in 2013, RCS is an Ahmedabad based partnership firm engaged
in storage and trading of fruits and vegetables.
RAMEE HOTELS: Ind-Ra Puts BB- LongTerm Issuer Rating on Watch Neg.
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed Ramee Hotels Private
Limited's (Ramee) Long-Term Issuer Rating of 'IND BB-' on Rating
Watch Negative (RWN).
The instrument-wise rating actions are:
-- INR100 mil. Fund-based working capital limits placed on RWN
with IND BB-/RWN rating;
-- INR25 mil. Non-fund-based working capital limits placed on RWN
with IND A4+/RWN rating; and
-- INR421.82 mil. (reduced from INR448.66 mil.) Long-term loan
due on April 2026 placed on RWN with IND BB-/RWN rating.
KEY RATING DRIVERS
The RWN reflects Ramee's application to its lender, Bank of Baroda
('IND AAA'/Stable), for the restructuring of its credit facilities.
The bank has confirmed the receipt of a request under the
resolution framework for COVID-19-related stress and related
guidelines announced by the Reserve Bank of India vide its
circulars dated August 6, 2020 and September 7, 2020. Ramee's
request for restructuring is under consideration by the lender.
The company had availed the Reserve Bank of India-prescribed debt
moratorium for March-August 2020 and had made an initial request of
loan deferment on September 7, 2020, prior to the date of the
repayment obligation for September 2020. However, after the bank
received the internal guidelines on restructuring (on October 12,
2020), the formal application for the loan restructuring was
submitted on October 27, 2020, subsequent to the default on payment
obligations for September 2020. Ramee repaid its dues for September
2020 on October 29, 2020. However, the company defaulted on the
monthly term loan installment that was due on October 30, 2020. The
agency will resolve the RWN once the lender arrives at the final
decision on the restructuring proposal.
Liquidity Indicator - Stretched: Ramee's average utilization of the
fund-based limits was around 99% of the sanctioned limits over the
12 months ended September 2020. In FY20 (provisional numbers), the
cash flow from operations turned negative at INR18.9 million (FY19:
INR70.6 million), mainly on account of delays in receipts from
customers. The cash and cash equivalents stood at INR53.9 million
in FY20 (FY19: INR49.4 million). The net cash cycle weakened to a
negative nine days in FY20 (FY19: negative 36 days) due to the
stretched receivable days (FY20: 19; FY19: 12), resulting from the
impact of the COVID-19-led disruptions on the hospitality business
and the cancellations of most bookings due to travel restrictions.
The company had availed the Reserve Bank of India-prescribed debt
moratorium for March-August 2020.
RATING SENSITIVITIES
The RWN indicates that ratings may be downgraded or affirmed.
Ind-Ra will resolve the RWN after the lender take a decision
regarding the restructuring of the credit facilities.
COMPANY PROFILE
Incorporated in June 1998, Ramee is promoted by Vardaraj Manjappa
Shetty. It is engaged in the hospitality business and operates
three hotels in Mumbai and Pune. Its registered office is in Dadar,
Mumbai.
ROSE METALS: CRISIL Keeps B- on INR21cr Loans in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rose Metals - Mumbai
(RM) continue to be 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Letter of Credit 15 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with RM for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of RM
continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.
Established in 1979, RM is promoted by Pavan Mehta. The firm is
engaged into trading of ferrous and nonferrous metals. The product
profile includes round bars, TMT, plates, angels, channels, etc.
SANKAR INDUSTRIES: CRISIL Keeps B- Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sankar Industries
(SI) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line 2.3 CRISIL B-/Stable (ISSUER NOT
Overdraft COOPERATING)
Facility
Long Term Loan 2.35 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 5.35 CRISIL B-/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with SI for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SI
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Incorporated in 2010, SI is a Vijayawada (Andhra Pradesh) based
company engaged in manufacturing of machinery required in rice
mills. The company's operations are managed by the partner, Mr.
Rama Krishna.
SARAVANA INDUSTRIES: Ind-Ra Hikes LongTerm Issuer Rating to 'B+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shri Saravana
Industries Private Limited's (SSIPL) Long-Term Issuer Rating to
'IND B+' from 'IND B'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR45 mil. Fund-based facilities Long-term rating upgraded and
short-term rating affirmed with IND B+/Stable/IND A4 rating;
and
-- INR205 mil. (reduced from INR253 mil.) Non-fund-based
facilities affirmed with IND A4 rating.
KEY RATING DRIVERS
The upgrade reflects a 41.2% yoy improvement in SSIPL's revenue to
INR341 million in FY20, due to an increase in order execution. In
FY19, the company recorded low revenue due to reduced execution
order mainly caused by the Kerala flood during August 2018. SSIPL
has already achieved revenue of INR125 million during 7MFY21.
The company's modest EBITDA margin turned positive to 5.2% in FY20
from negative 4.5% in FY19 due to the better absorption of fixed
cost resulting from the increase in revenue. The return on capital
employed was 2% in FY20 (FY19: negative 6%).
The ratings factors in SSIPL's modest credit metrics with net
leverage (adjusted net debt/operating EBITDA) of 3.9x and interest
coverage (operating EBITDA/interest expenses) of 2.8x in FY20. The
improvement in the credit metrics was mainly due to the absolute
EBITDA turning positive to INR18 million in FY20.
Liquidity Indicator - Poor: The company completely utilized
fund-based facilities during the 12 months ended October 2020. The
non-fund-based limits were used up to 90% during the same period.
It had a low cash balance of INR7 million in FY20 (FY19: INR4
million). The cash conversion cycle improved to 241 days from 376
days in FY20 due to an improvement in the inventory days to 116
days from 263 days in FY20.
At end-October 2020, SSIPL had an order book of INR1,091 million
(2.88x of FY20 revenue) to be executed in two years. The company
receives significant quantum orders from government and public
entities or as a subcontracting working for a primary contractor,
which leads to high customer concentration risks.
SSIPL has a long track record of two decades in the
hydro-mechanical industry. Itis promoted by S. Kandasamy, K.
Vadivambal and S. Ganesan having a decade-long experience in the
hydro-mechanical industry.
RATING SENSITIVITIES
Positive: An improvement in the liquidity, revenue, and EBITDA
margin leading to an improvement in the credit metrics will be
positive for the ratings.
Negative: Any further stress in the liquidity position or a decline
in the revenue or EBITDA margin leading to deterioration in the
credit metrics will be negative for the ratings.
COMPANY PROFILE
Founded as a proprietorship firm in 1989 by S Kandasamy,
Madurai-based SSIPL was reconstituted as a private limited company
in April 2008. SSIPL undertakes hydromechanical operations, which
involve the design, procurement, fabrication, manufacture,
installation, testing and commissioning of complete
hydro-mechanical equipment, including penstocks, steel liners,
expansion joints, pressure shafts and gates.
SATYA SRINIVASA: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Satya Srinivasa
Enterprises (SSE) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SSE for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SSE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SSE is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SSE
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 2002, SSE is engaged in ginning and pressing of raw
cotton and sells cotton lint and trading of cotton. The firm is
promoted by Mr. Srinivas Bhima. The firm operates with installed
capacity of 300 bales per day at Guntur in Andhra Pradesh.
SCHOOLNET INDIA: Ind-Ra Withdraws D Rating on Series C Debentures
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the rating on
Schoolnet India Limited's (SIL) non-convertible debentures (NCDs)
as follows:
-- INR1.030 bil. Series C NCDs INE896F07068 issued on November
12, 2014 coupon rate 11% due on April 10, 2020 is withdrawn.
The rating history is:
-- 1.030 bil. Series C NCDs Long-term rating watch on October 1,
2020 is IND D from September 16, 2019 IND D(CE) rating.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the ratings as the NCDs
have been paid in full.
COMPANY PROFILE
Started in 1997, SIL has a diversified business model and provides
Ed-Tech solutions in education and training to schools, colleges,
vocational training institutes, state governments and corporates.
Lexington Equity Holdings owns 26.13% in SIL, whereas Falafal
Technology Private Limited owns 73.69%.
SCORE INFORMATION: Ind-Ra Lowers LongTerm Issuer Rating to 'B+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Score
Information Technologies Limited's (SITL) Long-Term Issuer Rating
to 'IND B+' from 'IND BB'. The Outlook is Negative.
The instrument-wise rating actions are:
-- INR55 mil. Fund-based working capital limit downgraded with
IND B+/Negative rating; and
-- INR100 mil. Non-fund-based limit downgraded with IND A4
rating.
The downgrade reflects the incurring of EBITDA loss in 1HFY21 and
the continued weak credit metrics and stretched liquidity position.
The Negative Outlook reflects the likelihood of the liquidity
remaining stretched over the medium term.
KEY RATING DRIVERS
SIL incurred an EBITDA loss of INR3.61 million in 1HFY21 (FY20:
EBITDA profit of INR14.39 million) as the operating expenses
remained high while the revenue declined. In FY20, the EBITDA
margins had improved to a modest 6.75% (FY19:2.17%), driven by the
execution of a couple of higher-margin projects. The ROCE was 4.1%
in FY20 (FY19: 1.0%). Ind-Ra expects the company's EBITDA to be
lower on yoy basis in FY21, considering the execution of orders
might continue to pose a challenge due to COVID-19-led
disruptions.
The rating action also reflects the continued weak credit metrics.
The interest coverage deteriorated to 1.27x in FY20 (FY19: 5.7x)
due to increased interest cost, resulting from higher utilization
of the working capital limits. However, the net financial leverage
improved to 10.25x in FY20 (FY19: 28.23x), supported by the
increase in the absolute EBITDA to INR14.39 million (INR4.33
million). Ind-Ra expects the metrics to remain weak in FY21 due to
the likely fall in the EBITDA and the high debt levels (FY20:
INR148.27 million; FY19: INR122.68 million).
Liquidity Indicator – Stretched: SITL's average utilization of
the fund-based limits was 77% during the 12 months ended September
2020. The cash flow from operations remained negative but improved
to INR24.92 million in FY20 (FY19: negative INR70.4 million), on
account of increase in the operating profit compared to the
previous year. In FY20, the working capital cycle elongated to 356
days (FY19: 221 days), due to an increase in the inventory days to
214 days (65 days) and debtor days to 215 days (186 days). The
inventory days increased due to procurement of materials required
for the projects in hand. The debtor days remained elongated as
SITL's primary customers are PSUs and the average credit period
provided by the company is 180 days. The creditors days increased
to 73 days in FY20 (FY19: 30 days) due to delayed realizations from
debtors. Ind-Ra expects the liquidity position to remain stretched
in the medium term owing to increased inventory days and elongated
debtor period.
The ratings reflect the continued small scale of operations. In
FY20, the company's revenue had increased marginally to INR213
million (FY19: INR200.03 million), led by healthy order book
execution. However, SIL's revenue was low at INR87.97 million in
1HFY21, mainly due to the slowdown in order execution owing to the
impact of the COVID-19-led disruptions. The order book was worth
INR205.82 million as of October 2020, providing medium-term revenue
visibility. However, Ind-Ra expects the revenue to decline in FY21
due to the impact of the abovementioned pandemic-related
challenges.
The ratings are supported by SITL being a part of the Kolkata-based
Kankaria group, which is among the largest jute manufacturers in
India. SITL has received support from the group's non-banking
financial companies in the form of unsecured loans (FY20: INR86.66
million) in the past. The company's bank facilities are guaranteed
by the group's promoter. Ind-Ra expects SITL to continue to receive
support from the group over the long term.
RATING SENSITIVITIES
Negative: The interest coverage remaining below 1.5x and/or absence
of timely support from the group could lead to a negative rating
action.
Positive: Revenue growth along with an improvement in the credit
metrics, on a sustained basis, could lead to the Outlook being
revised to Stable.
COMPANY PROFILE
SITL operates in the information and technology sector and provides
services such as software development and maintenance, CCTV
surveillance system integration, scanning and digitization, smart
card application solutions and telecom infrastructure.
SHREE BISHNU: CRISIL Keeps D on INR8.3cr Loan in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Shree Bishnu Feed
Industries (SBFI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.35 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SBFI for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SBFI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SBFI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SBFI
continues to be 'CRISIL D Issuer Not Cooperating'.
SBFI was established in 1995 as a proprietorship concern by Mr.
Bharatji Prasad. The firm produces poultry feed, cattle feed, and
hatched chicks. It also trades in maize grain and soya bean
de-oiled cakes. Its manufacturing facility is in Howrah, West
Bengal.
SONTHALIA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sonthalia Rice Mill
(SRM) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 3 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 0.25 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 8.40 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SRM for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SRM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SRM
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
SRM was set up in 2001 as a partnership firm by Mr. Santosh Agarwal
and his son Mr. Saurav Agarwal. The firm processes paddy into rice
at its facility based in Khurda, Odisha, which has an installed
capacity of 100 tonne per day (tpd). It is currently expanding its
capacity to 200 tpd and setting-up a cogeneration plant.
SRM POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of SRM Power Private
Limited (SPPL) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term .44 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 21.06 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SPPL for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SPPL
continues to be 'CRISIL D Issuer Not Cooperating'.
SPPL, incorporated in 2004, is part of the Gilada group, promoted
by Mr. Rajgopal Gilada. The company operates a 6 MW (2 x 3 MW)
hydropower project in Chikmagalur, Karnataka.
SUBHKARAN AND SONS: CRISIL Has D on INR50cr Debt in NonCooperating
------------------------------------------------------------------
CRISIL said the rating on bank facilities of Subhkaran and Sons
(SAS) continues to be 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 50 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SAS for obtaining
information through letters and emails dated May 23, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SAS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SAS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SAS
continues to be 'CRISIL D Issuer not cooperating'.
Incorporated in 1981 by Mr. Vinod Jatia and Mr. Prateek Jatia, SAS
trades in iron and steel products such as hot- and cold-rolled
coils, sheets, and plates, sponge iron lumps, and fines.
SUNMARK CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sunmark Ceramic (SC)
continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Letter Of Guarantee 1 CRISIL A4 (ISSUER NOT
COOPERATING)
Term Loan 4.78 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SC for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SC
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Established in 2013 as a partnership firm, SC manufactures
digitally printed wall tiles of various sizes, which are sold under
the brand, Sunmark. Commercial production commenced from June 2014
and the manufacturing facility in Morbi has installed capacity of
5,000 boxes per day.
SUYASH MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Suyash Motors (Unit
of Patton Logistic Services Private Limited) (SM) continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Electronic Dealer 7.0 CRISIL B+/Stable (ISSUER NOT
Financing Scheme COOPERATING)
(e-DFS)
Term Loan 1.45 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SM for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SM
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
SM is a unit of PLSL, which was set up in 2005; SM began operating
under PLSL in 2012. SM is an authorised dealer of TML's passenger
vehicles and operates through a showroom and workshop in Varanasi
and two sub outlets in Chandauli and Babatpur (all in Uttar
Pradesh). The operations are managed by Mr. Sachin Talwar.
T V SUBBAIAH: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of T V Subbaiah (TV)
continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5.8 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 7.5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with TV for obtaining
information through letters and emails dated April 18, 2020 and
October 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TV, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on TV is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of TV
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.
Set up in 2007 in Hubli, Karnataka, as a proprietorship firm by Mr.
Venkata Subbaiah, TV erects electricity transmission lines and
installs substations in Karnataka.
UNIJULES LIFE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Unijules Life
Sciences Limited (Unijules) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6.5 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 124.5 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 5.75 CRISIL D (ISSUER NOT
COOPERATING)
Letter of credit 12.75 CRISIL D (ISSUER NOT
& Bank Guarantee COOPERATING)
Term Loan 61.50 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with Unijules for
obtaining information through letters and emails dated May 30, 2020
and October 31, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Unijules, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes that rating action on Unijules is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of
Unijules continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Unijules was established in 2006, when the business of H Jules &
Company Ltd was transferred to it and when Unijules had also
acquired all the assets of Universal Medicaments Pvt Ltd. Unijules,
promoted by Mr. Faiz Vali, manufactures and markets herbal and
allopathic drugs.
YUG WEAVE: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: YUG Weave Tech Private Limited
Registered office:
405, Dharti Complex
Varachha Road
Surat GJ 395006
IN
Insolvency Commencement Date: October 23, 2020
Court: National Company Law Tribunal, Surat Bench
Estimated date of closure of
insolvency resolution process: April 22, 2021
Insolvency professional: CA Kailash Thanmal Shah
Interim Resolution
Professional: CA Kailash Thanmal Shah
505, 21st Century Business Centre
Near World Trade Centre
Ring Road
Surat 395002
Mobile: 9824150365
E-mail: ipktshah@gmail.com
cirp.yugweavetech@gmail.com
Last date for
submission of claims: November 10, 2020
=================
I N D O N E S I A
=================
AGUNG PODOMORO: Fitch Upgrades LT Issuer Default Rating to CCC
--------------------------------------------------------------
Fitch has upgraded PT Agung Podomoro Land Tbk's (APLN) Long-Term
Issuer Default Rating (IDR) to 'CCC', from 'CCC-'. The company's
USD300 million notes due 2024, issued by its wholly owned
subsidiary, APL Realty Holdings Pte. Ltd. and guaranteed by APLN,
have also been upgraded to 'CCC', from 'CCC-', with a Recovery
Rating of 'RR4'.
The upgrade follows the completed refinancing of APLN's IDR1.8
trillion loan from private equity fund, SSG Capital Management,
which formed the bulk of APLN's maturities in 2021. APLN's new loan
will mature in a bullet repayment in 24 months, and is secured by
the company Central Park Mall property. The refinancing has
significantly alleviated APLN's refinancing risk, but the company's
rating remains constrained by a weak liquidity profile and the
balance of unaddressed maturities in 2021.
KEY RATING DRIVERS
Unaddressed Maturities in 2021: Fitch believes that APLN's internal
cash flow is insufficient to address its 2021 maturities,
comprising of IDR350 billion medium-term notes due in August and
amortising loans of totalling IDR400 billion across subsidiaries.
Fitch expects APLN's operating cash flow to turn negative in 2021
in the absence of asset sales, made worse by the company's
inherently high working capital requirements, which may also limit
its financial flexibility.
APLN intends to utilise undrawn committed lines from PT Bank
Maybank Indonesia Tbk (BBB/Stable) to refinance its medium-term
notes, but there is a risk that it may not be able to tap these
lines, as the transaction is still in discussion. APLN's amortising
term loans are also largely unaddressed, as Fitch expects cash flow
generation will stay weak at the project level. APLN's projects are
aimed at the mid-to-upper segment, for which Fitch forecasts soft
demand in 2021.
Asset Sale Pending: APLN's plan to sell an investment property has
been delayed, as the buyer was unable to secure financing. However,
the company says the buyer remains keen and is working on
alternative options to complete the transaction in 2021. Fitch has
not factored in the cash proceeds in its forecast, as the
transaction has not been completed.
Adequate Liquidity at Holding Company: APLN had cash of IDR388
billion at the holding company at end-September 2020 from bulk
industrial-land sales. This was sufficient to address a IDR171
billion (USD12 million) coupon and hedging costs on its US-dollar
notes due in December and the next coupon payment in June 2021,
assuming that it generates monthly net cash flow of IDR25 billion
from Central Park Mall, against IDR13 billion in operating expenses
and IDR12 billion in interest on mall-related loans. However, APLN
would need to upstream dividends or execute a one-off asset sale to
address the December 2021 coupon payment, which depends on improved
market conditions.
Weak Underlying Cash Flow: APLN's two large mixed-use projects in
Medan and Balikpapan require higher working capital than its
land-based projects; the two projects' aggregate construction costs
exceeded presale rates at end-September. The projects target the
mid-to-upper segment, where demand has weakened, and buyers tend to
delay purchases until completion. APLN has shifted its focus to
land-based projects to ease its cash flow burden, but this is
insufficient to compensate for outflows from other projects, given
its small residential township and muted demand.
Fitch estimates that APLN will generate positive cash flow from
operation in 2020 of around IDR800 billion net of minority shares,
driven by proceeds from bulk industrial-land sales in September of
around IDR430 billion on an attributable basis. Lower constructions
outflows and an around 20% cut in employee salaries also helped
APLN to temporarily conserve cash. However, Fitch expects cash flow
to turn negative in 2021 in the absence of further bulk sales and
increasing construction pace in its mixed-use projects.
Attributable Presales, Proportionate Consolidation: Fitch
proportionately consolidates the key financials of a number of
APLN's subsidiaries to assess APLN's financial profile so that only
the company's share of presales and cash flow is reflected in its
rating-case forecast. Attributable presales, excluding bulk land
sales, represented around 70% of consolidated presales in 9M20
(2019: 70%).
Weak Links with Parent: Fitch assesses APLN as a stronger entity
than its 80% parent, PT Indofica, a closely held business of the
Trihatma Kusuma Haliman family. APLN is Indofica's largest
investment, but Fitch believes overall linkages between the
companies are weak, as protection in bond documents and local
regulatory oversight of related-party transactions limits
Indofica's access to APLN's cash and assets. Fitch therefore rates
APLN at the standalone level.
ESG - Management Strategy and Governance Structure: APLN has an ESG
Relevance Score of 4 for Management Strategy and Governance
Structure due to multiple restructurings, revealing that the
company's ability to implement its strategy has been hindered by
the constrained financial flexibility and impending risk of default
of key stakeholders, which has a negative impact on the credit
profile and is relevant to the rating in conjunction with other
factors.
DERIVATION SUMMARY
APLN's rating is comparable with that of PT Alam Sutera Realty Tbk
(ASRI, CCC+), PT Lippo Karawaci TBK (B-/Negative) and PT Kawasan
Industri Jababeka Tbk (KIJA, B-/Stable).
APLN is rated lower than ASRI owing to unaddressed debt maturities
in 2021, versus ASRI's more manageable maturities, with its next
significant debt not due until 2022, and stronger financial
profile. ASRI's low cost and large landbank inventory also provides
higher margin buffers, while its land-based development model
allows greater cash flow flexibility to time construction with
sales, relative to APLN. APLN's mixed-use development model
necessitates higher working capital, reflected in APLN's high
leverage and negative cash flow from operation, versus ASRI's low
leverage and neutral to positive cash flow.
Lippo is rated two-notches higher than APLN given its stronger
liquidity profile, with its earliest significant debt maturing in
2025, and sufficient cash on hand to meet interest and operating
costs over the next 18 months. Fitch expects Lippo to post stronger
presales compared with APLN, given its renewed focus on affordable
landed housing, for which demand remains healthy despite the
current downturn. The Negative Outlook on Lippo's IDR reflects the
risk that it may face challenges in disposing of assets to boost
liquidity beyond the next 18 months.
KIJA is rated higher than APLN because of its stronger financial
and business risk profile, supported by a large and low-cost
landbank and land-based development model, which has allowed the
company to generate neutral to positive operating cash flow. KIJA
also has stronger non-development cash flow from its power plant
and dryport, which substantially covers its interest costs, as well
as stronger liquidity than APLN, with the bulk of its debt not
maturing until 2023.
KEY ASSUMPTIONS
- Attributable presales of IDR1.0 trillion in 2020 and 1.1
trillion in 2021
- Positive cash flow from operation (net of minority shares) of
IDR800 billion in 2020 and negative cash flow of IDR170 billion in
2021
- No bulk or one-off sales in 2021
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Ensuring pre-funded debt maturities in the next 12 months
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Inability to refinance maturing debt
LIQUIDITY AND DEBT STRUCTURE
Refinancing Risks: APLN's multiple debt restructurings in the past
two years limit its access to the debt and capital market, as does
its weak liquidity and financial profile. It remains exposed to
unaddressed maturities in 2021 of IDR760 billion even after its
refinancing. The company had a consolidated cash balance of around
IDR1 trillion and IDR800 billion in committed undrawn facilities at
end-September 2020. However, committed facilities may not be
available to repay debt, as committed lines are usually reserved
for construction, and cash may not be completely fungible given the
presence of minority shares at the projects level.
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
PT Agung Podomoro Land Tbk: Management Strategy: 4, Governance
Structure: 4
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
=========
J A P A N
=========
JAPAN: Should Weigh Safety Net For Pandemic-Hit Firms
-----------------------------------------------------
Reuters reports that Japan should consider creating a safety net
for companies that may need help surviving the hit from the
coronavirus pandemic, such as airlines and transportation firms,
said Heizo Takenaka, a close aide to premier Yoshihide Suga.
Reuters relates that the Bank of Japan (BOJ) also may need to
support financial institutions if they suffer huge losses from big
bailouts, said Mr. Takenaka, who as economic minister battled
Japan's domestic banking crisis in the late 1990s.
But he was cautious about the idea, floated by some analysts, that
the BOJ should directly inject capital into such ailing firms,
arguing the central bank is already taking on private risk by
buying massive amounts of exchange-traded funds (ETF), Reuters
relays.
"The reason why we haven't seen a sharp rise in corporate
bankruptcies and job losses is because measures taken by the BOJ
and the government have proved effective in mitigating the
immediate damage," Mr. Takenaka told Reuters on Dec. 2.
"But we can't continue these measures forever," Mr. Takenaka said.
"There needs to be discussion on creating a framework similar to
the Industrial Revitalization Corporation of Japan."
The Industrial Revitalisation Corporation of Japan was a
semi-government investment fund that invested in troubled companies
between 2003 and 2007. Mr. Takenaka served as economy minister at
the time when the fund was established, Reuters notes.
Reuters relates that Mr. Takenaka, a member of a panel overseeing
the government's growth strategy, said Japan must create rules so
that decisions on which companies to rescue are not political or
arbitrary.
"It is hard to draw a line on which companies are defined as
infrastructure companies," he said, on calls from some lawmakers
for the government to rescue firms involved in infrastructure that
is key to society.
"Major transportation companies could be defined as such. But it's
hard to draw such a line for manufacturers."
Airlines have been among industries hit hardest by the coronavirus
pandemic, according to Reuters. Some lawmakers have floated the
idea of merging Japan's two biggest airlines - ANA Holdings and
Japan Airlines Co Ltd (JAL), the report states.
Reuters adds that Mr. Takaneka said intensifying global competition
has already forced many airlines to consolidate but that merging
Japan's two major airlines was not a simple matter since
competition was necessary for domestic routes.
"For example, it will be desirable for JAL to cover domestic
flights and international flights to neighboring areas such as to
Seoul and Taipei, while ANA to cover long-distance international
flights."
Mr. Takenaka also serves as a chairman of staffing agency Pasona
Group Inc, which is a founding member of a private non-profit
called Service Design whose role in a troubled roll-out of
coronavirus subsidies came under scrutiny in the summer, Reuters
adds.
===============
M A L A Y S I A
===============
PRESS METAL: S&P Discontinues 'B+' ICR Following Bond Redemption
----------------------------------------------------------------
S&P Global Ratings has discontinued its issuer credit rating on
Press Metal Aluminium Holdings Bhd. (PMB; B+/Negative/--) as well
as its 'B+' rating on the debt issued by PMB's subsidiary Press
Metal (Labuan) Ltd. The discontinuation follows PMB's redemption of
all remaining outstanding senior unsecured bonds (due 2022) upon
PMB exercising a call option at the issuer's discretion.
At the time of the discontinuance, S&P viewed PMB's earnings
pressure to have subsided, given that aluminum prices have since
rallied to above US$1,900 per metric ton (/mt) during the last
quarter of 2020. Moreover, PMB's solid cash generation has enabled
the company to internally fund the bulk of the capital expenditure
(capex) for its Bintulu Phase 3 expansion. In the nine months ended
Sept. 30, 2020, PMB reported EBITDA of Malaysian ringgit (MYR) 870
million and generated MYR1.1 billion of operating cash flow.
As PMB prepares to ramp up its production for Bintulu Phase 3, we
believe the company is likely to depend on short-term facilities to
fund any working capital requirements, which may fluctuate
depending on raw materials and aluminum pricing.
S&P said, "We expect Bintulu Phase 3's additional production to
boost PMB's EBITDA by more than MYR300 million in 2021. About
320,000 metric tons per annum (mtpa) of smelting capacity from
Bintulu Phase 3 will come online in January 2021. Assuming a 65%
utilization rate, we envisage this to generate about EBITDA per ton
of US$90/mt.
"The outlook was negative at the time of the discontinuance,
reflecting our view that weaker market conditions could delay PMB's
deleveraging. It also reflects our view of potentially rising
funding stress amid the expansion of PMB's smelting capacity."
=================
S I N G A P O R E
=================
FLOATEL INT'L: Enters Lockup Deal for Restructuring with FELS
-------------------------------------------------------------
Sharanya Pillai at The Business Times reports that FELS Offshore, a
wholly-owned unit of Keppel Corp, has entered a lock-up agreement
for a proposed restructuring of offshore vessel player Floatel, the
mainboard-listed company said in a bourse filing on Dec. 5.
Floatel is 49.92 per cent-owned by FELS Offshore, the report
discloses. According to BT, the lock-up agreement includes an ad
hoc group (AHG) of holders of US$400 million worth of Floatel's 9
per cent senior secured first lien (1L) bonds, as well as other
consenting 1L bondholders who control over 56 per cent by value of
the bonds.
BT says the lock-up agreement will commit Floatel, Keppel, the AHG
and any acceding 1L bondholders or holders of the US$75 million
worth of Floatel's 12.75 per cent second-lien (2L) bonds to attempt
a financial and corporate restructuring of Floatel.
According to the report, the restructuring is expected to involve a
new entity acquiring certain subsidiaries of Floatel that own and
operate vessels. This could be carried out through the 1L
bondholders enforcing their security over the shares in the bond
vessel units.
Other Floatel entities, over which security has been granted to the
bank lenders of the firm's US$150 million term loan facility, would
remain as subsidiaries of Floatel, unless otherwise directed by the
bank lenders, the report notes.
Debt obligations in the amount of the 1L bonds will be assumed by
new company, as well as a portion of debt from the bank vessel
facility, BT says. The remaining portion of the bank facility, as
well as the 2L bonds and a US$244 million subordinated loan from
Keppel will remain as liabilities of Floatel.
Through the transactions, the 1L bondholders would receive a cash
payment of US$30 million from the new company, which is 7.5 per
cent of the current outstanding principal of the 1L bonds, BT
notes.
BT says Keppel would eventually hold about 49.92 per cent of the
equity interests in the new company. Floatel is expected to file
for provisional liquidation in Bermuda after the acquisitions by
the new company, BT states.
In its filing, Keppel said that it has entered the lock-up
agreement "to facilitate and support the proposed restructuring",
but also noted that there is no certainty or assurance that the
transaction will proceed as laid out, BT relays.
It added: "Accordingly, it is premature to speculate on the
financial impact of the transaction on the company's investments in
Floatel."
But based on an analysis of the present factors, the entry into the
lock-up agreement is not expected to result in any further
impairment to Keppel's carrying value of Floatel, being S$165.4
million as at end-June, adds BT.
Floatel International Ltd. owns and operates a fleet of oil
production platform vessels. The Company charters mobile oil
platform drilling vessels for the production of crude oil. Floatel
International offers their vessels to oil production companies
internationally.
OCEAN TANKERS: Creditors' Proof of Claim Due Dec. 18
----------------------------------------------------
Manifold Times reports that creditors of Ocean Tankers (Pte)
Limited have until Dec. 18, 2020, to file their proof of any debts
or claims for publication.
A notice in the Government Gazette published on Dec. 4 by the
company's Judicial Managers reminds creditors that any proof of
debt filed shall be regarded as a proof of debt to be used in any
Statement of Proposals Meeting held by the company's Judicial
Managers with the company's creditors, Manifold Times relates.
Manifold Times says the proof of debt may also be used for the
purposes of any meeting of Ocean Tankers' creditors if and when
such a meeting is convened in the course of the company's judicial
management.
According to Manifold Times, the published announcement notes that
subject to adjudication of creditor's proof of debt, creditors must
file their proof of debt with Ocean Tankers' Judicial Managers not
later than 5:00 p.m. on Dec. 18, 2020 or such later date as may be
notified, so as to entitle creditors to vote at the Statement of
Proposals Meeting.
A physical copy of the proof of debt form and the relevant
supporting documents must be submitted to the Ocean Tankers'
address at 37 Tuas Road, Singapore 638503, Manifold Times adds.
The joint and several Judicial Managers may be reached at:
Ee Meng Yen Angela
Purandar Janampalli Rao
Ernst & Young LLP
One Raffles Quay
North Tower Level 18
Singapore 048583
E-mail: oceantankerpod@sg.ey.com
Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.
Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, according
to the people, who asked not to be identified as the matter is
sensitive, according to Bloomberg News.
But Hin Leong told its creditors this month that total liabilities
reached US$4.05 billion as of early April, while assets were just
US$714 million, leaving a hole of at least US$3.34 billion,
according to screenshots of the presentation to a group of bankers
seen by Bloomberg News.
The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.
On April 27, the Company was granted interim judicial management by
the the Singapore High Court. Goh Thien Phong and Chan Kheng Tek
of PricewaterhouseCoopers Advisory Services (PwC) have been
appointed as interim judicial managers.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Nov. 30, 2020 to Dec. 4, 2020
------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.13
ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.13
CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.06
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 0.98
PALADIN ENERGY LTD 10.00 02/01/23 USD 59.69
PALADIN ENERGY LTD 10.00 02/01/23 USD 59.69
VIRGIN AUSTRALIA HOLDIN 7.88 10/15/21 USD 10.03
VIRGIN AUSTRALIA HOLDIN 7.88 10/15/21 USD 10.03
VIRGIN AUSTRALIA HOLDIN 8.13 11/15/24 USD 6.62
VIRGIN AUSTRALIA HOLDIN 8.08 03/05/24 AUD 6.01
VIRGIN AUSTRALIA HOLDIN 8.25 05/30/23 AUD 5.90
VIRGIN AUSTRALIA HOLDIN 8.13 11/15/24 USD 4.94
VIRGIN AUSTRALIA HOLDIN 8.00 11/26/24 AUD 4.94
CHINA
-----
AKESU DISTRICT GREEN IN 4.09 03/11/23 CNY 60.00
AKESU DISTRICT GREEN IN 4.09 03/11/23 CNY 59.47
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 40.24
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 40.18
ALTAY PREFECTURE STATE- 4.85 01/22/23 CNY 60.70
ALTAY PREFECTURE STATE- 4.85 01/22/23 CNY 59.62
AN SHUN YU KUN REAL EST 5.48 11/10/21 CNY 69.59
ANHUI FOREIGN ECONOMIC 7.30 07/13/21 CNY 70.01
ANHUI JIANGNAN INDUSTRI 4.76 07/08/23 CNY 59.19
ANHUI JIANGNAN INDUSTRI 4.76 07/08/23 CNY 58.88
ANHUI PINGTIANHU INVEST 7.40 10/23/20 CNY 20.02
ANHUI PINGTIANHU INVEST 7.40 10/23/20 CNY 19.60
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 27.18
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 20.60
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 24.57
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 20.28
ANJI NORTHWEST DEVELOPM 5.90 07/18/23 CNY 60.00
ANJI NORTHWEST DEVELOPM 5.90 07/18/23 CNY 59.91
ANLU CONSTRUCTION DEVEL 5.45 06/15/23 CNY 60.51
ANLU CONSTRUCTION DEVEL 5.45 06/15/23 CNY 60.51
ANQING ECONOMIC&TECHNOL 4.09 03/09/23 CNY 60.10
ANQING ECONOMIC&TECHNOL 4.09 03/09/23 CNY 58.66
ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 40.92
ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 40.00
ANSHUN STATE-RUN ASSETS 4.48 07/18/23 CNY 58.40
ANSHUN STATE-RUN ASSETS 4.48 07/18/23 CNY 56.88
BAOJI HI-TECH INDUSTRIA 8.25 04/21/21 CNY 20.25
BAOJI HI-TECH INDUSTRIA 8.25 04/21/21 CNY 20.00
BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 45.50
BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 41.11
BAOYING CITY CONSTRUCTI 4.50 03/24/23 CNY 60.51
BAOYING CITY CONSTRUCTI 4.50 03/24/23 CNY 60.05
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 30.94
BAZHONG STATE-OWNED ASS 5.13 12/02/22 CNY 60.00
BAZHONG STATE-OWNED ASS 5.13 12/02/22 CNY 59.14
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 20.44
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 20.35
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 20.22
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 20.17
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 20.00
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 20.37
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 20.34
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 40.30
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 40.27
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 20.03
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 20.00
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 23.87
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 20.40
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 20.29
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 20.20
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 20.33
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 20.32
BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 61.58
BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 55.11
BENGBU GAOXIN INVESTMEN 8.70 04/17/21 CNY 20.28
BENGBU GAOXIN INVESTMEN 8.70 04/17/21 CNY 20.00
BENXI URBAN CONSTRUCTIO 6.24 01/22/22 CNY 40.03
BENXI URBAN CONSTRUCTIO 6.24 01/22/22 CNY 40.00
BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 45.65
BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 40.43
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 30.00
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 20.11
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 23.40
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 20.13
BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 40.29
BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 40.00
BOHAI LEASING CO LTD 7.00 06/20/21 CNY 68.53
BORALA MONGOL AUTONOMOU 5.77 08/26/22 CNY 40.61
BORALA MONGOL AUTONOMOU 5.77 08/26/22 CNY 39.00
BOZHOU URBAN CONSTRUCTI 4.78 04/14/23 CNY 60.57
BOZHOU URBAN CONSTRUCTI 4.78 04/14/23 CNY 59.79
CANGNAN COUNTY STATE OW 5.58 11/11/22 CNY 68.00
CANGNAN COUNTY STATE OW 5.58 11/11/22 CNY 60.71
CEFC SHANGHAI INTERNATI 4.98 12/10/20 CNY 61.29
CEFC SHANGHAI INTERNATI 4.08 09/09/21 CNY 60.00
CHANG DE DING LI INDUST 4.30 03/10/23 CNY 60.11
CHANG DE DING LI INDUST 4.30 03/10/23 CNY 60.06
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 20.13
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 19.50
CHANGDE DE YUAN SHANTY 5.33 09/13/23 CNY 67.47
CHANGDE ECONOMIC CONSTR 7.00 03/24/21 CNY 20.29
CHANGDE ECONOMIC CONSTR 7.00 03/24/21 CNY 20.25
CHANGDE URBAN CONSTRUCT 3.59 01/12/23 CNY 60.00
CHANGDE URBAN CONSTRUCT 3.59 01/12/23 CNY 59.86
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 62.03
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 59.60
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 41.61
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 41.61
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 30.70
CHANGSHA FURONG CITY DE 3.88 01/26/23 CNY 60.67
CHANGSHA FURONG CITY DE 3.88 01/26/23 CNY 60.14
CHANGSHA METRO GROUP CO 5.40 07/14/25 CNY 82.67
CHANGSHA METRO GROUP CO 5.97 04/03/25 CNY 73.39
CHANGSHA METRO GROUP CO 5.97 04/03/25 CNY 73.26
CHANGSHA METRO GROUP CO 5.40 07/14/25 CNY 70.00
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 48.35
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 46.21
CHANGSHA TIANXIN CITY C 4.20 11/06/22 CNY 60.10
CHANGSHA TIANXIN CITY C 4.20 11/06/22 CNY 59.96
CHANGSHA TIANXIN CITY C 3.43 08/08/23 CNY 59.83
CHANGSHA TIANXIN CITY C 3.43 08/08/23 CNY 59.09
CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 59.08
CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 58.90
CHANGSHA YUHUA URBAN CO 3.80 01/28/23 CNY 59.84
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 24.00
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 20.41
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 20.41
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 20.00
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 47.32
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 41.11
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 27.00
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 20.26
CHANGXING COMMUNICATION 7.88 04/30/21 CNY 30.30
CHANGXING COMMUNICATION 7.88 04/30/21 CNY 20.30
CHANGXING COMMUNICATION 6.75 06/16/21 CNY 20.20
CHANGXING COMMUNICATION 6.75 06/16/21 CNY 20.03
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 40.26
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 39.00
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 20.30
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 20.14
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 20.11
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 20.11
CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 40.81
CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 40.00
CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 42.10
CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 40.87
CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 26.00
CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 20.31
CHENGDU GARDEN WATER CI 6.15 05/03/23 CNY 60.22
CHENGDU GARDEN WATER CI 6.15 05/03/23 CNY 60.09
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 20.30
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 20.26
CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 48.83
CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 40.99
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 20.01
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 20.00
CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 40.97
CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 40.50
CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 40.80
CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 40.00
CHENGDU XINKAIYUAN URBA 5.29 04/27/23 CNY 59.85
CHENGDU XINKAIYUAN URBA 5.29 04/27/23 CNY 59.48
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 21.00
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 20.35
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 21.37
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 20.26
CHENZHOU BAIFU INVESTME 4.96 03/22/26 CNY 74.16
CHENZHOU BAIFU INVESTME 4.96 03/22/26 CNY 73.33
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 20.15
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 20.00
CHENZHOU FUCHENG HIGH T 4.73 01/22/23 CNY 60.22
CHENZHOU FUCHENG HIGH T 4.73 01/22/23 CNY 59.85
CHENZHOU INDUSTRY INVES 6.45 01/23/22 CNY 48.60
CHENZHOU INDUSTRY INVES 6.45 01/23/22 CNY 40.32
CHENZHOU XINTIAN INVEST 5.38 03/08/26 CNY 74.36
CHIBI LANTIAN URBAN CON 4.38 08/10/23 CNY 59.44
CHIBI LANTIAN URBAN CON 4.38 08/10/23 CNY 59.27
CHINA MINSHENG INVESTME 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDING 8.90 12/13/21 CNY 50.26
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMEN 4.08 09/14/23 CNY 59.77
CHINA YIXING ENVIRONMEN 4.08 09/14/23 CNY 59.76
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 20.40
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 20.01
CHONGQIN BAIYAN INVESTM 5.75 05/03/23 CNY 61.35
CHONGQIN BAIYAN INVESTM 5.75 05/03/23 CNY 60.17
CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 56.39
CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 56.33
CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 40.47
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 21.10
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 20.46
CHONGQING BAYUAN CONSTR 4.99 08/16/23 CNY 58.14
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 20.30
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 20.00
CHONGQING BISHAN DISTRI 4.93 03/29/23 CNY 61.87
CHONGQING BISHAN DISTRI 4.93 03/29/23 CNY 60.96
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 20.22
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 20.00
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 20.18
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 20.00
CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 40.43
CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 40.00
CHONGQING ECO&TECH DEVE 3.95 04/13/23 CNY 60.15
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 27.33
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 20.22
CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 40.64
CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 40.00
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 30.80
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 20.42
CHONGQING GARDENING IND 8.45 06/03/21 CNY 20.45
CHONGQING GARDENING IND 8.45 06/03/21 CNY 20.00
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 20.20
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 20.04
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 20.00
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 20.00
CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 61.22
CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 59.88
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 21.00
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 20.53
CHONGQING INTERNATIONAL 7.08 10/18/20 CNY 20.29
CHONGQING INTERNATIONAL 7.08 10/18/20 CNY 20.01
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 20.40
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 20.30
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 60.08
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 60.04
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 20.46
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 20.25
CHONGQING KAIQIAN INVES 4.64 03/21/23 CNY 58.90
CHONGQING KAIQIAN INVES 4.64 03/21/23 CNY 58.82
CHONGQING LAND PROPERTI 3.36 03/21/23 CNY 60.10
CHONGQING LAND PROPERTI 3.36 03/21/23 CNY 59.72
CHONGQING LIANGJIANG NE 3.60 04/19/21 CNY 40.60
CHONGQING LIANGJIANG NE 3.60 04/19/21 CNY 39.95
CHONGQING LIANGJIANG NE 3.10 08/05/21 CNY 39.93
CHONGQING LIANGJIANG NE 3.17 01/13/21 CNY 39.92
CHONGQING LIANGJIANG NE 3.17 01/13/21 CNY 39.90
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 22.72
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 20.38
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 20.31
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 20.31
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 62.61
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 61.67
CHONGQING NANCHUAN CITY 4.20 07/11/23 CNY 59.54
CHONGQING NANCHUAN CITY 4.20 07/11/23 CNY 58.31
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 21.70
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 20.18
CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 58.13
CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 58.05
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 20.01
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 20.00
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 46.25
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 40.14
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 21.70
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 20.32
CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 20.28
CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 40.81
CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 40.00
CHONGQING TONGNAN DISTR 4.99 12/31/22 CNY 60.00
CHONGQING TONGNAN DISTR 4.99 12/31/22 CNY 59.36
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 25.00
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 23.90
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 20.20
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 20.16
CHONGQING WANSHENG ECO 5.40 11/18/21 CNY 69.87
CHONGQING WANZHOU SANXI 4.95 08/25/22 CNY 40.80
CHONGQING WANZHOU SANXI 4.95 08/25/22 CNY 40.55
CHONGQING XINGRONG HOLD 4.86 03/31/23 CNY 59.30
CHONGQING XINGRONG HOLD 4.86 03/31/23 CNY 58.50
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 22.33
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 20.48
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 21.60
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 20.37
CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 41.01
CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 40.00
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 20.76
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 20.47
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 20.28
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 20.20
CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 44.55
CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 40.64
CHUZHOU CITY CONSTRUCTI 6.17 11/30/21 CNY 61.00
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 20.48
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 6.18 08/18/21 CNY 28.80
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 20.39
DAFANG COUNTY CONSTRUCT 6.00 09/26/23 CNY 58.42
DAFANG COUNTY CONSTRUCT 6.00 09/26/23 CNY 57.80
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 20.60
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 20.15
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 20.13
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 20.00
DALI HAIDONG DEVELOPMEN 6.01 01/25/23 CNY 61.47
DALI HAIDONG DEVELOPMEN 6.01 01/25/23 CNY 59.82
DALIAN PULANDIAN CONSTR 3.80 01/25/23 CNY 59.07
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 40.47
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 20.22
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 20.22
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 20.16
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 20.15
DALIAN SHITAI CITY CONS 4.50 02/01/23 CNY 55.85
DALIAN SHITAI CITY CONS 4.50 02/01/23 CNY 54.87
DALIAN SHITAI CITY CONS 7.09 02/20/21 CNY 19.79
DANDONG PORT GROUP CO L 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUCT 5.38 08/10/22 CNY 40.75
DANGTU COUNTY CONSTRUCT 5.38 08/10/22 CNY 40.59
DANGYANG XINYUAN INVEST 4.97 03/29/23 CNY 60.54
DANGYANG XINYUAN INVEST 4.97 03/29/23 CNY 60.08
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 20.00
DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 40.18
DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 40.00
DANYANG INVESTMENT GROU 3.99 01/25/23 CNY 59.51
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 20.16
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 20.02
DATONG ECONOMIC CONSTRU 4.49 10/22/22 CNY 60.41
DATONG ECONOMIC CONSTRU 4.49 10/22/22 CNY 60.30
DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 39.30
DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 39.14
DAYE ZHENHENG CITY DEVE 4.50 03/28/23 CNY 58.93
DAYE ZHENHENG CITY DEVE 4.50 03/28/23 CNY 58.92
DAYE ZHENHENG CITY DEVE 4.05 08/31/23 CNY 58.44
DAYE ZHENHENG CITY DEVE 4.05 08/31/23 CNY 58.17
DAYE ZHENHENG CITY DEVE 7.30 03/03/21 CNY 23.53
DAYE ZHENHENG CITY DEVE 7.30 03/03/21 CNY 20.20
DAYE ZHENHENG CITY DEVE 7.95 11/27/20 CNY 20.15
DAYE ZHENHENG CITY DEVE 7.95 11/27/20 CNY 20.08
DAZHOU DEVELOPMENT HOLD 5.10 11/27/22 CNY 60.52
DAZHOU DEVELOPMENT HOLD 5.10 11/27/22 CNY 60.00
DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 40.76
DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 40.00
DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 40.19
DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 40.19
DEXING INVESTMENT HOLDI 5.99 03/21/23 CNY 60.58
DEXING INVESTMENT HOLDI 5.99 03/21/23 CNY 60.42
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 28.26
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 20.22
DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.99
DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.00
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 28.48
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 20.38
DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 20.19
DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 41.58
DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 40.49
DONGZHI COUNTY CITY OPE 4.88 06/20/23 CNY 60.41
DONGZHI COUNTY CITY OPE 4.88 06/20/23 CNY 60.05
DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 40.00
DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 38.92
DUNYUN STATE-OWNED ASSE 6.60 12/28/22 CNY 59.16
EASTAR HOLDINGS GROUP C 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 27.54
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 20.42
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 26.50
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 21.00
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 20.57
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 20.52
FANGCHENGGANG GANGFA HO 8.09 04/16/21 CNY 20.50
FANGCHENGGANG GANGFA HO 8.09 04/16/21 CNY 20.32
FEICHENG CITY ASSETS MA 4.04 03/23/23 CNY 59.83
FEICHENG CITY ASSETS MA 4.04 03/23/23 CNY 59.26
FEIXI COUNTY URBAN & RU 4.45 06/03/23 CNY 61.24
FEIXI COUNTY URBAN & RU 4.45 06/03/23 CNY 59.89
FENG COUNTY ECONOMIC DE 5.18 06/21/23 CNY 59.29
FENG COUNTY ECONOMIC DE 5.18 06/21/23 CNY 58.83
FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 44.49
FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 40.66
FENGCHENG CITY MODERN I 5.76 12/17/22 CNY 60.00
FENGCHENG CITY MODERN I 5.76 12/17/22 CNY 59.85
FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 40.42
FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 40.00
FENGXIAN URBAN INVESTME 4.23 07/13/21 CNY 19.79
FENGXIAN URBAN INVESTME 4.23 07/13/21 CNY 19.75
FENYI CITY CONSTRUCTION 4.54 08/22/23 CNY 78.52
FENYI CITY CONSTRUCTION 4.54 08/22/23 CNY 58.59
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 20.11
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 20.01
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 20.65
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 20.39
FUJIAN JINJIANG URBAN C 3.35 08/24/23 CNY 59.60
FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 40.93
FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 40.00
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.53
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.00
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 21.15
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 20.43
FUQING CITY STATE-OWNED 5.94 11/26/22 CNY 56.19
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 25.09
FUXIN INFRASTRUCTURE CO 6.18 03/18/22 CNY 40.39
FUXIN INFRASTRUCTURE CO 6.18 03/18/22 CNY 40.04
FUZHOU CHANGLE DISTRICT 4.50 04/11/23 CNY 59.38
FUZHOU CHANGLE DISTRICT 4.50 04/11/23 CNY 58.79
FUZHOU DEVELOPMENT ZONE 3.53 08/25/23 CNY 59.61
FUZHOU LINCHUAN URBAN C 5.68 07/05/23 CNY 60.91
FUZHOU LINCHUAN URBAN C 5.68 07/05/23 CNY 60.74
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 40.68
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 40.60
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 40.55
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 40.00
GANSU PROVINCIAL HIGHWA 6.58 09/24/22 CNY 72.89
GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 40.93
GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 40.00
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 20.21
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 19.00
GAOMI STATE-OWNED ASSET 4.69 01/26/23 CNY 60.49
GAOMI STATE-OWNED ASSET 4.69 01/26/23 CNY 59.88
GAOYOU CITY CONSTRUCTIO 5.48 09/15/22 CNY 40.75
GAOYOU CITY CONSTRUCTIO 5.48 09/15/22 CNY 40.00
GAOYOU CITY ECONOMY DEV 3.65 09/02/23 CNY 60.00
GAOYOU CITY ECONOMY DEV 3.65 09/02/23 CNY 59.79
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 20.13
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 20.00
GONG'AN COUNTY CITY CON 4.30 08/30/23 CNY 59.31
GONG'AN COUNTY CITY CON 4.30 08/30/23 CNY 59.04
GONGQINGCHENG FINANCIAL 5.85 03/25/23 CNY 60.77
GONGQINGCHENG FINANCIAL 5.85 03/25/23 CNY 59.70
GOOCOO INVESTMENT CO LT 8.00 02/01/21 CNY 50.00
GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 44.00
GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 40.84
GUANGAN ECONOMIC & TECH 5.16 04/14/23 CNY 59.55
GUANGAN ECONOMIC & TECH 5.16 04/14/23 CNY 59.31
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 20.23
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 20.22
GUANGDONG HUIZHOU COMMU 4.16 05/17/23 CNY 60.31
GUANGDONG HUIZHOU COMMU 4.16 05/17/23 CNY 59.98
GUANGRAO COUNTY ECONOMI 3.61 09/08/23 CNY 60.00
GUANGRAO COUNTY ECONOMI 3.61 09/08/23 CNY 59.19
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 20.17
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 20.00
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 40.14
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 40.00
GUANGXI LIUZHOU DONGCHE 7.40 10/29/20 CNY 21.00
GUANGXI LIUZHOU DONGCHE 7.40 10/29/20 CNY 20.03
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 24.77
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 20.16
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 23.00
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 20.29
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 21.15
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 20.29
GUANGYUAN YUANQU CONSTR 4.48 03/10/23 CNY 58.67
GUANGYUAN YUANQU CONSTR 4.48 03/10/23 CNY 58.63
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 27.00
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 20.68
GUANGZHOU HUANTOU NANSH 6.38 11/18/24 CNY 73.82
GUANGZHOU HUANTOU NANSH 6.38 11/18/24 CNY 73.28
GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 62.53
GUANGZHOU METRO GROUP C 6.05 06/03/24 CNY 62.11
GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 60.00
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 20.27
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 20.00
GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 40.63
GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 40.00
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIXI CITY CONSTRUCTION 4.18 08/18/23 CNY 58.25
GUIXI CITY CONSTRUCTION 4.18 08/18/23 CNY 58.22
GUIYANG BAIYUN CITY CON 4.75 09/13/26 CNY 74.95
GUIYANG BAIYUN CITY CON 4.75 09/13/26 CNY 73.60
GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 45.00
GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 40.31
GUIYANG GUANSHANHU DIST 4.87 01/28/23 CNY 59.82
GUIYANG GUANSHANHU DIST 4.87 01/28/23 CNY 59.21
GUIYANG GUANSHANHU DIST 4.48 03/09/23 CNY 59.07
GUIYANG GUANSHANHU DIST 4.48 03/09/23 CNY 58.81
GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 60.25
GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 60.00
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 60.62
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 58.34
GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 40.48
GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 40.00
GUIZHOU GUIAN CONSTRUCT 4.17 10/28/22 CNY 61.00
GUIZHOU GUIAN CONSTRUCT 4.17 10/28/22 CNY 60.22
GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 50.97
GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 50.03
GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 49.02
GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 48.66
GUIZHOU RAILWAY INVESTM 7.50 04/23/24 CNY 63.06
GUIZHOU RAILWAY INVESTM 7.50 04/23/24 CNY 63.05
GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 41.16
GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 41.05
GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 74.16
GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 73.94
GULIN STATE-OWNED ASSET 4.18 08/04/23 CNY 59.96
GULIN STATE-OWNED ASSET 4.18 08/04/23 CNY 58.69
HAIAN COUNTY DEVELOPMEN 5.45 04/13/23 CNY 59.81
HAIAN COUNTY DEVELOPMEN 5.45 04/13/23 CNY 59.38
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 60.90
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 60.88
HAICHENG URBAN JINCAI L 5.37 08/10/23 CNY 59.52
HAICHENG URBAN JINCAI L 5.37 08/10/23 CNY 59.05
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 20.21
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 20.09
HAIFENG MARINE INFRASTR 6.84 04/29/22 CNY 40.45
HAIKOU MEILAN INTERNATI 5.25 09/06/19 USD 52.87
HAIMEN CITY DEVELOPMENT 6.22 04/03/22 CNY 42.20
HAIMEN CITY DEVELOPMENT 6.22 04/03/22 CNY 40.95
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 40.49
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 21.42
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 20.04
HAIXI STATE-OWNED CAPIT 8.60 01/02/21 CNY 20.30
HAIXI STATE-OWNED CAPIT 8.60 01/02/21 CNY 20.10
HAMI JIANHUI STATE-OWNE 3.90 09/21/23 CNY 59.10
HAMI JIANHUI STATE-OWNE 3.90 09/21/23 CNY 57.84
HANCHUAN CITY HANRONG I 4.25 07/18/23 CNY 59.33
HANCHUAN CITY HANRONG I 4.25 07/18/23 CNY 59.11
HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 47.20
HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 40.39
HANGZHOU CITY CONSTRUCT 3.80 03/14/23 CNY 60.01
HANGZHOU CITY CONSTRUCT 3.80 03/14/23 CNY 60.00
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 20.30
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 20.28
HANGZHOU FUYANG DEVELOP 4.76 01/27/23 CNY 59.62
HANGZHOU FUYANG DEVELOP 4.76 01/27/23 CNY 59.12
HANGZHOU FUYANG DEVELOP 7.70 04/28/21 CNY 29.00
HANGZHOU FUYANG DEVELOP 7.70 04/28/21 CNY 20.33
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 20.46
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 20.40
HANGZHOU METRO GROUP CO 5.97 09/17/24 CNY 72.77
HANGZHOU METRO GROUP CO 5.97 09/17/24 CNY 62.98
HANGZHOU WEST LAKE INVE 4.30 04/25/23 CNY 60.28
HANGZHOU WEST LAKE INVE 4.30 04/25/23 CNY 59.96
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 20.29
HANGZHOU XIAOSHAN QIANJ 4.00 03/22/23 CNY 60.27
HANGZHOU XIAOSHAN QIANJ 4.00 03/22/23 CNY 60.07
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 20.20
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 20.75
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 20.34
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 21.85
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 20.29
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 26.60
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 20.05
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 CON 4.10 11/16/21 CNY 60.04
HEBEI ZHONGYUE CITY CON 4.10 11/16/21 CNY 59.75
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.99
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.62
HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 62.42
HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 60.18
HEFEI CONSTRUCTION INVE 7.20 04/29/24 CNY 63.79
HEFEI XINCHENG STATE-OW 4.13 07/15/23 CNY 59.82
HEFEI XINCHENG STATE-OW 4.13 07/15/23 CNY 59.30
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 40.01
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 30.40
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 25.07
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 18.55
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 6.81
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 6.78
HEISHAN TONGHE ASSET MA 6.79 09/18/22 CNY 39.64
HEISHAN TONGHE ASSET MA 6.79 09/18/22 CNY 39.28
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 24.50
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 20.05
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 60.02
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 60.00
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 21.10
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 20.21
HESHAN PUBLIC ASSET MAN 4.08 09/28/23 CNY 58.81
HESHAN PUBLIC ASSET MAN 4.08 09/28/23 CNY 58.06
HETIAN YUXIN STATE-OWNE 4.65 03/28/23 CNY 59.85
HETIAN YUXIN STATE-OWNE 4.65 03/28/23 CNY 59.40
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 45.88
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 40.61
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 20.95
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 20.27
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 20.80
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 20.39
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 AUTOMOTIVE GROU 6.30 09/14/23 CNY 68.23
HUACHEN AUTOMOTIVE GROU 5.80 06/17/24 CNY 60.78
HUACHEN AUTOMOTIVE GROU 5.80 11/05/23 CNY 59.80
HUACHEN AUTOMOTIVE GROU 6.30 09/14/23 CNY 56.93
HUACHEN AUTOMOTIVE GROU 5.40 09/14/23 CNY 55.80
HUACHEN AUTOMOTIVE GROU 5.80 03/20/24 CNY 54.80
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 35.57
HUAIAN CITY HUAIAN DIST 4.63 05/03/23 CNY 64.10
HUAIAN CITY HUAIAN DIST 4.63 05/03/23 CNY 60.17
HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 41.54
HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 40.76
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.90
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.20
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 27.84
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 20.24
HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 59.27
HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 58.56
HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 58.85
HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 58.44
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 27.50
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 20.40
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 20.21
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 20.00
HUAIHUA CITY CONSTRUCTI 4.18 08/31/23 CNY 58.67
HUAIHUA CITY CONSTRUCTI 4.18 08/31/23 CNY 58.64
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 20.04
HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 40.08
HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 40.00
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 59.99
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 59.19
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 21.65
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 20.43
HUANGGANG CITY CONSTRUC 4.08 01/18/23 CNY 60.21
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 20.30
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 20.27
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 20.23
HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 40.82
HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 40.65
HUANGSHI CIHU HIGH-TECH 4.50 06/08/23 CNY 63.00
HUANGSHI CIHU HIGH-TECH 4.50 06/08/23 CNY 60.20
HUANGSHI CIHU HIGH-TECH 4.97 06/08/23 CNY 60.17
HUANGSHI CIHU HIGH-TECH 4.97 06/08/23 CNY 60.14
HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 20.25
HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 20.09
HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 40.87
HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 40.80
HUAWEN MEDIA GROUP 6.00 04/04/21 CNY 66.43
HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 42.40
HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 40.86
HUBEI SUPPLY AND MARKET 6.70 08/23/24 CNY 74.35
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 61.60
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 20.04
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 20.01
HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 40.42
HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 40.00
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 22.25
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 20.33
HUNAN CHENGLINGJI HARBO 4.24 07/21/23 CNY 59.32
HUNAN CHENGLINGJI HARBO 4.24 07/21/23 CNY 58.24
HUNAN CHUZHISHENG HOLDI 5.60 12/18/22 CNY 60.93
HUNAN CHUZHISHENG HOLDI 5.60 12/18/22 CNY 60.34
HUNAN JINYANG INVESTMEN 4.37 01/19/23 CNY 60.03
HUNAN JINYANG INVESTMEN 4.37 01/19/23 CNY 59.65
HUNAN JINYANG INVESTMEN 4.39 04/06/23 CNY 59.59
HUNAN JINYANG INVESTMEN 4.39 04/06/23 CNY 58.72
HUNAN JINYANG INVESTMEN 5.70 11/27/21 CNY 39.42
HUNAN JINYANG INVESTMEN 5.70 11/27/21 CNY 38.60
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 57.83
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 56.93
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 47.00
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 38.70
HUNAN PROVINCIAL RAILWA 6.09 04/30/25 CNY 72.88
HUNAN PROVINCIAL RAILWA 6.09 04/30/25 CNY 70.00
HUNAN SHAODONG ECO-INDU 6.50 01/11/23 CNY 61.73
HUNAN SHAODONG ECO-INDU 6.50 01/11/23 CNY 59.31
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 58.47
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 58.45
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 22.72
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.30
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.23
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 20.16
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 20.33
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 20.00
HUNAN YOUZHOU INVESTMEN 4.80 07/07/23 CNY 59.92
HUNAN YOUZHOU INVESTMEN 4.80 07/07/23 CNY 59.91
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 22.38
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 20.20
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 20.29
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 20.10
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 20.22
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 20.00
INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 60.27
INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 59.50
INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 40.00
INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 40.00
INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 39.01
INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 38.85
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 24.00
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 20.14
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 42.10
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 40.85
JIAN CITY JINGANGSHAN D 4.87 01/27/23 CNY 59.78
JIAN CITY JINGANGSHAN D 4.87 01/27/23 CNY 58.60
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 20.87
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 20.33
JIANAN INVESTMENT HOLDI 4.30 03/08/23 CNY 60.28
JIANAN INVESTMENT HOLDI 4.30 03/08/23 CNY 60.24
JIANAN INVESTMENT HOLDI 3.85 09/05/23 CNY 60.00
JIANAN INVESTMENT HOLDI 3.85 09/05/23 CNY 59.70
JIANAN INVESTMENT HOLDI 3.50 09/05/23 CNY 59.41
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 26.50
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 20.45
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 20.26
JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 41.10
JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 40.83
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 20.04
JIANGSU BEIGU INDUSTRIA 5.80 06/20/23 CNY 60.94
JIANGSU BEIGU INDUSTRIA 5.80 06/20/23 CNY 59.77
JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 59.08
JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 58.61
JIANGSU GAOCHUN ECONOMI 3.67 09/23/23 CNY 59.37
JIANGSU GAOCHUN ECONOMI 3.67 09/23/23 CNY 59.25
JIANGSU HAIZHOU DEVELOP 4.67 06/06/23 CNY 61.51
JIANGSU HAIZHOU DEVELOP 4.67 06/06/23 CNY 60.45
JIANGSU HAIZHOUWAN DEVE 5.37 03/29/23 CNY 45.00
JIANGSU HANRUI INVESTME 4.63 04/15/23 CNY 60.51
JIANGSU HANRUI INVESTME 4.63 04/15/23 CNY 60.35
JIANGSU HANRUI INVESTME 5.00 08/31/23 CNY 58.27
JIANGSU HANRUI INVESTME 5.00 08/31/23 CNY 57.91
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 20.80
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 20.35
JIANGSU JINTAN GUOFA IN 4.60 08/22/23 CNY 58.59
JIANGSU JINTAN GUOFA IN 4.60 08/22/23 CNY 58.27
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 20.23
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 20.00
JIANGSU JURONG FUDI BIO 7.70 03/21/21 CNY 40.70
JIANGSU JURONG FUDI BIO 7.70 03/21/21 CNY 40.48
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 20.14
JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 28.80
JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 20.37
JIANGSU RUNQI WANGUO IN 4.14 10/21/21 CNY 59.99
JIANGSU RUNQI WANGUO IN 4.14 10/21/21 CNY 59.18
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 25.00
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 20.18
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 20.44
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 20.00
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 40.51
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 40.32
JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 40.89
JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 40.00
JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 47.50
JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 40.73
JIANGSU YINGZHOU DEVELO 4.33 09/21/23 CNY 58.17
JIANGSU YINGZHOU DEVELO 4.33 09/21/23 CNY 57.86
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 30.19
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 20.40
JIANGSU ZHANGJIAGANG EC 3.95 03/22/23 CNY 60.07
JIANGSU ZHANGJIAGANG EC 3.95 03/22/23 CNY 60.00
JIANGSU ZHUFU INDUSTRIA 4.47 07/20/23 CNY 58.90
JIANGSU ZHUFU INDUSTRIA 4.47 07/20/23 CNY 56.30
JIANGSU ZHUFU INDUSTRIA 4.93 12/29/20 CNY 40.13
JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 60.00
JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 59.78
JIANGXI HUIHENG PROPERT 4.43 08/30/21 CNY 40.13
JIANGXI HUIHENG PROPERT 4.43 08/30/21 CNY 39.91
JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 59.53
JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 59.50
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 29.34
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 20.39
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 20.56
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 20.33
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 21.00
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 20.04
JIANGYOU HONGFEI INVEST 6.55 09/02/22 CNY 40.61
JIANGYOU HONGFEI INVEST 6.55 09/02/22 CNY 40.31
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 22.75
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 20.21
JIANHU URBAN CONSTRUCTI 3.28 10/13/21 CNY 71.00
JIANHU URBAN CONSTRUCTI 3.28 10/13/21 CNY 69.54
JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 42.86
JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 40.09
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 21.13
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 20.37
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 21.80
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 20.24
JIAXING XIANGJIADANG DE 3.87 09/21/23 CNY 59.94
JIAXING XIANGJIADANG DE 4.13 07/20/23 CNY 59.53
JIAXING XIANGJIADANG DE 4.13 07/20/23 CNY 58.22
JIAXING XIANGJIADANG DE 3.87 09/21/23 CNY 57.78
JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 60.59
JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 60.59
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 20.32
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 20.00
JIEYANG CITY INVESTMENT 6.55 08/27/21 CNY 20.31
JILIN CITY CONSTRUCTION 3.80 01/27/23 CNY 59.90
JILIN CITY CONSTRUCTION 3.80 01/27/23 CNY 59.55
JILIN ECONOMIC AND TECH 6.20 04/29/23 CNY 60.33
JILIN ECONOMIC AND TECH 6.20 04/29/23 CNY 59.55
JILIN NORTHEAST SOCK IN 7.50 05/19/22 CNY 71.28
JILIN NORTHEAST SOCK IN 6.80 12/19/21 CNY 70.10
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 20.11
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 19.76
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 20.28
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 20.20
JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 39.58
JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 39.56
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 20.30
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 20.30
JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 60.46
JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 60.00
JINCHENG STATE-OWNED CA 4.99 11/11/21 CNY 40.36
JINCHENG STATE-OWNED CA 4.99 11/11/21 CNY 40.20
JINGDEZHEN CERAMIC CULT 5.38 11/27/22 CNY 60.24
JINGDEZHEN CERAMIC CULT 5.38 11/27/22 CNY 60.00
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 20.23
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 20.00
JINGJIANG CITY INVESTME 4.55 03/30/23 CNY 60.08
JINGJIANG CITY INVESTME 4.55 03/30/23 CNY 59.22
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 28.68
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 20.24
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 30.90
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 30.74
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 20.00
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 18.57
JINGMEN HIGH-TECH DEVEL 4.15 07/28/23 CNY 59.27
JINGMEN HIGH-TECH DEVEL 4.15 07/28/23 CNY 58.33
JINGMEN HIGH-TECH DEVEL 5.48 08/11/22 CNY 40.73
JINGMEN HIGH-TECH DEVEL 5.48 08/11/22 CNY 39.80
JINGSHAN JINGCHENG INVE 4.38 08/29/23 CNY 60.07
JINGSHAN JINGCHENG INVE 4.38 08/29/23 CNY 59.33
JINGZHOU DEVELOPMENT ZO 8.20 12/09/20 CNY 20.14
JINGZHOU DEVELOPMENT ZO 8.20 12/09/20 CNY 20.10
JINGZHOU URBAN CONSTRUC 3.97 03/10/23 CNY 60.14
JINGZHOU URBAN CONSTRUC 3.97 03/10/23 CNY 60.07
JINHU COUNTY STATE-OWNE 4.00 07/26/22 CNY 50.16
JINHU COUNTY STATE-OWNE 4.00 07/26/22 CNY 50.15
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 21.33
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 20.47
JINING CITY SHIZHONG DI 3.52 09/14/23 CNY 59.19
JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 44.44
JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 40.57
JINING HIGH TECH URBAN 6.09 04/30/22 CNY 41.50
JINING HIGH TECH URBAN 6.09 04/30/22 CNY 40.90
JINSHA COUNTY CONSTRUCT 6.01 09/05/23 CNY 58.81
JINSHA COUNTY CONSTRUCT 6.01 09/05/23 CNY 58.81
JINTANG MODERN AGRICULT 5.49 07/14/23 CNY 58.83
JINTANG MODERN AGRICULT 5.49 07/14/23 CNY 57.88
JINZHAI URBAN DEVELOPME 5.90 04/25/23 CNY 61.10
JINZHAI URBAN DEVELOPME 5.90 04/25/23 CNY 60.77
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 24.91
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 20.60
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 20.19
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 20.12
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 25.00
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 20.90
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 20.18
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 20.16
JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 42.82
JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 40.36
JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 40.80
JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 39.55
JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 40.77
JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 40.36
JIUJIANG LIANXI DISTRIC 4.58 03/30/23 CNY 59.76
JIUJIANG LIANXI DISTRIC 4.58 03/30/23 CNY 59.67
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 20.60
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 20.24
JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 40.85
JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 40.08
KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 40.11
KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 40.11
KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 60.08
KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.49
KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.42
KAILI GUIZHOU TOWN CONS 5.29 12/17/22 CNY 60.00
KAILI GUIZHOU TOWN CONS 5.29 12/17/22 CNY 58.50
KANGMEI PHARMACEUTICAL 6.33 01/27/22 CNY 36.69
KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 21.25
KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 21.25
KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 21.25
KANGMEI PHARMACEUTICAL 6.80 06/28/21 CNY 21.25
KANGMEI PHARMACEUTICAL 7.00 06/21/21 CNY 21.25
KANGMEI PHARMACEUTICAL 5.50 04/20/21 CNY 21.25
KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 21.25
KANGMEI PHARMACEUTICAL 6.28 03/20/21 CNY 21.25
KASHI URBAN CONSTRUCTIO 5.80 07/20/22 CNY 40.76
KASHI URBAN CONSTRUCTIO 5.80 07/20/22 CNY 40.00
KUNMING DONGJUN REAL ES 4.50 11/02/21 CNY 49.50
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 25.45
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 20.26
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 20.29
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 19.90
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 20.60
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 20.19
LANZHOU STATE OWNED ASS 6.32 09/10/21 CNY 20.06
LANZHOU STATE OWNED ASS 6.32 09/10/21 CNY 14.90
LAOHEKOU CITY CONSTRUCT 6.75 08/12/22 CNY 40.47
LAOHEKOU CITY CONSTRUCT 6.75 08/12/22 CNY 40.42
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 41.38
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 41.35
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 40.85
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 40.50
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 40.44
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 40.00
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 45.00
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 40.43
LIAOCHENG ANTAI URBAN R 5.16 04/11/23 CNY 60.18
LIAOCHENG ANTAI URBAN R 5.16 04/11/23 CNY 60.10
LIAOCHENG ANTAI URBAN R 4.58 04/11/23 CNY 59.88
LIAOCHENG ANTAI URBAN R 4.58 04/11/23 CNY 59.73
LIAOCHENG XINGYE ECONOM 5.20 04/13/23 CNY 60.81
LIAOCHENG XINGYE ECONOM 5.20 04/13/23 CNY 57.91
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.12
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 3.63
LIAONING YAODU DEVELOPM 6.50 04/29/23 CNY 60.64
LILING HIGH-TECH INDUST 4.93 01/19/23 CNY 59.36
LILING HIGH-TECH INDUST 4.93 01/19/23 CNY 59.23
LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 40.56
LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 40.49
LISHUI CITY CONSTRUCTIO 5.67 08/13/22 CNY 40.95
LISHUI CITY CONSTRUCTIO 5.67 08/13/22 CNY 40.55
LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 59.65
LIUPANSHUI MINSHENG INV 5.08 01/29/23 CNY 59.13
LIUPANSHUI MINSHENG INV 5.08 01/29/23 CNY 59.04
LIUYANG MODERN MANUFACT 4.72 01/19/23 CNY 59.46
LIUYANG MODERN MANUFACT 4.72 01/19/23 CNY 59.09
LIUYANG NEW INDUSTRIAL 4.43 10/23/22 CNY 60.30
LIUYANG NEW INDUSTRIAL 4.43 10/23/22 CNY 60.09
LIUYANG URBAN CONSTRUCT 4.45 05/24/23 CNY 60.65
LIUYANG URBAN CONSTRUCT 4.45 05/24/23 CNY 60.41
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 20.60
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 20.50
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 46.09
LIUZHOU DONGTONG INVEST 4.45 07/22/23 CNY 58.04
LIUZHOU DONGTONG INVEST 4.45 07/22/23 CNY 58.02
LIUZHOU INVESTMENT HOLD 4.28 03/08/23 CNY 59.60
LIUZHOU INVESTMENT HOLD 4.28 03/08/23 CNY 59.49
LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 63.05
LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 60.22
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 40.34
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 38.00
LONGHAI STATE-OWNED ASS 6.58 08/15/21 CNY 20.31
LONGYAN RAILWAY CONSTRU 4.98 04/13/23 CNY 59.94
LONGYAN RAILWAY CONSTRU 4.98 04/13/23 CNY 59.19
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 30.31
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 20.37
LOUDI TIDU INVESTMENT D 4.83 01/20/23 CNY 59.81
LOUDI TIDU INVESTMENT D 4.83 01/20/23 CNY 59.69
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 20.30
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 20.00
LOUDI WANBAO NEW DISTRI 5.13 02/01/23 CNY 59.53
LOUDI WANBAO NEW DISTRI 5.13 02/01/23 CNY 59.35
LOUDI WANBAO NEW DISTRI 4.42 08/01/23 CNY 58.51
LOUDI WANBAO NEW DISTRI 4.42 08/01/23 CNY 58.46
LU'AN CITY CONSTRUCTION 5.05 04/26/21 CNY 50.43
LU'AN CITY CONSTRUCTION 3.97 02/22/21 CNY 50.13
LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 40.99
LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 40.00
LUOYANG CITY COUNTRY CO 4.28 04/26/23 CNY 60.42
LUOYANG CITY DEVELOPMEN 4.47 12/02/22 CNY 60.50
LUOYANG CITY DEVELOPMEN 4.47 12/02/22 CNY 60.00
LUZHOU FUYANG INVESTMEN 5.00 08/11/23 CNY 60.10
LUZHOU FUYANG INVESTMEN 5.00 08/11/23 CNY 58.90
LUZHOU XINGLU INVESTMEN 6.41 04/23/25 CNY 74.21
LUZHOU XINGLU INVESTMEN 6.41 04/23/25 CNY 70.00
LUZHOU XINGYANG INVESTM 4.87 01/28/23 CNY 59.68
LUZHOU XINGYANG INVESTM 4.87 01/28/23 CNY 59.66
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 23.00
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 20.40
MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 44.99
MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 40.39
MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 40.99
MAANSHAN SOUTHERN INDUS 4.43 09/02/23 CNY 58.98
MAANSHAN SOUTHERN INDUS 4.43 09/02/23 CNY 58.47
MAANSHAN SOUTHERN INDUS 4.53 07/25/23 CNY 58.32
MAANSHAN SOUTHERN INDUS 4.53 07/25/23 CNY 57.98
MEISHAN ASSET MANAGEMEN 7.84 02/26/21 CNY 20.29
MEISHAN ASSET MANAGEMEN 7.84 02/26/21 CNY 20.24
MEISHAN CITY DONGPO DEV 5.90 06/30/23 CNY 59.18
MEISHAN CITY DONGPO DEV 5.90 06/30/23 CNY 58.90
MEISHAN HONGDA CONSTRUC 4.18 03/28/23 CNY 59.28
MEISHAN HONGDA CONSTRUC 4.18 03/28/23 CNY 59.11
MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 45.32
MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 40.74
MEIZHOU MEI COUNTY DIST 5.00 12/30/22 CNY 60.38
MEIZHOU MEI COUNTY DIST 5.00 12/30/22 CNY 60.00
MUDANJIANG AREA URBAN D 6.48 06/30/22 CNY 45.00
MUDANJIANG AREA URBAN D 6.48 06/30/22 CNY 41.17
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.18
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.17
MUNICIPALITY OF SHENZHE 3.00 03/29/22 CNY 60.00
MUNICIPALITY OF SHENZHE 3.00 03/29/22 CNY 60.00
NANCHANG ECONOMY TECHNO 3.83 09/22/23 CNY 59.95
NANCHANG ECONOMY TECHNO 3.83 09/22/23 CNY 59.50
NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 40.25
NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 40.24
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 31.20
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 20.36
NANJING BAIXIA STATE-OW 3.98 03/29/23 CNY 60.18
NANJING BAIXIA STATE-OW 3.98 03/29/23 CNY 60.15
NANJING HEXI NEW TOWN A 3.47 06/17/21 CNY 40.07
NANJING HEXI NEW TOWN A 3.20 07/22/21 CNY 39.90
NANJING JIANGNING ECONO 7.94 04/14/24 CNY 64.99
NANJING JIANGNING ECONO 7.94 04/14/24 CNY 64.30
NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 60.44
NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 60.14
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 21.29
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 20.48
NANJING LISHUI URBAN CO 4.97 04/28/23 CNY 60.94
NANJING LISHUI URBAN CO 4.97 04/28/23 CNY 60.80
NANJING METRO GROUP CO 3.29 08/29/23 CNY 59.71
NANJING QIXIA STATE-OWN 4.10 06/24/23 CNY 60.24
NANJING QIXIA STATE-OWN 4.10 06/24/23 CNY 60.15
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 46.19
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 45.91
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 26.80
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 20.45
NANNING HI-TECH INDUSTR 4.28 03/25/23 CNY 58.93
NANNING HI-TECH INDUSTR 4.28 03/25/23 CNY 55.20
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 24.80
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 20.29
NANPING CITY WUYI NEW D 4.96 09/28/22 CNY 40.60
NANPING CITY WUYI NEW D 4.96 09/28/22 CNY 40.34
NANTONG CHONGCHUAN URBA 5.70 07/21/22 CNY 71.73
NANTONG CHONGCHUAN URBA 5.70 07/21/22 CNY 70.00
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 25.40
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 20.33
NANTONG CITY GANGZHA DI 3.80 09/06/21 CNY 40.01
NANTONG CITY GANGZHA DI 3.80 09/06/21 CNY 39.68
NANTONG CITY TONGZHOU D 3.75 07/07/23 CNY 59.51
NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 61.52
NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 60.78
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 40.84
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 40.00
NANYANG HIGH-TECH DISTR 6.45 04/29/23 CNY 61.46
NANYANG HIGH-TECH DISTR 6.45 04/29/23 CNY 60.78
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 20.17
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 20.03
NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 58.37
NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 57.59
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 28.53
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 20.16
NEIJIANG STATE-OWNED AS 6.20 04/12/23 CNY 59.15
NEIJIANG STATE-OWNED AS 6.20 04/12/23 CNY 58.71
NEIJINAG CONSTRUCTION E 5.03 12/25/22 CNY 59.64
NEIJINAG CONSTRUCTION E 5.03 12/25/22 CNY 56.36
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 72.00
NEOGLORY HOLDING GROUP 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP 8.00 10/22/20 CNY 56.00
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 26.30
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 20.26
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 40.47
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 40.46
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 29.00
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 20.32
NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 48.29
NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 40.91
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 20.56
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 20.00
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 25.00
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 20.70
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 20.48
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 20.18
NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 40.76
NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 40.20
NINGXIANG ECONOMIC TECH 3.87 01/27/23 CNY 59.98
NINGXIANG ECONOMIC TECH 3.87 01/27/23 CNY 59.50
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 20.36
NINGXIANG STATE-OWNED A 4.89 06/03/23 CNY 59.62
NINGXIANG STATE-OWNED A 4.89 06/03/23 CNY 58.98
ONE BELT ONE ROAD JIANG 4.70 07/15/23 CNY 60.36
ONE BELT ONE ROAD JIANG 4.70 07/15/23 CNY 60.27
PANJIN CITY SHUANGTAIZI 7.25 01/22/22 CNY 40.76
PANJIN CITY SHUANGTAIZI 7.25 01/22/22 CNY 40.28
PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 40.50
PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 40.50
PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 41.30
PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 41.20
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 20.32
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 20.19
PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 60.00
PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 59.91
PEKING UNIVERSITY FOUND 6.30 03/04/24 CNY 11.00
PEKING UNIVERSITY FOUND 6.50 11/16/23 CNY 11.00
PEKING UNIVERSITY FOUND 6.68 08/09/23 CNY 11.00
PEKING UNIVERSITY FOUND 5.80 01/28/22 CNY 11.00
PEKING UNIVERSITY FOUND 5.99 11/02/21 CNY 11.00
PEKING UNIVERSITY FOUND 6.10 08/22/21 CNY 11.00
PEKING UNIVERSITY FOUND 4.80 07/26/21 CNY 11.00
PEKING UNIVERSITY FOUND 6.30 09/12/20 CNY 11.00
PEKING UNIVERSITY FOUND 6.15 07/23/20 CNY 11.00
PEKING UNIVERSITY FOUND 6.20 05/31/20 CNY 11.00
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 60.85
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 60.75
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 20.22
PINGLIANG CULTURAL & TO 6.85 11/30/22 CNY 60.54
PINGLIANG CULTURAL & TO 6.85 11/30/22 CNY 60.00
PINGTAN COMPREHENSIVE P 3.92 01/29/23 CNY 60.15
PINGXIANG CHANGXING INV 5.26 04/11/23 CNY 59.48
PINGXIANG CHANGXING INV 5.26 04/11/23 CNY 59.44
PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 40.54
PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 40.12
PINGYANG STATE-OWNED AS 4.97 01/08/23 CNY 60.18
PINGYANG STATE-OWNED AS 4.97 01/08/23 CNY 60.00
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 42.46
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 40.33
PIZHOU ECONOMIC DEVELOP 5.00 10/29/22 CNY 60.00
PIZHOU ECONOMIC DEVELOP 5.00 10/29/22 CNY 59.54
PIZHOU RUNCAI ASSET MAN 5.90 12/18/20 CNY 50.09
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 49.91
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 49.72
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 20.13
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 20.00
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 20.52
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 20.23
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 20.00
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 20.00
QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 46.90
QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 40.82
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 57.68
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 57.23
QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 74.47
QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 68.02
QIANJIANG URBAN CONSTRU 5.19 12/21/22 CNY 61.28
QIANJIANG URBAN CONSTRU 5.19 12/21/22 CNY 60.00
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 20.52
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 20.39
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 38.65
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 38.50
QIANXINAN AUTONOMOUS RE 5.90 06/22/23 CNY 59.48
QIANXINAN AUTONOMOUS RE 5.90 06/22/23 CNY 59.12
QIDONG COMMUNICATIONS I 4.00 03/18/23 CNY 59.94
QIDONG STATE-OWNED ASSE 4.00 03/09/23 CNY 60.16
QIDONG STATE-OWNED ASSE 4.00 03/09/23 CNY 59.30
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 46.48
QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 20.46
QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 20.34
QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 20.33
QIHE CITY OPERATION CON 5.10 03/07/23 CNY 60.14
QIHE CITY OPERATION CON 5.10 03/07/23 CNY 60.13
QINGDAO CHANGYANG INVES 3.73 09/12/23 CNY 59.70
QINGDAO CHANGYANG INVES 3.73 09/12/23 CNY 59.69
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 46.33
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 46.30
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 21.13
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 20.21
QINGDAO JIAOZHOU BAY DE 6.33 09/18/21 CNY 21.30
QINGDAO JIAOZHOU BAY DE 6.33 09/18/21 CNY 20.51
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 41.00
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 40.37
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 28.79
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 20.18
QINGDAO OCEAN INVESTMEN 4.36 05/12/23 CNY 60.61
QINGDAO OCEAN INVESTMEN 4.36 05/12/23 CNY 59.56
QINGDAO WEST COAST DEVE 4.26 06/06/23 CNY 60.45
QINGDAO WEST COAST DEVE 4.26 06/06/23 CNY 59.94
QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 35.56
QINGHAI PROVINCIAL INVE 7.88 03/22/21 USD 34.93
QINGHAI STATE-OWNED ASS 5.90 12/17/22 CNY 45.00
QINGHAI STATE-OWNED ASS 5.40 05/21/23 CNY 42.50
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.21
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.20
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 20.14
QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 20.29
QINHUANGDAO CITY DEVELO 4.69 04/14/23 CNY 60.59
QINHUANGDAO CITY DEVELO 4.69 04/14/23 CNY 58.97
QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 58.09
QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 57.69
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 21.28
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 20.26
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 20.08
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 20.00
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 20.28
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 20.00
QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 40.80
QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 40.72
QUANJIAO URBAN INFRASTR 5.10 05/18/23 CNY 59.28
QUANJIAO URBAN INFRASTR 5.10 05/18/23 CNY 59.26
QUJING CITY QILIN DISTR 5.37 11/26/22 CNY 61.95
QUJING CITY QILIN DISTR 5.37 11/26/22 CNY 59.40
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 22.55
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 20.21
QUJING ECO TECH DEVELOP 5.75 06/01/23 CNY 59.88
QUJING ECO TECH DEVELOP 5.75 06/01/23 CNY 59.75
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 20.38
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 23.42
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 20.42
RENHUAI CITY DEVELOPMEN 5.12 04/14/23 CNY 59.04
RENHUAI CITY DEVELOPMEN 5.12 04/14/23 CNY 59.01
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 20.49
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 20.47
RENQIU CONSTRUCTION INV 5.68 11/18/22 CNY 60.64
RENQIU CONSTRUCTION INV 5.68 11/18/22 CNY 58.22
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 61.05
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 60.00
REWARD SCIENCE AND TECH 6.40 03/03/22 CNY 70.00
REWARD SCIENCE AND TECH 5.53 07/05/21 CNY 29.10
RIGHT WAY REAL ESTATE D 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTIO 3.98 12/07/22 CNY 60.46
RIZHAO CITY CONSTRUCTIO 3.98 12/07/22 CNY 59.60
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 25.90
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 20.40
RUDONG COUNTY JINXIN TR 3.80 07/26/23 CNY 59.82
RUDONG COUNTY JINXIN TR 3.80 07/26/23 CNY 59.79
RUDONG COUNTY JINXIN TR 4.57 07/26/23 CNY 59.75
RUDONG COUNTY JINXIN TR 4.57 07/26/23 CNY 59.19
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 24.03
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 20.25
RUDONG COUNTY KAITAI CI 4.57 01/08/23 CNY 60.31
RUDONG NEW WORLD INVEST 4.37 07/18/23 CNY 59.49
RUDONG NEW WORLD INVEST 4.37 07/18/23 CNY 58.46
RUGAO COMMUNICATIONS CO 3.74 03/23/23 CNY 59.94
RUGAO COMMUNICATIONS CO 3.74 03/23/23 CNY 59.80
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 60.07
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 59.97
RUGAO ECONOMIC & TRADE 8.30 01/22/21 CNY 29.00
RUGAO ECONOMIC & TRADE 8.30 01/22/21 CNY 20.24
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 20.93
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 20.25
RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 60.66
RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 58.96
RUICHANG CITY INVESTMEN 5.50 06/17/23 CNY 61.17
RUICHANG CITY INVESTMEN 5.50 06/17/23 CNY 61.16
RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 61.15
RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 61.14
RUIJIN URBAN DEVELOPMEN 4.13 09/06/23 CNY 58.77
RUIJIN URBAN DEVELOPMEN 4.13 09/06/23 CNY 58.68
RUZHOU CITY XINYUAN INV 4.43 09/26/23 CNY 56.27
RUZHOU CITY XINYUAN INV 4.43 09/26/23 CNY 55.96
RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 25.34
SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 40.96
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 40.62
SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 40.00
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 40.00
SANMING TRANSPORTATION 3.68 03/29/23 CNY 59.76
SANMING TRANSPORTATION 3.68 03/29/23 CNY 59.51
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 27.00
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 20.64
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 25.50
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 20.47
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 43.10
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 40.57
SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 61.01
SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 60.63
SHANDONG BORUN INDUSTRI 6.50 11/02/21 CNY 66.21
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 41.95
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 40.93
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 20.63
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 20.62
SHANDONG FUYU CHEMICAL 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 42.45
SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 40.75
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 24.00
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 20.10
SHANDONG JINMAO TEXTILE 8.00 09/25/20 CNY 35.84
SHANDONG JINMAO TEXTILE 6.97 04/01/21 CNY 20.70
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 23.40
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 20.01
SHANDONG RUYI TECHNOLOG 7.90 09/18/23 CNY 52.10
SHANDONG SNTON GROUP CO 6.20 05/30/21 CNY 9.50
SHANDONG SNTON GROUP CO 5.18 09/08/21 CNY 8.52
SHANDONG TAIYANG INDUST 5.97 03/02/21 CNY 42.86
SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 40.45
SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 40.00
SHANDONG WANTONG PETROL 7.97 11/29/21 CNY 6.45
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 20.32
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 20.31
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 20.75
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 20.33
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 25.13
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 25.10
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 40.79
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 40.78
SHANGHAI MUNICIPAL INVE 4.80 11/05/24 CNY 71.38
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 20.44
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 20.30
SHANGHAI PUTAILAI NEW E 5.50 03/19/21 CNY 66.67
SHANGHAI URBAN CONSTRUC 3.50 01/06/23 CNY 61.07
SHANGHAI URBAN CONSTRUC 3.50 01/06/23 CNY 59.50
SHANGRAO CITY STATE-OWN 4.65 01/29/23 CNY 60.58
SHANGRAO CITY STATE-OWN 4.65 01/29/23 CNY 60.28
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 31.42
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 31.40
SHANTOU INVESTMENT HOLD 7.99 03/04/24 CNY 64.40
SHANTOU INVESTMENT HOLD 7.99 03/04/24 CNY 64.10
SHANXI INTERNATIONAL EL 5.88 05/24/22 CNY 61.00
SHANXI XIANG KUANG GROU 8.80 02/11/22 CNY 72.44
SHANXI XIANG KUANG GROU 8.80 02/11/22 CNY 54.50
SHAOWU URBAN CONSTRUCTI 5.88 09/11/22 CNY 43.39
SHAOWU URBAN CONSTRUCTI 5.88 09/11/22 CNY 40.15
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 40.83
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 40.30
SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 48.00
SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 40.88
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 20.48
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 20.35
SHAOXING JINGHU NEW DIS 6.13 04/30/22 CNY 40.76
SHAOXING JINGHU NEW DIS 6.13 04/30/22 CNY 40.70
SHAOXING KEQIAO CITY CO 3.64 09/19/23 CNY 59.28
SHAOXING KEQIAO CITY CO 3.64 09/19/23 CNY 58.86
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 40.89
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 40.00
SHAOXING KEYAN CONSTRUC 6.28 03/24/22 CNY 40.84
SHAOXING KEYAN CONSTRUC 6.28 03/24/22 CNY 40.00
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 23.90
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 20.37
SHAOXING SHANGYU ECONOM 4.76 04/11/23 CNY 60.93
SHAOXING SHANGYU ECONOM 4.76 04/11/23 CNY 60.27
SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 20.55
SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 20.00
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 21.15
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 20.56
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 20.30
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 20.17
SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 59.65
SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 58.65
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 20.60
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 20.59
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 20.60
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 20.36
SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 40.55
SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 40.00
SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 40.05
SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 31.87
SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 47.50
SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 40.47
SHENZHEN METRO GROUP CO 6.75 01/24/24 CNY 63.07
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 46.15
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 46.03
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 62.70
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 62.50
SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 47.20
SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 40.78
SHIJIAZHUANG URBAN CONS 6.55 03/09/21 CNY 40.51
SHISHI CITY CONSTRUCTIO 6.10 05/04/22 CNY 40.87
SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 59.57
SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 59.03
SHIYAN STATE-OWNED CAPI 6.88 10/11/20 CNY 20.68
SHIYAN STATE-OWNED CAPI 6.58 08/20/21 CNY 20.50
SHIYAN STATE-OWNED CAPI 6.58 08/20/21 CNY 20.00
SHIYAN STATE-OWNED CAPI 6.88 10/11/20 CNY 19.99
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 22.87
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 20.01
SHUCHENG COUNTY URBAN C 5.50 04/29/23 CNY 61.11
SHUCHENG COUNTY URBAN C 5.50 04/29/23 CNY 61.10
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 46.00
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 40.54
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.33
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.00
SICHUAN COAL GASIFICATI 7.00 04/18/23 CNY 60.49
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SICHUAN LANGZHONG FAMOU 5.60 04/19/23 CNY 59.75
SICHUAN LANGZHONG FAMOU 5.60 04/19/23 CNY 59.56
SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 60.31
SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 60.16
SICHUAN NAXING INDUSTRI 4.68 03/31/23 CNY 59.00
SICHUAN NAXING INDUSTRI 4.68 03/31/23 CNY 58.79
SICHUAN NAXING INDUSTRI 6.80 08/18/22 CNY 50.67
SICHUAN NAXING INDUSTRI 6.80 08/18/22 CNY 50.66
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 20.44
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 20.32
SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 48.00
SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 40.64
SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 40.59
SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 40.00
SIHUI STATE OWNED ASSET 4.59 01/14/23 CNY 59.58
SIHUI STATE OWNED ASSET 4.59 01/14/23 CNY 59.11
SIYANG COUNTY MINKANG R 4.94 01/21/23 CNY 60.56
SIYANG COUNTY MINKANG R 4.94 01/21/23 CNY 60.01
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 20.47
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 20.00
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 40.78
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 39.98
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 27.82
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 20.39
SUINING COUNTY RUNQI IN 5.42 11/20/22 CNY 60.49
SUINING COUNTY RUNQI IN 5.42 11/20/22 CNY 60.00
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 20.42
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 20.30
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 44.18
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 40.82
SUINING KAIDA INVESTMEN 4.89 04/08/23 CNY 59.14
SUINING KAIDA INVESTMEN 4.89 04/08/23 CNY 58.64
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 20.34
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 20.00
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 21.83
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 20.71
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 20.45
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 20.17
SUIZHOU HIGH-TECH INDUS 4.47 03/25/23 CNY 58.84
SUIZHOU HIGH-TECH INDUS 4.47 03/25/23 CNY 58.81
SUIZHOU URBAN CONSTRUCT 7.18 09/02/21 CNY 21.20
SUIZHOU URBAN CONSTRUCT 7.18 09/02/21 CNY 20.58
SUIZHOU YULONG WATER SU 6.10 03/28/23 CNY 59.77
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 20.26
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 20.03
SUZHOU CITY CONSTRUCTIO 3.89 03/24/23 CNY 60.08
SUZHOU CITY CONSTRUCTIO 3.89 03/24/23 CNY 60.07
SUZHOU CITY HENGCHENG C 4.40 03/01/23 CNY 61.37
SUZHOU CITY HENGCHENG C 4.40 03/01/23 CNY 60.23
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 20.20
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 20.19
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 59.55
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 58.82
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 20.45
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 20.35
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 25.53
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 25.04
SUZHOU WUJIANG DISTRICT 5.25 07/08/22 CNY 40.58
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 22.60
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 20.35
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 60.68
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 59.63
TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 20.20
TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 20.20
TAICANG SCIENCE EDUCATI 5.54 08/28/22 CNY 44.65
TAICANG SCIENCE EDUCATI 5.54 08/28/22 CNY 40.91
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 20.10
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 19.85
TAIXING CITY HONGQIAO Y 5.03 10/29/22 CNY 63.87
TAIXING CITY HONGQIAO Y 5.03 10/29/22 CNY 59.90
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 20.28
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 25.04
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 26.50
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 20.24
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 62.68
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 62.10
TAIZHOU HAILING CITY DE 4.60 12/14/22 CNY 60.13
TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 44.00
TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 41.19
TAIZHOU JINDONG URBAN C 5.10 06/02/23 CNY 60.26
TAIZHOU JINDONG URBAN C 5.10 06/02/23 CNY 60.10
TAIZHOU XINBINJIANG DEV 7.60 03/05/21 CNY 21.00
TAIZHOU XINBINJIANG DEV 7.60 03/05/21 CNY 20.27
TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 60.26
TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 59.95
TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 20.03
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 19.99
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 27.15
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 20.23
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 27.00
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 20.06
TIANJIN BINHAI NEW AREA 6.10 11/23/21 CNY 42.65
TIANJIN BOHAI STATE-OWN 3.82 04/18/23 CNY 59.69
TIANJIN BOHAI STATE-OWN 3.82 04/18/23 CNY 59.64
TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 40.17
TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 39.59
TIANJIN DONGLI CITY INF 4.28 12/02/22 CNY 59.62
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 46.30
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 45.54
TIANJIN GUANGCHENG INVE 5.40 04/20/23 CNY 59.28
TIANJIN GUANGCHENG INVE 5.40 04/20/23 CNY 58.01
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 44.67
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 40.01
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 29.00
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 20.02
TIANJIN HARBOR CONSTRUC 6.29 10/21/21 CNY 70.11
TIANJIN HARBOR CONSTRUC 8.00 04/01/21 CNY 40.55
TIANJIN HARBOR CONSTRUC 8.80 01/24/21 CNY 40.46
TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 20.30
TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 19.99
TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 41.70
TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 40.61
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 20.35
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 20.20
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 46.00
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 45.81
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 20.29
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 20.00
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 20.21
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 20.11
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 27.50
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 20.21
TIANJIN NINGHE INVESTME 5.50 04/22/23 CNY 60.60
TIANJIN NINGHE INVESTME 5.50 04/22/23 CNY 60.15
TIANJIN RAILWAY CONSTRU 5.58 04/13/25 CNY 72.49
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 19.50
TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 20.03
TIANJIN STATE-OWNED CAP 1.60 12/17/39 USD 74.35
TIANJIN WATER INVESTMEN 8.40 01/15/21 CNY 25.04
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 21.80
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 19.33
TIANJIN WUQING STATE-OW 4.15 11/17/22 CNY 60.04
TIANJIN WUQING STATE-OW 4.15 11/17/22 CNY 59.90
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 20.76
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 20.42
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 20.19
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 20.16
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 25.16
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 20.77
TONGLING CONSTRUCTION I 4.12 03/14/23 CNY 60.00
TONGLING CONSTRUCTION I 4.12 03/14/23 CNY 59.88
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 20.98
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 20.42
TSINGHUA UNIGROUP CO LT 5.85 03/27/22 CNY 64.81
TSINGHUA UNIGROUP CO LT 5.20 12/10/23 CNY 59.90
TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 41.38
TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 40.68
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
ULANQAB CITY INVESTMENT 8.39 04/25/22 CNY 51.26
ULANQAB JINING DISTRICT 6.16 03/24/23 CNY 59.77
ULANQAB JINING DISTRICT 6.16 03/24/23 CNY 59.13
URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 40.92
URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 40.00
WAFANGDIAN COASTAL PROJ 3.98 02/01/23 CNY 58.84
WAFANGDIAN COASTAL PROJ 3.98 02/01/23 CNY 58.28
WANGCHENG ECONOMIC DEVE 3.75 07/13/23 CNY 61.05
WANGCHENG ECONOMIC DEVE 3.75 07/13/23 CNY 61.02
WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 48.81
WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 40.81
WEICHI HOLDING GROUP CO 5.40 12/21/20 CNY 60.00
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 25.22
WEIHAI LANCHUANG CONSTR 4.80 12/17/22 CNY 59.59
WEIHAI LANCHUANG CONSTR 4.80 12/17/22 CNY 59.39
WEIHAI URBAN CONSTRUCTI 3.33 03/02/23 CNY 59.44
WEIHAI URBAN CONSTRUCTI 3.33 03/02/23 CNY 58.40
WEIHAI WENDENG URBAN PR 4.80 05/26/23 CNY 59.33
WEIHAI WENDENG URBAN PR 4.80 05/26/23 CNY 58.97
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 40.67
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 40.00
WENDENG GOLDEN BEACH IN 3.97 03/21/23 CNY 59.27
WENDENG GOLDEN BEACH IN 3.97 03/21/23 CNY 59.20
WENSHAN URBAN CONSTRUCT 4.50 09/13/23 CNY 58.80
WENSHAN URBAN CONSTRUCT 4.50 09/13/23 CNY 58.54
WENZHOU CITY CONSTRUCTI 5.00 04/26/23 CNY 61.07
WENZHOU CITY CONSTRUCTI 5.00 04/26/23 CNY 60.99
WENZHOU CITY CONSTRUCTI 4.05 01/25/23 CNY 59.78
WENZHOU CITY CONSTRUCTI 4.05 01/25/23 CNY 59.57
WENZHOU GANGCHENG DEVEL 5.19 03/29/23 CNY 61.87
WENZHOU GANGCHENG DEVEL 5.19 03/29/23 CNY 60.91
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 20.60
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 20.46
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 20.38
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 20.35
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 40.31
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 40.20
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 8.19 04/21/21 CNY 20.32
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 5.42
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.96
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.21
WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 23.02
WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 20.46
WUHAN JIANGXIA URBAN CO 4.80 06/03/23 CNY 60.69
WUHAN JIANGXIA URBAN CO 4.80 06/03/23 CNY 60.50
WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 20.24
WUHAN METRO GROUP CO LT 5.25 04/14/22 CNY 40.36
WUHAN QIAOKOU STATE OWN 3.48 08/29/23 CNY 59.17
WUHAN QIAOKOU STATE OWN 3.48 08/29/23 CNY 58.93
WUHU COMMUNICATIONS INV 4.50 04/28/23 CNY 59.79
WUHU COMMUNICATIONS INV 4.50 04/28/23 CNY 59.76
WUHU COMMUNICATIONS INV 3.58 09/23/23 CNY 58.83
WUHU COMMUNICATIONS INV 3.58 09/23/23 CNY 58.60
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 46.35
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 40.72
WUHU JINGHU CONSTRUCTIO 4.37 07/20/23 CNY 59.64
WUHU JINGHU CONSTRUCTIO 4.37 07/20/23 CNY 59.63
WUHU JIUJIANG CONSTRUCT 3.96 03/21/23 CNY 59.55
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 20.48
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 20.00
WUHU XINMA INVESTMENT C 4.87 11/04/22 CNY 60.36
WUHU XINMA INVESTMENT C 4.87 11/04/22 CNY 59.80
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 21.45
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 20.48
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 20.40
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 20.26
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 20.10
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 20.08
WUXI HUIKAI ECONOMIC DE 4.16 04/08/23 CNY 60.01
WUXI HUIKAI ECONOMIC DE 4.16 04/08/23 CNY 59.83
WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 40.45
WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 40.08
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 20.00
WUXI TAIHU NEW CITY DEV 4.49 05/03/23 CNY 60.70
WUXI TAIHU NEW CITY DEV 4.49 05/03/23 CNY 60.63
WUXI TAIHU NEW CITY DEV 3.47 08/29/23 CNY 59.50
WUXI TAIHU NEW CITY DEV 3.47 08/29/23 CNY 59.27
WUYANG CONSTRUCTION GRO 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 20.01
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 20.00
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 24.88
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 20.33
XIAN FENGDONG DEVELOPME 4.67 01/08/23 CNY 59.94
XIAN FENGDONG DEVELOPME 4.67 01/08/23 CNY 59.71
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 41.46
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 40.46
XI'AN INTERNATIONAL INL 7.90 09/23/21 CNY 22.28
XIANGSHUI GUANJIANG HOL 4.98 12/24/22 CNY 63.20
XIANGSHUI GUANJIANG HOL 4.98 12/24/22 CNY 60.52
XIANGTAN CITY CONSTRUCT 7.60 04/02/22 CNY 62.66
XIANGTAN CITY CONSTRUCT 7.80 01/30/22 CNY 62.42
XIANGTAN CITY CONSTRUCT 7.80 03/12/22 CNY 62.00
XIANGTAN CITY'S CONSTRU 3.60 08/04/23 CNY 58.87
XIANGTAN CITY'S CONSTRU 3.95 08/04/23 CNY 57.44
XIANGTAN CITY'S CONSTRU 3.95 08/04/23 CNY 56.78
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 28.99
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 20.12
XIANGTAN JIUHUA ECONOMI 5.00 07/25/26 CNY 62.63
XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 39.12
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 19.99
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 19.95
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 20.16
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 20.10
XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 39.90
XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 35.49
XIANGXIANG ECONOMIC DIS 5.28 09/09/23 CNY 57.72
XIANGXIANG ECONOMIC DIS 5.28 09/09/23 CNY 57.30
XIANGXIANG URBAN CONSTR 5.84 05/18/23 CNY 60.61
XIANGXIANG URBAN CONSTR 5.84 05/18/23 CNY 59.72
XIANGYANG CITY XIANGZHO 5.18 04/28/23 CNY 60.77
XIANGYANG CITY XIANGZHO 5.18 04/28/23 CNY 60.65
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 23.38
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 20.35
XIANGYANG STATE-OWNED C 4.62 01/25/23 CNY 59.79
XIANGYANG STATE-OWNED C 4.62 01/25/23 CNY 59.78
XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 40.71
XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 40.56
XIANTAO CITY CONSTRUCTI 4.59 04/18/23 CNY 60.29
XIANTAO CITY CONSTRUCTI 4.59 04/18/23 CNY 59.73
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 20.38
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 32.72
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 26.69
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 20.22
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 20.18
XIAOGAN URBAN CONSTRUCT 3.94 07/05/21 CNY 62.99
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 20.40
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 20.38
XIAOXIAN COUNTY DEVELOP 4.85 06/22/23 CNY 60.63
XIAOXIAN COUNTY DEVELOP 4.85 06/22/23 CNY 60.45
XINDONGGANG HOLDING GRO 5.53 04/27/23 CNY 60.54
XINDONGGANG HOLDING GRO 5.53 04/27/23 CNY 60.16
XINGAN COUNTY URBAN CON 5.48 08/03/23 CNY 57.92
XINGAN COUNTY URBAN CON 5.48 08/03/23 CNY 57.88
XINGAN LEAGUE URBAN DEV 6.18 12/21/22 CNY 42.59
XINGAN LEAGUE URBAN DEV 6.18 12/21/22 CNY 42.05
XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 49.89
XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 49.63
XINGYI XINHENG URBAN CO 5.40 12/16/22 CNY 60.00
XINGYI XINHENG URBAN CO 5.40 12/16/22 CNY 58.63
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 21.35
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 20.16
XINMI CAIYUAN CITY CONS 4.35 02/28/23 CNY 60.76
XINMI CAIYUAN CITY CONS 4.35 02/28/23 CNY 60.07
XINMIN CITY LUXIN MUNIC 6.41 07/29/21 CNY 13.94
XINMIN CITY LUXIN MUNIC 6.41 07/29/21 CNY 13.94
XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 40.75
XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 40.37
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 26.30
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 20.25
XINYI CITY INVESTMENT & 4.30 01/19/23 CNY 60.00
XINYI CITY INVESTMENT & 4.30 01/19/23 CNY 59.57
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 20.32
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 20.01
XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 41.53
XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 40.77
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 20.33
XINYU CITY SHANTYTOWN Z 6.42 12/09/20 CNY 40.05
XINYU CITY YUSHUI DISTR 7.70 06/24/22 CNY 41.56
XINYU CITY YUSHUI DISTR 7.70 06/24/22 CNY 41.39
XINZHENG NEW DISTRICT D 6.40 01/29/21 CNY 25.13
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 21.07
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 20.29
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 20.17
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 20.08
XIUSHAN INDUSTRY DEVELO 5.85 04/14/23 CNY 60.00
XIUSHAN INDUSTRY DEVELO 5.85 04/14/23 CNY 60.00
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 26.00
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 20.76
XUANCHENG STATE-OWNED A 4.12 04/07/23 CNY 60.23
XUANCHENG STATE-OWNED A 4.12 04/07/23 CNY 60.23
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 26.00
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 20.32
XUZHOU BOCHANT DEVELOPM 5.69 07/28/21 CNY 33.05
XUZHOU CITY JIAWANG CON 4.00 03/23/23 CNY 59.64
XUZHOU CITY TONGSHAN DI 5.23 09/18/22 CNY 41.00
XUZHOU CITY TONGSHAN DI 5.23 09/18/22 CNY 40.58
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 20.36
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 20.32
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 31.50
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 20.45
XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 21.00
XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 20.40
XUZHOU XINSHENG INVESTM 5.13 08/12/22 CNY 44.46
XUZHOU XINSHENG INVESTM 5.13 08/12/22 CNY 40.86
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 20.05
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 18.30
YANCHENG DAFENG DISTRIC 8.70 01/24/21 CNY 20.97
YANCHENG DAFENG DISTRIC 8.50 12/30/20 CNY 20.60
YANCHENG DAFENG DISTRIC 8.70 01/24/21 CNY 20.24
YANCHENG DAFENG DISTRIC 8.50 12/30/20 CNY 20.18
YANCHENG HIGH-TECH ZONE 3.90 12/14/22 CNY 60.06
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 20.29
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 20.40
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 20.39
YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 59.47
YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 59.46
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 41.20
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 41.04
YANGZHONG TRANSPORTATIO 4.98 04/07/23 CNY 60.62
YANGZHONG TRANSPORTATIO 4.98 04/07/23 CNY 60.32
YANGZHONG TRANSPORTATIO 4.95 04/07/23 CNY 60.11
YANGZHONG TRANSPORTATIO 4.95 04/07/23 CNY 59.69
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 26.00
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 20.15
YANGZHOU ECONOMIC & TEC 7.40 03/05/21 CNY 40.63
YANGZHOU ECONOMIC & TEC 7.40 03/05/21 CNY 40.00
YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 58.00
YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 55.99
YANGZHOU HANJIANG CONST 5.88 06/15/22 CNY 46.63
YANGZHOU HANJIANG CONST 5.88 06/15/22 CNY 40.94
YI CHENG CONSTRUCTION I 5.44 04/27/23 CNY 60.07
YI ZHENG CITY DEVELOPME 4.63 01/08/23 CNY 60.07
YI ZHENG CITY DEVELOPME 4.63 01/08/23 CNY 60.00
YI ZHENG CITY DEVELOPME 8.60 01/09/21 CNY 29.30
YI ZHENG CITY DEVELOPME 8.60 01/09/21 CNY 20.14
YICHANG HIGH-TECH INVES 4.80 12/15/22 CNY 60.40
YICHANG HIGH-TECH INVES 4.80 12/15/22 CNY 60.00
YICHANG HIGH-TECH INVES 3.74 07/21/23 CNY 59.74
YICHANG HIGH-TECH INVES 3.74 07/21/23 CNY 58.85
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 23.47
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 20.40
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.79
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.61
YIHUA ENTERPRISE GROUP 7.00 04/29/22 CNY 54.00
YIHUA ENTERPRISE GROUP 6.80 03/15/21 CNY 47.99
YIHUA ENTERPRISE GROUP 5.99 11/26/20 CNY 30.00
YIHUA LIFESTYLE TECHNOL 6.88 07/16/20 CNY 35.90
YIHUA LIFESTYLE TECHNOL 6.88 07/23/20 CNY 35.00
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 20.75
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 20.31
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 20.25
YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 40.29
YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 39.03
YINGKOU ECO & TECH DEVE 5.20 08/05/23 CNY 59.38
YINGKOU ECO & TECH DEVE 5.20 08/05/23 CNY 58.06
YINGKOU LAOBIAN CITY CO 4.98 03/11/23 CNY 60.00
YINGKOU LAOBIAN CITY CO 5.63 12/16/22 CNY 60.00
YINGKOU LAOBIAN CITY CO 4.98 03/11/23 CNY 58.90
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 41.18
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 40.20
YINGTAN STATE-OWNED ASS 7.50 12/12/22 CNY 46.58
YINGTAN STATE-OWNED ASS 7.50 12/12/22 CNY 46.56
YINGTAN STATE-OWNED ASS 3.63 08/12/21 CNY 39.98
YINING CITY STATE OWNED 5.37 09/24/22 CNY 39.31
YINING CITY STATE OWNED 8.90 01/23/21 CNY 29.95
YINING CITY STATE OWNED 8.90 01/23/21 CNY 20.26
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 60.40
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 60.27
YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 49.84
YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 40.87
YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 40.00
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 23.50
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 20.28
YIYANG ADVANCED INDUSTR 7.00 03/30/22 CNY 48.00
YIYANG ADVANCED INDUSTR 7.00 03/30/22 CNY 40.63
YIZHANG XINGYI CONSTRUC 5.49 09/02/24 CNY 69.26
YIZHANG XINGYI CONSTRUC 5.49 09/02/24 CNY 67.96
YONG ZHOU CITY CONSTRUC 7.30 10/23/20 CNY 20.03
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 40.59
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 40.00
YONGXING YINDU CONSTRUC 5.60 03/24/23 CNY 60.56
YONGXING YINDU CONSTRUC 5.60 03/24/23 CNY 60.56
YONGZHOU ECONOMIC CONST 3.55 01/14/23 CNY 60.50
YONGZHOU ECONOMIC CONST 3.55 01/14/23 CNY 59.43
YUANAN COUNTY QIFENG CI 5.50 05/27/23 CNY 60.56
YUANAN COUNTY QIFENG CI 5.50 05/27/23 CNY 60.02
YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 40.15
YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 40.06
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 40.06
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 40.00
YUEYANG YUNXI CITY CONS 6.00 07/08/23 CNY 60.10
YUEYANG YUNXI CITY CONS 6.00 07/08/23 CNY 58.99
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 44.50
YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 44.47
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 40.40
YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 40.37
YUHUAN CITY CONSTRUCTIO 5.10 05/03/23 CNY 61.01
YUHUAN CITY CONSTRUCTIO 5.10 05/03/23 CNY 60.23
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 20.35
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 19.80
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 20.46
YUZHOU GENERAL INVESTME 4.68 01/19/23 CNY 60.17
YUZHOU GENERAL INVESTME 4.68 01/19/23 CNY 60.00
ZAOYANG CITY CONSTRUCTI 5.50 03/22/23 CNY 60.58
ZAOYANG CITY CONSTRUCTI 5.50 03/22/23 CNY 60.13
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 20.30
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 20.30
ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 20.32
ZHANGQIU STATE OWNED AS 3.69 08/09/23 CNY 59.59
ZHANGQIU STATE OWNED AS 3.69 08/09/23 CNY 58.47
ZHANGSHU STATE-OWNED AS 4.80 06/22/23 CNY 62.67
ZHANGSHU STATE-OWNED AS 4.80 06/22/23 CNY 59.98
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 20.90
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 20.48
ZHANGZHOU ECONOMIC DEVE 6.17 04/27/22 CNY 40.80
ZHANGZHOU ECONOMIC DEVE 6.17 04/27/22 CNY 40.50
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 20.43
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 20.30
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 20.10
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 20.01
ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 40.79
ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 40.00
ZHAOQING HI-TECH ZONE C 3.97 08/26/23 CNY 59.71
ZHAOQING HI-TECH ZONE C 3.97 08/26/23 CNY 58.99
ZHEJIANG BINHAI NEW CIT 4.65 12/23/22 CNY 60.46
ZHEJIANG CHANGXING JING 7.99 03/03/21 CNY 30.00
ZHEJIANG CHANGXING JING 7.99 03/03/21 CNY 20.15
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 28.50
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 20.48
ZHEJIANG HANGZHOU QINGS 7.90 04/23/21 CNY 24.00
ZHEJIANG HANGZHOU QINGS 7.90 04/23/21 CNY 20.39
ZHEJIANG HUISHENG INVES 4.49 03/15/24 CNY 70.24
ZHEJIANG HUISHENG INVES 4.49 03/15/24 CNY 70.00
ZHEJIANG OUHAI CONSTRUC 4.83 01/21/23 CNY 60.42
ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 41.05
ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 40.30
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 41.20
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 41.06
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 40.91
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 40.47
ZHENGZHOU AIRPORT ECONO 4.27 07/20/26 CNY 70.19
ZHENGZHOU AIRPORT ECONO 4.27 07/20/26 CNY 70.19
ZHENGZHOU JINGKAI INVES 5.48 07/31/22 CNY 40.95
ZHENGZHOU JINGKAI INVES 5.48 07/31/22 CNY 40.00
ZHENGZHOU MOUZHONG DEVE 4.59 04/18/23 CNY 60.49
ZHENGZHOU MOUZHONG DEVE 4.59 04/18/23 CNY 60.42
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 46.20
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 40.69
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 28.50
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 28.49
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 20.21
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 20.14
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 40.14
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 39.60
ZHENJIANG NEW AREA URBA 5.31 07/14/23 CNY 60.50
ZHENJIANG NEW AREA URBA 5.31 07/14/23 CNY 59.47
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 20.18
ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 20.12
ZHIJIANG STATE-OWNED AS 4.38 03/28/23 CNY 64.70
ZHIJIANG STATE-OWNED AS 4.78 01/11/23 CNY 60.05
ZHIJIANG STATE-OWNED AS 4.38 03/28/23 CNY 60.00
ZHIJIANG STATE-OWNED AS 4.78 01/11/23 CNY 60.00
ZHONGGUANCUN DEVELOPMEN 4.20 08/12/22 CNY 40.50
ZHONGGUANCUN DEVELOPMEN 4.20 08/12/22 CNY 40.17
ZHONGMINTOU LEASING HOL 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP C 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 40.33
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 40.00
ZHONGTIAN FINANCIAL GRO 7.00 10/15/20 CNY 24.91
ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 20.16
ZHOUSHAN DINGHAI CITY C 6.67 07/20/22 CNY 40.40
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 20.33
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 20.18
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 56.33
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 55.80
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 41.90
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 41.29
ZHUHAI HUIHUA INFRASTRU 4.70 06/27/23 CNY 60.38
ZHUHAI HUIHUA INFRASTRU 4.70 06/27/23 CNY 60.32
ZHUJI CITY EAST NEW TOW 3.89 08/26/23 CNY 59.79
ZHUJI CITY YUEDU INVEST 6.38 04/07/22 CNY 41.01
ZHUJI CITY YUEDU INVEST 6.38 04/07/22 CNY 40.95
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 24.50
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 20.20
ZHUZHOU CITY CONSTRUCTI 8.36 11/10/21 CNY 43.75
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 20.04
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 20.03
ZHUZHOU GECKOR GROUP CO 3.78 09/28/23 CNY 59.09
ZHUZHOU GECKOR GROUP CO 3.78 09/28/23 CNY 58.81
ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 40.80
ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 40.00
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 20.86
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 20.35
ZHUZHOU RECYCLING ECONO 4.38 03/24/23 CNY 57.68
ZHUZHOU RECYCLING ECONO 4.38 03/24/23 CNY 57.04
ZHUZHOU XIANGJIANG SCEN 5.39 11/25/22 CNY 60.72
ZHUZHOU XIANGJIANG SCEN 5.39 11/25/22 CNY 60.24
ZIBO BANYANG CITY URBAN 5.50 09/09/22 CNY 41.03
ZIBO BANYANG CITY URBAN 5.50 09/09/22 CNY 40.00
ZIYANG WATER INVESTMENT 3.97 03/17/23 CNY 58.30
ZIYANG WATER INVESTMENT 3.97 03/17/23 CNY 58.29
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 20.01
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 20.00
ZIZHONG COUNTY XINGZI I 5.97 01/18/23 CNY 59.68
ZIZHONG COUNTY XINGZI I 5.97 01/18/23 CNY 58.59
ZUNYI ECONOMIC DEVELOPM 4.87 01/22/23 CNY 60.00
ZUNYI ECONOMIC DEVELOPM 4.87 01/22/23 CNY 57.87
ZUNYI HONGHUAGANG CITY 6.98 07/25/24 CNY 74.90
ZUNYI HONGHUAGANG CITY 5.05 06/27/23 CNY 59.06
ZUNYI HONGHUAGANG CITY 5.05 06/27/23 CNY 57.87
ZUNYI NEW DISTRICT DEVE 5.99 04/07/26 CNY 69.89
ZUNYI NEW DISTRICT DEVE 5.99 04/07/26 CNY 69.62
ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 57.96
ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 52.90
HONG KONG
---------
DR PENG HOLDING HONGKON 7.55 12/01/21 USD 71.55
HNA GROUP INTERNATIONAL 6.25 10/05/21 USD 54.33
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 9.75
AMPSOLAR SOLUTION PVT L 0.01 10/27/37 INR 26.92
AMPSOLAR SOLUTION PVT L 0.01 11/03/37 INR 26.88
APG HABITAT PVT LTD 1.00 09/09/28 INR 60.52
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 44.36
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 42.26
AUTOMOTIVE EXCHANGE PVT 4.00 06/01/30 INR 63.09
AUTOMOTIVE EXCHANGE PVT 4.00 10/11/30 INR 62.85
BREEZE CONSTRUCTIONS PV 0.01 06/29/30 INR 44.46
BRITANNIA INDUSTRIES LT 8.00 08/28/22 INR 31.16
CHANDRAJYOTI ESTATE DEV 0.01 07/06/30 INR 47.08
CREIXENT SPECIAL STEELS 0.01 08/28/25 INR 68.72
CUMULUS TRADING CO PVT 0.01 01/23/30 INR 62.29
CUMULUS TRADING CO PVT 0.01 05/21/32 INR 39.17
DEWAN HOUSING FINANCE C 8.50 04/18/23 INR 28.36
DLF EMPORIO RESTAURANTS 0.01 06/29/30 INR 46.44
DLF EMPORIO RESTAURANTS 0.01 08/12/30 INR 45.99
DLF HOME DEVELOPERS LTD 0.01 06/29/30 INR 48.53
DLF HOMES SERVICES PVT 0.01 06/29/30 INR 44.46
DLF REAL ESTATE BUILDER 0.01 06/23/30 INR 47.05
DLF RESIDENTIAL BUILDER 0.01 06/23/30 INR 44.47
DLF RESIDENTIAL DEVELOP 0.01 06/28/30 INR 47.09
DLF SOUTHERN TOWNS PVT 0.01 07/09/30 INR 47.16
DOMUS REAL ESTATE PVT L 0.01 07/11/30 INR 47.15
EDELWEISS ASSET RECONST 2.00 03/28/27 INR 71.85
EDELWEISS ASSET RECONST 2.00 11/20/27 INR 69.50
EDELWEISS ASSET RECONST 2.00 10/07/28 INR 66.12
EDELWEISS ASSET RECONST 2.00 01/15/29 INR 65.13
EDELWEISS ASSET RECONST 2.00 07/22/29 INR 63.32
ESSAR POWER TRANSMISSIO 3.00 03/31/43 INR 48.35
ESSAR POWER TRANSMISSIO 3.00 03/31/43 INR 48.35
GREEN URJA PVT LTD 0.01 02/14/30 INR 48.36
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 5.65
HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 61.32
HITODI INFRASTRUCTURE L 0.01 06/30/27 INR 57.46
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTUR 7.00 05/15/17 USD 4.56
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 28.72
JTPM ATSALI LTD 0.01 08/29/48 INR 13.66
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 27.46
KRIBHCO INFRASTRUCTURE 1.00 04/15/26 INR 71.43
MARIS POWER SUPPLY CO P 2.00 04/18/28 INR 68.47
MELOSA BUILDERS & DEVEL 0.01 06/29/30 INR 45.46
MENS BUILDCON PVT LTD 0.01 06/29/30 INR 45.46
MYTRAH AADHYA POWER PVT 0.01 07/05/35 INR 32.04
MYTRAH ADVAITH POWER PV 0.01 07/13/36 INR 29.72
MYTRAH AKSHAYA ENERGY P 0.01 07/13/36 INR 29.72
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 28.40
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE D 0.40 10/15/26 INR 70.75
PUNJAB INFRASTRUCTURE D 0.40 10/15/27 INR 65.95
PUNJAB INFRASTRUCTURE D 0.40 10/15/28 INR 61.43
PUNJAB INFRASTRUCTURE D 0.40 10/15/29 INR 57.24
PUNJAB INFRASTRUCTURE D 0.40 10/15/30 INR 53.39
PUNJAB INFRASTRUCTURE D 0.40 10/15/31 INR 49.88
PUNJAB INFRASTRUCTURE D 0.40 10/15/32 INR 46.69
PUNJAB INFRASTRUCTURE D 0.40 10/15/33 INR 43.97
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 29.26
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 71.74
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 67.63
REI AGRO LTD 5.50 11/13/14 USD 0.96
REI AGRO LTD 5.50 11/13/14 USD 0.96
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 9.95
SAKET HOLIDAYS RESORTS 0.01 06/29/30 INR 47.10
SHIVAJI MARG MAINTENANC 0.01 06/28/30 INR 44.93
SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 25.00
SURBHI INVESTMENTS & TR 2.50 10/21/28 INR 68.93
SUZLON ENERGY LTD 5.75 07/16/19 USD 24.85
SUZLON ENERGY LTD 5.75 07/16/19 USD 24.85
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.61
TATA SMARTFOODZ LTD 0.01 07/15/25 INR 71.05
TN URJA PVT LTD 0.10 02/22/36 INR 31.21
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 28.88
WATSUN INFRABUILD PVT L 4.00 10/16/37 INR 60.47
WS T&D LTD 0.10 03/24/29 INR 52.48
ZYDUS FOUNDATION 0.10 03/25/25 INR 72.11
INDONESIA
---------
ABM INVESTAMA TBK PT 7.13 08/01/22 USD 63.34
ABM INVESTAMA TBK PT 7.13 08/01/22 USD 62.64
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 44.38
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 44.38
DELTA MERLIN DUNIA TEKS 8.63 03/12/24 USD 10.20
DELTA MERLIN DUNIA TEKS 8.63 03/12/24 USD 6.86
GAJAH TUNGGAL TBK PT 8.38 08/10/22 USD 68.28
MNC INVESTAMA TBK PT 9.00 05/11/21 USD 68.42
JAPAN
-----
AVANSTRATE INC 0.10 10/29/32 JPY 9.75
TKJP CORP 0.58 03/26/21 JPY 2.02
TKJP CORP 0.85 03/06/19 JPY 2.02
TKJP CORP 1.02 12/15/17 JPY 0.50
UNIZO HOLDINGS CO LTD 0.85 05/26/23 JPY 74.87
UNIZO HOLDINGS CO LTD 0.80 11/29/23 JPY 71.76
UNIZO HOLDINGS CO LTD 0.89 05/29/24 JPY 69.44
UNIZO HOLDINGS CO LTD 1.10 11/28/24 JPY 67.42
UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 63.00
UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 61.88
UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 61.48
MALAYSIA
--------
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.53
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.26
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.11
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.14
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.18
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.01
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.11
PENGURUSAN AIR SPV BHD 1.00 09/28/35 MYR 69.10
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 2.56
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 74.02
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 72.72
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.03
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.14
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 15.00 07/15/06 USD 22.75
SINGAPORE
---------
ALAM SYNERGY PTE LTD 11.50 04/22/21 USD 72.50
ALAM SYNERGY PTE LTD 6.63 04/24/22 USD 58.39
APL REALTY HOLDINGS PTE 5.95 06/02/24 USD 68.39
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 46.25
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 46.25
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.63
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.63
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 32.01
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 32.01
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 30.06
BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 30.06
BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 30.06
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 45.75
ETERNA CAPITAL PTE LTD 7.50 12/11/22 USD 43.48
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 22.86
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GEO COAL INTERNATIONAL 8.00 10/04/22 USD 44.01
GEO COAL INTERNATIONAL 8.00 10/04/22 USD 43.86
HYFLUX LTD 4.60 09/23/19 SGD 10.00
HYFLUX LTD 4.20 08/29/19 SGD 10.00
HYFLUX LTD 4.25 09/07/18 SGD 10.00
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 18.00
JGC VENTURES PTE LTD 10.75 08/30/21 USD 38.00
MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 24.16
MODERNLAND OVERSEAS PTE 6.95 04/13/24 USD 40.09
MULHACEN PTE LTD 6.50 08/01/23 EUR 46.06
MULHACEN PTE LTD 6.50 08/01/23 EUR 45.58
NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 60.00
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 14.50
OXLEY MTN PTE LTD 6.50 02/28/23 SGD 74.15
PACIFIC INTERNATIONAL L 8.50 11/16/20 SGD 48.20
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 62.03
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 60.56
SSMS PLANTATION HOLDING 7.75 01/23/23 USD 56.72
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
SOUTH KOREA
-----------
ECOMAISTER CO LTD 2.00 10/11/22 KRW 66.73
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 45.55
JT CAPITAL FIRST ASSET 2.73 07/24/45 KRW 68.23
KIBO ABS SPECIALTY CO L 5.00 08/28/21 KRW 73.06
KIBO ABS SPECIALTY CO L 5.00 02/24/22 KRW 72.34
KIBO ABS SPECIALTY CO L 5.00 02/28/22 KRW 71.50
KIBO ABS SPECIALTY CO L 5.00 02/24/23 KRW 70.24
KIBO ABS SPECIALTY CO L 5.00 02/26/21 KRW 64.62
LOTTE CARD CO LTD 3.95 06/28/49 KRW 37.37
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 61.02
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 SP 5.00 09/28/22 KRW 73.84
SINBO SECURITIZATION SP 5.00 06/29/22 KRW 73.76
SINBO SECURITIZATION SP 5.00 06/29/21 KRW 73.27
SINBO SECURITIZATION SP 5.00 12/27/21 KRW 72.18
SINBO SECURITIZATION SP 5.00 02/28/23 KRW 71.88
SINBO SECURITIZATION SP 5.00 03/20/23 KRW 71.73
SINBO SECURITIZATION SP 5.00 02/28/22 KRW 71.49
SINBO SECURITIZATION SP 5.00 12/25/23 KRW 69.69
SINBO SECURITIZATION SP 5.00 12/25/22 KRW 69.25
SINBO SECURITIZATION SP 5.00 10/24/23 KRW 69.23
SINBO SECURITIZATION SP 5.00 10/24/23 KRW 69.23
SINBO SECURITIZATION SP 5.00 11/21/23 KRW 69.10
SINBO SECURITIZATION SP 5.00 07/24/23 KRW 68.90
SINBO SECURITIZATION SP 5.00 08/29/23 KRW 68.47
SINBO SECURITIZATION SP 5.00 08/29/23 KRW 68.47
SINBO SECURITIZATION SP 5.00 09/26/23 KRW 68.16
SINBO SECURITIZATION SP 5.00 09/26/23 KRW 68.16
SINBO SECURITIZATION SP 5.00 09/26/23 KRW 68.16
SINBO SECURITIZATION SP 5.00 01/25/23 KRW 68.14
SINBO SECURITIZATION SP 5.00 06/27/23 KRW 67.98
SINBO SECURITIZATION SP 5.00 12/21/20 KRW 67.95
SINBO SECURITIZATION SP 5.00 07/24/22 KRW 66.71
SINBO SECURITIZATION SP 5.00 07/26/22 KRW 66.68
SINBO SECURITIZATION SP 4.00 12/25/23 KRW 66.62
SINBO SECURITIZATION SP 4.00 12/25/23 KRW 66.62
SINBO SECURITIZATION SP 5.00 08/29/22 KRW 66.22
SINBO SECURITIZATION SP 5.00 08/31/22 KRW 66.21
SINBO SECURITIZATION SP 5.00 09/26/22 KRW 65.90
SINBO SECURITIZATION SP 5.00 01/25/22 KRW 65.87
SINBO SECURITIZATION SP 5.00 01/26/22 KRW 65.87
SINBO SECURITIZATION SP 5.00 06/27/22 KRW 65.84
SINBO SECURITIZATION SP 5.00 02/23/22 KRW 65.74
SINBO SECURITIZATION SP 3.00 11/21/23 KRW 64.44
SINBO SECURITIZATION SP 5.00 03/21/21 KRW 63.99
SINBO SECURITIZATION SP 5.00 07/26/21 KRW 62.83
SINBO SECURITIZATION SP 5.00 08/31/21 KRW 62.06
SRI LANKA
---------
SRI LANKA DEVELOPMENT B 5.66 05/01/23 USD 74.48
SRI LANKA DEVELOPMENT B 4.48 01/22/23 USD 74.10
SRI LANKA DEVELOPMENT B 4.29 01/22/23 USD 73.75
SRI LANKA DEVELOPMENT B 4.27 03/16/23 USD 72.67
SRI LANKA DEVELOPMENT B 4.17 05/01/23 USD 71.91
SRI LANKA DEVELOPMENT B 4.13 05/01/23 USD 71.83
SRI LANKA DEVELOPMENT B 6.87 01/22/25 USD 70.93
SRI LANKA DEVELOPMENT B 6.80 01/22/25 USD 70.73
SRI LANKA DEVELOPMENT B 6.75 01/22/25 USD 70.58
SRI LANKA DEVELOPMENT B 6.50 01/22/25 USD 69.85
SRI LANKA DEVELOPMENT B 6.02 01/22/25 USD 68.44
SRI LANKA DEVELOPMENT B 5.98 01/22/25 USD 68.32
SRI LANKA DEVELOPMENT B 4.91 01/22/25 USD 65.35
SRI LANKA GOVERNMENT IN 5.75 04/18/23 USD 73.10
SRI LANKA GOVERNMENT IN 5.75 04/18/23 USD 72.81
SRI LANKA GOVERNMENT IN 6.85 03/14/24 USD 72.12
SRI LANKA GOVERNMENT IN 6.85 03/14/24 USD 71.96
SRI LANKA GOVERNMENT IN 6.35 06/28/24 USD 71.35
SRI LANKA GOVERNMENT IN 6.35 06/28/24 USD 71.30
SRI LANKA GOVERNMENT IN 6.85 11/03/25 USD 69.81
SRI LANKA GOVERNMENT IN 6.85 11/03/25 USD 69.79
SRI LANKA GOVERNMENT IN 6.13 06/03/25 USD 69.25
SRI LANKA GOVERNMENT IN 6.13 06/03/25 USD 69.21
SRI LANKA GOVERNMENT IN 6.83 07/18/26 USD 68.61
SRI LANKA GOVERNMENT IN 6.83 07/18/26 USD 68.39
SRI LANKA GOVERNMENT IN 7.85 03/14/29 USD 67.57
SRI LANKA GOVERNMENT IN 7.85 03/14/29 USD 67.43
SRI LANKA GOVERNMENT IN 7.55 03/28/30 USD 66.32
SRI LANKA GOVERNMENT IN 6.75 04/18/28 USD 66.31
SRI LANKA GOVERNMENT IN 7.55 03/28/30 USD 66.28
SRI LANKA GOVERNMENT IN 6.20 05/11/27 USD 66.26
SRI LANKA GOVERNMENT IN 6.75 04/18/28 USD 66.21
SRI LANKA GOVERNMENT IN 6.20 05/11/27 USD 66.09
SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 67.64
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.
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***