/raid1/www/Hosts/bankrupt/TCRAP_Public/210713.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, July 13, 2021, Vol. 24, No. 133
Headlines
A U S T R A L I A
BURWOOD PROPERTIES: First Creditors' Meeting Set for July 21
FORUM FINANCE: To be Placed into Liquidation
SAI GLOBAL: Moody's Affirms Caa1 CFR & Alters Outlook to Positive
SUNTEC HOSPITALITY: Second Creditors' Meeting Set for July 20
C H I N A
CHINA GRAND AUTOMOTIVE: Fitch Rates Proposed USD Unsec. Notes 'B+'
CHINA: Bond Defaults Hit Record High of $18BB in First Half
CHINA: To Cut Banks' Reserve Requirements to Help Struggling Firms
HONG YANG GROUP: Fitch Affirms B+ Rating, Outlook Stable
I N D I A
ASIAN INSTITUTE: ICRA Withdraws B+ Rating on INR2.93cr LT Loan
BANKE BIHARI: ICRA Keeps B- Debt Ratings in Not Cooperating
CORNERSTONE PROPERTY: ICRA Keeps B+ Rating in Not Cooperating
DEEP MOTORS: ICRA Withdraws B+ Rating on INR12.25cr Loan
ENVIRO GREEN: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAHA DURGA: ICRA Hikes Rating on INR60.08cr LT Loan to B+
MIRAYA REALTY: ICRA Lowers Rating on INR37.50cr NCD to C+
OCEAN PEARL: ICRA Reaffirms D Rating on INR65cr Loans
PATEL OSWAL: ICRA Keeps D Debt Rating in Not Cooperating Category
PERFECTO ELECTRICALS: ICRA Withdraws C Rating on INR7.50cr Loan
PURVA METAL: ICRA Lowers Rating on INR28cr LT Loan to B+
QUATRO RAIL: ICRA Keeps B+ Debt Rating in Not Cooperating
RAICHUR ROLLER: ICRA Keeps B+ Debt Ratings in Not Cooperating
ROOPLAXMI INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
SANGAMESWARA ELECTRICALS: ICRA Withdraws D Rating on INR2cr Loan
SHIVA FERRIC: ICRA Lowers Rating on INR35cr LT Loan to B+
SIMOLA TILES: ICRA Moves D Debt Ratings to Not Cooperating
VARSHA MULTITECH: ICRA Lowers Rating on INR7cr LT Loan to B+
ZENITH EXPORTS: ICRA Reaffirms B+ Rating on INR22cr LT Loan
I N D O N E S I A
ASURANSI JASA: A.M. Best Cuts Financial Strength Rating to B(Fair)
WIJAYA KARYA: Moody's Withdraws Ba3 Corporate Family Rating
S I N G A P O R E
ALDRIC GLOBAL: Court to Hear Wind-Up Petition on July 30
BB SECURITIES: Creditors' Proofs of Debt Due August 10
HYFLUX: Winding Up Hearing Moved After Intervention by Utico
LONG JIANG: Creditors' Meeting Set for July 27
MAGNIFICA PTE: Court Enters Wind-Up Order
NOVENA GLOBAL: High Court Declares Terence Loh Bankrupt
RHB RESEARCH: Creditors' Proofs of Debt Due August 13
S O U T H K O R E A
SSANGYONG MOTOR: Workers go on Unpaid Leave in Self-Rescue Effort
X X X X X X X X
[*] BOND PRICING: For the Week July 5, 2021 to July 9, 2021
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A U S T R A L I A
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BURWOOD PROPERTIES: First Creditors' Meeting Set for July 21
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Burwood
Properties Pty Ltd will be held on July 21, 2021, at 3:00 p.m. via
virtual meeting.
Philip Raymond Hosking of Helm Advisory was appointed as
administrator of Burwood Properties on July 9, 2021.
FORUM FINANCE: To be Placed into Liquidation
--------------------------------------------
The Sydney Morning Herald reports that the Federal Court has
ordered the company at the centre of an alleged $250 million fraud
against banking giant Westpac be placed into liquidation, while the
exact whereabouts of its football personality director remain
unknown.
SMH relates that Sydney-based Forum Finance allegedly used false
invoices and forged signatures to obtain Westpac loans without the
consent of at least seven of the major bank's corporate clients.
Westpac has pursued legal action to have the company liquidated in
the hope of recouping losses that could run into the hundreds of
millions of dollars.
According to SMH, the court heard that Forum Finance's director
Basile Papadimitriou, the former Sydney Olympic president commonly
known as Bill Papas, has missed court deadlines, failed to
challenge any of the allegations against his company and refused to
tell his own lawyers of his exact location.
In making the decision to appoint liquidators to Forum Finance,
Federal Court Justice Michael Lee said on July 9 there were "real
concerns" around Mr. Papas' ability to run the company, SMH relays.
"Neither Forum Finance nor its directors have provided any
explanation, coach or otherwise, for what appears to have
happened.
"It appears Forum Finance has by some means or another, been
involved in a long-running, calculated and elaborate fraud which
would rank high in the catalogue of corporate malfeasance," SMH
quotes Justice Lee as saying. "We have not heard from the man who
appears to be primarily responsible."
According to the report, the court heard on July 7 that Mr. Papas
had booked a Japan Airlines flight from Athens via Dubai to arrive
in Sydney on July 10 yet this was not supported with flight details
or information around why he had left Australia in the first place.
Justice Lee described Mr. Papas as "apparently peripatetic" and
said his travel plans occurred by "coincidence when things started
to unravel with Westpac".
Lawyers for both Mr. Papas and Forum Finance consented to the
liquidation application and extension of freeze orders until next
Wednesday [July 14], SMH notes. Another respondent in the case,
Vincenzo Tesoriero is listed as a Forum Finance director with
records filed with the Australian Securities and Investment
Commission.
However, senior counsel Greg McNally SC representing Mr. Tesoriero
said his client had tendered his resignation from the company in
April last year. Mr. Papas has been uncontactable by the bank since
mid-June after Westpac began making inquiries about the alleged
fraud, according to court documents cited by SMH.
SMH relates that Jeremy Giles SC, acting for Westpac, said Mr.
Tesoriero's apparent resignation, combined with uncertainty around
Mr. Papas' location, justified the court's decision to wind up
Forum Finance.
"Mr Papas is out of the country. One does not have a terribly
satisfactory explanation for whether he is going to return, or
when. Mr. Tesoriero has denied having an involvement in the
management of the company yet he's recorded as a director of the
company.
"The company is a vehicle for a fraudulent and dishonest scheme…
It is not the subject of any meaningful or appropriate control by
its officers at the moment," the report quotes Mr. Giles as
saying.
According to SMH, Westpac has agreed to pay up to $250,000 for
McGrathNicol liquidators to investigate Forum Finance's assets and
liabilities. The court also heard Mr. Papas was director of a
separate but related entity, Forum Group, that has $3 million in a
NAB bank account and is not subject to freezing orders.
SMH says Mr. Papas has failed to provide a list of his assets other
than his Rozelle property in Sydney's inner west. The Age and
Herald have obtained architectural plans from January last year to
renovate Mr. Papas's property on the NSW central coastal town of
Wagstaffe, that was reportedly bought for $5.8 million in 2019.
A number of companies listed as clients claim they have not had any
problems with services provided by Forum, including NSYE-listed
Boston Scientific and real estate group Nelson Alexander, the
report notes. Although court documents filed by Wesptac last week
showed at least seven major clients including Coles, Woolworths,
Veolia and WesTrac have been caught up in the fraud.
Finance business Humm Group disclosed on July 9 it has up to $12
million in historical exposure to Forum Finance, through an
equipment finance arm it used to own, SMH discloses. The equipment
finance leases have since been sold by Humm and the company said it
was not clear if the assets are fraudulent but it was
investigating.
SAI GLOBAL: Moody's Affirms Caa1 CFR & Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 corporate family
rating of SAI Global Holdings II (Australia) Pty Ltd. (SAI Global).
Moody's has also changed the outlook to positive from negative.
At the same time, Moody's has affirmed the Caa1 senior secured
rating on SAI Global Holdings I (Australia) Pty Limited's first
lien USD325 million term loan B, the Caa1 senior secured rating on
its first lien AUD255 million term loan B, and the Ca senior
secured rating on its second lien AUD160 million term loan
facility. Moody's has also changed the outlook to positive from
negative.
RATINGS RATIONALE
"The change in outlook reflects our expectation that SAI Global's
credit profile will improve as proceeds from the sale of its
Assurance and Standards businesses are applied to debt reduction,"
says Maadhavi Barber, a Moody's Analyst.
SAI Global entered into a definitive agreement to sell its
Assurance and Standards businesses to Intertek Group Plc for AUD855
million on May 13, 2021. The proposed transaction is subject to
customary closing conditions, including Foreign Investment Review
Board approval, and is expected to complete by September 2021.
SAI Global intends to prepay its outstanding term loans (around
AUD816 million as of December 2020) with the sale proceeds, which
would result in a significant improvement in its leverage metrics.
Moody's has noted that SAI Global had sold its Property Services
segment in January 2021 and kept the AUD85 million in net sale
proceeds on its balance sheet. The company currently has around
AUD166 million on its balance sheet.
The ratings affirmation reflects Moody's view that SAI Global's
remaining Risk and Learning divisions will support earnings through
recurring revenues.
Moody's could change the outlook if the proposed transaction is not
completed and/or SAI Global does not prepay all of its outstanding
debt.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
The ratings also considers the following environmental, social and
governance risks. Moody's considers software/technology companies
exposed to social risks through data protection/privacy risk and
cyber security risks. SAI Global seeks to mitigate these risks
through separate privacy policies for the European, Asia-Pacific
and Americas regions.
SAI Global's ownership structure presents some governance risk to
the extent that private equity firms tend to prioritise aggressive
growth plans and strategies, including a tolerance for higher
leverage. However, Moody's notes that BPEA has been supportive of
SAI Global through equity injections and no dividends.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the ratings if (1) the proposed transaction
is completed and SAI Global prepays all of its outstanding debt and
(2) SAI Global's remaining business profile improves.
Conversely, Moody's could change the outlook if the proposed
transaction is not completed and/or SAI Global does not prepay all
of its outstanding debt.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
SAI Global Holdings II (Australia) Pty Ltd. (SAI Global) owns 100%
of SAI Global Pty Limited (unrated), the operating company. SAI
Global, headquartered in Chicago, Illinois, is a global provider of
risk management services and products. The company operates two
segments: (1) Risk -- providing software that prevent and track
breaches in standards/regulations; and (2) Learning - training
customers on standards/regulations.
SUNTEC HOSPITALITY: Second Creditors' Meeting Set for July 20
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Suntec
Hospitality Pty Ltd has been set for July 20, 2021, at 11:00 a.m.
via webinar facilities only.
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 July 19, 2021, at 4:00 p.m.
Philip Campbell-Wilson and John McInerney of Grant Thornton
Australia were appointed as administrators of Suntec Hospitality on
June 15, 2021.
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C H I N A
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CHINA GRAND AUTOMOTIVE: Fitch Rates Proposed USD Unsec. Notes 'B+'
------------------------------------------------------------------
Fitch Ratings has assigned auto dealer China Grand Automotive
Services Limited's (CAGSL) proposed US dollar senior unsecured
notes a 'B+' rating with a Recovery Rating of 'RR4'. CAGSL is
wholly owned by China Grand Automotive Services Group Co., Ltd.
(CGA; B+/Stable), which will unconditionally and irrevocably
guarantee the securities. The proposed notes are rated at the same
level as CGA's senior unsecured rating as they will constitute its
direct and senior unsecured obligations.
At the same time, CGA has announced a concurrent cash tender offer
to refinance part of its USD400 million 5.625% senior perpetual
securities rated 'B'. The tender offer is subject to completion of
the US dollar senior note issuance and is capped at 50% of the
note's issuance amount.
KEY RATING DRIVERS
Transaction to Refinance Securities: CGA intends to use the
proceeds of the proposed note issuance, other than funding the
tender offer, for repayment of offshore bonds due and refinancing
of onshore debt. However, Fitch assumes CGA has sufficient
liquidity to repay its US dollar bonds due July 2021 even if the
new issuance does not proceed.
Revenue Growth Resumes: Fitch expects CGA's revenue to resume
rising after the Covid-19 pandemic had a severe impact on CGA's
operations in 1Q20. Its operations started recovering from 2Q20
with full-year revenue dropping 7%. Its reported FFO adjusted net
leverage of 5.8x is below Fitch's negative rating sensitivity and
Fitch expects the ratio to remain stable or drop further with
higher contribution from normalised operations. Its revenue rose
64% in 1Q21 and Fitch expects a further recovery as
passenger-vehicle sales in China pick up, especially for luxury
brands.
Fitch does not expect CGA's recovery to be affected by 2021's
auto-chip shortage, as original equipment manufacturers prioritised
the production of higher-margin premium cars. However, the
short-term benefits of a better margin may be offset by a large
drop in sales volume should a prolonged chip shortage lead to
sustained production cuts in 2H21.
Reliant on Short-Term Financing: CGA's financial structure is
highly reliant on short-term financing, but Fitch expects
sufficient liquidity to be available to repay upcoming capital
market debt maturity within the next 12 months. Short-term bank
loans represented almost 70% of total debt as of end-2020 (2019:
68%) after some bonds were redeemed and repaid, but Fitch believes
ample onshore credit facilities remain available due to CGA's
strong market position and solid banking relationships.
Market Leader in Competitive Industry: CGA has retained its
leadership in a difficult market environment and further expanded
into the premium auto segment. However, China's auto-dealership
industry remains highly fragmented and competitive. Chinese auto
dealers generally have mid-single-digit EBITDA margins, comparable
with US peers, and Fitch believes the industry's low margins will
persist in the medium term.
Leasing Subsidiary Deconsolidated: Fitch continues to deconsolidate
Huitong Xincheng, a subsidiary that provides auto-financing
services, in Fitch's analysis in accordance with Fitch's Corporate
Rating Criteria. Fitch assumes a capital structure for the
financing operation that is strong enough for it to avoid being a
cash drain on the parent over the rating horizon to 2024. The
target capital structure considers the quality of the subsidiary's
assets, funding and liquidity. Fitch applied a target gross
debt/tangible equity ratio of 1x for Huitong Xincheng.
DERIVATION SUMMARY
CGA's ratings are supported by its leading market position and
large operating scale, but are constrained by high leverage. Peers
include Zhongsheng Group Holdings Limited (BBB-/Positive), the
second-largest auto dealership in China, and AutoNation, Inc.
(BBB-/Positive), the largest automotive retailer in the US. CGA has
similar scale as its direct peers, but has weaker profitability,
higher leverage and lower financial flexibility and other metrics.
China's second-largest car-rental company, eHi Car Services Limited
(B/Rating Watch Positive), has a similar financial structure as
CGA, but CGA has a much larger operating scale, lower capex
requirements and a more stable competitive environment. CGA has a
better market position than Golden Eagle Retail Group Limited
(BB+/Stable), a Chinese department-store operator, but a weaker
leverage ratio, lower margins and smaller free cash flow
generation.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- CGA's revenue to increase by 7.5% in 2021 and rise by a CAGR
of 3.3% from 2022-2024 (2020: -7%);
-- CGA's EBITDA margin to improve to 5.4% in 2021 and recover to
5.6% by 2023 (2020: 4.3%);
-- Capex (inclusive of M&A) to drop to CNY1.5 billion in 2021 and
rise to CNY3 billion by 2024 (2020: CNY2.6 billion).
Recovery Rating Assumptions: Fitch's recovery analysis assumes that
CGA would be reorganised as a going-concern rather than liquidated.
The going-concern value is based on Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch applies a 5x
enterprise-value multiple to calculate a post-reorganisation
valuation. Fitch also assumed a 10% administrative claim. The
Recovery Rating assigned to CGA's senior unsecured debt is 'RR4'.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- FFO adjusted net leverage (adjusted for leasing) below 5.0x
for a sustained period;
-- FFO fixed-charge cover (adjusted for leasing) above 2.5x for a
sustained period;
-- Material improvement in its debt maturity profile.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- FFO adjusted net leverage (adjusted for leasing) above 6.0x
for a sustained period;
-- FFO fixed-charge cover (adjusted for leasing) below 1.5x for a
sustained period;
-- Sustained deterioration in market share.
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 unrestricted cash of CNY9.8
billion against CNY42 billion in short-term borrowings as of
end-March 2021. CGA's current liquidity is sufficient to cover
maturing capital market debt, which is made up of CNY9 billion in
onshore and offshore bonds due within 12 months. Fitch classifies
the USD400 million in outstanding perpetual securities as
short-term debt as it is callable every six months, but the
exercise of the call is at the company's discretion. The company
has received strong support from domestic banks and financial
institutions for the remaining short-term debt that comprises
primarily bank loans due to its strong market position and solid
banking relationships.
ISSUER PROFILE
CGA is the leading auto dealership in China, with more than 800
outlets across China covering more than 50 brands. CGA was listed
on the Shanghai Stock Exchange in June 2015 and, in June 2016, it
completed the acquisition of a majority stake in Baoxin Auto, a
Hong Kong-listed Chinese auto dealer.
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: Bond Defaults Hit Record High of $18BB in First Half
-----------------------------------------------------------
Nikkei Asia reports that corporate debt defaults in China have
soared to record levels as Beijing allows companies choking on
excessive debt to go belly up.
Chinese corporate bond issuers defaulted on about CNY116 billion
($18 billion) in the first six months of 2021, the highest figure
for any January-June period, Nikkei Asia discloses.
According to the report, the missed payments are alarming foreign
investors and driving up the average yield on foreign
currency-denominated Chinese corporate bonds with low credit
ratings to above 10%.
Nikkei Asia says the government of President Xi Jinping is placing
a priority on reducing excessive debt in the corporate sector. By
doing so, however, it risks pushing a legion of companies into
difficulty with financing their businesses. That could then choke
the nation's economic growth in the coming years.
Chinese companies defaulted on a record CNY116 billion in the first
half of the year, Nikkei Asia discloses citing Shanghai DZH, a
supplier of internet financial information services. The full-year
figure is likely to surpass the past record, logged in 2020, of
over CNY187 billion and hit an all-time high.
In particular, a growing number of state-owned enterprises (SOEs)
are missing debt payments, a sign of Beijing's willingness to run
counter to the long-held assumption among state-linked borrowers
and their investors that the government will bail them out when
they tumble into financial trouble, Nikkei Asia states. For
decades, SOEs have enjoyed "implicit debt guarantees" by the
central and local governments, but they can no longer take
government support for granted, according to Shinichi Seki, an
economist at the Japan Research Institute.
In February, a Chinese court accepted a bankruptcy filing by travel
conglomerate HNA Group under the chongzheng (reorganization)
process. In March, Tianjin Airlines, jointly founded by HNA and the
Tianjin municipal government, also went into the same process.
Chinese chipmaker Tsinghua Unigroup has also defaulted repeatedly
on dollar-denominated bonds.
In 2019, SOEs accounted for slightly more than 10% of all Chinese
issuers that missed debt repayments. The ratio jumped to nearly
half in 2020. SOEs are still responsible for some 40% of overall
corporate bond defaults this year.
SOEs have been piling on debt "under the myth that they will never
be allowed to default," said Naoto Saito, chief researcher at the
Daiwa Institute of Research, Nikkei Asia relays. But "concerns
about a moral hazard have led the government to embark on reform."
A flurry of defaults by large SOEs signals the Chinese leadership's
commitment to breaking the moral hazard by weaning debt-riddled
SOEs from government protection and allowing them to fail,
according to Nikkei Asia.
Nikkei Asia relates that the "credit impulse," which measures the
growth in new financing as a share of gross domestic product and is
a widely watched indicator of the government's economic policy
stance, has been declining. The indicator generally rises when the
government adopts a pro-growth policy stance and falls when it
moves to cut back on stimulus measures. The index has been sagging
after peaking at 32% in November 2020. It fell to 25% in May, the
lowest level since February 2020.
CHINA: To Cut Banks' Reserve Requirements to Help Struggling Firms
------------------------------------------------------------------
Caixin Global reports that China's central bank announced on July 9
that it will cut the amount of money banks need to hold in reserve,
unleashing more cash into the financial system in an effort to help
businesses struggling as commodity prices surge.
The People's Bank of China (PBOC) said it will lower the reserve
requirement ratio (RRR) for financial institutions by 50 basis
points Thursday, leaving them with more money available to lend to
businesses, Caixin relates citing a statement published on the
central bank's website. The cut will not apply to those already
subject to a RRR of 5%, the lowest of all financial institutions.
According to Caixin, the move came just two days after the State
Council, China's cabinet, called for a reduction in the RRR. The
cut aims to help the real economy, especially small businesses that
suffered from rising costs due to soaring commodity prices this
year, the PBOC said.
China is a major importer of commodities such as oil, iron ore and
coal, whose prices have surged this year, Caixin states. This has
fueled domestic inflation and cut into Chinese corporate profits,
especially those in downstream industries that produce finished
goods sold to consumers.
After the cut, the weighted average RRR of financial institutions
will fall to 8.9%, the PBOC said, Caixin relays.
Still, a central bank spokesperson pointed out that the cut does
not represent a shift in its stance of maintaining a stable
monetary policy.
HONG YANG GROUP: Fitch Affirms B+ Rating, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed the ratings on China-based homebuilder
Hong Yang Group Company Limited and its subsidiary Redsun
Properties Group Limited at 'B+' with a Stable Outlook.
Fitch rates both companies on a consolidated basis, according to
our Parent and Subsidiary Linkage Rating Criteria, as Fitch
assesses the overall linkage as moderate.
The affirmation reflects the group's growing contracted sales,
improving land-bank diversification and its ability to maintain
modest leverage at around 40%, based on proportionately
consolidated net debt/adjusted inventory. The group's ratings are
constrained by its attributable sales and revenue scale, which are
smaller than that of 'BB-' rated peers, while its EBITDA margin is
also weaker than majority of peers rated 'B+'.
KEY RATING DRIVERS
Healthy Leverage: Fitch believes group leverage, measured by net
debt/adjusted inventory that proportionately consolidates joint
ventures and associates, will rise to around 40% in 2021 (2020:
35%), which remains reasonable among 'B+' rated peers. The group
expects to spend about half of its contracted sales proceeds on
land in 2021, similar to that in 2020. The group has been able to
control its leverage at a healthy level while expanding its scale
over the past two years.
Short Land Bank Life: The group's land-bank life of around two
years at end-2020 - defined by saleable land bank at end-2020
divided by expected gross floor area (GFA) sold in 2021 - is
shorter than that of 'B+' and 'BB-' peers. Therefore, we believe
the company will constantly seek to acquire land to sustain
contracted sales growth, which may lead to an increase in leverage.
Fitch expects leverage to rise to about 40% in 2021 due to higher
land acquisition outflow in 2021.
Sales Continue to Rise: Fitch expects the group's total contracted
sales to rise by about 15% to CNY100 billion in 2021. The group's
total contracted sales were about CNY40 billion in January-May
2021, and rose 33% to CNY86.5 billion in 2020, driven by its
sufficient saleable resources, mainly in Jiangsu province and other
cities in the Yangtze River Delta, where demand is resilient. The
group's attributable sales and revenue of CNY43 billion and CNY20
billion, respectively, were both smaller than that of 'BB-' rated
peers which were above CNY55 billion and CNY30 billion,
respectively, in 2020.
Margin to Stabilise: We expect the group's EBITDA margin, after
adding back capitalised interest in cost of goods sold, to
stabilise at about 18% in 2021. The EBITDA margin fell to 17% in
2020 from 18% in 2019, due to weaker margin in property development
as the industry was increasingly competitive. Fitch expects the
gross profit margin (before capitalised interest adjustment) for
property development to stabilise at about 21% in 2021, as 35%-40%
of the group's land acquisitions are from integrated projects and
acquisitions, which have higher profitability than land from public
auctions. Fitch also expects the selling and administrative
expense/revenue ratio to drop as revenue increases.
Increasing NCI: The ratio of Hong Yang's non-controlling interests
(NCI) to equity, excluding the NCI due to listed subsidiaries,
increased to 30% in 2020 from 20% in 2019. This reflects Hong
Yang's reliance on cash from contracted sales and capital
contributions from non-controlling shareholders, which are mainly
developers, to finance its expansion. This lowers Hong Yang's need
for debt funding, but creates potential cash leakage and reduces
further financial flexibility because homebuilders with lower NCIs
can dispose of stakes in projects to reduce leverage.
Moderate Parent-Subsidiary Linkage: Fitch rates Hong Yang Group and
Redsun on a consolidated basis, according to our Parent and
Subsidiary Linkage Rating Criteria, as Fitch assesses the overall
linkage as moderate, reflecting weak legal ties and moderate
operational ties. Hong Yang Group holds 72% of Redsun, which
represents the group's entire exposure to the China homebuilding
business. The chairman of Redsun is the sole director of Hong Yang
Group.
DERIVATION SUMMARY
The group's leverage of 35% at end 2020 is similar to that of
Zhenro Properties Group Limited (B+/Positive). However, the group's
attributable contracted sales scale of CNY43 billion is smaller
than Zhenro's CNY78 billion. The group's EBITDA margin, after
adding back capitalised interest, at 17% is weaker than Zhenro's
22%.
Peers rated at 'BB-' generally have attributable contracted sales
of more than CNY55 billion and revenue of more than CNY30 billion.
The group's attributable contracted sales of CNY43 billion and
revenue of CNY20 billion in 2020 is smaller than that for 'BB-'
peers.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Total contracted sales by gross floor area to increase by 5%
per year in 2021 -2024;
-- Contracted average selling price to increase by 8% in 2021, 5%
in 2022 and 3% in 2023-2024;
-- Property-development gross profit margin of about 21% in 2021
2024;
-- Land-acquisition cash outflow to account for about 50% of
annual pre-sales proceeds in 2021-2024.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Attributable contracted sales and revenue comparable with that
of 'BB-' peers;
-- Leverage, measured by proportionately consolidated net
debt/adjusted inventory, sustained below 40%;
-- No decrease in land bank life (defined by saleable land bank
as of year-end divided by expected gross floor area sold in
the next year).
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- EBITDA margin, excluding capitalised interest from cost of
goods sold, sustained below 18%;
-- Leverage, measured by proportionately consolidated net
debt/adjusted inventory, sustained above 50%.
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 group had available cash balance of
CNY14.1billion, excluding restricted cash and pledged deposits of
CNY2.9 billion and CNY3.4 billion, respectively, sufficient to
cover its short-term borrowings of CNY13.1 billion at end-2020.
Hong Yang Group, on a standalone basis (excluding Redsun), had
available cash of CNY1.7 billion, which covers its short-term
borrowings of CNY1.7 billion.
At end-2020, Redsun had available cash balance of CNY12.4 billion,
excluding restricted cash and pledged deposits of CNY2.9 billion
and CNY3.3 billion, respectively, sufficient to cover its
short-term borrowings of CNY11.4 billion.
In January 2021, Redsun issued USD350 million of 7.3% senior notes
due 2025. It repaid its USD300 million 11.50% senior notes due
March 2021. In May 2021, it also issued USD210 million of 7.3%
senior notes due 2024. The proceeds will be used to refinance its
USD100 million notes due in October 2021.
ISSUER PROFILE
Hong Yang Group is the parent company and owns 72% of Hong
Kong-listed Redsun. Hong Yang Group's founder, Mr Zeng Huansha,
started the property development business in 2001. Hong Yang Group
(excluding Redsun) has a property management services company,
which was separately listed in Hong Kong in July 2020, as well as a
large retail and wholesale centre for home decoration materials and
furniture in Nanjing, Jiangsu Province.
Redsun focusses on developing residential properties in Jiangsu
province and has expanded into other regions. It also operates
retail malls, offices and hotels.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch's calculation of CNY 58.4 billion of adjusted inventory used
in the leverage calculations includes: CNY52.3 billion in property
under development and inventory, CNY0.7 billion in prepaid land use
rights, CNY21.5 billion in investment properties, CNY0.3 billion in
property, plant and equipment (land and buildings), JV adjusted
inventory of CNY13 billion, less CNY0.2 billion in net amount due
to non-controlling interests and CNY29.4billion in contract
liabilities.
Fitch included JV net debt of CNY2 billion in net debt in the
proportionately consolidated leverage calculation.
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.
=========
I N D I A
=========
ASIAN INSTITUTE: ICRA Withdraws B+ Rating on INR2.93cr LT Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Asian Institute of Oncology Pvt. Ltd. (AIOPL) at the request of the
company and based on the No Objection Certificate/No Due
Certificate received from the bankers, and in accordance with
ICRA's policy on withdrawal and suspension. However, ICRA does not
have information to suggest that the credit risk has changed since
the time the rating was last reviewed.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term–Fund
Based/TL 2.93 [ICRA]B+ (Stable); Withdrawn
Long Term–Fund
Based/CC 2.75 [ICRA]B+ (Stable); Withdrawn
Long Term/Short 7.57 [ICRA]B+ (Stable)/[ICRA]A4;
Term–Unallocated Withdrawn
Limit
The Asian Institute of Oncology Private Limited (AIOPL) was
instituted as a collaboration between the Asian Cancer Association
(ACA) and Somaiya Ayurvihar. ACA is an association of 25 doctors
(including Dr. S.H. Advani. Dr. R.K. Deshpande, Dr. Deepak Parikh
and others), who specialize in the field of oncology. The
Association commenced its operation in 2002 in the Wellspring
Clinic Piramal Complex (Mumbai) in collaboration with the S.L.
Raheja Hospital (associated with Fortis Healthcare Limited), before
shifting the base of operations to Somaiya Ayurvihar in 2013. The
hospital is currently operating out of a leased facility at Somaiya
Ayurvihar, which is equipped with ~80 beds under the name of
"Somaiya Ayurvihar-Asian Cancer Institute". AIOPL currently offers
only surgical and medical treatments (such as chemotherapy), which
exclude radiotherapy.
BANKE BIHARI: ICRA Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shri Banke
Bihari Polyfab Pvt Ltd in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B-(Stable)/ [ICRA]A4 ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 5.00 [ICRA]B-(Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non-Fund Based 0.35 [ICRA]B-(Stable) ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Unallocated limit 4.65 [ICRA]B-(Stable)/[ICRA]A4
ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Shri Banke Bihari Polyfab Private Limited (SBBP), incorporated in
2008, began operations from April 2010 as a manufacturer of High
Density Polyethylene (HDPE) woven sacks and cement bags. At
present, the company has an installed production capacity of 3,100
MTPA for HDPE woven fabric at its manufacturing facility at
Burdwan, West Bengal. The company also trades in various
commodities based on market opportunities. In FY2015, SBBP also
started trading in Polypropylene (PP) granules.
CORNERSTONE PROPERTY: ICRA Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Cornerstone Property Investments Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] B+(Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term– 110.00 [ICRA] B+(Stable); ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
CPIPL is a part of Cornerstone group which is a leading property
group in the business of land banking, development (primary
residential) and joint development partnerships. Cornerstone Group
is one of the largest owners of real estate in Bangalore with a
land bank in excess of 2,500 acres and a development portfolio of
over 9 million square feet. CPIPL, along with its promoters and
another group company, have entered into an MoU with the Embassy
Group for jointly developing approximately 100 acres of land in
Varthur, Bengaluru. The Embassy Group will acquire 30 acres of land
out of the larger property and the balance will be developed under
the JDA route.
DEEP MOTORS: ICRA Withdraws B+ Rating on INR12.25cr Loan
--------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Deep Motors (DM) at the request of the company and based on the No
Objection received from its banker. ICRA is withdrawing the rating
and it does not have information to suggest that the credit risk
has changed since the time the rating was last reviewed. The Key
rating drivers, Liquidity position, Rating sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 12.25 [ICRA]B+(Stable); ISSUER NOT
Fund-based–CC COOPERATING; Withdrawn
Deep Motors (DM) is the authorized dealer for the retail sales and
distribution of passenger cars manufactured by MSIL. It was awarded
the MSIL dealership in 2006. At present, it is the only MSIL
dealership in the three districts of Azamgarh, Mau and Balia in
Uttar Pradesh. DM operates one full-fledged 3S showroom (sales,
service, and spares) in Azamgarh. The firm also has sales outlets
at Mau and Balia along with three service workshops.
ENVIRO GREEN: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Enviro
Green Alloys Inc in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limit– 5.00 [ICRA]B+(Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund based Limit– 2.00 [ICRA]B+(Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
EGA incorporated in 2011, is involved in manufacturing pure lead,
lead alloys and lead oxides through recycling lead scrap arising
out of used lead in batteries and sheathing. With an installed
capacity of 2,800 MTPA, EGA caters to battery manufacturers in the
domestic markets. The company operates in three shifts and employs
about 45 employees.
MAHA DURGA: ICRA Hikes Rating on INR60.08cr LT Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Maha
Durga Charitable Trust (MDCT), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 60.08 [ICRA] B+ (Stable); upgraded
Fund Based TL from [ICRA] C+ rating removed
from watch with developing
implications and Stable
outlook assigned
Long Term- 10.92 [ICRA] B+ (Stable); upgraded
Unallocated from [ICRA] C+ rating removed
from watch with developing
implications and Stable
outlook assigned
Rationale
The removal of watch follows the approval and implementation of the
resolution plan submitted by MDCT. The restructured debt terms
include elongation of repayment tenor by two years resulting in low
repayments in FY2022 and FY2023 and reduction in rate of interest.
The rating remains constrained by the trust's modest scale of
operations, limited track record and weak financial profile. The
hospital also remains exposed to geographical-concentration risks,
given its presence in a single location. The risk is accentuated
further by competition from other hospitals in the vicinity.
However, apart from the lower debt repayments in the near two years
due to favorable debt restructuring, the rating upgrade takes into
account the ramp-up of the operating metrics of MDCT's hospital in
FY2021 and Q1FY2022, mainly supported by inflow of Covid-19
patients. While this has resulted in improved profits and debt
coverage, the sustainability of the same remains to be seen. The
same has also led to an adequate liquidity position supported by
unutilized bank limits and existing cash levels. The rating
continues to take into consideration the extensive experience of
the promoters in the healthcare industry and the hospital's
well-connected location.
The Stable outlook assigned on the rating takes into consideration
favorable long term industry outlook for healthcare services and
trust's initiatives to augment its super speciality services
portfolio through third party tie-ups.
Key rating drivers and their description
Credit strengths
* Extensive experience of promoters: The promoters have an
established track record in medical practice of more than two
decades and have extensive experience in the field of medicine and
healthcare. They also have an established track record of running
an existing hospital for the last two decades in Mukharjee Nagar,
Delhi. Further, the risk of attrition of key doctors is partially
mitigated as many of the specialist doctors are part of the
promoters' family.
* Favourable long-term industry outlook: Favourable long-term
demand outlook for healthcare services due to factors such as
improving affordability through increasing per capita income and
widening medical insurance coverage, growing awareness
for healthcare, and under-penetration of healthcare services.
* Improved operating metrics over last few quarters, relaxed debt
repayment terms to support debt coverage: The hospital witnessed a
healthy ramp up of operations through sudden spike in inflow of
Covid patients resulting in an occupancy of 85% and average revenue
per bed day of INR8,016 in FY2021. On a provisional basis, the
trust reported operating income of INR29.7 crore in FY2021 compared
to just INR3.2 crore in FY2020. The trust's gearing adjusted for
interest-free unsecured loans from promoters improved to 3.4 times
as on Mar 31, 2021 compared to 3.6 times as on March 31, 2020. The
debt coverage metrics improved with interest cover at 1.8 times and
DSCR at 1.2 times though supported by moratorium availed. With
elongation of repayment period by two years and reduction in
interest rates as per recent debt restructuring, the trust's
interest cover and DSCR is expected to improve in the near term.
Credit challenges
* Nascent stage of operations mitigated by promoters' experience to
an extent: The hospital is currently in its nascent stage of
operation with its In-patient department (IPD) completing its first
full year in FY2021. While the hospital ramp-up was significantly
paced by Covid-19 pandemic, the ability of the hospital to sustain
the revenues from Non-covid services is yet to be seen once the
pandemic subsides. Currently, the hospital does not have any major
tie-ups with TPAs / PSUs and it plans to get accredited by NABH1
accreditation which would augur well for revenue growth.
* Modest scale and single asset-concentration risk: The hospital's
scale of operations remains relatively small with a single hospital
of 100 operational beds with revenues of INR29.7 crore in FY2021.
Thus, the hospital is exposed to risks of single asset
concentration and geographical concentration. Further, the hospital
remains exposed to regulatory risks and challenges, as is prevalent
in the sector.
* High competition intensity due to the presence of large number of
established players: The hospital faces intense competition, given
the presence of a large number of established players in Delhi-NCR.
Hence, given the stiff competition in the healthcare industry, the
hospital's ability to ramp up the operations and subsequently, the
profitability levels would remain the key
challenge.
Liquidity position: Adequate
The liquidity profile of MDCT is adequate supported by unutilized
overdraft facilities of INR3 crore, cash balances of ~ INR2 crore
and undrawn INR6 crore GECL facility. The liquidity profile is
further supported by minimal debt repayments due to elongation of
repayment tenor in the near term (INR0.24 crore in FY2022).
However, any incremental debt-funded capex requirements for further
ramp up might impact the liquidity profile going forward.
Rating sensitivities
Positive factors – ICRA could upgrade the MDCT's ratings if it is
able to scale up its operations and profits, resulting in better
credit metrics. Specific triggers for upgrade would be DSCR of 1.2
times on sustained basis.
Negative factors – ICRA could downgrade the MDCT's ratings if
there is substantial weakening in liquidity position.
MDCT runs a 100-bedded multi-super specialty hospital named "MD
City Hospital" at North Ex, Model Town. Outpatient admissions
commenced in September 2018 and Inpatient services commenced in
September 2019. Dr. Ashok Makhija is the key trustee promoter of
MDCT.
MIRAYA REALTY: ICRA Lowers Rating on INR37.50cr NCD to C+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Miraya
Realty Private Limited (MRPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 37.50 [ICRA]C+; downgraded from
Debenture (NCD) [ICRA]B-(Stable)
Programme
Rationale
The rating revision considers the exposure of MRPL to refinancing
risks, as the maturity of the outstanding debentures of INR75 crore
is impending in September 2021 (revised from September 2020) and
cash flows from the project Serendipity (BKC, Mumbai), within which
MRPL hold units for sale, have remained weak thus far, with no
incremental sales or collections over the past year. The committed
receivables from tied up sales are also inadequate for meeting
project and repayment obligations, thereby keeping the probability
of cash flow mismatches going forward high.
Market risks for the unsold inventory are also considerable, given
the premium ticket size of the units. The recent rise in Covid19
cases may also exacerbate the demand risks. The rating also takes
into account the delays observed in project execution, which has
adversely impacted the project cost, and resulted in cost overruns.
While project completion was previously planned for December 2020
(revised from December 2019), the management has further revised
the completion date to June 2021.
However, as of March 2021, around 23% of the project cost was
remaining to be incurred, resulting in high probability of time
overruns, which may, in turn, lead to regulatory risks, as the
timeline for completion as per RERA would get exceeded. The rating,
however, factors in the long track record of the promoters (the
Forum Group) in real estate development, with an experience of over
three decades. Serendipity, however, represents the first foray of
The Forum Group into the Mumbai real estate market. The project is
being jointly developed by Forum Homes Private Limited (FHPL) and
the Omkar Group, which has a long track record in slum
rehabilitation scheme (SRS) projects in the Mumbai market. The
rating also draws comfort from the project's favorable location in
the Bandra–Kurla Complex (BKC), which has emerged as an
alternative Central Business District
(CBD) in Mumbai.
Key rating drivers and their description
Credit strengths
* Promoters' experience and track record in real estate sector:
MRPL is a part of the Forum Realty Group of companies promoted by
Sri S. M. Shroff and his son, Sri Rahul Saraf, who joined the
business in 1987. The Group primarily develops real estate and
caters to the information technology, residential and retail spaces
in Kolkata through various Group companies. The Group has developed
around 17 lakh square feet of commercial space. Although
Serendipity is the Group's first project in Mumbai, it is being
jointly developed with the Omkar Group, which has along track
record in SRS projects. A Forum Group company, Forum Homes Private
Limited (FHPL), is developing the project, and as part of the
arrangement with MRPL, will market and sell MRPL's 18 identified
units, along with the other units of the project.
* Attractive location of the project in Bandra Kurla Complex in
Mumbai: The project is located near Bharat Nagar at BKC. Over the
last few years, BKC has gained prominence as an alternative CBD
with a significant number of corporate houses. The micromarket also
enjoys well-developed social and physical infrastructure. Its
proximity to other well-developed micro-markets of Mumbai, like
Bandra West, Juhu and Andheri, add to the advantage. Serendipity is
centrally located between Bandra East and BKC. It is close to
the corporate hub of BKC and Western Express Highway (~1.5 km),
which provides ease of accessibility and connectivity.
Credit challenges
* Refinancing risk and weak sales velocity lead to high probability
of cash flow mismatches: MRPL has issued NCDs of INR75.00 crore for
the purchase of 18 apartments from FHPL and has deployed these
funds in the execution of the project, Serendipity. These
debentures (comprising three series) are to be redeemed in
September 2021 (revised from September 2020), along with an
internal rate of return of 16.5% on Series 1A, and 22% on Series 1B
and Series 2. However, cash flows from the project have remained
weak thus far, with no incremental sales or collections over the
past year. The committed receivables from tied-up sales are also
inadequate for meeting project and repayment obligations, thereby
keeping the probability of cash flow mismatches going forward
high.
* High market risk given the premium ticket size; exacerbated by
Covid-19 pandemic: The project has received bookings for 39% of the
total units (34 units booked out of 95 units). However, no
incremental sale has occurred over the past one year, and none of
MRPL's identified units have been booked till March 2021. This is
mainly due to the premium ticket size of the units. The recent rise
in Covid-19 cases may also exacerbate the demand risks.
* Exposure to high execution and regulatory risks, with RERA
timeline exceeded: The rating takes into account the delays
observed in project execution, which has adversely impacted the
project cost, and resulted in cost overruns. While project
completion was previously planned for December 2020 (revised from
December 2019), the management has further revised the completion
date to June 2021. However, as of March 2021, around 23% of the
project cost was remaining to be incurred, resulting in high
probability of time overruns, which may, in turn, lead to
regulatory risks, as the timeline for completion as per RERA would
get exceeded. Moreover, the fire authority approval is still
pending for the rehabilitation building due to presence of slums in
adjacent area. The timely receipt of the occupancy certificate for
rehab and sale building will remain
critical for the project's timely completion.
Liquidity position: Stretched
The company's liquidity profile is stretched as the bookings have
been low and cash flows remain weak. While MRPL has not sold any of
the identified units, the NCDs of INR74.50 crore and Optionally
convertible debentures of INR9.90 crore are due for redemption in
September 2021 (revised from September 2020) along with the
pre-determined IRR (ranging from 16.5% to 22%), which further
places pressure on the liquidity position. The company has been
taking extension for the redemption of these NCDs over the last
four years, and going forward as well, the company will either have
to take further time extension or depend on promoter funds to meet
the repayment.
Rating sensitivities
Positive factors – ICRA could upgrade the rating if there is an
improvement in bookings and thereby the collections or if there is
a capital infusion by promoters to improve the company's
liquidity.
Negative factors – Negative pressure on MRPL's rating could arise
in case of continuing pressure on liquidity and further delay in
project completion leading to cost overrun
MRPL is a part of the Forum Realty Group of companies, promoted by
Sri S. M. Saraf and his son, Sri Rahul Saraf, who joined the
business in 1987. The Group primarily develops real estate and
caters to the information technology, residential and retail spaces
in Kolkata through various Group companies. The Group has developed
around 17 lakh square feet of commercial real estate till date.
MRPL was floated for NCD issuance to support FHPL's project,
Serendipity, the residential project in BKC. The company has
acquired 18 housing units in Serendipity, funded through these
NCDs, which has been shown as a sale for FHPL. FHPL will sell these
units along with the rest of the project. The sales proceeds, thus
generated, will be utilized to provide an exit to the investor
(i.e., repayment of the NCD with returns). MRPL follows project
completion method of accounting and has not reported any operating
income (OI) till FY2021 as no income has been recognized from the
sale of the identified units.
OCEAN PEARL: ICRA Reaffirms D Rating on INR65cr Loans
-----------------------------------------------------
ICRA has removed the ratings for the bank facilities of Ocean Pearl
Hotels Private Limited (OPHPL) from the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 62.00 [ICRA]D; Reaffirmed and
Fund-based removed from Issuer-not
Cooperating category
Long-term/ 3.00 [ICRA]D/[ICRA]D; Reaffirmed
Short-term and removed from Issuer-not
Unallocated Cooperating category
The reaffirmation of the ratings takes into account the
continuation of delays in debt servicing by the company, owing to
its weakened liquidity position following the ongoing pandemic. The
company had earned revenues of ~INR82 crore in FY2020; however, the
revenues declined by ~52% to ~INR40 crore in FY2021 due to the
adverse impact of the pandemic on the hospitality industry. The
operating profitability also continued to remain under pressure
with high fixed overheads such as lease rent and employee expenses.
The company had opted for moratorium till August 31, 2020, under
the RBI's Covid-19 Regulatory Package, and availed additional
borrowings from banks in the form of Guaranteed Emergency Credit
Line (GECL) loan and demand loan to service its debt obligations
and meet its fixed expenses. After initially delaying debt
servicing in November 2020, an uptick in performance, coupled with
additional lines of credit from banks, had helped the company
correct it delays in debt servicing by March 2021. The second wave
and the consequent lockdowns again impacted the company's cash
flows, thereby again leading to delays from April 2021. The company
has stretched capital structure and coverage indicators (DSCR at
0.3x in FY2021 based on provisional financials), thereby
necessitating dependence on additional borrowings/refinancing or
financial support from promoters. The company had total overdues of
INR1.23 crore as of May 31, 2021 pertaining to principal and
interest payment obligations on its term loans and CMTCC limit.
Key rating drivers and their description
Credit strengths
* Extensive experience of the management in the hospitality
industry; Mr. Jayaram Banan is a renowned businessman in the
restaurant and hospitality industry: OPHPL is spearheaded by Mr.
Jayaram Banan, who has extensive experience in the industrial
catering and hospitality business. Mr. Banan is the promoter of
various restaurant chains, such as Sagar Ratna and Swagath. Even as
the near-term revenue outlook for the hospitality sector remains
weak in view of the adverse impact of the pandemic and the
accompanying lockdowns, the extensive experience of the promoter is
likely to help the company improve its scale of operations, as the
demand scenario improves.
Credit challenges
* Stretched financial risk profile resulting in delays in debt
servicing; dependent on continuous support from group concerns:
OPHPL had acquired ~77% equity stake in Sagar Ratna Restaurant
Private Limited SRRPL in May 2017, which was entirely funded
through debt. This had led to deterioration in the company's
capital structure. Further, the low cash accruals during FY2021,
led by the significant adverse impact of the pandemic, impacted the
company's liquidity position severely. The company had opted for
moratorium till August 31, 2020, under the RBI's Covid-19
Regulatory Package, and availed additional borrowings from banks in
the form of GECL loan and demand loan to service its debt
obligations and meet its fixed expenses. After initially delaying
debt servicing in November 2020, an uptick in performance, coupled
with additional lines of credit from banks, had helped the company
correct it delays in debt servicing by March 2021. The second wave
and the consequent lockdowns, however, again impacted the company's
cash flows, thereby leading to delays from April 2021. The company
has stretched capital structure and coverage indicators with
gearing ratio at 8.0x and DSCR at 0.3x in FY2021 (based on
provisional financials), thereby necessitating dependence on
additional borrowings/ refinancing or financial support from
promoters.
* Cyclical industry vulnerable to general economic slowdown and
exogenous factors: Due to its presence in the hospitality industry,
the company is susceptible to risks arising from its inherent
cyclicality. Hotel revenues are also vulnerable to general economic
slowdown and exogenous shocks (such as geopolitical crises, disease
outbreaks and natural calamities, among others). Due to the ongoing
outbreak of Covid-19, the operational metrics of the company have
been severely impacted.
* Intense competition: OPHPL faces stiff competition from other
hotels and banquet facilities in proximity to its properties, which
is likely to exert pressure on the margins, even when the demand
scenario improves.
Liquidity position: Poor
The company's liquidity profile is poor with 100% utilization of
its CMTCC limit, net losses and high debt repayment obligations
(~INR7.8 crore in FY2022). The company's cash flows have been
severely impacted by the prevailing pandemic. Turnaround in
operations or infusion of equity will be critical for improvement
in the liquidity position of the company.
Rating sensitivities
Positive factors – ICRA could upgrade OPHPL's rating if the
company demonstrates improvement in its liquidity position and
regularisation of debt servicing obligations on a sustained basis.
Negative factors – Not applicable
Mr. Jayaram Banan commenced operations of OPHPL in 1986 with a
restaurant called Sagar Ratna in Defence Colony, New Delhi. In
2010, the company opened an 84-room, four-star luxury hotel in
Mangalore, Karnataka. In FY2012, the company hived off its
restaurant business and transferred the assets and liabilities of
the restaurant business to its wholly-owned subsidiary, Sagar Ratna
Restaurant Private Limited (SRRPL). Later it sold its ~76% equity
stake in SRRPL to a private equity (PE) firm.
Subsequently, in 2012, OPHPL started banqueting services at a
leased farmhouse in Chhatarpur, New Delhi, and named it Ocean
Retreat. In May 2017, OPHPL bought back the ~76% stake in SRRPL
from the PE firm, which was entirely funded by debt. At present,
OPHPL operates an 84-room hotel in Mangalore, two banquet halls in
New Delhi, two restaurants at Ashoka Hotel, New Delhi, a 50-room
hotel at Udupi, Karnataka, with an adjacent banquet hall with a
capacity of 300 pax, a 60-room hotel in Bejai (Mangalore) and a
29-room hotel in Hubli, Karnataka. Further, OPHPL owns the Sagar
Ratna restaurant chain via its 100% subsidiary, SRRPL.
PATEL OSWAL: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Patel
Oswal Housing in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 12.00 [ICRA] D ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Patel Oswal Housing is a partnership firm incorporated in the year
2010, which is a syndicate of business group namely, Anjani Group
engaged in real estate development in and around the city of Pune.
Besides real estate activities, members have other business
activities. The group members have known each other for more than
decade and together they experience of working together in various
ventures.
PERFECTO ELECTRICALS: ICRA Withdraws C Rating on INR7.50cr Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Perfecto Electricals (PE) at the request of the company and based
on the No Objection Certificate received from the banker. However,
ICRA does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based-
Cash Credit 7.50 [ICRA]C; Withdrawn
Non Fund Based 20.00 [ICRA]A4; Withdrawn
Unallocated 8.00 [ICRA]C/A4; Withdrawn
Established in 1964, Perfecto Electricals is promoted by the
Kolkata-based Kothari family. It is involved in execution of
signaling and telecommunication system for the Indian Railways and
air-conditioning facilities for the Kolkata Metro Railway. It is
also involved in planning, designing, testing, commissioning and
maintenance of projects.
PURVA METAL: ICRA Lowers Rating on INR28cr LT Loan to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Purva
Metal Sections Pvt Ltd (PMSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term– 28.00 [ICRA]B+ (Stable): Rating
Fund Based downgraded from
Limits [ICRA]BB+(Stable) and
continues to remain under
issuer non-cooperating
category
Rationale
The rating downgrade is because of lack of adequate information
regarding PMSPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at the lenders, investors and other market participants
are thus advised to exercise appropriate caution while using this
rating as the rating may not adequately reflect the credit risk
profile of the entity, despite the downgrade.
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
Incorporated in 2000, PMSPL is engaged in manufacturing
high-frequency induction welded steel pipes i.e., ERW pipes and
tubes. It has a capacity to manufacture 175,000 MTPA of ERW pipes
and tubes, recently enhanced in April 2018 from 100,000 MTPA.
Though the company was incorporated in 2000, the commercial
production was commenced recently in FY2014. Its manufacturing
facility is in Malur near Bangalore, Karnataka. The company was
promoted by Mr. Shiv Kumar Purva, the Chairman and Managing
Director, who is also the promoter of SFPL, which is engaged in
trading of a host of iron and steel products namely HRC, CRC, and
other structural steel products like angles, channels, beams,
t-angles, TMT bars etc.
QUATRO RAIL: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Quatro
Rail Tech Solution Limited the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA] B+(Stale)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 9.00 [ICRA] B+(Stable); ISSUER NOT
Fund Based-CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term/ 1.00 [ICRA] B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating continues to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
QRTSL, established in June 2012, offers design, installation,
testing and commissioning of total signaling solutions as well as
overhead electrification modules to railways in India and overseas.
QRTSL is supported by its parent company (with a shareholding of
60%) – EMC Ltd. (formerly known as Electrical Manufacturing
Company Limited) – which is one of the leading EPC players in
power and infrastructure industries.
RAICHUR ROLLER: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Raichur
Roller Flour Mills the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 5.00 [ICRA]B+(Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund Based– 0.65 [ICRA]B+(Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Unallocated 1.85 [ICRA]B+(Stable) ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
RRFM was incorporated in 1986 and is involved in milling of wheat
to produce maida, atta, suji, rawa and bran. The firm has a
well-diversified wholesaler distribution network, which caters
primarily to the markets in Karnataka and Andhra Pradesh. The
firm's manufacturing facility is located in Raichur district of
Karnataka with an installed capacity of 33,000 MTPA. RRFM operates
from its owned factory in Raichur, situated in industrial area
having a land area of 3.50 acres and built up area of 40,000 sq.
ft. At present, there are eight mills, which have a capacity of 120
tonnes per day.
ROOPLAXMI INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rooplaxmi
Industries India Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B-(Stable) ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limit– 5.00 [ICRA]B+(Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund based Limit– 2.90 [ICRA]B+(Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in June 2011, RIIPL is engaged in manufacturing
ingots. The manufacturing facility is located at Raipur in
Chhattisgarh, with an annual production capacity of 30,000 metric
tonnes (MT) of MS ingots.
SANGAMESWARA ELECTRICALS: ICRA Withdraws D Rating on INR2cr Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Shree Sangameswara Electricals at the request of the company and
based on the no-dues certificates received from its bankers. The
rated instruments have been fully repaid/closed and there is no
amount outstanding against the same. ICRA does not have information
to suggest that the credit risk has changed since the time the
rating was last reviewed. The Key Rating Drivers, Liquidity
Position, Rating Sensitivities have not been captured as the rated
instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Fund- 2.0 [ICRA]D ISSUER NOT
based–Working COOPERATING; withdrawn
Capital
Long-term Fund- 1.0 [ICRA]D ISSUER NOT
based–Term Loan COOPERATING; withdrawn
Short-term Non- 7.0 [ICRA]D ISSUER NOT
fund-based COOPERATING; withdrawn
facilities
Founded in May 2012, M/s Shree Sangameswara Electricals is a
proprietary concern and commenced its operations in January 2014.
The entity is engaged in manufacturing of transformer tanks.
Proprietor, Mr. N. Visweswara Reddy, is an Engineering graduate
with a vast experience of more than 20 years in transformer
manufacturing field. He is also Managing Director of Shirdi Sai
Electricals Ltd, which is also into transformer manufacturing.
SHIVA FERRIC: ICRA Lowers Rating on INR35cr LT Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Shiva
Ferric Pvt Ltd (SFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 35.00 [ICRA]B+ (Stable): Rating
FundBased/CC downgraded from
[ICRA]BB+(Stable) and
continues to remain under
issuer non-cooperating
category
Rationale
The rating downgrade is because of lack of adequate information
regarding SFPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 2003, SFPL, formerly Shiva Steels is engaged in
trading of a host of iron and steel products namely HRC, CRC, and
other structural steel products like angles, channels, beams,
t-angles, TMT bars etc. The company's warehouse is in Whitefield,
Bangalore. The company was promoted by Mr. Shiv Kumar Purva, the
Chairman and Managing Director, who also promoted another company
in 2000 – PMSPL, which is engaged in manufacturing of
high-frequency induction welded steel pipes i.e., ERW pipes and
tubes. PMSPL commenced commercial production in FY2015.
SIMOLA TILES: ICRA Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Simola
Tiles LLP (STL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 42.26 [ICRA]D; ISSUER NOT COOPERATING;
Rating moved to Issuer Not
Cooperating Category
Cash Credit 21.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating moved to Issuer Not
Cooperating Category
Bank Guarantee 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating moved to Issuer Not
Cooperating Category
Unallocated 7.74 [ICRA]D/[ICRA]D; ISSUER NOT
Limits COOPERATING; Rating moved to
Issuer Not Cooperating Category
Rationale
The rating downgrade is because of lack of adequate information
regarding STL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Simola Tiles LLP, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information.
STL was established as a limited liability partnership firm in July
2016 by Mr. Kamalshil Shirvi and eight other partners. The firm has
been manufacturing glazed vitrified tiles from December 2017. The
manufacturing unit is located at Morbi, Gujarat, with an installed
capacity to produce 8000 boxes per day. It manufactures large as
well as medium-sized glazed vitrified tiles in dimensions –
1200mmX1200mm, 1200mmX2400, 800mmX1600mm, 800mmX800mm, 800mmX2400mm
and 900mmX1800mm. The firm is managed by Mr. Kamlashil Shirvi, who
has more than five years' experience, while Mr. Rajesh Shirvi and
Mr. Harish Shirvi have an experience of more than a decade in the
ceramic industry via their association with other ceramic entities
involved in similar business.
VARSHA MULTITECH: ICRA Lowers Rating on INR7cr LT Loan to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Varsha
Multitech, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term– 7.00 [ICRA]B+ (Stable): Rating
Fund Based downgraded from [ICRA]BB+(Stable)
Limits and continues to remain under
issuer non-cooperating category
Rationale
The rating downgrade is because of lack of adequate information
regarding Varsha Multitech performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 1995, Varsha Multitech is manufacture and trades
poultry and cattle feed supplements. The entity has been promoted
by Mr. H.K. Nanjaiah. VM's product portfolio mainly comprises of
poultry healthcare, animal enzymes, feed supplement formulations,
animal feed formulations, animal vitamin supplements, cattle
digestive tonic, cattle vitamins etc. It currently has two
manufacturing facilities located at Sunkadakatte and Kumbalagodu in
Bangalore, which are HACCP (Hazard Analysis and Critical Care
Points), Good Manufacturing Practices (WHO) and Export Inspection
Agency (EIA) certified. Besides VM, the promoter owns four other
entities named – Varsha Labs (engaged in manufacturing of
veterinary medicines and drugs), Amoda Pharma (engaged in
manufacturing of poultry and cattle feed supplements for third
party feed manufacturing units), Nandana Research & Training
Institute (engaged in training and research services to provide
skilled manpower to the poultry and livestock industry), and
Nandana Breeding Farms (rents out breeding lands/ponds to the
poultry and aqua food industry players).
ZENITH EXPORTS: ICRA Reaffirms B+ Rating on INR22cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Zenith
Exports Limited (ZEL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 22.00 [ICRA]B+ (Stable)/[ICRA]A4;
Short-term– Reaffirmed
Fund Based
Working Capital
Rationale
The reaffirmation of the ratings of ZEL considers the weak
financial profile of the company, which is reflected in continuous
decline in the top line, operating losses since FY2017 and weak
debt coverage metrics. A challenging operating environment and weak
demand scenario due to the Covid-19 pandemic are likely to result
in a further decline in the company's turnover and continuation of
losses in the current fiscal as well. ICRA notes that intense
competition in the leather gloves business limits ZEL's pricing
flexibility, leading to a low profitability in the leather gloves
segment.
The ratings are also constrained by the high working capital
intensity of the company's operations and vulnerability of its
profits to exchange rate movements due to significant dependence on
exports, although the same is mitigated to an extent by the forward
cover taken by the company. The company also remains vulnerable to
the counterparty risk as a significant portion of its exports is
made against open credit. The ratings also factor in any adverse
changes in government regulations, which could potentially impact
the competitiveness of its products as well as business.
The ratings, however, positively factor in the long presence of ZEL
in the leather and textile businesses, which along with its
diversified geographical presence support the company's market
position. While arriving at the ratings, ICRA also factored in the
comfortable capital structure of the company, as reflected in a low
gearing of 0.11 times as of March 31, 2020 and a sizeable cash
balance, supporting its liquidity position.
The Stable outlook on the [ICRA]B+ rating reflects ICRA's
expectations that ZEL will continue to benefit from its established
position in the industrial leather gloves export business and its
liquidity position is likely to remain adequate in the near to
medium term due to a sizeable cash balance, notwithstanding the
likely losses in FY2022 as well on a reduced revenue.
Key rating drivers and their description
Credit strengths
* Long presence of the company in leather and textile industries:
ZEL has been involved in the production of industrial leather
gloves and other leather products, silk and velvet fabrics for over
three decades. In 9M FY2021, around 88% of the company's revenues
was derived from the leather division, followed by around 12% from
the textile division.
* Geographically diversified client base: ZEL generates the major
portion (around 85% in FY2020) of its sales from exports. The
company has a geographically diversified client base and it exports
to countries like Chile, France, Germany, Italy, Spain, Poland, the
UK and the US. France was the highest contributor to ZEL's revenue
in 9M FY2021 and accounted for around 28% of the company's exports.
Presence across various geographies mitigates revenue risks arising
from competition/slowdown in a particular region and lends
stability to revenues.
* Conservative capital structure: ZEL's capital structure remains
conservative, as reflected by a gearing of 0.11 times as of March
31, 2020 due to a comfortable net worth vis-a-vis its limited debt
level. However, losses incurred by the company in the last few
years impacted its net worth position.
Credit challenges
* Steady decline in scale of operations and depressed debt coverage
metrices: ZEL's turnover declined continuously from ~INR242 crore
in FY2016 to ~ INR83 crore in FY2020 due to a deterioration in the
performance of both leather and textile products divisions on
account of intense competition from other players. Declining
turnover and high fixed costs (despite retirement of around 30% of
the textile segment's total employees under the voluntary
retirement scheme in FY2019) resulted in continuous losses since
FY2017. The continuing losses also kept ZEL's debt coverage metrics
at a depressed level over the last few years. ZEL has reported an
operating income of ~INR37 crore in 9M FY2021 compared to ~INR64
crore in 9M FY2020. A challenging operating environment and
weakening of demand due to the Covid-19 pandemic are likely to
result in a further deterioration in the company's turnover and
continuation of losses in the current fiscal.
* High working capital intensity of operations: High inventory
levels maintained for leather gloves and textile business led to a
high working capital intensity of the company's operations, as
reflected by its high net working capital relative to the operating
income of 46% in FY2020 though improved from 65% in FY2019.
* Exposed to foreign currency fluctuation and counterparty risks:
With high dependence on exports, most of ZEL's sales contracts are
denominated in foreign currencies, exposing its profitability to
volatility in exchange rate movements. Nonetheless, forward
contract bookings for around 60-70% of its receivables mitigate
such risk to an extent. ZEL is also exposed to the counterparty
risk as the company extends open credit to overseas customers for
most of its exports. However, long relationships with most of the
overseas customers mitigate the risk to some extent.
* Susceptibility of profitability to change in export incentives or
any adverse changes in regulations: ZEL receives a significant
amount of export incentives from the Indian Government. However,
such incentives are mostly passed on to the customers due to an
intense competition in the international markets, keeping the
company's profitability susceptible to the changes in export
incentives. The company's business is likely to remain exposed to
the changes in relation to export incentives or any adverse
developments in international trade policies and regulations in
India and the importing countries.
Liquidity position: Adequate
The company's liquidity position is adequate. The company does not
have any long-term debt repayment obligation. Its average
fund-based working capital utilization remained at a moderate level
of around 28% during March 2020 to May 2021. Though ZEL's working
capital intensity of operations remained high, a significant cash
and bank balance (~INR25 crore as of March 31, 2020) is likely to
support its liquidity. Despite continuing loss, the company is
expected to maintain its high cash balance in the near term at
least.
Rating sensitivities
Positive factors – ICRA may upgrade ZEL's ratings if a turnaround
of the company's operations translates into profits at the
operating and net levels on a sustained basis.
Negative factors – A significant weakening of the company's
liquidity position may lead to a rating downgrade.
ZEL was incorporated in 1981 as a public limited company. At
present, it has two separate manufacturing divisions, namely Zenith
Main Division (ZM) and Zenith Textiles (ZT), while the
manufacturing operations of another division, Zenith Spinners (ZS),
was shut down in November 2015. ZM is involved in the export of
silk fabrics, industrial leather hand gloves and other leather
products, which are manufactured in Kolkata, West Bengal. ZT is a
100% export-oriented unit. Its manufacturing facility is located at
Nanjangud, Karnataka, which produces silk and velvet fabrics.
=================
I N D O N E S I A
=================
ASURANSI JASA: A.M. Best Cuts Financial Strength Rating to B(Fair)
------------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating to B (Fair)
from B++ (Good) and the Long-Term Issuer Credit Rating to "bb+"
(Fair) from "bbb" (Good) of PT Asuransi Jasa Indonesia (Asuransi
Jasindo) (Indonesia). Concurrently, AM Best has maintained the
under review with negative implications status for these Credit
Ratings (ratings).
The ratings reflect Asuransi Jasindo's balance sheet strength,
which AM Best assesses as strong, as well as its adequate operating
performance, neutral business profile and marginal enterprise risk
management (ERM).
The ratings of Asuransi Jasindo were placed under review with
negative implications on 19 May 2021, following a significant
deterioration in underwriting performance emanating from the
company's credit insurance business. The under-review status
reflected uncertainty surrounding the company's latest financial
position, pending finalization of its audited 2020 financial
statements, as well as to allow AM Best to further consider the
timeliness and effectiveness of planned remedial actions.
The latest rating actions follow a delay in the finalization of the
company's 2020 audited financial statements and AM Best's increased
concern over the loss exposure emanating from the company's credit
insurance business. The rating downgrades reflect a deterioration
in AM Best's view of Asuransi Jasindo's balance sheet strength and
ERM fundamentals.
While capital management actions continue to be evaluated and
advanced by the company, the recent negative trend and volatility
in the company's balance sheet, including its reserving position
and capital adequacy, has led to a weakened balance sheet strength
assessment. Whilst the company's 2020 audited financial statements
have yet to be finalized, summarized regulatory filings for 2020
and the first quarter of 2021 indicated a marked deterioration in
operating performance, as well as reserve strengthening and capital
erosion, which have led to a significant fall in the company's
local regulatory solvency ratio. As of March 31, 2021, the
company's solvency ratio was only marginally above the minimum
regulatory requirement. In addition, AM Best's revision of the
company's ERM assessment to marginal reflects recently observed
governance and control deficiencies with respect to underwriting
risk and capital management.
The maintaining of the under review with negative implications
status reflects continued uncertainty arising from the ongoing
delay in the release of the company's 2020 audited financial
statements. In addition, AM Best will continue to monitor the
execution of planned remedial actions, as well as their impact on
prospective balance sheet strength and operating performance
fundamentals. The ratings will remain under review until AM Best
can fully assess the impact of these factors on Asuransi Jasindo's
credit rating fundamentals.
WIJAYA KARYA: Moody's Withdraws Ba3 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn Wijaya Karya (Persero) Tbk.
(P.T.)'s (WIKA) Ba3 corporate family rating and negative outlook.
Moody's has also withdrawn WIKA's b2 baseline credit assessment.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business
reasons.
Established in 1960, Wijaya Karya (Persero) Tbk. (P.T.) (WIKA) is
one of the largest engineering, procurement and construction (EPC)
companies in Indonesia with a revenue of IDR16.3 trillion for the
12 months ended March 2021 and an order book of IDR76.1 trillion as
of March 2021.
WIKA was listed on the Indonesian Stock Exchange in 2007 and is 65%
owned by the Government of Indonesia, with the remaining 35% of
shares held by the public. However, the Indonesian government holds
a Series A (Dwiwarna) share in WIKA. This Series A share grants it
special rights, including setting corporate strategy and financial
policy, and having a veto on board selection.
=================
S I N G A P O R E
=================
ALDRIC GLOBAL: Court to Hear Wind-Up Petition on July 30
--------------------------------------------------------
A petition to wind up the operations of Aldric Global (Singapore)
Pte Ltd will be heard before the High Court of Singapore on July
30, 2021, at 10:00 a.m.
PT Pertamina (Persero) filed the petition against the company on
July 5, 2021.
The Petitioner's solicitors are:
Dentons Rodyk & Davidson LLP
80 Raffles Place
#33-00 UOB Plaza 1
Singapore 048624
BB SECURITIES: Creditors' Proofs of Debt Due August 10
------------------------------------------------------
Creditors of BB Securities Asia Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Aug. 10,
2021, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on July 1, 2021.
The company's liquidator is:
Ho Lon Gee
c/o 80 Robinson Road #02-00
Singapore 068898
HYFLUX: Winding Up Hearing Moved After Intervention by Utico
------------------------------------------------------------
The Business Times reports that white knight suitor Utico is making
another last-ditch attempt to intervene in Hyflux's winding up
process.
According to the report, the Middle Eastern utility firm is looking
to file an affidavit, which refutes what the judicial managers
(JMs) have asserted regarding the failure to proceed with certain
negotiations for the restructuring, the Singapore High Court heard
on July 12.
This follows a hearing before High Court Justice Aedit Abdullah on
the winding up application filed last month by Hyflux's JMs from
Borrelli Walsh after restructuring negotiations with potential
investors had fallen through, BT relates.
BT says Justice Aedit had granted permission for Utico's draft
affidavit to be circulated among creditors within the day. The
winding up hearing was adjourned, and a new date will be fixed in a
pre-trial conference on July 13.
But Justice Aedit pointed out that commercial judgements are
generally left to the JMs, and Utico currently does not have a
standing as a shareholder nor as a creditor.
According to BT, the court heard that it is in the "creditors
general interest" that Utico's affidavit is heard, and there is
evidence that could impact whether Hyflux should wind up without
further exploring options with Utico, which is represented by
lawyers from Braddell Brothers.
Hyflux's JMs, represented by lawyers from Fullerton Law Chambers
with help from Senior Counsel Kenneth Tan, countered these
statements, saying that the deal with Utico was never pursued
because there was insufficient evidence that they were able to
bring the deal to fruition, BT relays.
Furthermore, Hyflux had been seeking investors even before it came
under judicial management; and Utico was involved between April
2019 to November 2020, giving it ample time to obtain support from
creditors.
Following a surprise bid by Utico CEO Richard Menezes two days afer
a winding up application was filed in June, the JMs had stated that
Utico remained unable to meet the minimum conditions required to
consider an offer, just as it was before their previous discussions
were terminated, BT recalls.
"We are looking at an investor who is at this stage trying to upend
the whole process after there have been extensive negotiations and
even a conditional sale agreement signed with other bidders", BT
quotes Mr. Tan as saying.
Keppel Infrastructure Trust (KIT) had entered into a conditional
agreement to acquire the remaining 30 per cent stake it does not
already own in SingSpring Desalination Plant from Hyflux for S$12
million, KIT's trustee-manager announced earlier this month, BT
reports. Presently, KIT owns 70 per cent of the plant and plans to
buy out the remaining 30 per cent from the insolvent Hyflux.
BT adds that the court also heard that Utico is willing to put up a
SGD10 million non-refundable deposit but on the condition that it
is given a period of 60 day to negotiate with the JMs on
restructuring.
This was, however, dismissed by Judge Aedit as he was not assured
by what was offered by Utico, BT relates. He said that he was
willing to consider adjournment on those grounds if Utico had been
able to put down money immediately for Hyflux's operations.
About Hyflux Ltd
Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers. It has business
operations across Asia, Middle East and Africa.
On Nov. 17, 2020, the High Court of Singapore appointed Hamish
Alexander Christie and Patrick Bance of Borrelli Walsh Pte. Limited
as joint and several judicial managers of Hyflux Ltd.
Borrelli Walsh is the financial adviser of an unsecured working
group of banks comprising Mizuho, Bangkok Bank, BNP Paribas, CTBC
Bank, KfW, Korea Development Bank, and Standard Chartered Bank,
according to The Business Times. The group had applied to put the
ailing water treatment firm under judicial management, BT said.
LONG JIANG: Creditors' Meeting Set for July 27
----------------------------------------------
Long Jiang Culinary Pte Limited will hold a meeting for its
creditors on July 27, 2021, at 2:00 p.m., via Zoom.
Agenda of the meeting includes:
a. to update the creditors on the status of the liquidation of
the Company;
b. to appoint a Committee of Inspection, if thought fit;
c. to approve the Liquidator's fees and disbursements; and
d. any other business.
The company's liquidator is:
Gary Loh Weng Fatt
c/o 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
MAGNIFICA PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on July 2, 2021, to
wind up the operations of Magnifica Pte. Ltd.
Edwin Eugene Van Keulen filed the petition against the company.
The company's liquidator is:
Tee Wey Lih
Acres Advisory Pte Ltd
531A Upper Cross Street #03-128
Singapore 051531
NOVENA GLOBAL: High Court Declares Terence Loh Bankrupt
-------------------------------------------------------
The Business Times reports that in a closure of sorts to
Singapore's bewildering scandal involving the Loh cousins who
stunned business circles a year ago with their bid for Newcastle
United, the "last one standing" - Terence Loh was declared bankrupt
on July 8.
This comes six months after his estranged cousin Nelson Loh, whose
whereabouts are still not known since the spotlight turned on the
cousins' businesses last year, was also adjudged a bankrupt, BT
relates.
According to BT, Mr. Terence Loh's bankruptcy order was granted by
the High Court following proceedings commenced against him by
creditor Maybank Singapore in September last year to recoup some
SGD3 million in outstanding debt. The order was uncontested, the
lender's lawyer Ng Yeow Khoon of Shook Lin & Bok confirmed to The
Business Times.
In an earlier Straits Times report, Mr. Terence Loh, 43, was said
to have total outstanding debts of some SGD70 million owing to five
banks, involving personal guarantees for loans extended to Novena
Global Healthcare - the flagship firm the duo founded, BT relays.
BT says the latest development marks a huge blow to Mr. Terence Loh
who sought to distance himself from his cousin, even as he
attempted to navigate a "tight window" amid mounting legal claims
to hunt for a white knight or investor to preserve the businesses
in the group, chiefly Novu Fasthetics, which operates aesthetics
clinics. He had earlier told BT that there were parties interested
to acquire the Novu business, given its track record and
prospects.
According to BT, the bankruptcy proceedings against Mr. Terence Loh
had been adjourned several times prior to July 8. According to ST,
Mr. Terence Loh had submitted an individual voluntary arrangement
proposal to the court in April, that he found a white knight, who
would help place him in a better position to repay his other
creditors.
Those hopes were however dashed and at a hearing last month, his
lawyer Muralli Rajaram of K&L Gates Straits Law said his client was
not proceeding with the proposal.
BT relates that Mr. Nelson Loh of the infamous Bellagraph Nova -
the firm that launched a curious GBP280 million (SGD510 million)
bid for the Newcastle United football club last year and shortly
after, was caught out in a slew of false claims - was declared
bankrupt in January after DBS Bank commenced bankruptcy proceedings
against him in relation to some SGD14.2 million in outstanding
debts.
With both men declared bankrupts, it marks an undignified end to
the scandal involving the cousins which erupted last year. The saga
involved bizarre events, from doctored photographs of former US
president Barack Obama in their marketing materials to claims on
Instagram – subsequently removed – that their firm owned a
mind-boggling fleet of private jets. One by one, it has all come
crumbling down.
Last December, the Singapore High Court granted the application by
DBS to shutter Novena Global Healthcare which was founded by the
duo back when they were business chums, recalls BT. As the scandal
deepened, their ties had soured.
RHB RESEARCH: Creditors' Proofs of Debt Due August 13
-----------------------------------------------------
Creditors of RHB RESEARCH Institute Singapore Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
Aug. 13, 2021, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on July 5, 2021.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
=====================
S O U T H K O R E A
=====================
SSANGYONG MOTOR: Workers go on Unpaid Leave in Self-Rescue Effort
-----------------------------------------------------------------
Yonhap News Agency reports that SsangYong Motor Co. said July 12
its employees began to take unpaid leave in rotation as part of
self-help measures.
Last month, SsangYong workers agreed to the company's offer of
two-year rotational unpaid leave for 4,700 employees, an extension
of a cut in wages and suspended welfare benefits until June 2023,
Yonhap relates.
In the first year through June 2022, 50 percent of assembly line
workers in the Pyeongtaek plant, 70 kilometers south of Seoul, and
30 percent of office workers will take turns going on unpaid leave,
a company spokesman said over the phone.
SsangYong's total workforce stands at 4,590 as of July 12, with
3,190 assembly line workers and 1,400 office workers.
Yonhap relates that the workers also agreed to the company's plan
to not hire employees to replace about 150 employees set to retire
each year in the next five years.
About SsangYong Motor
Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of rexton sports, korando,
korando sports, korando turismo, tivoli, tivoli air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.
Mahindra acquired a 70% stake in SsangYong for KRW523 billion in
2011 and now holds a 74.65% stake in the carmaker.
SsangYong Motor Co. on Dec. 21, 2020, filed for court receivership
as it struggles with snowballing debts amid the COVID-19 pandemic,
according to Yonhap News Agency. The decision comes after SsangYong
Motor failed to pay KRW60 billion (US$54.8 million) worth of debts
to its three creditor banks.
On April 15, 2021, SsangYong Motor Co. was placed under court
receivership as its Indian parent Mahindra & Mahindra Ltd. failed
to attract an investor amid the prolonged COVID-19 pandemic and its
financial status is further worsening.
Under court receivership, SsangYong's survival depends on whether
there will be a new investor to acquire a streamlined SsangYong
after debt settlement and other restructuring efforts, Yonhap
said.
The SUV-focused carmaker has been in the debt-rescheduling process
since April, as its Indian parent Mahindra & Mahindra Ltd. failed
to attract an investor amid the prolonged COVID-19 pandemic and its
worsening financial status.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week July 5, 2021 to July 9, 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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