/raid1/www/Hosts/bankrupt/TCRAP_Public/210525.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, May 25, 2021, Vol. 24, No. 98
Headlines
A U S T R A L I A
900 ANN: First Creditors' Meeting Set for June 2
ASSET FINANCE: S&P Withdraws 'B-/B' Issuer Credit Ratings
BIRRIGA DEVELOPMENT: Second Creditors' Meeting Set for June 2
DART ENERGY: First Creditors' Meeting Set for June 1
DIRECT MY WEALTH: ASIC Cancels Financial Services License
MOVE IT: First Creditors' Meeting Set for June 3
ROBERT BAYNTUN: Fails to File Accounts; ASIC Cancels AFS License
WARREGO OPERATIONS: First Creditors' Meeting Set for June 1
C H I N A
BRIGHT SCHOLAR: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Neg.
CHINA: Braces for US$1.3 Trillion Maturity Wall as Defaults Surge
WISDOM EDUCATION: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Neg
I N D I A
A LITTLE WORLD: CRISIL Keeps B+ Debt Rating in Not Cooperating
A. H. ALLOYS: CRISIL Keeps B Debt Rating in Not Cooperating
ADITYA MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
AKSHAR IMPEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ARUN SHELTERS: CRISIL Keeps B Debt Rating in Not Cooperating
ATMIYA ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
AYYAN FIREWORKS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BASIC CLOTHING: CRISIL Keeps B+ Debt Rating in Not Cooperating
CREST PROMOTERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
FATHIMA CASHEW: CRISIL Reaffirms B Rating on INR1.5cr Cash Loan
OM PAPER: CRISIL Assigns B+ Rating to INR22cr Loans
OYO HOTELS: Seeks $600 Million Loan Amid Virus Surge
R.S. ISPAT: CRISIL Withdraws B Rating on INR15cr Cash Loan
RAJ AGROCHEM: CRISIL Assigns B+ Ratings to INR10cr Loans
S.G. ENTERPRISES: CRISIL Keeps B Debt Ratings in Not Cooperating
SCORODITE STAINLESS: CRISIL Keeps D Ratings in Not Cooperating
SHIVALIK I.B.: CRISIL Keeps B Debt Ratings in Not Cooperating
SHYAM JI: CRISIL Keeps B Debt Rating in Not Cooperating Category
SIDDHARTH PROPERTIES: CRISIL Keeps B+ Rating in Not Cooperating
SIDDHARTH REAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
SRIVATSA BIO-TECH: CRISIL Keeps B+ Ratings in Not Cooperating
TULIP GRANITES: CRISIL Withdraws B+ Rating on INR5cr Cash Loan
WEEWIN TEX PROCESSORR: Insolvency Resolution Process Case Summary
I N D O N E S I A
BUANA LINTAS: S&P Downgrades LT ICR to 'B' on Liquidity Risks
GARUDA INDONESIA: Plans Major Restructuring; May Halve Its Fleet
S I N G A P O R E
APEIRO GROUP: Creditors' Meetings Set for June 4
EAGLE HOSPITALITY: Five Chapter 11 Assets Receive Qualified Bids
HIN LEONG: High Court Approves Move to Freeze Founder's Assets
V I E T N A M
SHINHAN BANK: S&P Alters Outlook to Pos., Affirms 'BB/B' ICRs
VIETNAM: S&P Affirms 'BB' LT Sovereign Credit Rating, Outlook Pos.
X X X X X X X X
[*] BOND PRICING: For the Week May 17, 2021 to May 21, 2021
- - - - -
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A U S T R A L I A
=================
900 ANN: First Creditors' Meeting Set for June 2
------------------------------------------------
A first meeting of the creditors in the proceedings of 900 Ann
Street Pty Ltd will be held on June 2, 2021, at 11:00 a.m. via
virtual meeting technology.
Kaily Lyn Chua -- kchua@rodgersreidy-qld.com.au -- and David James
Hambleton -- dhambleton@rodgersreidy-qld.com.au -- of Rodgers Reidy
were appointed as administrators of 900 Ann Street on May 21,
2021.
ASSET FINANCE: S&P Withdraws 'B-/B' Issuer Credit Ratings
---------------------------------------------------------
S&P Global Ratings has withdrawn its 'B-' long-term and 'B'
short-term issuer credit ratings on New Zealand-based finance
company Asset Finance Ltd. at the company's request. The outlook
was stable at the time of the withdrawal.
BIRRIGA DEVELOPMENT: Second Creditors' Meeting Set for June 2
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Birriga
Development Pty Ltd has been set for June 2, 2021, at 11:00 a.m.
via Zoom application.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 1, 2021, at 4:00 p.m.
Joanne Keating and Andrew Barnden of Rodgers Reidy were appointed
as administrators of Birriga Development on April 28, 2021.
DART ENERGY: First Creditors' Meeting Set for June 1
----------------------------------------------------
A first meeting of the creditors in the proceedings of Dart Energy
Pty Ltd will be held on June 1, 2021, at 4:00 p.m. via virtual
meeting.
Vincent Pirina and Ian Niccol of Aston Chase were appointed as
administrators of Dart Energy on May 20, 2021.
DIRECT MY WEALTH: ASIC Cancels Financial Services License
---------------------------------------------------------
Australian Securities and Investments Commission (ASIC) has
cancelled the Australian financial services licence (AFSL) and
Australian credit licence (ACL) of Victorian-based financial
services provider and mortgage broker Direct My Wealth Pty Ltd,
effective May 5, 2021.
ASIC cancelled the licences because Direct My Wealth failed to
lodge its 2020 audited financial accounts and its annual compliance
certificate within 45 days of the annual compliance date, as
required under its AFSL and ACL, respectively.
Direct My Wealth also failed to maintain membership of the
Australian Financial Complaints Authority (AFCA), is no longer
carrying on a financial services business and has ceased to engage
in credit activities.
Under the Corporations Act 2001 and National Consumer Credit
Protection Act 2009, ASIC may suspend or cancel an AFSL and ACL if
the licensee is no longer providing financial services, ceases to
engage in credit activities or fails to meet its legal obligations.
This includes its obligations to lodge financial statements,
auditor's reports, and compliance certificates annually, and to
hold AFCA membership.
Direct My Wealth held an AFSL since January 13, 2016 and an ACL
since January 14, 2016 (AFSL and ACL number 481721). It may apply
to the Administrative Appeals Tribunal (AAT) for a review of ASIC's
decision.
MOVE IT: First Creditors' Meeting Set for June 3
------------------------------------------------
A first meeting of the creditors in the proceedings of Move IT Vic
Pty Ltd and Move IT VIC Rental Pty Ltd will be held on June 3,
2021, at 2:30 p.m. and 3:00 p.m. at the offices of Worrells
Solvency & Forensic Accountants, Level 15, 565 Bourke Street, in
Melbourne, Victoria.
Matthew Kucianski of Worrells Solvency & Forensic Accountants was
appointed as administrator of Move IT on May 24, 2021.
ROBERT BAYNTUN: Fails to File Accounts; ASIC Cancels AFS License
----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
cancelled the Australian financial services licence (AFSL) of
Robert Bayntun Starky, a financial services provider based in
Stanwell Tops, New South Wales.
The cancellation was effective from April 29, 2021.
ASIC cancelled the licence because the licensee failed to pay an
AFCA determination, resulting in the cancellation of its
membership. The licensee also failed to lodge its 2020 audited
financial accounts, and maintain professional indemnity insurance
cover.
Australian financial services licensees must comply with their
licence conditions and have adequate resources to provide the
financial services covered by their licence. ASIC may suspend or
cancel an AFSL if a licensee fails to meet its obligations.
Robert Bayntun Starky held AFS licence number 300423 since June 8,
2006. The licensee may apply to the AAT for a review of ASIC's
decision.
WARREGO OPERATIONS: First Creditors' Meeting Set for June 1
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Warrego
Operations Pty Ltd will be held on June 1, 2021, at 11:00 a.m. at
the offices of virtual meeting on Microsoft Teams and at the
offices of David Clout & Associates, Level 3/26 Wharf Street, in
Brisbane, Queensland.
David Lewis Clout of David Clout & Associates was appointed as
administrator of Warrego Operations on May 20, 2021.
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C H I N A
=========
BRIGHT SCHOLAR: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Neg.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based Bright Scholar
Education Holdings Limited's Long-Term Issuer Default Rating (IDR)
to Negative from Stable and affirmed the IDR and senior unsecured
rating at 'BB-'. The 'BB-' rating on the company's USD300 million
7.45% senior notes due 2022 has also been affirmed.
The Negative Outlook reflects increasing regulatory risks for
China's operators of schools that cover kindergarten to 12th grade
(K-12) due to the strengthening of compulsory education regulations
to prohibit related-party transactions and the control of K-9
schools via contractual agreements and M&A. The impact on Bright
Scholar's financial profile is uncertain for now, but under a
worst-case scenario and the strictest interpretation of the rules,
schools that provide compulsory education may be deconsolidated
from their listed company if the variable interest entity (VIE)
structure for existing K-9 schools faces regulatory challenges.
Interpretation of the new rules remains uncertain, which may lead
to local governments implementing the measures at a different
pace.
US-listed Bright Scholar's ratings reflect its solid market
position as the largest operator of international and bilingual
K-12 schools in China by enrolment. The ratings also incorporate
stable cash flow generation and its synergistic relationship with
Chinese homebuilder Country Garden Holdings Company Limited
(BBB-/Stable). The ratings are constrained by the company's small
operating scale and regulatory headwinds.
KEY RATING DRIVERS
Regulatory Risks: The Law for Promoting Private Education may
undermine K-9 school operators' business model by making it
difficult for companies listed offshore to access cash flow of
onshore compulsory education schools through related-party
transactions. The VIE structure to control K-9 schools may be
disallowed for schools that open after the new rules take effect on
1 September 2021. Fitch expects slower growth in Bright Scholar's
K-9 business as it may delay its new schools until there is clarity
over the new rules.
Fitch estimates its grades one-to-nine schools accounted for around
40% of total revenue in the year ended August 2020 (FY20). Fitch
thinks the new rules, released on 14 May 2021, reiterate China's
aim to ban not-for-profit schools from making and extracting profit
via related-party transactions. Offshore listed companies do not
have direct equity ownership of onshore operating entities in
China's restricted industries, such as compulsory education.
Contractual relationships through VIE structures are used instead
and service fees paid accordingly.
Diversified School Operations: Bright Scholar has diversified its
operations over the past few years beyond the K-12 business with
expansion into overseas schools and complementary education
services. The better diversification will reduce any potential
impact from the implementation of the new rules. Overseas schools
and complementary education services, which contributed 25% and 17%
of total revenue in FY20, respectively, are spared from the new
rules.
Lower Profitability: Fitch expects lower profitability in the near
term, excluding the new rules, although cash flow can remain
supported by stable domestic school operations, growth in
complementary education services and limited capex. Tightened
restrictions on kindergartens pursuing profit and the state's goal
of raising low-profit kindergartens to 80% of the total will dampen
the margin of Bright Scholar's kindergarten business on a sustained
basis. Fitch also expects temporary weakness in overseas operations
to weigh on profitability.
The company is reducing costs and improving operational
efficiencies. Utilisation is rising with the ramp-up of new
schools. These will partly offset the impact of lower margins from
its overseas schools and kindergartens. Its overseas operations'
profitability will gradually improve as schools reopened in March
2021, but the pace will depend on the timing of the lifting of
travel restrictions. These factors should help Bright Scholar
maintain a conservative financial structure within Fitch's negative
sensitivity of 3.0x FFO adjusted net leverage.
Slower Acquisition Pace: Fitch expects Bright Scholar to adopt a
conservative financial approach and reduce acquisitions in the next
year or two due to the regulatory headwinds and uncertainty over
the pandemic. Cash outflows from acquisitions fell to CNY40 million
in FY20 from CNY2.2 billion in FY19. In the medium term, Fitch
expects the company to explore opportunities in online education,
education technology and overseas schools to complement its K-12
education services.
DERIVATION SUMMARY
The Outlook revisions to Negative for China's K-12 school
operators, including Bright School's peer Wisdom Education
International Holdings Company Limited (BB-/Negative), reflect the
increasing regulatory risks for these operators.
Bright Scholar has a slightly smaller EBITDAR scale and weaker
profitability than Chinese private-school operator Wisdom
Education. Bright Scholar is more diversified than Wisdom Education
in terms of school locations and educational formats, but its
overseas operations have been disrupted by the coronavirus and
weighs on its cash flow generation.
Bright Scholar has stronger free cash flow (FCF) generation due to
its asset-light model, supporting its deleveraging path after the
pandemic, while Wisdom Education's leverage is likely to stay high
due to negative FCF.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- The Outlook can be revised to Stable if further clarity on the
implementation of the rules on related-party transactions and
the VIE structure indicates they will have a limited impact on
the company's operations and/or financial profile.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Significant deterioration in operating performance;
-- FFO adjusted net leverage sustained above 3.0x (FY20: 2.3x);
-- FFO fixed-charge coverage sustained below 2.0x (FY20: 2.2x).
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity: Bright Scholar had CNY3.3 billion in cash and
short-term investments at end-February 2021, which were more than
sufficient to cover its short-term bank borrowings of CNY886
million. Bright Scholar has demonstrated access to offshore capital
markets. It completed an equity placement in 2018 and issued a
USD300 million bond in 2019.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch is using the multiple approach to capitalise leases for
Bright Scholar and assess leverage on an adjusted basis. Fitch
thinks the multiple approach is more appropriate for education
service companies such as Bright Scholar under the generic
navigator, as leasing school and facility premises form a core
element of its operations. A multiple of 8x was used as the company
is based in China.
Bright Scholar typically collects tuition and fees at the beginning
of the semester and there are usually large "contract liabilities"
on its balance sheet. Fitch has classified part of cash that is not
expected to generate EBITDA (i.e. contract liabilities * (1-EBITDA
margin)) as "not readily available", and this amount is excluded
from net debt calculations.
ESG CONSIDERATIONS
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.
CHINA: Braces for US$1.3 Trillion Maturity Wall as Defaults Surge
-----------------------------------------------------------------
Bloomberg News reports that even by the standards of a
record-breaking global credit binge, China's corporate bond tab
stands out: $1.3 trillion of domestic debt payable in the next 12
months.
That's 30% more than what U.S. companies owe, 63% more than in all
of Europe and enough money to buy Tesla Inc. twice over. What's
more, it's all coming due at a time when Chinese borrowers are
defaulting on onshore debt at an unprecedented pace, Bloomberg
says.
Bloomberg relates that the combination has investors bracing for
another turbulent stretch for the world's second-largest credit
market. It's also underscoring the challenge for Chinese
authorities as they work toward two conflicting goals: reducing
moral hazard by allowing more defaults, and turning the domestic
bond market into a more reliable source of long-term funding.
While average corporate bond maturities have increased in the U.S.,
Europe and Japan in recent years, they're getting shorter in China
as defaults prompt investors to reduce risk, Bloomberg states.
Domestic Chinese bonds issued in the first quarter had an average
tenor of 3.02 years, down from 3.22 years for all of last year and
on course for the shortest annual average since Fitch Ratings began
compiling the data in 2016.
"As credit risk increases, everyone wants to limit their exposure
by investing in shorter maturities only," Bloomberg quotes Iris
Pang, chief economist for Greater China at ING Bank NV, as saying.
"Issuers also want to sell shorter-dated bonds because as defaults
rise, longer-dated bonds have even higher borrowing costs."
According to Bloomberg, the move toward shorter maturities has
coincided with a Chinese government campaign to instill more
discipline in local credit markets, which have long been
underpinned by implicit state guarantees. Investors are
increasingly rethinking the widely held assumption that authorities
will backstop big borrowers amid a string of missed payments by
state-owned companies and a selloff in bonds issued by China
Huarong Asset Management Co.
Bloomberg relates that the country's onshore defaults have swelled
from negligible levels in 2016 to exceed CNY100 billion ($15.5
billion) for four straight years. That milestone was reached again
last month, putting defaults on track for another record annual
high.
Bloomberg says the resulting preference for shorter-dated bonds has
exacerbated one of China's structural challenges: a dearth of
long-term institutional money. Even before authorities began
allowing more defaults, short-term investments including banks'
wealth management products played an outsized role.
Social security funds and insurance firms are the main providers of
long-term funding in China, but their presence in the bond market
is limited, said Wu Zhaoyin, chief strategist at AVIC Trust Co., a
financial firm, Bloomberg relays. "It's difficult to sell
long-dated bonds in China because there is a lack of long-term
capital," Wu said.
According to Bloomberg, Chinese authorities have been taking steps
to attract long-term investors, including foreign pension funds and
university endowments. The government has in recent years scrapped
some investment quotas and dismantled foreign ownership limits for
life insurers, brokerages and fund managers.
But even if those efforts gain traction, it's not clear Chinese
companies will embrace longer maturities. Many prefer selling
short-dated bonds because they lack long-term capital management
plans, according to Shen Meng, director at Chanson & Co., a
Beijing-based boutique investment bank, Bloomberg relays. That
applies even for state-owned enterprises, whose senior managers
typically get reshuffled by the government every three to five
years, Shen said.
Bloomberg adds that the upshot is that China's domestic credit
market faces a near constant cycle of refinancing and repayment
risk, which threatens to exacerbate volatility as defaults rise. A
similar dynamic is also playing out in the offshore market, where
maturities total $167 billion over the next 12 months.
For ING's Pang, the cycle is unlikely to change anytime soon. "It
may last for another decade in China," she said.
WISDOM EDUCATION: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Neg
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based Wisdom
Education International Holdings Company Limited's Long-Term Issuer
Default Rating (IDR) to Negative from Stable and affirmed the IDR
and senior unsecured rating at 'BB-'.
The Negative Outlook reflects increasing regulatory risks for
China's operators of schools that cover kindergarten to 12th grade
(K-12) due to the strengthening of compulsory education regulations
to prohibit related-party transactions and the control of K-9
schools via contractual agreements and M&A. The impact on Wisdom's
financial profile is uncertain for now, but under the worst-case
scenario and the strictest interpretation of the rules, schools
that provide compulsory education may be deconsolidated from their
listed company if the variable interest entity (VIE) structure for
existing K-9 schools faces regulatory challenges. Interpretation of
the new rules remains uncertain, which may lead to local
governments implementing the measures at a different pace.
Hong Kong-listed Wisdom's ratings reflect its solid position as a
leading private-education company in China. The ratings are
supported by its stable and recurring cash flows, but they are
constrained by the company's limited operational scale,
geographical concentration and the regulatory headwinds.
KEY RATING DRIVERS
Regulatory Risks: The Law for Promoting Private Education may
undermine K-9 school operators' business model by making it
difficult for companies listed offshore to access cash flow of
onshore compulsory education schools through related-party
transactions. The VIE structure to control K-9 schools may be
disallowed for schools that open after the new rules take effect on
1 September 2021. Fitch expects slower growth in Wisdom's K-9
business as schools in the pipeline may be delayed until there is
clarity over the new rules.
Fitch thinks the new rules, released on 14 May 2021, reiterate the
government's aim to ban not-for-profit schools from making and
extracting profit through related-party transactions. Offshore
listed companies currently do not have direct equity ownership over
onshore operating entities in restricted industries in China, such
as compulsory education. Contractual relationships through VIE
structures are used instead and service fees paid accordingly.
Limited Diversification: Fitch assumes a significant part of
Wisdom's operations would fall within the new rules' scope. Wisdom
derived 100% of revenue from primary and secondary schools with
over 75% of students enrolled in compulsory education. The plan to
expand into higher education will improve its diversification and
reduce any potential impact from the new rules' implementation as
the regulatory environment for higher education is more favourable.
However, the contribution from higher education will not be
material in the short term.
High Capex: Wisdom's free cash flow has been negative due to large
capex for school expansion, with high capital intensity of 50%-60%.
Wisdom spent CNY794 million in 1HFY21 as it accelerated the opening
of three new schools to FY22. Wisdom plans to cooperate with Harbin
Institute of Technology to build two colleges in Dongguan and
Bazhong. Fitch expects higher capex to persist as it builds new
schools for higher education, which will lead to FFO adjusted net
leverage peaking at 3.4x in FY22, which is above Fitch's negative
sensitivity of 3x.
Limited Rating Headroom: Fitch expects leverage to stay elevated in
the next two-three years but highly visible and stable cash flow
should support Wisdom's deleveraging capacity. Deleverage will be
gradual but supported by greater scale from the ramp-up of student
enrolments at newer schools and a moderation in capital intensity
subsequently.
However, execution risks may arise from operating schools in higher
education as it is a new area for the company and the ramp-up of
student enrolment may be slower than its other K-12 schools. Fitch
may take negative rating action if the ramp-up for new schools is
slower than Fitch's expectations or capex continues to accelerate,
exceeding Fitch's expectations.
Steady Operations: Stable school operations will remain supportive
of its credit profile, despite the regulatory challenges. Its
mature schools, which have been operating for more than five years,
have high student enrolment, providing steady cash flow.
Profitability has improved and Fitch expects the EBITDA margin to
stay above 40% as newer schools' lower profitability is offset by
enrolment ramp-up in existing schools and greater economies of
scale. Fitch thinks its reputation for quality education will boost
enrolment in its new schools especially in Guangdong province.
DERIVATION SUMMARY
The Outlook revisions to Negative for China's K-12 school
operators, including Wisdom's peer Bright Scholar Education
Holdings Limited (BB-/Negative), reflect the increasing regulatory
risks for these operators.
Wisdom has a slightly larger EBITDA scale than Bright Scholar.
Wisdom is less diversified than Bright Scholar in terms of school
locations and educational formats, but its revenue visibility is
higher and its cash flow generation is more stable. Wisdom has a
weaker financial profile with negative free cash flow and higher
leverage compared with Bright Scholar. This is mainly due to
Wisdom's model of building its own schools versus Bright Scholar's
asset-light model. However, Wisdom has a much stronger EBITDA
margin.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Double-digit growth in revenue in FY21, driven by increases in
student enrolment and tuition fees;
-- EBITDA margin of 40%-42% in FY21-FY24;
-- Capex of CNY1,000 million-1,200 million per year in FY21-FY24;
-- Dividend payout ratio of 40%.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- The Outlook can be revised to Stable if further clarity on the
implementation of the rules on related-party transactions and
the VIE structure indicates they will have a limited impact on
the company's operations and/or financial profile.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- FFO adjusted net leverage sustained above 3.0x (FY20:2.7x) as
a result of deterioration in operating performance or
sustained negative free cash flow;
-- Implementation of the rule on related-party transactions and
the VIE structure results in material deterioration in the
company's operations and/or financial profile.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: The company had CNY653 million in cash and
CNY77 million in short-term wealth-management products as of 28
February 2021, which were more than enough to cover its short-term
borrowings of CNY561 million. The company raised CNY550 million
from an equity placement in August 2020.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch is using the multiple approach to capitalise leases for
Wisdom and assess leverage on an adjusted basis. Fitch thinks the
multiple approach is more appropriate for education-service
companies, including Wisdom, under the generic navigator as the
move to lease or buy key operating assets such as schools and
facility premises is a core financial decision among its peers. A
multiple of 8x was used as the company is based in China.
Wisdom typically collects tuition and fees at the beginning of the
semester and there are usually large "contract liabilities" on its
balance sheet. Fitch has classified part of its cash that is not
expected to generate EBITDA (contract liabilities * (1-EBITDA
margin)) as "not readily available", and this amount is excluded
from net debt calculations.
ESG CONSIDERATIONS
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.
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I N D I A
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A LITTLE WORLD: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of A Little World
Private Limited (ALW) 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 Ratings has been consistently following up with ALW for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 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
Ratings failed to receive any information on either the financial
performance or strategic intent of ALW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ALW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ALW continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of ALW and Zero Microfinance and
Savings Support Foundation (ZMF). This is because both entities,
together referred to as the ALW group, are managed by the same
promoters and have common business. There is large financial
support extended by ALW to ZMF. Both entities are expected to be
merged over the near to medium term.
ALW, incorporated in 2000, is engaged in developing and providing
licensed technology for enabling smart cards and other electronic
technology-based commerce, electronic-identity systems, and trading
and delivery systems. ZMF operates as one of the largest business
correspondents for State Bank of India (SBI, rated 'CRISIL
AAA/CRISIL AA+/FAAA/Stable/CRISIL A1+') and is engaged in the
extension of banking services in the rural and urban areas of India
where banking penetration is limited. The group is managed and
operated by Mr. Anurag Gupta.
A. H. ALLOYS: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of A. H. Alloys
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AH for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 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
Ratings failed to receive any information on either the financial
performance or strategic intent of AH, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AH is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AH
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
AH was established as a partnership firm in 2005 and was
reconstituted as a proprietorship firm of Mr. Happy Gupta in 2007.
It manufactures rounds and bars at its plant in Ludhiana and has
rolling capacity of 125 tonne per day.
ADITYA MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aditya Motors
(AM) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.6 CRISIL B/Stable (Issuer Not
Cooperating)
Inventory Funding 5.0 CRISIL B/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with AM for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 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
Ratings failed to receive any information on either the financial
performance or strategic intent of AM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AM
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
AM, set up by Mr. Ajay Singh Chattrasingh Chudsama and Mr. Harvijay
Singh Chattrasingh Chudsama in 2015, is an authorised dealer of
TML's passenger cars in Jamnagar with a 3S (showroom, spares, and
services) facility. It is setting up a showroom in Jamnagar, which
is expected to commence operations in April 2016.
AKSHAR IMPEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Akshar Impex
Private Limited continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Post Shipment 115.59 CRISIL B+/Stable (Issuer Not
Credit Cooperating)
Proposed Long Term 3.40 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Proposed Working 60 CRISIL B+/Stable (Issuer Not
Capital Facility Cooperating)
Export Packing 71.01 CRISIL B+/Stable (Issuer Not
Credit Cooperating)
CRISIL Ratings has been consistently following up with Akshar for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 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
Ratings failed to receive any information on either the financial
performance or strategic intent of Akshar, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Akshar is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Akshar continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Set up by Mr. Chandresh Gandhi and Mr. Yogesh Gandhi as a
partnership firm in 2006 and was reconstituted as a private limited
company in 2010, Akshar cuts and polishes diamonds (of size ranging
from 25 cents to 3 carats) at its facility in Surat. Head office is
in Mumbai.
ARUN SHELTERS: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Arun Shelters
Private Limited (ASPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 20 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ASPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 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
Ratings failed to receive any information on either the financial
performance or strategic intent of ASPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASPL continues to be 'CRISIL B/Stable Issuer not cooperating'.
Arun Shelters Private Limited (ASPL) was incorporated in the year
2005 is engaged in execution residential projects primarily in
Bangalore, Karnataka. The company is being promoted by Mr. Arun
Kumar .M and his family.
ATMIYA ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Atmiya
Engineering and Plastics (AEP) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.40 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 3.43 CRISIL D (Issuer Not
Cooperating)
Working Capital 5.17 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with AEP for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 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
Ratings failed to receive any information on either the financial
performance or strategic intent of AEP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AEP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AEP continues to be 'CRISIL D Issuer Not Cooperating'.
AEP, established in 1999, is based in Vadodara. It is promoted by
Mr. Nimesh Patel. The firm manufactures plastic parts for
air-coolers.
AYYAN FIREWORKS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ayyan
Fireworks Factory Private Limited continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.6 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.4 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Ayyan for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 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
Ratings failed to receive any information on either the financial
performance or strategic intent of Ayyan, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Ayyan
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Ayyan continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Ayyan was set up at Sivakasi (Tamil Nadu) by the promoter, Mr. A
Vairaprakasam and Mr. A Grahaturai in 1984. The company
manufactures fireworks and caters to a pan-India customer base.
BASIC CLOTHING: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Basic Clothing
Private Limited (BCPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 17 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BCPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 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
Ratings failed to receive any information on either the financial
performance or strategic intent of BCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BCPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Operational since 2012, BCPL is a master franchisee for apparel
brands Reebok and Pepe, and distributor and retailer for Raymond.
Its operations are managed by Mr. Ajay Jain, Mr. Ashok Bansal, and
Mr. Vikas Gupta.
CREST PROMOTERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Crest
Promoters Private Limited (CPPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 5 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 95 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CPPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 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
Ratings failed to receive any information on either the financial
performance or strategic intent of CPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CPPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
CPPL was incorporated by Mr. Ajay Kumar, Mr. Jagdeep Singh Gill,
Mr. Pratap Singh Rathi and Mr. Dushyant Malik. The company develops
residential real estate and currently is developing a residential
project, Ace City, in Greater Noida West (Uttar Pradesh).
FATHIMA CASHEW: CRISIL Reaffirms B Rating on INR1.5cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Fathima Cashew Company (FCC) at 'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL B/Stable (Reaffirmed)
Packing Credit 4.5 CRISIL A4 (Reaffirmed)
Foreign Documentary
Bills Purchase 1.0 CRISIL A4 (Reaffirmed)
The ratings continue to reflect the modest scale of operations in a
highly fragmented and intensely competitive cashew industry and
below average financial risk profile, with small net worth. The
weaknesses are partially offset by extensive experience of the
proprietor in the cashew industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations in a highly fragmented and intensely
competitive cashew industry: The cashew industry is marked by
limited differentiation in technology involved in the processing of
cashew nuts. This, coupled with relatively moderate capital
requirements to set up a cashew processing unit, has resulted in
low entry barriers. Consequently, the domestic cashew processing
industry is highly fragmented, marked by the presence of many small
players, leading to intense competition in both the organized and
unorganized segments. Also raw cashew nuts trading, by its nature
of operations has limited barriers of entry.
* Below average financial risk profile: The financial risk profile
of the firm is constrained due to small net worth of the firm
(estimated at less than INR2.7 crores as on March 31, 2021) and
leveraged capital structure (high gearing of 2.5 times as on March
31, 2021). The interest coverage has been in the range of 1.25-1.5
times and net cash accruals to total debt of less than 0.05 time
over the past three fiscal years and is expected to remain in the
similar range over the medium term.
Strength:
* Extensive experience of the promoters in the cashew industry:
Mr. Basheer, the proprietor of FCC, has experience of around two
decades. His immediate family and relatives also have been in the
industry for more than four decades. The extensive experience has
helped him understand the industry dynamics and develop good
relationships with suppliers and customers. The firm has started
trading raw cashew nuts in fiscal 2016.
Liquidity: Stretched
Bank limit utilization is high at more than 95 percent for the past
twelve months ended March 2021. Cash accrual are expected to be
INR0.1 crores which are sufficient against term debt obligation of
less than INR0.05 over the medium term. Current ratio are moderate
at 1.3 times on March 31, 2021.
Outlook Stable
CRISIL Ratings believes that over the medium term FCC will continue
to benefit from the extensive industry experience of the
proprietor.
Rating Sensitivity factors
Upward Factors
* Improvement in scale of operations
* Improvement in liquidity profile with higher cushion in bank
limits and net cash accruals of more than 0.2 crores
Downward Factors
* Decline in scale of operations or operating margin
* Leveraged capital structure with Gearing of more than 5 times
Established in 1999 by Mr. Basheer M, FCC is a proprietorship firm
based in Kollam area of Kerala. The firm is engaged in the
processing of cashew kernels as well as trading of raw cashew nuts
on high sea sales basis.
OM PAPER: CRISIL Assigns B+ Rating to INR22cr Loans
---------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long term bank facilities of Om Paper Mill - Hosur (OPMH).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (Assigned)
Long Term Loan 16 CRISIL B+/Stable (Assigned)
The rating reflect OPMH's susceptibility to intense competition and
cyclicality in the industrial paper industry, profitability
susceptible to volatility in waste paper prices, nascent stage of
operations, working capital intensive operations and weak operating
efficiencies. These weakness are partially offset by its extensive
industry experience of the partners.
Key Rating Drivers & Detailed Description
Weaknesses:
* Susceptibility to intense competition and cyclicality in the
industrial paper industry: The Indian industrial paper industry is
highly fragmented with several organized and unorganized players.
The level of fragmentation is even higher in the industrial paper
segment (which accounts for a major portion of the total paper
industry) where unorganized players hold majority of the market
share. Rapid growth in the number of small mills has been because
of the low entry barriers (the cost of setting up an industrial
paper plant is relatively low as most smaller capacities are
waste-paper-based, and involve low investment in technology) and
government policies (several excise concessions and other benefits
to small paper mills granted from time to time).
* Profitability susceptible to volatility in waste paper prices and
exposure to nascent stages of operations: Operating margin is
expected to susceptible due to volatile raw material prices, which
are directly linked to international prices. Since the firm started
it commercial operation in June 2020, it has limited track record.
Consequently, scalability is constrained, as reflected estimated
revenue of INR16 crore for FY 2021. Nascent stage will continue to
limit scalability over the medium term.
Strength:
* Extensive industry experience of the partners: The partners have
an experience of over 10 years in industrial paper industry. This
has given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.
Liquidity: Stretched
OMPH's liquidity is expected to remain stretched over the medium
term due to its nascent stages of operation. Though the bank limit
utilization is moderate at around 68 percent for the past ten
months ended March 2021, cash accrual are expected to be over
Rs3.5-4 crore which are tightly matched against term debt
obligation of INR2.5-3 crore over the medium term. However
liquidity is partially supported by funding support from partners
in the form of capital infusion.
Outlook Stable
CRISIL Ratings believe OPMH will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients
Rating Sensitivity factors
Upward factors
* Improvement in turnover by more than 20 percent while sustaining
operating profitability
* Improvement in TOLTNW
Downward factors
* Decline in interest cover to less than 1.5 times
* Any large debt funded capital expenditure adversely impacting the
financial risk profile.
OPMH was established as partnership firm in 2016. It has recently
set up kraft paper manufacturing unit at Hosur-Tamil Nadu. OPMH has
started its commercial operation from June 2020 and owned by Mr.
Amruthlal Patel, Mr. Kantilal Patel, Mr. Ravji Patel, Mr.
Jaiprakash D. Patel and Mrs. Daksha D. Patel.
OYO HOTELS: Seeks $600 Million Loan Amid Virus Surge
----------------------------------------------------
Saritha Rai at Bloomberg News reports that India's Oyo Hotels is
looking to raise $600 million in debt to bolster its finances,
according to a person familiar with the matter, after a fresh
coronavirus surge decimated travel demand and hurt the company's
recovery effort.
Bloomberg relates that the board of Oyo, or Oravel Stays Pvt as the
parent company is officially called, approved a plan for an
institutional term loan at meetings over May 26 and May 27, the
person said, asking not to be named as the deal hasn't been made
public.
Oyo is one of the larger startups in Softbank Group Corp.'s
portfolio and its headlong global expansion was backed and fostered
by the investor's billionaire founder, Masayoshi Son, the report
says. While the startup was most recently valued at $10 billion,
its business has been crushed after the rapid spread of the virus
hit travel, just as operational missteps soured partnerships with
hotel owners.
As recently as March, founder Ritesh Agarwal told employees that
Oyo's India business was growing and that the company was earning
the same gross profit dollars in January 2021 as it did a year
earlier, before it was first hit by the virus. But the pandemic has
since intensified in India, leaving tens of millions infected and
erasing hopes for a rebound in tourism and travel, Bloomberg
relates.
Oyo's loan, also called Term Loan B or TLB, is open to
institutional investors for two weeks with a June 2 application
deadline, the person, as cited by Bloomberg, said. Oyo hosted a
lender call on May 21 and JPMorgan Chase & Co. arranged the deal,
the person said.
The high-profile startup, the first Indian unicorn to seek debt
from foreign institutional investors, targets a loan with a
five-year tenure, Bloomberg says. The loan issuer will be Oyo's
Singapore entity, the person said. Its Netherlands and U.K.
entities could also act as borrowers. A representative for Oyo
declined to comment.
Oyo's goal is to borrow at a lower interest rate to service its
existing higher-interest loans, according to Bloomberg.
Competitively priced capital is abundant, with a score of prominent
startups from Grab Holdings Inc. to DiDi Chuxing and Airbnb Inc.
harnessing institutional loans to buttress balance sheets.
Bloomberg notes that Oyo has raised venture capital from investors
including SoftBank, Greenoaks Capital and Lightspeed India. Its
latest valuation places it third among India's most valuable
startups, behind education-technology provider Byju's and
digital-payments company Paytm.
To bring down costs, the startup ended operations in several
markets and dismissed or furloughed thousands of employees. It
still works with more than 100,000 small hotel and home
entrepreneurs that own and operate lodgings with Oyo's technology
designed to drive room yields higher.
To improve efficiencies, Oyo streamlined global operations into
three groups -- India & Southeast Asia, Europe and Oyo
International, according to Bloomberg. In December, Agarwal was
said to have told employees the startup was making progress toward
a rebound and had about $1 billion to fund operations until an
IPO.
R.S. ISPAT: CRISIL Withdraws B Rating on INR15cr Cash Loan
----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the ratings of R.S. Ispat Limited (RSIPL)
to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. CRISIL
Ratings has withdrawn its ratings on bank facility of RSIPL
following a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of RSIPL from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating to 'CRISIL
B/Stable/CRISIL A4'. The rating action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15.0 CRISIL B/Stable (Migrated from
'CRISIL B/Stable ISSUER NOT
COOPERATING'; Rating Withdrawn)
Letter of Credit 6.5 CRISIL A4 (Migrated from
'CRISIL A4 ISSUER NOT
COOPERATING'; Rating Withdrawn)
Proposed Long 30.5 CRISIL B/Stable (Migrated from
Term Bank 'CRISIL B/Stable ISSUER NOT
Loan Facility COOPERATING'; Rating Withdrawn)
Set up in 1994, RSIPL produces steel ingots, billets, and TMT steel
bars. The production facilities at Dankuni, West Bengal and
Raigarh, Chhattisgarh have combined capacities to produce 85,000
tonne per annum (tpa) of ingots and billets, and 25,000 tpa of
rolling capacity. The company's operations are managed by Mr.
Rakesh Agarwal.
RAJ AGROCHEM: CRISIL Assigns B+ Ratings to INR10cr Loans
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long term bank facilities of Raj Agrochem Products Pvt Ltd
(RAPPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (Assigned)
Proposed Fund-
Based Bank Limits 2.27 CRISIL B+/Stable (Assigned)
Term Loan 1.73 CRISIL B+/Stable (Assigned)
The rating reflects RAPPL's susceptibility to climatic conditions
and volatility in raw material prices, modest scale of operations
and weak operating efficiencies. These weaknesses are partially
offset by the extensive industry experience of the promoters and
efficient working capital cycle.
Analytical Approach:
Unsecured loans of INR2.19 crore (as on March 31, 2020) from the
promoters have been treated as neither debt nor equity as these are
non-interest-bearing and expected to remain in the business over
the medium term.
Key Rating Drivers & Detailed Description
Weakness:
* Susceptibility to climatic conditions and volatility in raw
material prices: Agricultural produce is dependent on adequate
monsoon and favorable climatic conditions. Thus, RAPPL is exposed
to the risk of limited availability of its key raw material during
unfavorable climatic conditions. Also, production may be impacted
by pests or crop infection leading to higher unpredictability in
the production and pricing of agri commodities and derived
products.
* Modest scale of operations: Business is constrained by the small
scale of operations in the intensely competitive poultry feed
industry. The modest scale will continue to limit the operating
flexibility of the company.
* Weak operating efficiencies: The low return on capital employed
driven by low-capacity utilization and sluggish demand reflects the
weak operating efficiencies.
Strengths:
* Extensive experience of the promoters: The decade-long experience
of the promoters in the poultry feed industry, their understanding
of the dynamics of the market, and healthy relationships with
suppliers and customers should continue to support the business.
* Efficient working capital cycle: Gross current assets were at
16-64 days over the three fiscals ended March 31, 2020 driven by
efficient inventory policy and debtors' collection cycle.
Liquidity: Stretched
Cash accrual, expected at INR1 crore per annum over the medium term
should comfortably cover annual term debt obligation of
INR0.26-0.52 crore. Bank lines were utilized at a high 93% over the
12 months through February 2021. Current ratio was low at 0.39 time
as on March 31, 2020.
The promoters have infused over INR3 crore through a mix of
unsecured loans and equity and are likely to extend need-based
support in the future as well. Negative networth limits the
financial flexibility of the company.
Outlook Stable
CRISIL Ratings believes RAPPL will continue to benefit from the
extensive experience of its promoters, and established
relationships with clients.
Rating Sensitivity factors
Upward factors
* Increase in revenue by 30% and sustenance of operating margin,
leading to higher cash accrual
* Improvement in the working capital cycle
* Equity infusion improving the networth
Downward factors
* Stretch in working capital cycle or
* Net cash accrual drops below INR0.75 crore on account of decline
in revenue or operating profits.
RAPPL was incorporated in 2009. It is engaged in manufacturing of
poultry feed and bird development. Its unit is in Muzaffarpur-
Bihar and is promoted by Mr. Shiv Shankar Prasad Sahu and Mr. Manoj
Kumar Gupta.
S.G. ENTERPRISES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.G.
Enterprises - Ranchi (SGEN) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.25 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 4.75 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SGEN for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 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
Ratings failed to receive any information on either the financial
performance or strategic intent of SGEN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGEN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGEN continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
SGEN was promoted by Mr. Avinash Kumar Singh in 2001. The Bokaro
(Jharkhand) based firm trades in hot-rolled and cold-rolled steel
sheets and coils. The operations of the firm are primarily managed
by Mr. Avinash Kumar Singh and his son Mr. Saurav Singh.
SCORODITE STAINLESS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Scorodite
Stainless India Private Limited (SSPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 23 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 9 CRISIL D (Issuer Not
Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSPL for
obtaining information through letters and emails dated October 31,
2020 and April 20, 2021 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
Ratings failed to receive any information on either the financial
performance or strategic intent of SSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2006, SSPL is promoted by the Rajasthan-based
Sanghvi brothers. The activities were earlier being carried out
under Sanghvi Metal Corporation, which was established in 1979.
SSPL manufactures, trades in, and exports stainless steel, and
duplex, super duplex, welded, and seamless carbon steel pipes,
tubes, and 'U' tubes.
SHIVALIK I.B.: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivalik I.B.
Automark Private Limited (SAPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Electronic Dealer 6 CRISIL B/Stable (Issuer Not
Financing Scheme Cooperating)
(e-DFS)
Inventory Funding 4 CRISIL B/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with SAPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 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
Ratings failed to receive any information on either the financial
performance or strategic intent of SAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
SAPL, incorporated in 2013, is an authorised dealer of HMIL's
passenger vehicles. The company is promoted by Mr. Vishnu Patel and
his family.
SHYAM JI: CRISIL Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Shyam Ji
Udyog (SSU) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.45 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSU for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021, 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
Ratings failed to receive any information on either the financial
performance or strategic intent of SSU, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSU
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSU continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 1985 as a partnership between Mr. Shubham Agarwal
and Ms Santosh Agarwal, SSU undertakes drying, milling, and sorting
of rice (non-basmati) and pulses (masoor dal). The processing
facility is based in Lakhimpur Kheri, with an installed capacity of
18 tph for rice and 5 tph for dal.
SIDDHARTH PROPERTIES: CRISIL Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Siddharth
Properties (SP) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 150 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SP for
obtaining information through letters and emails dated October 24,
2020 and April 28, 2021 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
Ratings failed to receive any information on either the financial
performance or strategic intent of SP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SP
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
SP was establish in the year 2001 and is a part of Pune based
Saarrthi group. The group was started in 2001 by Mr. Abhijeet
Shende, Mr. Nilesh Shende, Mr. Swapnil Shende and Mr. Yogesh
Shende. The group have developed around 24 lakh square feet of
residential, commercial and office spaces in Pune. The group's
projects are spread across Pune in prime areas such as Kothrud,
Anudh, Baner, Bavdhan, Pashan, Sinhagad Road, Warje, Paud Road and
Sahakarnagar.
At present, the group has 9 (5 under construction & 3 completed)
ongoing projects in Pune (of which 6 are being developed under SP)
having saleable area of 15.39 lakh square feet. SP also operates
two windmills, one in Satara (Maharashtra) and the other in Jodhpur
(Rajasthan), with a capacity of 1.25 megawatt each.
SIDDHARTH REAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Siddharth Real
Ventures LLP (SRV) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 10 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SRV for
obtaining information through letters and emails dated October 24,
2020 and April 28, 2021 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
Ratings failed to receive any information on either the financial
performance or strategic intent of SRV, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRV
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRV continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
SRV is a part of Pune based Saarrthi group. The group was started
in 2001 by Mr. Abhijeet Shende, Mr. Nilesh Shende, Mr. Swapnil
Shende and Mr. Yogesh Shende. The group have developed around 24
lakh square feet of residential, commercial and office spaces in
Pune. The group's projects are spread across Pune in prime areas
such as Kothrud, Anudh, Baner, Bavdhan, Pashan, Sinhagad Road,
Warje, Paud Road and Sahakarnagar.
SRIVATSA BIO-TECH: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Srivatsa
Bio-Tech India Private Limited (SBTIPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 14 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SBTIPL for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021, 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
Ratings failed to receive any information on either the financial
performance or strategic intent of SBTIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SBTIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SBTIPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Srivatsa Bio-Tech India Private Limited (SBTIPL), incorporated in
2014, has set-up cotton seed products, manufacturing unit in
Chinakothapalli Village, Addanki Mandal, Prakassam, Andhra Pradesh
(AP). The firm has an installed capacity of 400 tons per day.
TULIP GRANITES: CRISIL Withdraws B+ Rating on INR5cr Cash Loan
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Tulip Granites Private
Limited (TGPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. CRISIL Ratings has withdrawn its ratings on the bank
facilities of TGPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL is migrating the ratings on bank facilities of TGPL from '
CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' to ' CRISIL
B+/Stable/CRISIL A4'. The rating action is in line with CRISIL
Rating's policy on withdrawal of bank loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Migrated from
'CRISIL B+/Stable ISSUER NOT
COOPERATING'; Rating Withdrawn)
Inland/Import 8 CRISIL A4 (Migrated from
Letter of Credit 'CRISIL A4 ISSUER NOT
COOPERATING'; Rating Withdrawn)
Packing Credit 18 CRISIL A4 (Migrated from
in Foreign 'CRISIL A4 ISSUER NOT
Currency COOPERATING'; Rating Withdrawn)
Incorporated in 2004, TGPL processes granite products. The company
is promoted by Mr. Y J M Ali Khan, and is based at Hyderabad.
WEEWIN TEX PROCESSORR: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Weewin Tex Processorr India Private Ltd
1455, KK Nagar, 5th Street
Vasavi College Post
Erode Tamil Nadu 638316
India
Insolvency Commencement Date: March 22, 2021
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: September 17, 2021
Insolvency professional: S Kangayan
Interim Resolution
Professional: S Kangayan
Plot No. 18
Corner Plot of 3rd & 4th Cross
Ayyappa Nagar, Kamarajapuram
Sembakkam, Tambaram
East Chennai 600073
Tamil Nadu
E-mail: kangayan.s@gmail.com
- and -
19/7, "Adwave Twers"
Mezznine Floor, 1st Floor
South Boag Road
Opposite to Meenakshi
Kalyanamandapam, T Nagar
Chennai 600017
Tamil Nadu
E-mail: weewinncirp@gmail.com
Last date for
submission of claims: April 19, 2021
=================
I N D O N E S I A
=================
BUANA LINTAS: S&P Downgrades LT ICR to 'B' on Liquidity Risks
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on PT
Buana Lintas Lautan Tbk. (BULL) to 'B' from 'B+'.
S&P said, "The stable outlook reflects our expectation that over
the next 12 months, BULL will manage its fleet growth aspirations
and liquidity needs, and sufficiently address ongoing refinancing
risk.
"We downgraded BULL to reflect our expectation that the company's
sizable debt will result in elevated leverage and thin liquidity
over the next 12 months. Our 'B' rating on BULL also incorporates
our view of the company's high leverage tolerance to support its
fleet growth aspirations.
"We had previously expected the company to deleverage meaningfully
over the period. BULL's debt has more than tripled since 2018,
given its accelerated fleet expansion, but earnings have grown less
than proportionately." As such, the company's ratio of funds from
operations (FFO) to debt has weakened to 17%-19% over the past two
years, compared with 32% in 2018. Given its sizable debt load, we
now expect BULL's leverage to improve only marginally above 20%
over the next two years, compared with our previous forecast of
above 25%.
The company could spend more than US$100 million on new vessels
over the 12 months to March 31, 2022, of which US$25 million has
been committed. Since 2019, BULL has acquired 21 vessels, more than
doubling its fleet size to 38 as of Dec. 31, 2020. The company
invested close to US$280 million on 13 new vessels in 2020, and has
committed to six additional vessels thus far in 2021. In our
opinion, BULL may face a cash shortfall of more than US$90 million
in the 12 months to March 31, 2022, given debt maturities of more
than US$100 million over the period as well as the company's
sustained fleet growth aspirations. However, S&P's believe there
are some mitigating factors which could ease this shortfall.
BULL has so far raised approximately US$31 million through a mix of
bank funding and asset sales. S&P said, "We estimate its cash and
undrawn facility was about US$18 million as of March 31, 2021.
Still, this cash could be depleted quickly, given our forecast of
negative free operating cash flows of US$70 million-US$80 million
annually over the next two years. We believe BULL's cash balance
fell to about US$9 million as of March 31, 2021, from US$22.4
million a year ago."
These fundraising plans include bank refinancing, rights issuance,
sale of vessels, and tapping capital markets. The company is likely
to secure bank refinancing of US$70 million, raise funds through a
rights issuance, and raise additional US$25 million through
contracted sale of vessels over the next few months. BULL should be
able to manage its upcoming debt maturities thanks to its sound
domestic banking relationships, with Panin Bank being its largest
lender.
S&P said, "We believe our 'B' rating on BULL appropriately captures
potential volatility in charter rates due to the company's rising
exposure to international operations. According to our estimates,
50%-55% of BULL's contracts were exposed to international
operations as of end-2020, up from 35%-40% in the previous year."
Diversification to the international market has reduced the
company's dependence on PT Pertamina (Persero) and provides 20%-25%
upside potential in charter rates. However, higher volatility in
international freight rates also means that BULL may be more
exposed to greater downside potential should tanker rates fall.
Over 60% of BULL's contracts will expire over the next 12 months
and may be subject to rechartering risk. In addition, 20% of its
existing contracts are under pool arrangements, which are linked to
spot rates in the international market. The increasing share of
time-charter contracts with both a fixed and a variable component
(linked to a market rise in tanker rates) will also reduce earnings
stability, in S&P's view.
Tanker rates have remained weighed down by the fallout from
COVID-19, as well as production cuts from OPEC+ countries and the
U.S. They have plunged by more than 60% since April 2020, owing to
lower seaborne oil trade volumes and the gradual unwinding of
floating storage demand. Rates have picked up in the first quarter
of 2021 and could rise gradually amid easing production cuts from
OPEC+ countries from this month. That said, the current spike in
COVID-19 variant cases globally remains a key risk to the recovery
in refinery activities as well as the fragile balance of demand and
supply for vessels.
The stable outlook reflects S&P's expectation that over the next 12
months, BULL will manage its fleet growth aspirations and liquidity
needs, and sufficiently address ongoing refinancing risk.
S&P could lower the rating if:
-- BULL's liquidity position weakens, possibly due to dwindling
funding support from domestic banks or the lack of timely action on
debt refinancing;
-- The company is unable to convert debt-funded vessel
acquisitions into higher operating cash flows, such that its
FFO-to-debt ratio is sustained below 12%; or
-- Its relationship with Pertamina weakens, as evident from a lack
of timely renewal of contracts or new vessel placements.
S&P said, "We are unlikely to upgrade BULL over the next 12 months,
given our view of the company's growth aspirations and financial
policy. We could consider raising the rating if BULL demonstrates
an ability to manage its liquidity needs prudently. Rating upside
would also be contingent on our view of a credible deleveraging
path that would keep the company's FFO-to-debt ratio sustainably
above 25% while it preserves its close relationship with
Pertamina."
GARUDA INDONESIA: Plans Major Restructuring; May Halve Its Fleet
----------------------------------------------------------------
Harry Suhartono and Tassia Sipahutar at Bloomberg News report that
PT Garuda Indonesia needs to completely restructure its business,
potentially reducing the number of planes it operates to less than
half its main fleet as the airline seeks to survive the crisis
wrought by the pandemic, its president told staff last week.
"We have to go through a comprehensive restructuring, a total one,"
President Director Irfan Setiaputra said in an address to staff on
May 19, according to a recording heard by Bloomberg. "We have 142
aircraft and our preliminary calculation on how we see this
recovery has been going, we will operate with a number of aircraft
no more than 70."
Bloomberg relates that the comments refer to the fleet of Garuda's
full-service airline, excluding its low-cost carrier Citilink.
Garuda is already operating at a reduced capacity of just 41
aircraft, and is unable to fly its other planes because it hasn't
made payments to the lessors for months, Setiaputra said.
According to Bloomberg, the Covid-19 crisis has forced dozens of
carriers and other aviation businesses including Thai Airways
International Pcl, Latam Airlines Group SA and lessor AeroCentury
Corp. to restructure or seek bankruptcy protection. In recent days,
people familiar with the matter said Philippine Airlines Inc. is in
talks to raise about $500 million as part of a Chapter 11
restructuring plan that it's considering to file in the U.S.
In the remarks, Setiaputra also said that Garuda has around IDR70
trillion ($4.9 billion) of debt which increases by more than IDR1
trillion each month as it continues to delay payments to suppliers,
Bloomberg relays.
The company has negative cashflow and its equity is minus 41
trillion rupiah, according to Setiaputra, Bloomberg relays. Failure
to execute the restructuring program "could result in an abrupt end
of the company," he said.
Bloomberg says while air travel within some countries is recovering
as vaccination rollouts gather pace, a return to pre-pandemic
levels of traffic could take years as the virus mutates and
governments take different approaches to opening borders. The
International Air Transport Association has warned carriers
globally will lose about $48 billion in 2021.
Concerns that the effects of the pandemic may persist longer than
initially expected have registered recently in trading of airline
financial securities. The price of Garuda's $500 million sukuk --
Islamic bonds -- has declined about 7 cents over the past month to
81, around the lowest since January, Bloomberg notes. The airline
won approval from investors last June to extend repayment of that
debt by three years.
In a separate statement sent on May 21 by text message, Setiaputra
said Garuda is in the initial stages of offering an early
retirement program for employees as part of cost-cutting measures,
Bloomberg reports. The group had 15,368 employees and operated 210
aircraft as of September, Bloomberg discloses citing latest
available reports.
Garuda's group passenger volume plunged 66% last year on border
curbs and limited domestic demand, Bloomberg says. In mid-2020, the
carrier had furloughed around 825 staff after previously cutting
salaries.
The airline's Altman Z-score, a method developed by Edward Altman
in the 1960s to gauge credit strength, was -0.9 at the end of the
third quarter, the company's lowest reading in a decade of data
recorded by Bloomberg.
Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations. Under its Citilink
brand, it serves 10 other domestic routes. Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.
=================
S I N G A P O R E
=================
APEIRO GROUP: Creditors' Meetings Set for June 4
------------------------------------------------
Apeiro Group Pte Ltd, which is in provisional liquidation, will
hold a meeting for its creditors on June 4, 2021, at 11:00 a.m.,
via video conferencing via Zoom.
Agenda of the meeting includes:
a. to nominate liquidator(s) or to confirm members' nomination
of liquidator(s);
b. to receive a full statement of the Company's affairs
together with a list of its creditors and the estimated
amount of their claims;
c. to consider and if thought fit, appoint a Committee of
Inspection for the purpose of such winding up; and
d. to consider any other matters which may be brought before
the meeting.
Farooq Ahmad Mann of M/s Mann & Associates PAC on May 19, 2021,
were appointed as provisional liquidators of Apeiro Group.
The liquidators may be reached at:
Farooq Ahmad Mann
M/s Mann & Associates PAC
3 Shenton Way, #03-06C Shenton House
Singapore 068805
EAGLE HOSPITALITY: Five Chapter 11 Assets Receive Qualified Bids
----------------------------------------------------------------
Michelle Zhu at The Business Times reports that five out of 15
properties put up for auction have received qualified bids in the
second bid round for Eagle Hospitality Trust's (EHT) Chapter 11
assets held on May 20, announced the EHT's trustee, DBS Trustee on
May 24.
In a bourse filing to the Singapore Exchange, the trustee said its
Chapter 11 entities received qualified bids for Sheraton Denver
Tech Center, Four Points by Sheraton San Jose Airport, Embassy
Suites by Hilton Anaheim North, Doubletree by Hilton Salt Lake City
Airport, and Hilton Atlanta Northeast, BT relates.
BT says the auction resulted in a US$24.8 million net increase in
the aggregate consideration for EHT's auctioned properties.
A "stalking-horse" bidder - Madison Phoenix LLC, an affiliate of
Monarch Alternative Capital LP - emerged successful for its bid of
nine non-auctioned properties with an aggregate purchase price of
US$326.5 million, according to BT.
This is in accordance with the terms of the stalking-horse
agreement between entities of EHT and the bidder, which effectively
sets an opening price or "price floor" to protect the company
selling the assets at low bids, BT relates.
Successful bids and back-up bids at the auction, along with the
purchase by the stalking-horse bidder of the non-auctioned
properties, are subject to approval by the United States Bankruptcy
Court at a hearing scheduled for May 28, 2021.
Properties remaining in EHT's portfolio upon approval of the sale
would comprise Queen Mary Long Beach, Delta Woodbridge, Hilton
Houston Galleria Area and Crowne Plaza Dallas Near
Galleria-Addison.
In its announcement, the trustee said it will "continue to explore
all available options" to EHT in respect of the remaining
properties, and in the interests of all unitholders, according to
BT.
It added that Constellation Hospitality Group, LLC and a group of
its investors, including owners of the trust's sponsor Howard Wu
and Taylor Woods, on May 19 filed a motion with the United States
Bankruptcy Court to extend certain sales-related deadlines for the
second bid round and auction.
BT says Constellation had previously submitted a Chapter 11 plan
bid through which it offered to purchase 100 per cent of the equity
interests in one of EHT's Chapter 11 entity, EHT US1, which
Constellation valued at US$470 million.
BT relates that the trustee had "identified numerous shortfalls" in
relation to Constellation's bid that "required further
clarification and corrections in order to make such bid a qualified
bid" but this, along with the required deposit, was not received.
Constellation subsequently filed an extension motion to extend the
deadline for the submission of qualified bids. The motion was
denied by the United States Bankruptcy Court on May 19, such that
the auction proceeded as scheduled on May 20.
Trading in EHT has been suspended since March 2020, BT notes.
About Eagle Hospitality Group
Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.
EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.
EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.
The Debtors tapped Paul Hastings LLP as bankruptcy counsel; FTI
Consulting, Inc., as restructuring advisor; and Moelis & Company
LLC, as investment banker. Cole Schotz P.C. is the Delaware
counsel. Rajah & Tann Singapore LLP is Singapore Law counsel, and
Walkers is Cayman Law counsel. Donlin, Recano & Company Inc. is the
claims agent.
HIN LEONG: High Court Approves Move to Freeze Founder's Assets
--------------------------------------------------------------
Reuters reports that the High Court has accepted a request to
freeze up to US$3.5 billion (SGD4.7 billion) of worldwide assets of
Lim Oon Kuin and his two children following the collapse of Lim's
oil trading firm Hin Leong Trading, the company's liquidators told
creditors in an email reviewed by Reuters.
"Our lawyers will be following up with the next steps in the next
few days including to require the Lim Family to disclose their
assets on affidavit," Goh Thien Phong, one of the liquidators wrote
in the email sent on May 21 to more than 200 creditors of Hin
Leong, Reuters relays.
According to the report, the liquidators had asked the court to
freeze the family's assets worldwide, from multimillion-dollar
homes to shares, funds and country club memberships to recover
money owed to nearly two dozen banks and other creditors globally.
About Hin Leong Trading
Hin Leong Trading (Pte.) Ltd. provides petroleum products and
transportation services. The Company offers oil, lubricants,
grease, and diesel products, as well grants storage, terminalling,
trucking, and marine logistics services. Hin Leong Trading serves
customers globally.
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, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.
But Hin Leong told its creditors 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, 2020, the Company was granted interim judicial
management by the Singapore High Court. Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.
=============
V I E T N A M
=============
SHINHAN BANK: S&P Alters Outlook to Pos., Affirms 'BB/B' ICRs
-------------------------------------------------------------
S&P Global Ratings revised the outlook on the long-term issuer
credit rating of Shinhan Bank Vietnam (SHBVN) to positive from
stable after a similar rating action on Vietnam.
S&P said, "At the same time, we affirmed our 'BB' long-term and 'B'
short-term issuer credit ratings on the bank. SHBVN is a
Vietnam-based bank affiliate of Shinhan Financial Group Co. Ltd.
(SFG).
"The outlook revision on SHBVN reflects our view that the bank
could benefit from stronger group support if the sovereign rating
on Vietnam is raised. The ratings on SHBVN are effectively
constrained by the creditworthiness of Vietnam. We believe the bank
will likely remain integral to Korea-based SFG's overseas business
expansion and receive potential extraordinary support from the
group in almost all circumstances. If the ratings were not
constrained, the issuer credit rating would be one notch lower than
the group credit profile of 'a+', given SHBVN's highly strategic
importance to the group.
"We believe SFG has a strong and long-term commitment to support
SHBVN. SHBVN plays a critical role in the group's business
expansion in Southeast Asia. Vietnam is a key growth market for the
group, given that various Korean corporates are expanding their
production base and operations in the country. SHBVN has also
strengthened the group's presence in Vietnam in the past decade,
through organic and inorganic business growth. We believe the group
has the capacity and willingness to support SHBVN's capitalization
as well as business growth in Vietnam.
"We expect SHBVN's risk profile to remain broadly stable. This is
despite modest upward pressure on the bank's nonperforming loans
and credit costs brought about by the COVID-19 pandemic. SHBVN's
return on average assets was about 2.1% in 2020, lower than 2.4% in
2019 mainly due to net interest margin contractions, amid low
interest rates, but largely on par with the average return on
average assets over the past five years. Vietnam will likely see a
strong economic rebound in 2021, given robust global demand for
electronics and its relatively well-contained COVID-19 outbreak
compared with other emerging countries in the region. We expect
Vietnam's economy will grow 8.5% in 2021, compared with 2.9% in
2020.
"The positive rating outlook on SHBVN reflects that on Vietnam. The
ratings on SHBVN remain constrained by the creditworthiness of
Vietnam. In addition, we believe SHBVN will maintain its high
strategic importance to SFG at least in the next 18-24 months.
"We could upgrade SHBVN if we raise the sovereign credit ratings on
Vietnam.
"We could revise the rating outlook on SHBVN to stable if we take
the same action on the sovereign credit ratings on Vietnam."
VIETNAM: S&P Affirms 'BB' LT Sovereign Credit Rating, Outlook Pos.
------------------------------------------------------------------
On May 21, 2021, S&P Global Ratings revised the outlook on its
long-term ratings on Vietnam to positive from stable. At the same
time, S&P affirmed its 'BB' long-term and 'B' short-term sovereign
credit ratings on Vietnam.
Outlook
The positive outlook captures Vietnam's improving track record of
effective administrative processes following the introduction of a
directive in January 2020 that empowers the Ministry of Finance to
make full and immediate payment of guaranteed government debt
obligations directly to the creditor. The outlook also reflects our
expectation that Vietnam's economy will continue to expand rapidly,
exemplifying continued improvements in its policymaking settings
and underpinning credit metrics.
Upside scenario
S&P may raise its ratings over the next one to two years if the
Vietnam government establishes a sustained track record of
effective administrative capacity in line with its 2020 reforms to
sufficiently reduce the risk of credit events on its obligations,
such that future payment delays will very unlikely recur. This also
assumes that Vietnam's economy will achieve a healthy recovery and
the government's fiscal settings will remain anchored despite
enduring pandemic risks.
Downside scenario
S&P may lower the ratings if the economic downturn in Vietnam
persists well beyond 2021. Potential risks include a
longer-lasting, more severe global pandemic and the emergence of
considerable stress in the country's banking system.
S&P may also downgrade Vietnam if its fiscal performance
deteriorates markedly, leading to a higher annual change in net
general government debt relative to GDP on a sustained basis.
Rationale
S&P said, "We revised the outlook on Vietnam to positive to reflect
the continued outperformance of the economy against the challenging
backdrop of COVID-19, and an improving track record in the
government's administrative capacity.
"Our ratings on Vietnam reflect its modest GDP per capita, legacy
banking sector weaknesses, and evolving institutional settings.
These weaknesses are balanced against the economy's strong growth
prospects and sound external position. Vietnam's solid external
accounts and its ability to attract consistently strong foreign
direct investment (FDI) provide further support to the ratings.
Institutional and economic profile: Vietnam's economy should pick
up over the next two years following the pandemic-related slowdown
in 2020.
-- Vietnam's recovery prospects are strong following the
deceleration in real GDP growth last year.
-- S&P expects export-led growth and strong domestic demand to
keep the economy's trend growth rate well above the average of its
peers, though the pandemic poses enduring risks to near-term
growth.
-- Vietnam is establishing a track record of stronger
administrative capacity after the delayed payment on a government
obligation in September 2019.
In tandem with the global economy, Vietnam was materially affected
by the COVID-19 pandemic, which resulted in the downturn last year.
Nevertheless, the economy's real GDP expansion of 2.9% in 2020 was
among the best globally, supported by the government's highly
effective response to and containment of COVID-19 domestically.
Vietnam's economy is well-placed to achieve a healthy recovery over
the next one to two years as the pandemic becomes more contained,
though near-term risks remain elevated, especially following larger
domestic outbreaks over recent weeks.
S&P expects real GDP growth to rebound to 8.5% in 2021 before
settling closer to Vietnam's long-term trend rate of growth from
2022 onward. Vietnam's attractiveness as a premier destination for
FDI in Southeast Asia, along with its young, increasingly educated,
and competitive workforce, should help to keep the country's
long-term development trajectory intact.
Vietnam's GDP per capita has risen quickly in the past few years
from a relatively low base. A recent upward revision of the
country's official nominal GDP--meant to better capture activity
from emerging industries--measures GDP per capita in 2020 at
US$3,572, versus US$1,964 in 2011. Vietnam's economy is
increasingly well-diversified, with a booming manufacturing sector
that is largely funded by FDI.
Vietnam's macroeconomic stability has supported the manufacturing
sector's attractiveness to global firms in the electronics, mobile
phone, and textiles industries. The FDI-oriented segment continues
to fuel stronger domestic activity, with better employment
opportunities and higher wages powering robust private consumption
growth. The outlook for these growth drivers is challenged in the
context of the pandemic. However, Vietnam's export sector held up
well in 2020 and a deeper slowdown in private consumption has so
far been averted thanks to effective public health measures.
Greater household access to credit is also helping to support
consumer demand.
S&P said, "We do not observe that economic growth in Vietnam has
primarily resulted from a rapid increase in credit creation,
despite consistently strong credit growth prior to 2019, and the
considerable scale of banking sector assets relative to GDP. Still,
rising land prices and strong real estate development trends in
major population centers could entail risks to Vietnam's large
financial sector should they materially outpace income growth. We
expect Vietnam's 10-year weighted average growth of real GDP per
capita to be approximately 5.3%, significantly higher than the
average of the country's peers at a similar income level."
Vietnam is well-placed to recover once the pandemic is better
contained. Related domestic and external risks are still lurking,
however. While S&P forecasts a strong global trade rebound this
year that should substantively benefit Vietnam, the enduring nature
of the pandemic and severe flare-ups in various neighboring
countries create some uncertainty and, potentially, volatility in
external demand conditions. That said, key trading partners
including China, South Korea, and the U.S. should exhibit a
normalization of demand conditions this year and the next, with the
world's two largest economies set for sprightly GDP growth this
year.
Notably, Vietnam's total goods exports grew at a nominal rate of
about 7% in 2020, contrasting with declines suffered by many
emerging market peers. This performance speaks to the orientation
of Vietnam's manufactured products toward reliable sources of
global demand which have held up well during the pandemic.
Additional risks to Vietnam's otherwise sound economic fundamentals
include the condition of its financial sector, which is
characterized by low levels of capitalization and mixed asset
quality.
Vietnam is gradually reforming its economy toward a more
market-based model. The country's global ranking in the World
Bank's annual Doing Business survey surged to 70th in 2019, from
99th in 2013, with strong gains in contract enforcement, regulatory
environment, and improvements in access to credit and tax payment.
The government's socioeconomic development plans provide useful
policy anchors that have improved macroeconomic stability and
inflation management in recent years. This has translated into
consistently high real GDP growth, averaging 6.0% annually since
2013.
Vietnam's government has delivered strong development outcomes
since the global financial crisis and its own domestic banking
sector crisis in the early 2010s. In S&P's opinion, checks and
balances within the government are limited, but the social compact
between the government and citizens remains strong.
The Vietnamese government undertook a quinquennial leadership
transition process in 2021, yielding new appointees to the roles of
prime minister and president, with Nguyen Phu Trong staying on as
general secretary of the Communist Party. S&P believes the
government faces limited challenges to its legitimacy in the medium
term. The government's successful management of the COVID-19
outbreak is likely to have further solidified public support for
the party, and speaks to the competencies of Vietnam's
institutions.
Nevertheless, decision-making in Vietnam remains highly centralized
under its one-party system, and transparency is impaired, in S&P's
opinion. These considerations are factored into our broader
assessment of the country's institutional settings, along with our
overall ratings.
Vietnam's Ministry of Finance announced a delay in payment on a
government-guaranteed debt obligation in October 2019, which the
government had already repaid at that point. The government had not
received an official request from the creditors at the time of its
repayment on the obligation. In our view, the delay in repayment on
this obligation represents shortcomings in administrative capacity
then, but does not indicate financial resource stress on the part
of Vietnam's government.
In the ensuing months, the government tightened administrative
procedures to ensure that such delays do not reoccur. It also made
the Ministry of Finance wholly responsible for making full and
immediate payment on debt obligations. In S&P's opinion, the
government is in the process of establishing an improved track
record in managing such obligations since the introduction of these
measures.
Vietnam still faces relatively high levels of corruption, but the
Communist Party has adopted a much more aggressive approach toward
corrupt practices over the past three years. S&P expects this
approach to continue over the coming years. These improvements
should support strong and balanced economic growth.
Flexibility and performance profile: Steady fiscal profile despite
the pandemic
-- The government's fiscal settings have remained largely stable
despite pandemic-related revenue and expenditure pressures.
-- Pandemic-related risks are likely to remain elevated at least
into 2022, but S&P expects Vietnam's associated change in net
general government debt to be manageable.
-- Vietnam's external profile is solid, and the central bank
continues to amass foreign exchange reserves at a healthy pace amid
strong net FDI inflows and a goods trade surplus.
Vietnam graduated to high human development status in the United
Nations Development Programme's 2020 Human Development Index
ranking, signifying consistent progress in the provision of
improving physical infrastructure and public services by the
government. Following these improvements, S&P no longer considers
the government's obligations toward future expenditures in these
areas as a material constraint on its fiscal settings.
Officials have successfully curtailed growth in government
guarantees, which has stabilized Vietnam's broader measure of
public and public-guaranteed debt well below the self-mandated cap
of 65% of GDP. However, stricter standards for the provision of
these guarantees are likely to have affected financing conditions
for infrastructure projects, especially electricity generation. The
government's net indebtedness is now less than 40% of GDP, owing in
part to a significant upward revision to Vietnam's GDP figures.
S&P expects the Vietnam Asset Management Co. (VAMC) to begin
issuing debt to fund the purchase of bad assets over the coming
years. S&P will incorporate this debt into the general government's
balance sheet, per our definition of general government debt.
Legislation empowered the VAMC in 2017 to purchase and resolve
nonperforming assets with cash; the VAMC's previous process relied
solely on exchanging special bonds for troubled assets from banks.
Over time, this should contribute to the development of more
sophisticated bad debt markets in Vietnam, leading to greater
financial market stability.
Vietnam's fiscal deficit is likely to be slightly more than 4% of
GDP over the next two years, owing partially to enduring risks
associated with the pandemic. S&P said, "We expect the government's
change in net general government debt, adjusted for the one-off
impact of the pandemic, to average just above 4% of GDP through
2024. General government revenues are less than 20% of GDP, and we
believe Vietnam has a roughly equivalent ability to raise revenues
or cut expenditure, relative to governments in countries with a
similar level of development."
S&P said, "We anticipate Vietnam's external metrics will remain
steady, having held up well against difficult global demand
conditions in 2020. The country's current account is likely to
remain in modest surplus annually to 2024. In particular, we
envisage continued outperformance in manufacturing exports, though
we also foresee a much more gradual recovery in services receipts,
especially those related to tourism."
Vietnam's competitive unit labor costs, improving educational
standards, and constructive demographics imply continued growth in
FDI and goods exports, even as the pandemic and an ongoing trade
dispute between the U.S. and China add uncertainties to the
external environment. Vietnam has actively pursued enhanced market
access via bilateral and multilateral free trade initiatives,
including the Comprehensive and Progressive Agreement for
Trans-Pacific Partnership, EU-Vietnam Free Trade Agreement, and
Regional Comprehensive Economic Partnership.
The country's external debt stock position--as measured by narrow
net external debt (the ratio of gross external debt less official
reserves and financial sector external assets to current account
receipts [CARs])--continues to gradually improve, and S&P expects
it to average roughly 15% over 2021-2024. The proportion of the
government's debt that is denominated in foreign currency has
fallen below 40%, signifying a decline in foreign exchange rate
risk. Vietnam has accumulated foreign exchange reserves at a rapid
pace in recent years owing to its high balance of payments
surpluses. These reserves can act as an additional buffer during
periods of external stress.
S&P said, "At the same time, we project external liquidity
needs--measured by the ratio of gross external financing needs to
CARs and usable reserves--will remain below 90% over the period. We
do not expect a marked deterioration in Vietnam's external
financing due to a reduction in disbursements from donors or a
destabilizing shift in FDIs or portfolio equity investments.
"Vietnam's gross external indebtedness at the economy-wide level
has grown markedly in recent years, and we forecast this trend will
continue." Vietnam's external data lack consistency, with
persistently high errors and omissions in its balance of payments.
The country's domestic banks benefit from being in an external net
asset position, with still-limited linkages to global markets.
However, its system stability is hampered by elevated nonperforming
assets and cross-ownership, connected lending, and legacy exposure
to borrowers still affected by the 2009-2012 real estate downturn.
Even though Vietnam's economy has fared better than most since the
outset of the pandemic, pockets of credit weakness are likely to
arise over time in affected industries. The State Bank of Vietnam
will allow banks to restructure the debts of certain borrowers that
have been materially affected by the pandemic through at least the
end of 2021. The aggregate impact of this program is not yet clear,
though it may lead to higher recognized nonperforming loans
beginning in 2022.
Capital adequacy in Vietnam's banking sector is in some cases
borderline, and may be pressured further amid the ongoing
implementation of stricter Basel II standards. Loan classification
and provisioning practices, combined with government policies
directed at the resolution of distressed banks through the VAMC,
weigh on a fuller assessment of the condition and outlook for
Vietnam's financial system.
Relative to GDP, the size of the total banking system is large for
a sovereign at this development level. S&P said, "We classify
Vietnam's banking sector in group '9' under our Banking Industry
Credit Risk Assessment (with '1' being the highest assessment and
'10' being the lowest). For these reasons, we expect the sovereign
to face moderate contingent liability risk from the banking
sector." System credit growth declined notably in 2018 and has
remained steady at just above 12% per year since then. Given the
system's considerable scale, faster credit growth could signal
rising risks to Vietnam's macroeconomic stability.
In S&P's view, the State Bank of Vietnam has a limited ability to
support sustainable economic growth while attenuating economic or
financial shocks. This reflects chiefly its limited independence,
which weakens its ability to calibrate monetary policies with
fiscal, economic, and development policies; use of
market-orientated instruments to conduct policy; and record in
maintaining low inflation, which we believe has strengthened in
recent years.
Environmental, social, and governance (ESG) credit factors for this
credit rating change:
-- Risk management and internal controls
-- Strategy, execution, and monitoring
In accordance with S&P relevant policies and procedures, the Rating
Committee was composed of analysts that are qualified to vote in
the committee, with sufficient experience to convey the appropriate
level of knowledge and understanding of the methodology applicable.
At the onset of the committee, the chair confirmed that the
information provided to the Rating Committee by the primary analyst
had been distributed in a timely manner and was sufficient for
Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
RATINGS AFFIRMED; OUTLOOK ACTION
TO FROM
Vietnam
Sovereign Credit Rating BB/Positive/B BB/Stable/B
RATINGS AFFIRMED
Vietnam
Transfer & Convertibility Assessment
Local Currency BB
Vietnam
Senior Unsecured BB
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week May 17, 2021 to May 21, 2021
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.15
ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.15
CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.05
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 0.98
GLENNON SMALL COS LTD 5.60 09/30/30 AUD 10.40
VIRGIN AUSTRALIA HOLDIN 8.08 03/05/24 AUD 7.55
VIRGIN AUSTRALIA HOLDIN 8.25 05/30/23 AUD 7.85
VIRGIN AUSTRALIA HOLDIN 8.00 11/26/24 AUD 8.22
VIRGIN AUSTRALIA HOLDIN 8.13 11/15/24 USD 9.23
VIRGIN AUSTRALIA HOLDIN 7.88 10/15/21 USD 9.25
VIRGIN AUSTRALIA HOLDIN 7.88 10/15/21 USD 9.25
VIRGIN AUSTRALIA HOLDIN 8.13 11/15/24 USD 9.25
CHINA
-----
AKESU DISTRICT GREEN IN 4.09 03/11/23 CNY 39.51
AKESU DISTRICT GREEN IN 4.09 03/11/23 CNY 39.68
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 20.24
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 40.01
ALTAY PREFECTURE STATE- 4.85 01/22/23 CNY 38.70
ALTAY PREFECTURE STATE- 4.85 01/22/23 CNY 39.04
AN SHUN YU KUN REAL EST 5.48 11/10/21 CNY 39.68
ANHUI HUAAN FOREIGN ECO 7.30 07/13/21 CNY 70.01
ANHUI JIANGNAN INDUSTRI 4.76 07/08/23 CNY 59.25
ANHUI JIANGNAN INDUSTRI 4.76 07/08/23 CNY 59.31
ANJI NORTHWEST DEVELOPM 5.90 07/18/23 CNY 59.39
ANJI NORTHWEST DEVELOPM 5.90 07/18/23 CNY 59.58
ANLU CONSTRUCTION DEVEL 5.45 06/15/23 CNY 59.11
ANLU CONSTRUCTION DEVEL 5.45 06/15/23 CNY 59.47
ANQING ECONOMIC&TECHNOL 4.09 03/09/23 CNY 38.87
ANQING ECONOMIC&TECHNOL 4.09 03/09/23 CNY 39.96
ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 40.00
ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 40.55
ANQIU HUAAN STATE OWNED 7.00 09/14/24 CNY 75.00
ANSHUN CITY CONSTRUCTIO 7.30 09/15/24 CNY 68.49
ANSHUN CITY CONSTRUCTIO 7.30 09/15/24 CNY 73.65
ANSHUN STATE-RUN ASSETS 4.48 07/18/23 CNY 55.82
ANSHUN STATE-RUN ASSETS 4.48 07/18/23 CNY 56.53
ANSHUN XIXIU CITY INVES 4.70 11/22/23 CNY 55.41
ANSHUN XIXIU CITY INVES 4.70 11/22/23 CNY 58.20
BAOJI INVESTMENT GROUP 5.05 04/18/24 CNY 60.50
BAOJI INVESTMENT GROUP 5.05 04/18/24 CNY 60.97
BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 19.96
BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 25.50
BAOYING CITY CONSTRUCTI 4.50 03/24/23 CNY 39.01
BAOYING CITY CONSTRUCTI 4.50 03/24/23 CNY 40.14
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 13.54
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 14.80
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 20.00
BAZHONG STATE-OWNED ASS 5.13 12/02/22 CNY 38.77
BAZHONG STATE-OWNED ASS 5.13 12/02/22 CNY 40.00
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 40.20
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 40.32
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 20.07
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 23.87
BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 35.90
BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 40.80
BENGBU URBAN INVESTMENT 5.80 04/13/24 CNY 61.35
BENGBU URBAN INVESTMENT 5.80 04/13/24 CNY 61.83
BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 19.45
BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 20.10
BIJIE DEXI CONSTRUCTION 5.10 12/05/23 CNY 54.67
BIJIE DEXI CONSTRUCTION 4.60 11/17/23 CNY 57.34
BIJIE DEXI CONSTRUCTION 4.60 11/17/23 CNY 58.14
BIJIE DEXI CONSTRUCTION 5.10 12/05/23 CNY 58.55
BIJIE QIXINGGUAN DISTRI 7.60 09/08/24 CNY 68.00
BINZHOU ZHANHUA DISTRIC 4.93 11/29/23 CNY 58.09
BINZHOU ZHANHUA DISTRIC 4.93 11/29/23 CNY 58.09
BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 20.00
BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 20.01
BOHAI LEASING CO LTD 7.00 09/10/21 CNY 46.00
BOHAI LEASING CO LTD 7.00 06/20/21 CNY 59.00
BOILL HOLDING GROUP CO 7.50 06/07/21 CNY 64.01
BORALA MONGOL AUTONOMOU 5.77 08/26/22 CNY 38.50
BORALA MONGOL AUTONOMOU 5.77 08/26/22 CNY 39.91
BOZHOU URBAN CONSTRUCTI 4.78 04/14/23 CNY 39.46
BOZHOU URBAN CONSTRUCTI 4.78 04/14/23 CNY 40.06
BOZHOU YIJU REAL ESTATE 4.82 10/27/21 CNY 49.49
BOZHOU YIJU REAL ESTATE 4.82 10/27/21 CNY 49.58
BRILLIANCE AUTO GROUP H 5.80 03/20/24 CNY 54.80
BRILLIANCE AUTO GROUP H 5.40 09/14/23 CNY 55.80
BRILLIANCE AUTO GROUP H 6.30 09/14/23 CNY 56.93
BRILLIANCE AUTO GROUP H 5.80 11/05/23 CNY 59.80
BRILLIANCE AUTO GROUP H 5.80 06/17/24 CNY 60.78
BRILLIANCE AUTO GROUP H 5.30 10/23/20 CNY 68.50
BRILLIANCE AUTO GROUP H 6.50 01/22/22 CNY 68.50
BRILLIANCE AUTO GROUP H 6.50 03/13/22 CNY 68.50
BRILLIANCE AUTO GROUP H 6.50 04/18/22 CNY 68.50
BRILLIANCE AUTO GROUP H 6.50 06/03/22 CNY 68.50
BRILLIANCE AUTO GROUP H 6.30 09/14/23 CNY 68.50
BRILLIANCE AUTO GROUP H 5.80 11/05/23 CNY 68.50
CANGNAN COUNTY STATE OW 5.58 11/11/22 CNY 40.00
CANGNAN COUNTY STATE OW 5.58 11/11/22 CNY 40.46
CEFC SHANGHAI INTERNATI 4.08 09/09/21 CNY 60.00
CEFC SHANGHAI INTERNATI 4.98 12/10/20 CNY 61.29
CHANG DE DING LI INDUST 4.30 03/10/23 CNY 39.97
CHANG DE DING LI INDUST 4.30 03/10/23 CNY 39.97
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 19.50
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 19.92
CHANGDE DE YUAN SHANTY 5.33 09/13/23 CNY 67.35
CHANGDE URBAN CONSTRUCT 3.59 01/12/23 CNY 39.87
CHANGDE URBAN CONSTRUCT 3.59 01/12/23 CNY 40.00
CHANGGE JINCAI PUBLIC A 7.10 04/19/24 CNY 60.17
CHANGGE JINCAI PUBLIC A 7.10 04/19/24 CNY 61.89
CHANGJI URBAN CONSTRUCT 4.24 11/18/23 CNY 56.95
CHANGJI URBAN CONSTRUCT 4.24 11/18/23 CNY 58.10
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 39.45
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 40.41
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 25.73
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 25.73
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 15.47
CHANGSHA ECONOMIC & TEC 4.78 03/03/24 CNY 60.50
CHANGSHA ECONOMIC & TEC 4.78 03/03/24 CNY 61.26
CHANGSHA FURONG CITY DE 3.88 01/26/23 CNY 40.13
CHANGSHA FURONG CITY DE 3.88 01/26/23 CNY 40.67
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 31.03
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 32.11
CHANGSHA METRO GROUP CO 5.97 04/03/25 CNY 62.86
CHANGSHA METRO GROUP CO 5.40 07/14/25 CNY 70.00
CHANGSHA METRO GROUP CO 4.10 12/21/25 CNY 70.00
CHANGSHA METRO GROUP CO 4.10 12/21/25 CNY 70.50
CHANGSHA METRO GROUP CO 5.40 07/14/25 CNY 72.57
CHANGSHA TIANXIN CITY C 4.20 11/06/22 CNY 39.96
CHANGSHA TIANXIN CITY C 4.20 11/06/22 CNY 40.00
CHANGSHA TIANXIN CITY C 3.43 08/08/23 CNY 59.13
CHANGSHA TIANXIN CITY C 3.43 08/08/23 CNY 59.35
CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 59.18
CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 59.20
CHANGSHA YUHUA URBAN CO 3.80 01/28/23 CNY 39.92
CHANGSHA YUHUA URBAN CO 3.80 01/28/23 CNY 39.98
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 20.00
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 20.16
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 20.52
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 27.32
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 20.00
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 27.00
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 19.00
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 20.27
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 19.98
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 19.98
CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 20.00
CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 20.47
CHANGZHOU XINGANG ECONO 3.42 10/20/23 CNY 58.83
CHANGZHOU XINGANG ECONO 3.42 10/20/23 CNY 59.60
CHANGZHOU ZHONGLOU ECON 3.64 10/26/23 CNY 59.42
CHANGZHOU ZHONGLOU ECON 3.64 10/26/23 CNY 59.48
CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 40.46
CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 42.10
CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 20.03
CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 26.00
CHENGDU GARDEN WATER CI 6.15 05/03/23 CNY 59.37
CHENGDU GARDEN WATER CI 6.15 05/03/23 CNY 59.61
CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 20.37
CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 28.83
CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 40.30
CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 40.50
CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 20.00
CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 20.09
CHENGDU XINGJIN ECOLOGI 3.65 10/13/23 CNY 58.63
CHENGDU XINGJIN ECOLOGI 3.65 10/13/23 CNY 59.54
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 20.15
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 21.00
CHENGDU XINKAIYUAN URBA 5.29 04/27/23 CNY 58.80
CHENGDU XINKAIYUAN URBA 5.29 04/27/23 CNY 59.22
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 20.00
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 21.37
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 19.88
CHENZHOU BAIFU INVESTME 4.96 03/22/26 CNY 61.46
CHENZHOU BAIFU INVESTME 4.96 03/22/26 CNY 61.47
CHENZHOU FUCHENG HIGH T 4.73 01/22/23 CNY 39.50
CHENZHOU FUCHENG HIGH T 4.73 01/22/23 CNY 39.76
CHENZHOU INDUSTRY INVES 6.45 01/23/22 CNY 20.02
CHENZHOU INDUSTRY INVES 6.45 01/23/22 CNY 28.60
CHENZHOU WENLV INDUSTRY 5.34 11/28/23 CNY 58.46
CHENZHOU XINTIAN INVEST 5.38 03/08/26 CNY 61.59
CHENZHOU XINTIAN INVEST 5.38 03/08/26 CNY 61.72
CHIBI LANTIAN URBAN CON 4.38 08/10/23 CNY 59.19
CHIBI LANTIAN URBAN CON 4.38 08/10/23 CNY 59.68
CHINA FORTUNE LAND DEVE 7.40 03/24/21 CNY 25.13
CHINA FORTUNE LAND DEVE 7.20 04/18/21 CNY 25.13
CHINA FORTUNE LAND DEVE 5.60 09/10/21 CNY 25.13
CHINA FORTUNE LAND DEVE 5.80 05/23/22 CNY 25.13
CHINA FORTUNE LAND DEVE 5.00 05/30/22 CNY 68.15
CHINA OCEANWIDE HOLDING 8.90 12/13/21 CNY 54.50
CHINA OCEANWIDE HOLDING 8.60 09/21/21 CNY 63.01
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMEN 4.08 09/14/23 CNY 59.60
CHINA YIXING ENVIRONMEN 4.08 09/14/23 CNY 59.66
CHONGQIN BAIYAN INVESTM 5.75 05/03/23 CNY 59.74
CHONGQIN BAIYAN INVESTM 5.75 05/03/23 CNY 60.04
CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 37.53
CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 37.55
CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 19.70
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 20.00
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 20.06
CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 20.21
CHONGQING BAYUAN CONSTR 4.99 08/16/23 CNY 58.18
CHONGQING BISHAN DISTRI 4.93 03/29/23 CNY 39.95
CHONGQING BISHAN DISTRI 4.93 03/29/23 CNY 39.98
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 20.01
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 20.17
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 20.00
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 20.02
CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 40.00
CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 40.07
CHONGQING ECO&TECH DEVE 3.95 04/13/23 CNY 39.82
CHONGQING ECO&TECH DEVE 3.95 04/13/23 CNY 40.24
CHONGQING ENERGY INVEST 5.63 03/18/22 USD 53.04
CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 20.00
CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 20.23
CHONGQING GAOXIN CITY D 7.80 04/25/21 CNY 20.00
CHONGQING GAOXIN CITY D 7.80 04/25/21 CNY 30.80
CHONGQING GARDENING IND 8.45 06/03/21 CNY 20.00
CHONGQING GARDENING IND 8.45 06/03/21 CNY 20.06
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 20.16
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 21.00
CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 59.44
CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 59.76
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 16.58
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 20.15
CHONGQING JIN TONG INDU 4.44 11/16/23 CNY 56.16
CHONGQING JIN TONG INDU 4.44 11/16/23 CNY 57.61
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 40.06
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 40.07
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 20.14
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 20.26
CHONGQING KAIQIAN INVES 4.64 03/21/23 CNY 38.61
CHONGQING KAIQIAN INVES 4.64 03/21/23 CNY 38.88
CHONGQING LAND PROPERTI 3.36 03/21/23 CNY 39.77
CHONGQING LAND PROPERTI 3.36 03/21/23 CNY 40.10
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 16.68
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 20.00
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 20.17
CHONGQING LIANGJIANG NE 3.10 08/05/21 CNY 39.95
CHONGQING LIANGJIANG NE 3.10 08/05/21 CNY 40.00
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 40.07
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 60.06
CHONGQING NANCHUAN CITY 4.20 07/11/23 CNY 59.13
CHONGQING NANCHUAN CITY 4.20 07/11/23 CNY 59.36
CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 57.74
CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 58.15
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 19.93
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 26.25
CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 20.03
CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 20.00
CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 20.18
CHONGQING TONGNAN DISTR 4.99 12/31/22 CNY 39.28
CHONGQING TONGNAN DISTR 4.99 12/31/22 CNY 40.00
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 19.99
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 25.00
CHONGQING WANSHENG ECO 5.40 11/18/21 CNY 39.41
CHONGQING WANZHOU SANXI 4.95 08/25/22 CNY 40.26
CHONGQING WANZHOU SANXI 4.95 08/25/22 CNY 40.80
CHONGQING XINGRONG HOLD 4.86 03/31/23 CNY 38.50
CHONGQING XINGRONG HOLD 4.86 03/31/23 CNY 39.13
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 20.09
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 22.33
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 20.05
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 21.60
CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 40.00
CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 40.18
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 20.01
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 20.76
CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 20.32
CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 24.55
CHUN'AN XINANJIANG DEVE 3.84 11/04/23 CNY 58.70
CHUN'AN XINANJIANG DEVE 3.84 11/04/23 CNY 59.43
CHUZHOU CITY INVESTMENT 6.40 08/22/21 CNY 20.01
CHUZHOU CITY INVESTMENT 6.40 08/22/21 CNY 20.15
CHUZHOU CITY INVESTMENT 6.30 11/30/21 CNY 30.58
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 20.12
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 28.80
CIXI STATE OWNED ASSET 4.90 04/07/24 CNY 60.64
CIXI STATE OWNED ASSET 4.90 04/07/24 CNY 63.13
DAFANG COUNTY CONSTRUCT 6.00 09/26/23 CNY 57.81
DAFANG COUNTY CONSTRUCT 6.00 09/26/23 CNY 59.34
DALI HAIDONG DEVELOPMEN 6.01 01/25/23 CNY 39.39
DALI HAIDONG DEVELOPMEN 6.01 01/25/23 CNY 39.82
DALIAN PULANDIAN CONSTR 3.80 01/25/23 CNY 39.54
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 20.15
DALIAN SHITAI CITY CONS 4.50 02/01/23 CNY 35.60
DALIAN SHITAI CITY CONS 4.50 02/01/23 CNY 39.31
DANGTU COUNTY CONSTRUCT 5.38 08/10/22 CNY 40.27
DANGTU COUNTY CONSTRUCT 5.38 08/10/22 CNY 40.35
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 20.00
DANGYANG XINYUAN INVEST 4.97 03/29/23 CNY 39.30
DANGYANG XINYUAN INVEST 4.97 03/29/23 CNY 40.06
DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 19.64
DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 40.00
DANYANG INVESTMENT GROU 3.99 01/25/23 CNY 39.25
DANYANG INVESTMENT GROU 3.99 01/25/23 CNY 39.51
DATONG ECONOMIC CONSTRU 4.49 10/22/22 CNY 39.73
DATONG ECONOMIC CONSTRU 4.49 10/22/22 CNY 40.30
DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 39.00
DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 39.90
DAWA COUNTY LINGANG ECO 5.99 10/19/24 CNY 73.86
DAYE ZHENHENG CITY DEVE 4.50 03/28/23 CNY 38.78
DAYE ZHENHENG CITY DEVE 4.50 03/28/23 CNY 39.55
DAYE ZHENHENG CITY DEVE 4.05 08/31/23 CNY 55.75
DAYE ZHENHENG CITY DEVE 4.05 08/31/23 CNY 58.26
DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 20.00
DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 20.19
DAZHOU DEVELOPMENT HOLD 5.10 11/27/22 CNY 39.81
DAZHOU DEVELOPMENT HOLD 5.10 11/27/22 CNY 40.00
DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 19.94
DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 19.97
DEQING CONSTRUCTION INV 3.60 11/11/23 CNY 59.48
DEQING CONSTRUCTION INV 3.60 11/11/23 CNY 59.50
DEXING INVESTMENT HOLDI 5.99 03/21/23 CNY 36.80
DEXING INVESTMENT HOLDI 5.99 03/21/23 CNY 39.69
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 20.00
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 28.26
DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.00
DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.30
DONGTAI STATE-OWNED ASS 3.04 11/16/23 CNY 58.08
DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 20.23
DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 21.58
DONGZHI COUNTY CITY OPE 4.88 06/20/23 CNY 60.31
DONGZHI COUNTY CITY OPE 4.88 06/20/23 CNY 60.32
DUJIANGYAN NEW CITY CON 6.90 10/19/24 CNY 69.05
DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 19.00
DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 19.35
DUNYUN STATE-OWNED ASSE 6.60 12/28/22 CNY 39.31
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 20.04
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 27.54
ENSHI URBAN CONSTRUCTIO 3.84 11/01/23 CNY 58.70
ENSHI URBAN CONSTRUCTIO 3.84 11/01/23 CNY 59.04
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 20.01
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 20.18
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 20.53
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 26.50
FEICHENG CITY ASSETS MA 4.04 03/23/23 CNY 39.32
FEICHENG CITY ASSETS MA 4.04 03/23/23 CNY 39.71
FEIXI COUNTY URBAN & RU 4.45 06/03/23 CNY 60.35
FEIXI COUNTY URBAN & RU 4.45 06/03/23 CNY 61.24
FENG COUNTY ECONOMIC DE 5.18 06/21/23 CNY 58.37
FENG COUNTY ECONOMIC DE 5.18 06/21/23 CNY 58.92
FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 20.34
FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 20.69
FENGCHENG CITY MODERN I 5.76 12/17/22 CNY 39.44
FENGCHENG CITY MODERN I 5.76 12/17/22 CNY 40.00
FENGDU COUNTY STATE-OWN 6.38 09/05/24 CNY 60.00
FENGHUANG MINGCHENG CON 6.50 03/23/24 CNY 59.86
FENGHUANG MINGCHENG CON 6.50 03/23/24 CNY 59.87
FENGTAI HUAXING CITY DE 5.60 03/13/24 CNY 61.33
FENGTAI HUAXING CITY DE 5.60 03/13/24 CNY 61.38
FENGXIAN URBAN INVESTME 4.23 07/13/21 CNY 19.88
FENGXIAN URBAN INVESTME 4.23 07/13/21 CNY 19.96
FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 19.99
FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 20.00
FENYI CITY CONSTRUCTION 4.54 08/22/23 CNY 58.33
FENYI CITY CONSTRUCTION 4.54 08/22/23 CNY 58.42
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN FUSHENG GROUP CO 7.90 11/19/21 CNY 60.00
FUJIAN FUSHENG GROUP CO 7.90 12/17/21 CNY 70.99
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 20.06
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 20.65
FUJIAN JINJIANG URBAN C 3.35 08/24/23 CNY 59.00
FUJIAN JINJIANG URBAN C 3.35 08/24/23 CNY 59.95
FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 40.00
FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 40.47
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.00
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.47
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 20.14
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 21.15
FUNING URBAN INVESTMENT 6.00 03/14/24 CNY 61.23
FUNING URBAN INVESTMENT 6.00 03/14/24 CNY 61.49
FUQING CITY STATE-OWNED 5.94 11/26/22 CNY 39.80
FUXIN INFRASTRUCTURE CO 6.18 03/18/22 CNY 19.00
FUXIN INFRASTRUCTURE CO 6.18 03/18/22 CNY 19.76
FUZHOU CHANGLE DISTRICT 4.50 04/11/23 CNY 38.78
FUZHOU CHANGLE DISTRICT 4.50 04/11/23 CNY 39.99
FUZHOU DEVELOPMENT ZONE 3.53 08/25/23 CNY 49.63
FUZHOU DEVELOPMENT ZONE 3.53 08/25/23 CNY 59.42
FUZHOU DONGXIANG INVEST 6.20 03/20/24 CNY 58.60
FUZHOU DONGXIANG INVEST 6.20 03/20/24 CNY 61.90
FUZHOU LINCHUAN URBAN C 5.68 07/05/23 CNY 59.79
FUZHOU LINCHUAN URBAN C 5.68 07/05/23 CNY 60.06
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 20.00
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 20.35
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 40.34
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 40.55
GANSU PROVINCIAL HIGHWA 6.58 09/24/22 CNY 71.60
GANSU PROVINCIAL HIGHWA 6.20 03/28/23 CNY 72.14
GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 40.00
GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 40.16
GANZHOU DEVELOPMENT INV 8.10 12/11/23 CNY 63.88
GAOMI STATE-OWNED ASSET 4.69 01/26/23 CNY 39.55
GAOMI STATE-OWNED ASSET 4.69 01/26/23 CNY 39.73
GAOYOU CITY CONSTRUCTIO 5.48 09/15/22 CNY 40.00
GAOYOU CITY CONSTRUCTIO 5.48 09/15/22 CNY 40.33
GAOYOU CITY ECONOMY DEV 3.65 09/02/23 CNY 59.51
GAOYOU CITY ECONOMY DEV 3.65 09/02/23 CNY 60.00
GONG'AN COUNTY CITY CON 4.30 08/30/23 CNY 59.09
GONG'AN COUNTY CITY CON 4.30 08/30/23 CNY 59.20
GONGQINGCHENG FINANCIAL 5.85 03/25/23 CNY 39.08
GONGQINGCHENG FINANCIAL 5.85 03/25/23 CNY 40.29
GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 20.28
GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 24.00
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 20.03
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 20.03
GUANGAN ECONOMIC & TECH 5.16 04/14/23 CNY 38.70
GUANGAN ECONOMIC & TECH 5.16 04/14/23 CNY 39.34
GUANGAN TRANSPORTATION 5.39 12/01/23 CNY 58.51
GUANGDONG HUIZHOU COMMU 4.16 05/17/23 CNY 60.28
GUANGDONG HUIZHOU COMMU 4.16 05/17/23 CNY 60.32
GUANGDONG HUIZHOU COMMU 4.95 12/27/23 CNY 61.30
GUANGDONG HUIZHOU COMMU 4.95 12/27/23 CNY 61.30
GUANGRAO COUNTY ECONOMI 3.61 09/08/23 CNY 60.06
GUANGSHUI CITY DEVELOPM 6.19 03/01/24 CNY 61.38
GUANGSHUI CITY DEVELOPM 6.19 03/01/24 CNY 61.39
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 19.90
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 19.99
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 19.94
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 20.00
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 20.14
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 27.00
GUANGYUAN YUANQU CONSTR 4.48 03/10/23 CNY 38.65
GUANGYUAN YUANQU CONSTR 4.48 03/10/23 CNY 38.99
GUANGZHOU HUANTOU NANSH 6.38 11/18/24 CNY 59.72
GUANGZHOU HUANTOU NANSH 6.38 11/18/24 CNY 59.98
GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 45.00
GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 47.35
GUANGZHOU METRO GROUP C 6.05 06/03/24 CNY 62.28
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 20.00
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 20.05
GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 20.00
GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 20.39
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIXI STATE OWNED HOLDI 4.18 08/18/23 CNY 58.60
GUIXI STATE OWNED HOLDI 4.18 08/18/23 CNY 58.93
GUIYANG BAIYUN CITY CON 4.75 09/13/26 CNY 73.28
GUIYANG BAIYUN CITY CON 4.75 09/13/26 CNY 73.47
GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 20.23
GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 25.00
GUIYANG CITY CONSTRUCTI 4.37 03/25/26 CNY 66.33
GUIYANG CITY CONSTRUCTI 4.37 03/25/26 CNY 67.09
GUIYANG CITY CONSTRUCTI 4.00 11/14/26 CNY 73.25
GUIYANG CITY CONSTRUCTI 4.00 11/14/26 CNY 74.71
GUIYANG GUANCHENG INDUS 7.50 12/25/22 CNY 70.37
GUIYANG GUANSHANHU DIST 4.48 03/09/23 CNY 37.39
GUIYANG GUANSHANHU DIST 4.48 03/09/23 CNY 38.24
GUIYANG GUANSHANHU DIST 4.87 01/28/23 CNY 38.56
GUIYANG GUANSHANHU DIST 4.87 01/28/23 CNY 38.88
GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 39.52
GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 39.60
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 38.57
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 39.95
GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 19.65
GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 20.00
GUIZHOU GUIAN CONSTRUCT 4.17 10/28/22 CNY 40.09
GUIZHOU GUIAN CONSTRUCT 4.17 10/28/22 CNY 41.00
GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 50.15
GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 50.22
GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 48.73
GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 49.16
GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 20.10
GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 20.61
GUIZHOU RAILWAY INVESTM 7.50 04/23/24 CNY 45.82
GUIZHOU RAILWAY INVESTM 7.50 04/23/24 CNY 62.67
GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 54.89
GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 59.70
GUIZHOU SHUICHENG ECONO 7.50 10/26/25 CNY 59.50
GUIZHOU XINDONGGUAN CIV 7.70 09/05/24 CNY 67.00
GULIN STATE-OWNED ASSET 4.18 08/04/23 CNY 58.52
GULIN STATE-OWNED ASSET 4.18 08/04/23 CNY 58.80
HAIAN COUNTY DEVELOPMEN 5.45 04/13/23 CNY 38.98
HAIAN COUNTY DEVELOPMEN 5.45 04/13/23 CNY 39.28
HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 57.87
HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 58.08
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 40.15
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 40.88
HAICHENG URBAN JINCAI L 5.37 08/10/23 CNY 59.25
HAIFENG MARINE INFRASTR 6.84 04/29/22 CNY 40.05
HAIKOU MEILAN INTERNATI 5.25 09/06/19 USD 23.42
HAINAN AIRLINES HOLDING 6.20 05/24/21 CNY 51.00
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 20.08
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 20.70
HAMI JIANHUI STATE-OWNE 3.90 09/21/23 CNY 57.74
HAMI JIANHUI STATE-OWNE 3.90 09/21/23 CNY 58.20
HANCHENG CITY INVESTMEN 4.69 12/05/23 CNY 57.03
HANCHENG CITY INVESTMEN 4.69 12/05/23 CNY 57.23
HANCHUAN CITY HANRONG I 4.25 07/18/23 CNY 59.13
HANCHUAN CITY HANRONG I 4.25 07/18/23 CNY 59.24
HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 40.25
HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 47.20
HANGZHOU CANAL COMPREHE 3.40 10/17/23 CNY 59.43
HANGZHOU CANAL COMPREHE 3.40 10/17/23 CNY 60.01
HANGZHOU CITY CONSTRUCT 3.80 03/14/23 CNY 40.00
HANGZHOU CITY CONSTRUCT 3.80 03/14/23 CNY 40.18
HANGZHOU FUYANG DEVELOP 7.70 04/28/21 CNY 20.00
HANGZHOU FUYANG DEVELOP 7.70 04/28/21 CNY 29.00
HANGZHOU FUYANG DEVELOP 4.76 01/27/23 CNY 39.29
HANGZHOU FUYANG DEVELOP 4.76 01/27/23 CNY 40.30
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 20.13
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 20.40
HANGZHOU METRO GROUP CO 5.97 09/17/24 CNY 62.56
HANGZHOU WEST LAKE INVE 4.30 04/25/23 CNY 40.45
HANGZHOU WEST LAKE INVE 4.30 04/25/23 CNY 60.57
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 17.27
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 20.04
HANGZHOU XIAOSHAN QIANJ 4.00 03/22/23 CNY 39.34
HANGZHOU XIAOSHAN QIANJ 4.00 03/22/23 CNY 40.31
HANJIANG STATE-OWNED-AS 5.40 04/21/24 CNY 61.61
HANJIANG STATE-OWNED-AS 5.40 04/21/24 CNY 61.95
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HEBEI ZHONGYUE CITY CON 4.10 11/16/21 CNY 19.88
HEBEI ZHONGYUE CITY CON 4.10 11/16/21 CNY 19.90
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.16
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.99
HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 39.11
HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 42.42
HECHI STATE-OWNED ASSET 4.37 11/04/23 CNY 58.06
HECHI STATE-OWNED ASSET 4.37 11/04/23 CNY 58.26
HEFEI CONSTRUCTION INVE 7.20 04/29/24 CNY 63.10
HEFEI CONSTRUCTION INVE 7.20 04/29/24 CNY 63.28
HEFEI XINCHENG STATE-OW 4.13 07/15/23 CNY 59.23
HEFEI XINCHENG STATE-OW 4.13 07/15/23 CNY 59.27
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 19.89
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 30.08
HEISHAN TONGHE ASSET MA 6.79 09/18/22 CNY 39.28
HEISHAN TONGHE ASSET MA 6.79 09/18/22 CNY 39.39
HENAN ENERGY & CHEMICAL 6.98 11/02/21 CNY 55.82
HENGDONG URBAN & RURAL 6.60 12/27/23 CNY 59.74
HENGDONG URBAN & RURAL 6.60 12/27/23 CNY 59.90
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 20.02
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 24.50
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 39.65
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 40.00
HESHAN PUBLIC ASSET MAN 4.08 09/28/23 CNY 58.14
HESHAN PUBLIC ASSET MAN 4.08 09/28/23 CNY 59.08
HESHAN PUBLIC ASSET MAN 5.08 12/07/23 CNY 60.27
HESHAN PUBLIC ASSET MAN 5.08 12/07/23 CNY 60.27
HETIAN YUXIN STATE-OWNE 4.65 03/28/23 CNY 38.73
HETIAN YUXIN STATE-OWNE 4.65 03/28/23 CNY 38.78
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 20.23
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 25.88
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 20.04
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 21.00
HNA GROUP CO LTD 5.99 11/27/22 CNY 24.27
HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10
HNA GROUP CO LTD 7.10 04/15/20 CNY 70.00
HONGHEZHOU DEVELOPMENT 5.90 07/12/24 CNY 72.00
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 34.50
HUAIAN CITY HUAIAN DIST 4.63 05/03/23 CNY 59.91
HUAIAN CITY HUAIAN DIST 4.63 05/03/23 CNY 60.30
HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 21.54
HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 40.48
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 39.33
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 39.46
HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 38.52
HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 38.79
HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 58.63
HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 59.32
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 20.15
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 27.50
HUAIHUA CITY CONSTRUCTI 4.18 08/31/23 CNY 58.02
HUAIHUA CITY CONSTRUCTI 4.18 08/31/23 CNY 58.11
HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 19.77
HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 20.00
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 39.04
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 39.25
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 20.15
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 20.26
HUANGGANG CITY CONSTRUC 4.08 01/18/23 CNY 40.25
HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 40.39
HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 40.65
HUANGSHI CIHU HIGH-TECH 4.97 06/08/23 CNY 59.78
HUANGSHI CIHU HIGH-TECH 4.97 06/08/23 CNY 59.92
HUANGSHI CIHU HIGH-TECH 4.50 06/08/23 CNY 60.13
HUANGSHI CIHU HIGH-TECH 4.50 06/08/23 CNY 63.00
HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 40.00
HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 40.40
HUAYANG NEW MATERIAL TE 3.67 02/26/23 CNY 75.00
HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 20.39
HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 22.40
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 36.83
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 45.80
HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 39.88
HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 40.36
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 20.06
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 20.12
HUNAN CHUZHISHENG HOLDI 5.60 12/18/22 CNY 39.61
HUNAN CHUZHISHENG HOLDI 5.60 12/18/22 CNY 40.56
HUNAN JINYANG INVESTMEN 5.70 11/27/21 CNY 18.60
HUNAN JINYANG INVESTMEN 5.70 11/27/21 CNY 20.01
HUNAN JINYANG INVESTMEN 4.37 01/19/23 CNY 39.45
HUNAN JINYANG INVESTMEN 4.39 04/06/23 CNY 39.58
HUNAN JINYANG INVESTMEN 4.37 01/19/23 CNY 39.59
HUNAN JINYANG INVESTMEN 4.39 04/06/23 CNY 39.77
HUNAN JINYANG NEW CITY 4.43 10/23/22 CNY 40.05
HUNAN LINGANG DEVELOPME 3.94 10/26/23 CNY 57.20
HUNAN LINGANG DEVELOPME 3.94 10/26/23 CNY 57.44
HUNAN LINGANG DEVELOPME 4.24 07/21/23 CNY 57.96
HUNAN LINGANG DEVELOPME 4.24 07/21/23 CNY 58.13
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 19.14
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 27.00
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 37.23
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 38.62
HUNAN PROVINCIAL RAILWA 6.09 04/30/25 CNY 70.00
HUNAN PROVINCIAL RAILWA 6.09 04/30/25 CNY 72.38
HUNAN SENTE INDUSTRIAL 6.90 11/28/24 CNY 40.00
HUNAN SHAODONG ECO-INDU 6.58 12/13/23 CNY 60.23
HUNAN SHAODONG ECO-INDU 6.58 12/13/23 CNY 60.24
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 37.93
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 38.33
HUNAN YOUZHOU INVESTMEN 4.80 07/07/23 CNY 59.67
HUNAN YOUZHOU INVESTMEN 4.80 07/07/23 CNY 59.68
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 20.13
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 22.38
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 20.00
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 20.00
INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 39.50
INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 39.78
INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 19.35
INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 19.40
INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 39.28
INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 40.00
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 20.09
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 24.00
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 20.40
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 22.10
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 19.86
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 20.87
JIAN CITY JINGANGSHAN D 4.87 01/27/23 CNY 38.47
JIAN CITY JINGANGSHAN D 4.87 01/27/23 CNY 39.07
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 20.04
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 26.50
JIANAN INVESTMENT HOLDI 4.30 03/08/23 CNY 39.74
JIANAN INVESTMENT HOLDI 4.30 03/08/23 CNY 40.21
JIANAN INVESTMENT HOLDI 3.50 09/05/23 CNY 59.26
JIANAN INVESTMENT HOLDI 3.85 09/05/23 CNY 59.26
JIANAN INVESTMENT HOLDI 3.85 09/05/23 CNY 59.29
JIANAN INVESTMENT HOLDI 3.50 09/05/23 CNY 59.34
JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 20.17
JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 21.10
JIANGSU BEIGU INDUSTRIA 5.80 06/20/23 CNY 59.85
JIANGSU BEIGU INDUSTRIA 5.80 06/20/23 CNY 60.38
JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 58.56
JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 58.58
JIANGSU GAOCHUN ECONOMI 3.92 11/23/23 CNY 59.13
JIANGSU GAOCHUN ECONOMI 3.67 09/23/23 CNY 59.28
JIANGSU GAOCHUN ECONOMI 3.67 09/23/23 CNY 59.37
JIANGSU GAOCHUN ECONOMI 3.92 11/23/23 CNY 59.82
JIANGSU HAIRUN CITY DEV 6.22 04/03/22 CNY 20.28
JIANGSU HAIRUN CITY DEV 6.22 04/03/22 CNY 22.20
JIANGSU HAIZHOU DEVELOP 4.67 06/06/23 CNY 60.13
JIANGSU HAIZHOU DEVELOP 4.67 06/06/23 CNY 60.24
JIANGSU HANRUI INVESTME 4.63 04/15/23 CNY 39.96
JIANGSU HANRUI INVESTME 4.63 04/15/23 CNY 40.51
JIANGSU HANRUI INVESTME 5.00 08/31/23 CNY 57.22
JIANGSU HANRUI INVESTME 5.00 08/31/23 CNY 58.15
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 20.00
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 20.03
JIANGSU JINTAN GUOFA IN 4.60 08/22/23 CNY 58.37
JIANGSU JINTAN GUOFA IN 4.60 08/22/23 CNY 58.97
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 20.00
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 20.04
JIANGSU RUNCHENG ASSET 5.65 04/19/24 CNY 60.62
JIANGSU RUNCHENG ASSET 5.65 04/19/24 CNY 62.65
JIANGSU RUNQI WANGUO IN 4.14 10/21/21 CNY 29.66
JIANGSU RUNQI WANGUO IN 4.14 10/21/21 CNY 29.94
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 20.04
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 25.00
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 20.00
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 20.02
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 20.25
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 20.32
JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 40.48
JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 40.50
JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 20.24
JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 27.50
JIANGSU YINGZHOU DEVELO 4.33 09/21/23 CNY 57.59
JIANGSU YINGZHOU DEVELO 4.33 09/21/23 CNY 57.75
JIANGSU ZHANGJIAGANG EC 3.95 03/22/23 CNY 40.00
JIANGSU ZHANGJIAGANG EC 3.95 03/22/23 CNY 40.14
JIANGSU ZHONGAN CONSTRU 5.65 03/24/24 CNY 60.91
JIANGSU ZHONGAN CONSTRU 5.65 03/24/24 CNY 62.40
JIANGSU ZHUFU INDUSTRIA 4.47 07/20/23 CNY 56.30
JIANGSU ZHUFU INDUSTRIA 4.47 07/20/23 CNY 58.60
JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 39.40
JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 40.00
JIANGXI HUIHENG PROPERT 4.43 08/30/21 CNY 39.85
JIANGXI HUIHENG PROPERT 4.43 08/30/21 CNY 39.98
JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 39.51
JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 39.52
JIANGXI PINGXIANG CHANG 6.00 08/11/24 CNY 60.00
JIANGYOU HONGFEI INVEST 6.55 09/02/22 CNY 39.86
JIANGYOU HONGFEI INVEST 6.55 09/02/22 CNY 40.31
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 20.01
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 22.75
JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 39.78
JIANHU URBAN CONSTRUCTI 3.28 10/13/21 CNY 39.82
JIANHU URBAN CONSTRUCTI 3.28 10/13/21 CNY 41.00
JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 42.86
JIANYANG DEVELOPMENT HO 3.93 11/10/23 CNY 57.14
JIANYANG DEVELOPMENT HO 3.93 11/10/23 CNY 57.50
JIANYANG MODERN INDUSTR 6.00 04/24/24 CNY 60.32
JIAXING XIANGJIADANG DE 3.87 09/21/23 CNY 57.71
JIAXING XIANGJIADANG DE 4.13 07/20/23 CNY 58.56
JIAXING XIANGJIADANG DE 3.87 09/21/23 CNY 58.80
JIAXING XIANGJIADANG DE 4.13 07/20/23 CNY 59.35
JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 39.99
JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 40.18
JIAYU COUNTY URBAN TOWN 5.70 03/23/24 CNY 60.43
JIAYU COUNTY URBAN TOWN 5.70 03/23/24 CNY 60.44
JIAYU COUNTY URBAN TOWN 6.50 01/19/24 CNY 60.79
JIAYU COUNTY URBAN TOWN 6.50 01/19/24 CNY 61.16
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 20.00
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 20.01
JIEYANG CITY INVESTMENT 6.55 08/27/21 CNY 20.14
JIEYANG CITY INVESTMENT 6.55 08/27/21 CNY 20.25
JILIN CITY CONSTRUCTION 3.80 01/27/23 CNY 39.28
JILIN ECONOMIC AND TECH 6.20 04/29/23 CNY 59.65
JILIN ECONOMIC AND TECH 6.20 04/29/23 CNY 59.89
JILIN NORTHEAST SOCK IN 7.50 05/19/22 CNY 70.31
JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 39.51
JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 40.29
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 20.07
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 20.20
JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 20.00
JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 39.97
JINCHENG STATE-OWNED CA 4.99 11/11/21 CNY 20.00
JINCHENG STATE-OWNED CA 4.99 11/11/21 CNY 20.10
JINGDEZHEN CERAMIC CULT 5.38 11/27/22 CNY 39.85
JINGDEZHEN CERAMIC CULT 5.38 11/27/22 CNY 40.00
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 20.00
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 20.04
JINGJIANG CITY INVESTME 4.55 03/30/23 CNY 39.22
JINGJIANG CITY INVESTME 4.55 03/30/23 CNY 39.43
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 19.98
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 20.16
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 30.00
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 30.51
JINGMEN HIGH-TECH DEVEL 5.48 08/11/22 CNY 39.80
JINGMEN HIGH-TECH DEVEL 5.48 08/11/22 CNY 40.09
JINGMEN HIGH-TECH DEVEL 4.15 07/28/23 CNY 58.34
JINGMEN HIGH-TECH DEVEL 4.15 07/28/23 CNY 58.98
JINGSHAN JINGCHENG INVE 4.38 08/29/23 CNY 58.68
JINGSHAN JINGCHENG INVE 4.38 08/29/23 CNY 60.02
JINGZHOU DEVELOPMENT ZO 4.87 09/23/26 CNY 75.19
JINGZHOU URBAN CONSTRUC 3.97 03/10/23 CNY 39.06
JINGZHOU URBAN CONSTRUC 3.97 03/10/23 CNY 39.95
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 20.16
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 21.33
JINHU COUNTY STATE-OWNE 4.00 07/26/22 CNY 49.72
JINHU COUNTY STATE-OWNE 4.00 07/26/22 CNY 50.12
JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 20.08
JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 24.44
JINING CITY SHIZHONG DI 3.52 09/14/23 CNY 58.43
JINING CITY SHIZHONG DI 3.52 09/14/23 CNY 59.36
JINING HIGH TECH URBAN 6.09 04/30/22 CNY 40.30
JINING HIGH TECH URBAN 6.09 04/30/22 CNY 41.50
JINING HIGH TECH URBAN 5.88 04/25/23 CNY 70.83
JINSHA COUNTY CONSTRUCT 6.01 09/05/23 CNY 59.72
JINSHA COUNTY CONSTRUCT 6.01 09/05/23 CNY 59.73
JINTANG MODERN AGRICULT 5.49 07/14/23 CNY 58.79
JINTANG MODERN AGRICULT 5.49 07/14/23 CNY 59.00
JINZHAI URBAN DEVELOPME 5.90 04/25/23 CNY 40.90
JINZHAI URBAN DEVELOPME 5.90 04/25/23 CNY 40.91
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 19.95
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 24.91
JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 20.03
JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 22.82
JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 39.55
JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 40.39
JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 20.36
JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 20.42
JIUJIANG LIANXI DISTRIC 4.58 03/30/23 CNY 39.58
JIUJIANG LIANXI DISTRIC 4.58 03/30/23 CNY 39.68
JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 19.54
JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 20.85
KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 19.92
KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 19.92
KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 38.50
KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 39.95
KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.14
KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.49
KAILI GUIZHOU TOWN CONS 5.29 12/17/22 CNY 38.70
KAILI GUIZHOU TOWN CONS 5.29 12/17/22 CNY 40.00
KAILI GUIZHOU TOWN CONS 4.20 10/13/23 CNY 56.34
KAILI GUIZHOU TOWN CONS 4.20 10/13/23 CNY 56.92
KANGMEI PHARMACEUTICAL 5.50 04/20/21 CNY 5.28
KANGMEI PHARMACEUTICAL 6.80 06/28/21 CNY 5.63
KANGMEI PHARMACEUTICAL 6.28 03/20/21 CNY 20.50
KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 20.50
KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 20.50
KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 20.50
KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 20.50
KANGMEI PHARMACEUTICAL 7.00 06/21/21 CNY 20.69
KANGMEI PHARMACEUTICAL 6.33 01/27/22 CNY 36.69
KASHI URBAN CONSTRUCTIO 5.80 07/20/22 CNY 39.74
KASHI URBAN CONSTRUCTIO 5.80 07/20/22 CNY 40.00
KUNMING DONGJUN REAL ES 4.50 11/02/21 CNY 24.70
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 20.07
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 25.45
LANZHOU STATE OWNED ASS 6.32 09/10/21 CNY 14.90
LANZHOU STATE OWNED ASS 6.32 09/10/21 CNY 19.90
LAOHEKOU CITY CONSTRUCT 6.75 08/12/22 CNY 39.82
LAOHEKOU CITY CONSTRUCT 6.75 08/12/22 CNY 39.94
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 20.58
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 20.58
LEPING STATE-OWNED ASSE 3.70 10/20/23 CNY 58.50
LEPING STATE-OWNED ASSE 3.70 10/20/23 CNY 59.04
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 20.21
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 20.85
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 20.00
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 20.20
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 20.21
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 25.00
LIAOCHENG ANTAI URBAN R 4.58 04/11/23 CNY 38.82
LIAOCHENG ANTAI URBAN R 5.16 04/11/23 CNY 39.11
LIAOCHENG ANTAI URBAN R 5.16 04/11/23 CNY 39.15
LIAOCHENG ANTAI URBAN R 4.58 04/11/23 CNY 39.84
LIAOCHENG XINGYE ECONOM 5.20 04/13/23 CNY 38.94
LIAOCHENG XINGYE ECONOM 5.20 04/13/23 CNY 38.99
LIAONING GUANLONG CONST 4.70 11/10/23 CNY 58.17
LIAONING GUANLONG CONST 4.70 11/10/23 CNY 58.21
LIAONING YAODU DEVELOPM 6.50 04/29/23 CNY 59.99
LILING HIGH-TECH INDUST 4.93 01/19/23 CNY 38.81
LILING HIGH-TECH INDUST 4.93 01/19/23 CNY 39.80
LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 20.02
LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 59.48
LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 60.04
LISHUI CITY CULTURAL TO 5.67 08/13/22 CNY 40.51
LISHUI CITY CULTURAL TO 5.67 08/13/22 CNY 40.55
LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 38.70
LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 39.74
LIUPANSHUI MINSHENG INV 5.08 01/29/23 CNY 38.10
LIUPANSHUI MINSHENG INV 5.08 01/29/23 CNY 39.19
LIUYANG MODERN MANUFACT 4.72 01/19/23 CNY 39.53
LIUYANG MODERN MANUFACT 4.72 01/19/23 CNY 39.71
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 16.77
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 20.20
LIUYANG URBAN CONSTRUCT 4.45 05/24/23 CNY 60.17
LIUYANG URBAN CONSTRUCT 4.45 05/24/23 CNY 60.38
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 29.40
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 29.90
LIUZHOU DONGTONG INVEST 4.45 07/22/23 CNY 57.64
LIUZHOU DONGTONG INVEST 4.45 07/22/23 CNY 57.81
LIUZHOU INVESTMENT HOLD 4.28 03/08/23 CNY 38.84
LIUZHOU INVESTMENT HOLD 4.28 03/08/23 CNY 39.75
LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 49.58
LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 61.46
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 18.00
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 20.20
LONGHAI STATE-OWNED ASS 6.58 08/15/21 CNY 20.08
LONGYAN RAILWAY CONSTRU 4.98 04/13/23 CNY 39.05
LONGYAN RAILWAY CONSTRU 4.98 04/13/23 CNY 39.78
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 20.00
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 20.07
LOUDI TIDU INVESTMENT D 4.83 01/20/23 CNY 39.43
LOUDI TIDU INVESTMENT D 4.83 01/20/23 CNY 39.75
LOUDI WANBAO NEW DISTRI 5.13 02/01/23 CNY 39.01
LOUDI WANBAO NEW DISTRI 5.13 02/01/23 CNY 39.25
LOUDI WANBAO NEW DISTRI 4.42 08/01/23 CNY 57.63
LOUDI WANBAO NEW DISTRI 4.42 08/01/23 CNY 58.28
LU'AN CITY CONSTRUCTION 5.05 04/26/21 CNY 50.01
LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 20.00
LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 20.49
LUOYANG CITY COUNTRY CO 4.28 04/26/23 CNY 36.67
LUOYANG CITY COUNTRY CO 4.28 04/26/23 CNY 39.79
LUOYANG CITY DEVELOPMEN 4.47 12/02/22 CNY 40.00
LUOYANG CITY DEVELOPMEN 4.47 12/02/22 CNY 40.18
LUZHOU FUYANG INVESTMEN 5.00 08/11/23 CNY 59.79
LUZHOU FUYANG INVESTMEN 5.00 08/11/23 CNY 59.80
LUZHOU XINGLU INVESTMEN 6.41 04/23/25 CNY 60.00
LUZHOU XINGLU INVESTMEN 6.41 04/23/25 CNY 73.49
LUZHOU XINGYANG INVESTM 4.87 01/28/23 CNY 39.25
LUZHOU XINGYANG INVESTM 4.87 01/28/23 CNY 39.34
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 20.19
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 23.00
MA'ANSHAN CIHU HIGH TEC 3.90 11/28/23 CNY 59.19
MA'ANSHAN CIHU HIGH TEC 3.90 11/28/23 CNY 60.40
MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 20.11
MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 24.99
MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 16.93
MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 19.88
MAANSHAN NINGBO INVESTM 7.50 04/18/26 CNY 40.00
MAANSHAN SOUTHERN INDUS 4.53 07/25/23 CNY 57.83
MAANSHAN SOUTHERN INDUS 4.43 09/02/23 CNY 58.22
MAANSHAN SOUTHERN INDUS 4.53 07/25/23 CNY 58.39
MAANSHAN SOUTHERN INDUS 4.43 09/02/23 CNY 58.50
MEISHAN CITY DONGPO DEV 5.90 06/30/23 CNY 58.37
MEISHAN CITY DONGPO DEV 5.90 06/30/23 CNY 58.57
MEISHAN HONGDA CONSTRUC 4.18 03/28/23 CNY 38.80
MEISHAN HONGDA CONSTRUC 4.18 03/28/23 CNY 38.90
MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 20.40
MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 25.32
MEIZHOU MEI COUNTY DIST 5.00 12/30/22 CNY 39.80
MEIZHOU MEI COUNTY DIST 5.00 12/30/22 CNY 40.00
MUDANJIANG AREA URBAN D 6.48 06/30/22 CNY 39.84
MUDANJIANG AREA URBAN D 6.48 06/30/22 CNY 45.00
MUNICIPALITY OF SHENZHE 3.00 03/29/22 CNY 20.00
MUNICIPALITY OF SHENZHE 3.00 03/29/22 CNY 20.00
MUNICIPALITY OF SHENZHE 3.37 03/29/26 CNY 69.66
MUNICIPALITY OF SHENZHE 3.37 03/29/26 CNY 69.66
MUNICIPALITY OF SHENZHE 3.37 03/29/26 CNY 70.12
MUNICIPALITY OF SHENZHE 3.37 03/29/26 CNY 75.00
MUNICIPALITY OF SHENZHE 3.37 03/29/26 CNY 75.00
NANCHANG ECONOMY TECHNO 3.83 09/22/23 CNY 59.21
NANCHANG ECONOMY TECHNO 3.83 09/22/23 CNY 59.73
NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 19.95
NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 19.99
NANJING BAIXIA STATE-OW 3.98 03/29/23 CNY 40.11
NANJING BAIXIA STATE-OW 3.98 03/29/23 CNY 40.24
NANJING HEXI NEW TOWN A 3.20 07/22/21 CNY 39.76
NANJING JIANGNING ECONO 7.94 04/14/24 CNY 39.91
NANJING JIANGNING ECONO 7.94 04/14/24 CNY 48.10
NANJING JIANGNING URBAN 3.48 11/11/23 CNY 59.71
NANJING JIANGNING URBAN 3.48 11/11/23 CNY 59.84
NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 59.84
NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 60.16
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 20.09
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 21.29
NANJING LISHUI ECONOMIC 3.41 11/09/23 CNY 59.37
NANJING LISHUI ECONOMIC 3.41 11/09/23 CNY 59.50
NANJING LISHUI URBAN CO 4.97 04/28/23 CNY 59.16
NANJING LISHUI URBAN CO 4.97 04/28/23 CNY 59.95
NANJING METRO GROUP CO 3.29 08/29/23 CNY 59.50
NANJING METRO GROUP CO 3.29 08/29/23 CNY 60.03
NANJING QIXIA STATE-OWN 4.10 06/24/23 CNY 60.05
NANJING QIXIA STATE-OWN 4.10 06/24/23 CNY 60.40
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 30.77
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 30.85
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 20.12
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 26.80
NANNING HI-TECH INDUSTR 4.28 03/25/23 CNY 35.20
NANNING HI-TECH INDUSTR 4.28 03/25/23 CNY 39.50
NANNING HI-TECH INDUSTR 3.82 10/20/23 CNY 57.56
NANNING HI-TECH INDUSTR 3.82 10/20/23 CNY 58.74
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 20.06
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 24.80
NANPING CITY WUYI NEW D 4.96 09/28/22 CNY 40.16
NANPING CITY WUYI NEW D 4.96 09/28/22 CNY 40.20
NANTONG CHONGCHUAN URBA 5.70 07/21/22 CNY 70.00
NANTONG CHONGCHUAN URBA 5.70 07/21/22 CNY 70.75
NANTONG CITY TONGZHOU D 4.88 04/10/24 CNY 50.51
NANTONG CITY TONGZHOU D 3.75 07/07/23 CNY 59.90
NANTONG CITY TONGZHOU D 3.75 07/07/23 CNY 59.93
NANTONG CITY TONGZHOU D 4.88 04/10/24 CNY 61.17
NANTONG CITY XINGCHUAN 3.80 09/06/21 CNY 39.84
NANTONG CITY XINGCHUAN 3.80 09/06/21 CNY 40.01
NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 40.21
NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 41.52
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 19.95
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 20.00
NANYANG HIGH-TECH DISTR 6.45 04/29/23 CNY 59.68
NANYANG HIGH-TECH DISTR 6.45 04/29/23 CNY 60.71
NANZHANG COUNTY CONSTRU 6.00 01/20/24 CNY 59.92
NANZHANG COUNTY CONSTRU 6.00 01/20/24 CNY 61.22
NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 57.69
NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 58.04
NEIJIANG STATE-OWNED AS 6.20 04/12/23 CNY 39.35
NEIJIANG STATE-OWNED AS 6.20 04/12/23 CNY 39.51
NEIJINAG CONSTRUCTION E 5.03 12/25/22 CNY 36.36
NEIJINAG CONSTRUCTION E 5.03 12/25/22 CNY 39.50
NEOGLORY HOLDING GROUP 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GROUP 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 72.00
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 20.15
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 20.17
NINGBO FENGHUA INVESTME 4.58 03/28/22 CNY 50.00
NINGBO FENGHUA INVESTME 4.58 03/28/22 CNY 50.38
NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 20.20
NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 28.29
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 20.00
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 20.00
NINGXIA SHENG YAN INDUS 7.50 09/27/23 CNY 42.45
NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 20.20
NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 20.37
NINGXIANG ECONOMIC TECH 3.87 01/27/23 CNY 39.79
NINGXIANG ECONOMIC TECH 3.87 01/27/23 CNY 40.00
NINGXIANG STATE-OWNED A 3.88 11/02/23 CNY 57.98
NINGXIANG STATE-OWNED A 3.88 11/02/23 CNY 58.12
NINGXIANG STATE-OWNED A 4.89 06/03/23 CNY 58.76
NINGXIANG STATE-OWNED A 4.89 06/03/23 CNY 58.91
ONE BELT ONE ROAD JIANG 4.70 07/15/23 CNY 60.17
ONE BELT ONE ROAD JIANG 4.70 07/15/23 CNY 60.18
PANJIN WATER GROUP CO L 5.18 10/28/23 CNY 57.30
PANJIN WATER GROUP CO L 5.18 10/28/23 CNY 58.99
PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 20.17
PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 20.17
PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 20.20
PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 20.53
PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 40.00
PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 40.13
PEKING UNIVERSITY FOUND 6.20 05/31/20 CNY 11.00
PEKING UNIVERSITY FOUND 6.15 07/23/20 CNY 11.00
PEKING UNIVERSITY FOUND 6.30 09/12/20 CNY 11.00
PEKING UNIVERSITY FOUND 4.80 07/26/21 CNY 11.00
PEKING UNIVERSITY FOUND 6.10 08/22/21 CNY 11.00
PEKING UNIVERSITY FOUND 5.99 11/02/21 CNY 11.00
PEKING UNIVERSITY FOUND 5.80 01/28/22 CNY 11.00
PEKING UNIVERSITY FOUND 6.68 08/09/23 CNY 11.00
PEKING UNIVERSITY FOUND 6.50 11/16/23 CNY 11.00
PEKING UNIVERSITY FOUND 6.30 03/04/24 CNY 11.00
PENGZHOU STATE-PENGZHOU 3.95 10/20/23 CNY 56.69
PENGZHOU STATE-PENGZHOU 3.95 10/20/23 CNY 57.60
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 60.23
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 60.62
PINGLIANG CULTURAL & TO 6.85 11/30/22 CNY 36.00
PINGLIANG CULTURAL & TO 6.85 11/30/22 CNY 40.02
PINGTAN COMPREHENSIVE P 3.92 01/29/23 CNY 39.64
PINGTAN COMPREHENSIVE P 3.92 01/29/23 CNY 40.10
PINGXIANG CHANGXING INV 5.26 04/11/23 CNY 38.83
PINGXIANG CHANGXING INV 5.26 04/11/23 CNY 39.37
PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 19.96
PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 20.54
PINGYANG STATE-OWNED AS 4.97 01/08/23 CNY 40.00
PINGYANG STATE-OWNED AS 4.97 01/08/23 CNY 40.30
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 20.25
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 22.46
PIZHOU ECONOMIC DEVELOP 5.00 10/29/22 CNY 39.50
PIZHOU ECONOMIC DEVELOP 5.00 10/29/22 CNY 40.00
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 25.17
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 25.19
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 20.00
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 20.09
QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 20.38
QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 40.36
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 37.20
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 38.05
QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 64.49
QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 64.59
QIANJIANG URBAN CONSTRU 5.19 12/21/22 CNY 39.77
QIANJIANG URBAN CONSTRU 5.19 12/21/22 CNY 40.00
QIANNAN AUTONOMOUS PREF 6.99 04/19/24 CNY 58.13
QIANNAN AUTONOMOUS PREF 6.99 04/19/24 CNY 58.26
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 19.00
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 19.41
QIANNANZHOU INVESTMENT 6.77 07/28/24 CNY 71.75
QIANXINAN AUTONOMOUS RE 5.90 06/22/23 CNY 59.33
QIANXINAN AUTONOMOUS RE 5.90 06/22/23 CNY 59.43
QICHUN COUNTY CONSTRUCT 4.96 10/18/23 CNY 58.17
QICHUN COUNTY CONSTRUCT 4.96 10/18/23 CNY 58.25
QIDONG COMMUNICATIONS I 4.00 03/18/23 CNY 39.85
QIDONG COMMUNICATIONS I 4.00 03/18/23 CNY 39.95
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 30.87
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 31.00
QIDONG STATE-OWNED ASSE 4.00 03/09/23 CNY 39.72
QIDONG STATE-OWNED ASSE 4.00 03/09/23 CNY 40.28
QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 20.00
QIHE CITY OPERATION CON 5.10 03/07/23 CNY 39.14
QIHE CITY OPERATION CON 5.10 03/07/23 CNY 39.62
QINGDAO CHANGYANG INVES 3.73 09/12/23 CNY 57.62
QINGDAO CHANGYANG INVES 3.73 09/12/23 CNY 58.20
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 30.76
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 31.05
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 20.00
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 21.13
QINGDAO JIAOZHOU BAY DE 6.33 09/18/21 CNY 20.23
QINGDAO JIAOZHOU BAY DE 6.33 09/18/21 CNY 21.30
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 20.17
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 20.40
QINGDAO OCEAN INVESTMEN 4.36 05/12/23 CNY 60.05
QINGDAO OCEAN INVESTMEN 4.36 05/12/23 CNY 60.06
QINGDAO WEST COAST DEVE 4.26 06/06/23 CNY 59.60
QINGDAO WEST COAST DEVE 4.26 06/06/23 CNY 60.25
QINGHAI PROVINCIAL INVE 7.88 03/22/21 USD 30.00
QINGHAI PROVINCIAL INVE 7.25 02/22/20 USD 30.00
QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 33.88
QINGHAI STATE-OWNED ASS 5.40 05/21/23 CNY 32.88
QINGHAI STATE-OWNED ASS 6.38 08/14/28 CNY 36.00
QINGHAI STATE-OWNED ASS 7.20 11/25/28 CNY 36.00
QINGHAI STATE-OWNED ASS 6.70 10/10/29 CNY 36.00
QINGHAI STATE-OWNED ASS 5.90 12/17/22 CNY 36.10
QINGZHOU CITY CONSTRUCT 6.80 08/25/24 CNY 65.01
QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 20.01
QINHUANGDAO CITY DEVELO 4.69 04/14/23 CNY 38.88
QINHUANGDAO CITY DEVELO 4.69 04/14/23 CNY 40.38
QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 57.33
QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 57.97
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 20.00
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 20.01
QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 20.27
QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 20.80
QUANJIAO URBAN INFRASTR 5.10 05/18/23 CNY 59.85
QUANJIAO URBAN INFRASTR 5.10 05/18/23 CNY 59.88
QUJING CITY QILIN DISTR 5.37 11/26/22 CNY 39.42
QUJING CITY QILIN DISTR 5.37 11/26/22 CNY 41.95
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 20.00
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 22.55
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 19.92
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 20.02
QUJING ECO TECH DEVELOP 5.75 06/01/23 CNY 59.00
QUJING ECO TECH DEVELOP 5.75 06/01/23 CNY 59.35
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 20.03
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 20.04
RENHUAI CITY DEVELOPMEN 5.12 04/14/23 CNY 38.55
RENHUAI CITY DEVELOPMEN 5.12 04/14/23 CNY 38.56
RENQIU CONSTRUCTION INV 5.68 11/18/22 CNY 40.26
RENQIU CONSTRUCTION INV 5.68 11/18/22 CNY 41.09
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 38.47
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 40.00
REWARD SCIENCE AND TECH 5.53 07/05/21 CNY 29.10
REWARD SCIENCE AND TECH 6.40 03/03/22 CNY 70.00
RIGHT WAY REAL ESTATE D 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTIO 3.98 12/07/22 CNY 39.72
RIZHAO CITY CONSTRUCTIO 3.98 12/07/22 CNY 39.78
RUCHENG COUNTY URBAN CO 5.69 02/23/24 CNY 71.67
RUCHENG COUNTY URBAN CO 5.69 02/23/24 CNY 71.68
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 20.05
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 25.90
RUDONG COUNTY JINXIN TR 4.57 07/26/23 CNY 59.53
RUDONG COUNTY JINXIN TR 3.80 07/26/23 CNY 59.65
RUDONG COUNTY JINXIN TR 3.80 07/26/23 CNY 59.69
RUDONG COUNTY JINXIN TR 4.57 07/26/23 CNY 60.10
RUDONG COUNTY KAITAI CI 4.57 01/08/23 CNY 40.11
RUDONG NEW WORLD INVEST 4.37 07/18/23 CNY 58.31
RUDONG NEW WORLD INVEST 4.37 07/18/23 CNY 58.68
RUGAO COMMUNICATIONS CO 3.74 03/23/23 CNY 40.07
RUGAO COMMUNICATIONS CO 3.74 03/23/23 CNY 40.13
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 39.58
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 39.76
RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 39.66
RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 40.35
RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 38.78
RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 40.21
RUICHANG CITY INVESTMEN 5.50 06/17/23 CNY 58.98
RUICHANG CITY INVESTMEN 5.50 06/17/23 CNY 60.14
RUIJIN URBAN DEVELOPMEN 4.13 09/06/23 CNY 58.78
RUIJIN URBAN DEVELOPMEN 4.13 09/06/23 CNY 58.82
RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 24.00
RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 24.83
RUZHOU CITY XINYUAN INV 4.43 09/26/23 CNY 56.57
RUZHOU CITY XINYUAN INV 4.43 09/26/23 CNY 56.63
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 20.00
SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 20.00
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 20.19
SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 20.21
SANMING STATE-OWNED ASS 5.10 04/17/24 CNY 60.94
SANMING STATE-OWNED ASS 5.10 04/17/24 CNY 61.38
SANMING TRANSPORTATION 3.68 03/29/23 CNY 39.00
SANMING TRANSPORTATION 3.68 03/29/23 CNY 39.74
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 20.29
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 27.00
SHAANXI XIXIAN NEW AREA 5.10 06/06/23 CNY 59.35
SHAANXI XIXIAN NEW AREA 5.10 06/06/23 CNY 59.35
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 20.00
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 20.04
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 19.98
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 25.10
SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 39.79
SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 41.01
SHANDONG BORUN INDUSTRI 6.50 11/02/21 CNY 33.19
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 20.50
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 20.50
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 20.04
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 20.19
SHANDONG FUYU CHEMICAL 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 40.37
SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 42.45
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 20.14
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 24.00
SHANDONG RUYI TECHNOLOG 7.90 09/18/23 CNY 52.10
SHANDONG SNTON GROUP CO 5.18 09/08/21 CNY 8.52
SHANDONG SNTON GROUP CO 6.20 05/30/21 CNY 9.50
SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 40.00
SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 40.08
SHANDONG WANTONG PETROL 7.97 11/29/21 CNY 0.20
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 20.45
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 20.47
SHANGHAI MUNICIPAL INVE 4.80 11/05/24 CNY 60.41
SHANGHAI MUNICIPAL INVE 4.80 11/05/24 CNY 61.45
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 20.13
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 20.33
SHANGHAI URBAN CONSTRUC 3.50 01/06/23 CNY 39.62
SHANGHAI URBAN CONSTRUC 3.50 01/06/23 CNY 40.03
SHANGRAO CITY STATE-OWN 4.65 01/29/23 CNY 39.94
SHANGRAO CITY STATE-OWN 4.65 01/29/23 CNY 40.33
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 15.60
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 15.65
SHANTOU INVESTMENT HOLD 7.99 03/04/24 CNY 48.05
SHANTOU INVESTMENT HOLD 7.99 03/04/24 CNY 48.10
SHANXI INTERNATIONAL EL 5.88 05/24/22 CNY 51.83
SHANXI XIANG KUANG GROU 8.80 02/11/22 CNY 24.50
SHANXI XIANG KUANG GROU 8.80 02/11/22 CNY 41.13
SHAODONG NEW AREA DEVEL 7.10 04/19/24 CNY 62.09
SHAODONG NEW AREA DEVEL 7.10 04/19/24 CNY 62.10
SHAOGUAN URBAN INVESTME 3.67 10/25/24 CNY 68.28
SHAOGUAN URBAN INVESTME 3.67 10/25/24 CNY 68.58
SHAOWU URBAN CONSTRUCTI 5.88 09/11/22 CNY 40.04
SHAOWU URBAN CONSTRUCTI 5.88 09/11/22 CNY 43.39
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 40.39
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 40.44
SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 20.50
SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 28.00
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 20.18
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 20.48
SHAOXING JINGHU NEW DIS 6.13 04/30/22 CNY 33.57
SHAOXING JINGHU NEW DIS 6.13 04/30/22 CNY 40.55
SHAOXING KEQIAO CITY CO 3.64 09/19/23 CNY 59.58
SHAOXING KEQIAO CITY CO 3.64 09/19/23 CNY 59.60
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 20.00
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 20.40
SHAOXING KEYAN CONSTRUC 6.28 03/24/22 CNY 20.00
SHAOXING KEYAN CONSTRUC 6.28 03/24/22 CNY 20.22
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 20.08
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 23.90
SHAOXING SHANGYU ECONOM 4.76 04/11/23 CNY 40.02
SHAOXING SHANGYU ECONOM 4.76 04/11/23 CNY 40.14
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 20.19
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 21.15
SHAOYANG BAOQING INDUST 5.78 07/04/26 CNY 68.10
SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 36.67
SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 39.33
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 20.17
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 20.59
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 20.09
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 20.19
SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 20.00
SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 20.17
SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 38.01
SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 39.72
SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 20.20
SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 27.50
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 30.87
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 31.50
SHENZHEN METRO GROUP CO 6.75 01/24/24 CNY 39.24
SHENZHEN METRO GROUP CO 6.75 01/24/24 CNY 48.76
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 54.93
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 55.00
SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 20.37
SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 27.20
SHISHI CITY CONSTRUCTIO 6.10 05/04/22 CNY 40.20
SHISHI CITY CONSTRUCTIO 6.10 05/04/22 CNY 40.43
SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 59.12
SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 59.19
SHIYAN STATE-OWNED CAPI 6.58 08/20/21 CNY 20.21
SHIYAN STATE-OWNED CAPI 6.58 08/20/21 CNY 20.29
SHIYAN STATE-OWNED CAPI 4.88 01/11/26 CNY 69.72
SHIYAN STATE-OWNED CAPI 4.88 01/11/26 CNY 70.40
SHIZHU TUJIA HONGSHENG 7.00 11/13/24 CNY 64.00
SHUCHENG COUNTY URBAN C 5.50 04/29/23 CNY 60.70
SHUCHENG COUNTY URBAN C 5.50 04/29/23 CNY 60.71
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 39.00
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 40.11
SICHUAN COAL GASIFICATI 7.00 04/18/23 CNY 39.74
SICHUAN COAL GASIFICATI 7.00 12/14/23 CNY 59.49
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SICHUAN LANGZHONG FAMOU 5.60 04/19/23 CNY 39.39
SICHUAN LANGZHONG FAMOU 5.60 04/19/23 CNY 39.46
SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 59.58
SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 59.62
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 20.00
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 20.03
SICHUAN NAXING INDUSTRI 4.68 03/31/23 CNY 38.56
SICHUAN NAXING INDUSTRI 4.68 03/31/23 CNY 39.15
SICHUAN NAXING INDUSTRI 6.80 08/18/22 CNY 50.79
SICHUAN NAXING INDUSTRI 6.80 08/18/22 CNY 50.80
SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 20.03
SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 28.00
SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 20.11
SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 20.35
SIHUI STATE OWNED ASSET 4.59 01/14/23 CNY 39.17
SIHUI STATE OWNED ASSET 4.59 01/14/23 CNY 40.00
SIYANG COUNTY MINKANG R 4.94 01/21/23 CNY 40.23
SIYANG COUNTY MINKANG R 4.94 01/21/23 CNY 40.56
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 20.00
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 20.06
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 19.87
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 20.78
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 20.04
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 20.25
SUINING COUNTY RUNQI IN 5.42 11/20/22 CNY 39.73
SUINING COUNTY RUNQI IN 5.42 11/20/22 CNY 40.00
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 19.75
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 24.18
SUINING FUYUAN INDUSTRY 5.34 12/02/23 CNY 55.29
SUINING FUYUAN INDUSTRY 5.34 12/02/23 CNY 58.65
SUINING KAIDA INVESTMEN 4.89 04/08/23 CNY 38.25
SUINING KAIDA INVESTMEN 4.89 04/08/23 CNY 38.26
SUINING ROUGANG INVESTM 5.65 01/24/24 CNY 58.33
SUINING TIANTAI INDUSTR 5.98 03/28/24 CNY 58.05
SUINING TIANTAI INDUSTR 5.98 03/28/24 CNY 59.34
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 20.01
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 20.71
SUIZHOU DEVELOPMENT INV 5.70 04/07/24 CNY 59.03
SUIZHOU DEVELOPMENT INV 5.70 04/07/24 CNY 59.43
SUIZHOU HIGH-TECH INDUS 4.47 03/25/23 CNY 38.76
SUIZHOU HIGH-TECH INDUS 4.47 03/25/23 CNY 38.91
SUIZHOU URBAN CONSTRUCT 7.18 09/02/21 CNY 20.05
SUIZHOU URBAN CONSTRUCT 7.18 09/02/21 CNY 21.20
SUIZHOU YULONG WATER SU 6.10 03/28/23 CNY 42.46
SUQIAN ECONOMIC DEVELOP 5.40 04/20/24 CNY 61.94
SUQIAN ECONOMIC DEVELOP 5.40 04/20/24 CNY 62.45
SUQIAN YUFENG ASSET MAN 5.50 04/21/24 CNY 61.23
SUQIAN YUFENG ASSET MAN 5.50 04/21/24 CNY 64.26
SUZHOU CITY CONSTRUCTIO 3.89 03/24/23 CNY 40.05
SUZHOU CITY CONSTRUCTIO 3.89 03/24/23 CNY 40.16
SUZHOU CITY HENGCHENG C 4.40 03/01/23 CNY 40.05
SUZHOU CITY HENGCHENG C 4.40 03/01/23 CNY 40.16
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 38.82
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 39.84
SUZHOU SND GROUP CO LTD 6.20 07/22/21 CNY 20.11
SUZHOU SND GROUP CO LTD 6.20 07/22/21 CNY 20.23
SUZHOU WUJIANG COMMUNIC 3.75 05/26/23 CNY 75.00
SUZHOU WUJIANG DISTRICT 5.25 07/08/22 CNY 40.40
SUZHOU WUJIANG DISTRICT 5.25 07/08/22 CNY 40.52
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 39.32
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 39.56
TAICANG SCIENCE EDUCATI 5.54 08/28/22 CNY 40.53
TAICANG SCIENCE EDUCATI 5.54 08/28/22 CNY 44.65
TAIXING CITY HONGQIAO Y 5.03 10/29/22 CNY 39.72
TAIXING CITY HONGQIAO Y 5.03 10/29/22 CNY 43.87
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 46.89
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 47.15
TAIZHOU HAILING CITY DE 4.60 12/14/22 CNY 39.40
TAIZHOU HAILING CITY DE 4.60 12/14/22 CNY 40.08
TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 40.48
TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 44.00
TAIZHOU JINDONG URBAN C 5.10 06/02/23 CNY 59.40
TAIZHOU JINDONG URBAN C 5.10 06/02/23 CNY 59.51
TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 39.64
TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 39.79
TIANCHANG CITY CONSTRUC 4.99 12/05/23 CNY 55.84
TIANCHANG CITY CONSTRUC 4.99 12/05/23 CNY 59.71
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 19.84
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 27.00
TIANJIN BINHAI NEW AREA 6.10 11/23/21 CNY 19.88
TIANJIN BINHAI NEW AREA 6.10 11/23/21 CNY 23.87
TIANJIN BOHAI STATE-OWN 3.82 04/18/23 CNY 39.06
TIANJIN BOHAI STATE-OWN 4.10 04/18/26 CNY 67.13
TIANJIN BOHAI STATE-OWN 4.10 04/18/26 CNY 70.00
TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 19.20
TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 19.86
TIANJIN DONGLI CITY INF 4.28 12/02/22 CNY 40.11
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 30.48
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 31.30
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 29.00
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 29.15
TIANJIN GUANGCHENG INVE 5.40 04/20/23 CNY 39.64
TIANJIN GUANGCHENG INVE 5.40 04/20/23 CNY 40.00
TIANJIN HARBOR CONSTRUC 6.29 10/21/21 CNY 39.78
TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 39.60
TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 40.50
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 24.43
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 30.53
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 20.00
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 20.00
TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 68.66
TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 74.00
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 19.99
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 27.50
TIANJIN NINGHE INVESTME 5.50 04/22/23 CNY 38.98
TIANJIN NINGHE INVESTME 5.50 04/22/23 CNY 40.17
TIANJIN RAILWAY CONSTRU 5.58 04/13/25 CNY 60.28
TIANJIN REAL ESTATE GRO 4.50 09/29/20 USD 73.75
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 19.73
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 21.80
TIANJIN WUQING ECONOMIC 6.65 09/12/21 CNY 19.53
TIANJIN WUQING ECONOMIC 6.65 09/12/21 CNY 19.93
TIANJIN WUQING STATE-OW 4.15 11/17/22 CNY 33.12
TIANJIN WUQING STATE-OW 4.15 11/17/22 CNY 40.12
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 20.23
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 25.16
TIANMEN CITY CONSTRUCTI 3.98 11/15/23 CNY 58.09
TIANMEN CITY CONSTRUCTI 3.98 11/15/23 CNY 58.85
TONGLING CONSTRUCTION I 4.12 03/14/23 CNY 40.00
TONGLING CONSTRUCTION I 4.12 03/14/23 CNY 40.07
TSINGHUA HOLDINGS CORP 4.95 08/08/22 CNY 36.40
TSINGHUA HOLDINGS CORP 3.15 10/25/21 CNY 48.64
TSINGHUA HOLDINGS CORP 5.30 03/26/23 CNY 50.00
TSINGHUA HOLDINGS CORP 4.10 08/24/21 CNY 66.77
TSINGHUA UNIGROUP CO LT 5.20 12/10/23 CNY 11.65
TSINGHUA UNIGROUP CO LT 5.11 01/25/24 CNY 13.00
TSINGHUA UNIGROUP CO LT 4.94 03/25/22 CNY 16.55
TSINGHUA UNIGROUP CO LT 5.85 03/27/22 CNY 16.88
TSINGHUA UNIGROUP CO LT 6.15 12/26/21 CNY 28.03
TSINGHUA UNIGROUP CO LT 5.60 11/15/20 CNY 28.13
TSINGHUA UNIGROUP CO LT 6.20 03/16/21 CNY 28.13
TSINGHUA UNIGROUP CO LT 6.00 08/14/22 CNY 28.13
TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 20.21
TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 20.39
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
TUNGHSU OPTOELECTRONIC 5.09 11/17/21 CNY 22.81
ULANQAB CITY INVESTMENT 8.39 04/25/22 CNY 25.51
ULANQAB JINING DISTRICT 6.16 03/24/23 CNY 40.35
ULANQAB JINING DISTRICT 6.16 03/24/23 CNY 40.39
URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 20.00
URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 20.28
WAFANGDIAN COASTAL PROJ 3.98 02/01/23 CNY 39.18
WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 20.43
WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 28.81
WANGCHENG ECONOMIC DEVE 3.75 07/13/23 CNY 59.96
WANGCHENG ECONOMIC DEVE 3.75 07/13/23 CNY 61.05
WEIHAI LANCHUANG CONSTR 4.80 12/17/22 CNY 39.09
WEIHAI LANCHUANG CONSTR 4.80 12/17/22 CNY 39.39
WEIHAI URBAN CONSTRUCTI 3.33 03/02/23 CNY 38.40
WEIHAI URBAN CONSTRUCTI 3.33 03/02/23 CNY 39.48
WEIHAI WENDENG DISTRICT 3.64 10/26/23 CNY 58.57
WEIHAI WENDENG DISTRICT 3.64 10/26/23 CNY 58.63
WEIHAI WENDENG URBAN PR 4.80 05/26/23 CNY 58.75
WEIHAI WENDENG URBAN PR 4.80 05/26/23 CNY 59.15
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 20.00
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 20.17
WENDENG GOLDEN BEACH IN 3.97 03/21/23 CNY 39.10
WENDENG GOLDEN BEACH IN 3.97 03/21/23 CNY 39.19
WENSHAN URBAN CONSTRUCT 4.50 09/13/23 CNY 56.84
WENSHAN URBAN CONSTRUCT 4.50 09/13/23 CNY 58.24
WENZHOU CITY CONSTRUCTI 4.05 01/25/23 CNY 40.15
WENZHOU CITY CONSTRUCTI 4.05 01/25/23 CNY 40.16
WENZHOU CITY CONSTRUCTI 5.00 04/26/23 CNY 40.80
WENZHOU CITY CONSTRUCTI 5.00 04/26/23 CNY 60.87
WENZHOU GANGCHENG DEVEL 5.19 03/29/23 CNY 40.26
WENZHOU GANGCHENG DEVEL 5.19 03/29/23 CNY 40.32
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 20.00
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 20.01
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 20.06
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 20.17
WENZHOU OUHAI NEW CITY 3.98 10/26/23 CNY 59.72
WENZHOU OUHAI NEW CITY 3.98 10/26/23 CNY 59.75
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 4.75 07/07/22 CNY 43.63
WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 20.28
WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 25.00
WUHAN CITY HUANPI DISTR 5.48 04/19/24 CNY 61.55
WUHAN CITY HUANPI DISTR 5.48 04/19/24 CNY 62.00
WUHAN JIANGXIA URBAN CO 4.80 06/03/23 CNY 60.02
WUHAN JIANGXIA URBAN CO 4.80 06/03/23 CNY 60.04
WUHAN METRO GROUP CO LT 5.25 04/14/22 CNY 20.19
WUHAN METRO GROUP CO LT 5.25 04/14/22 CNY 20.33
WUHAN QIAOKOU STATE OWN 3.48 08/29/23 CNY 58.93
WUHAN QIAOKOU STATE OWN 3.48 08/29/23 CNY 59.94
WUHU COMMUNICATIONS INV 3.58 09/23/23 CNY 59.08
WUHU COMMUNICATIONS INV 4.50 04/28/23 CNY 59.84
WUHU COMMUNICATIONS INV 3.58 09/23/23 CNY 60.02
WUHU COMMUNICATIONS INV 4.50 04/28/23 CNY 60.58
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 20.11
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 26.35
WUHU JINGHU CONSTRUCTIO 4.37 07/20/23 CNY 59.67
WUHU JINGHU CONSTRUCTIO 4.37 07/20/23 CNY 59.96
WUHU JIUJIANG CONSTRUCT 3.96 03/21/23 CNY 39.51
WUHU XINMA INVESTMENT C 4.87 11/04/22 CNY 40.00
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 20.18
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 20.30
WUXI HUIKAI ECONOMIC DE 4.16 04/08/23 CNY 39.83
WUXI HUIKAI ECONOMIC DE 4.16 04/08/23 CNY 40.09
WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 39.99
WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 40.45
WUXI TAIHU NEW CITY DEV 3.47 08/29/23 CNY 59.50
WUXI TAIHU NEW CITY DEV 3.47 08/29/23 CNY 59.90
WUXI TAIHU NEW CITY DEV 4.49 05/03/23 CNY 60.47
WUXI TAIHU NEW CITY DEV 4.49 05/03/23 CNY 60.50
WUXI XIDONG NEW TOWN CO 3.92 11/09/23 CNY 59.31
WUXI XIDONG NEW TOWN CO 3.92 11/09/23 CNY 59.35
WUYANG CONSTRUCTION GRO 7.80 09/11/20 CNY 32.48
XIAN FENGDONG DEVELOPME 4.67 01/08/23 CNY 39.33
XIAN FENGDONG DEVELOPME 4.67 01/08/23 CNY 39.40
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 20.00
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 21.46
XI'AN INTERNATIONAL INL 7.90 09/23/21 CNY 22.28
XIANGSHUI GUANJIANG HOL 4.98 12/24/22 CNY 36.60
XIANGSHUI GUANJIANG HOL 4.98 12/24/22 CNY 38.63
XIANGTAN CITY CONSTRUCT 7.60 04/02/22 CNY 62.20
XIANGTAN CITY CONSTRUCT 7.80 03/12/22 CNY 64.87
XIANGTAN CITY CONSTRUCT 7.80 01/30/22 CNY 67.80
XIANGTAN CITY INFRASTRC 3.95 08/04/23 CNY 55.47
XIANGTAN CITY INFRASTRC 3.60 08/04/23 CNY 55.67
XIANGTAN CITY INFRASTRC 3.95 08/04/23 CNY 57.97
XIANGTAN CITY INFRASTRC 3.60 08/04/23 CNY 59.47
XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 19.11
XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 19.15
XIANGTAN JIUHUA ECONOMI 5.00 07/25/26 CNY 70.17
XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 15.49
XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 19.60
XIANGXIANG ECONOMIC DIS 5.28 09/09/23 CNY 57.30
XIANGXIANG ECONOMIC DIS 5.28 09/09/23 CNY 57.49
XIANGXIANG URBAN CONSTR 5.84 05/18/23 CNY 59.82
XIANGXIANG URBAN CONSTR 5.84 05/18/23 CNY 60.14
XIANGYANG CITY XIANGZHO 5.18 04/28/23 CNY 60.23
XIANGYANG CITY XIANGZHO 5.18 04/28/23 CNY 60.35
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 20.01
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 23.38
XIANGYANG STATE-OWNED C 4.62 01/25/23 CNY 39.43
XIANGYANG STATE-OWNED C 4.62 01/25/23 CNY 39.68
XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 20.28
XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 20.56
XIANTAO CITY CONSTRUCTI 4.59 04/18/23 CNY 39.57
XIANTAO CITY CONSTRUCTI 4.59 04/18/23 CNY 40.36
XIAOCHANG SHUNHE DEVELO 4.15 10/17/23 CNY 57.42
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 20.04
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 20.10
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 26.69
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 32.72
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 19.90
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 20.05
XIAOGAN URBAN CONSTRUCT 3.94 07/05/21 CNY 62.98
XIAOXIAN COUNTY DEVELOP 4.85 06/22/23 CNY 60.31
XIAOXIAN COUNTY DEVELOP 4.85 06/22/23 CNY 60.31
XINDONGGANG HOLDING GRO 5.53 04/27/23 CNY 59.29
XINDONGGANG HOLDING GRO 5.53 04/27/23 CNY 59.48
XINGAN COUNTY URBAN CON 5.48 08/03/23 CNY 58.39
XINGAN COUNTY URBAN CON 5.48 08/03/23 CNY 58.74
XINGAN LEAGUE URBAN DEV 6.18 12/21/22 CNY 23.15
XINGAN LEAGUE URBAN DEV 6.18 12/21/22 CNY 27.32
XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 49.50
XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 49.68
XINGYI XINHENG URBAN CO 5.40 12/16/22 CNY 38.40
XINGYI XINHENG URBAN CO 5.40 12/16/22 CNY 39.00
XINMI CAIYUAN CITY CONS 4.35 02/28/23 CNY 39.77
XINMI CAIYUAN CITY CONS 4.35 02/28/23 CNY 39.77
XINMIN CITY LUXIN MUNIC 6.41 07/29/21 CNY 13.69
XINMIN CITY LUXIN MUNIC 6.41 07/29/21 CNY 13.79
XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 20.19
XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 20.75
XINYI CITY INVESTMENT & 4.30 01/19/23 CNY 38.65
XINYI CITY INVESTMENT & 4.30 01/19/23 CNY 40.00
XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 20.29
XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 21.53
XINYI URBAN TRANSPORTAT 5.35 04/24/24 CNY 60.67
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 20.02
XINYU CITY SHANTYTOWN Z 6.50 11/13/22 CNY 70.04
XINYU CITY YUSHUI DISTR 7.70 06/24/22 CNY 40.53
XINYU CITY YUSHUI DISTR 7.70 06/24/22 CNY 41.39
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 20.22
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 26.00
XUANCHENG STATE-OWNED A 4.12 04/07/23 CNY 39.71
XUANCHENG STATE-OWNED A 4.12 04/07/23 CNY 40.28
XUZHOU BOCHANT DEVELOPM 5.69 07/28/21 CNY 33.27
XUZHOU CITY JIAWANG CON 4.00 03/23/23 CNY 32.78
XUZHOU CITY JIAWANG CON 4.00 03/23/23 CNY 39.89
XUZHOU CITY TONGSHAN DI 5.23 09/18/22 CNY 40.00
XUZHOU CITY TONGSHAN DI 5.23 09/18/22 CNY 40.39
XUZHOU HI-TECH INDUSTRI 3.78 11/11/23 CNY 57.77
XUZHOU HI-TECH INDUSTRI 3.78 11/11/23 CNY 59.43
XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 20.03
XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 20.20
XUZHOU XINSHENG INVESTM 5.13 08/12/22 CNY 40.64
XUZHOU XINSHENG INVESTM 5.13 08/12/22 CNY 44.46
YAN'AN NEW CITY CONSTRU 5.60 04/21/24 CNY 49.26
YAN'AN NEW CITY CONSTRU 5.60 04/21/24 CNY 59.73
YANCHENG HIGH-TECH ZONE 3.90 12/14/22 CNY 39.67
YANCHENG HIGH-TECH ZONE 3.90 12/14/22 CNY 39.90
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 20.03
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 16.90
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 20.12
YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 39.18
YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 39.44
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 20.14
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 21.20
YANGZHONG TRANSPORTATIO 4.95 04/07/23 CNY 39.33
YANGZHONG TRANSPORTATIO 4.95 04/07/23 CNY 39.86
YANGZHONG TRANSPORTATIO 4.98 04/07/23 CNY 40.32
YANGZHONG TRANSPORTATIO 4.98 04/07/23 CNY 40.36
YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 57.93
YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 58.17
YANGZHOU HANJIANG CONST 5.88 06/15/22 CNY 40.56
YANGZHOU HANJIANG CONST 5.88 06/15/22 CNY 46.63
YI CHENG CONSTRUCTION I 5.44 04/27/23 CNY 39.55
YI ZHENG CITY DEVELOPME 4.63 01/08/23 CNY 40.00
YI ZHENG CITY DEVELOPME 4.63 01/08/23 CNY 40.00
YICHANG HIGH-TECH INVES 4.80 12/15/22 CNY 40.00
YICHANG HIGH-TECH INVES 4.80 12/15/22 CNY 40.11
YICHANG HIGH-TECH INVES 3.74 07/21/23 CNY 58.92
YICHANG HIGH-TECH INVES 3.74 07/21/23 CNY 59.41
YICHANG WUJIA NEW CITY 6.50 04/20/24 CNY 60.10
YICHANG WUJIA NEW CITY 6.50 04/20/24 CNY 61.36
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 20.06
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 23.47
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 20.05
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 20.61
YIHUA ENTERPRISE GROUP 7.00 04/29/22 CNY 54.00
YIHUA LIFESTYLE TECHNOL 6.88 07/23/20 CNY 35.00
YIHUA LIFESTYLE TECHNOL 6.88 07/16/20 CNY 35.90
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 20.00
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 20.02
YINGCHENG CITY PUYANG D 6.50 04/14/24 CNY 61.36
YINGCHENG CITY PUYANG D 6.50 04/14/24 CNY 61.37
YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 20.29
YINGKOU ECO & TECH DEVE 5.20 08/05/23 CNY 58.97
YINGKOU ECO & TECH DEVE 5.20 08/05/23 CNY 59.14
YINGKOU ECO & TECH DEVE 6.98 04/19/24 CNY 60.72
YINGKOU ECO & TECH DEVE 6.98 04/19/24 CNY 79.00
YINGKOU LAOBIAN CITY CO 4.98 03/11/23 CNY 38.49
YINGKOU LAOBIAN CITY CO 5.63 12/16/22 CNY 39.61
YINGKOU LAOBIAN CITY CO 4.98 03/11/23 CNY 40.00
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 40.35
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 41.18
YINGTAN STATE-OWNED ASS 7.50 12/12/22 CNY 30.71
YINGTAN STATE-OWNED ASS 7.50 12/12/22 CNY 30.71
YINGTAN STATE-OWNED ASS 3.63 08/12/21 CNY 40.02
YINING CITY STATE OWNED 5.37 09/24/22 CNY 39.20
YINING CITY STATE OWNED 5.37 09/24/22 CNY 39.53
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 39.94
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 40.40
YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 24.99
YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 20.00
YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 20.43
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 20.04
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 23.50
YIYANG ADVANCED INDUSTR 7.00 03/30/22 CNY 19.94
YIYANG ADVANCED INDUSTR 7.00 03/30/22 CNY 28.00
YIYANG PROVINCE AREA IN 4.95 10/13/23 CNY 56.31
YIYANG PROVINCE AREA IN 5.16 11/23/23 CNY 56.39
YIYANG PROVINCE AREA IN 4.95 10/13/23 CNY 56.44
YIYANG PROVINCE AREA IN 5.16 11/23/23 CNY 57.61
YIZHANG XINGYI CONSTRUC 5.49 09/02/24 CNY 68.24
YIZHANG XINGYI CONSTRUC 5.49 09/02/24 CNY 68.43
YONGCHENG COAL & ELECTR 7.50 02/02/21 CNY 39.88
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 20.00
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 20.11
YONGXING YINDU INVESTME 5.60 03/24/23 CNY 39.29
YONGXING YINDU INVESTME 5.60 03/24/23 CNY 40.14
YONGZHOU ECONOMIC CONST 3.55 01/14/23 CNY 39.30
YONGZHOU ECONOMIC CONST 3.55 01/14/23 CNY 39.64
YUANAN COUNTY QIFENG CI 5.50 05/27/23 CNY 60.70
YUANAN COUNTY QIFENG CI 5.50 05/27/23 CNY 60.70
YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 19.90
YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 20.10
YUEYANG HUIHUA URBAN IN 5.78 04/18/24 CNY 60.75
YUEYANG HUIHUA URBAN IN 5.78 04/18/24 CNY 61.20
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 16.24
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 19.65
YUEYANG URBAN CONSTRUCT 4.80 01/27/26 CNY 73.31
YUEYANG URBAN CONSTRUCT 4.80 01/27/26 CNY 73.42
YUEYANG YUNXI CITY CONS 5.18 11/21/23 CNY 56.49
YUEYANG YUNXI CITY CONS 6.00 07/08/23 CNY 59.30
YUEYANG YUNXI CITY CONS 6.00 07/08/23 CNY 59.44
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 20.22
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 20.22
YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 20.36
YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 24.47
YUHUAN CITY CONSTRUCTIO 3.72 10/21/23 CNY 58.65
YUHUAN CITY CONSTRUCTIO 3.72 10/21/23 CNY 59.16
YUHUAN CITY CONSTRUCTIO 5.10 05/03/23 CNY 59.90
YUHUAN CITY CONSTRUCTIO 5.10 05/03/23 CNY 60.56
YUNCHENG SHUIHU CITY CO 4.54 11/21/23 CNY 57.66
YUNCHENG SHUIHU CITY CO 4.54 11/21/23 CNY 58.05
YUNNAN HEALTH & CULTURA 6.77 05/23/21 CNY 19.76
YUNNAN HEALTH & CULTURA 6.77 05/23/21 CNY 20.02
YUNNAN PROVINCIAL INVES 4.36 08/21/23 CNY 70.00
YUNNAN PROVINCIAL INVES 4.63 11/05/23 CNY 70.00
YUNNAN PROVINCIAL INVES 4.66 08/21/24 CNY 77.10
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 20.04
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 20.40
YUZHOU GENERAL INVESTME 4.68 01/19/23 CNY 39.92
YUZHOU GENERAL INVESTME 4.68 01/19/23 CNY 40.00
ZAOYANG CITY CONSTRUCTI 5.50 03/22/23 CNY 39.84
ZAOYANG CITY CONSTRUCTI 5.50 03/22/23 CNY 40.10
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 16.61
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 20.00
ZHANGQIU STATE OWNED AS 3.69 08/09/23 CNY 58.50
ZHANGQIU STATE OWNED AS 3.69 08/09/23 CNY 59.63
ZHANGSHU STATE-OWNED AS 4.80 06/22/23 CNY 59.70
ZHANGSHU STATE-OWNED AS 4.80 06/22/23 CNY 62.67
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 20.14
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 20.90
ZHANGZHOU ECONOMIC DEVE 6.17 04/27/22 CNY 20.30
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 16.81
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 20.07
ZHAODONG DONGSHENG CONS 6.50 01/20/24 CNY 61.26
ZHAODONG DONGSHENG CONS 6.50 01/20/24 CNY 61.27
ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 20.00
ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 40.47
ZHAOQING HI-TECH ZONE C 3.97 08/26/23 CNY 57.90
ZHAOQING HI-TECH ZONE C 3.97 08/26/23 CNY 59.21
ZHEJIANG BINHAI NEW CIT 4.65 12/23/22 CNY 40.33
ZHEJIANG BINHAI NEW CIT 4.65 12/23/22 CNY 40.35
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 20.10
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 28.50
ZHEJIANG HUISHENG INVES 4.49 03/15/24 CNY 54.50
ZHEJIANG HUISHENG INVES 4.49 03/15/24 CNY 55.00
ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 20.20
ZHEJIANG OUHAI CONSTRUC 4.83 01/21/23 CNY 39.90
ZHEJIANG OUHAI CONSTRUC 4.83 01/21/23 CNY 40.39
ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 40.57
ZHEJIANG XINCHANG INVES 5.88 10/30/21 CNY 20.18
ZHEJIANG XINCHANG INVES 6.95 12/31/21 CNY 20.38
ZHEJIANG XINCHANG INVES 5.88 10/30/21 CNY 21.06
ZHEJIANG XINCHANG INVES 6.95 12/31/21 CNY 21.20
ZHENGZHOU AIRPORT ECONO 4.27 07/20/26 CNY 67.63
ZHENGZHOU AIRPORT ECONO 4.27 07/20/26 CNY 68.32
ZHENGZHOU JINGKAI INVES 5.48 07/31/22 CNY 40.00
ZHENGZHOU JINGKAI INVES 5.48 07/31/22 CNY 40.46
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 20.25
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 26.20
ZHENGZHOU MOUZHONG DEVE 4.59 04/18/23 CNY 39.76
ZHENGZHOU MOUZHONG DEVE 4.59 04/18/23 CNY 39.85
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 19.80
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 20.00
ZHENJIANG NEW AREA URBA 5.31 07/14/23 CNY 58.67
ZHENJIANG NEW AREA URBA 5.31 07/14/23 CNY 60.39
ZHIJIANG STATE-OWNED AS 4.38 03/28/23 CNY 39.38
ZHIJIANG STATE-OWNED AS 4.78 01/11/23 CNY 39.65
ZHIJIANG STATE-OWNED AS 4.38 03/28/23 CNY 44.70
ZHONGGUANCUN DEVELOPMEN 4.20 08/12/22 CNY 40.32
ZHONGGUANCUN DEVELOPMEN 4.20 08/12/22 CNY 40.54
ZHONGMINTOU LEASING HOL 7.55 09/21/21 CNY 49.49
ZHONGSHAN TORCH DEVELOP 5.79 03/23/24 CNY 61.01
ZHONGSHAN TORCH DEVELOP 5.79 03/23/24 CNY 61.36
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 20.00
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 20.24
ZHONGYUAN ASSET MANAGEM 4.20 11/29/22 USD 67.24
ZHONGYUAN ASSET MANAGEM 4.40 10/25/22 CNY 74.70
ZHOUSHAN DINGHAI CITY C 6.67 07/20/22 CNY 40.09
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 20.07
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 20.18
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 40.55
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 40.80
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 40.59
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 41.90
ZHUHAI HUIHUA INFRASTRU 4.70 06/27/23 CNY 59.71
ZHUHAI HUIHUA INFRASTRU 4.70 06/27/23 CNY 60.06
ZHUJI CITY EAST NEW TOW 3.89 08/26/23 CNY 59.81
ZHUJI CITY YUEDU INVEST 6.38 04/07/22 CNY 20.30
ZHUJI CITY YUEDU INVEST 6.38 04/07/22 CNY 20.40
ZHUZHOU CITY CONSTRUCTI 8.36 11/10/21 CNY 23.75
ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 20.00
ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 20.07
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 20.12
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 20.86
ZHUZHOU GECKOR GROUP CO 3.78 09/28/23 CNY 58.20
ZHUZHOU GECKOR GROUP CO 3.78 09/28/23 CNY 58.59
ZHUZHOU HI-TECH AUTO EX 4.47 11/03/23 CNY 73.96
ZHUZHOU RECYCLING ECONO 4.38 03/24/23 CNY 37.37
ZHUZHOU RECYCLING ECONO 4.38 03/24/23 CNY 38.47
ZHUZHOU XIANGJIANG SCEN 5.39 11/25/22 CNY 37.36
ZHUZHOU XIANGJIANG SCEN 5.39 11/25/22 CNY 37.42
ZIBO BANYANG CITY URBAN 5.50 09/09/22 CNY 39.70
ZIBO BANYANG CITY URBAN 5.50 09/09/22 CNY 40.00
ZIBO BOSHAN STATE OWNED 5.63 03/29/24 CNY 58.95
ZIBO BOSHAN STATE OWNED 5.63 03/29/24 CNY 61.03
ZIXING CHENGCHENG INVES 6.20 03/16/24 CNY 61.68
ZIXING CHENGCHENG INVES 6.20 03/16/24 CNY 61.72
ZIYANG WATER INVESTMENT 3.97 03/17/23 CNY 37.49
ZIYANG WATER INVESTMENT 3.97 03/17/23 CNY 37.49
ZIZHONG COUNTY XINGZI I 5.97 01/18/23 CNY 38.68
ZIZHONG COUNTY XINGZI I 5.97 01/18/23 CNY 39.68
ZONGYANG INVESTMENT DEV 5.85 04/25/24 CNY 61.60
ZUNYI ECONOMIC DEVELOPM 4.87 01/22/23 CNY 38.22
ZUNYI ECONOMIC DEVELOPM 4.87 01/22/23 CNY 40.00
ZUNYI HONGHUAGANG DISTR 5.05 06/27/23 CNY 57.90
ZUNYI HONGHUAGANG DISTR 5.05 06/27/23 CNY 58.80
ZUNYI NEW DISTRICT DEVE 5.99 04/07/26 CNY 44.68
ZUNYI NEW DISTRICT DEVE 5.99 04/07/26 CNY 54.24
ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 36.74
ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 45.00
ZUNYI TRAFFIC TRAVEL IN 7.70 09/27/27 CNY 67.00
ZUNYI TRAFFIC TRAVEL IN 7.70 09/27/27 CNY 70.67
HONG KONG
---------
CAIYUN INTERNATIONAL IN 5.50 04/08/22 USD 58.43
DR PENG HOLDING HONGKON 7.55 12/01/22 USD 62.70
HNA GROUP INTERNATIONAL 6.25 10/05/21 USD 54.50
INDONESIA
---------
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.00
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.00
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.00
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.00
DELTA MERLIN DUNIA TEKS 1.50 06/26/28 USD 10.92
MNC INVESTAMA TBK PT 9.00 05/11/21 USD 68.37
SRI REJEKI ISMAN TBK PT 7.25 01/16/25 USD 26.92
SRI REJEKI ISMAN TBK PT 7.25 01/16/25 USD 27.17
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 9.88
ACME MEDAK SOLAR ENERGY 0.01 08/29/46 INR 16.85
ACME RANGA REDDY SOLAR 0.01 08/31/46 INR 16.74
AMPSOLAR SOLUTION PVT L 0.01 11/03/37 INR 29.03
AMPSOLAR SOLUTION PVT L 0.01 10/27/37 INR 29.07
APG HABITAT PVT LTD 1.00 09/09/28 INR 62.97
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 46.07
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 46.71
ASSETS CARE & RECONSTRU 2.00 03/30/29 INR 68.22
AUTOMOTIVE EXCHANGE PVT 4.00 10/11/30 INR 63.41
AUTOMOTIVE EXCHANGE PVT 4.00 06/01/30 INR 63.62
BREEZE CONSTRUCTIONS PV 0.01 06/29/30 INR 47.97
BRITANNIA INDUSTRIES LT 8.00 08/28/22 INR 31.10
CHANDRAJYOTI ESTATE DEV 0.01 07/06/30 INR 49.18
CREIXENT SPECIAL STEELS 0.01 08/28/25 INR 72.02
CUMULUS TRADING CO PVT 0.01 05/21/32 INR 41.77
CUMULUS TRADING CO PVT 0.01 01/23/30 INR 65.68
DEWAN HOUSING FINANCE C 8.50 04/18/23 INR 26.79
DLF ASPINWAL HOTELS PVT 0.01 10/15/30 INR 45.47
DLF EMPORIO RESTAURANTS 0.01 08/12/30 INR 48.78
DLF EMPORIO RESTAURANTS 0.01 06/29/30 INR 49.23
DLF HOME DEVELOPERS LTD 0.01 06/29/30 INR 51.37
DLF HOMES SERVICES PVT 0.01 06/29/30 INR 47.97
DLF REAL ESTATE BUILDER 0.01 06/23/30 INR 49.22
DLF RECREATIONAL FOUNDA 0.01 10/15/30 INR 45.92
DLF RESIDENTIAL BUILDER 0.01 06/23/30 INR 48.00
DLF RESIDENTIAL DEVELOP 0.01 06/28/30 INR 49.12
DLF SOUTHERN TOWNS PVT 0.01 07/09/30 INR 49.30
DOMUS REAL ESTATE PVT L 0.01 07/11/30 INR 49.31
ECAP EQUITIES LTD 0.01 03/26/31 INR 48.65
EDEL LAND LTD 0.01 03/22/26 INR 68.93
EDELWEISS ASSET RECONST 2.00 07/22/29 INR 66.47
EDELWEISS ASSET RECONST 2.00 03/28/29 INR 67.53
EDELWEISS ASSET RECONST 2.00 01/15/29 INR 68.23
EDELWEISS ASSET RECONST 2.00 10/07/28 INR 69.22
EDELWEISS ASSET RECONST 2.00 11/20/27 INR 72.56
ESSAR POWER TRANSMISSIO 3.00 03/31/43 INR 51.57
ESSAR POWER TRANSMISSIO 3.00 03/31/43 INR 51.57
GREEN URJA PVT LTD 0.01 02/14/30 INR 51.19
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 10.38
HITODI INFRASTRUCTURE L 0.01 06/30/27 INR 62.18
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTUR 7.00 05/15/17 USD 4.58
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 30.99
JTPM ATSALI LTD 0.01 08/29/48 INR 14.19
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 29.74
KRIBHCO INFRASTRUCTURE 1.00 04/15/26 INR 73.92
MARIS POWER SUPPLY CO P 2.00 04/18/28 INR 70.52
MELOSA BUILDERS & DEVEL 0.01 06/29/30 INR 48.01
MENS BUILDCON PVT LTD 0.01 06/29/30 INR 48.01
MYTRAH AADHYA POWER PVT 0.01 07/05/35 INR 34.42
MYTRAH ADVAITH POWER PV 0.01 07/13/36 INR 31.93
MYTRAH AKSHAYA ENERGY P 0.01 07/13/36 INR 31.93
NEEMUCH SOLAR POWER PVT 0.01 08/29/46 INR 16.85
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 30.61
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE D 0.40 10/15/33 INR 45.50
PUNJAB INFRASTRUCTURE D 0.40 10/15/32 INR 48.40
PUNJAB INFRASTRUCTURE D 0.40 10/15/31 INR 51.65
PUNJAB INFRASTRUCTURE D 0.40 10/15/30 INR 55.23
PUNJAB INFRASTRUCTURE D 0.40 10/15/29 INR 59.14
PUNJAB INFRASTRUCTURE D 0.40 10/15/28 INR 63.39
PUNJAB INFRASTRUCTURE D 0.40 10/15/27 INR 68.01
PUNJAB INFRASTRUCTURE D 0.40 10/15/26 INR 72.97
PURVANCHAL SOLAR POWER 0.01 08/29/46 INR 16.85
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 31.53
RAMANI ICECREAM CO LTD 0.01 12/29/35 INR 33.82
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 70.37
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 74.47
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 8.96
REWANCHAL SOLAR POWER P 0.01 08/29/46 INR 16.85
SAKET HOLIDAYS RESORTS 0.01 06/29/30 INR 49.03
SHIVAJI MARG MAINTENANC 0.01 06/28/30 INR 48.06
SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 23.63
SUNWORLD SOLAR POWER PV 0.01 08/31/46 INR 16.74
SURBHI INVESTMENTS & TR 2.50 10/21/28 INR 71.17
SUTARA ROADS & INFRA LT 0.01 08/31/30 INR 56.63
SUZLON ENERGY LTD 5.75 07/16/19 USD 23.50
SUZLON ENERGY LTD 5.75 07/16/19 USD 23.50
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.61
TATA SMARTFOODZ LTD 0.01 04/18/26 INR 67.56
TATA SMARTFOODZ LTD 0.01 11/23/25 INR 70.08
TATA SMARTFOODZ LTD 0.01 07/15/25 INR 72.36
TN URJA PVT LTD 0.10 02/22/36 INR 33.82
WATSUN INFRABUILD PVT L 4.00 10/16/37 INR 62.60
WS T&D LTD 0.10 03/24/29 INR 54.97
JAPAN
-----
AVANSTRATE INC 0.15 10/29/32 JPY 9.75
HIS CO LTD 0.58 02/19/27 JPY 65.37
MITSUI E&S HOLDINGS CO 0.70 09/15/23 JPY 73.91
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.85 03/06/19 JPY 2.02
TKJP CORP 0.58 03/26/21 JPY 2.02
UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 25.09
UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 25.90
UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 26.19
UNIZO HOLDINGS CO LTD 1.10 11/28/24 JPY 31.06
UNIZO HOLDINGS CO LTD 0.89 05/29/24 JPY 32.05
UNIZO HOLDINGS CO LTD 0.80 11/29/23 JPY 35.00
UNIZO HOLDINGS CO LTD 0.85 05/26/23 JPY 35.98
UNIZO HOLDINGS CO LTD 0.75 11/28/22 JPY 42.01
UNIZO HOLDINGS CO LTD 0.52 05/27/22 JPY 49.14
UNIZO HOLDINGS CO LTD 0.43 11/29/21 JPY 58.39
MALAYSIA
--------
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.90
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.26
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.35
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.08
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.50
HUME CEMENT INDUSTRIES 5.00 05/29/24 MYR 1.79
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.86
MEX II SDN BHD 6.40 04/28/34 MYR 66.01
MEX II SDN BHD 6.30 04/29/33 MYR 66.84
MEX II SDN BHD 6.20 04/29/32 MYR 67.90
MEX II SDN BHD 6.10 04/29/31 MYR 69.25
MEX II SDN BHD 6.00 04/29/30 MYR 69.69
MEX II SDN BHD 5.90 04/27/29 MYR 70.73
MEX II SDN BHD 5.80 04/28/28 MYR 72.06
MEX II SDN BHD 5.70 04/29/27 MYR 73.20
PENGURUSAN AIR SPV BHD 1.00 02/05/36 MYR 61.99
PENGURUSAN AIR SPV BHD 1.00 11/05/35 MYR 62.49
PENGURUSAN AIR SPV BHD 1.00 09/28/35 MYR 62.90
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 5.60
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 69.81
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 71.31
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 72.78
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 74.21
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.02
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
---------
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 41.75
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 41.75
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.07
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.07
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 22.00
BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 22.00
BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 22.00
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 45.75
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 46.90
ETERNA CAPITAL PTE LTD 7.50 12/11/22 USD 68.82
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 27.39
GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 27.46
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 25.41
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 17.25
JGC VENTURES PTE LTD 10.75 08/30/21 USD 39.00
MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 16.23
MODERNLAND OVERSEAS PTE 6.95 04/13/24 USD 40.12
NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 58.13
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 14.28
PACIFIC RADIANCE LTD 4.30 03/31/20 SGD 10.00
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SSMS PLANTATION HOLDING 7.75 01/23/23 USD 69.81
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 6.13
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
SOUTH KOREA
-----------
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 42.14
KIBO ABS SPECIALTY CO L 5.00 02/24/23 KRW 71.81
KIBO ABS SPECIALTY CO L 5.00 02/28/22 KRW 73.01
KIBO ABS SPECIALTY CO L 5.00 02/24/22 KRW 73.87
KIBO ABS SPECIALTY CO L 5.00 08/28/21 KRW 74.59
LOTTE CARD CO LTD 0.18 06/28/49 KRW 37.34
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 64.57
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SINBO SECURITIZATION SP 5.00 01/26/22 KRW 62.49
SINBO SECURITIZATION SP 5.00 01/25/22 KRW 62.50
SINBO SECURITIZATION SP 5.00 02/23/22 KRW 62.76
SINBO SECURITIZATION SP 5.00 06/27/22 KRW 64.48
SINBO SECURITIZATION SP 3.00 11/21/23 KRW 64.58
SINBO SECURITIZATION SP 5.00 07/24/22 KRW 64.75
SINBO SECURITIZATION SP 5.00 07/26/22 KRW 64.76
SINBO SECURITIZATION SP 5.00 08/31/21 KRW 65.29
SINBO SECURITIZATION SP 5.00 09/26/22 KRW 65.77
SINBO SECURITIZATION SP 5.00 08/29/22 KRW 65.86
SINBO SECURITIZATION SP 5.00 01/25/23 KRW 65.86
SINBO SECURITIZATION SP 5.00 08/31/22 KRW 65.88
SINBO SECURITIZATION SP 4.00 04/15/24 KRW 66.03
SINBO SECURITIZATION SP 4.00 12/25/23 KRW 66.26
SINBO SECURITIZATION SP 4.00 12/25/23 KRW 66.26
SINBO SECURITIZATION SP 4.00 06/30/24 KRW 66.65
SINBO SECURITIZATION SP 4.00 06/30/24 KRW 66.65
SINBO SECURITIZATION SP 3.00 01/29/24 KRW 66.92
SINBO SECURITIZATION SP 5.00 07/24/23 KRW 67.07
SINBO SECURITIZATION SP 5.00 06/30/23 KRW 67.13
SINBO SECURITIZATION SP 5.00 06/27/23 KRW 67.13
SINBO SECURITIZATION SP 5.00 10/24/23 KRW 67.67
SINBO SECURITIZATION SP 5.00 10/24/23 KRW 67.67
SINBO SECURITIZATION SP 5.00 07/26/21 KRW 67.88
SINBO SECURITIZATION SP 5.00 09/26/23 KRW 67.88
SINBO SECURITIZATION SP 5.00 09/26/23 KRW 67.88
SINBO SECURITIZATION SP 5.00 09/26/23 KRW 67.88
SINBO SECURITIZATION SP 5.00 08/29/23 KRW 68.07
SINBO SECURITIZATION SP 5.00 08/29/23 KRW 68.07
SINBO SECURITIZATION SP 5.00 11/21/23 KRW 68.61
SINBO SECURITIZATION SP 5.00 02/27/24 KRW 68.75
SINBO SECURITIZATION SP 4.00 01/29/24 KRW 68.90
SINBO SECURITIZATION SP 4.00 01/29/24 KRW 68.90
SINBO SECURITIZATION SP 5.00 06/30/24 KRW 68.97
SINBO SECURITIZATION SP 5.00 01/29/23 KRW 70.55
SINBO SECURITIZATION SP 5.00 12/25/22 KRW 70.81
SINBO SECURITIZATION SP 5.00 12/25/23 KRW 71.15
SINBO SECURITIZATION SP 5.00 02/28/22 KRW 73.01
SINBO SECURITIZATION SP 5.00 03/20/23 KRW 73.31
SINBO SECURITIZATION SP 5.00 02/28/23 KRW 73.48
SINBO SECURITIZATION SP 5.00 12/27/21 KRW 73.69
SINBO SECURITIZATION SP 5.00 06/29/21 KRW 74.88
STANDARD CHARTERED BANK 3.02 11/10/35 KRW 74.78
STANDARD CHARTERED BANK 3.00 10/16/35 KRW 74.92
SRI LANKA
---------
SRI LANKA DEVELOPMENT B 4.77 01/22/25 USD 63.25
SRI LANKA DEVELOPMENT B 5.98 01/22/25 USD 65.25
SRI LANKA DEVELOPMENT B 6.02 01/22/25 USD 65.35
SRI LANKA DEVELOPMENT B 6.05 01/22/25 USD 65.43
SRI LANKA DEVELOPMENT B 6.50 01/22/25 USD 66.57
SRI LANKA DEVELOPMENT B 6.75 01/22/25 USD 67.20
SRI LANKA DEVELOPMENT B 6.80 01/22/25 USD 67.33
SRI LANKA DEVELOPMENT B 6.82 01/22/25 USD 67.38
SRI LANKA DEVELOPMENT B 6.87 01/22/25 USD 67.51
SRI LANKA DEVELOPMENT B 4.09 05/01/23 USD 72.94
SRI LANKA DEVELOPMENT B 4.13 05/01/23 USD 73.00
SRI LANKA DEVELOPMENT B 4.22 03/16/23 USD 74.28
SRI LANKA GOVERNMENT IN 6.75 04/18/28 USD 62.87
SRI LANKA GOVERNMENT IN 6.20 05/11/27 USD 62.99
SRI LANKA GOVERNMENT IN 7.85 03/14/29 USD 62.99
SRI LANKA GOVERNMENT IN 6.20 05/11/27 USD 63.05
SRI LANKA GOVERNMENT IN 7.55 03/28/30 USD 63.09
SRI LANKA GOVERNMENT IN 7.85 03/14/29 USD 63.10
SRI LANKA GOVERNMENT IN 6.75 04/18/28 USD 63.14
SRI LANKA GOVERNMENT IN 7.55 03/28/30 USD 63.15
SRI LANKA GOVERNMENT IN 6.83 07/18/26 USD 64.16
SRI LANKA GOVERNMENT IN 6.83 07/18/26 USD 64.20
SRI LANKA GOVERNMENT IN 6.85 11/03/25 USD 65.04
SRI LANKA GOVERNMENT IN 6.13 06/03/25 USD 65.09
SRI LANKA GOVERNMENT IN 6.85 11/03/25 USD 65.12
SRI LANKA GOVERNMENT IN 6.13 06/03/25 USD 65.19
SRI LANKA GOVERNMENT IN 6.35 06/28/24 USD 68.09
SRI LANKA GOVERNMENT IN 6.35 06/28/24 USD 68.13
SRI LANKA GOVERNMENT IN 6.85 03/14/24 USD 68.21
SRI LANKA GOVERNMENT IN 6.85 03/14/24 USD 68.27
SRI LANKA GOVERNMENT IN 5.75 04/18/23 USD 71.06
SRI LANKA GOVERNMENT IN 5.75 04/18/23 USD 71.09
SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 61.17
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.55
MDX PCL 4.75 09/17/03 USD 22.88
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN: 1520-9482.
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*** End of Transmission ***