/raid1/www/Hosts/bankrupt/TCRAP_Public/220222.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, February 22, 2022, Vol. 25, No. 32

                           Headlines



A U S T R A L I A

FIRSTMAC 2022-1: S&P Assigns Prelim BB (sf) Rating to E Notes
HAY QUEENSLAND: First Creditors' Meeting Set for March 2
JUSDABOYZ PTY: First Creditors' Meeting Set for March 2
KWIK TRANSPORT: Second Creditors' Meeting Set for Feb. 28
TANBILL HOMES: Second Creditors' Meeting Set for Feb. 28

WAYOUTBACK AUSTRALIAN: First Creditors' Meeting Set for Feb. 28


C H I N A

DAFA PROPERTIES: Faces Wind-Up Petition Over US$15MM Debt
FANTASIA HOLDINGS: Bondholder Sues Directors
KUN PENG: Issues Going Concern Doubt
ZHONGLIANG HOLDINGS: Moody's Cuts CFR to B2, Alters Outlook to Neg.


I N D I A

AKSHARA MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
APY MEDI: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable
CAPTAIN POLYPLAST: Ind-Ra Assigns BB+ Long-Term Issuer Rating
CYMBIO PHARMA: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
DATT AQUACULTURE: Ind-Ra Moves BB Issuer Rating to Non-Cooperating

DEEPAK AGRO: CARE Lowers Rating on INR13cr LT Loan to B-
DESEIN PRIVATE: ICRA Lowers Rating on INR15cr ST Loan to D
ENCARTA PHARMA: ICRA Keeps D Debt Ratings in Not Cooperating
GOPINATHJI AGENCIES: ICRA Keeps B+ Ratings in Not Cooperating
GOPINATHJI CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating

GOYAL MOTOCORP: ICRA Keeps B Debt Ratings in Not Cooperating
J. P. FLOUR: ICRA Keeps B+ Debt Ratings in Not Cooperating
JAI MAA: ICRA Keeps D Debt Ratings in Not Cooperating Category
JANTA RICE: ICRA Keeps B Debt Ratings in Not Cooperating Category
KHEDUT SOLVEXP: Ind-Ra Lowers Bank Loan Rating to 'D'

KSHITIJ KUMAR: ICRA Keeps B+ Debt Rating in Not Cooperating
MURLIDHAR INDUSTRIES: Ind-Ra Assigns BB+ Long-Term Issuer Rating
N.K TRADING: ICRA Keeps B+ Debt Rating in Not Cooperating
NEW CITIZEN: ICRA Keeps D Debt Ratings in Not Cooperating
OM ASSOCIATES: ICRA Keeps B+ Debt Rating in Not Cooperating

PANCHSHEEL BUILDTECH: CARE Hikes Rating on INR40.33cr NCD to B
PRABHULINGESHWAR SUGARS: CARE Keeps B+ Rating in Not Cooperating
PRASUR ELECTRICALS: CARE Reaffirms B+ Rating on INR5.25cr Loan
ROSMERTA TECHNOLOGIES: Ind-Ra Moves BB- Rating to Non-Cooperating
SHIVPRASAD FOODS: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating

TRIMURTI FABRICATORS: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
TRIVENI SMELTERS: ICRA Keeps B+ Debt Rating in Not Cooperating
VALUE LINE: CARE Lowers Rating on INR6.12cr LT Loan to B-


I N D O N E S I A

BAYAN RESOURCES: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Pos.


M A L A Y S I A

CAPITAL A: Needs More Capital to Build MRO Facility in KLIA


N E W   Z E A L A N D

BUDOCK PROPERTY: Creditors' Proofs of Debt Due March 20
CHINA MINMETALS: Creditors' Proofs of Debt Due March 10
JSR ECO: Court to Hear Wind-Up Petition on March 4
LEOPARD COACHLINES: Goes Into Voluntary Liquidation
LOVETT PLANNING: Court to Hear Wind-Up Petition on Feb. 25

PASTA NOSTRA: Creditors' Proofs of Debt Due March 16


P H I L I P P I N E S

RURAL BANK OF SAN LORENZO: BSP Shuts Another Rural Bank


S I N G A P O R E

ALPHA IBC: Creditors' Proofs of Debt Due March 20
CASPIAN HOLDINGS: Creditors' Proofs of Debt Due March 18
CENOKO PTE: Creditors' Proofs of Debt Due March 20
DA GUANG: Commences Wind-Up Proceedings
EZION HOLDINGS: To go Into Liquidation

HITECH MINING: Court Enters Wind-Up Order


X X X X X X X X

TAJIKISTAN: S&P Affirms 'B-/B' Sovereign Credit Ratings
[*] BOND PRICING: For the Week Feb. 14, 2022 to Feb. 18, 2022

                           - - - - -


=================
A U S T R A L I A
=================

FIRSTMAC 2022-1: S&P Assigns Prelim BB (sf) Rating to E Notes
-------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to six of the seven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series 2022-1.

The preliminary ratings assigned to the prime floating-rate RMBS
reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support for the rated notes is
provided by subordination, excess spread, and lenders' mortgage
insurance (LMI). The credit support provided to the rated notes is
sufficient to cover the assumed losses at the applicable rating
stress. Our assessment of credit risk considers Firstmac Ltd.'s
(Firstmac's)s underwriting standards and approval processes, which
are consistent with industry-wide practices, and the strong
servicing quality of Firstmac, and the support provided by the LMI
policies on 12.9% of the loan portfolio.

The rated notes can meet timely payment of interest--excluding the
residual interest due on the class D and class E notes--and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the LMI cover, the
liquidity reserve, the principal draw function, the interest-rate
swap, and the provision of an extraordinary expense reserve. S&P's
analysis is on the basis that the notes are fully redeemed by their
legal final maturity date, and it does not assume the notes are
called at or beyond the call date.

S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as bank account provider. A
sufficiently rated counterparty will provide an interest-rate swap
to hedge the interest-rate risk between any fixed-rate mortgage
loans and the floating-rate obligations on the notes. The
transaction documents for the swap and bank account include
downgrade language consistent with S&P Global Ratings' counterparty
criteria.

"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Preliminary Ratings Assigned

  Firstmac Mortgage Funding Trust No.4 Series 2022-1

  Class A-1, A$850.00 million: AAA (sf)
  Class A-2, A$90.00 million: AAA (sf)
  Class B, A$35.00 million: AA (sf)
  Class C, A$11.00 million: A (sf)
  Class D, A$5.50 million: BBB (sf)
  Class E, A$4.50 million: BB (sf)
  Class F, A$4.00 million: Not rated


HAY QUEENSLAND: First Creditors' Meeting Set for March 2
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Hay
Queensland Pty. Ltd. ATF SFJ Family Trust will be held on March 2,
2022, at 11:00 a.m. virtual meeting technology.

Geoffrey Trent Hancock of Hamilton Murphy was appointed as
administrator of Hay Queensland on Feb. 20, 2022.


JUSDABOYZ PTY: First Creditors' Meeting Set for March 2
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Jusdaboyz
Pty Ltd will be held on March 2, 2022, at 11:00 a.m. via virtual
meeting technology.

Geoffrey Trent Hancock of Hamilton Murphy was appointed as
administrator of Jusdaboyz Pty on Feb. 20, 2022.


KWIK TRANSPORT: Second Creditors' Meeting Set for Feb. 28
---------------------------------------------------------
A second meeting of creditors in the proceedings of Kwik Transport
& Crane Hire Pty Ltd (Administrators Appointed) IIOR & ATFT T & T
Unit Trust has been set for Feb. 28, 2022, at 2:30 p.m. via virtual
meeting.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 25, 2022, at 4:00 p.m.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of Kwik Transport on Nov. 10, 2021.


TANBILL HOMES: Second Creditors' Meeting Set for Feb. 28
--------------------------------------------------------
A second meeting of creditors in the proceedings of Tanbill Homes
Pty Ltd has been set for Feb. 28, 2022, at 11:30 a.m. at Level 3,
95 Pitt Street, in Sydney, New South Wales.

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 Feb. 25, 2022, at 4:00 p.m.

Timothy Cook of Balance Insolvency was appointed as administrator
of Tanbill Homes on Nov. 24, 2021.


WAYOUTBACK AUSTRALIAN: First Creditors' Meeting Set for Feb. 28
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Wayoutback
Australian Safaris Pty Ltd will be held on Feb. 28, 2022, at 11:00
a.m. at the offices of virtual meeting technology.

Liam Healey and Quentin Olde of Ankura was appointed as
administrator of Liam Healey on Feb. 16, 2022.



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C H I N A
=========

DAFA PROPERTIES: Faces Wind-Up Petition Over US$15MM Debt
---------------------------------------------------------
Bloomberg News reports that DaFa Properties Group Ltd. said a
winding-up petition was filed against the company and its
subsidiary in relation to certain outstanding senior notes in the
principal amount of $15 million, according to a filing to HKEX. The
outstanding amount includes accrued and unpaid interest, and the
company said it will oppose the petition vigorously.

DaFa Properties Group Limited is a Shanghai-based residential
property developer. As of June 30, 2021, the company had developed
86 property development projects with a gross floor area of 6.7
million square meters. Its key operating cities include Wenzhou,
Huzhou, Hefei and Ningbo.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
10, 2022, Moody's Investors Service has withdrawn DaFa Properties
Group Limited's Caa2 corporate family rating and its Caa3 senior
unsecured ratings.  Prior to the withdrawal, the rating outlook was
negative.

Moody's said it has decided to withdraw the ratings because it
believes it has insufficient or otherwise inadequate information to
support the maintenance of the ratings.

FANTASIA HOLDINGS: Bondholder Sues Directors
--------------------------------------------
Bloomberg News reports that a bondholder is suing some directors of
Fantasia Holdings Group Co. in Hong Kong, alleging that the company
made "inaccurate and misleading" announcements last year,
highlighting growing concern about surprise defaults by
developers.

Bloomberg says the Fantasia bondholder behind the claims of
directors allegedly making "inaccurate and misleading"
announcements is Tung Fung Yuen Victor. He bought dollar bonds due
Oct. 4 last year before the company missed payment on those
securities, according to a writ of summons issued by the registry
of the High Court of Hong Kong on Feb. 7.

While debtholders globally often take various steps to try to
recoup their money when borrowers fail to honor obligations, the
case flags mounting concern about surprise defaults by Chinese
developers amid an industry debt crisis, Bloomberg states.

                      About Fantasia Holdings

Fantasia Holdings Group Co., Limited, an investment holding
company, invests in, develops, sells, and leases commercial and
residential properties primarily in the People's Republic of China.
It operates through six segments: Property Development, Property
Investment, Property Agency Services, Property Operation Services,
Hotel Operation, and Others. The company engages in the development
of urban complexes, upscale boutique residences, and mid-to-high
end residence projects; the provision of hotel accommodation,
property management, value-added, engineering, and travel agency
services; and manufacture and sale of fuel pumps. It also provides
community services through online platform; and wealth management,
finance lease, petty loans, P2P, funds and factoring, consumer
finance, insurance, payment services, etc. for enterprises and
individuals, as well as operates and manages various city
complexes, shopping centers, etc. In addition, the company operates
golfs, high-end city clubs, private clubs, theme parks, art
museums, etc.; and develops various home-based care service
stations, daytime care centers, and senior citizen apartments,
which provide home care, health care, rehabilitation therapy,
nutrition catering, and spiritual solace, as well as education
services.  Fantasia Holdings Group Co., Limited is a subsidiary of
Fantasy Pearl International Limited.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
16, 2021, S&P Global Ratings has withdrawn its 'SD' (selective
default) long-term issuer credit rating on Fantasia Holdings Group
Co. Ltd. at the issuer's request.  S&P also withdrew the 'CC'
long-term issue rating on its outstanding senior unsecured notes,
and the 'D' long-term issue rating on the notes due Oct. 4, 2021.


KUN PENG: Issues Going Concern Doubt
------------------------------------
Beijing, China-based Kun Peng International Ltd., fka CX Network
Group, Inc., said in a regulatory filing with the U.S. Securities
and Exchange Commission that there is substantial doubt about the
ability of the Company to continue as a going concern.

For the three months ended December 31, 2021, although the Company
generated cash inflows from operating activities of $679,690 and a
net income of $337,858, it incurred a negative working capital of
$1,895,085. Moreover, as the COVID-19 outbreak continues, there is
a delay in the progress of construction and approval for the
construction permit of smart kiosk due to the lockdown of the
affected areas in the People's Republic of China and the closure of
the government agencies in the PRC.

The Company said it continues to monitor its operations to help
refine its financial liquidity. Options under consideration in the
review process include, but not limited to, increase of sales on
its online business, reduction of overhead costs, fund advance from
the Company’s stockholders and directors, or financing through
issuance of shares.

During the first quarter of 2022, the Company focused on increasing
its revenue through its online platform and slimming its overhead
costs. "For example, we reduced the compensation and benefits of
our executives, decreased office supplies expense, trimmed staff
meeting expense and terminated the lease arrangements of employee
accommodations. Additionally, the Company obtained a fund advance
of approximately $0.8 million from one of the shareholders of King
Eagle (Tianjin) to meet its working capital requirements," the
Company said.

To continue as a going concern for the next 12 months, the Company
continues to focus on increasing its revenue through the sale of
health care products on its online platform, King Eagle Mall,
streamlining its overhead costs or obtaining a financing from its
stockholders or directors. However, the Company cannot provide any
assurance that it will be able to increase revenue, that it will be
able to successfully implement its business plan, or that financing
that will be available to it on commercially acceptable terms, if
at all. The financial statements do not include any adjustments to
reflect the possible future effects on the recoverability and
classification of assets or the amounts and classifications of
liabilities that may result should the Company be unable to
continue as a going concern. The directors will continue to support
the group by providing adequate financial assistance to enable the
group to continue its business operations for the foreseeable
future.

Kun Peng filed its quarterly report on Form 10-Q for the
three-month period ended December 31, 2021, with the U.S. SEC last
week. Kun Peng listed $3.68 million in total assets and $5.35
million in total liabilities as of December 31.  It swung to a net
income of $337,858 for the fourth quarter of 2021, from a net loss
of $370,718 for the same period in 2020.

                          About Kun Peng

Kun Peng International Limited, a Nevada corporation (formerly
known as CX Network Group, Inc.), engages in the sale of health
care and health related household products through its online
platform, King Eagle Mall. Kun Peng's principal executive office is
in Beijing, China.


ZHONGLIANG HOLDINGS: Moody's Cuts CFR to B2, Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service has downgraded Zhongliang Holdings Group
Company Limited's corporate family rating to B2 from B1.

Moody's has also changed the outlook to negative from stable.

"The rating downgrade reflects Zhongliang's heightened refinancing
risks because of its weakened funding access and sizable debt
maturities over the next 12 months," says Cedric Lai, a Moody's
Vice President and Senior Analyst.

"The negative outlook reflects our expectation that the company's
operating and financial performance will weaken over the next 12-18
months amid a challenging operating environment," adds Lai.

RATINGS RATIONALE

Moody's has changed its assessment of Zhongliang's liquidity
profile to weak from adequate in view of the company's constrained
access to funding and deteriorated operations. In particular,
Moody's estimates Zhongliang's cash balance has declined notably as
of the end of 2021 due to its debt repayment and anticipates that
the company's unrestricted cash to short-term debt coverage ratio
would decrease below the level of 1.2x as of the end of June 2021.

In addition, the company has around USD1.1 billion of offshore
bonds maturing before the end of June 2023. It will likely not be
able to raise sizable new bonds at a reasonable cost to refinance
its maturing debt in the next 6-12 months, given its weakened
funding access. However, Moody's expects the company to repay these
maturing debts with its internal cash, though this would constrain
the funding available for its operations.

Moody's forecasts that Zhongliang's contracted sales will fall over
the next 6-12 months, driven by weak homebuyer confidence amid
tight funding conditions. The decline in contracted sales will also
weaken the company's financial profile and reduce its operating
cash flow and, in turn, its liquidity. Zhongliang's contracted
sales fell 25% and 39% year-on-year in the fourth quarter of 2021
and January 2022, respectively.

Moody's expects Zhongliang's interest coverage, measured by
EBIT/interest coverage, to decrease to 2.5x-2.6x over the next
12-18 months, from 2.9x for the 12 months ended June 2021, driven
by slower revenue recognition and declining profit margins given
the company will likely offer price discounts to accelerate sales.
On the other hand, Moody's forecasts that the company's debt
leverage, as measured by revenue/debt, will stay around 90%-95%
over the same period given the expected debt reduction.

Zhongliang's B2 CFR reflects the company's recognized brand name in
second-tier and lower-tier cities in the Yangtze River Delta region
and its solid sales execution.

On the other hand, Zhongliang's rating is constrained by its high
exposure to lower-tier cities, reliance on non-bank financing and
short-term offshore funding. In addition, the company has a
material exposure to joint venture (JV) businesses, which hinders
the transparency of its credit metrics.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered the risk associated with the
ownership concentration in Zhongliang's controlling shareholders,
Mr. Yang Jian and his spouse, who together held an 82.9% stake as
of June 30, 2021. Moody's has also considered (1) the presence of
three independent non-executive directors on a board of seven
directors, and two independent non-executive directors who chair
the audit and remuneration committees, respectively, and (2) the
company's moderate 30%-40% dividend payout ratio over the past two
years; (3) the application of the listing rules of the Hong Kong
Stock Exchange and the Securities and Futures Ordinance in Hong
Kong.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

An upgrade is unlikely, given the negative outlook.

However, Moody's could return the outlook to stable if Zhongliang
improves access to funding and operating cash flow, as well as
strengthens its liquidity.

On the other hand, Moody's could downgrade the rating if (1) the
company's contracted sales and cash collections decline further;
and (2) the company's liquidity profile significantly
deteriorates.

Credit metrics indicative of a downgrade include unrestricted cash
to short-term debt falling below 1x and EBIT/interest coverage
below 2.0x, on a sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Zhongliang Holdings Group Company Limited is a Shanghai-based
residential property developer in China. The Yangtze River Delta
region contributed around 58% of the company's contracted sales in
the first half of 2021.

As of June 30, 2021, Zhongliang was 82.9% owned by its chairman,
Mr. Yang Jian, and his spouse, who was acting in concert.



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AKSHARA MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Akshara
Motors Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable) /[ICRA]A4; ISSUER NOT
COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        37.00        [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.30        [ICRA]A4 ISSUER NOT
   Non Fund Based                  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 2007, Akshara Motors Private Limited (AMPL) is
engaged in passenger car dealership for HCIL. It presently operates
three showrooms (at Kanakapura, Mekhri Circle and Indranagar) and
two workshops (at Kanakapura and Yeshwanthpur) in Bangalore. The
showroom in Indranagar, Bangalore has been set up in leased
premises while the other showrooms and the two service outlets are
owned by AMPL and its promoter Group. AMPL has been promoted by Mr.
M.P. Shyam, who had started his business with the dealership of
Kinetic Honda in 1991-92. The promoter Group currently also holds
dealerships for other passenger car OEMs, commercial vehicles and
two-wheelers through separate entities.

APY MEDI: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned APY Medi services
Private Limited (Apymedi) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR260 mil. Term loan due on December 2030 assigned with IND
     B+/Stable rating; and

-- INR20 mil. Fund-based working capital limit assigned with
     IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The ratings reflect the time and cost overruns and funding risk
associated with Apymedi's under-construction hospital in Greater
Noida, India. As of January 2022, the project's construction had
nearly been completed and 90% of the total construction cost had
been incurred. However, some electrical and finishing work is yet
to be completed, as the progress was impacted by rising COVID-19
cases. The management expects the hospital to commence operations
in April 2022, with over 170  beds (Phase I).

The ratings reflect the project's small scale of operations.
Furthermore, Ind-Ra expects the scale of operations to remain small
over the medium term, as the occupancy rate would be low in the
initial years.

Liquidity Indicator - Stretched: The projects entails a total
investment of INR657.33 million, of which  INR260 million would be
funded through bank debt (39.55%) and  the remaining INR397.3
million through promoters' contribution (60.45%) in form of quasi
capital and unsecured loans.  Of the total cost, Apymedi has
already incurred expenditure of INR470 million (71.5%) as of
January 2022 - INR161.6 million from banks, and INR308.4 million
from the promoters. The agency expects the remaining capex to be
completed by March 2022. The company's day-to-day requirements will
be met through fund-based working capital limits amounting to INR20
million; any shortfall will be met through promoter funding. In the
event of a delay in the completion of the remaining capex, the
expenses will be funded by the promoters. The repayment obligations
will commence from July 2023, with INR 11.15 million and INR
18.48million scheduled to be repaid in FY24 and  FY25,
respectively.

The ratings, however, are supported by the fact that Apymedi has
been formed as a collaboration of various designated doctor
partners who have experience of over two decades in the healthcare
industry.

RATING SENSITIVITIES

Negative: Any delay in achieving stability in the operating
performance after the commencement of commercial operations,
weaker-than-expected profitability as well as liquidity, and weak
credit metrics could be negative for the ratings.

Positive: Higher-than-expected operating profitability, stronger
credit metrics and improved liquidity position will be positive for
the ratings.

COMPANY PROFILE

Apymedi was incorporated   under the provisions of the Companies
Act, 1956, with the Registrar of Companies, Delhi, on May 3, 2013.
The company plans to set up  multi super specialty hospitals  in
tier II cities in India in two phases. Under phase I, the company
is setting up a hospital in Greater Noida, which would commence
operations with 173 beds out of the total planned capacity of 300
beds.


CAPTAIN POLYPLAST: Ind-Ra Assigns BB+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Captain Polyplast
Limited (CPL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR771 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR195.36 mil. Term loans issued on FY23 assigned with IND BB+

     /Stable rating; and

-- INR266.8 mil. Non-fund-based limits assigned with IND A4+
     rating.

KEY RATING DRIVERS

Liquidity Indicator- Stretched: The ratings reflect CPL's elongated
receivable period of 230 days in FY21 (FY20: 186) and thus, its
stretched net working capital cycle of 227 days (FY20: 126 days).
The creditor days reduced to 108 in FY21 (FY20: 165). The
receivables increased on account of an outstanding of INR350
million (32% of the total outstanding debtors) for more than a year
from Andhra Pradesh Micro Irrigation Project (a government nodal
agency for mirco-irrigation systems (MIS)). According to the
management, the amount will be recovered by end-March 2022. Ind-Ra
expects low risk of bad debt but expects a delay in receiving the
aforementioned amount.

CPL's average maximum utilization of its fund-based limits was 97%
for 12 months ended December 2021. During 1HFY22, CPL received
INR46 million of inter-corporate deposits in the form of a
non-interest-bearing unsecured loan to fund its working capital
requirements. According to the management, CPL has no plans to
enhance its cash credit limits and instead, the company plans on
reducing its utilization from FY23.

CPL's scale of operations is small with a revenue of INR1,780
million in FY21 (FY20: INR1,862 million). The revenue fell on
account of the lower sales recorded during 1QFY21, due to the
COVID-19-led lockdown and the company's decision to reduce its sale
to the state of Andhra Pradesh (AP) to avoid any further stretch in
its net working capital cycle. A similar trend was observed during
1QFY22 due to the second wave of COVID-19 and the Tamil Nadu (TN)
elections, and the consequent declined sales during 1HFY22 due to a
change in the government. Ind-Ra expects this revenue shortfall to
be recovered during 4QFY22 as January-March is the peak season
where quarterly sales are highest, leading to flat yoy growth in
FY22. Moreover, FY23 onwards, Ind-Ra expects CPL's revenue to grow
as the Central Government has doubled its MIS budget to INR100
billion from INR50 billion.

CPL also faces high geographical concentration risk as 50% of its
sales come from TN and Gujarat; any state-specific risk can impact
CPL's top-line. As farmers only pay the subsidized share of the
price, which can range from 10%-30%, a large portion of the sales
is dependent on the state government. This risk is partially
mitigated by the fact that CPL's customers are majorly government
entities and so, the chances of bad debts are low.

CPL had healthy EBITDA margins in FY21 at 14.38% (FY20: 15.18%),
with a return on capital employed of 15.5% (20.8%), as the company
manufactures its MIS systems inhouse. However, its margins are
susceptible to any changes in raw prices which are based on crude
oil prices. Moreover, the prices for CPL's MIS business are
controlled by the government and only a 5%-10% deviation is
acceptable. Ind-Ra expects margins to reduce marginally in FY22 on
the back of an increase in crude oil prices but this decrease is
likely to be partially reversed on account of a 13.6% increase in
the Government's Benchmark price for Drip Irrigation in October
2021 (revised after four years).

CPL has moderate credit metrics with gross interest coverage of
2.54x in FY21 (FY20: 2.8x) and net financial leverage of 3.35x
(2.62x). CPL's net leverage deteriorated in FY21 as it availed a
COVID-19 term loan, which increased its total debt to INR861
million from INR742 million in FY20. CPL also availed a second
guaranteed emergency credit line of INR19 million in October 2021
to fund its working capital requirements. Ind-Ra expects the credit
metrics to remain moderate over the medium term.

RATING SENSITIVITIES

Positive: A sustained improvement in CPL's stretched liquidity
along with an improvement in the receivable days and an improvement
in the net leverage will lead to a positive rating action.

Negative: A sustained decrease in the EBITDA margin or further
deterioration in the receivable days or the net leverage increasing
beyond  4.5x will lead to a negative rating action.

COMPANY PROFILE

CPL is listed on the Bombay Stock Exchange (BSE). It manufactures
and trades high density polyethylene pipes and irrigation systems.
It has manufacturing facilities in Rajkot and Kurnool. CPL is into
MIS (85%-90% of the total sales), solar plants designing and
installation (7%-10%) and acts as a del-credere agent (2%-3%) for
Indian Oil Incorporation in Gujarat. The MIS sold by CPL are
eligible for subsidy under the 'Per Drop More Crop' scheme under
the Pradhan Mantri Krushi Sinchay Yojna sponsored by the Central
Government. CPL sells to farmers across 16 states in India through
dealers.


CYMBIO PHARMA: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Cymbio Pharma
Private Limited's Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limits* maintained in
     non-cooperating category and withdrawn; and

-- INR3.91 mil. Term loan** due on March 2020 maintained in non-
     cooperating category and withdrawn.

*Maintained at 'IND BB (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

**Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to full-year financial performance for FY21, sanctioned
bank facilities and utilization, business plan and projections for
the next three years, information on corporate governance, and
management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical and rating coverage.

COMPANY PROFILE

Incorporated on September 14, 1998 as a flagship company of the
Karle group, Cymbio Pharma manufactures and exports herbal
extracts, cosmeceutical products and beverage extracts.


DATT AQUACULTURE: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Datt
Aquaculture Farms Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The ratings will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR29.1 mil. Term loan due in March 2023 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR415 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING)) rating; and

-- INR38.5 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)

Note: ISSUER NOT COOPERATING: The ratings were last rated on
January 4, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2003, Shree Datt Aquaculture Farms is engaged in
the rearing, processing and export of various kinds of seafood. The
company has a processing unit with a daily capacity of 90 metric
tons in Billimora, Gujarat. In addition, it has a 600-metric ton
cold storage facility.


DEEPAK AGRO: CARE Lowers Rating on INR13cr LT Loan to B-
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Deepak Agro Private Limited (DAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 12,
2021, placed the rating(s) of DAPL under the ‘issuer
non-cooperating' category as DAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. DAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 29, 2021, January 8, 2022, January 18,
2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings for DAPL have been revised on account of
non-availability of requisite information. The rating also
considers a leverage capital structure relative to the small scale
of operations and profitability in FY21.

Uttar Pradesh based Deepak Agro Private Limited (DAPL) is a company
which commenced its operations in March 1994 and is currently being
managed by Mr. Mahesh Chandra Agnihotri and Mr. Deepak Agnihotri.
DAPL is engaged in processing rice and its byproducts by processing
paddy, in its processing unit located in Village Mainpuri, with
capacity of manufacturing 20000 quintals of rice monthly. DAPL
procures paddy from local grain markets through open market and
farmers situated locally. It sells its product in domestic market
in nearby regions namely Kanpur, Delhi, Agra, Lucknow etc. It
exports basmati rice in countries like Japan, Nepal, Bhutan etc.
through an exporter based in Gujarat. Total export constitutes ~75%
of total sales. Also, the company has two group concerns namely
Shri Raghunath Roller Flour Mill and Ankur Herbal Products. Shri
Raghunath Roller Flour Mill is engaged in rice processing and Ankur
Herbal Products is engaged in manufacturing herbal products to
cater to customers like Patanjali etc.


DESEIN PRIVATE: ICRA Lowers Rating on INR15cr ST Loan to D
----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Desein Private Limited (DPL), as:

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term–        3.00        [ICRA]D; ISSUER NOT
COOPERATING;
   Fund Based                    Rating downgraded from
   Cash Credit                   [ICRA]B+(Stable) and Continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short Term       15.00        [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund                      Rating downgraded from [ICRA]A4
   Based Limits                  and Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

  Long Term/         5.00        [ICRA]D/[ICRA]D; ISSUER NOT
  Short Term–                    COOPERATING; Rating downgraded
  Unallocated                    from [ICRA]B+(Stable)/[ICRA]A4
                                 and Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Material event

The Corporate Insolvency of Desein Private Limited was ordered by
National Company Law Tribunal. The public announcement was issued
by Insolvency and Bankruptcy Board of India (IBBI) on February 4,
2022. The IBBI has mentioned July 28, 2022 as the estimated date
for closure of insolvency resolution process.

Impact of material event

The rating is based on limited information on the entity's
performance since the time it was last rated on May 2021. 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 1965 by Late Mr. O P Gupta, DPL provides
engineering consultancy services for coal/lignite/diesel as well as
gas-based combined cycle power plants with unit sizes ranging up to
800 MW in both India and overseas. Its range of services includes
feasibility and detailed project report, design and engineering,
procurement assistance, project/construction management, inspection
and expediting, supervision of construction, erection, testing and
commissioning, operation and maintenance (O&M), turnkey
contracting. Environmental Impact Assessment (EIA) studies,
renovation and modernization of existing plants etc. DPL operates
from its offices located in Delhi, Hyderabad, Kolkata and
Bangalore. DPL has a vast experience of working with various
private and Government clients in the power sector. It has executed
more than 38,000 MW of capacity domestic power plants for various
state electricity boards as well as various industries in most
states in India.


ENCARTA PHARMA: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Encarta
Pharma Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        25.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category
   Short Term-
   Non-Fund Based    12.50       [ICRA]D;ISSUER NOT COOPERATING;
                                 Rating continue to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Long-term/         2.50       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   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 2001, EPPL is engaged in distribution of medical
devices, implants, equipment and biotechnology products. The
company is headquartered in Bangalore and distributes medical
devices of various renowned global companies such as MedtronicInc,
Draeger Medical and Lifetech Scientific among others. Product
profile of the company consists of cardiac stents, balloons,
valves, pacemakers and oxygenators among others.

GOPINATHJI AGENCIES: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Gopinathji Agencies in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        15.00        [ICRA]B+ (Stable) ISSUER NOT
   EDFS                            COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Fund based–        19.00        [ICRA]B+(Stable);ISSUER NOT
   Term Loans/                     COOPERATING; Rating continues
   Asset backed                    to remain under the 'Issuer
   Loans                           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 1988, Shree Gopinathji Agencies commenced
operations as an Exide battery dealer, subsequently it was
appointed as an authorized service outlet ancillary dealer of
General Motors India Private Limited (GMIPL). Later, in the year
2000 it was awarded the authorized dealership of automobiles for
GMIPL. With the closure of GMIPL operations in 2 India, the firm
commenced operations as an authorised dealer of Renault India
Private Limited (RIPL) in FY2017. However, from H2FY2018 the
company discontinued the RIPL operations with its revenues
currently being derived from lease rentals and sales of after sale
services. SGA was promoted and is currently headed by Mr. Mayur C
Gandhi, who has an extensive experience in the auto dealership
business.


GOPINATHJI CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Gopinathji Cars Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        16.11        [ICRA]B+ (Stable) ISSUER NOT
   EDFS                            COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Fund based–         8.40        [ICRA]B+(Stable);ISSUER NOT
   Term Loans/                     COOPERATING; Rating continues
   Asset backed                    to remain under the 'Issuer
   Loans                           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.

Shree Gopinathji Cars Pvt. Ltd., a private limited company,
commenced operations in October 2014. SGCPL is engaged in the sale
of passenger vehicles of Honda Cars India Limited and has an
authorised dealership in Bharuch and Baroda. It is promoted by Mr.
Mayur C Gandhi along with other directors. Mr Gandhi has extensive
experience in the auto dealership business.

GOYAL MOTOCORP: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Goyal
Motocorp Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based/TL                   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 Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. , 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 2013, Goyal Motocorp Private Limited (GMPL) is an
authorised dealer of cars manufactured by Hyundai Motor India
Limited (HMIL). The company sells vehicles and provides ancillary
services that include vehicle servicing and sale of spare parts and
accessories from its showroom based in Raigarh, Chhattisgarh. The
company has another small showroom at Pathalgaon, which falls under
Jashpur district of Chhattisgarh, offering vehicle sales as well as
servicing.


J. P. FLOUR: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of J. P.
Flour Mills 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
   ----------      -----------     -------
   Long Term-         16.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                      to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.62        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term–         4.00        [ICRA]A4; ISSUER NOT
   Non fund Based                  COOPERATING Rating Continues
                                   to remain under the '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 2004, JPFMPL's plant is located at Bighati, in
Hooghly district of West Bengal. JPFMPL has the facility for
manufacturing wheat-based products namely maida, atta, suji, rawa
and bran with an annual flour-milling capacity of 1,35,000 metric
tonne per annum (MTPA). JPFMPL primarily caters to the markets in
eastern India, except to the NorthEast. JPFMPL posted an OI of
INR187.62 crore (provisional) and a profit before tax of INR4.79
crore (provisional) in FY2018. In FY2017, the firm reported a net
profit of INR4.35 crore on an OI of INR194.16 crore.


JAI MAA: ICRA Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Jai Maa
Savitri Educational Society in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         28.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–          3.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 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.

Established in 2010, Jai Maa Savitri Educatioanal Society is a
single asset society, which runs and operates a college by the name
of JMS group of Institutions. This institute offers courses in
Engineering, (including B. Tech courses in 5 disciplines as well as
diploma courses ), management (BBA, MBA, PGDM), computer
applications (BCA) and architecture (B. Arch and) All the courses
are approved by AICTE and the institute is affiliated to UPTU for
technical courses (B.Tech, MBA, B.Arch and Ch. Charan Singh
University (Meerut) for BBA and BCA courses and Board of technical
education (UP) for diploma courses. The campus is located on NH-24,
Ghaziabad (Uttar Pradesh) on a land parcel of 15 acres.


JANTA RICE: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Janta Rice
Mills in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Warehousing                     to remain under 'Issuer Not
   Receipt Finance                 Cooperating' category

   Term Loan           1.00        [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.

JRM is a partnership firm established in 1978. It is primarily
involved in milling of basmati and non-basmati rice to produce raw
and boiled rice. JRM's milling unit is located in Nissing, District
Karnal, Haryana, in close proximity to the local grain market. The
firm has a milling capacity of 2 tonnes/hour and a sorting capacity
of 4 tonnes/hour.

KHEDUT SOLVEXP: Ind-Ra Lowers Bank Loan Rating to 'D'
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Khedut Solvexp
Private Limited (KSPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR680 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR70 mil. Term loan due on March 2025 assigned with IND BB+/
     Stable rating.

ANALYTICAL APPROACH: Ind-Ra has taken a consolidated view of Shri
Murlidhar Industries Private Limited (SMIPL; 'IND BB+'/Stable) and
KSPL, jointly known as the Khedut group, to arrive at the ratings
due to the presence of cross corporate guarantees between the
entities

KEY RATING DRIVERS

The ratings reflect the Khedut group's medium scale of operations,
as indicated by consolidated revenue of INR8,041.92 million in
FY21(FY20: INR5,333.06 million). The revenue increased in FY21 due
to higher realizations, resulting from growth in demand. The Khedut
group achieved revenue of INR6,327 million during 7MFY22.  Ind-Ra
expects the group's revenue to increase on a yoy basis in FY22, as
export revenue generally picks up in the second half of the year,
due to the seasonal nature of the business, and also because fresh
inputs are available only in the second half.  

The ratings factor in the group's modest EBITDA due to the intense
competition in the industry.  The consolidated absolute EBITDA
increased to INR155.70 million in FY21 (FY20: INR118.22 million)
owing to the increase in revenue. However, the EBITDA margin fell
to a modest 1.94% in FY21 (FY20: 2.22%) due to an increase in
operating costs. The ROCE was6.6% in FY21 (FY20: 5.5%). Ind-Ra
expects the EBITDA margins to remain stable in FY22 and over the
medium term.

Liquidity Indicator-Stretched: The cash flow from operations turned
negative at INR756.37 million (FY20: INR126.45 million) due to
unfavorable changes in the working capital. The agency expects the
cash flow from operations to remain negative in the near-to-medium
term because of KSPL's stretched working capital cycle.   The net
cash conversion cycle reduced to 78 days in FY21 (FY20: 87 days),
due to an increase in the creditor days to 28 days (five days).
The free cash flow flows turned negative at INR799.14 million in
FY21 (FY20: INR113.17 million) due to the incurring of capex of
INR43.77 million. Ind-Ra expects the free cash flow to remain
negative in FY22, considering the high working capital requirements
of the company. On a standalone basis, KSPL's average maximum
utilization of the fund-based limits was 81% during the 12 months
ended September 2021.   

The ratings factor in the group's weak credit metrics due to high
debt levels. The consolidated net leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 11.56x in FY21 (FY20:
8.49x) due to an increase in the debt to INR1,805.82 million (FY20:
INR1,009.43 million). The interest coverage (operating EBITDA/gross
interest expense) improved slightly to 1.47x (1.40x) due to the
increase in the absolute EBITDA. Ind-Ra expects the credit metrics
to deteriorate over the medium term owing to a sustained increase
in the debt.  

The ratings reflect the seasonal nature of the business and the
group's exposure to commodity risks. The group's profitability is
vulnerable to the sharp volatility in raw material prices, which is
highly dependent on factors such as monsoon, the acreage under
cultivation and government regulations.

The ratings are also constrained by the intense competition in the
industry. The edible oil industry in India is characterized by the
presence of a large number of organized as well as unorganized
players. This is because of the low-entry barriers, such as the low
capital and technical requirements of the business and the liberal
policy regime. As a result, profitability in the edible oil
business tends to be thin.  The ratings are supported by the
promoters' experience of almost four decades in the extraction and
refining of oil from ground nut and mustard seeds, leading to
established relationships with supplier and customers.

On a standalone basis, KSPL reported revenue of INR2.847 million in
1HFY22 (FY21: INR3,870 million, FY20: INR2,290 million). The EBITDA
margin stood at 0.92% in FY21 (FY20: 1.80%). The ROCE was 3.9% in
FY21(FY20: 6%). The interest coverage was 0.81x in FY21 (FY20:
1.29x).

RATING SENSITIVITIES

Negative: Decline in the scale of operations and EBITDA. along with
deterioration in the liquidity and weakening of credit metrics,
with the interest coverage falling below 1.25x, on a sustained
basis, would lead to a negative rating action.

Positive: Growth in the scale of operations and EBITDA. along with
an improvement in the liquidity as well as credit metrics, with the
interest coverage ratio exceeding 2.25x, on a sustained basis,
would lead to a positive rating action.

COMPANY PROFILE

KSPL, which was established in 1991, is a manufacturer, exporter,
and trader of refined oil, rapeseed oil, groundnut oil, and
groundnut cake.


KSHITIJ KUMAR: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Kshitij
Kumar Choudhary in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                  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.

Kshitij Kumar Choudhary (The Firm), incorporated in 2009 is a
partnership concern, promoted by Mr. Kshitij Kumar Choudhary. The
firm is a royalty contractor for Sand Stone & Khanda mining in
Jodhpur region in the state of Rajasthan. These contracts are
awarded on competitive bidding by Directorate of Mines and Geology
(DMG), Government of Rajasthan. Under these contracts, the firm
collects royalties from the miners based on volumes extracted by
the latter and in turn pays a fixed royalty
amount to DMG as per the pre-fixed schedule. Currently, Kshitij
Kumar Choudhary is working on a toll collection contract in
Rajasthan. Details about which are further discussed in report.


MURLIDHAR INDUSTRIES: Ind-Ra Assigns BB+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Murlidhar
Industries Private Limited (SMIPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR850 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR6 mil. Non-fund-based working capital limits assigned with
     IND A4+ rating; and

-- INR4 mil. Term loan due on March 2022 assigned with IND BB+/  
     Stable rating.

ANALYTICAL APPROACH: Ind-Ra has taken a consolidated view of SMIPL
and Khedut Solvexp Private Limited (KSPL; IND BB+/Stable), jointly
known as the Khedut group, to arrive at the ratings due to the
presence of cross corporate guarantees between the entities.

KEY RATING DRIVERS

The ratings reflect the Khedut group's medium scale of operations,
as indicated by consolidated revenue of INR8,041.92 million in
FY21(FY20: INR5,333.06 million). The revenue increased in FY21 due
to higher realizations, resulting from growth in demand. The Khedut
group achieved revenue of INR6,327 million during 7MFY22. Ind-Ra
expects the group's revenue to increase on a yoy basis in FY22, as
export revenue generally picks up in the second half of the year,
due to the seasonal nature of the business, and also because fresh
inputs are available only in the second half.   

The ratings factor in the group's modest EBITDA due to the intense
competition in the industry. The consolidated absolute EBITDA
increased to INR155.70 million in FY21 (FY20: INR118.22 million)
owing to the increase in revenue. However, the EBITDA margin fell
to a modest 1.94% in FY21 (FY20: 2.22%) due to an increase in
operating costs. The ROCE was6.6% in FY21 (FY20: 5.5%). Ind-Ra
expects the EBITDA margins to remain stable in FY22 and over the
medium term.

Liquidity Indicator-Stretched: The cash flow from operations turned
negative at INR756.37 million (FY20: INR126.45 million) due to
unfavorable changes in the working capital. The agency expects the
cash flow from operations to remain negative in the near-to-medium
term because of SMIPL's stretched working capital cycle. The net
cash conversion cycle elongated to 87days in FY21 (FY20: 48 days),
due to an increase in the debtor days to 21 days (6 days) and
increase in inventory days to 104 days (43 days).  The free cash
flow flows turned negative at INR799.14 million in FY21 (FY20:
INR113.17 million) due to the incurring of capex of INR43.77
million. Ind-Ra expects the free cash flow to remain negative in
FY22, considering the high working capital requirements of the
company. On a standalone basis, SMIPL's average maximum utilization
of the fund-based limits was 95% during the 12 months ended
September 2021.  

The ratings factor in the group's weak credit metrics due to high
debt levels. The consolidated net leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 11.56x in FY21 (FY20:
8.49x) due to an increase in the debt to INR1,805.82 million (FY20:
INR1,009.43 million). The interest coverage (operating EBITDA/gross
interest expense) improved slightly to 1.47x (1.40x) due to the
increase in the absolute EBITDA. Ind-Ra expects the credit metrics
to deteriorate over the medium term owing to a sustained increase
in the debt.

The ratings reflect the seasonal nature of the business and the
group's exposure to commodity risks. The group's profitability is
vulnerable to the sharp volatility in raw material prices, which is
highly dependent on factors such as monsoon, the acreage under
cultivation and government regulations.

The ratings are also constrained by the intense competition in the
industry. The edible oil industry in India is characterized by the
presence of a large number of organized as well as unorganized
players. This is because of the low-entry barriers, such as the low
capital and technical requirements of the business and the liberal
policy regime. As a result, profitability in the edible oil
business tends to be thin.  The ratings are supported by the
promoters' experience of almost four decades in the extraction and
refining of oil from ground nut and mustard seeds, leading to
established relationships with supplier and customers.

On a standalone basis, SMIPL reported revenue of INR3480 million in
7MFY22 (FY21: INR4,171 million, FY20: INR3,042 million). The EBITDA
margin stood at 2.88% in FY21 (FY20: 2.53%). The ROCE was 8.8% in
FY21(FY20: 5.1%). The interest coverage was 1.93x in FY21 (FY20:
1.47x).

RATING SENSITIVITIES

Negative: Decline in the scale of operations and EBITDA. along with
deterioration in the liquidity and weakening of credit metrics,
with the interest coverage falling below 1.25x, on a sustained
basis, would lead to a negative rating action.

Positive: Growth in the scale of operations and EBITDA. along with
an improvement in the liquidity as well as credit metrics, with the
interest coverage ratio exceeding 2.25x, on a sustained basis,
would lead to a positive rating action.

COMPANY PROFILE

Established in 1974, SMIPL is engaged in the extraction and
refining of oil from ground nut and mustard seeds. The company also
manufactures roasted peanuts, kernels, mustard oil, and
ready-to-eat meals.


N.K TRADING: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of N.K
Trading Co in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         22.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category


   Long Term/          1.50        [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.

N.K Trading Co is a partnership firm promoted by Mr. V. Satheesan
and Ms. Sheeja Satheesan. The entity commenced its operations in
1986 and is currently engaged in the distribution of tiles,
granites, sanitary ware, kitchen ware and wall paints. The firm
caters to institutional customers, individual builders and
retailers located in Kollam, Trivandrum, Ernakulam and Alleppey
districts of Kerala. The main showroom of the firm is in
Kalluvathukkal in Kollam, along with a warehouse facility, spread
across an area of 1,10,000 sq. ft.


NEW CITIZEN: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of New
Citizen Cars in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         5.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   CC                            'Issuer Not Cooperating'
                                 Category

   Long-term–         5.00       [ICRA]D; 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.

Established in 2010 by Mr. Ghouse Sait (son of Mr. Haneef Sait) as
a proprietorship firm in Bangalore, New Citizen Cars is a private
pre-owned car (POC) dealer which primarily deals in high-end range
of cars. The major car brands include Ford, Honda, Hyundai, Rolls
Royce, Bentley, Land Rover, Toyota, Benz, BMW, Audi, Bugatti,
Harley Davidson, Lamborghini, Jaguar, Volkswagen, Chevrolet and
Skoda. The firm has one showroom in Banswadi, which has a capacity
of keeping ~60 cars. It has a sister concern, called Citizen Cars,
which is also a private POC dealer and operates out of a showroom
with a capacity of keeping ~110 cars in Hebbal, Bangalore.

OM ASSOCIATES: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Om
Associates in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        20.00        [ICRA]B+ (Stable) ISSUER NOT
   Limits                          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.

Established in 2002, Om Associates is the sole authorised
distributor of Procter & Gamble Hygiene & Health Care Limited
(P&G), Reliance Jio Infocomm Limited (Reliance Jio), InFocus
Corporation (InFocus), and S. C. Johnson Products Private Limited
(S. C. Johnson) in Odisha. The firm sells P&G's and S. C. Johnson's
fast-moving consumer goods, Reliance Jio's mobile handsets,
devices, SIM cards and recharge vouchers, and InFocus' mobile
handsets. The firm is promoted by the Bhubaneswar-based Hans
family, which have experience of more than 15 years in the
distribution business.  Rating history for past three years.

PANCHSHEEL BUILDTECH: CARE Hikes Rating on INR40.33cr NCD to B
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Panchsheel Buildtech Private Limited (PBPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.47       CARE B; Stable; Revised from
   Facilities                      CARE D; Stable outlook assigned

   Non Convertible
   Debentures          40.33       CARE B; Stable Revised from
                                   CARE D; Stable outlook assigned

Detailed Rationale & Key Rating Drivers

The ratings to the bank facilities/instruments of PBPL have been
revised on account of timely servicing of debt obligations,
progress in realizing the advances from customer, moderate sales
momentum, experienced promoters and track record in real estate
business.

The rating, however, continues to remain constrained on account of
support to group company, project execution risk, high dependence
on customer advances for project execution and debt repayment,
stretched liquidity position, project execution risk and subdued
real estate scenario coupled with impact of Covid-19.

Rating Sensitivities

Positive Factors- Factors that could lead to positive rating
action/upgrade

* Completion of the project within the envisaged timelines and
without any significant cost overrun

* Improvement in sales realisation and collection efficiency than
estimates

Negative Factors- Factors that could lead to negative rating
action/downgrade

* Slowdown in the sales momentum or major delay in realization of
customer advances of the on-going projects

Detailed description of the key rating drivers

Key Rating Strengths

* Timely servicing of debt obligations: At the time of last rating,
there has been delays in the debt servicing for the term loan taken
from Altico Capital India Limited. The delays were majorly due to
lender being in NCLT and no clarity on the future of the lender.
However later during Aug'2021, the loan of Altico Capital India
Limited is being taken over by Asset Care and Reconstruction
Enterprise Limited (ACRE) and the loan was rescheduled with revised
repayment terms and terms and conditions. Post assignment of loan
to ACRE, the company has been making repayment regularly and there
has been no delays in repayment since Aug'21. Further due to better
liquidity, the company has prepaid ACRE loan to the extent of
INR25cr and has current outstanding of INR195cr as on Jan 31, 2022
as compared to required outstanding of INR200cr on March 31, 2022.

* Experienced promoters and track record in real estate business:
Panchsheel Buildtech Private Limited incorporated in 2006 is the
flagship company of Panchsheel Group. The Company derives strength
from extensive experience of its promoter Mr. Ashok Chaudhary who
has over two decades of experience in undertaking commercial &
residential projects in Delhi & NCR region. The group has to its
credit the successful completion of residential and commercial
complexes admeasuring 38 lsf primarily in Ghaziabad, Indirapuram
and Sahibabad. The projects successfully delivered by group
includes Greenaria, Panchsheel Well Bazaar, Panchsheel Square,
Panchsheel Primrose and Panchsheel Wellington.

* Progress in realizing the advances from customer: The company
depends majorly on advances from customers and debt to finance its
ongoing project. The company has sold 7136 units out of 9369 units
till Dec 31, 2021. The company has received customer advance of Rs
2416 crore till December 31, 2021. The company faced difficulty in
collecting advances from customer after March 2020 due to lockdown
and impact of COVID-19 on economy. However, the collections from
the customers improved for PBPL as the company had been able to
sell 239 units for a total consideration of INR 132.43 crore for
past 12 months ending December 31, 2021 with the collections of
INR196.09 crores.

* Moderate sales momentum: As on Dec 31, 2021, the company has 7
ongoing project of which 4 are almost complete viz. "Panchsheel
Hynish", "Panchsheel Greens-1", "Panchsheel Pratishtha" and
"Panchsheel Pebbles". The company has sold 75% of area valued at
INR2626 crore and has realized INR2416 crore. There has been major
improvement in customer realization and the company has realized
INR196.09 cr in the last 12 months.

Key Rating Weaknesses

* Highly regulated real estate market with exposure to inherent
competition and cyclicality: Executing a Real estate project
requires various statutory approvals which includes building plan
approval, No objection certificate from Fire and Emergency services
department, power supply agreement with discoms. With Real Estate
Regulation Act coming into force the cost for developers will
increase as sales can only happen post registration with Real
Estate Regulatory Authority, which is possible only after project
receives requisite approvals from various government departments.
The company is exposed
to the cyclicality associated with the real estate sector which has
direct linkage with the general macroeconomic scenario, interest
rates and level of disposable income available with individuals. In
case of real estate companies, the profitability is highly
dependent on property markets.

During 2021-22, the sector is expected to make a healthy recovery
during the latter half of the year with new launches expected to
rise. Companies with higher financial flexibility and strong
reputation, lower leverage, stronger liquidity, having cash strap
mechanism, i.e., repayments linked to sales or belonging to larger
business groups are better placed now than ever. The pandemic
has resulted in many individuals preferring larger homes due to
work-from-home or hybrid culture of working necessitating more
space requirement. However, the impact of third wave of pandemic on
real estate sector remains to be seen.

* Project Execution Risk: PBPL is currently executing seven
projects with total salable area of 116.03 lsf. All the necessary
approvals for the said projects have already been acquired. Since,
the company is successfully executing the projects and the past
experience of the promoters of delivery of projects mitigates risks
of project execution to some extent.

Support to Group Company – Valuent Infradevelopers Private
Limited (VIPL) PBPL has extend explicit support to one of its group
entity Valuent Infradevelopers Private Limited by being a co
borrower to the debt of INR81 Cr availed for the development of the
project Panchsheel Pratishtha. The project is completed. This
creates additional liability on PBPL in case VIPL is not able to
service its debt obligation. High dependence on customer advances
for project execution and debt repayment.

PBPL has proposed to fund the overall project cost of INR 3612 Cr
through Promoter funds of INR218 Cr, debt of INR399 Cr and
remaining through customer advances of INR2996 Cr [0.07:0.11:0.82
(Equity: debt: customer advances)].

Liquidity: Stretched

The liquidity position of the company remains stretched due to high
repayments against collections from its customers. The cash and
bank balance stood INR6.54 crores as on March 31, 2021.

Panchsheel Buildtech Private Limited (PBPL), incorporated in
December 2006 and is the flagship company of Panchsheel group. The
group is engaged in the residential and commercial real estate
development in the Delhi NCR region, majorly catering to Noida and
Ghaziabad regions. The group promoted by Mr. Rahul Kumar Singhwal,
Mr. Anuj Kumar and family members have successfully delivered
projects of approximately 38 lsf in Ghaziabad, Indirapuram and
Sahibabad area (Delhi NCR Region) and have an extensive experience
of over two decades in the real estate industry.

PRABHULINGESHWAR SUGARS: CARE Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Prabhulingeshwar Sugars & Chemicals Limited (SPSCL) continues to
remain in the 'Issuer Not Cooperating ' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      126.58      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      80.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 14,
2021, placed the rating(s) of SPSCL under the ‘issuer
non-cooperating' category as SPSCL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SPSCL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 30, 2021, December
10, 2021 and December 20, 2021.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Shri Prabhulingeshwar Sugars & Chemicals Ltd. (SPSCL), incorporated
in 1995 by Mr. Jagadeesh S Gudagunti who has an extensive
experience as a consultant and machinery supplier for sugar and
allied industries. SPSCL primarily engaged in the manufacturing of
sugar and allied products, started its commercial operations in
1999 with plant capacity of 2500 TCD & 17.5 MW cogeneration plant
in Siddapur Village, Jamakhandi Taluka of Bagalkot District in
Karnataka. SPSCL has extended its capacity to 12000 TCD & 41.5 MW
with recovery around 9.5-12.5% from the cane crushed. Company is
diversified into other fields such as power and ethanol production.
SPSCL has 2 associates namely Siddapur Distilleries Ltd (INC rating
of CARE BB-; Negative; INC and CARE A4; INC vide PR dated December
22, 2021) and Gudagunti Project Engineers Pvt. Ltd.


PRASUR ELECTRICALS: CARE Reaffirms B+ Rating on INR5.25cr Loan
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Prasur Electricals And Engineering Company (PEEC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           5.25       CARE B+; Stable Reaffirmed

   Short Term Bank
   Facilities           9.75       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the Bank Facilities of PEEC continues to
remain constrained by small scale of operations along with moderate
profitability margins, modest capital structure, partnership firm
nature of constitution, volatility associated with input prices and
highly competitive industry. However, the ratings continue to
derive comfort from the experienced promoters, reputed customer
base and moderate order book position.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Sizeable increase in scale of operations from present level
(Total Operating Income above INR50.00 crore) on a sustainable
basis

* Improvement in capital structure with overall gearing ratio below
1.00x and reduced reliance on external borrowings to
fund working capital requirement on a sustained basis

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Any sizeable de-growth in the scale of operations from present
level (total operating income below INR10.00 crore) on
a sustained basis

* Deterioration in overall gearing level beyond 1.50x and increased
reliance on external working capital borrowings on a
sustained basis

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations along moderate profitability margins
PEEC is a relatively small player vis-a-vis other players in the
construction segment marked by total operating income of INR11.72
Crore in FY21 (Provisionals) as against INR14.68 crore in FY20 amid
covid-19 hit year. The firm's operating margin declined from 14.45%
in FY20 to 13.51% in FY21 (Provisional) on account of higher cost
of sales. PAT margin remained stable at 4.42% in FY21 (Provisional)
in line with PAT margin of 4.57% in FY20. The company has achieved
operating income of INR5.48 crore during 9MFY22.  The tangible net
worth of the firm stood at INR6.13 crore and the total capital
employed of the firm was moderate at INR12.36 crore as on March 31,
2021 (Prov.). The small scale restricts the financial flexibility
of the company in times of stress.

* Modest capital structure: The capital structure of the firm is
satisfactory with overall gearing ratio of 1.02x (FY20: 1.23x) as
on March 31, 2021. The overall gearing ratio improved as on March
31, 2021 vis-à-vis as on March 31, 2020 on account of repayment of
debt along with accretion of profits to net worth. The interest
coverage ratio improved to 5.77x (FY20: 2.96x) due to lower
interest expense. However, total debt to gross cash accruals
deteriorated to 9.54x in FY21 (Provisional) as against 8.08x in
FY20 due to lower cash accruals in FY21.

* Partnership firm nature of constitution: PEEC, being a
partnership firm, is exposed to inherent risk of partner's capital
being withdrawn at time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of the partners. The
partners have infused capital in FY21 to the tune of INR0.18 crore.
However, there was capital withdrawal of INR0.13 crore during FY20.
Moreover, partnership firms have restricted access to external
borrowing as credit worthiness of partners would be the key factors
affecting credit decision for the lenders.

* Volatility associated with input prices: The major input
materials such as steel, bitumen, cement and pipes, the prices of
which are highly volatile. Moreover, the firm does not have any
long-term contracts with the suppliers for the purchase of the
aforesaid input materials. Hence, the profitability margins of the
firm are exposed to any sudden spurt in the input material prices.
In absence of escalation clauses in majority of contracts, any
increase in input prices will affect the profitability of the
firm.

* Highly competitive industry: The firm has to bid for contracts
based on tenders opened by the government departments. Upon
successful technical evaluation of various bidders, the lowest bid
is awarded the contract. Since the type of work done by PEEC is
mostly commoditised, the firm faces intense competition from other
players. The firm receives projects which majorly are of a short to
medium tenure (i.e. to be completed within maximum period of twelve
to fifteen months). Furthermore, as orders are generally tender
driven floated by government units indicating a risk of non-receipt
of contract in a competitive industry.

Key Rating Strengths

* Experienced promoters: The key promoter, Mr. Pradip Kumar
Prahladka has more than two decades of experience in the civil and
electrical construction industry. He looks after the overall
management of the firm with adequate support from other partner and
a team of experienced personnel. The long experience of the
partners has supported its business risk profile to a large
extent.

* Reputed customer base: PEEC is empanelled with Defence (MES),
CPWD, AAI, DRDO, PWD and various PSUs like ECIL, NBCC, BEL, NHPC
etc. However, its main client is MES and major part of revenue
accrues from MES. The firm has an established relation with the
state government departments and PSU's.

* Moderate order book position: The value of orders in hand
(including on-going projects) was moderate at INR25.59 crore as on
December 31 2021, being 2.18x of total operating income of FY21.
The satisfactory order book position reveals satisfactory revenue
visibility in near to medium term.

Liquidity: Stretched

The liquidity position of the firm was stretched marked by lower
cash accruals of INR0.65 crore in FY21 (Provisional) against debt
repayment obligation of INR0.93 crore towards equipment loan which
was done with the help of equity infusion of INR0.18 crore and
working capital optimization. The average working capital
utilization stood around 70%-75% during last 12 months ended
January 31 2022. During FY22, the company has debt repayment
obligations of INR0.99 crore which would be met out of cash
accruals, managing working capital and GECL loan of INR0.64 crore
which has already been taken in the month of December 2021. The
principal repayment towards GECL loan will start December 2023
onwards.

Established in 1993, Prasur Electricals & Engineering Co. (PEEC) is
a partnership firm which is engaged in Civil and Electrical
Construction in West Bengal. The firm has branches at Port Blair
(Andaman), Pune (Maharashtra) and its registered office is located
at Kolkata, West Bengal. The firm undertakes electrical and civil
contracts for state and local government agencies in West Bengal,
Andaman, Maharashtra and Andhra Pradesh. PEEC secures all its
contracts through tender driven open bidding process. The firm is
empanelled with Defence Military Engineering Services (MES), CPWD,
AAI, DRDO, PWD and various PSUs like ECIL, NBCC, BEL, NHPC etc.
However, its main client is MES and major part of revenue accrues
from MES.  Also, the firm has a 25-room hotel in Port Blair in its
subsidiary and is operating under a brand name, Ferns Hotel. As on
date, the banquet and restaurant along with 25 rooms is
operational. The two partners Mr. Pradip Kumar Prahladka and Mrs.
Sarita Prahladka are having more than two decades of experience in
construction industry with a profit-sharing ratio of 50% each.


ROSMERTA TECHNOLOGIES: Ind-Ra Moves BB- Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rosmerta
Technologies Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR290 mil. Non-fund based limit migrated to non-cooperating  
     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Fund-based limit migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 17, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2006, Rosmerta Technologies is engaged in the
business of issuing smart card-based driving license, property
card, security system integration and high security registration
plates. The company has also started manufacturing personal
protective equipment kits and masks from April 2020. Pankaj Madan
is the promoter.



SHIVPRASAD FOODS: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shivprasad Foods
and Milk Products' Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are as follows:

-- INR16.2 mil. Working capital demand loan (long-term) due on
     July 2022 migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR175 mil. Fund-based working capital limits (long-
     term/short-term) migrated to non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR67.1 mil. Term loans (long-term) due on March 2024 migrated

     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 18, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2009, Maharashtra-based Shivprasad Foods and Milk
Products is engaged in the processing of milk and the manufacturing
of milk products.


TRIMURTI FABRICATORS: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Trimurti
Fabricators Private Ltd.'s (TFPL) Long-Term Issuer Rating of 'IND
BB+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR10 mil. Fund-based working
     capital limit is withdrawn; and

-- The 'IND BB+' rating on the INR75 mil. Non-fund-based working
     capital limit is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-dues certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Promoted by Rajeev Vaidya, Hemant Mhatre and Abhay Aphale, Trimurti
Fabricators undertakes engineering, procurement and construction
mechanical fabrication contracts, such as piping, structural work,
tank fabrications, and all kinds of erections.



TRIVENI SMELTERS: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Triveni
Smelters Private Limited 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-        10.34        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non fund Based      3.50        [ICRA]A4; ISSUER NOT
   Letter of credit                COOPERATING Rating Continues
                                   to remain under the '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 2011, Triveni Smelters Private Limited (TSPL)
manufactures mild steel (MS) billets. The manufacturing facility is
located in Patna, Bihar, with an installed capacity of 59,400
metric tonnes per annum (MTPA). The company is promoted by the
Patna-based Mr. Binay Kumar Singh, Mr. Basudeo Prasad and Mr.
Ramesh Kumar Saraf, who have more than two decades of experience in
the steel industry.


VALUE LINE: CARE Lowers Rating on INR6.12cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Value Line Trade Private Limited (VLTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.12       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank      4.65       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of Value Line Trade Private Limited
(VLTPL) under the ‘issuer non-cooperating' category as VLTPL had
failed to provide information for monitoring of the rating and had
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. VLTPL continues to be noncooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated December 15, 2021,
December 25, 2021, January 4, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of VLTPL have been
revised on account of non-availability of requiste information.
The ratings also factored in decline in operating profitability
during FY20.

Value Line Trade (P) Limited (VLTPL) was incorporated in March 2001
as a private limited company by Mr. Narinder Anand (Managing
Director) and Mrs. Usha (Director). The company is primarily
engaged in the trading of sanitary ware and bathroom fittings
products (basically bath wellness, kitchen products, Tiles and Bath
room fittings etc.) and sells its products under the brand name of
Valueline in Telangana, Andhra Pradesh, Bengaluru and Delhi. The
company deals into luxury segment of sanitary ware and bathroom
fittings only.




=================
I N D O N E S I A
=================

BAYAN RESOURCES: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Pos.
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Indonesian coal miner PT
Bayan Resources Tbk's Long-Term Issuer Default Rating (IDR) to
Positive from Stable and affirmed the IDR at 'BB-'.

The Positive Outlook reflects Fitch's expectation of an improvement
in Bayan's operational scale and a material reduction in operating
risks from weather-related issues after the completion of its
capex. Bayan expects to complete the construction of a hauling road
connecting its key concession, Tabang, with the Mahakam river as
well as the expansion of its barging and other related
infrastructure by early 2023. The haul road will help Bayan avoid
the disruptions that occurred in the past in barging coal through a
small river during periods of low water levels.

The rating reflects Bayan's solid financial profile with a net cash
position, low-cost mining operations and long reserve life.

KEY RATING DRIVERS

New Infrastructure to Boost Production: Fitch expects the
construction of the 101km haul road and the new barge loading and
other facilities to raise Bayan's annual production to up to 50
million tonnes (MT) over the medium term from 27.3MT in 9M21. The
construction was delayed slightly by rainfall in 4Q21. The company
now expects to complete the work by early 2023 instead of its
earlier plan of September 2022.

Regulatory Risk: Fitch believes a recent month-long export ban on
coal by Indonesia highlights increased regulatory risk, especially
for miners that are not in compliance with domestic market
obligations (DMO). We, however, do not expect any material impact
on Bayan's 2022 performance from the export ban. Bayan declared a
force majeure on some of its contracts in January 2022, which hurt
sales though Fitch expects it to recoup some of its lost volumes in
subsequent months during the year, limiting losses. All coal miners
are mandated to sell at least 25% of their output locally under DMO
regulations in Indonesia.

Bayan's main mine, Bara Tabang, has been paying a penalty for not
being DMO compliant in the last three years. The penalty payment
for 2021 is pending clarity from the government. The company
expects to be fully compliant with its DMO obligations in 2022 for
its approved production quota of 37MT. Fitch expects Bayan's
regulatory risk from the DMO to be manageable given its record and
expect production volume to continue rising to above 45MT by 2024.
However, risks remain as production is subject to yearly government
approvals.

Strong Financial Profile: Fitch expects Bayan's financial profile
to remain strong with the net cash position over the medium term.
Fitch estimates record high coal prices raised EBITDA to around
USD1.7 billion in 2021 from around USD340 million in 2020. The
higher EBITDA and lower-than-expected capex of around USD160
million translated to net cash of around USD1 billion by end-2021,
according to Fitch's estimates.

Capex to Decline: Bayan's key cash outlay is capex for
infrastructure development of around USD350 million for the next
two years. Capex in later years will mainly comprise maintenance
spending of around USD40 million annually. Fitch expects Bayan to
generate free cash flow before dividends of around USD300 million
per annum over the medium term based on Fitch's coal-price
assumptions. This should provide adequate headroom to absorb any
levies for DMO non-compliance, if any.

Long Reserve Life; Asset Concentration: Bayan has one of the
largest reserves among its coal-mining peers in Indonesia, with
proven and probable (2P) reserves of 1.74 billion tonnes as of 1
January 2021, translating into a reserve life of around 40 years,
based on Fitch's base-case average annual production rate of 43MT
between 2022 and 2024.

Tabang, including the North Pakar site, accounts for 85% of Bayan's
2P reserves. Tabang (including North Pakar) had proven reserves of
951MT as of 1 January 2021, or a reserve life of around 25 years,
based on Fitch's base-case average annual production rate of 37MT
between 2022 and 2024 from Tabang (including North Pakar). The
contribution from Tabang is likely to remain high in the medium
term, as it will account for most of the output increase in the
next few years.

Low-Cost Position: Fitch expects Bayan's EBITDA per tonne to remain
above that of most rated peers due to the low-cost structure of its
key Tabang concessions. The Tabang operations benefit from an
average life-of-mine strip ratio of 3.6x (1H21: 2.6x), and a
well-connected infrastructure and logistics network. Fitch expects
the average cash cost to stay around USD30/tonne for the next
three-to-four years, translating to EBITDA/tonne of around USD24 in
2022 and USD12-15 in 2023-2024. Its low-cost mining operations
provide a buffer against a coal price downturn.

Diversified Customer Base: Bayan's customers are more
geographically diversified than those of most peers, which should
continue to support stable demand for its coal. Bayan's main export
markets in 9M21 were the Philippines (28% of total sales volume),
Malaysia (10%), China (17%), South Korea (14%) and India (10%). It
also has a diverse product offering, as its coal ranges from
Tabang's 4,000-4,300kcal low-sulphur and ash content coal to high
calorific value (over 6,000kcal) coal from its other mines.

DERIVATION SUMMARY

Bayan's closest peer is PT Indika Energy Tbk (BB-/Negative) as it
has a similar operational risk profile. Indika's similar production
scale, albeit with a longer operating record at its main Kideco
Jaya Agung coal mine, and integrated operations are offset by
Bayan's better cost position and stronger financial profile, with
lower sensitivity to price and volume assumptions.

Bayan's Positive Outlook reflects Fitch's expectations of the
increase in its scale, supported by its new infrastructure
development, which will resolve its historical operational
disruptions. Indika's operations are more integrated and it has a
stronger record of uninterrupted production, but its Negative
Outlook reflects a likely resurgence in leverage from its
significant investment plans to diversify into non-coal earnings.

Golden Energy and Resources Limited (GEAR, B+/Stable) has higher
reserves and a longer reserve life than Bayan, but Bayan's higher
rating reflects its larger production scale and better cost
structure. GEAR's financial profile is also weaker due to its
acquisition capex. GEAR's rating will remain constrained until it
is able to increase its production scale and earnings.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Gradual increase in production volume to above 45MT by 2024.

-- Selling price in line with Fitch's revised coal price
    assumptions with Newcastle coal at USD95/tonne in 2022,
    USD72/tonne in 2023 and USD66/tonne in 2024.

-- Average cash cost of around USD30/tonne until 2024.

-- Total capex of around USD500 million during 2022-2024, which
    includes both expansion and maintenance capex.

-- Average dividend payout ratio of 60% for next three years.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Successful completion of infrastructure enhancement by 1Q23;

-- Increase in production scale to 40MT or more a year, while
    maintaining a low-cost position and stable financial profile,
    with FFO net leverage below 1.5x.

Factor that could, individually or collectively, lead to negative
rating action/downgrade:

-- The Outlook could be revised to Stable if there is a
    significant delay in infrastructure development or annual
    production remains below 40MT on a sustained basis.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Fitch expects Bayan's liquidity to remain robust,
based on an estimated cash balance of around USD1 billion against
no debt maturity as it has a debt-free profile. Cash balance and
projected cash flows from operations can comfortably cover planned
capex over the next three-to-four years. Bayan's liquidity also
benefits from access to around USD225 million in undrawn committed
working-capital facilities with maturity beyond 12 months as of
end-2021. This further supports Bayan's flexibility to absorb
unforeseen expenses.

ISSUER PROFILE

Bayan, whose thermal coal-mining assets are all based in Indonesia,
produced 27.3MT of coal in 9M21.

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.



===============
M A L A Y S I A
===============

CAPITAL A: Needs More Capital to Build MRO Facility in KLIA
-----------------------------------------------------------
theedgemarkets.com reports that Capital A Bhd (formerly known as
AirAsia Group Bhd) has said that it is in the midst of raising more
than MYR400 million to build the country's biggest integrated
maintenance, repair and overhaul (MRO) facility in Kuala Lumpur
International Airport (KLIA). The megaproject will be undertaken by
its wholly-owned engineering arm, Asia Digital Engineering (ADE).

theedgemarkets.com relates that the fundraising exercise comes
within two months after the aviation group completed its rights
issue last December that raised MYR974.5 million. Prior to that,
the group, which has slipped into PN17 status, also raised
MYR336.48 million from the private placement of new shares and
received a MYR500 million credit facility from Danajamin in 2021.

According to the report, Capital A's co-founder and chief executive
officer (CEO) Tan Sri Tony Fernandes said that the investment
holding group would support the growth of ADE.

"We're looking to raise, actually, in excess of MYR400 million to
fund the expansion and growth [of ADE]," Mr. Fernandes was quoted
by Reuters as saying at the 2022 Singapore Airshow on Feb. 15.

Capital A announced that ADE will be building a 380,000 sq ft
integrated MRO facility in KLIA in mid-2022 and it is expected to
be completed within two years, theedgemarkets.com relays.

The statement highlighted that ADE's new facility will make it one
of the largest in the region as it will be able to provide heavy
MRO services for up to 14 commercial aircraft at any time.

Capital A was classified as a PN17 company after Bursa Malaysia
rejected its application to extend the 18-month relief period that
ended on Jan. 7.  The reason for its slide into the PN17 status was
due to the negative shareholders' equity position of MYR3.2 billion
as at its third quarter ended Sept 30, 2021 (3QFY21), which was a
result of a nine-quarter net loss streak beginning from 3QFY19,
even before the pandemic hit in 2020.

Nonetheless, Capital A has gone through many rounds of fundraising
exercises, which saw it raise MYR2.6 billion, as well as a
wholesale change of its corporate strategy from an aviation group
to an investment holding group, says Reuters.

According to the report, Maybank Investment Bank Bhd's analyst
Samuel Yin Shao Yang in a note on Jan. 17 highlighted that the
cause for the PN17 status was due to Capital A's balance sheet, not
its cash flow.

Yin added that the MYR2.6 billion raised by Capital A could carry
it through FY22 when compared against the group's balance sheet
position, theedgemarkets.com relays.

Maybank rated Capital A as a "buy", with a target price (TP) of
MYR1.31, the report notes.

However, CGS-CIMB Securities Sdn Bhd's analyst Raymond Yap did not
think Capital A was out of the woods yet, rating it a "sell" and
the lowest TP of nine sen among all 18 analysts covering Capital A,
the report relates citing Bloomberg data.

In a note on Feb. 10, Yap expected Capital A's negative
shareholders' equity situation to worsen from MYR3.2 billion as at
3QFY21 to MYR5.6 billion by the end of FY22 while the
diversification of Capital A into digital businesses remained "in
the investment stage where they may consume significant amounts of
cash resources, which is also because they are competing against
established and well-funded competitors," theedgemarkets.com
discloses.

To recap, Capital A has been in the red since FY19 as it reported
net losses of MYR283 million and MYR5.89 billion for FY19 and FY20,
respectively, the report discloses.

For the cumulative nine months ended Sept 30, 2021, Capital A
managed to narrow its net loss to MYR2.23 billion from MYR2.66
billion in the same period of FY20, despite its revenue falling by
a third to MYR1.02 billion from MYR2.97 billion, theedgemarkets.com
adds.

                          About Capital A

Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.
AirAsia, headquartered in Malaysia, operates from hubs in Malaysia,
Thailand, Indonesia, Philippines and India. The airline's Malaysia
and Thailand operations are undertaken via AirAsia Bhd and Thai
AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, AirAsia Group Bhd (AAGB) is in the midst of formulating a
plan to regularize its financial condition to address its Practice
Note 17 (PN17) status.  According to The Star, Bursa Malaysia on
Jan. 13 dismissed AAGB's appeal seeking to extend an 18-month
relief period from being classified as a PN17 company that ended on
Jan. 7, 2022.

AirAsia triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.

AirAsia also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.

Following relief measures introduced by Bursa and the Securities
Commission Malaysia, AirAsia was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said.  The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022.  Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.




=====================
N E W   Z E A L A N D
=====================

BUDOCK PROPERTY: Creditors' Proofs of Debt Due March 20
-------------------------------------------------------
Creditors of Budock Property Limited, which is in voluntary
liquidation, are required to file their proofs of debt by March 20,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 17, 2022.

The company's liquidators can be reached at:

          Damien Grant
          Waterstone Insolvency
          PO Box 52, Auckland 1140


CHINA MINMETALS: Creditors' Proofs of Debt Due March 10
-------------------------------------------------------
Creditors of China Minmetals NZ Limited, which is in voluntary
liquidation, are required to file their proofs of debt by March 10,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 9, 2022.

The company's liquidators can be reached at:

          Douglas Kim Fisher
          D. K. Fisher, PO Box 26106
          Epsom, Auckland 1344
          Email: kim.fisher@xtra.co.nz


JSR ECO: Court to Hear Wind-Up Petition on March 4
--------------------------------------------------
A petition to wind up the operations of JSR Eco Solutions Limited
will be heard before the High Court at Auckland on March 4, 2022,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 9, 2021.

The Petitioner's solicitor is:

          Cloete Van der Merwe
          Inland Revenue
          Legal Services
          5 Osterley Way
          Manukau City, Auckland 2104


LEOPARD COACHLINES: Goes Into Voluntary Liquidation
---------------------------------------------------
Stuff.co.nz reports that Christchurch-based Leopard Coachlines has
gone into liquidation, with managing director Brent Early calling
the Government's tourism reopening plan the "final straw" that
broke the company.

In a letter to suppliers on Feb. 17, Mr. Early said: "It is with
much regret and sadness that after 30 years of operating Leopard
Coachlines, I have to announce that today I have made the very
difficult decision of placing the company into voluntary
liquidation."

The company could not continue to operate after nearly two years of
Covid-19 restrictions, which had devastated the tourism industry,
he said, Stuff relays.

"Covid-19 and no international tourism has resulted in 23 months of
trading on less than 10 per cent of our normal monthly pre-Covid
income. The continued losses have become too much to bear, and it
is now impossible to continue," the report quotes Mr. Early as
saying.

"We had been holding on for a plan from the Government around firm
timelines for borders to open and for tourism from safe countries
to start to return," Mr. Early added.

"However the Government's plan for international visitors that
requires isolation upon arrival has decimated any chance of a
recovery in 2022, particularly when visitors from overseas have the
option to travel almost anywhere else in the World without that
cost and loss of their holiday time.

"It simply has been the final straw at the end of a very
challenging and difficult time for us all."

It might not be the end of the line for the Leopard Coachlines
brand.

Stuff relates that Mr. Early said liquidator Malcolm Hollis from
PWC planned to continue to operate the business as normal for a
short time to allow time to find a buyer to take it over.

"Therefore all current bookings in the immediate future will
operate as normal," Mr. Early said.

"I wish to sincerely thank all our loyal and wonderful clients,
some of you whom we have served for more than 20 years
continuously, for your support and business," he said.

"It has been the greatest pleasure and an honour to have had your
trust and loyalty for so long and I wish you all the very best for
your future."

In July, Mr. Early told Stuff he feared for the company's future.

He said the majority of his 60 buses and coaches has been sitting
idle for the past 18 months.

"Many of us are basically just bleeding to death," Mr. Early said,
notes the report. "There is no real option for us. Domestic tourism
is not an option for us, because Kiwis don't go on coach
holidays."


LOVETT PLANNING: Court to Hear Wind-Up Petition on Feb. 25
----------------------------------------------------------
A petition to wind up the operations of Lovett Planning Limited
will be heard before the High Court at Auckland on Feb. 25, 2022,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 4, 2021.

The Petitioner's solicitor is:

          Cloete Van der Merwe
          Inland Revenue
          Legal Services
          5 Osterley Way
          Manukau City, Auckland 2104


PASTA NOSTRA: Creditors' Proofs of Debt Due March 16
----------------------------------------------------
Creditors of Pasta Nostra Limited and Pasta Nostra Management
Limited, which is in voluntary liquidation, are required to file
their proofs of debt by March 16, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 16, 2022.

The company's liquidators can be reached at:

          Bryan Edward Williams
          c/o BWA Insolvency Limited
          PO Box 609, Kumeu 0841




=====================
P H I L I P P I N E S
=====================

RURAL BANK OF SAN LORENZO: BSP Shuts Another Rural Bank
-------------------------------------------------------
The Philippine Star reports that the Bangko Sentral ng Pilipinas
(BSP) has ordered the closure of the Rural Bank of San Lorenzo Ruiz
(Siniloan) Inc. as it continues to weed the industry of weak and
problematic players.

According to the report, BSP Deputy Governor Chuchi Fonacier said
that the Monetary Board issued Resolutions 210.B on Feb. 17
prohibiting the rural bank from doing business in the Philippines
pursuant to Section 30 of Republic Act 7653 or The New Central Bank
Act, as amended.

The Philippine Star relates that Ms. Fonacier said the regulator
has designated state-run Philippine Deposit Insurance Corp. (PDIC)
as receiver with a directive to proceed with the takeover and
liquidation of the shuttered rural bank.

The PDIC assured depositors that all valid deposits and claims
would be paid up to the maximum deposit insurance coverage of
P500,000 per depositor, the report says.

Individual account holders of valid deposits with balances of
P100,000 and below, who have no outstanding obligations or have not
acted as co-makers of obligations with the closed bank, are not
required to file deposit insurance claims.

This is the second rural bank ordered closed by the central bank
this year, the report notes.

Based in Siniloan, Laguna, the Rural Bank of San Lorenzo Ruiz
(Siniloan) Inc. offers financial accommodations to local farmers,
fishermen, businessmen, public and private employees, and students.



=================
S I N G A P O R E
=================

ALPHA IBC: Creditors' Proofs of Debt Due March 20
-------------------------------------------------
Creditors of Alpha Ibc Group Pte Ltd., which is in voluntary
liquidation, are required to file their proofs of debt by March 20,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 10, 2022.

The company's liquidators can be reached at:

          Chan Kwang Cheng
          Tee Lian Choy
          105 Cecil Street
          #15-02 The Octagon
          Singapore 069534


CASPIAN HOLDINGS: Creditors' Proofs of Debt Due March 18
--------------------------------------------------------
Creditors of Caspian Holdings Pte. Ltd., which is in voluntary
liquidation, are required to file their proofs of debt by March 18,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 2, 2022.

The company's liquidator can be reached at:

          Lim Soh Yen
          c/o 133 New Bridge Road
          #24-01/02 Chinatown Point
          Singapore 059413


CENOKO PTE: Creditors' Proofs of Debt Due March 20
--------------------------------------------------
Creditors of Cenoko Pte. Ltd., which is in voluntary liquidation,
are required to file their proofs of debt by March 20, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 10, 2022.

The company's liquidators can be reached at:

          Tee Lian Choy
          105 Cecil Street
          #15-02 The Octagon
          Singapore 069534


DA GUANG: Commences Wind-Up Proceedings
---------------------------------------
Members of Da Guang Tankers (Pte) Ltd, Dafa Shipping (Pte) Ltd,
Dong Jiang Tankers (Pte) Ltd and Xin An Shipping (Pte) Ltd on Feb.
9, 2022, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Paresh Tribhovan Jotangia
          Ho May Kee
          Grant Thornton Singapore
          c/o 8 Marina View
          #40-04/05 Asia Square Tower 1
          Singapore 018960


EZION HOLDINGS: To go Into Liquidation
--------------------------------------
The Business Times reports that Ezion Holdings is going into
liquidation, the company announced late on Feb. 18.

Its winding up application, which was filed last month, has been
granted by the High Court, BT relates. RSM Corporate Advisory's Ng
Kian Kiat and Goh Wee Teck were appointed as joint and several
liquidators.

BT says the company had previously stated it faced difficulties
procuring investment and was unable to proceed with its
restructuring and recapitalisation plans.

"A liquidation of the company is in the best interests of its
creditors as it is the most time-efficient and cost-effective
manner to realise the value from the company's remaining assets,"
Ezion said earlier this month.

Singapore-based, Ezion Holdings Limited --
http://www.ezionholdings.com/-- an investment holding company,
develops, owns, and charters offshore assets to support the
offshore energy markets in Singapore, India, Brunei, Thailand, the
Middle East, Nigeria, and internationally. The company operates
through Liftboats, Jack-Up Rigs, Offshore Support Logistics
Services, and Others segments. It owns, charters, and manages rigs
and vessels involved in the production, maintenance, and
exploration phases of the oil and gas, and offshore windfarm
industries. The company also provides shipping agency and
management services, as well as undertakes engineering works;
financing services; and cargo transportation services. In addition,
it holds assets or investments involved in renewable energy, and
other oil and gas related industries.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
21, 2020, Ezion Holdings on Oct. 19 announced its restructuring
plan to refocus its business on the provision of vessel-management
services, following a strategic review of its options in
consultation with major lenders.  According to The Business Times,
the company said that it will take steps to realise value by
disposing of its vessels in an orderly manner over a period of
time; this will enable it to better manage its cashflow constraints
by reducing the holding costs of the vessels as well as the amount
of liabilities.  It will also implement further cost-cutting
measures in line with business requirements and continue the search
for potential investors to recapitalise the group and realise the
value of the listed status of the company, on the basis of a
vessel-management company.

The company has appointed RSM Corporate Advisory as corporate
restructuring advisor to oversee the implementation of the
restructuring plan over the course of the next year and will in due
course hold an informal meeting for securities holders.


HITECH MINING: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Feb. 4, 2022, to
wind up the operations of Hitech Mining Asia Pte. Ltd.

EFA RET Management Pte Ltd (as Trustee of EFA Real Economy Income
Trust) filed the petition against the company.

The company's liquidators are:

          Luke Anthony Furler
          Ellyn Tan Huixian
          c/o Quantuma (Singapore) Pte Limited
          8 Eu Tong Sen Street
          #18-81, The Central
          Singapore 059818




===============
X X X X X X X X
===============

TAJIKISTAN: S&P Affirms 'B-/B' Sovereign Credit Ratings
-------------------------------------------------------
On Feb. 18, 2022, S&P Global Ratings affirmed its 'B-/B' long- and
short-term foreign and local currency sovereign credit ratings on
Tajikistan. The outlook is stable.

The transfer and convertibility assessment (T&C) is 'B-'.

Outlook

The stable outlook reflects S&P's expectation that Tajikistan's
debt service needs will remain moderate in the next 12 months,
owing to the still-high component of concessional borrowing in the
government's debt stock, which helps offset risks from its weak
fiscal performance.

Downside scenario

S&P could lower the rating if Tajikistan's government
debt-servicing capacity were to become strained, for example,
because of sharply widening fiscal deficits. Downward pressure on
the rating may also build if Tajikistan's external debt levels were
to increase sharply or if geopolitical risks escalate.

Upside scenario

S&P could consider an upgrade if we see a sustained improvement in
Tajikistan's fiscal and external performance, as evidenced by a
sharp deceleration in the accumulation of government debt and a
sustained improvement in the country's external position.
Improvements in data dissemination in terms of consistency,
availability, and timeliness could also be supportive of the
rating.

Rationale

The rating on Tajikistan remains constrained by weak institutional
effectiveness and very low economic wealth as measured by per
capita GDP. Despite profiting from a commodity-induced export rally
over 2020-2021, Tajikistan's economy remains highly susceptible to
external shocks, reflecting the country's still-narrow export base,
high dependence on imports, and strong reliance on workers'
remittances, largely from Russia. In S&P's  view, visibility of
transparency on macroeconomic risks could be enhanced if more
complete national accounts data were published and statistics on
remittances improved, alongside a sustained reduction in external
data stock-flow discrepancies.

Domestic security risks have intensified since the Taliban's
takeover of Afghanistan last August. Although not S&P's base case,
the potential buildup of insurgent activity along the
Tajikistan-Afghanistan border could threaten domestic stability.
Tajikistan sent 58% of its electricity exports to Afghanistan in
2021, with trade potential hinging on sustained cooperation under
the regional Central Asia-South Asia power project (CASA-1000).
Additionally, an escalation of the Russia-Ukraine conflict
resulting in a possible sanctions-driven macrofinancial distress
scenario in Russia could have indirect implications for
Tajikistan's economy and external position. Tajikistan sources 90%
of its remittances and 30% of its merchandise imports from Russia.

Tajikistan's government debt-service obligations will remain
moderate in the next 12 months, owing to the high component of
concessional borrowing in the government's debt stock. The first
principal payment on the country's only Eurobond issuance is not
due until 2025. S&P expects continued support from multilateral
development partners will help the authorities to meet external and
fiscal financing needs in ways that keep foreign currency reserves
broadly stable.

Institutional and economic profile: Strong growth prospects thanks
to accelerated industrialization and increased energy export
potential

-- Tajikistan's economy outperformed expectations with growth of
9% in 2021, supported by increased economic activity in the
industrial and construction sectors.

-- S&P projects real GDP growth will average 7.2% over 2022-2025
on sustained industrial investment and higher export potential from
flagship energy projects.

-- Tajikistan has relied extensively on Russian military equipment
and backing to manage the Taliban threat.

Against a favorable commodity price backdrop, Tajikistan registered
real GDP growth of around 9% in 2021 owing to a sharp rebound in
construction activity and industrial production, the latter
supported by higher investment into the export-oriented
electricity, mining, and manufacturing sectors. The services sector
also recovered from a relatively low base, mirroring the lifting of
most COVID-19 restrictions on labor mobility and economic activity.
Tajikistan appears to have fared better than its regional
counterparts in relation to total COVID-19 case count, registering
zero official cases for four consecutive months from September
2021, even though the share of its vaccinated population remains
relatively low by international standards, at around 46% versus 62%
worldwide. This is despite Tajikistan being the first country
globally to mandate vaccines for its adult population in June
2021.

S&P has revised up its forecast of Tajikistan's economic growth to
about 7.2% over 2022-2025, from 6.5% previously. With the exception
of gold, S&P Global Ratings assumes that production constraints,
trade frictions, and rising demand for renewable materials could
support another year of robust metal prices. This could translate
into continued new capacity and investment into Tajikistan's
mining, metallurgy, and energy sectors.

Tajikistan commenced the construction of the Rogun hydropower plant
(HPP) in 2016 with an estimated cost of $5 billion. The project is
of strategic importance because its completion would ensure
domestic energy security and raise the country's renewable energy
export potential. However, given constraints on external funding,
S&P foresees delays to the original construction schedule, which
was expected to end in 2029. Other growth-enhancing investment
projects include the rehabilitation of the Nurek HPP, which
received $65 million in financing support from the World Bank in
December 2021, alongside the regional CASA-1000 initiative, which
will allow Tajikistan and the Kyrgyz Republic to supply
hydroelectricity power to Pakistan via Afghanistan. S&P understands
that progress on CASA-1000 has recently been disrupted by emerging
security challenges pertaining to the rise of the new Afghan
government.

Tajikistan has been embroiled in low-level conflict with
neighboring Kyrgyzstan for several years over disputed territory.
The most recent clash between Tajik and Kyrgyz security forces in
January 2022 produced two casualties and many more wounded. A
ceasefire was eventually reached, the terms of which mandated that
both sides withdraw their extra forces and equipment from the
demarcated border.

Domestic security risks have heightened since the Taliban took
control of two Tajikistan-Afghanistan border crossings in June
2021. However, Tajikistan's membership of the Russia-led Collective
Security Treaty Organization and the presence of a Russian military
base in Tajikistan reduce the likelihood that Taliban insurgent
activity would be allowed to result in significant instability
within Tajikistan.

President Rahmon has dominated the political landscape since the
late 1990s, when a long civil war ended and the economy started to
recover from the substantial economic recession that followed the
dissolution of the Soviet Union. The president has ultimate
decision-making power and is serving his fifth consecutive term
after reelection in October 2020. The presidential administration
controls strategic decisions and sets the policy agenda. This
highly centralized decision-making can undermine policymaking
predictability, in our view, although it has also provided a high
level of political stability. S&P does not see immediate risks to
policy continuity; however, Tajikistan's political system has yet
to be tested in a power succession process.

Flexibility and performance profile: Weak external and fiscal
positions from a stock perspective, despite contained fiscal
deficits

-- Notwithstanding the strong performance in 2020 and 2021, S&P
expects the current account will return to a deficit over its
forecast horizon through 2025.

-- General government debt is still moderate, but the high level
of debt at loss-making state-owned enterprises (SOEs) poses
contingent risks to government debt sustainability.

-- S&P continues to view monetary policy effectiveness as
relatively weak, given the country's shallow capital markets and
the central bank's relatively limited operational independence and
intervention in the foreign exchange market.

The current account was in surplus for the second consecutive year
in 2021, following continued strength in metal exports and soaring
remittance inflows, largely from Tajik citizens employed in Russia.
S&P assumes supportive prices for aluminum, copper, and iron will
partially offset relative weakness in gold and contribute to a
minor external surplus position in 2022, after which historical
deficits will be restored based on our assumption of declining
metals prices.

S&P said, "With forecast current account deficits, we project
Tajikistan's external debt net of liquid external assets will rise
to about 100% of current account receipts by 2025. We assume
external borrowing will be used primarily for investment purposes
and financed through concessional government borrowing from
official partners. We estimate a recovery in net foreign direct
investments to 1.3% of GDP over 2022-2025, supported by Chinese
investment in a broad array of sectors, including raw materials,
aluminum, metallurgy, and retail."

After covering a record-high seven months of prospective current
account payments in 2021, foreign currency reserves are projected
to decline to six months of import coverage by 2025 owing to a
gradual deterioration of the current account and the revaluation
effect of lower gold prices. S&P Global Ratings' forecasts gold
prices of $1,600 per ounce (/oz) in 2022 and $1,400/oz over
2023-2024.

S&P said, "We estimate Tajikistan's general government deficit
narrowed to 1.3% of GDP in 2021, outperforming the government's
2021 budget forecast of 1.9%. We estimate government revenue
increased by about 8% in nominal terms, reflecting base effects
from the economic reopening and a near doubling of natural resource
tax revenue from higher mining activity. We assume government
expenditure rose by a more modest 6%, as a still-conservative
capital expenditure approach and absolute reduction in social
security spending partially offset a near doubling in nonresident
interest payments." The spike in debt service payments, to 6.3% of
general government revenue in 2021 from 3.8% in 2020, may capture
the repayment of Chinese debt postponed in August 2020. As part of
the G20's Debt Service Suspension Initiative, Tajikistan signed an
memorandum of understanding with the Paris Club to suspend interest
and principal on its debt obligations to China Eximbank ($40
million), Kuwait Development Fund ($3 million), and the German
Development Bank (EUR400,000).

The government recently announced a sweeping overhaul of the tax
system in an effort to broaden the country's tax base and
incentivize private investment. Effective Jan. 1, 2022, the new tax
code envisions a modernization of the tax system via the adoption
of digital tax methods, as well as a harmonization and revision of
most tax rates. This includes a lowering of the tax rates on
resident and nonresident income, corporate income, and the standard
value-added tax, alongside an increase in the excise duty rate for
mobile communication services and extraction royalty rates for
subsoil users. S&P understands that these new tax measures are not
in line with the country's commitments under its Rapid Credit
Facility (RCF) from the IMF.

S&P projects the general government deficit will widen to 2%-3% of
GDP over 2022-2025 as the government remains committed to capital
expenditure on Rogun HPP of about 2% of GDP annually. Public
investments will hinge on the availability of external financing
options, with the government committing to avoiding nonconcessional
borrowing under its IMF RCF arrangement. Downside risks to the
fiscal position stem from higher-than-budgeted financing for Rogun
HPP, additional funding pressures from SOEs, and residual costs
related to the bank liquidation process.

Tajikistan's government issued its only commercial external debt
obligation, a $500 million Eurobond, in 2017 to fund the first two
turbines of the Rogun HPP. The bond was issued with a maturity of
10 years, with principal payments of $83 million to be paid in six
equal semi-annual installments commencing in March 2025. Until
then, the government's commercial debt service relates to annual
interest payments on the bond of about $35.6 million, based on an
interest rate of 7.125%. We understand that the proceeds from the
Eurobond issuance have been fully used, and the remainder of the
project will be funded through domestic sources and other
concessional external loans.

S&P said, "In line with our fiscal deficit projections, we expect
government net debt will increase to about 42% of GDP by 2025, from
an estimated 37% in 2021. A high proportion of central government
debt, about 80%, is denominated in foreign currency, which exposes
the government's balance sheet to the risk of sharp exchange-rate
depreciation. Our base-case scenario assumes a moderate, but
sustained, currency depreciation over the forecast horizon will
result in higher government debt accumulation than implied by
fiscal deficits. However, due to a high share of concessional loans
in the total debt stock, the cost of debt will remain low, at about
4.8% of government revenue over 2022-2025.

"Our assessment of Tajikistan's public finances includes
significant contingent liabilities from SOEs. These enterprises
account for around 24% of employment and 17% of GDP and are
regularly involved in quasi-fiscal activities. In our view, high
debt levels at loss-making SOEs, especially in the energy,
communications, transport, and financial sectors, pose sizable
fiscal risks to the government. We estimate the debt of SOEs to be
about 25% of GDP over 2022-2025, of which about 80% of SOEs' total
debt and 90% of SOEs' operating losses are held by the national
power company Barki Tojik (BT). The second-largest debtor is the
loss-making aluminum company TALCO, which contributes more than 10%
of SOE debt."

S&P understands that the government has committed $1.5 billion for
the financial recovery of BT over 2019-2025, which includes grants
from the International Development Association's Power Utility
Financial Recovery Program, among other multilateral partners. This
initiative complements a broader restructuring program that
resulted in the division of BT into three separate legal entities
(production, transmission, and distribution) in January 2021.
Although BT's financial performance is likely to have been affected
by the sharp accumulation of payment arrears by Afghanistan's
national energy provider DABS to its Central Asian energy
suppliers, the signing of a supplemental electricity contract
between Tajikistan and Afghanistan authorities in January 2022,
which will see Tajikistan provide excess electricity to Afghanistan
over the summer months, should partially ease ongoing constraints
on BT's cash flow.

The National Bank of Tajikistan (NBT; the central bank) revoked the
licenses of two troubled banks, Tojiksodirotbank (TSB; 81%
government owned) and Agroinvestbank (AIB; 87%), in May 2021 due to
their deteriorating financial positions and managerial
shortcomings. S&P said, "We understand that a special administrator
was recently appointed to settle the full costs of the resolution
process and submit appraisals of eligible collateral and creditor
lists. Total deposits in the two banks amounted to Tajikistani
somoni (TJS) 1.106 billion in May 2021, for which the Deposit
Insurance Fund (DIF) is expected to pay out TJS207 million (19% of
total deposits). The banks' remaining liabilities will be paid via
sales of their assets. As of November 2021, 84% of total insured
depositors had been reimbursed in full by the DIF, which we
understand has sufficient assets to cover liquidation-related
payouts. We do not expect there to be any significant additional
costs borne by the government."

Tajikistan's banking system resilience indicators improved with the
liquidation of AIB and TSB, which formerly accounted for about half
of the sector's nonperforming loans (NPLs). In the absence of these
two banks, aggregate NPLs declined to 13% of total loans in 2021
from 23% in 2020, while the share of total loans in foreign
currency fell to 33% of total loans from 42% over the same period.
The NBT uses a relatively conservative reporting standard for NPLs,
recording loans overdue by more than 30 days instead of the more
internationally used 90-day measure. The NBT has also increased the
level of banking system oversight and tightened underwriting
standards in recent years. S&P said, "Notwithstanding these
improvements, we continue to view Tajikistan's banking system as
being broadly in line with those of regional peers. In our view, it
exhibits high credit risk due to banks' lending and underwriting
standards; low levels of household wealth; relatively weak
regulation and supervision; and nascent capital markets."

In response to inflationary pressures, the NBT raised its policy
rate by a cumulative 250 basis points (bps) in 2021 to 13.25%. It
also restored the reserve requirement on local currency deposits to
pre-pandemic rates of 3% (from 1%) and foreign currency deposits to
9% (from 5%). S&P said, "We forecast inflation will remain elevated
at 7.8% in 2022, broadly in line with 2021 levels, on the
persistence of high global food and energy prices. Over the medium
term, we expect inflation will remain contained around the middle
of the NBT's target range of 6%, plus or minus 2%, supported by
continued monetary tightening and slower expected somoni
depreciation."

Monetary policy effectiveness remains constrained by the country's
shallow capital markets, the central bank's relatively limited
operational independence, and interventions in foreign exchange
markets. After depreciating by a cumulative 16.6% in 2020, the
somoni exchange rate stabilized at TJS11.30 per US$1 in 2021. The
NBT undertook foreign exchange interventions of $137.9 million
(1.8% of GDP) in 2021, compared with $160.2 million (2% of GDP) in
2020. In our view, the central bank will intervene in the domestic
foreign exchange market in the event of excessive exchange-rate
volatility.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  TAJIKISTAN

  Sovereign Credit Rating                B-/Stable/B
  Transfer & Convertibility Assessment   B-
  Senior Unsecured                       B-


[*] BOND PRICING: For the Week Feb. 14, 2022 to Feb. 18, 2022
-------------------------------------------------------------
Issuer                   Coupon     Maturity    Currency    Price
------                   ------     --------    --------    -----


  AUSTRALIA
  ---------

AUSTRALIA & NEW ZEALAND     3.00    12/17/40        AUD     73.83
AUSTRALIA & NEW ZEALAND     2.92    12/22/40        AUD     74.25
CLIME CAPITAL LTD/FUND      5.25    11/30/25        AUD      1.01
COMMONWEALTH BANK OF AUS    3.20    08/27/40        AUD     71.91
COMMONWEALTH BANK OF AUS    3.00    12/10/40        AUD     74.44
COMMONWEALTH BANK OF AUS    3.12    08/27/41        AUD     69.50
COMMONWEALTH BANK OF AUS    3.30    09/24/41        AUD     72.28
COMMONWEALTH BANK OF AUS    3.30    08/26/50        AUD     58.63
GLENNON SMALL COS LTD       5.60    09/30/30        AUD     10.33
VIRGIN AUSTRALIA HOLDING    7.88    10/15/21        USD      3.89
VIRGIN AUSTRALIA HOLDING    7.88    10/15/21        USD      3.89
VIRGIN AUSTRALIA HOLDING    8.25    05/30/23        AUD      6.14
VIRGIN AUSTRALIA HOLDING    8.08    03/05/24        AUD      6.03
VIRGIN AUSTRALIA HOLDING    8.13    11/15/24        USD      4.04
VIRGIN AUSTRALIA HOLDING    8.13    11/15/24        USD      4.04
VIRGIN AUSTRALIA HOLDING    8.00    11/26/24        AUD      4.53


   CHINA
   -----

AKESU DISTRICT GREEN IND    4.09    03/11/23        CNY     39.99
AKESU DISTRICT GREEN IND    4.09    03/11/23        CNY     40.17
AKESU TEXTILE CITY DEVEL    7.50    06/21/24        CNY     59.80
AKESU TEXTILE CITY DEVEL    7.50    06/21/24        CNY     61.40
AKESU XINCHENG ASSET INV    6.40    04/20/22        CNY     20.08
AKESU XINCHENG ASSET INV    6.40    04/20/22        CNY     20.24
ALTAY PREFECTURE STATE-O    4.85    01/22/23        CNY     19.87
ALTAY PREFECTURE STATE-O    4.85    01/22/23        CNY     19.95
ANHUI DANGTU ECO DEVELOP    6.00    09/11/24        CNY     60.00
ANHUI DANGTU ECO DEVELOP    6.00    09/11/24        CNY     62.35
ANHUI HUAAN FOREIGN ECON    7.30    07/13/21        CNY     70.01
ANHUI HUAINING URBAN & R    5.80    08/28/24        CNY     60.00
ANHUI HUAINING URBAN & R    5.80    08/28/24        CNY     60.66
ANHUI JIANGNAN INDUSTRIA    4.76    07/08/23        CNY     39.83
ANHUI JIANGNAN INDUSTRIA    4.76    07/08/23        CNY     40.08
ANHUI LANGCHUAN HOLDING     6.13    12/11/24        CNY     62.94
ANHUI LEXING CITY CONSTR    6.05    11/01/24        CNY     60.90
ANHUI LEXING CITY CONSTR    6.05    11/01/24        CNY     62.05
ANJI NORTHWEST DEVELOPME    5.90    07/18/23        CNY     40.00
ANJI NORTHWEST DEVELOPME    5.90    07/18/23        CNY     40.29
ANLU CONSTRUCTION DEVELO    5.45    06/15/23        CNY     40.08
ANNING DEVELOPMENT INVES    8.80    09/11/25        CNY     65.75
ANQING ECONOMIC&TECHNOLO    4.09    03/09/23        CNY     40.15
ANQING ECONOMIC&TECHNOLO    4.09    03/09/23        CNY     40.25
ANQING URBAN CONSTRUCTIO    6.01    04/27/22        CNY     20.00
ANQING URBAN CONSTRUCTIO    6.01    04/27/22        CNY     20.09
ANQING WANJIANG HIGH TEC    6.50    08/02/24        CNY     59.40
ANQING WANJIANG HIGH TEC    6.50    08/02/24        CNY     60.00
ANQIU HUAAN STATE OWNED     7.00    09/14/24        CNY     58.80
ANQIU HUAAN STATE OWNED     7.00    09/14/24        CNY     59.20
ANSHUN CITY CONSTRUCTION    7.30    09/15/24        CNY     48.72
ANSHUN CITY CONSTRUCTION    7.30    09/15/24        CNY     51.10
ANSHUN STATE-RUN ASSETS     4.48    07/18/23        CNY     35.72
ANSHUN STATE-RUN ASSETS     4.48    07/18/23        CNY     37.39
ANSHUN TRANSPORTATION DE    7.50    10/31/24        CNY     54.97
ANSHUN XIXIU CITY INVEST    4.70    11/22/23        CNY     33.72
ANSHUN XIXIU CITY INVEST    4.70    11/22/23        CNY     39.84
ANYUE XINGAN CITY DEVELO    7.50    01/30/25        CNY     61.36
ANYUE XINGAN CITY DEVELO    7.50    01/30/25        CNY     62.76
AOYUAN CORP GROUP LTD       6.60    09/03/23        CNY     38.00
AOYUAN CORP GROUP LTD       5.50    03/03/25        CNY     25.50
AOYUAN CORP GROUP LTD       5.65    08/06/25        CNY     59.71
BANK OF CHINA LTD/PARIS     0.50    03/13/22        EUR     96.01
BAOJI INVESTMENT GROUP C    5.05    04/18/24        CNY     61.22
BAOTOU AFFORDABLE HOUSIN    5.25    07/27/24        CNY     60.94
BAOTOU AFFORDABLE HOUSIN    5.25    07/27/24        CNY     61.50
BAOTOU AFFORDABLE HOUSIN    5.31    08/10/24        CNY     61.01
BAOTOU CITY SCIENCE EDUC    6.48    03/25/22        CNY     20.03
BAOTOU CITY SCIENCE EDUC    6.48    03/25/22        CNY     20.04
BAOTOU QINSHAN HOUSING D    7.90    12/26/23        CNY     46.10
BAOYING CITY CONSTRUCTIO    4.50    03/24/23        CNY     39.85
BAOYING CITY CONSTRUCTIO    4.50    03/24/23        CNY     40.31
BAOYING COUNTY DEVELOPME    5.45    08/21/24        CNY     61.51
BAOYING COUNTY DEVELOPME    5.49    10/17/24        CNY     61.69
BAYAN ZHUOER HETAO WATER    8.54    03/31/22        CNY     14.76
BAYAN ZHUOER HETAO WATER    8.54    03/31/22        CNY     14.98
BAZHONG STATE-OWNED CAPI    5.13    12/02/22        CNY     18.79
BAZHONG STATE-OWNED CAPI    5.13    12/02/22        CNY     19.00
BAZHOU GUOHUI CONSTRUCTI    6.08    06/19/24        CNY     61.49
BAZHOU GUOHUI CONSTRUCTI    6.08    06/19/24        CNY     61.58
BEIJING FUTURE SCIENCE P    4.20    08/13/22        CNY     20.01
BEIPIAO CITY CONSTRUCTIO    6.70    03/25/23        CNY     40.33
BEIPIAO CITY CONSTRUCTIO    6.70    03/25/23        CNY     40.61
BENGBU ECONOMIC DEVELOPM    6.45    07/13/24        CNY     60.00
BENGBU ECONOMIC DEVELOPM    6.45    07/13/24        CNY     60.31
BENGBU URBAN INVESTMENT     5.80    04/13/24        CNY     61.72
BENGBU URBAN INVESTMENT     5.80    04/13/24        CNY     61.72
BIJIE CITY ANFANG CONSTR    7.80    01/18/26        CNY     70.17
BIJIE CONSTRUCTION INVES    5.78    07/06/24        CNY     61.04
BIJIE CONSTRUCTION INVES    5.55    08/03/24        CNY     60.00
BIJIE CONSTRUCTION INVES    5.55    08/03/24        CNY     61.12
BIJIE DEXI CONSTRUCTION     4.60    11/17/23        CNY     35.01
BIJIE DEXI CONSTRUCTION     4.60    11/17/23        CNY     36.15
BIJIE DEXI CONSTRUCTION     5.10    12/05/23        CNY     37.54
BIJIE DEXI CONSTRUCTION     5.10    12/05/23        CNY     40.44
BIJIE QIXINGGUAN DISTRIC    7.60    09/08/24        CNY     61.86
BIJIE XINTAI INVESTMENT     7.80    11/01/24        CNY     52.00
BIJIE XINTAI INVESTMENT     7.80    11/01/24        CNY     53.85
BINZHOU ZHANHUA DISTRICT    4.93    11/29/23        CNY     40.60
BINZHOU ZHANHUA DISTRICT    4.93    11/29/23        CNY     40.60
BINZHOU ZHONGHAI VENTURE    6.65    04/13/22        CNY     20.00
BINZHOU ZHONGHAI VENTURE    6.65    04/13/22        CNY     20.06
BORALA MONGOL AUTONOMOUS    5.77    08/26/22        CNY     20.05
BORALA MONGOL AUTONOMOUS    5.77    08/26/22        CNY     20.10
BOZHOU URBAN CONSTRUCTIO    4.78    04/14/23        CNY     40.17
BOZHOU URBAN CONSTRUCTIO    4.78    04/14/23        CNY     40.50
BRILLIANCE AUTO GROUP HO    5.30    10/23/20        CNY     49.50
BRILLIANCE AUTO GROUP HO    6.50    01/22/22        CNY     49.50
BRILLIANCE AUTO GROUP HO    6.50    03/13/22        CNY     49.50
BRILLIANCE AUTO GROUP HO    6.50    04/18/22        CNY     49.50
BRILLIANCE AUTO GROUP HO    6.50    06/03/22        CNY     49.50
BRILLIANCE AUTO GROUP HO    6.30    09/14/23        CNY     49.50
BRILLIANCE AUTO GROUP HO    5.40    09/14/23        CNY     55.80
BRILLIANCE AUTO GROUP HO    6.30    09/14/23        CNY     56.93
BRILLIANCE AUTO GROUP HO    5.80    11/05/23        CNY     49.50
BRILLIANCE AUTO GROUP HO    5.80    11/05/23        CNY     59.80
BRILLIANCE AUTO GROUP HO    5.80    03/20/24        CNY     54.80
BRILLIANCE AUTO GROUP HO    5.80    06/17/24        CNY     49.50
BRILLIANCE AUTO GROUP HO    5.80    06/17/24        CNY     60.78
CANGNAN COUNTY STATE OWN    5.58    11/11/22        CNY     20.30
CANGNAN COUNTY STATE OWN    5.58    11/11/22        CNY     20.33
CEFC SHANGHAI INTERNATIO    4.98    12/10/20        CNY     61.29
CEFC SHANGHAI INTERNATIO    4.08    09/09/21        CNY     60.00
CHANG DE DING LI INDUSTR    4.30    03/10/23        CNY     40.23
CHANG DE DING LI INDUSTR    4.30    03/10/23        CNY     40.26
CHANG DE DING LI INDUSTR    6.10    07/20/24        CNY     59.92
CHANG DE DING LI INDUSTR    6.10    07/20/24        CNY     60.23
CHANGDE DE YUAN SHANTY T    5.33    09/13/23        CNY     39.35
CHANGDE URBAN CONSTRUCTI    3.59    01/12/23        CNY     20.00
CHANGDE URBAN CONSTRUCTI    3.59    01/12/23        CNY     20.12
CHANGGE JINCAI PUBLIC AS    7.10    04/19/24        CNY     59.99
CHANGGE JINCAI PUBLIC AS    7.10    04/19/24        CNY     60.00
CHANGJI URBAN CONSTRUCTI    4.24    11/18/23        CNY     37.70
CHANGJI URBAN CONSTRUCTI    4.24    11/18/23        CNY     40.26
CHANGLE COUNTY NEWTOWN D    5.18    12/16/22        CNY     20.00
CHANGLE COUNTY NEWTOWN D    5.18    12/16/22        CNY     20.41
CHANGSHA COUNTY XINGCHEN    7.90    03/25/22        CNY     25.12
CHANGSHA COUNTY XINGCHEN    7.90    03/25/22        CNY     25.12
CHANGSHA ECONOMIC & TECH    8.45    04/13/22        CNY     15.10
CHANGSHA ECONOMIC & TECH    4.78    03/03/24        CNY     60.94
CHANGSHA ECONOMIC & TECH    4.78    03/03/24        CNY     61.26
CHANGSHA FURONG CITY DEV    3.88    01/26/23        CNY     20.12
CHANGSHA FURONG CITY DEV    3.88    01/26/23        CNY     20.22
CHANGSHA JINZHOU NEW CIT    6.60    08/24/24        CNY     60.00
CHANGSHA JINZHOU NEW CIT    6.60    08/24/24        CNY     61.87
CHANGSHA METRO GROUP CO     6.20    04/23/23        CNY     30.68
CHANGSHA METRO GROUP CO     6.20    04/23/23        CNY     31.01
CHANGSHA METRO GROUP CO     5.97    04/03/25        CNY     62.84
CHANGSHA METRO GROUP CO     5.40    07/14/25        CNY     60.00
CHANGSHA METRO GROUP CO     5.40    07/14/25        CNY     62.60
CHANGSHA METRO GROUP CO     4.10    12/21/25        CNY     61.42
CHANGSHA METRO GROUP CO     4.10    12/21/25        CNY     61.47
CHANGSHA TIANXIN CITY CO    4.20    11/06/22        CNY     20.00
CHANGSHA TIANXIN CITY CO    4.20    11/06/22        CNY     20.16
CHANGSHA TIANXIN CITY CO    3.43    08/08/23        CNY     39.13
CHANGSHA TIANXIN CITY CO    3.43    08/08/23        CNY     40.08
CHANGSHA YUHUA JINGKAI D    4.17    09/06/23        CNY     40.18
CHANGSHA YUHUA JINGKAI D    4.17    09/06/23        CNY     40.21
CHANGSHA YUHUA URBAN CON    3.80    01/28/23        CNY     20.14
CHANGSHA YUHUA URBAN CON    3.80    01/28/23        CNY     20.15
CHANGSHU DONGNAN ASSET I    6.53    03/26/22        CNY     20.07
CHANGSHU DONGNAN ASSET I    6.53    03/26/22        CNY     27.32
CHANGXING SOUTHERN TAIHU    6.50    11/30/25        CNY     75.00
CHANGZHOU JINTAN COMMUNI    6.50    11/07/24        CNY     60.00
CHANGZHOU JINTAN COMMUNI    6.50    11/07/24        CNY     61.00
CHANGZHOU JINTAN COMMUNI    7.10    12/21/24        CNY     60.00
CHANGZHOU JINTAN COMMUNI    7.10    12/21/24        CNY     61.70
CHANGZHOU TIANNING CONST    6.48    02/12/22        CNY     20.00
CHANGZHOU TIANNING CONST    6.48    02/12/22        CNY     20.00
CHANGZHOU XINGANG ECONOM    3.42    10/20/23        CNY     39.68
CHANGZHOU XINGANG ECONOM    3.42    10/20/23        CNY     40.20
CHANGZHOU ZHONGLOU ECONO    3.64    10/26/23        CNY     40.17
CHANGZHOU ZHONGLOU ECONO    3.64    10/26/23        CNY     40.24
CHAOHU URBAN TOWN CONSTR    6.50    04/30/22        CNY     20.13
CHAOHU URBAN TOWN CONSTR    6.50    04/30/22        CNY     21.80
CHENGDU GARDEN WATER CIT    6.15    05/03/23        CNY     39.63
CHENGDU GARDEN WATER CIT    6.15    05/03/23        CNY     40.08
CHENGDU GARDEN WATER CIT    7.50    09/11/24        CNY     58.33
CHENGDU GARDEN WATER CIT    7.50    09/11/24        CNY     62.19
CHENGDU LIN JIANG GARDEN    6.75    08/02/24        CNY     60.90
CHENGDU PIDU DISTRICT ST    6.95    04/01/22        CNY     20.09
CHENGDU PIDU DISTRICT ST    6.95    04/01/22        CNY     20.11
CHENGDU SHUZHOU CITY CON    6.58    05/26/22        CNY     20.16
CHENGDU SHUZHOU CITY CON    6.58    05/26/22        CNY     20.50
CHENGDU XINGCHENGJIAN IN    6.00    03/20/22        CNY     20.00
CHENGDU XINGCHENGJIAN IN    6.00    03/20/22        CNY     20.06
CHENGDU XINGJIN ECOLOGIC    3.65    10/13/23        CNY     39.96
CHENGDU XINGJIN ECOLOGIC    3.65    10/13/23        CNY     40.16
CHENGDU XINGSHU INVESTME    6.78    08/21/24        CNY     60.00
CHENGDU XINGSHU INVESTME    6.78    08/21/24        CNY     61.53
CHENGDU XINJIN COUNTY ST    6.40    07/05/24        CNY     59.39
CHENGDU XINJIN COUNTY ST    6.40    07/05/24        CNY     60.54
CHENGDU XINJIN COUNTY ST    6.28    08/03/24        CNY     59.29
CHENGDU XINJIN COUNTY ST    6.28    08/03/24        CNY     60.00
CHENGDU XINKAIYUAN URBAN    5.29    04/27/23        CNY     39.69
CHENGDU XINKAIYUAN URBAN    5.29    04/27/23        CNY     40.05
CHENZHOU BAIFU INVESTMEN    4.96    03/22/26        CNY     57.37
CHENZHOU BAIFU INVESTMEN    4.96    03/22/26        CNY     64.21
CHENZHOU FUCHENG HIGH TE    4.73    01/22/23        CNY     20.10
CHENZHOU FUCHENG HIGH TE    4.73    01/22/23        CNY     20.15
CHENZHOU WENLV INDUSTRY     5.34    11/28/23        CNY     40.07
CHENZHOU XINTIAN INVESTM    6.00    07/26/24        CNY     56.35
CHENZHOU XINTIAN INVESTM    6.00    07/26/24        CNY     60.00
CHENZHOU XINTIAN INVESTM    5.38    03/08/26        CNY     64.86
CHENZHOU XINTIAN INVESTM    5.38    03/08/26        CNY     65.83
CHIBI LANTIAN URBAN CONS    4.38    08/10/23        CNY     39.89
CHIBI LANTIAN URBAN CONS    4.38    08/10/23        CNY     40.06
CHINA FORTUNE LAND DEVEL    7.40    03/24/21        CNY     25.13
CHINA FORTUNE LAND DEVEL    7.20    04/18/21        CNY     25.13
CHINA FORTUNE LAND DEVEL    5.60    09/10/21        CNY     25.13
CHINA FORTUNE LAND DEVEL    5.80    05/23/22        CNY     20.50
CHINA FORTUNE LAND DEVEL    5.00    05/30/22        CNY     68.15
CHINA GRAND AUTOMOTIVE S    9.13    01/30/24        USD     72.31
CHINA SECURITY CO LTD       4.45    11/11/19        CNY     31.00
CHISHUI CITY CONSTRUCTIO    8.50    01/18/26        CNY     71.10
CHONGQIN BAIYAN INVESTME    5.75    05/03/23        CNY     40.38
CHONGQIN BAIYAN INVESTME    5.75    05/03/23        CNY     40.69
CHONGQIN XINLIANG INVEST    4.76    08/26/23        CNY     39.13
CHONGQIN XINLIANG INVEST    4.76    08/26/23        CNY     39.80
CHONGQING BANAN ECONOMIC    6.17    03/13/22        CNY     19.03
CHONGQING BANAN ECONOMIC    6.17    03/13/22        CNY     20.03
CHONGQING BAYUAN CONSTRU    4.99    08/16/23        CNY     39.26
CHONGQING BISHAN DISTRIC    4.93    03/29/23        CNY     40.35
CHONGQING BISHAN DISTRIC    4.93    03/29/23        CNY     40.41
CHONGQING DAZU INDUSTRIA    6.30    04/28/22        CNY     20.00
CHONGQING DAZU INDUSTRIA    6.30    04/28/22        CNY     20.08
CHONGQING DAZU URBAN CON    3.97    08/11/22        CNY     49.54
CHONGQING DAZU URBAN CON    3.97    08/11/22        CNY     49.63
CHONGQING DAZU YONGSHENG    6.48    07/24/24        CNY     59.48
CHONGQING DAZU YONGSHENG    6.48    07/24/24        CNY     61.20
CHONGQING ECO&TECH DEVEL    3.95    04/13/23        CNY     40.07
CHONGQING ECO&TECH DEVEL    3.95    04/13/23        CNY     40.19
CHONGQING HECHUAN CITY C    3.95    09/06/23        CNY     39.87
CHONGQING HECHUAN CITY C    3.95    09/06/23        CNY     40.12
CHONGQING HONGYE INDUSTR    6.30    08/02/24        CNY     60.89
CHONGQING HONGYE INDUSTR    6.30    08/02/24        CNY     61.72
CHONGQING HONGYE INDUSTR    6.45    11/27/24        CNY     62.08
CHONGQING JIANGJIN DISTR    6.40    09/13/24        CNY     60.00
CHONGQING JIANGJIN DISTR    6.40    09/13/24        CNY     60.53
CHONGQING JIN TONG INDUS    4.44    11/16/23        CNY     37.36
CHONGQING JIN TONG INDUS    4.44    11/16/23        CNY     39.70
CHONGQING JIN TONG INDUS    6.50    08/01/24        CNY     50.00
CHONGQING JIN TONG INDUS    6.50    08/01/24        CNY     55.10
CHONGQING JINYUN ASSET M    4.50    12/31/22        CNY     20.09
CHONGQING JINYUN ASSET M    4.50    12/31/22        CNY     20.24
CHONGQING KAIQIAN INVEST    4.64    03/21/23        CNY     39.52
CHONGQING KAIQIAN INVEST    4.64    03/21/23        CNY     39.89
CHONGQING LAND PROPERTIE    3.36    03/21/23        CNY     40.10
CHONGQING LAND PROPERTIE    3.36    03/21/23        CNY     40.13
CHONGQING LIANGSHAN CONS    6.30    10/16/24        CNY     62.04
CHONGQING LIANGSHAN CONS    6.30    10/16/24        CNY     62.05
CHONGQING MAIRUI URBAN C    4.95    04/21/23        CNY     40.30
CHONGQING MAIRUI URBAN C    4.95    04/21/23        CNY     40.36
CHONGQING NANCHUAN CITY     4.20    07/11/23        CNY     39.94
CHONGQING NANCHUAN CITY     4.20    07/11/23        CNY     40.04
CHONGQING QIJIANG EAST N    4.00    09/05/23        CNY     39.12
CHONGQING QIJIANG EAST N    4.00    09/05/23        CNY     39.43
CHONGQING SHUANGFU CONST    6.37    10/13/24        CNY     60.00
CHONGQING SHUANGFU CONST    6.37    10/13/24        CNY     60.87
CHONGQING TONGLIANG JINL    6.59    04/08/22        CNY     20.00
CHONGQING TONGLIANG JINL    6.59    04/08/22        CNY     20.04
CHONGQING TONGLIANG JINL    6.80    02/11/25        CNY     60.00
CHONGQING TONGLIANG JINL    6.80    02/11/25        CNY     62.06
CHONGQING TONGNAN DISTRI    4.99    12/31/22        CNY     19.66
CHONGQING TONGNAN DISTRI    4.99    12/31/22        CNY     19.71
CHONGQING WANSHENG ECO T    8.50    11/25/25        CNY     56.51
CHONGQING WANZHOU SANXIA    4.95    08/25/22        CNY     20.20
CHONGQING WANZHOU SANXIA    4.95    08/25/22        CNY     20.80
CHONGQING WULONG DISTRIC    6.80    09/21/24        CNY     59.00
CHONGQING WULONG DISTRIC    6.80    09/21/24        CNY     61.52
CHONGQING WULONG DISTRIC    6.80    12/28/24        CNY     60.00
CHONGQING WULONG DISTRIC    6.80    12/28/24        CNY     61.85
CHONGQING XINGRONG HOLDI    4.86    03/31/23        CNY     38.50
CHONGQING XINGRONG HOLDI    4.86    03/31/23        CNY     39.98
CHONGQING YINGDI INDUSTR    7.00    11/07/24        CNY     60.00
CHONGQING YINGDI INDUSTR    7.00    11/07/24        CNY     60.12
CHONGQING YUELAI INVESTM    6.09    04/29/22        CNY     20.00
CHONGQING YUELAI INVESTM    6.09    04/29/22        CNY     20.14
CHONGQING YUZHONG STATE-    6.90    02/08/25        CNY     61.00
CHONGQING YUZHONG STATE-    6.90    02/08/25        CNY     64.13
CHUN'AN XINANJIANG DEVEL    6.10    03/11/22        CNY     20.04
CHUN'AN XINANJIANG DEVEL    6.10    03/11/22        CNY     24.55
CHUN'AN XINANJIANG DEVEL    3.84    11/04/23        CNY     39.82
CHUN'AN XINANJIANG DEVEL    3.84    11/04/23        CNY     40.25
CHUZHOU CITY NANQIAO DIS    5.95    10/23/24        CNY     60.00
CHUZHOU CITY NANQIAO DIS    5.95    10/23/24        CNY     62.32
CITIC GUOAN GROUP CORP      4.90    11/06/19        CNY     18.25
CITIC GUOAN GROUP CORP      5.80    12/15/19        CNY     16.70
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 STATE OWNED ASSET I    4.90    04/07/24        CNY     61.09
DAFANG COUNTY CONSTRUCTI    6.00    09/26/23        CNY     38.80
DAFANG COUNTY CONSTRUCTI    6.00    09/26/23        CNY     40.54
DALI HAIDONG DEVELOPMENT    6.01    01/25/23        CNY     18.80
DALI HAIDONG DEVELOPMENT    6.01    01/25/23        CNY     20.07
DALIAN SHITAI CITY CONST    4.50    02/01/23        CNY     18.64
DALIAN SHITAI CITY CONST    4.50    02/01/23        CNY     20.19
DANGTU COUNTY CONSTRUCTI    5.38    08/10/22        CNY     20.19
DANGTU COUNTY CONSTRUCTI    5.38    08/10/22        CNY     20.22
DANGYANG XINYUAN INVESTM    4.97    03/29/23        CNY     39.93
DANGYANG XINYUAN INVESTM    4.97    03/29/23        CNY     39.98
DANYANG HI-TECH INDUSTRY    6.40    04/24/22        CNY     20.00
DANYANG HI-TECH INDUSTRY    6.40    04/24/22        CNY     20.03
DANYANG INVESTMENT GROUP    3.99    01/25/23        CNY     20.05
DANYANG INVESTMENT GROUP    3.99    01/25/23        CNY     20.05
DANYANG INVESTMENT GROUP    5.49    07/18/24        CNY     61.73
DASHIQIAO URBAN CONSTRUC    7.59    08/14/24        CNY     62.16
DASHIQIAO URBAN CONSTRUC    7.59    08/14/24        CNY     62.16
DASHIQIAO URBAN CONSTRUC    7.82    12/01/24        CNY     62.97
DATONG ECONOMIC CONSTRUC    4.49    10/22/22        CNY     20.07
DAWA COUNTY CITY CONSTRU    6.29    06/12/22        CNY     19.77
DAWA COUNTY CITY CONSTRU    6.29    06/12/22        CNY     20.00
DAWA COUNTY LINGANG ECO     5.99    10/19/24        CNY     60.94
DAYE ZHENHENG CITY DEVEL    4.50    03/28/23        CNY     38.84
DAYE ZHENHENG CITY DEVEL    4.50    03/28/23        CNY     40.07
DAYE ZHENHENG CITY DEVEL    4.05    08/31/23        CNY     37.53
DAYE ZHENHENG CITY DEVEL    4.05    08/31/23        CNY     37.59
DAZHOU DEVELOPMENT HOLDI    5.10    11/27/22        CNY     20.00
DAZHOU DEVELOPMENT HOLDI    5.10    11/27/22        CNY     20.24
DAZHOU INVESTMENT CO LTD    3.99    11/04/26        CNY     69.50
DAZHOU INVESTMENT CO LTD    3.99    11/04/26        CNY     70.11
DEQING CONSTRUCTION INVE    3.60    11/11/23        CNY     40.22
DEXING INVESTMENT HOLDIN    5.99    03/21/23        CNY     40.13
DEXING INVESTMENT HOLDIN    5.99    03/21/23        CNY     43.80
DINGYUAN COUNTY URBAN AN    5.80    12/06/24        CNY     60.00
DINGYUAN COUNTY URBAN AN    5.80    12/06/24        CNY     62.56
DONGLING GROUP INC CO       8.00    07/14/22        CNY     20.00
DONGLING GROUP INC CO       8.00    07/14/22        CNY     20.24
DONGTAI STATE-OWNED ASSE    3.04    11/16/23        CNY     39.67
DONGYING CITY URBAN ASSE    5.57    03/31/22        CNY     20.06
DONGYING CITY URBAN ASSE    5.57    03/31/22        CNY     20.33
DONGZHI COUNTY CITY OPER    4.88    06/20/23        CNY     40.24
DONGZHI COUNTY CITY OPER    4.88    06/20/23        CNY     40.38
DUJIANGYAN NEW CITY CONS    6.90    10/19/24        CNY     54.00
DUJIANGYAN NEW CITY CONS    6.90    10/19/24        CNY     62.53
DUJIANGYAN XINGYAN INVES    6.10    03/12/22        CNY     19.00
DUJIANGYAN XINGYAN INVES    6.10    03/12/22        CNY     19.98
DUNYUN STATE-OWNED ASSET    6.60    12/28/22        CNY     19.49
ENSHI URBAN CONSTRUCTION    3.84    11/01/23        CNY     39.75
ENSHI URBAN CONSTRUCTION    3.84    11/01/23        CNY     39.78
EVERGRANDE REAL ESTATE G    6.98    07/08/22        CNY     27.00
EVERGRANDE REAL ESTATE G    6.27    05/06/23        CNY     30.00
EVERGRANDE REAL ESTATE G    6.80    05/06/24        CNY     35.69
FANTASIA GROUP CHINA CO     7.50    12/17/21        CNY     74.00
FANTASIA GROUP CHINA CO     7.80    11/29/22        CNY     44.83
FEICHENG CITY ASSETS MAN    4.04    03/23/23        CNY     39.70
FEICHENG CITY ASSETS MAN    4.04    03/23/23        CNY     40.13
FEIXI COUNTY URBAN & RUR    4.45    06/03/23        CNY     40.53
FEIXI COUNTY URBAN & RUR    4.45    06/03/23        CNY     41.24
FENG COUNTY ECONOMIC DEV    5.18    06/21/23        CNY     38.96
FENG COUNTY ECONOMIC DEV    5.18    06/21/23        CNY     40.02
FENGCHENG CITY MODERN IN    5.76    12/17/22        CNY     19.52
FENGCHENG CITY MODERN IN    5.76    12/17/22        CNY     20.00
FENGDU COUNTY STATE-OWNE    6.38    09/05/24        CNY     60.00
FENGDU COUNTY STATE-OWNE    6.38    09/05/24        CNY     62.26
FENGHUANG MINGCHENG CONS    6.50    03/23/24        CNY     60.90
FENGTAI HUAXING CITY DEV    5.60    03/13/24        CNY     61.47
FENGTAI HUAXING CITY DEV    5.60    03/13/24        CNY     61.51
FENGXIAN URBAN INVESTMEN    6.48    03/20/22        CNY     20.00
FENGXIAN URBAN INVESTMEN    6.48    03/20/22        CNY     20.04
FENGYANG COUNTY ECONOMY     6.00    11/16/24        CNY     62.61
FENGYANG COUNTY ECONOMY     6.00    11/16/24        CNY     62.64
FENYI CITY CONSTRUCTION     4.54    08/22/23        CNY     39.71
FENYI CITY CONSTRUCTION     4.54    08/22/23        CNY     40.13
FUJIAN FUSHENG GROUP CO     7.90    11/19/21        CNY     60.00
FUJIAN JINJIANG URBAN CO    3.35    08/24/23        CNY     40.42
FUJIAN PROVINCE LIANJIAN    6.29    04/30/22        CNY     20.00
FUJIAN PROVINCE LIANJIAN    6.29    04/30/22        CNY     20.13
FUJIAN ZHANGLONG GROUP C    4.99    08/07/22        CNY     20.00
FUJIAN ZHANGLONG GROUP C    4.99    08/07/22        CNY     20.17
FUNING URBAN INVESTMENT     6.00    03/14/24        CNY     61.62
FUNING URBAN INVESTMENT     6.00    03/14/24        CNY     61.73
FUQING CITY STATE-OWNED     5.94    11/26/22        CNY     25.25
FUXIN INFRASTRUCTURE CON    6.18    03/18/22        CNY     19.96
FUZHOU CHANGLE DISTRICT     4.50    04/11/23        CNY     40.20
FUZHOU CHANGLE DISTRICT     4.50    04/11/23        CNY     40.37
FUZHOU DEVELOPMENT ZONE     3.53    08/25/23        CNY     40.11
FUZHOU DEVELOPMENT ZONE     3.53    08/25/23        CNY     40.11
FUZHOU DONGXIANG INVESTM    6.20    03/20/24        CNY     61.83
FUZHOU DONGXIANG INVESTM    6.20    03/20/24        CNY     61.84
FUZHOU INVESTMENT DEVELO    5.70    10/30/24        CNY     60.00
FUZHOU INVESTMENT DEVELO    5.70    10/30/24        CNY     60.69
FUZHOU LINCHUAN URBAN CO    5.68    07/05/23        CNY     38.89
FUZHOU LINCHUAN URBAN CO    5.68    07/05/23        CNY     40.12
FUZHOU LINCHUAN URBAN CO    6.50    12/25/24        CNY     56.60
FUZHOU URBAN AND RURAL C    4.89    07/08/22        CNY     20.10
FUZHOU URBAN AND RURAL C    4.89    07/08/22        CNY     20.55
GANSU PROVINCIAL HIGHWAY    6.58    09/24/22        CNY     40.80
GANSU PROVINCIAL HIGHWAY    6.20    03/28/23        CNY     71.32
GANZHOU CITY DEVELOPMENT    5.50    06/16/22        CNY     20.00
GANZHOU CITY DEVELOPMENT    5.50    06/16/22        CNY     20.15
GANZHOU DEVELOPMENT INVE    8.10    12/11/23        CNY     42.63
GAOMI CITY CONSTRUCTION     5.95    09/18/24        CNY     59.40
GAOMI CITY CONSTRUCTION     5.95    09/18/24        CNY     60.00
GAOMI STATE-OWNED ASSETS    4.69    01/26/23        CNY     19.55
GAOMI STATE-OWNED ASSETS    4.69    01/26/23        CNY     19.66
GAOQING LU QING ASSET MA    7.50    09/27/24        CNY     62.45
GAOQING LU QING ASSET MA    7.50    09/27/24        CNY     63.92
GAOYOU CITY CONSTRUCTION    5.48    09/15/22        CNY     20.00
GAOYOU CITY CONSTRUCTION    5.48    09/15/22        CNY     20.28
GAOYOU CITY ECONOMY DEVE    3.65    09/02/23        CNY     40.00
GAOYOU CITY ECONOMY DEVE    3.65    09/02/23        CNY     40.22
GAOYOU CITY ECONOMY DEVE    5.26    07/13/24        CNY     61.61
GAOYOU CITY ECONOMY DEVE    5.26    07/13/24        CNY     62.10
GONG'AN COUNTY CITY CONS    4.30    08/30/23        CNY     39.92
GONG'AN COUNTY CITY CONS    4.30    08/30/23        CNY     40.05
GONGQINGCHENG FINANCIAL     5.85    03/25/23        CNY     40.17
GONGQINGCHENG FINANCIAL     5.85    03/25/23        CNY     40.17
GUANGAN DEVELOPMENT AND     6.39    03/24/22        CNY     20.03
GUANGAN DEVELOPMENT AND     6.39    03/24/22        CNY     24.00
GUANGAN ECONOMIC & TECHN    5.16    04/14/23        CNY     39.98
GUANGAN ECONOMIC & TECHN    5.16    04/14/23        CNY     40.11
GUANGAN TRANSPORTATION I    5.39    12/01/23        CNY     34.35
GUANGAN XINHONG INVESTME    7.18    08/28/24        CNY     59.68
GUANGAN XINHONG INVESTME    7.18    08/28/24        CNY     60.00
GUANGDE CITY STATE-OWNED    5.37    07/18/24        CNY     60.98
GUANGDE CITY STATE-OWNED    5.37    07/18/24        CNY     61.90
GUANGDONG HUIZHOU COMMUN    4.16    05/17/23        CNY     40.37
GUANGDONG HUIZHOU COMMUN    4.16    05/17/23        CNY     40.38
GUANGDONG HUIZHOU COMMUN    4.95    12/27/23        CNY     40.58
GUANGDONG HUIZHOU COMMUN    4.95    12/27/23        CNY     41.00
GUANGRAO COUNTY ECONOMIC    3.61    09/08/23        CNY     40.27
GUANGSHUI CITY DEVELOPME    6.19    03/01/24        CNY     61.46
GUANGSHUI CITY DEVELOPME    6.19    03/01/24        CNY     61.52
GUANGXI LIUZHOU DONGCHEN    6.50    07/24/24        CNY     71.44
GUANGXI LIUZHOU INVESTME    4.28    03/08/23        CNY     37.94
GUANGYUAN YUANQU CONSTRU    4.48    03/10/23        CNY     40.03
GUANGYUAN YUANQU CONSTRU    4.48    03/10/23        CNY     40.04
GUANGZHOU HEJING HOLDING    6.15    12/17/22        CNY     73.05
GUANGZHOU HUANTOU NANSHA    6.38    11/18/24        CNY     45.67
GUANGZHOU HUANTOU NANSHA    6.38    11/18/24        CNY     45.99
GUANGZHOU METRO GROUP CO    6.45    04/02/24        CNY     45.00
GUANGZHOU METRO GROUP CO    6.45    04/02/24        CNY     46.76
GUANGZHOU METRO GROUP CO    6.05    06/03/24        CNY     46.80
GUANGZHOU PANYU INFORMAT    4.50    09/08/26        CNY     70.51
GUANGZHOU PANYU INFORMAT    4.50    09/08/26        CNY     71.45
GUANGZHOU R&F PROPERTIES    6.70    04/07/22        CNY     55.07
GUANGZHOU R&F PROPERTIES    6.80    05/16/22        CNY     49.00
GUANGZHOU TIMES HOLDING     5.00    02/24/25        CNY     59.20
GUANGZHOU TIMES HOLDING     5.10    03/30/25        CNY     56.01
GUANGZHOU TIMES HOLDING     5.94    07/17/25        CNY     51.02
GUCHENG CONSTRUCTION INV    7.88    04/27/25        CNY     71.76
GUILIN ECONOMIC CONSTRUC    5.60    04/22/22        CNY     20.00
GUILIN ECONOMIC CONSTRUC    5.60    04/22/22        CNY     20.09
GUIRENNIAO CO LTD           7.00    12/03/19        CNY     49.50
GUIXI STATE OWNED HOLDIN    4.18    08/18/23        CNY     39.66
GUIXI STATE OWNED HOLDIN    4.18    08/18/23        CNY     39.74
GUIYANG BAIYUN INDUSTRY     7.30    03/27/22        CNY     19.79
GUIYANG BAIYUN INDUSTRY     7.30    03/27/22        CNY     20.00
GUIYANG BAIYUN URBAN CON    6.48    07/17/24        CNY     59.79
GUIYANG BAIYUN URBAN CON    6.48    07/17/24        CNY     60.00
GUIYANG BAIYUN URBAN CON    7.28    09/25/24        CNY     58.09
GUIYANG BAIYUN URBAN CON    7.28    09/25/24        CNY     60.00
GUIYANG BAIYUN URBAN CON    4.75    09/13/26        CNY     61.46
GUIYANG BAIYUN URBAN CON    4.75    09/13/26        CNY     65.71
GUIYANG CITY CONSTRUCTIO    4.37    03/25/26        CNY     67.26
GUIYANG CITY CONSTRUCTIO    4.37    03/25/26        CNY     67.44
GUIYANG CITY CONSTRUCTIO    4.00    11/14/26        CNY     65.73
GUIYANG CITY CONSTRUCTIO    4.00    11/14/26        CNY     65.85
GUIYANG ECONOMIC DEVELOP    6.35    09/21/24        CNY     58.79
GUIYANG GUANSHANHU DISTR    4.87    01/28/23        CNY     18.87
GUIYANG GUANSHANHU DISTR    4.87    01/28/23        CNY     19.98
GUIYANG GUANSHANHU DISTR    4.48    03/09/23        CNY     37.11
GUIYANG GUANSHANHU DISTR    4.48    03/09/23        CNY     39.19
GUIYANG GUANSHANHU DISTR    6.49    06/22/24        CNY     56.32
GUIYANG GUANSHANHU DISTR    6.49    06/22/24        CNY     56.48
GUIYANG GUANSHANHU INVES    7.50    12/25/22        CNY     40.84
GUIYANG INVESTMENT HOLDI    4.46    11/17/26        CNY     68.87
GUIYANG INVESTMENT HOLDI    4.46    11/17/26        CNY     68.99
GUIYANG URBAN CONSTRUCTI    5.23    12/02/22        CNY     19.88
GUIYANG URBAN CONSTRUCTI    5.23    12/02/22        CNY     20.06
GUIYANG URBAN CONSTRUCTI    5.98    07/21/24        CNY     60.00
GUIYANG URBAN CONSTRUCTI    5.98    07/21/24        CNY     61.23
GUIYANG YUNYAN GUIZHONG     6.80    11/17/24        CNY     60.00
GUIYANG YUNYAN GUIZHONG     6.80    11/17/24        CNY     60.82
GUIZHOU EAST LAKE CITY C    5.18    01/06/23        CNY     18.16
GUIZHOU GUIAN CONSTRUCTI    4.17    10/28/22        CNY     20.15
GUIZHOU GUIAN CONSTRUCTI    4.17    10/28/22        CNY     21.00
GUIZHOU GUILONG INDUSTRI    7.80    04/28/22        CNY     25.02
GUIZHOU GUILONG INDUSTRI    7.80    04/28/22        CNY     25.13
GUIZHOU HONGCAI INVESTME    6.00    06/07/23        CNY     28.44
GUIZHOU HONGCAI INVESTME    6.00    06/07/23        CNY     29.68
GUIZHOU HONGGUO ECONOMIC    7.80    11/24/24        CNY     50.00
GUIZHOU HONGGUO ECONOMIC    7.80    11/24/24        CNY     63.05
GUIZHOU HONGGUO ECONOMIC    7.80    02/08/25        CNY     48.00
GUIZHOU HONGGUO ECONOMIC    7.80    02/08/25        CNY     63.36
GUIZHOU KAILI KAIYUAN CI    7.30    05/26/24        CNY     59.87
GUIZHOU KAILI KAIYUAN CI    7.30    05/26/24        CNY     61.65
GUIZHOU KAILI KAIYUAN CI    7.28    08/29/24        CNY     60.00
GUIZHOU KAILI KAIYUAN CI    7.28    08/29/24        CNY     61.89
GUIZHOU LIUPANSHUI PANDE    7.30    07/24/24        CNY     51.88
GUIZHOU RAILWAY INVESTME    7.20    03/27/22        CNY     20.07
GUIZHOU RAILWAY INVESTME    7.20    03/27/22        CNY     20.22
GUIZHOU RAILWAY INVESTME    7.50    04/23/24        CNY     46.79
GUIZHOU SHUICHENG CITY I    4.98    11/22/23        CNY     35.12
GUIZHOU SHUICHENG CITY I    4.98    11/22/23        CNY     35.69
GUIZHOU SHUICHENG ECONOM    7.50    10/26/25        CNY     39.50
GUIZHOU SHUICHENG WATER     8.00    11/27/25        CNY     59.00
GUIZHOU SHUICHENG WATER     8.00    11/27/25        CNY     73.92
GUIZHOU XINDONGGUAN CIVI    7.70    09/05/24        CNY     55.78
GUIZHOU ZHONGSHAN DEVELO    6.46    11/22/27        CNY     74.74
GULIN STATE-OWNED ASSETS    4.18    08/04/23        CNY     39.57
GULIN STATE-OWNED ASSETS    4.18    08/04/23        CNY     39.60
GULIN STATE-OWNED ASSETS    5.96    07/24/24        CNY     60.87
GULIN STATE-OWNED ASSETS    5.96    07/24/24        CNY     64.51
HAIAN DEVELOPMENT ZONE C    4.47    11/16/23        CNY     39.66
HAIAN DEVELOPMENT ZONE C    4.47    11/16/23        CNY     39.73
HAIAN ECONOMIC TECHNOLOG    5.45    04/13/23        CNY     40.20
HAIAN ECONOMIC TECHNOLOG    5.45    04/13/23        CNY     40.32
HAIAN URBAN DEMOLITION &    5.08    11/27/22        CNY     20.24
HAIAN URBAN DEMOLITION &    5.08    11/27/22        CNY     20.58
HAICHENG URBAN JINCAI LA    5.37    08/10/23        CNY     40.23
HAIFENG MARINE INFRASTRU    6.84    04/29/22        CNY     20.07
HAIKOU MEILAN INTERNATIO    5.25    09/06/19        USD     15.84
HAINAN AIRLINES HOLDING     6.20    05/24/21        CNY     51.00
HAINING ASSET MANAGEMENT    3.40    08/16/23        CNY     69.60
HAIYAN COUNTY STATE-OWNE    5.80    06/12/24        CNY     62.10
HAMI JIANHUI STATE-OWNED    3.90    09/21/23        CNY     39.95
HANCHENG CITY INVESTMENT    4.69    12/05/23        CNY     37.48
HANCHENG CITY INVESTMENT    4.69    12/05/23        CNY     38.81
HANCHUAN CITY HANRONG IN    4.25    07/18/23        CNY     39.93
HANCHUAN CITY HANRONG IN    4.25    07/18/23        CNY     40.01
HANDAN CONSTRUCTION & IN    5.48    05/27/22        CNY     20.14
HANDAN CONSTRUCTION & IN    5.48    05/27/22        CNY     27.20
HANGZHOU CANAL COMPREHEN    3.40    10/17/23        CNY     40.13
HANGZHOU CANAL COMPREHEN    3.40    10/17/23        CNY     40.13
HANGZHOU FUYANG DEVELOPM    4.76    01/27/23        CNY     20.19
HANGZHOU FUYANG DEVELOPM    4.76    01/27/23        CNY     20.32
HANGZHOU GONGSHU DISTRIC    3.80    03/14/23        CNY     40.00
HANGZHOU GONGSHU DISTRIC    3.80    03/14/23        CNY     40.14
HANGZHOU METRO GROUP CO     5.97    09/17/24        CNY     47.10
HANGZHOU METRO GROUP CO     5.97    09/17/24        CNY     47.12
HANGZHOU WEST LAKE INVES    4.30    04/25/23        CNY     40.07
HANGZHOU WEST LAKE INVES    4.30    04/25/23        CNY     40.36
HANGZHOU XIAOSHAN QIANJI    4.00    03/22/23        CNY     39.99
HANGZHOU XIAOSHAN QIANJI    4.00    03/22/23        CNY     40.25
HANJIANG STATE-OWNED-ASS    5.40    04/21/24        CNY     61.63
HANJIANG STATE-OWNED-ASS    5.40    04/21/24        CNY     61.90
HANSHAN CITY CONSTRUCTIO    6.20    08/30/24        CNY     60.00
HANSHAN CITY CONSTRUCTIO    6.20    08/30/24        CNY     62.10
HECHI CITY CONSTRUCTION     5.58    11/13/22        CNY     19.29
HECHI CITY CONSTRUCTION     5.58    11/13/22        CNY     19.91
HECHI STATE-OWNED CAPITA    4.37    11/04/23        CNY     38.88
HECHI STATE-OWNED CAPITA    4.37    11/04/23        CNY     39.47
HEFEI CONSTRUCTION INVES    7.20    04/29/24        CNY     47.28
HEFEI CONSTRUCTION INVES    7.20    04/29/24        CNY     47.45
HEFEI XINCHENG STATE-OWN    4.13    07/15/23        CNY     40.00
HEFEI XINCHENG STATE-OWN    4.13    07/15/23        CNY     40.39
HEGANG URBAN CONSTRUCTIO    6.90    12/18/24        CNY     62.87
HEGANG URBAN CONSTRUCTIO    6.90    12/18/24        CNY     62.88
HEILONGJIANG HECHENG CON    7.05    06/21/22        CNY     15.10
HEISHAN TONGHE ASSET MAN    6.79    09/18/22        CNY     19.28
HEISHAN TONGHE ASSET MAN    6.79    09/18/22        CNY     19.72
HENGDONG URBAN & RURAL C    6.60    12/27/23        CNY     40.79
HENGDONG URBAN & RURAL C    6.60    12/27/23        CNY     40.79
HENGYANG BINJIANG NEW DI    5.47    07/27/24        CNY     61.83
HENGYANG CITY AND URBAN     7.50    09/22/24        CNY     60.58
HENGYANG CITY AND URBAN     7.50    09/22/24        CNY     62.97
HENGYANG CITY AND URBAN     7.80    12/14/24        CNY     63.67
HENGYANG CITY AND URBAN     7.80    12/14/24        CNY     63.67
HENGYANG COMMUNICATION C    4.28    01/21/23        CNY     20.00
HENGYANG COMMUNICATION C    4.28    01/21/23        CNY     20.19
HESHAN PUBLIC ASSET MANA    4.08    09/28/23        CNY     39.93
HESHAN PUBLIC ASSET MANA    4.08    09/28/23        CNY     40.17
HESHAN PUBLIC ASSET MANA    5.08    12/07/23        CNY     40.84
HESHAN PUBLIC ASSET MANA    5.08    12/07/23        CNY     41.03
HETIAN YUXIN STATE-OWNED    4.65    03/28/23        CNY     39.70
HETIAN YUXIN STATE-OWNED    4.65    03/28/23        CNY     39.73
HNA GROUP CO LTD            7.10    04/15/20        CNY     70.00
HNA GROUP CO LTD            5.99    11/27/22        CNY     29.10
HONGAN URBAN DEVELOPMENT    7.50    12/04/24        CNY     60.00
HONGAN URBAN DEVELOPMENT    7.50    12/04/24        CNY     61.57
HONGHEZHOU DEVELOPMENT I    5.90    07/12/24        CNY     62.13
HONGHU CITY HONGRUI INVE    6.30    10/13/24        CNY     62.06
HONGHU CITY HONGRUI INVE    6.30    10/13/24        CNY     62.78
HUACHEN ENERGY CO LTD       6.63    05/18/20        USD     52.06
HUAIAN CITY HUAIAN DISTR    4.63    05/03/23        CNY     40.12
HUAIAN CITY HUAIAN DISTR    4.63    05/03/23        CNY     40.21
HUAIAN CITY URBAN ASSET     5.70    04/23/22        CNY     20.09
HUAIAN CITY URBAN ASSET     5.70    04/23/22        CNY     20.13
HUAIAN CITY XUYI URBAN A    5.10    04/15/23        CNY     38.79
HUAIAN CITY XUYI URBAN A    5.10    04/15/23        CNY     38.80
HUAIAN HONGRI TRANSPORTA    5.09    04/20/23        CNY     39.87
HUAIAN HONGRI TRANSPORTA    5.09    04/20/23        CNY     39.87
HUAIAN HONGZE DISTRICT U    4.37    07/18/23        CNY     39.92
HUAIAN HONGZE DISTRICT U    4.37    07/18/23        CNY     40.05
HUAI'AN INVESTMENT HOLDI    5.28    08/11/24        CNY     60.00
HUAI'AN INVESTMENT HOLDI    5.28    08/11/24        CNY     61.74
HUAI'AN NEW CITY INVESTM    5.22    09/20/24        CNY     61.89
HUAIAN QINGPU CITY CONST    6.75    09/29/24        CNY     58.42
HUAIAN QINGPU CITY CONST    6.75    09/29/24        CNY     58.44
HUAIHUA CITY CONSTRUCTIO    4.18    08/31/23        CNY     38.55
HUAIHUA CITY CONSTRUCTIO    4.18    08/31/23        CNY     38.75
HUAIHUA ECONOMIC DEVELOP    6.80    03/26/22        CNY     19.97
HUAIHUA ECONOMIC DEVELOP    6.80    03/26/22        CNY     20.00
HUAIHUA ECONOMIC DEVELOP    5.77    08/07/24        CNY     59.00
HUAIHUA ECONOMIC DEVELOP    5.77    08/07/24        CNY     60.31
HUAIHUA TRANSPORTATION C    4.96    04/12/23        CNY     39.41
HUAIHUA TRANSPORTATION C    4.96    04/12/23        CNY     39.42
HUAINAN INDUSTRY DEVELOP    5.69    10/25/24        CNY     61.03
HUAINAN INDUSTRY DEVELOP    5.69    10/25/24        CNY     61.78
HUAINAN SHAN NAN DEVELOP    6.53    08/24/24        CNY     60.67
HUAINAN SHAN NAN DEVELOP    6.53    08/24/24        CNY     61.31
HUAINAN URBAN CONSTRUCTI    5.74    09/04/24        CNY     60.92
HUAINAN URBAN CONSTRUCTI    5.74    09/04/24        CNY     62.12
HUANGGANG CITY CONSTRUCT    4.08    01/18/23        CNY     20.25
HUANGMEI COUNTY URBAN DE    6.80    10/09/24        CNY     60.00
HUANGMEI COUNTY URBAN DE    6.80    10/09/24        CNY     62.40
HUANGMEI COUNTY URBAN DE    6.68    10/18/24        CNY     60.00
HUANGMEI COUNTY URBAN DE    6.68    10/18/24        CNY     62.24
HUANGSHAN CHENGTOU GROUP    5.95    05/06/22        CNY     20.14
HUANGSHAN CHENGTOU GROUP    5.95    05/06/22        CNY     20.65
HUANGSHI CIHU HIGH-TECH     4.97    06/08/23        CNY     39.99
HUANGSHI CIHU HIGH-TECH     4.97    06/08/23        CNY     40.10
HUANGSHI CIHU HIGH-TECH     4.50    06/08/23        CNY     40.37
HUANGSHI CIHU HIGH-TECH     4.50    06/08/23        CNY     43.00
HUANGSHI URBAN CONSTRUCT    5.99    04/29/22        CNY     20.12
HUANGSHI ZHONGBANG CITY     5.95    06/02/24        CNY     61.77
HUANGSHI ZHONGBANG CITY     5.95    06/02/24        CNY     61.97
HUBEI PROVINCE CHANGJIAN    6.15    04/03/22        CNY     20.09
HUBEI PROVINCE CHANGJIAN    6.15    04/03/22        CNY     22.40
HUBEI SONGZI JINSONG INV    6.60    06/21/24        CNY     61.17
HUBEI SONGZI JINSONG INV    6.60    06/21/24        CNY     61.17
HUBEI SONGZI JINSONG INV    4.07    05/07/27        CNY     73.66
HUBEI SUPPLY AND MARKETI    6.70    08/23/24        CNY     59.33
HUBEI SUPPLY AND MARKETI    6.70    08/23/24        CNY     61.47
HUBEI YILING ECONOMIC DE    6.45    09/05/24        CNY     60.00
HUBEI YILING ECONOMIC DE    6.45    09/05/24        CNY     60.94
HULUDAO INVESTMENT GROUP    7.50    10/18/23        CNY     30.66
HULUNBEIER INVESTMENT CO    6.31    04/30/22        CNY     19.80
HULUNBEIER INVESTMENT CO    6.31    04/30/22        CNY     20.12
HUNAN CHUZHISHENG HOLDIN    5.60    12/18/22        CNY     20.03
HUNAN CHUZHISHENG HOLDIN    5.60    12/18/22        CNY     20.40
HUNAN DESHAN CONSTRUCTIO    6.46    09/14/24        CNY     59.35
HUNAN DESHAN CONSTRUCTIO    6.46    09/14/24        CNY     61.32
HUNAN JINYANG INVESTMENT    4.37    01/19/23        CNY     20.09
HUNAN JINYANG INVESTMENT    4.37    01/19/23        CNY     20.10
HUNAN JINYANG INVESTMENT    4.39    04/06/23        CNY     39.89
HUNAN JINYANG INVESTMENT    4.39    04/06/23        CNY     40.17
HUNAN JINYANG NEW CITY C    4.43    10/23/22        CNY     20.11
HUNAN JINYANG NEW CITY C    4.43    10/23/22        CNY     20.18
HUNAN LINGANG DEVELOPMEN    4.24    07/21/23        CNY     39.02
HUNAN LINGANG DEVELOPMEN    4.24    07/21/23        CNY     39.03
HUNAN LINGANG DEVELOPMEN    3.94    10/26/23        CNY     38.54
HUNAN LINGANG DEVELOPMEN    3.94    10/26/23        CNY     38.55
HUNAN LOUDI ECONOMIC & T    6.36    03/13/22        CNY     19.80
HUNAN LOUDI ECONOMIC & T    6.36    03/13/22        CNY     19.95
HUNAN LOUDI ECONOMIC & T    4.89    03/30/23        CNY     38.33
HUNAN LOUDI ECONOMIC & T    4.89    03/30/23        CNY     39.69
HUNAN PROVINCIAL RAILWAY    6.09    04/30/25        CNY     60.00
HUNAN PROVINCIAL RAILWAY    6.09    04/30/25        CNY     62.83
HUNAN SENTE INDUSTRIAL I    6.90    11/28/24        CNY     30.00
HUNAN SENTE INDUSTRIAL I    6.90    11/28/24        CNY     62.65
HUNAN SHAODONG ECO-INDUS    6.58    12/13/23        CNY     40.86
HUNAN SHAODONG ECO-INDUS    6.58    12/13/23        CNY     41.22
HUNAN TIER GROUP CO LTD     4.20    03/17/23        CNY     38.55
HUNAN TIER GROUP CO LTD     4.20    03/17/23        CNY     38.76
HUNAN YOUZHOU INVESTMENT    4.80    07/07/23        CNY     40.21
HUNAN YOUZHOU INVESTMENT    4.80    07/07/23        CNY     40.22
HUNAN ZHIGU INVESTMENT D    5.80    07/28/24        CNY     60.00
HUNAN ZHIGU INVESTMENT D    5.80    07/28/24        CNY     61.58
HUZHOU NEW CITY INVESTME    7.50    11/23/24        CNY     61.55
HUZHOU NEW CITY INVESTME    7.50    11/23/24        CNY     62.00
INNER MONGOLIA JINLONG I    7.30    11/19/22        CNY     18.28
INNER MONGOLIA KE'ERQIN     6.50    03/11/22        CNY     20.00
INNER MONGOLIA KE'ERQIN     6.50    03/11/22        CNY     20.01
INNER MONGOLIA KE'ERQIN     6.45    04/30/22        CNY     20.04
INNER MONGOLIA KE'ERQIN     6.45    04/30/22        CNY     20.05
JIAHE ZHUDU DEVELOPMENT     6.50    05/25/24        CNY     61.68
JIAHE ZHUDU DEVELOPMENT     6.50    05/25/24        CNY     61.69
JIAN CITY JINGANGSHAN DE    4.87    01/27/23        CNY     19.97
JIAN CITY JINGANGSHAN DE    4.87    01/27/23        CNY     19.97
JIANAN INVESTMENT HOLDIN    4.30    03/08/23        CNY     40.28
JIANAN INVESTMENT HOLDIN    4.30    03/08/23        CNY     40.32
JIANAN INVESTMENT HOLDIN    3.50    09/05/23        CNY     40.00
JIANAN INVESTMENT HOLDIN    3.85    09/05/23        CNY     40.33
JIANAN INVESTMENT HOLDIN    3.50    09/05/23        CNY     40.43
JIANAN INVESTMENT HOLDIN    3.85    09/05/23        CNY     40.56
JIANDE STATE-OWNED ASSET    6.69    11/20/24        CNY     63.00
JIANGMEN NEW HI-TECH IND    6.03    04/22/22        CNY     20.11
JIANGMEN NEW HI-TECH IND    6.03    04/22/22        CNY     20.35
JIANGSU BEIGU INDUSTRIAL    5.80    06/20/23        CNY     40.22
JIANGSU BEIGU INDUSTRIAL    5.80    06/20/23        CNY     40.48
JIANGSU DAHANG LINGANG I    5.18    09/22/23        CNY     39.49
JIANGSU DAHANG LINGANG I    5.18    09/22/23        CNY     39.54
JIANGSU GAOCHUN ECONOMIC    3.67    09/23/23        CNY     39.97
JIANGSU GAOCHUN ECONOMIC    3.67    09/23/23        CNY     40.12
JIANGSU GAOCHUN ECONOMIC    3.92    11/23/23        CNY     40.07
JIANGSU GAOCHUN ECONOMIC    3.92    11/23/23        CNY     40.45
JIANGSU GAOCHUN ECONOMIC    5.66    06/26/24        CNY     61.49
JIANGSU GAOCHUN ECONOMIC    5.66    06/26/24        CNY     61.50
JIANGSU GAOCHUN ECONOMIC    6.08    08/14/24        CNY     59.57
JIANGSU GAOCHUN ECONOMIC    6.08    08/14/24        CNY     62.04
JIANGSU HAIRUN CITY DEVE    6.22    04/03/22        CNY     19.10
JIANGSU HAIRUN CITY DEVE    6.22    04/03/22        CNY     20.06
JIANGSU HAIZHOU DEVELOPM    4.67    06/06/23        CNY     39.82
JIANGSU HAIZHOU DEVELOPM    4.67    06/06/23        CNY     40.45
JIANGSU HAIZHOUWAN DEVEL    5.38    03/29/23        CNY     29.50
JIANGSU HANRUI INVESTMEN    4.63    04/15/23        CNY     39.50
JIANGSU HANRUI INVESTMEN    4.63    04/15/23        CNY     40.34
JIANGSU HANRUI INVESTMEN    5.00    08/31/23        CNY     39.53
JIANGSU HANRUI INVESTMEN    5.00    08/31/23        CNY     39.83
JIANGSU HONGTU HIGH TECH    5.00    07/22/19        CNY     19.80
JIANGSU HONGZE LAKE SHEN    6.50    08/01/24        CNY     60.21
JIANGSU JINHUI GROUP CO     5.16    07/14/24        CNY     61.53
JIANGSU JINHUI GROUP CO     5.16    07/14/24        CNY     61.75
JIANGSU JINTAN GUOFA INT    4.60    08/22/23        CNY     39.91
JIANGSU JINTAN GUOFA INT    4.60    08/22/23        CNY     39.92
JIANGSU KAIYUAN INVESTME    7.08    08/03/24        CNY     58.35
JIANGSU KAIYUAN INVESTME    7.08    08/03/24        CNY     60.00
JIANGSU QISHENG GROUP CO    4.00    03/18/23        CNY     40.07
JIANGSU QISHENG GROUP CO    4.00    03/18/23        CNY     40.18
JIANGSU RUNCHENG ASSET O    5.65    04/19/24        CNY     61.75
JIANGSU XISHAN ECONOMIC     5.78    07/20/22        CNY     20.12
JIANGSU XISHAN ECONOMIC     5.78    07/20/22        CNY     20.50
JIANGSU YANGKOU PORT CON    6.23    04/10/22        CNY     20.07
JIANGSU YANGKOU PORT CON    6.23    04/10/22        CNY     27.50
JIANGSU YINGZHOU DEVELOP    4.33    09/21/23        CNY     38.98
JIANGSU YINGZHOU DEVELOP    4.33    09/21/23        CNY     39.21
JIANGSU YIXING ENVIRONME    4.08    09/14/23        CNY     40.28
JIANGSU YIXING ENVIRONME    4.08    09/14/23        CNY     40.29
JIANGSU ZHONGAN CONSTRUC    5.65    03/24/24        CNY     60.95
JIANGSU ZHONGAN CONSTRUC    5.65    03/24/24        CNY     61.70
JIANGSU ZHONGGUANCUN SCI    5.70    08/30/24        CNY     61.60
JIANGSU ZHONGGUANCUN SCI    5.70    08/30/24        CNY     61.94
JIANGSU ZHUFU INDUSTRIAL    4.47    07/20/23        CNY     38.41
JIANGSU ZHUFU INDUSTRIAL    4.47    07/20/23        CNY     39.50
JIANGXI HEJI INVESTMENT     5.09    12/17/22        CNY     19.79
JIANGXI HEJI INVESTMENT     5.09    12/17/22        CNY     20.00
JIANGXI HUKOU SHIZHONG D    6.80    12/01/24        CNY     60.00
JIANGXI HUKOU SHIZHONG D    6.80    12/01/24        CNY     62.71
JIANGXI JIHU DEVELOPMENT    6.80    02/07/25        CNY     60.00
JIANGXI JIHU DEVELOPMENT    6.80    02/07/25        CNY     62.80
JIANGXI LONGHU MOUNTAIN     4.35    03/16/23        CNY     40.05
JIANGXI LONGHU MOUNTAIN     4.35    03/16/23        CNY     40.05
JIANGXI PINGXIANG CHANGS    6.00    08/11/24        CNY     60.00
JIANGXI PINGXIANG CHANGS    6.00    08/11/24        CNY     60.07
JIANGXI XIUSHUI CITY INV    7.40    12/08/24        CNY     61.97
JIANGYOU HONGFEI INVESTM    6.55    09/02/22        CNY     20.10
JIANGYOU HONGFEI INVESTM    6.55    09/02/22        CNY     20.31
JIANHU URBAN CONSTRUCTIO    6.30    06/01/22        CNY     20.00
JIANHU URBAN CONSTRUCTIO    6.30    06/01/22        CNY     22.86
JIANLI FENGYUAN CITY INV    6.78    04/28/24        CNY     61.18
JIANLI FENGYUAN CITY INV    6.78    04/28/24        CNY     61.19
JIANYANG DEVELOPMENT HOL    3.93    11/10/23        CNY     38.91
JIANYANG DEVELOPMENT HOL    3.93    11/10/23        CNY     38.94
JIANYANG MODERN INDUSTRY    6.00    04/24/24        CNY     60.36
JIANYANG MODERN INDUSTRY    6.00    04/24/24        CNY     61.22
JIAXING JIAXIU DEVELOPME    5.60    09/25/24        CNY     61.80
JIAXING JIAXIU DEVELOPME    5.60    09/25/24        CNY     62.14
JIAXING XIANGJIADANG DEV    4.13    07/20/23        CNY     39.67
JIAXING XIANGJIADANG DEV    4.13    07/20/23        CNY     40.30
JIAXING XIANGJIADANG DEV    3.87    09/21/23        CNY     39.48
JIAXING XIANGJIADANG DEV    3.87    09/21/23        CNY     40.34
JIAYU COUNTY URBAN TOWN     5.70    01/19/23        CNY     20.09
JIAYU COUNTY URBAN TOWN     5.70    01/19/23        CNY     20.28
JIAYU COUNTY URBAN TOWN     6.50    01/19/24        CNY     41.14
JIAYU COUNTY URBAN TOWN     6.50    01/19/24        CNY     41.23
JIAYU COUNTY URBAN TOWN     5.70    03/23/24        CNY     60.93
JIAYU COUNTY URBAN TOWN     5.70    03/23/24        CNY     60.93
JILIN CITY CONSTRUCTION     3.80    01/27/23        CNY     19.94
JILIN ECONOMIC AND TECHN    6.20    04/29/23        CNY     40.28
JILIN ECONOMIC AND TECHN    6.20    04/29/23        CNY     40.39
JIN HUA RONG SHENG INVES    6.85    12/27/24        CNY     60.00
JIN HUA RONG SHENG INVES    6.85    12/27/24        CNY     63.46
JINAN CITY LICHENG DISTR    5.00    06/23/22        CNY     19.99
JINAN CITY LICHENG DISTR    5.00    06/23/22        CNY     20.09
JINGDEZHEN CERAMIC CULTU    5.38    11/27/22        CNY     20.00
JINGDEZHEN CERAMIC CULTU    5.38    11/27/22        CNY     20.13
JINGJIANG BINJIANG XINCH    5.37    07/25/24        CNY     61.29
JINGJIANG CITY INVESTMEN    4.55    03/30/23        CNY     39.85
JINGJIANG CITY INVESTMEN    4.55    03/30/23        CNY     39.92
JINGMEN CITY CONSTRUCTIO    6.85    07/09/22        CNY     15.00
JINGMEN CITY CONSTRUCTIO    6.85    07/09/22        CNY     15.14
JINGMEN HIGH-TECH DEVELO    5.48    08/11/22        CNY     20.18
JINGMEN HIGH-TECH DEVELO    5.48    08/11/22        CNY     20.18
JINGMEN HIGH-TECH DEVELO    4.15    07/28/23        CNY     39.67
JINGMEN HIGH-TECH DEVELO    4.15    07/28/23        CNY     39.98
JINGSHAN JINGCHENG INVES    4.38    08/29/23        CNY     39.87
JINGSHAN JINGCHENG INVES    4.38    08/29/23        CNY     40.44
JINGSHAN JINGCHENG INVES    7.00    02/07/25        CNY     60.00
JINGSHAN JINGCHENG INVES    7.00    02/07/25        CNY     64.17
JINGXIAN STATED-OWNED AS    6.80    02/09/25        CNY     60.00
JINGXIAN STATED-OWNED AS    6.80    02/09/25        CNY     63.27
JINGZHOU DEVELOPMENT ZON    4.87    09/23/26        CNY     66.02
JINGZHOU DEVELOPMENT ZON    4.87    09/23/26        CNY     66.60
JINGZHOU URBAN CONSTRUCT    3.97    03/10/23        CNY     40.21
JINGZHOU URBAN CONSTRUCT    3.97    03/10/23        CNY     40.22
JINGZHOU URBAN CONSTRUCT    5.68    07/20/24        CNY     61.70
JINGZHOU URBAN CONSTRUCT    5.68    07/20/24        CNY     61.97
JINHU COUNTY STATE-OWNED    4.00    07/26/22        CNY     25.00
JINHU COUNTY STATE-OWNED    4.00    07/26/22        CNY     25.04
JINING CITY SHIZHONG DIS    3.52    09/14/23        CNY     38.80
JINING CITY SHIZHONG DIS    3.52    09/14/23        CNY     39.42
JINING HIGH TECH URBAN C    6.09    04/30/22        CNY     20.09
JINING HIGH TECH URBAN C    6.09    04/30/22        CNY     21.50
JINING HIGH TECH URBAN C    5.88    04/25/23        CNY     71.02
JINING MINING GROUP LOGI    7.00    11/27/24        CNY     62.35
JINKE PROPERTIES GROUP C    6.85    05/28/24        USD     57.76
JINKE PROPERTIES GROUP C    6.30    03/04/25        CNY     71.01
JINSHA COUNTY CONSTRUCTI    6.01    09/05/23        CNY     38.86
JINSHA COUNTY CONSTRUCTI    6.01    09/05/23        CNY     39.41
JINTANG MODERN AGRICULTU    5.49    07/14/23        CNY     39.81
JINTANG MODERN AGRICULTU    5.49    07/14/23        CNY     40.47
JINXIAN COUNTY CITY CONS    6.20    07/24/24        CNY     62.38
JINZHAI URBAN DEVELOPMEN    5.90    04/25/23        CNY     40.72
JINZHAI URBAN DEVELOPMEN    5.90    04/25/23        CNY     40.73
JISHOU HUATAI STATE OWNE    6.50    06/21/24        CNY     61.12
JISHOU HUATAI STATE OWNE    6.50    06/21/24        CNY     62.50
JISHOU HUATAI STATE OWNE    6.45    09/11/24        CNY     60.00
JISHOU HUATAI STATE OWNE    6.45    09/11/24        CNY     61.87
JIUJIANG CITY CONSTRUCTI    5.50    05/22/22        CNY     19.55
JIUJIANG CITY CONSTRUCTI    5.50    05/22/22        CNY     20.12
JIUJIANG LAND INVESTMENT    6.20    03/23/22        CNY     19.98
JIUJIANG LAND INVESTMENT    6.20    03/23/22        CNY     20.07
JIUJIANG LIANXI DISTRICT    4.58    03/30/23        CNY     40.09
JIUJIANG LIANXI DISTRICT    4.58    03/30/23        CNY     40.14
JUNAN COUNTY URBAN CONST    7.50    09/26/24        CNY     59.81
JUNAN COUNTY URBAN CONST    7.50    09/26/24        CNY     62.29
JURONG URBAN CONSTRUCTIO    6.89    09/18/24        CNY     60.00
JURONG URBAN CONSTRUCTIO    6.89    09/18/24        CNY     62.50
JURONG URBAN CONSTRUCTIO    6.80    11/06/24        CNY     60.00
JURONG URBAN CONSTRUCTIO    6.80    11/06/24        CNY     61.75
KAIFENG URBAN OPERATION     6.35    03/23/22        CNY     20.05
KAIFENG URBAN OPERATION     6.35    03/23/22        CNY     20.05
KAIFU CITY DEVELOPMENT C    4.20    01/21/23        CNY     19.85
KAIFU CITY DEVELOPMENT C    4.20    01/21/23        CNY     20.19
KAIFU CITY DEVELOPMENT C    3.73    08/22/23        CNY     40.05
KAIFU CITY DEVELOPMENT C    3.73    08/22/23        CNY     40.30
KAILI GUIZHOU TOWN CONST    5.29    12/17/22        CNY     19.15
KAILI GUIZHOU TOWN CONST    5.29    12/17/22        CNY     20.00
KAILI GUIZHOU TOWN CONST    4.20    10/13/23        CNY     37.32
KAILI GUIZHOU TOWN CONST    4.20    10/13/23        CNY     37.65
KANGMEI PHARMACEUTICAL C    6.28    03/20/21        CNY     20.50
KANGMEI PHARMACEUTICAL C    6.10    03/28/21        CNY     20.50
KANGMEI PHARMACEUTICAL C    5.50    04/20/21        CNY     20.50
KANGMEI PHARMACEUTICAL C    7.00    06/21/21        CNY     20.50
KANGMEI PHARMACEUTICAL C    6.80    06/28/21        CNY     20.50
KANGMEI PHARMACEUTICAL C    6.33    01/27/22        CNY     36.69
KANGMEI PHARMACEUTICAL C    5.20    07/17/22        CNY     20.50
KANGMEI PHARMACEUTICAL C    5.29    08/16/22        CNY     20.50
KANGMEI PHARMACEUTICAL C    5.47    09/15/22        CNY     20.50
KASHI URBAN CONSTRUCTION    5.80    07/20/22        CNY     20.07
KASHI URBAN CONSTRUCTION    5.80    07/20/22        CNY     20.10
KUNMING DIANCHI INVESTME    5.75    07/24/24        CNY     58.63
KUNMING DIANCHI INVESTME    5.75    07/24/24        CNY     58.65
KUNSHAN YINQIAO HOLDING     5.50    10/18/24        CNY     61.82
KUNSHAN YINQIAO HOLDING     5.50    10/18/24        CNY     64.10
LAOHEKOU CITY CONSTRUCTI    6.75    08/12/22        CNY     20.02
LAOHEKOU CITY CONSTRUCTI    6.49    08/16/24        CNY     60.00
LAOHEKOU CITY CONSTRUCTI    6.49    08/16/24        CNY     60.41
LEGEND HOLDINGS CORP        4.60    07/06/26        CNY     75.52
LEIYANG CITY AND RURAL C    7.80    04/10/22        CNY     20.13
LEIYANG CITY AND RURAL C    7.80    04/10/22        CNY     20.13
LEPING STATE-OWNED ASSET    3.70    10/20/23        CNY     39.79
LEPING STATE-OWNED ASSET    3.70    10/20/23        CNY     39.99
LEQING CITY STATE OWNED     6.79    12/14/24        CNY     60.00
LEQING CITY STATE OWNED     6.79    12/14/24        CNY     63.94
LIANYUNGANG HENGCHI INDU    7.45    09/22/24        CNY     58.76
LIANYUNGANG HENGCHI INDU    7.45    09/22/24        CNY     60.00
LIANYUNGANG HENGCHI INDU    7.40    10/27/24        CNY     60.00
LIANYUNGANG HENGCHI INDU    7.40    10/27/24        CNY     62.16
LIAOCHENG ANTAI URBAN RU    5.16    04/11/23        CNY     39.66
LIAOCHENG ANTAI URBAN RU    4.58    04/11/23        CNY     39.79
LIAOCHENG ANTAI URBAN RU    4.58    04/11/23        CNY     39.91
LIAOCHENG ANTAI URBAN RU    5.16    04/11/23        CNY     39.98
LIAOCHENG XINGYE HOLDING    5.20    04/13/23        CNY     39.60
LIAOCHENG XINGYE HOLDING    5.20    04/13/23        CNY     39.61
LIAONING GUANLONG CONSTR    4.70    11/10/23        CNY     39.50
LIAONING GUANLONG CONSTR    4.70    11/10/23        CNY     39.82
LIAONING YAODU DEVELOPME    6.50    04/29/23        CNY     40.45
LILING HIGH-TECH INDUSTR    4.93    01/19/23        CNY     20.03
LINFEN YAODU DISTRICT IN    7.19    03/13/22        CNY     20.03
LINQU YISHAN INDUSTRIAL     7.20    11/23/24        CNY     52.89
LINQU YISHAN INDUSTRIAL     7.20    11/23/24        CNY     60.76
LINWU SHUNFA URBAN CONST    7.00    08/23/24        CNY     60.00
LINWU SHUNFA URBAN CONST    7.00    08/23/24        CNY     61.97
LINYI CITY DEVELOPMENT G    3.85    11/22/23        CNY     39.84
LINYI CITY DEVELOPMENT G    3.85    11/22/23        CNY     40.19
LISHUI CITY CULTURAL TOU    5.67    08/13/22        CNY     20.25
LISHUI CITY CULTURAL TOU    5.67    08/13/22        CNY     20.35
LIUPANSHUI CITY TRAFFIC     5.98    05/02/24        CNY     57.85
LIUPANSHUI CITY TRAFFIC     5.98    05/02/24        CNY     61.67
LIUPANSHUI DEVELOPMENT I    3.74    01/20/23        CNY     19.80
LIUPANSHUI DEVELOPMENT I    3.74    01/20/23        CNY     20.11
LIUPANSHUI MINSHENG INVE    5.08    01/29/23        CNY     17.82
LIUYANG MODERN MANUFACTU    4.72    01/19/23        CNY     19.92
LIUYANG MODERN MANUFACTU    4.72    01/19/23        CNY     19.98
LIUYANG MODERN MANUFACTU    5.75    05/02/24        CNY     60.50
LIUYANG MODERN MANUFACTU    5.75    05/02/24        CNY     61.75
LIUYANG MODERN MANUFACTU    5.88    08/10/24        CNY     61.89
LIUYANG MODERN MANUFACTU    5.88    08/10/24        CNY     62.26
LIUYANG URBAN CONSTRUCTI    4.45    05/24/23        CNY     40.25
LIUYANG URBAN CONSTRUCTI    4.45    05/24/23        CNY     40.44
LIUZHI SPECIAL DISTRICT     7.00    11/16/24        CNY     60.00
LIUZHI SPECIAL DISTRICT     7.00    11/16/24        CNY     61.93
LIUZHOU CITY INVESTMENT     7.18    12/31/22        CNY     14.28
LIUZHOU CITY INVESTMENT     7.18    12/31/22        CNY     14.66
LIUZHOU DONGTONG INVESTM    4.45    07/22/23        CNY     38.40
LIUZHOU DONGTONG INVESTM    4.45    07/22/23        CNY     39.75
LIUZHOU LONGJIAN INVESTM    8.28    04/30/24        CNY     39.00
LIUZHOU LONGJIAN INVESTM    8.28    04/30/24        CNY     45.87
LONGCHANG DEVELOPMENT CO    7.09    10/31/24        CNY     60.00
LONGCHANG DEVELOPMENT CO    7.09    10/31/24        CNY     63.35
LONGYAN RAILWAY CONSTRUC    4.98    04/13/23        CNY     40.06
LONGYAN RAILWAY CONSTRUC    4.98    04/13/23        CNY     40.14
LOUDI TIDU INVESTMENT DE    4.83    01/20/23        CNY     19.98
LOUDI TIDU INVESTMENT DE    4.83    01/20/23        CNY     19.98
LOUDI WANBAO NEW DISTRIC    5.13    02/01/23        CNY     19.64
LOUDI WANBAO NEW DISTRIC    5.13    02/01/23        CNY     20.18
LOUDI WANBAO NEW DISTRIC    4.42    08/01/23        CNY     39.51
LOUDI WANBAO NEW DISTRIC    4.42    08/01/23        CNY     40.07
LU'AN JIN'AN DISTRICT UR    5.95    07/24/24        CNY     61.02
LUJIANG CITY CONSTRUCTIO    6.70    04/16/22        CNY     20.00
LUJIANG CITY CONSTRUCTIO    6.70    04/16/22        CNY     20.09
LUOYANG CITY COUNTRY CON    4.28    04/26/23        CNY     40.38
LUOYANG CITY DEVELOPMENT    4.47    12/02/22        CNY     20.00
LUOYANG CITY DEVELOPMENT    4.47    12/02/22        CNY     20.27
LUXI URBAN CONSTRUCTION     6.80    10/27/24        CNY     60.00
LUXI URBAN CONSTRUCTION     6.80    10/27/24        CNY     62.48
LUZHOU FUYANG INVESTMENT    5.00    08/11/23        CNY     36.90
LUZHOU FUYANG INVESTMENT    5.00    08/11/23        CNY     39.13
LUZHOU HUIXING INVESTMEN    6.28    10/19/24        CNY     61.04
LUZHOU HUIXING INVESTMEN    6.28    10/19/24        CNY     61.16
LUZHOU LIN GANG INVESTME    7.00    12/01/24        CNY     60.00
LUZHOU LIN GANG INVESTME    7.00    12/01/24        CNY     60.93
LUZHOU LIN GANG INVESTME    7.10    02/07/25        CNY     62.36
LUZHOU LIN GANG INVESTME    7.10    02/07/25        CNY     62.37
LUZHOU XINGLU INVESTMENT    6.41    04/23/25        CNY     60.00
LUZHOU XINGLU INVESTMENT    6.41    04/23/25        CNY     63.18
LUZHOU XINGYANG INVESTME    4.87    01/28/23        CNY     19.69
LUZHOU XINGYANG INVESTME    4.87    01/28/23        CNY     20.04
MA'ANSHAN CIHU HIGH TECH    3.90    11/28/23        CNY     39.87
MAANSHAN ECONOMIC TECHNO    6.49    03/06/22        CNY     20.03
MAANSHAN ECONOMIC TECHNO    6.49    03/06/22        CNY     24.99
MAANSHAN HUASHAN DISTRIC    6.07    04/20/22        CNY     20.11
MAANSHAN HUASHAN DISTRIC    6.07    04/20/22        CNY     20.16
MAANSHAN NINGBO INVESTME    7.50    04/18/26        CNY     40.00
MAANSHAN SOUTHERN INDUST    4.53    07/25/23        CNY     39.17
MAANSHAN SOUTHERN INDUST    4.53    07/25/23        CNY     40.07
MAANSHAN SOUTHERN INDUST    4.43    09/02/23        CNY     39.61
MAANSHAN SOUTHERN INDUST    4.43    09/02/23        CNY     39.85
MAANSHAN YUSHAN CITY DEV    5.62    07/31/24        CNY     60.51
MAANSHAN YUSHAN CITY DEV    5.62    07/31/24        CNY     60.52
MAANSHAN YUSHAN CITY DEV    5.85    09/22/24        CNY     60.78
MAANSHAN YUSHAN CITY DEV    5.85    09/22/24        CNY     60.79
MA'ANSHAN ZHENGPU HARBOR    6.00    10/13/24        CNY     62.17
MA'ANSHAN ZHENGPU HARBOR    6.00    10/13/24        CNY     64.26
MEISHAN CITY DONGPO DEVE    5.90    06/30/23        CNY     39.30
MEISHAN CITY DONGPO DEVE    5.90    06/30/23        CNY     40.04
MEISHAN HONGDA CONSTRUCT    4.18    03/28/23        CNY     39.60
MEISHAN HONGDA CONSTRUCT    4.18    03/28/23        CNY     39.76
MEISHAN MINDONG DEVELOPM    6.78    08/08/24        CNY     60.48
MEISHAN MINDONG DEVELOPM    6.78    08/08/24        CNY     61.49
MEIZHOU MEI COUNTY DISTR    5.00    12/30/22        CNY     20.22
MEIZHOU MEI COUNTY DISTR    5.00    12/30/22        CNY     20.29
MENGCHENG COUNTY URBAN D    5.60    09/21/24        CNY     61.75
MENGZI CITY DEVELOPMENT     7.65    09/25/24        CNY     62.26
MENGZI CITY DEVELOPMENT     7.65    09/25/24        CNY     62.29
MIANYANG HONGDA ASSET IN    7.20    09/29/24        CNY     60.00
MIANYANG HONGDA ASSET IN    7.20    09/29/24        CNY     62.79
MIANYANG HUIDONG INVESTM    8.10    02/10/25        CNY     63.90
MILE AGRICULTURAL INVEST    8.00    10/25/25        CNY     75.00
MUDANJIANG AREA URBAN DE    6.48    06/30/22        CNY     19.71
MUNICIPALITY OF SHENZHEN    3.00    03/29/22        CNY     20.00
MUNICIPALITY OF SHENZHEN    3.00    03/29/22        CNY     20.00
MUNICIPALITY OF SHENZHEN    3.15    01/14/25        CNY     62.50
MUNICIPALITY OF SHENZHEN    3.15    01/14/25        CNY     62.50
MUNICIPALITY OF SHENZHEN    3.15    01/14/25        CNY     63.06
MUNICIPALITY OF SHENZHEN    3.37    03/29/26        CNY     69.66
MUNICIPALITY OF SHENZHEN    3.37    03/29/26        CNY     69.66
MUNICIPALITY OF SHENZHEN    3.37    03/29/26        CNY     70.61
MUNICIPALITY OF SHENZHEN    3.37    03/29/26        CNY     75.00
MUNICIPALITY OF SHENZHEN    3.37    03/29/26        CNY     75.00
MUNICIPALITY OF SHENZHEN    3.31    01/14/27        CNY     75.00
MUNICIPALITY OF SHENZHEN    3.31    01/14/27        CNY     75.00
NANCHANG ECONOMY TECHNOL    3.83    09/22/23        CNY     40.18
NANCHANG ECONOMY TECHNOL    3.83    09/22/23        CNY     40.37
NANCHONG JIALING DEVELOP    7.80    12/12/24        CNY     60.00
NANCHONG JIALING DEVELOP    7.80    12/12/24        CNY     63.68
NANJING BAIXIA STATE-OWN    3.98    03/29/23        CNY     40.11
NANJING BAIXIA STATE-OWN    3.98    03/29/23        CNY     40.19
NANJING JIANGBEI NEW DIS    6.00    12/06/24        CNY     60.00
NANJING JIANGBEI NEW DIS    6.00    12/06/24        CNY     63.13
NANJING JIANGBEI NEW TOW    5.59    09/26/24        CNY     62.16
NANJING JIANGBEI NEW TOW    5.59    09/26/24        CNY     62.50
NANJING JIANGNING ECONOM    7.94    04/14/24        CNY     47.02
NANJING JIANGNING URBAN     3.48    11/11/23        CNY     39.75
NANJING JIANGNING URBAN     3.48    11/11/23        CNY     40.23
NANJING JIANYE SCIENCE &    4.37    06/24/23        CNY     40.27
NANJING JIANYE SCIENCE &    4.37    06/24/23        CNY     40.37
NANJING LISHUI ECONOMIC     3.41    11/09/23        CNY     40.00
NANJING LISHUI ECONOMIC     3.41    11/09/23        CNY     40.13
NANJING LISHUI URBAN CON    4.97    04/28/23        CNY     40.22
NANJING LISHUI URBAN CON    4.97    04/28/23        CNY     40.49
NANJING METRO GROUP CO L    3.29    08/29/23        CNY     40.28
NANJING METRO GROUP CO L    3.29    08/29/23        CNY     40.29
NANJING METRO GROUP CO L    4.22    11/28/23        CNY     71.29
NANJING PUKOU COMMUNICAT    5.46    07/19/24        CNY     61.79
NANJING QIXIA STATE-OWNE    4.10    06/24/23        CNY     40.26
NANJING QIXIA STATE-OWNE    4.10    06/24/23        CNY     40.33
NANJING STATE OWNED ASSE    5.60    03/06/23        CNY     30.40
NANLING COUNTY CONSTRUCT    6.20    09/06/24        CNY     60.00
NANLING COUNTY CONSTRUCT    6.20    09/06/24        CNY     62.32
NANNING HI-TECH INDUSTRI    4.28    03/25/23        CNY     35.20
NANNING HI-TECH INDUSTRI    4.28    03/25/23        CNY     39.91
NANNING HI-TECH INDUSTRI    3.82    10/20/23        CNY     39.50
NANNING HI-TECH INDUSTRI    3.82    10/20/23        CNY     39.76
NANPING CITY WUYI NEW DI    4.96    09/28/22        CNY     20.20
NANPING CITY WUYI NEW DI    4.96    09/28/22        CNY     20.21
NANTONG CHONGCHUAN URBAN    5.70    07/21/22        CNY     40.00
NANTONG CHONGCHUAN URBAN    5.70    07/21/22        CNY     40.47
NANTONG CITY TONGZHOU DI    3.75    07/07/23        CNY     40.21
NANTONG CITY TONGZHOU DI    4.88    04/10/24        CNY     61.09
NANTONG HIGH TECHNOLOGY     5.00    10/19/22        CNY     20.20
NANTONG HIGH TECHNOLOGY     5.00    10/19/22        CNY     20.26
NANTONG KAIYUAN INVESTME    7.25    11/29/24        CNY     62.21
NANTONG KAIYUAN INVESTME    7.25    11/29/24        CNY     62.26
NANTONG SHIBEI HI-TECH D    5.98    08/07/24        CNY     60.90
NANTONG SHIBEI HI-TECH D    5.98    08/07/24        CNY     61.49
NANTONG SUTONG HOLDING G    6.20    03/18/22        CNY     20.00
NANTONG SUTONG HOLDING G    6.20    03/18/22        CNY     20.04
NANTONG YUNTONG PORT DEV    6.13    08/10/24        CNY     55.01
NANTONG YUNTONG PORT DEV    6.13    08/10/24        CNY     60.47
NANYANG HIGH-TECH DISTRI    6.45    04/29/23        CNY     40.39
NANYANG HIGH-TECH DISTRI    6.45    04/29/23        CNY     40.64
NANZHANG COUNTY CONSTRUC    6.00    01/20/24        CNY     41.36
NANZHANG COUNTY CONSTRUC    6.00    01/20/24        CNY     41.36
NANZHANG COUNTY CONSTRUC    6.58    10/25/24        CNY     60.00
NANZHANG COUNTY CONSTRUC    6.58    10/25/24        CNY     62.96
NEIJIANG CITY XINGYUAN I    4.28    08/16/23        CNY     39.67
NEIJIANG CITY XINGYUAN I    4.28    08/16/23        CNY     39.69
NEIJIANG STATE-OWNED ASS    6.20    04/12/23        CNY     39.91
NEIJIANG STATE-OWNED ASS    6.20    04/12/23        CNY     39.94
NEIJINAG CONSTRUCTION EN    5.03    12/25/22        CNY     16.36
NEIJINAG CONSTRUCTION EN    5.03    12/25/22        CNY     19.64
NEOGLORY HOLDING GROUP C    8.10    11/23/18        CNY     72.00
NEOGLORY HOLDING GROUP C    8.00    09/25/20        CNY     60.00
NEOGLORY HOLDING GROUP C    8.00    10/22/20        CNY     56.00
NINGBO FENGHUA INVESTMEN    4.58    03/28/22        CNY     50.07
NINGBO FENGHUA INVESTMEN    4.58    03/28/22        CNY     50.10
NINGBO MEISHAN ISLAND DE    6.27    03/23/22        CNY     20.06
NINGBO MEISHAN ISLAND DE    6.27    03/23/22        CNY     28.29
NINGGUO CITY STATE OWNED    7.14    08/07/24        CNY     60.80
NINGGUO CITY STATE OWNED    7.14    08/07/24        CNY     61.50
NINGGUO CITY STATE OWNED    4.89    10/15/27        CNY     73.06
NINGXIA SHENG YAN INDUST    7.50    09/27/23        CNY     42.45
NINGXIANG CITY CONSTRUCT    6.00    06/02/26        CNY     73.69
NINGXIANG ECONOMIC TECHN    3.87    01/27/23        CNY     20.00
NINGXIANG ECONOMIC TECHN    3.87    01/27/23        CNY     20.13
NINGXIANG STATE-OWNED AS    4.89    06/03/23        CNY     39.92
NINGXIANG STATE-OWNED AS    4.89    06/03/23        CNY     40.11
NINGXIANG STATE-OWNED AS    3.88    11/02/23        CNY     39.48
NINGXIANG STATE-OWNED AS    3.88    11/02/23        CNY     40.08
ONE BELT ONE ROAD JIANGS    4.70    07/15/23        CNY     40.45
ONE BELT ONE ROAD JIANGS    4.70    07/15/23        CNY     40.71
PANJIN WATER GROUP CO LT    5.18    10/28/23        CNY     39.37
PANZHIHUA STATE OWNED AS    8.18    03/13/22        CNY     20.04
PANZHIHUA STATE OWNED AS    8.18    03/13/22        CNY     20.19
PEIXIAN CITY INVESTMENT     5.20    11/10/22        CNY     20.00
PEIXIAN CITY INVESTMENT     5.20    11/10/22        CNY     20.10
PEIXIAN STATE-OWNED ASSE    5.98    07/19/24        CNY     60.00
PEIXIAN STATE-OWNED ASSE    5.98    07/19/24        CNY     61.17
PEKING UNIVERSITY FOUNDE    6.20    05/31/20        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.15    07/23/20        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.30    09/12/20        CNY     11.00
PEKING UNIVERSITY FOUNDE    4.80    07/26/21        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.10    08/22/21        CNY     11.00
PEKING UNIVERSITY FOUNDE    5.99    11/02/21        CNY     11.00
PEKING UNIVERSITY FOUNDE    5.80    01/28/22        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.68    08/09/23        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.50    11/16/23        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.30    03/04/24        CNY     11.00
PENGSHAN DEVELOPMENT HOL    7.00    09/05/24        CNY     60.00
PENGSHAN DEVELOPMENT HOL    7.00    09/05/24        CNY     63.16
PENGSHAN DEVELOPMENT HOL    7.98    05/03/25        CNY     71.81
PENGZHOU STATE-PENGZHOU     3.95    10/20/23        CNY     37.83
PINGHU CITY INVESTMENT D    5.13    04/29/23        CNY     40.57
PINGHU CITY INVESTMENT D    5.13    04/29/23        CNY     40.58
PINGJIANG COUNTY WATER S    6.64    06/27/26        CNY     73.05
PINGLIANG CULTURAL & TOU    6.85    11/30/22        CNY     19.19
PINGLIANG CULTURAL & TOU    6.85    11/30/22        CNY     20.08
PINGTAN COMPREHENSIVE PI    3.92    01/29/23        CNY     20.10
PINGXIANG CHANGXING INVE    5.26    04/11/23        CNY     39.78
PINGXIANG CHANGXING INVE    5.26    04/11/23        CNY     40.04
PINGXIANG HUIFENG INVEST    5.79    09/21/24        CNY     61.40
PINGXIANG HUIFENG INVEST    5.79    09/21/24        CNY     61.40
PINGYANG STATE-OWNED ASS    4.97    01/08/23        CNY     20.00
PINGYANG STATE-OWNED ASS    4.97    01/08/23        CNY     20.26
PIZHOU ECONOMIC DEVELOPM    5.00    10/29/22        CNY     20.00
PIZHOU ECONOMIC DEVELOPM    5.00    10/29/22        CNY     20.03
PIZHOU ECONOMIC DEVELOPM    6.66    09/19/24        CNY     60.29
PIZHOU ECONOMIC DEVELOPM    6.66    09/19/24        CNY     61.00
POYANG INVESTMENT & DEVE    6.53    08/08/24        CNY     60.00
POYANG INVESTMENT & DEVE    6.53    08/08/24        CNY     61.60
PUCHENG INVESTMENT DEVEL    6.57    08/10/24        CNY     60.00
PUCHENG INVESTMENT DEVEL    6.57    08/10/24        CNY     61.32
PUDING YELANG STATE-OWNE    7.79    11/13/24        CNY     59.35
PUDING YELANG STATE-OWNE    8.00    03/13/25        CNY     74.25
PUTIAN HIGH TECHNOLOGY I    5.90    05/03/22        CNY     25.12
PUTIAN HIGH TECHNOLOGY I    5.90    05/03/22        CNY     25.15
PUYANG INVESTMENT GROUP     5.18    08/17/24        CNY     61.60
PUYANG INVESTMENT GROUP     5.18    08/17/24        CNY     61.67
QIANAN XINGYUAN WATER IN    6.25    04/22/22        CNY     20.06
QIANAN XINGYUAN WATER IN    6.25    04/22/22        CNY     20.10
QIANDONGNAN TRANSPORTATI    5.79    12/21/22        CNY     18.57
QIANDONGNAN TRANSPORTATI    5.79    12/21/22        CNY     19.10
QIANDONGNANZHOU KAIHONG     5.30    09/22/26        CNY     51.71
QIANDONGNANZHOU KAIHONG     5.30    09/22/26        CNY     55.52
QIANJIANG URBAN CONSTRUC    5.19    12/21/22        CNY     19.93
QIANJIANG URBAN CONSTRUC    5.19    12/21/22        CNY     20.00
QIANNAN AUTONOMOUS PREFE    6.99    04/19/24        CNY     55.14
QIANNAN AUTONOMOUS PREFE    6.99    04/19/24        CNY     57.95
QIANNAN AUTONOMOUS PREFE    6.98    07/06/24        CNY     55.29
QIANNAN AUTONOMOUS PREFE    6.98    07/06/24        CNY     57.58
QIANNANZHOU INVESTMENT C    6.43    03/09/22        CNY     19.89
QIANNANZHOU INVESTMENT C    6.43    03/09/22        CNY     19.97
QIANNANZHOU INVESTMENT C    6.77    07/28/24        CNY     52.07
QIANSHAN CITY QIANRUN IN    6.98    01/19/25        CNY     60.00
QIANSHAN CITY QIANRUN IN    6.98    01/19/25        CNY     64.05
QIANXINAN AUTONOMOUS REG    5.90    06/22/23        CNY     37.41
QIANXINAN AUTONOMOUS REG    5.90    06/22/23        CNY     40.24
QICHUN COUNTY CONSTRUCTI    4.96    10/18/23        CNY     39.67
QICHUN COUNTY CONSTRUCTI    4.96    10/18/23        CNY     40.06
QIDONG STATE-OWNED ASSET    7.30    11/20/22        CNY     15.01
QIDONG STATE-OWNED ASSET    7.30    11/20/22        CNY     15.46
QIDONG STATE-OWNED ASSET    4.00    03/09/23        CNY     40.22
QIDONG STATE-OWNED ASSET    4.00    03/09/23        CNY     40.30
QIDONG URBAN CONSTRUCTIO    5.25    08/16/24        CNY     61.70
QIHE CITY OPERATION CONS    5.10    03/07/23        CNY     39.72
QIHE CITY OPERATION CONS    5.10    03/07/23        CNY     39.98
QINGDAO CHANGYANG INVEST    3.73    09/12/23        CNY     39.74
QINGDAO CHANGYANG INVEST    3.73    09/12/23        CNY     39.83
QINGDAO CONSON DEVELOPME    6.40    12/12/22        CNY     15.42
QINGDAO CONSON DEVELOPME    6.40    12/12/22        CNY     15.63
QINGDAO HAIFA STATE-OWNE    4.26    06/06/23        CNY     40.09
QINGDAO HAIFA STATE-OWNE    4.26    06/06/23        CNY     40.29
QINGDAO JIMO DISTRICT UR    5.35    07/10/24        CNY     61.00
QINGDAO JIMO DISTRICT UR    5.35    07/10/24        CNY     61.67
QINGDAO OCEAN INVESTMENT    4.36    05/12/23        CNY     40.24
QINGDAO OCEAN INVESTMENT    4.36    05/12/23        CNY     40.28
QINGDAO SHAOHAI INVESTME    6.47    10/31/24        CNY     60.62
QINGDAO SHAOHAI INVESTME    6.47    10/31/24        CNY     61.45
QINGHAI PROVINCIAL INVES    7.25    02/22/20        USD     34.74
QINGHAI PROVINCIAL INVES    7.88    03/22/21        USD     35.28
QINGHAI PROVINCIAL INVES    6.40    07/10/21        USD     35.88
QINGHAI STATE-OWNED ASSE    5.90    12/17/22        CNY     83.30
QINGZHOU CITY CONSTRUCTI    6.40    07/10/24        CNY     58.22
QINGZHOU CITY CONSTRUCTI    6.40    07/10/24        CNY     60.00
QINGZHOU CITY CONSTRUCTI    6.80    08/25/24        CNY     58.89
QINHUANGDAO CITY DEVELOP    4.69    04/14/23        CNY     39.97
QINHUANGDAO CITY DEVELOP    4.69    04/14/23        CNY     40.42
QINHUANGDAO DEVELOPMENT     4.07    08/26/23        CNY     39.34
QINHUANGDAO DEVELOPMENT     4.07    08/26/23        CNY     39.60
QIONGLAI CITY CONSTRUCTI    6.98    03/25/22        CNY     20.07
QIONGLAI CITY CONSTRUCTI    6.98    03/25/22        CNY     20.80
QUANJIAO URBAN INFRASTRU    5.10    05/18/23        CNY     40.26
QUANJIAO URBAN INFRASTRU    5.10    05/18/23        CNY     40.26
QUJING CITY QILIN DISTRI    5.37    11/26/22        CNY     19.79
QUJING CITY QILIN DISTRI    5.37    11/26/22        CNY     21.95
QUJING ECO TECH DEVELOPM    5.75    06/01/23        CNY     39.54
QUJING ECO TECH DEVELOPM    5.75    06/01/23        CNY     40.18
RENHUAI CITY DEVELOPMENT    5.12    04/14/23        CNY     39.04
RENHUAI CITY DEVELOPMENT    5.12    04/14/23        CNY     39.05
RENQIU CONSTRUCTION INVE    5.68    11/18/22        CNY     20.14
RENQIU CONSTRUCTION INVE    5.68    11/18/22        CNY     20.43
RENSHOU DEVELOPMENT OF I    6.42    12/22/22        CNY     20.00
RENSHOU DEVELOPMENT OF I    6.42    12/22/22        CNY     20.10
REWARD SCIENCE AND TECHN    5.53    07/05/21        CNY     29.10
REWARD SCIENCE AND TECHN    6.40    03/03/22        CNY     70.00
RIZHAO CITY CONSTRUCTION    3.98    12/07/22        CNY     20.08
RIZHAO CITY CONSTRUCTION    3.98    12/07/22        CNY     20.10
RONGXIN FUJIAN INVESTMEN    6.45    07/03/23        CNY     46.52
RONGXIN FUJIAN INVESTMEN    5.60    07/27/24        CNY     43.00
RONGXIN FUJIAN INVESTMEN    5.42    08/19/24        CNY     43.00
RUCHENG COUNTY URBAN CON    5.69    02/23/24        CNY     71.81
RUCHENG COUNTY URBAN CON    5.69    02/23/24        CNY     71.81
RUDONG COUNTY JINXIN TRA    4.57    07/26/23        CNY     40.16
RUDONG COUNTY JINXIN TRA    3.80    07/26/23        CNY     40.20
RUDONG COUNTY JINXIN TRA    3.80    07/26/23        CNY     40.32
RUDONG COUNTY JINXIN TRA    4.57    07/26/23        CNY     40.43
RUDONG COUNTY KAITAI CIT    4.57    01/08/23        CNY     20.28
RUDONG NEW WORLD INVESTM    4.37    07/18/23        CNY     39.81
RUDONG NEW WORLD INVESTM    4.37    07/18/23        CNY     39.88
RUGAO ECONOMIC & TRADE D    3.95    03/24/23        CNY     40.18
RUGAO ECONOMIC & TRADE D    3.95    03/24/23        CNY     40.23
RUGAO TRAFFIC INDUSTRY G    3.74    03/23/23        CNY     40.13
RUIAN STATE OWNED ASSET     4.56    01/27/23        CNY     20.17
RUIAN STATE OWNED ASSET     4.56    01/27/23        CNY     20.25
RUICHANG CITY INVESTMENT    5.68    03/25/23        CNY     39.92
RUICHANG CITY INVESTMENT    5.50    06/17/23        CNY     39.36
RUIJIN URBAN DEVELOPMENT    4.13    09/06/23        CNY     39.92
RUIJIN URBAN DEVELOPMENT    4.13    09/06/23        CNY     39.98
RUZHOU CITY XINYUAN INVE    4.43    09/26/23        CNY     38.03
RUZHOU CITY XINYUAN INVE    4.43    09/26/23        CNY     38.69
SANMEN COUNTY STATE-OWNE    6.80    03/18/22        CNY     20.06
SANMEN COUNTY STATE-OWNE    6.80    03/18/22        CNY     20.20
SANMING STATE-OWNED ASSE    5.10    04/17/24        CNY     61.35
SANMING TRANSPORTATION C    3.68    03/29/23        CNY     40.12
SHAANXI XIXIAN NEW AREA     5.10    06/06/23        CNY     39.94
SHAANXI XIXIAN NEW AREA     5.10    06/06/23        CNY     40.01
SHAANXI XIXIAN NEW AREA     7.10    08/23/24        CNY     61.28
SHAANXI XIXIAN NEW AREA     7.10    08/23/24        CNY     61.75
SHAANXI XIXIAN NEW AREA     6.67    08/23/24        CNY     59.40
SHAANXI XIXIAN NEW AREA     6.67    08/23/24        CNY     59.46
SHAANXI XIXIAN NEW AREA     5.15    11/27/22        CNY     19.94
SHAANXI XIXIAN NEW AREA     5.15    11/27/22        CNY     21.01
SHANDONG GAOCHUANG CONST    6.05    06/18/22        CNY     20.12
SHANDONG GAOCHUANG CONST    6.05    06/18/22        CNY     22.45
SHANDONG RUYI TECHNOLOGY    7.90    09/18/23        CNY     52.10
SHANDONG TENGJIAN INVEST    6.00    06/08/22        CNY     20.00
SHANDONG TENGJIAN INVEST    6.00    06/08/22        CNY     20.10
SHANGHAI MINHANG URBAN C    5.63    04/20/22        CNY     20.12
SHANGHAI MINHANG URBAN C    5.63    04/20/22        CNY     20.48
SHANGHAI MUNICIPAL INVES    4.80    11/05/24        CNY     46.04
SHANGHAI MUNICIPAL INVES    4.80    11/05/24        CNY     46.11
SHANGHAI SHIMAO CO LTD      3.76    07/07/22        CNY     72.00
SHANGHAI SHIMAO CO LTD      3.94    09/24/22        CNY     61.00
SHANGHAI SHIMAO CO LTD      4.24    10/21/22        CNY     57.94
SHANGHAI SHIMAO CO LTD      4.12    01/09/23        CNY     46.80
SHANGHAI SHIMAO CO LTD      3.60    03/05/23        CNY     58.02
SHANGHAI SHIMAO CO LTD      5.15    03/16/23        CNY     55.97
SHANGHAI SHIMAO CO LTD      5.50    05/06/23        CNY     52.50
SHANGHAI SHIMAO JIANSHE     4.15    10/16/22        CNY     49.00
SHANGHAI SHIMAO JIANSHE     4.30    09/19/24        CNY     50.00
SHANGHAI SHIMAO JIANSHE     4.30    11/11/24        CNY     47.01
SHANGHAI SHIMAO JIANSHE     3.23    03/25/25        CNY     45.00
SHANGHAI SHIMAO JIANSHE     3.90    08/27/25        CNY     42.10
SHANGHAI URBAN CONSTRUCT    3.50    01/06/23        CNY     20.08
SHANGHAI URBAN CONSTRUCT    3.50    01/06/23        CNY     20.09
SHANGRAO CITY STATE-OWNE    4.65    01/29/23        CNY     20.12
SHANGRAO CITY STATE-OWNE    4.65    01/29/23        CNY     20.25
SHANTOU CITY CONSTRUCTIO    8.57    03/23/22        CNY     15.09
SHANTOU INVESTMENT HOLDI    7.99    03/04/24        CNY     47.27
SHANTOU INVESTMENT HOLDI    7.99    03/04/24        CNY     47.32
SHANWEI INVESTMENT HOLDI    5.68    11/09/24        CNY     62.37
SHANXI INTERNATIONAL ELE    5.88    05/24/22        CNY     29.40
SHAODONG NEW AREA DEVELO    7.10    04/19/24        CNY     61.97
SHAODONG NEW AREA DEVELO    7.10    04/19/24        CNY     61.98
SHAOGUAN URBAN INVESTMEN    3.67    10/25/24        CNY     55.57
SHAOGUAN URBAN INVESTMEN    3.67    10/25/24        CNY     55.59
SHAOWU URBAN CONSTRUCTIO    5.88    09/11/22        CNY     20.09
SHAOWU URBAN CONSTRUCTIO    5.88    09/11/22        CNY     23.39
SHAOXING CHENGZHONGCUN R    6.09    04/27/22        CNY     20.10
SHAOXING CITY INVESTMENT    5.75    04/17/22        CNY     20.10
SHAOXING CITY INVESTMENT    5.75    04/17/22        CNY     28.00
SHAOXING JINGHU DEVELOPM    6.13    04/30/22        CNY     19.13
SHAOXING JINGHU DEVELOPM    6.13    04/30/22        CNY     20.10
SHAOXING KEQIAO CITY CON    3.64    09/19/23        CNY     40.19
SHAOXING KEQIAO CITY CON    3.64    09/19/23        CNY     40.20
SHAOXING KEQIAO CITY CON    5.74    08/03/24        CNY     60.00
SHAOXING KEQIAO CITY CON    5.74    08/03/24        CNY     62.00
SHAOXING KEYAN CONSTRUCT    6.28    03/24/22        CNY     20.00
SHAOXING KEYAN CONSTRUCT    6.28    03/24/22        CNY     20.03
SHAOXING SHANGYU ECONOMI    4.76    04/11/23        CNY     40.28
SHAOXING SHANGYU ECONOMI    4.76    04/11/23        CNY     40.36
SHAOYANG BAOQING INDUSTR    5.78    07/04/26        CNY     69.13
SHAOYANG CITY CONSTRUCTI    5.98    09/01/24        CNY     60.00
SHAOYANG CITY CONSTRUCTI    5.98    09/01/24        CNY     60.46
SHAOYANG DULIANG INVESTM    5.50    04/13/23        CNY     39.35
SHAOYANG DULIANG INVESTM    5.50    04/13/23        CNY     40.09
SHEHONG STATE OWNED ASSE    7.30    12/14/24        CNY     60.00
SHEHONG STATE OWNED ASSE    7.30    12/14/24        CNY     62.70
SHEHONG STATE OWNED ASSE    7.50    08/22/25        CNY     66.01
SHEHONG STATE OWNED ASSE    7.60    10/22/25        CNY     66.53
SHENGZHOU INVESTMENT HOL    5.35    07/20/24        CNY     61.70
SHENGZHOU INVESTMENT HOL    5.35    07/20/24        CNY     61.83
SHENYANG DADONG STATE-OW    6.05    03/20/22        CNY     20.00
SHENYANG DADONG STATE-OW    6.05    03/20/22        CNY     20.04
SHENYANG ECONOMIC AFFORD    7.17    04/29/22        CNY     20.15
SHENYANG ECONOMIC AFFORD    7.17    04/29/22        CNY     20.15
SHENZHEN METRO GROUP CO     5.40    03/25/23        CNY     30.50
SHENZHEN METRO GROUP CO     5.40    03/25/23        CNY     30.50
SHENZHEN METRO GROUP CO     6.75    01/24/24        CNY     31.68
SHENZHEN METRO GROUP CO     6.75    01/24/24        CNY     31.79
SHEYANG URBAN CONSTRUCTI    7.80    11/27/24        CNY     61.01
SHEYANG URBAN CONSTRUCTI    7.80    11/27/24        CNY     61.12
SHIFANG CITY NATIONAL OW    8.00    12/05/25        CNY     69.57
SHIJIAZHUANG HUTUO NEW D    5.28    12/24/25        CNY     45.00
SHIJIAZHUANG HUTUO NEW D    5.28    12/24/25        CNY     46.81
SHIJIAZHUANG STATE-OWNED    5.75    04/09/22        CNY     20.06
SHIJIAZHUANG STATE-OWNED    5.75    04/09/22        CNY     27.20
SHISHI CITY CONSTRUCTION    6.10    05/04/22        CNY     20.14
SHISHOU BOYA CITY CONSTR    6.98    06/15/24        CNY     62.08
SHIYAN ECO DEVELOPMENT Z    3.98    08/05/23        CNY     39.58
SHIYAN ECO DEVELOPMENT Z    3.98    08/05/23        CNY     39.70
SHIYAN HANJIANG STAR CON    6.40    07/10/24        CNY     61.39
SHIYAN STATE-OWNED CAPIT    4.88    01/11/26        CNY     60.36
SHIYAN STATE-OWNED CAPIT    4.88    01/11/26        CNY     62.11
SHIZHU TUJIA HONGSHENG E    7.00    11/13/24        CNY     48.00
SHIZHU TUJIA HONGSHENG E    7.00    11/13/24        CNY     62.75
SHOU COUNTY STATE-OWNED     6.20    10/13/24        CNY     60.00
SHOU COUNTY STATE-OWNED     6.20    10/13/24        CNY     60.98
SHUCHENG COUNTY URBAN CO    5.50    04/29/23        CNY     40.08
SHUCHENG COUNTY URBAN CO    5.50    04/29/23        CNY     40.62
SHUYANG JINGYUAN ASSET O    5.49    09/11/22        CNY     20.19
SHUYANG JINGYUAN ASSET O    5.49    09/11/22        CNY     20.20
SICHUAN CHENG'A DEVELOPM    7.25    01/28/24        CNY     73.09
SICHUAN CHENG'A DEVELOPM    7.50    11/06/24        CNY     60.00
SICHUAN CHENG'A DEVELOPM    7.50    11/06/24        CNY     62.87
SICHUAN CHENG'A DEVELOPM    7.50    11/29/24        CNY     60.00
SICHUAN CHENG'A DEVELOPM    7.50    11/29/24        CNY     63.76
SICHUAN COAL GASIFICATIO    7.00    04/18/23        CNY     40.47
SICHUAN COAL INDUSTRY GR    7.70    01/09/18        CNY     45.00
SICHUAN JINCAI JINXIN IN    7.08    07/31/24        CNY     60.77
SICHUAN JINCAI JINXIN IN    7.08    07/31/24        CNY     61.70
SICHUAN LANGUANG DEVELOP    7.50    07/11/21        CNY     12.63
SICHUAN LANGUANG DEVELOP    6.50    07/29/21        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.50    08/12/21        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.40    09/14/21        CNY     30.45
SICHUAN LANGUANG DEVELOP    7.50    07/23/22        CNY     42.00
SICHUAN LANGUANG DEVELOP    7.00    09/29/22        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.00    10/26/22        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.50    11/22/22        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.20    03/11/23        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.15    03/16/23        CNY     24.00
SICHUAN LANGUANG DEVELOP    7.20    05/11/23        CNY     12.63
SICHUAN LANGZHONG FAMOUS    5.60    04/19/23        CNY     40.02
SICHUAN LANGZHONG FAMOUS    5.60    04/19/23        CNY     40.12
SICHUAN LONGYANG TIANFU     5.45    05/27/23        CNY     40.03
SICHUAN LONGYANG TIANFU     5.45    05/27/23        CNY     40.04
SICHUAN NAXING INDUSTRIA    6.80    08/18/22        CNY     25.34
SICHUAN NAXING INDUSTRIA    4.68    03/31/23        CNY     39.54
SICHUAN NAXING INDUSTRIA    4.68    03/31/23        CNY     39.69
SICHUAN QINBA NEWCITY IN    6.68    07/07/24        CNY     59.51
SICHUAN QINBA NEWCITY IN    6.68    07/07/24        CNY     60.00
SICHUAN QINBA NEWCITY IN    6.91    07/25/24        CNY     53.50
SICHUAN QINBA NEWCITY IN    6.91    07/25/24        CNY     59.62
SICHUAN RENSHOU XINLONG     7.00    06/27/24        CNY     62.18
SICHUAN TIANYIN INDUSTRI    6.79    03/25/22        CNY     20.06
SICHUAN TIANYIN INDUSTRI    6.79    03/25/22        CNY     28.00
SIHONG COUNTY HONG YUAN     6.15    03/16/22        CNY     20.05
SIHONG COUNTY HONG YUAN     6.15    03/16/22        CNY     20.35
SIHUI STATE OWNED ASSETS    4.59    01/14/23        CNY     20.14
SIHUI STATE OWNED ASSETS    4.59    01/14/23        CNY     20.15
SIYANG COUNTY MINKANG RU    4.94    01/21/23        CNY     20.33
SIYANG COUNTY MINKANG RU    4.94    01/21/23        CNY     20.56
SIYANG COUNTY MINKANG RU    7.40    07/31/24        CNY     62.62
SIYANG COUNTY MINKANG RU    7.40    07/31/24        CNY     62.63
SUINING COUNTY RUNQI INV    5.42    11/20/22        CNY     20.00
SUINING COUNTY RUNQI INV    5.42    11/20/22        CNY     20.18
SUINING COUNTY RUNQI INV    6.78    11/02/24        CNY     59.70
SUINING COUNTY RUNQI INV    6.78    11/02/24        CNY     61.79
SUINING FUYUAN INDUSTRY     6.39    03/17/22        CNY     19.95
SUINING FUYUAN INDUSTRY     6.39    03/17/22        CNY     24.18
SUINING FUYUAN INDUSTRY     5.34    12/02/23        CNY     39.74
SUINING FUYUAN INDUSTRY     5.34    12/02/23        CNY     40.15
SUINING KAIDA INVESTMENT    4.89    04/08/23        CNY     38.95
SUINING KAIDA INVESTMENT    4.89    04/08/23        CNY     39.13
SUINING ROUGANG INVESTME    5.65    01/24/24        CNY     40.30
SUINING ROUGANG INVESTME    6.80    08/02/24        CNY     61.47
SUINING ROUGANG INVESTME    6.80    08/02/24        CNY     61.48
SUINING TIANTAI INDUSTRI    5.98    03/28/24        CNY     60.77
SUINING TIANTAI INDUSTRI    5.98    03/28/24        CNY     61.16
SUINING TIANTAI INDUSTRI    6.80    11/01/24        CNY     75.00
SUIZHOU DEVELOPMENT INVE    5.70    04/07/24        CNY     60.42
SUIZHOU DEVELOPMENT INVE    5.70    04/07/24        CNY     60.77
SUIZHOU DEVELOPMENT INVE    5.97    09/15/24        CNY     60.00
SUIZHOU DEVELOPMENT INVE    5.97    09/15/24        CNY     61.06
SUIZHOU HIGH-TECH INDUST    4.47    03/25/23        CNY     40.07
SUIZHOU HIGH-TECH INDUST    4.47    03/25/23        CNY     40.07
SUIZHOU YULONG WATER SUP    6.10    03/28/23        CNY     42.95
SUNAC REAL ESTATE GROUP     6.80    01/19/25        CNY     69.52
SUNAC REAL ESTATE GROUP     7.00    04/02/25        CNY     64.71
SUNAC REAL ESTATE GROUP     5.60    05/27/25        CNY     64.50
SUQIAN CITY CONSTRUCTION    5.30    07/11/24        CNY     61.73
SUQIAN CITY CONSTRUCTION    5.30    07/11/24        CNY     61.80
SUQIAN CITY CONSTRUCTION    6.44    12/26/24        CNY     60.00
SUQIAN CITY CONSTRUCTION    6.44    12/26/24        CNY     63.47
SUQIAN ECONOMIC DEVELOPM    5.40    04/20/24        CNY     61.61
SUQIAN ECONOMIC DEVELOPM    5.40    04/20/24        CNY     61.88
SUQIAN HUBIN XINCHENG IN    6.85    08/02/24        CNY     56.00
SUQIAN HUBIN XINCHENG IN    6.85    08/02/24        CNY     56.33
SUQIAN HUBIN XINCHENG IN    6.93    08/25/24        CNY     55.80
SUQIAN HUBIN XINCHENG IN    6.93    08/25/24        CNY     57.01
SUQIAN YUFENG ASSET MANA    5.50    04/21/24        CNY     60.86
SUQIAN YUFENG ASSET MANA    5.50    04/21/24        CNY     64.26
SUZHOU CITY CONSTRUCTION    3.89    03/24/23        CNY     40.14
SUZHOU CITY CONSTRUCTION    3.89    03/24/23        CNY     40.24
SUZHOU CITY HENGCHENG CO    4.40    03/01/23        CNY     40.19
SUZHOU CITY HENGCHENG CO    4.40    03/01/23        CNY     40.31
SUZHOU MAANSHAN INVESTME    6.10    08/03/24        CNY     61.74
SUZHOU MAANSHAN INVESTME    6.10    08/03/24        CNY     62.38
SUZHOU NEW & HIGH-TECH I    4.18    03/23/23        CNY     39.86
SUZHOU NEW & HIGH-TECH I    4.18    03/23/23        CNY     40.12
SUZHOU NEW AREA CONSTRUC    5.98    08/04/24        CNY     60.00
SUZHOU NEW AREA CONSTRUC    5.98    08/04/24        CNY     60.88
SUZHOU WUJIANG COMMUNICA    3.75    05/26/23        CNY     52.74
SUZHOU WUJIANG DISTRICT     5.25    07/08/22        CNY     20.20
SUZHOU WUZHONG CITY CONS    5.90    11/06/24        CNY     60.00
SUZHOU WUZHONG CITY CONS    5.90    11/06/24        CNY     60.93
SUZHOU WUZHONG CITY CONS    6.50    02/01/25        CNY     60.00
SUZHOU WUZHONG CITY CONS    6.50    02/01/25        CNY     63.53
TAHOE GROUP CO LTD          7.50    07/05/20        CNY     20.50
TAHOE GROUP CO LTD          7.50    09/08/20        CNY     20.70
TAIAN TAISHAN HOLDINGS C    5.50    04/26/23        CNY     40.04
TAIAN TAISHAN HOLDINGS C    5.50    04/26/23        CNY     40.10
TAICANG SCIENCE EDUCATIO    5.54    08/28/22        CNY     20.29
TAICANG SCIENCE EDUCATIO    5.54    08/28/22        CNY     24.60
TAIHE STATE OWN ASSET IN    5.87    08/07/24        CNY     60.71
TAIHE STATE OWN ASSET IN    5.87    08/07/24        CNY     63.35
TAIXING HONGQIAO PARK IN    5.03    10/29/22        CNY     19.60
TAIXING HONGQIAO PARK IN    5.03    10/29/22        CNY     19.83
TAIZHOU CITY CONSTRUCTIO    6.92    10/16/23        CNY     31.35
TAIZHOU CITY HUANGYAN DI    6.10    08/01/24        CNY     62.31
TAIZHOU CITY HUANGYAN DI    6.10    08/01/24        CNY     63.60
TAIZHOU CITY HUANGYAN DI    6.22    09/14/24        CNY     62.65
TAIZHOU FENGCHENGHE CONS    7.90    12/29/24        CNY     60.00
TAIZHOU FENGCHENGHE CONS    7.90    12/29/24        CNY     64.77
TAIZHOU GAOGANG HI-TECH     5.54    06/22/24        CNY     61.78
TAIZHOU GAOGANG HI-TECH     5.54    06/22/24        CNY     63.70
TAIZHOU HAILING CITY DEV    4.60    12/14/22        CNY     20.23
TAIZHOU JIAOJIANG STATE     6.18    07/06/22        CNY     20.22
TAIZHOU JIAOJIANG STATE     6.18    07/06/22        CNY     24.00
TAIZHOU JINDONG URBAN CO    5.10    06/02/23        CNY     40.23
TAIZHOU JINDONG URBAN CO    5.10    06/02/23        CNY     40.31
TAIZHOU XINTAI GROUP CO     4.07    03/23/23        CNY     40.14
TAIZHOU XINTAI GROUP CO     4.07    03/23/23        CNY     40.29
TANGSHAN FINANCIAL HOLDI    7.60    05/16/25        CNY     72.01
TAOYUAN COUNTY ECONOMIC     7.00    12/08/24        CNY     60.00
TAOYUAN COUNTY ECONOMIC     7.00    12/08/24        CNY     63.83
TIANCHANG CITY CONSTRUCT    4.99    12/05/23        CNY     40.11
TIANJIN BOHAI STATE-OWNE    3.82    04/18/23        CNY     38.72
TIANJIN BOHAI STATE-OWNE    3.82    04/18/23        CNY     38.97
TIANJIN BOHAI STATE-OWNE    4.10    04/18/26        CNY     70.00
TIANJIN BOHAI STATE-OWNE    4.10    04/18/26        CNY     70.51
TIANJIN DONGLI CITY INFR    4.28    12/02/22        CNY     20.21
TIANJIN ECONOMIC TECHNOL    6.50    12/03/22        CNY     14.63
TIANJIN ECONOMIC TECHNOL    6.50    12/03/22        CNY     14.93
TIANJIN GUANGCHENG INVES    6.97    02/22/23        CNY     30.32
TIANJIN HUANCHENG URBAN     5.75    04/27/22        CNY     20.05
TIANJIN HUANCHENG URBAN     5.75    04/27/22        CNY     20.50
TIANJIN INFRASTRUCTURE C    5.70    02/26/23        CNY     29.90
TIANJIN INFRASTRUCTURE C    5.70    02/26/23        CNY     30.38
TIANJIN METRO GROUP CO L    4.27    10/16/25        CNY     60.94
TIANJIN METRO GROUP CO L    4.27    10/16/25        CNY     64.00
TIANJIN NINGHE INVESTMEN    5.50    04/22/23        CNY     39.48
TIANJIN NINGHE INVESTMEN    5.50    04/22/23        CNY     40.37
TIANJIN RAILWAY CONSTRUC    5.58    04/13/25        CNY     59.59
TIANJIN RAILWAY CONSTRUC    5.58    04/13/25        CNY     60.06
TIANJIN REAL ESTATE GROU    4.50    09/29/20        USD     73.82
TIANJIN WUQING STATE-OWN    4.15    11/17/22        CNY     20.13
TIANJIN WUQING STATE-OWN    4.15    11/17/22        CNY     20.13
TIANMEN CITY CONSTRUCTIO    3.98    11/15/23        CNY     39.66
TIANMEN CITY CONSTRUCTIO    3.98    11/15/23        CNY     40.28
TONGCHENG CITY CONSTRUCT    6.60    12/18/24        CNY     60.00
TONGCHENG CITY CONSTRUCT    6.60    12/18/24        CNY     62.48
TONGLING CONSTRUCTION IN    4.12    03/14/23        CNY     40.00
TONGLING CONSTRUCTION IN    4.12    03/14/23        CNY     40.28
TONGLING CONSTRUCTION IN    5.77    07/31/24        CNY     60.00
TONGLING CONSTRUCTION IN    5.77    07/31/24        CNY     61.97
TONGLING CONSTRUCTION IN    5.80    08/16/24        CNY     62.01
TONGLING CONSTRUCTION IN    5.80    08/16/24        CNY     62.07
TSINGHUA HOLDINGS CORP L    4.95    08/08/22        CNY     36.40
TSINGHUA UNIGROUP CO LTD    5.60    11/15/20        CNY     25.50
TSINGHUA UNIGROUP CO LTD    6.20    03/16/21        CNY     25.50
TSINGHUA UNIGROUP CO LTD    6.15    12/26/21        CNY     25.50
TSINGHUA UNIGROUP CO LTD    4.94    03/25/22        CNY     16.55
TSINGHUA UNIGROUP CO LTD    5.85    03/27/22        CNY     16.88
TSINGHUA UNIGROUP CO LTD    6.00    08/14/22        CNY     25.50
TSINGHUA UNIGROUP CO LTD    5.20    12/10/23        CNY     11.65
TSINGHUA UNIGROUP CO LTD    5.11    01/25/24        CNY     13.00
TULUFAN DISTRICT STATE-O    6.20    03/19/22        CNY     20.04
TULUFAN DISTRICT STATE-O    6.20    03/19/22        CNY     20.19
TUNGHSU GROUP CO LTD        6.55    03/13/22        CNY     45.00
ULANQAB CITY INVESTMENT     8.39    04/25/22        CNY     25.17
URUMQI ECO&TECH DEVELOPM    6.40    04/13/22        CNY     20.00
URUMQI ECO&TECH DEVELOPM    6.40    04/13/22        CNY     20.11
WANGCHENG ECONOMIC DEVEL    3.75    07/13/23        CNY     40.26
WANGCHENG ECONOMIC DEVEL    3.75    07/13/23        CNY     40.30
WEICHI HOLDING GROUP CO     6.18    07/24/24        CNY     60.00
WEICHI HOLDING GROUP CO     6.18    07/24/24        CNY     60.93
WEIFANG GONGXIN STATE-OW    5.00    07/13/26        CNY     70.98
WEIFANG GONGXIN STATE-OW    5.00    07/13/26        CNY     70.99
WEIHAI CENTRAL CITY STAT    6.05    11/02/24        CNY     60.00
WEIHAI CENTRAL CITY STAT    6.05    11/02/24        CNY     60.04
WEIHAI CITY SHUANGDAO BA    5.32    04/28/24        CNY     61.30
WEIHAI ECONOMIC TECHNOLO    5.80    08/23/24        CNY     60.00
WEIHAI ECONOMIC TECHNOLO    5.80    08/23/24        CNY     61.39
WEIHAI LANCHUANG CONSTRU    4.80    12/17/22        CNY     19.39
WEIHAI LANCHUANG CONSTRU    4.80    12/17/22        CNY     19.50
WEIHAI URBAN CONSTRUCTIO    3.33    03/02/23        CNY     40.02
WEIHAI URBAN CONSTRUCTIO    3.33    03/02/23        CNY     40.05
WEIHAI WENDENG DISTRICT     3.64    10/26/23        CNY     39.74
WEIHAI WENDENG DISTRICT     3.64    10/26/23        CNY     39.77
WEIHAI WENDENG URBAN PRO    4.80    05/26/23        CNY     39.50
WEIHAI WENDENG URBAN PRO    4.80    05/26/23        CNY     39.90
WEINAN CITY INVESTMENT G    6.09    03/11/22        CNY     20.00
WEINAN CITY INVESTMENT G    6.09    03/11/22        CNY     20.02
WENDENG GOLDEN BEACH INV    3.97    03/21/23        CNY     39.55
WENDENG GOLDEN BEACH INV    3.97    03/21/23        CNY     39.97
WENS FOODSTUFFS GROUP CO    3.26    10/29/30        USD     72.23
WENSHAN URBAN CONSTRUCTI    4.50    09/13/23        CNY     37.22
WENSHAN URBAN CONSTRUCTI    4.50    09/13/23        CNY     39.77
WENZHOU CITY CONSTRUCTIO    4.05    01/25/23        CNY     20.17
WENZHOU CITY CONSTRUCTIO    4.05    01/25/23        CNY     20.25
WENZHOU CITY CONSTRUCTIO    5.00    04/26/23        CNY     40.55
WENZHOU CITY CONSTRUCTIO    5.00    04/26/23        CNY     40.65
WENZHOU GANGCHENG DEVELO    5.19    03/29/23        CNY     40.27
WENZHOU GANGCHENG DEVELO    5.19    03/29/23        CNY     40.28
WENZHOU HIGH-TECH INDUST    5.90    09/18/24        CNY     61.23
WENZHOU MINKE INDUSTRIAL    6.44    07/18/24        CNY     60.00
WENZHOU MINKE INDUSTRIAL    6.44    07/18/24        CNY     61.55
WENZHOU OUHAI NEW CITY C    3.98    10/26/23        CNY     40.35
WENZHOU OUHAI NEW CITY C    3.98    10/26/23        CNY     40.48
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 DISTRI    5.48    04/19/24        CNY     61.43
WUHAN HONGSHAN CITY CONS    5.68    08/10/24        CNY     60.57
WUHAN HONGSHAN CITY CONS    5.68    08/10/24        CNY     62.01
WUHAN HONGSHAN CITY CONS    5.68    10/12/24        CNY     60.58
WUHAN HONGSHAN CITY CONS    5.68    10/12/24        CNY     62.13
WUHAN JIANGXIA URBAN CON    4.80    06/03/23        CNY     40.00
WUHAN JIANGXIA URBAN CON    4.80    06/03/23        CNY     40.46
WUHAN METRO GROUP CO LTD    5.25    04/14/22        CNY     20.08
WUHAN QIAOKOU STATE OWNE    3.48    08/29/23        CNY     38.93
WUHAN QIAOKOU STATE OWNE    3.48    08/29/23        CNY     40.17
WUHAN URBAN CONSTRUCTION    4.99    06/15/24        CNY     75.00
WUHU COMMUNICATIONS INVE    4.50    04/28/23        CNY     40.16
WUHU COMMUNICATIONS INVE    4.50    04/28/23        CNY     40.36
WUHU COMMUNICATIONS INVE    3.58    09/23/23        CNY     39.76
WUHU COMMUNICATIONS INVE    3.58    09/23/23        CNY     40.14
WUHU JINGHU CONSTRUCTION    4.37    07/20/23        CNY     40.27
WUHU JINGHU CONSTRUCTION    4.37    07/20/23        CNY     40.33
WUHU JIUJIANG CONSTRUCTI    3.96    03/21/23        CNY     40.26
WUHU XINMA INVESTMENT CO    4.87    11/04/22        CNY     20.21
WUSHENG CITY INVESTMENT     7.05    11/03/24        CNY     58.40
WUSHENG CITY INVESTMENT     7.05    11/03/24        CNY     60.84
WUXI EAST SCIENCE & TECH    5.73    09/14/24        CNY     60.00
WUXI EAST SCIENCE & TECH    5.73    09/14/24        CNY     62.23
WUXI FOOD SCIENCE PARK D    5.70    09/28/24        CNY     62.24
WUXI HUIKAI ECONOMIC DEV    4.16    04/08/23        CNY     39.83
WUXI HUIKAI ECONOMIC DEV    4.16    04/08/23        CNY     40.27
WUXI TAIHU NEW CITY DEVE    4.49    05/03/23        CNY     40.41
WUXI TAIHU NEW CITY DEVE    3.47    08/29/23        CNY     39.50
WUXI TAIHU NEW CITY DEVE    3.47    08/29/23        CNY     40.09
WUXI XIDONG NEW TOWN CON    3.92    11/09/23        CNY     40.24
WUXI XIDONG NEW TOWN CON    3.92    11/09/23        CNY     40.36
WUYANG CONSTRUCTION GROU    7.80    09/11/20        CNY     32.48
XIAMEN YUZHOU GRAND FUTU    7.50    04/03/24        CNY     39.22
XIAN FENGDONG DEVELOPMEN    4.67    01/08/23        CNY     19.91
XIAN FENGDONG DEVELOPMEN    4.67    01/08/23        CNY     20.00
XI'AN HI-TECH HOLDING CO    6.12    12/27/24        CNY     62.56
XI'AN HI-TECH HOLDING CO    6.12    12/27/24        CNY     62.71
XI'AN PIONEERING PARK DE    6.20    05/02/24        CNY     61.10
XI'AN PIONEERING PARK DE    6.20    05/02/24        CNY     61.90
XIANGCHENG LINGWU URBAN     7.45    11/10/24        CNY     60.00
XIANGCHENG LINGWU URBAN     7.45    11/10/24        CNY     63.18
XIANGSHUI GUANJIANG HOLD    4.98    12/24/22        CNY     18.00
XIANGSHUI GUANJIANG HOLD    4.98    12/24/22        CNY     19.35
XIANGTAN CITY INFRASTRCT    3.60    08/04/23        CNY     37.43
XIANGTAN CITY INFRASTRCT    3.95    08/04/23        CNY     37.53
XIANGTAN CITY INFRASTRCT    3.95    08/04/23        CNY     37.55
XIANGTAN CITY INFRASTRCT    3.60    08/04/23        CNY     38.00
XIANGTAN JIUHUA ECONOMIC    5.00    07/25/26        CNY     64.84
XIANGTAN JIUHUA ECONOMIC    5.00    07/25/26        CNY     70.43
XIANGXIANG CITY DONGSHAN    6.20    08/03/24        CNY     60.47
XIANGXIANG CITY DONGSHAN    6.20    08/03/24        CNY     60.99
XIANGXIANG ECONOMIC DIST    5.28    09/09/23        CNY     38.03
XIANGXIANG ECONOMIC DIST    5.28    09/09/23        CNY     38.04
XIANGXIANG URBAN CONSTRU    5.84    05/18/23        CNY     39.37
XIANGXIANG URBAN CONSTRU    5.84    05/18/23        CNY     40.44
XIANGXIANG URBAN CONSTRU    7.50    10/27/24        CNY     60.00
XIANGXIANG URBAN CONSTRU    7.50    10/27/24        CNY     63.24
XIANGYANG CITY HOUSING I    6.10    12/15/24        CNY     61.00
XIANGYANG CITY HOUSING I    6.10    12/15/24        CNY     62.84
XIANGYANG CITY XIANGZHOU    5.18    04/28/23        CNY     40.29
XIANGYANG CITY XIANGZHOU    5.18    04/28/23        CNY     40.35
XIANGYANG HIGH TECH STAT    6.25    06/12/24        CNY     62.28
XIANGYANG HIGH TECH STAT    6.25    06/12/24        CNY     62.28
XIANGYANG STATE-OWNED CA    4.62    01/25/23        CNY     19.92
XIANGYANG STATE-OWNED CA    4.62    01/25/23        CNY     20.03
XIANGYANG STATE-OWNED CA    6.10    07/19/24        CNY     60.00
XIANGYANG STATE-OWNED CA    6.10    07/19/24        CNY     61.21
XIANNING HIGH-TECH INVES    6.60    06/01/27        CNY     71.90
XIANNING HIGH-TECH INVES    6.60    06/01/27        CNY     72.58
XIANTAO CITY CONSTRUCTIO    4.59    04/18/23        CNY     40.35
XIANTAO CITY CONSTRUCTIO    4.59    04/18/23        CNY     40.40
XIAOCHANG SHUNHE DEVELOP    4.15    10/17/23        CNY     39.26
XIAOXIAN COUNTY DEVELOPM    4.85    06/22/23        CNY     40.50
XIAOXIAN COUNTY DEVELOPM    4.85    06/22/23        CNY     40.58
XINDONGGANG HOLDING GROU    5.53    04/27/23        CNY     39.86
XINDONGGANG HOLDING GROU    5.53    04/27/23        CNY     39.97
XINGAN COUNTY URBAN CONS    5.48    08/03/23        CNY     39.25
XINGAN COUNTY URBAN CONS    5.48    08/03/23        CNY     40.12
XINGAN LEAGUE URBAN DEVE    6.18    12/21/22        CNY     13.36
XINGAN LEAGUE URBAN DEVE    6.18    12/21/22        CNY     13.66
XINGHUA CITY ECONOMIC DE    5.28    06/13/22        CNY     25.03
XINGNING YONGYE INFRASTR    5.99    07/24/24        CNY     61.41
XINGYI XINHENG URBAN CON    5.40    12/16/22        CNY     20.05
XINGYI XINHENG URBAN CON    7.90    01/31/25        CNY     60.00
XINGYI XINHENG URBAN CON    7.90    01/31/25        CNY     60.11
XINJIANG UYGUR AR HAMI C    6.55    10/27/24        CNY     60.00
XINJIANG UYGUR AR HAMI C    6.55    10/27/24        CNY     62.73
XINJIN NEW CITY DEVELOPM    7.30    10/23/24        CNY     60.00
XINJIN NEW CITY DEVELOPM    7.30    10/23/24        CNY     62.31
XINMI CAIYUAN CITY CONST    4.35    02/28/23        CNY     40.11
XINMI CAIYUAN CITY CONST    4.35    02/28/23        CNY     40.17
XINPING URBAN DEVELOPMEN    7.70    01/24/26        CNY     71.20
XINPING URBAN DEVELOPMEN    7.70    01/24/26        CNY     72.47
XINTAI CITY COORDINATING    6.35    03/23/22        CNY     20.04
XINTAI CITY COORDINATING    6.35    03/23/22        CNY     20.75
XINYI CITY INVESTMENT &     4.30    01/19/23        CNY     19.44
XINYI CITY INVESTMENT &     4.30    01/19/23        CNY     20.00
XINYI ECONOMIC DEVELOPME    6.66    09/27/24        CNY     54.50
XINYI ECONOMIC DEVELOPME    6.66    09/27/24        CNY     59.38
XINYI URBAN TRANSPORTATI    5.35    04/24/24        CNY     61.49
XINYI URBAN TRANSPORTATI    5.35    04/24/24        CNY     62.57
XINYU CITY SHANTYTOWN ZO    6.50    11/13/22        CNY     40.43
XINYU CITY YUSHUI DISTRI    7.70    06/24/22        CNY     20.26
XINYU CITY YUSHUI DISTRI    7.70    06/24/22        CNY     20.35
XIPING COUNTY INDUSTRIAL    7.50    12/26/24        CNY     60.00
XIPING COUNTY INDUSTRIAL    7.50    12/26/24        CNY     63.44
XISHUI COUNTY FENGZHU IN    6.52    07/28/24        CNY     61.90
XISHUI COUNTY FENGZHU IN    6.52    07/28/24        CNY     62.50
XIWANG GROUP CO LTD         7.80    12/03/22        CNY     49.94
XUANCHENG STATE-OWNED AS    4.12    04/07/23        CNY     40.24
XUANCHENG STATE-OWNED AS    4.12    04/07/23        CNY     40.26
XUCHANG GENERAL INVESTME    5.74    08/17/24        CNY     62.21
XUZHOU CITY JIAWANG CONS    4.00    03/23/23        CNY     40.11
XUZHOU CITY JIAWANG CONS    4.00    03/23/23        CNY     40.16
XUZHOU CITY TONGSHAN DIS    5.23    09/18/22        CNY     20.00
XUZHOU CITY TONGSHAN DIS    5.23    09/18/22        CNY     20.24
XUZHOU HI-TECH INDUSTRIA    3.78    11/11/23        CNY     40.29
XUZHOU HI-TECH INDUSTRIA    3.78    11/11/23        CNY     40.40
XUZHOU XINSHENG INVESTME    5.13    08/12/22        CNY     20.26
XUZHOU XINSHENG INVESTME    5.13    08/12/22        CNY     24.46
YAN'AN NEW CITY CONSTRUC    5.60    04/21/24        CNY     60.44
YANCHENG GUANDONG ECONOM    6.42    05/16/24        CNY     60.80
YANCHENG GUANDONG ECONOM    6.42    05/16/24        CNY     62.29
YANCHENG HIGH-TECH ZONE     3.90    12/14/22        CNY     20.10
YANCHENG HIGH-TECH ZONE     3.90    12/14/22        CNY     20.13
YANCHENG YANDU DISTRICT     3.67    03/17/23        CNY     39.18
YANCHENG YANDU DISTRICT     3.67    03/17/23        CNY     39.95
YANGJIANG HENGCAI CITY I    6.24    04/14/22        CNY     20.10
YANGJIANG HENGCAI CITY I    6.24    04/14/22        CNY     21.20
YANGO GROUP CO LTD          7.40    03/24/22        CNY     19.00
YANGO GROUP CO LTD          6.90    10/31/22        CNY     18.98
YANGO GROUP CO LTD          6.80    10/28/24        CNY     18.95
YANGXIN TOWN CONSTRUCTIO    6.50    04/26/24        CNY     61.60
YANGXIN TOWN CONSTRUCTIO    6.50    04/26/24        CNY     61.61
YANGZHONG TRANSPORTATION    4.95    04/07/23        CNY     40.10
YANGZHONG TRANSPORTATION    4.95    04/07/23        CNY     40.21
YANGZHONG TRANSPORTATION    4.98    04/07/23        CNY     40.44
YANGZHONG TRANSPORTATION    4.98    04/07/23        CNY     40.52
YANGZHOU ECONOMIC & TECH    5.28    07/06/24        CNY     61.73
YANGZHOU ECONOMIC & TECH    5.28    07/06/24        CNY     62.40
YANGZHOU GUANGLING NEW C    3.62    09/07/23        CNY     39.25
YANGZHOU GUANGLING NEW C    3.62    09/07/23        CNY     39.99
YANGZHOU HANJIANG CONSTR    5.88    06/15/22        CNY     20.19
YANGZHOU HANJIANG CONSTR    5.88    06/15/22        CNY     26.63
YANGZHOU NEW MATERIAL IN    6.80    10/09/24        CNY     60.00
YANGZHOU NEW MATERIAL IN    6.80    10/09/24        CNY     61.27
YI CHENG CONSTRUCTION IN    5.44    04/27/23        CNY     39.82
YI ZHENG CITY DEVELOPMEN    4.63    01/08/23        CNY     20.00
YI ZHENG CITY DEVELOPMEN    4.63    01/08/23        CNY     20.14
YICHANG HIGH-TECH INVEST    4.80    12/15/22        CNY     20.00
YICHANG HIGH-TECH INVEST    4.80    12/15/22        CNY     20.33
YICHANG HIGH-TECH INVEST    3.74    07/21/23        CNY     39.85
YICHANG HIGH-TECH INVEST    3.74    07/21/23        CNY     40.26
YICHANG HIGH-TECH INVEST    6.10    05/18/24        CNY     61.41
YICHANG HIGH-TECH INVEST    6.10    05/18/24        CNY     61.70
YICHANG WUJIA NEW CITY I    6.50    04/20/24        CNY     61.56
YICHANG WUJIA NEW CITY I    6.50    04/20/24        CNY     61.56
YICHUN VENTURE CAPITAL C    6.70    03/23/22        CNY     20.00
YICHUN VENTURE CAPITAL C    6.70    03/23/22        CNY     20.07
YIHUA ENTERPRISE GROUP C    7.00    04/29/22        CNY     54.00
YIHUA LIFESTYLE TECHNOLO    6.88    07/16/20        CNY     35.90
YIHUA LIFESTYLE TECHNOLO    6.88    07/23/20        CNY     35.00
YINGCHENG CITY PUYANG DE    6.50    04/14/24        CNY     60.30
YINGCHENG CITY PUYANG DE    6.50    04/14/24        CNY     61.54
YINGKOU BEIHAI NEW CITY     7.19    07/12/24        CNY     61.56
YINGKOU BEIHAI NEW CITY     7.19    07/12/24        CNY     62.23
YINGKOU BEIHAI NEW CITY     7.98    01/25/25        CNY     60.00
YINGKOU BEIHAI NEW CITY     7.98    01/25/25        CNY     64.12
YINGKOU ECO & TECH DEVEL    5.20    08/05/23        CNY     39.49
YINGKOU ECO & TECH DEVEL    5.20    08/05/23        CNY     39.75
YINGKOU ECO & TECH DEVEL    6.98    04/19/24        CNY     61.03
YINGKOU ECO & TECH DEVEL    6.98    04/19/24        CNY     61.52
YINGKOU LAOBIAN CITY CON    5.63    12/16/22        CNY     20.13
YINGKOU LAOBIAN CITY CON    4.98    03/11/23        CNY     38.14
YINGTAN JUNENG INVESTMEN    6.75    07/31/22        CNY     20.31
YINGTAN JUNENG INVESTMEN    6.75    07/31/22        CNY     21.18
YINGTAN STATE-OWNED ASSE    7.50    12/12/22        CNY     15.52
YINGTAN STATE-OWNED ASSE    7.50    12/12/22        CNY     15.52
YINING CITY STATE OWNED     5.37    09/24/22        CNY     19.40
YINING CITY STATE OWNED     5.37    09/24/22        CNY     19.99
YIWU CITY CONSTRUCTION I    4.31    12/07/22        CNY     20.21
YIWU CITY CONSTRUCTION I    4.31    12/07/22        CNY     20.21
YIWU CITY CONSTRUCTION I    5.48    08/18/24        CNY     60.00
YIWU CITY CONSTRUCTION I    5.48    08/18/24        CNY     61.68
YIXING CITY CONSTRUCTION    6.16    03/30/22        CNY     20.00
YIXING CITY CONSTRUCTION    6.16    03/30/22        CNY     20.06
YIYANG ADVANCED INDUSTRY    7.00    03/30/22        CNY     20.06
YIYANG ADVANCED INDUSTRY    7.00    03/30/22        CNY     28.00
YIYANG PROVINCE AREA INN    4.95    10/13/23        CNY     38.36
YIYANG PROVINCE AREA INN    4.95    10/13/23        CNY     40.55
YIYANG PROVINCE AREA INN    5.16    11/23/23        CNY     37.48
YIYANG PROVINCE AREA INN    5.16    11/23/23        CNY     39.01
YIYUAN HONGDING ASSET OP    7.50    08/17/25        CNY     70.01
YIZHANG XINGYI CONSTRUCT    5.49    09/02/24        CNY     53.42
YIZHANG XINGYI CONSTRUCT    5.49    09/02/24        CNY     54.17
YIZHENG SHI'ERWEI NEW AR    6.77    08/22/24        CNY     60.52
YONG ZHOU CITY DEVELOPME    5.30    07/13/24        CNY     61.15
YONG ZHOU CITY DEVELOPME    5.30    07/13/24        CNY     61.60
YONGCHENG COAL & ELECTRI    7.50    02/02/21        CNY     39.88
YONGXING YINDU INVESTMEN    5.60    03/24/23        CNY     39.49
YONGXING YINDU INVESTMEN    5.60    03/24/23        CNY     39.50
YONGXING YINDU INVESTMEN    6.93    07/07/24        CNY     60.00
YONGXING YINDU INVESTMEN    6.93    07/07/24        CNY     60.19
YONGXING YINDU INVESTMEN    6.50    08/14/24        CNY     60.00
YONGXING YINDU INVESTMEN    6.50    08/14/24        CNY     61.67
YONGZHOU ECONOMIC CONSTR    3.55    01/14/23        CNY     19.72
YONGZHOU ECONOMIC CONSTR    3.55    01/14/23        CNY     20.08
YUANAN COUNTY QIFENG CIT    5.50    05/27/23        CNY     40.23
YUANAN COUNTY QIFENG CIT    5.50    05/27/23        CNY     40.41
YUANLING CHENZHOU INVEST    6.50    09/20/24        CNY     60.00
YUANLING CHENZHOU INVEST    6.50    09/20/24        CNY     62.06
YUANLING CHENZHOU INVEST    6.50    11/30/24        CNY     60.00
YUANLING CHENZHOU INVEST    6.50    11/30/24        CNY     62.30
YUEYANG DONGTING XINCHEN    6.15    03/20/22        CNY     20.02
YUEYANG HUIHUA URBAN INV    5.78    04/18/24        CNY     61.15
YUEYANG HUIHUA URBAN INV    5.78    04/18/24        CNY     61.41
YUEYANG HUIHUA URBAN INV    5.96    07/26/24        CNY     61.71
YUEYANG HUIHUA URBAN INV    5.96    07/26/24        CNY     62.02
YUEYANG URBAN CONSTRUCTI    4.80    01/27/26        CNY     61.98
YUEYANG URBAN CONSTRUCTI    4.80    01/27/26        CNY     61.98
YUEYANG YUNXI CITY CONST    6.00    07/08/23        CNY     38.53
YUEYANG YUNXI CITY CONST    5.18    11/21/23        CNY     39.00
YUHUAN CITY COMMUNICATIO    6.18    03/20/22        CNY     20.04
YUHUAN CITY COMMUNICATIO    6.18    03/20/22        CNY     24.47
YUHUAN CITY CONSTRUCTION    5.10    05/03/23        CNY     40.26
YUHUAN CITY CONSTRUCTION    5.10    05/03/23        CNY     40.50
YUHUAN CITY CONSTRUCTION    3.72    10/21/23        CNY     39.79
YUHUAN CITY CONSTRUCTION    3.72    10/21/23        CNY     40.30
YUNCHENG SHUIHU CITY CON    4.54    11/21/23        CNY     38.45
YUNCHENG SHUIHU CITY CON    4.54    11/21/23        CNY     39.74
YUNCHENG URBAN CONSTRUCT    6.30    08/29/24        CNY     59.04
YUNCHENG URBAN CONSTRUCT    6.30    08/29/24        CNY     59.10
YUZHOU GENERAL INVESTMEN    4.68    01/19/23        CNY     20.00
YUZHOU GENERAL INVESTMEN    4.68    01/19/23        CNY     20.13
ZAOYANG CITY CONSTRUCTIO    5.50    03/22/23        CNY     40.18
ZAOYANG CITY CONSTRUCTIO    5.50    03/22/23        CNY     40.52
ZHANGJIAGANG ECONOMY DEV    3.95    03/22/23        CNY     40.00
ZHANGJIAGANG ECONOMY DEV    3.95    03/22/23        CNY     40.23
ZHANGJIAJIE ECONOMIC DEV    6.47    07/24/27        CNY     73.29
ZHANGQIU STATE OWNED ASS    3.69    08/09/23        CNY     39.64
ZHANGQIU STATE OWNED ASS    3.69    08/09/23        CNY     40.19
ZHANGSHU STATE-OWNED ASS    4.80    06/22/23        CNY     40.39
ZHANGSHU STATE-OWNED ASS    4.80    06/22/23        CNY     42.67
ZHANGZHOU ECONOMIC DEVEL    6.17    04/27/22        CNY     20.13
ZHANGZHOU ECONOMIC DEVEL    6.17    04/27/22        CNY     20.20
ZHAODONG DONGSHENG CONST    6.50    01/20/24        CNY     41.30
ZHAODONG DONGSHENG CONST    6.50    01/20/24        CNY     41.31
ZHAOQING GAOYAO DISTRICT    6.68    04/14/22        CNY     20.00
ZHAOQING GAOYAO DISTRICT    6.68    04/14/22        CNY     20.12
ZHAOQING HI-TECH ZONE CO    3.97    08/26/23        CNY     40.01
ZHAOQING HI-TECH ZONE CO    3.97    08/26/23        CNY     40.03
ZHEJIANG BINHAI NEW CITY    4.65    12/23/22        CNY     20.22
ZHEJIANG BINHAI NEW CITY    4.65    12/23/22        CNY     20.30
ZHEJIANG HANGZHOU QINGSH    5.99    06/30/24        CNY     62.24
ZHEJIANG HANGZHOU QINGSH    5.99    06/30/24        CNY     62.25
ZHEJIANG HUISHENG INVEST    4.49    03/15/24        CNY     55.00
ZHEJIANG HUISHENG INVEST    4.49    03/15/24        CNY     55.53
ZHEJIANG OUHAI CONSTRUCT    6.45    04/23/22        CNY     20.13
ZHEJIANG OUHAI CONSTRUCT    6.45    04/23/22        CNY     20.20
ZHEJIANG OUHAI CONSTRUCT    4.83    01/21/23        CNY     20.10
ZHEJIANG OUHAI CONSTRUCT    4.83    01/21/23        CNY     20.32
ZHEJIANG TIANTAI STATE-O    6.50    11/22/24        CNY     60.00
ZHEJIANG TIANTAI STATE-O    6.50    11/22/24        CNY     62.60
ZHENGZHOU AIRPORT ECONOM    4.27    07/20/26        CNY     53.31
ZHENGZHOU AIRPORT ECONOM    4.27    07/20/26        CNY     53.46
ZHENGZHOU GENERAL AVIATI    5.98    06/27/24        CNY     60.00
ZHENGZHOU GENERAL AVIATI    5.98    06/27/24        CNY     62.13
ZHENGZHOU GENERAL AVIATI    5.80    10/18/24        CNY     60.00
ZHENGZHOU GENERAL AVIATI    5.80    10/18/24        CNY     62.41
ZHENGZHOU JINGKAI INVEST    5.48    07/31/22        CNY     20.00
ZHENGZHOU JINGKAI INVEST    5.48    07/31/22        CNY     20.21
ZHENGZHOU MOUZHONG DEVEL    4.59    04/18/23        CNY     40.13
ZHENGZHOU MOUZHONG DEVEL    4.59    04/18/23        CNY     40.14
ZHENJIANG DANTU DISTRICT    5.98    11/06/24        CNY     59.40
ZHENJIANG DANTU DISTRICT    5.98    11/06/24        CNY     62.02
ZHENJIANG NEW AREA URBAN    5.31    07/14/23        CNY     39.82
ZHENJIANG NEW AREA URBAN    5.31    07/14/23        CNY     40.58
ZHENRO REAL ESTATE HOLDI    5.45    09/14/24        CNY     53.15
ZHIJIANG STATE-OWNED ASS    4.78    01/11/23        CNY     19.40
ZHIJIANG STATE-OWNED ASS    4.78    01/11/23        CNY     19.90
ZHIJIANG STATE-OWNED ASS    4.38    03/28/23        CNY     39.25
ZHIJIANG STATE-OWNED ASS    4.38    03/28/23        CNY     39.82
ZHIJIANG WANYUN COMMUNIC    7.00    08/29/24        CNY     62.19
ZHONGGUANCUN DEVELOPMENT    4.20    08/12/22        CNY     20.12
ZHONGGUANCUN DEVELOPMENT    4.20    08/12/22        CNY     20.15
ZHONGSHAN TORCH DEVELOPM    5.79    03/23/24        CNY     61.78
ZHONGXIANG CITY CONSTRUC    6.50    09/01/24        CNY     62.47
ZHONGXIANG CITY CONSTRUC    6.50    09/01/24        CNY     62.47
ZHOUSHAN DINGHAI CITY CO    6.67    07/20/22        CNY     20.15
ZHOUSHAN ISLANDS NEW DIS    6.98    10/22/22        CNY     25.40
ZHOUSHAN ISLANDS NEW DIS    6.98    10/22/22        CNY     25.59
ZHOUSHAN PUTUO DISTRICT     7.18    06/20/22        CNY     25.32
ZHOUSHAN PUTUO DISTRICT     7.18    06/20/22        CNY     26.90
ZHUCHENG ECONOMIC DEVELO    5.37    07/12/24        CNY     60.14
ZHUCHENG ECONOMIC DEVELO    5.37    07/12/24        CNY     61.63
ZHUHAI HUIHUA INFRASTRUC    4.70    06/27/23        CNY     40.23
ZHUHAI HUIHUA INFRASTRUC    4.70    06/27/23        CNY     40.26
ZHUJI CITY EAST NEW TOWN    3.89    08/26/23        CNY     40.23
ZHUJI CITY YUEDU INVESTM    6.38    04/07/22        CNY     20.07
ZHUJI STATE-OWNED ASSETS    5.34    06/28/24        CNY     61.66
ZHUJI STATE-OWNED ASSETS    5.34    06/28/24        CNY     62.50
ZHUJI STATE-OWNED ASSETS    5.23    07/18/24        CNY     61.75
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     3.78    09/28/23        CNY     39.60
ZHUZHOU GECKOR GROUP CO     3.78    09/28/23        CNY     39.61
ZHUZHOU HI-TECH AUTO EXP    4.47    11/03/23        CNY     50.27
ZHUZHOU LUSONG STATE OWN    7.00    01/30/25        CNY     63.60
ZHUZHOU LVXIANG INVESTME    7.09    08/16/24        CNY     53.69
ZHUZHOU LVXIANG INVESTME    7.09    08/16/24        CNY     60.68
ZHUZHOU RAILWAY INDUSTRY    7.50    09/25/24        CNY     60.95
ZHUZHOU RECYCLING ECONOM    4.38    03/24/23        CNY     38.48
ZHUZHOU RECYCLING ECONOM    4.38    03/24/23        CNY     38.54
ZHUZHOU XIANGJIAN INVEST    6.40    08/09/24        CNY     60.00
ZHUZHOU XIANGJIAN INVEST    6.40    08/09/24        CNY     60.31
ZHUZHOU XIANGJIANG SCENI    5.39    11/25/22        CNY     19.61
ZHUZHOU XIANGJIANG SCENI    5.39    11/25/22        CNY     19.90
ZHUZHOU YUNLONG DEVELOPM    7.80    03/08/25        CNY     71.84
ZIBO BANYANG CITY URBAN     5.50    09/09/22        CNY     20.00
ZIBO BANYANG CITY URBAN     5.50    09/09/22        CNY     20.06
ZIBO BOSHAN STATE OWNED     5.63    03/29/24        CNY     60.36
ZIBO BOSHAN STATE OWNED     5.63    03/29/24        CNY     61.46
ZIBO HIGH TECH CITY INVE    5.28    08/10/24        CNY     61.81
ZIBO HIGH TECH CITY INVE    5.28    08/10/24        CNY     64.80
ZIXING CHENGCHENG INVEST    6.20    03/16/24        CNY     61.20
ZIXING CHENGCHENG INVEST    6.20    03/16/24        CNY     61.73
ZIXING CHENGCHENG INVEST    6.18    08/09/24        CNY     60.00
ZIXING CHENGCHENG INVEST    6.18    08/09/24        CNY     61.90
ZIXING CITY DEVELOPMENT     6.00    05/03/24        CNY     61.01
ZIXING CITY DEVELOPMENT     6.00    05/03/24        CNY     61.22
ZIXING CITY DEVELOPMENT     6.30    09/26/24        CNY     60.00
ZIXING CITY DEVELOPMENT     6.30    09/26/24        CNY     61.86
ZIYANG WATER INVESTMENT     3.97    03/17/23        CNY     38.74
ZIYANG WATER INVESTMENT     3.97    03/17/23        CNY     38.75
ZIZHONG COUNTY XINGZI IN    5.97    01/18/23        CNY     19.55
ZIZHONG COUNTY XINGZI IN    5.97    01/18/23        CNY     19.68
ZONGYANG INVESTMENT DEVE    5.85    04/25/24        CNY     60.00
ZONGYANG INVESTMENT DEVE    5.85    04/25/24        CNY     61.69
ZUNYI BOZHOU URBAN CONST    6.60    07/06/24        CNY     61.20
ZUNYI BOZHOU URBAN CONST    6.60    07/06/24        CNY     61.25
ZUNYI BOZHOU URBAN CONST    7.85    10/24/24        CNY     60.00
ZUNYI BOZHOU URBAN CONST    7.85    10/24/24        CNY     62.72
ZUNYI CITY XIANGJIANG IN    6.99    09/25/24        CNY     61.80
ZUNYI ECONOMIC DEVELOPME    4.87    01/22/23        CNY     18.29
ZUNYI ECONOMIC DEVELOPME    7.48    08/17/24        CNY     49.00
ZUNYI ECONOMIC DEVELOPME    7.48    08/17/24        CNY     56.41
ZUNYI HONGHUAGANG DISTRI    5.05    06/27/23        CNY     38.00
ZUNYI HONGHUAGANG DISTRI    5.05    06/27/23        CNY     39.96
ZUNYI HONGHUAGANG DISTRI    6.98    07/25/24        CNY     56.63
ZUNYI HONGHUAGANG DISTRI    6.98    07/25/24        CNY     61.55
ZUNYI NEW DISTRICT DEVEL    5.99    04/07/26        CNY     47.61
ZUNYI NEW DISTRICT DEVEL    5.99    04/07/26        CNY     50.90
ZUNYI ROAD & BRIDGE CONS    6.10    04/27/23        CNY     34.50
ZUNYI ROAD & BRIDGE CONS    6.10    04/27/23        CNY     36.70
ZUNYI TRAFFIC TRAVEL INV    7.70    09/27/27        CNY     72.52
ZUNYI TRAFFIC TRAVEL INV    7.70    09/27/27        CNY     73.90


   HONG KONG
   ---------

DR PENG HOLDING HONGKONG    7.55    12/01/22        USD     45.98
HAINAN AIRLINES HONG KON   12.00    10/29/21        USD     30.00
HNA GROUP INTERNATIONAL     6.25    10/05/21        USD     17.30
YANGO JUSTICE INTERNATIO    5.30    01/11/22        USD     18.03
YANGO JUSTICE INTERNATIO   10.25    03/18/22        USD     17.89
YANGO JUSTICE INTERNATIO   10.25    09/15/22        USD     18.06
YANGO JUSTICE INTERNATIO   10.00    02/12/23        USD     17.12
YANGO JUSTICE INTERNATIO    9.25    04/15/23        USD     19.50
YANGO JUSTICE INTERNATIO    8.25    11/25/23        USD     19.50
YANGO JUSTICE INTERNATIO    7.50    04/15/24        USD     17.10
YANGO JUSTICE INTERNATIO    7.88    09/04/24        USD     17.08
YANGO JUSTICE INTERNATIO    7.50    02/17/25        USD     16.38


   INDONESIA
   ---------

BERAU COAL ENERGY TBK PT    2.00    10/15/28        USD     24.23
BERAU COAL ENERGY TBK PT    2.00    10/15/28        USD     24.23
DELTA MERLIN DUNIA TEKST    2.50    06/26/28        USD     19.64
SRI REJEKI ISMAN TBK PT     7.25    01/16/25        USD     11.14
SRI REJEKI ISMAN TBK PT     7.25    01/16/25        USD     12.13


   INDIA
   -----

ACME MEDAK SOLAR ENERGY     0.01    08/29/46        INR     15.25
ACME RANGA REDDY SOLAR P    0.01    08/31/46        INR     15.17
AMPSOLAR SOLUTION PVT LT    0.01    10/27/37        INR     30.00
AMPSOLAR SOLUTION PVT LT    0.01    11/03/37        INR     29.95
AMTEK AUTO LTD              0.10    12/07/28        INR     57.29
APG HABITAT PVT LTD         1.00    09/09/28        INR     66.04
APG INTELLI HOMES PVT LT    1.25    02/04/35        INR     46.59
APG INTELLI HOMES PVT LT    1.25    02/04/35        INR     47.45
ASSETS CARE & RECONSTRUC    1.00    03/30/29        INR     65.37
ASSETS CARE & RECONSTRUC    2.00    03/30/29        INR     70.88
ASSETS CARE & RECONSTRUC    2.00    03/30/29        INR     70.88
ASSETS CARE & RECONSTRUC    2.00    03/31/30        INR     67.29
AUTOMOTIVE EXCHANGE PVT     4.00    06/01/30        INR     64.14
AUTOMOTIVE EXCHANGE PVT     4.00    10/11/30        INR     63.73
BODY CUPID PVT LTD          0.01    03/31/31        INR     50.52
BREEZE CONSTRUCTIONS PVT    0.01    06/29/30        INR     50.83
BRITANNIA INDUSTRIES LTD    8.00    08/28/22        INR     30.45
BRITANNIA INDUSTRIES LTD    5.50    06/03/24        INR     29.07
BROIL SOLAR ENERGY PVT L    0.01    09/05/31        INR     48.21
CHANDRAJYOTI ESTATE DEVE    0.01    07/06/30        INR     52.25
CONVERGIA DIGITAL EDUCAT    0.10    09/29/31        INR     56.05
CUMULUS TRADING CO PVT L    0.01    01/23/30        INR     69.94
CUMULUS TRADING CO PVT L    0.01    05/21/32        INR     44.17
DLF ASPINWAL HOTELS PVT     0.01    10/15/30        INR     48.75
DLF EMPORIO RESTAURANTS     0.01    06/29/30        INR     52.60
DLF EMPORIO RESTAURANTS     0.01    08/12/30        INR     52.10
DLF HOME DEVELOPERS LTD     0.01    06/29/30        INR     55.26
DLF HOMES PANCHKULA PVT     0.01    06/29/30        INR     50.96
DLF HOMES SERVICES PVT L    0.01    06/29/30        INR     50.83
DLF LANDS INDIA PVT LTD     0.01    09/29/31        INR     47.20
DLF MIDTOWN PVT LTD         0.01    12/11/27        INR     66.04
DLF REAL ESTATE BUILDERS    0.01    06/23/30        INR     52.30
DLF RECREATIONAL FOUNDAT    0.01    10/15/30        INR     48.76
DLF RESIDENTIAL BUILDERS    0.01    06/23/30        INR     51.08
DLF RESIDENTIAL DEVELOPE    0.01    06/28/30        INR     52.31
DLF SOUTHERN TOWNS PVT L    0.01    07/09/30        INR     52.44
DLF URBAN PVT LTD           0.01    12/11/27        INR     66.04
DOMUS REAL ESTATE PVT LT    0.01    07/11/30        INR     52.37
ECAP EQUITIES LTD           0.01    03/26/31        INR     51.43
EDEL LAND LTD               0.01    03/22/26        INR     73.97
EDELWEISS ASSET RECONSTR    2.00    11/20/27        INR     74.92
EDELWEISS ASSET RECONSTR    2.00    10/07/28        INR     71.23
EDELWEISS ASSET RECONSTR    2.00    01/15/29        INR     70.12
EDELWEISS ASSET RECONSTR    2.00    03/28/29        INR     69.36
EDELWEISS ASSET RECONSTR    2.00    07/22/29        INR     68.17
EDELWEISS RURAL & CORPOR    0.01    03/25/31        INR     52.26
ELP SOLAR ONE PVT LTD       0.25    02/27/31        INR     51.23
ESSAR POWER TRANSMISSION    3.00    03/31/43        INR     47.89
ESSAR POWER TRANSMISSION    3.00    03/31/43        INR     47.89
FUTURE RETAIL LTD           5.60    01/22/25        USD     57.25
FUTURE RETAIL LTD           5.60    01/22/25        USD     59.88
GAMMA GAANA LTD             0.01    07/31/31        INR     48.26
GREEN URJA PVT LTD          0.01    02/14/30        INR     54.30
GTL INFRASTRUCTURE LTD      6.73    10/26/22        USD      9.88
HCL INFOTECH LTD            0.10    03/31/36        INR     34.54
HITODI INFRASTRUCTURE LT    0.01    06/30/27        INR     65.64
JAIPRAKASH ASSOCIATES LT    5.75    09/08/17        USD     55.13
JAIPRAKASH POWER VENTURE    7.00    05/15/17        USD      6.04
JCT LTD                     2.50    04/08/11        USD     25.75
JSM CORP PVT LTD            0.01    08/31/36        INR     32.25
JTPM ATSALI LTD             0.01    08/29/48        INR     13.57
JUNO MONETA TECHNOLOGIES    0.01    05/18/26        INR     74.18
KANAKADURGA FINANCE LTD     0.01    04/15/36        INR     31.06
KUSHALS RETAIL PVT LTD      1.00    05/13/29        INR     63.64
L&T FINANCE LTD             6.25    12/03/24        INR     71.42
LITMUS WORLD MARKETING T    0.01    03/31/28        INR     68.32
MARIS POWER SUPPLY CO PV    2.00    04/18/28        INR     74.05
MELOSA BUILDERS & DEVELO    0.01    06/29/30        INR     50.83
MENS BUILDCON PVT LTD       0.01    06/29/30        INR     50.83
METALITE FUEL INDUSTRIES    0.01    03/31/35        INR     37.14
MYTRAH AADHYA POWER PVT     0.01    07/05/35        INR     35.87
MYTRAH ADVAITH POWER PVT    0.01    07/13/36        INR     33.10
MYTRAH AKSHAYA ENERGY PV    0.01    07/13/36        INR     33.10
NANI VIRANI WIND ENERGY     2.00    06/30/39        INR     45.62
NEEMUCH SOLAR POWER PVT     0.01    08/29/46        INR     15.25
NHAVA SHEVA INTERNATIONA    0.01    04/14/27        INR     69.16
ORIGAMI CELLULO PVT LTD     0.01    11/14/36        INR     31.85
PALIWAL REAL ESTATE LTD     0.01    09/09/31        INR     46.91
PIRAMAL CAPITAL & HOUSIN    8.50    04/18/23        INR     34.23
PRAKASH INDUSTRIES LTD      5.25    04/30/15        USD     22.63
PRUDENT ARC LTD             0.01    09/02/31        INR     47.49
PRUDENT ARC LTD             0.01    10/04/31        INR     45.80
PUNJAB INFRASTRUCTURE DE    0.40    10/15/27        INR     70.52
PUNJAB INFRASTRUCTURE DE    0.40    10/15/28        INR     65.43
PUNJAB INFRASTRUCTURE DE    0.40    10/15/29        INR     60.65
PUNJAB INFRASTRUCTURE DE    0.40    10/15/30        INR     56.18
PUNJAB INFRASTRUCTURE DE    0.40    10/15/31        INR     52.04
PUNJAB INFRASTRUCTURE DE    0.40    10/15/32        INR     48.25
PUNJAB INFRASTRUCTURE DE    0.40    10/15/33        INR     44.80
PURVANCHAL SOLAR POWER P    0.01    08/29/46        INR     15.25
PYRAMID SAIMIRA THEATRE     1.75    07/04/12        USD      0.26
R L FINE CHEM PVT LTD       0.10    08/19/36        INR     32.75
RAMANI ICECREAM CO LTD      0.01    12/29/35        INR     35.13
REDKITE CAPITAL PVT LTD     2.50    03/30/29        INR     72.87
REI AGRO LTD                5.50    11/13/14        USD      0.69
REI AGRO LTD                5.50    11/13/14        USD      0.69
RELIANCE COMMUNICATIONS     6.50    11/06/20        USD      8.04
REWANCHAL SOLAR POWER PV    0.01    08/29/46        INR     15.25
RIVERIA COMMERCIAL DEVEL    0.01    07/08/31        INR     46.32
RMZ ONE PARAMOUNT PVT LT    0.10    03/24/29        INR     58.84
SAKET HOLIDAYS RESORTS P    0.01    06/29/30        INR     52.06
SANJWIN CONSULTING SOLUT    0.01    06/01/28        INR     61.13
SHERISHA ROOFTOP SOLAR S    0.01    08/12/31        INR     45.42
SHIVAJI MARG MAINTENANCE    0.01    06/28/30        INR     51.21
SINTEX INDUSTRIES LTD       3.50    05/25/22        USD     26.24
STPL HORTICULTURE PVT LT    0.01    03/31/31        INR     58.11
SUNWORLD SOLAR POWER PVT    0.01    08/31/46        INR     15.17
SURBHI INVESTMENTS & TRA    2.50    10/21/28        INR     73.74
SUTARA ROADS & INFRA LTD    0.01    08/31/30        INR     58.54
SUZLON ENERGY LTD           5.75    07/16/19        USD     23.63
SUZLON ENERGY LTD           5.75    07/16/19        USD     23.63
SVOGL OIL GAS & ENERGY L    5.00    08/17/15        USD      0.61
TATA SMARTFOODZ LTD         0.01    04/18/26        INR     74.48
TATA SMARTFOODZ LTD         0.01    06/28/26        INR     73.27
TATA SMARTFOODZ LTD         0.01    08/19/26        INR     72.38
TN URJA PVT LTD             0.10    02/22/36        INR     34.80


   JAPAN
   -----

AVANSTRATE INC              0.20    10/29/32        JPY      9.75
HIS CO LTD                  0.58    02/19/27        JPY     65.06
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       0.52    05/27/22        JPY     60.00
UNIZO HOLDINGS CO LTD       0.75    11/28/22        JPY     55.06
UNIZO HOLDINGS CO LTD       0.85    05/26/23        JPY     42.43
UNIZO HOLDINGS CO LTD       0.80    11/29/23        JPY     37.62
UNIZO HOLDINGS CO LTD       0.89    05/29/24        JPY     34.38
UNIZO HOLDINGS CO LTD       1.10    11/28/24        JPY     32.96
UNIZO HOLDINGS CO LTD       0.99    11/27/26        JPY     30.00
UNIZO HOLDINGS CO LTD       1.20    05/28/27        JPY     23.55
UNIZO HOLDINGS CO LTD       1.50    11/26/27        JPY     24.20
WATSUN INFRABUILD PVT LT    4.00    10/16/37        INR     62.22
YBRANT ENGINEERING & CON    0.01    05/07/31        INR     50.03


  MALAYSIA
  --------

ASIAN PAC HOLDINGS BHD      3.00    05/25/22        MYR      0.59
BERJAYA CORP BHD            5.00    04/22/22        MYR      0.27
BERJAYA CORP BHD            2.00    05/29/26        MYR      0.26
CAPITAL A BHD               8.00    12/29/28        MYR      0.68
ELK-DESA RESOURCES BHD      3.25    04/14/22        MYR      1.08
HUME CEMENT INDUSTRIES B    5.00    05/29/24        MYR      1.42
MALAYAN FLOUR MILLS BHD     5.00    01/24/24        MYR      1.21
PENGURUSAN AIR SPV BHD      1.00    09/28/35        MYR     64.72
PENGURUSAN AIR SPV BHD      1.00    11/05/35        MYR     64.44
PENGURUSAN AIR SPV BHD      1.00    02/05/36        MYR     64.58
PENGURUSAN AIR SPV BHD      1.00    11/11/36        MYR     62.07
PMB TECHNOLOGY BHD          3.00    07/12/23        MYR     19.30
SCANWOLF CORP BHD           3.00    08/04/26        MYR      0.31
SD INTERNATIONAL SUKUK I    7.00    03/12/25        USD      9.17
SD INTERNATIONAL SUKUK L    6.30    05/09/22        USD      9.89
YB VENTURES BHD             0.10    09/05/26        MYR      0.06


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICATIONS   15.00    07/15/06        USD     17.28


   SINGAPORE
   ---------

APL REALTY HOLDINGS PTE     5.95    06/02/24        USD     57.57
ASL MARINE HOLDINGS LTD     3.00    03/28/25        SGD     41.51
ASL MARINE HOLDINGS LTD     3.00    10/01/26        SGD     41.50
BAKRIE TELECOM PTE LTD     11.50    05/07/15        USD      0.60
BAKRIE TELECOM PTE LTD     11.50    05/07/15        USD      0.60
BANYAN TREE HOLDINGS LTD    7.50    08/06/22        SGD      1.21
BLD INVESTMENTS PTE LTD     8.63    03/23/15        USD      6.75
DAVOMAS INTERNATIONAL FI   11.00    05/09/11        USD      0.62
DAVOMAS INTERNATIONAL FI   11.00    05/09/11        USD      0.62
DAVOMAS INTERNATIONAL FI   11.00    12/08/14        USD      0.57
DAVOMAS INTERNATIONAL FI   11.00    12/08/14        USD      0.57
ENERCOAL RESOURCES PTE L    9.25    08/05/14        USD     45.75
ETERNA CAPITAL PTE LTD      8.00    12/11/22        USD     43.43
EZRA HOLDINGS LTD           4.88    04/24/18        SGD      5.00
GOLDEN LEGACY PTE LTD       6.88    03/27/24        USD     13.85
GOLDEN LEGACY PTE LTD       6.88    03/27/24        USD     16.45
INDO INFRASTRUCTURE GROU    2.00    07/30/10        USD      1.00
INNOVATE CAPITAL PTE LTD    6.00    12/11/24        USD     36.17
ITNL OFFSHORE PTE LTD       7.50    01/18/21        CNY     15.00
JGC VENTURES PTE LTD        3.00    06/30/25        USD     52.02
MICLYN EXPRESS OFFSHORE     8.75    11/25/18        USD      0.61
MODERNLAND OVERSEAS PTE     3.00    04/30/27        USD     45.61
MULHACEN PTE LTD            6.50    08/01/23        EUR     51.60
MULHACEN PTE LTD            6.50    08/01/23        EUR     51.67
NT RIG HOLDCO PTE LTD       7.50    12/31/23        USD     11.53
ORO NEGRO DRILLING PTE L    7.50    01/24/19        USD      2.23
PACIFIC RADIANCE LTD        4.30    03/31/20        SGD     10.00
RICKMERS MARITIME           8.45    05/15/17        SGD      5.00
SSMS PLANTATION HOLDINGS    7.75    01/23/23        USD     65.78
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         5.55    10/10/16        SGD     12.25
SWIBER HOLDINGS LTD         7.13    04/18/17        SGD      6.13
SWIBER HOLDINGS LTD         7.75    09/18/17        CNY      6.13


   SOUTH KOREA
   -----------

FIRST 5G SECURITIZATION     1.71    02/28/25        KRW     27.06
FIRST 5G SECURITIZATION     1.89    11/28/25        KRW     27.42
HEUNGKUK FIRE & MARINE I    5.70    12/29/46        KRW     44.50
KIBO ABS SPECIALTY CO LT    5.00    02/24/23        KRW     73.02
KIBO ABS SPECIALTY CO LT    5.00    02/24/23        KRW     73.89
KIBO ABS SPECIALTY CO LT    5.00    02/09/24        KRW     74.19
KIBO ABS SPECIALTY CO LT    5.00    02/24/24        KRW     70.98
KOREA EAST-WEST POWER CO    1.42    10/07/49        KRW     70.38
KOREA EXPRESSWAY CORP       1.32    08/22/49        KRW     72.36
KOREA HYDRO & NUCLEAR PO    1.58    10/16/49        KRW     74.98
KOREA LAND & HOUSING COR    1.28    08/23/49        KRW     71.36
KOREA MIDLAND POWER CO L    1.53    02/25/50        KRW     72.27
KOREA RAIL NETWORK AUTHO    1.46    09/27/49        KRW     74.86
KOREA RAILROAD CORP         1.44    07/26/49        KRW     73.90
KOREA RAILROAD CORP         1.31    08/29/49        KRW     71.98
KOREA RAILROAD CORP         1.47    09/19/49        KRW     74.94
KOREA SOUTH-EAST POWER C    1.65    06/11/50        KRW     74.29
KOREA SOUTHERN POWER CO     1.29    08/13/49        KRW     67.82
KOREA SOUTHERN POWER CO     1.63    12/19/49        KRW     74.23
KOREA SOUTHERN POWER CO     1.68    06/25/50        KRW     74.84
KOREA TREASURY BOND         1.50    09/10/66        KRW     71.29
KOREA TREASURY BOND         1.63    09/10/70        KRW     73.66
KOREA WATER RESOURCES CO    3.40    05/28/40        KRW     53.88
KOREA WESTERN POWER CO L    1.62    05/28/50        KRW     73.77
KOREA WESTERN POWER CO L    1.68    08/27/50        KRW     74.88
LOTTE CARD CO LTD           3.95    06/28/49        KRW     41.03
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 SPE    5.00    02/23/22        KRW     70.71
SINBO SECURITIZATION SPE    5.00    06/27/22        KRW     64.86
SINBO SECURITIZATION SPE    5.00    07/24/22        KRW     64.06
SINBO SECURITIZATION SPE    5.00    07/26/22        KRW     64.03
SINBO SECURITIZATION SPE    5.00    08/29/22        KRW     64.16
SINBO SECURITIZATION SPE    5.00    08/31/22        KRW     64.26
SINBO SECURITIZATION SPE    5.00    09/26/22        KRW     63.21
SINBO SECURITIZATION SPE    5.00    12/25/22        KRW     72.83
SINBO SECURITIZATION SPE    5.00    01/25/23        KRW     61.75
SINBO SECURITIZATION SPE    5.00    01/29/23        KRW     72.56
SINBO SECURITIZATION SPE    5.00    06/27/23        KRW     65.55
SINBO SECURITIZATION SPE    5.00    06/30/23        KRW     65.53
SINBO SECURITIZATION SPE    5.00    07/24/23        KRW     65.37
SINBO SECURITIZATION SPE    5.00    07/29/23        KRW     65.35
SINBO SECURITIZATION SPE    5.00    08/29/23        KRW     66.34
SINBO SECURITIZATION SPE    5.00    08/29/23        KRW     66.34
SINBO SECURITIZATION SPE    5.00    09/26/23        KRW     66.02
SINBO SECURITIZATION SPE    5.00    09/26/23        KRW     66.02
SINBO SECURITIZATION SPE    5.00    09/26/23        KRW     66.02
SINBO SECURITIZATION SPE    5.00    09/29/23        KRW     65.99
SINBO SECURITIZATION SPE    5.00    10/24/23        KRW     65.67
SINBO SECURITIZATION SPE    5.00    10/24/23        KRW     65.67
SINBO SECURITIZATION SPE    3.00    11/21/23        KRW     63.61
SINBO SECURITIZATION SPE    5.00    11/21/23        KRW     66.59
SINBO SECURITIZATION SPE    4.00    12/25/23        KRW     64.65
SINBO SECURITIZATION SPE    4.00    12/25/23        KRW     64.65
SINBO SECURITIZATION SPE    5.00    12/25/23        KRW     73.05
SINBO SECURITIZATION SPE    5.00    12/29/23        KRW     69.77
SINBO SECURITIZATION SPE    3.00    01/29/24        KRW     68.70
SINBO SECURITIZATION SPE    4.00    01/29/24        KRW     70.73
SINBO SECURITIZATION SPE    4.00    01/29/24        KRW     70.73
SINBO SECURITIZATION SPE    5.00    01/29/24        KRW     74.26
SINBO SECURITIZATION SPE    5.00    02/27/24        KRW     66.73
SINBO SECURITIZATION SPE    5.00    02/29/24        KRW     74.25
SINBO SECURITIZATION SPE    4.00    04/15/24        KRW     65.06
SINBO SECURITIZATION SPE    4.00    06/30/24        KRW     65.73
SINBO SECURITIZATION SPE    4.00    06/30/24        KRW     65.73
SINBO SECURITIZATION SPE    5.00    06/30/24        KRW     67.55
SINBO SECURITIZATION SPE    4.00    07/29/24        KRW     65.51
SINBO SECURITIZATION SPE    5.00    07/29/24        KRW     67.30
SINBO SECURITIZATION SPE    5.00    07/29/24        KRW     67.30
SINBO SECURITIZATION SPE    4.00    08/28/24        KRW     66.25
SINBO SECURITIZATION SPE    4.00    08/28/24        KRW     66.25
SINBO SECURITIZATION SPE    5.00    08/28/24        KRW     68.26
SINBO SECURITIZATION SPE    4.00    09/29/24        KRW     65.96
SINBO SECURITIZATION SPE    4.00    09/29/24        KRW     65.96
SINBO SECURITIZATION SPE    5.00    09/29/24        KRW     67.95
SINBO SECURITIZATION SPE    4.00    11/27/24        KRW     68.94
SINBO SECURITIZATION SPE    4.00    11/27/24        KRW     68.94
SINBO SECURITIZATION SPE    5.00    11/27/24        KRW     71.05
SINBO SECURITIZATION SPE    5.00    11/27/24        KRW     71.05
SINBO SECURITIZATION SPE    4.00    12/29/24        KRW     74.84
SINBO SECURITIZATION SPE    4.00    12/29/24        KRW     74.84
SINBO SECURITIZATION SPE    4.00    01/29/25        KRW     74.66
SINBO SECURITIZATION SPE    4.00    02/28/25        KRW     74.56
SK TELECOM CO LTD           1.56    07/29/49        KRW     73.88


  SRI LANKA
  ---------

SRI LANKA DEVELOPMENT BO    4.86    03/16/23        USD     72.81
SRI LANKA DEVELOPMENT BO    6.62    03/16/23        USD     74.47
SRI LANKA DEVELOPMENT BO    4.73    05/01/23        USD     70.48
SRI LANKA DEVELOPMENT BO    4.77    05/01/23        USD     70.52
SRI LANKA DEVELOPMENT BO    5.66    05/01/23        USD     71.34
SRI LANKA DEVELOPMENT BO    6.69    05/01/23        USD     72.27
SRI LANKA DEVELOPMENT BO    6.70    05/01/23        USD     72.28
SRI LANKA DEVELOPMENT BO    6.71    05/01/23        USD     72.29
SRI LANKA DEVELOPMENT BO    7.65    05/01/23        USD     73.13
SRI LANKA DEVELOPMENT BO    7.75    05/01/23        USD     73.22
SRI LANKA DEVELOPMENT BO    7.95    05/01/24        USD     60.54
SRI LANKA DEVELOPMENT BO    7.98    05/01/24        USD     60.59
SRI LANKA DEVELOPMENT BO    7.99    05/01/24        USD     60.60
SRI LANKA DEVELOPMENT BO    8.00    05/01/24        USD     60.74
SRI LANKA DEVELOPMENT BO    5.98    01/22/25        USD     51.71
SRI LANKA DEVELOPMENT BO    6.02    01/22/25        USD     51.78
SRI LANKA DEVELOPMENT BO    6.05    01/22/25        USD     51.83
SRI LANKA DEVELOPMENT BO    5.41    01/22/25        USD     52.24
SRI LANKA DEVELOPMENT BO    6.50    01/22/25        USD     52.62
SRI LANKA DEVELOPMENT BO    6.75    01/22/25        USD     53.06
SRI LANKA DEVELOPMENT BO    6.80    01/22/25        USD     53.15
SRI LANKA DEVELOPMENT BO    6.82    01/22/25        USD     53.18
SRI LANKA DEVELOPMENT BO    6.87    01/22/25        USD     53.27
SRI LANKA DEVELOPMENT BO    6.99    01/22/25        USD     53.48
SRI LANKA DEVELOPMENT BO    7.68    01/22/25        USD     54.69
SRI LANKA DEVELOPMENT BO    7.82    01/22/25        USD     54.93
SRI LANKA DEVELOPMENT BO    7.60    07/30/26        USD     48.73
SRI LANKA DEVELOPMENT BO    8.00    07/30/26        USD     49.64
SRI LANKA GOVERNMENT INT    5.75    04/18/23        USD     52.69
SRI LANKA GOVERNMENT INT    5.75    04/18/23        USD     52.88
SRI LANKA GOVERNMENT INT    6.85    03/14/24        USD     51.49
SRI LANKA GOVERNMENT INT    6.85    03/14/24        USD     51.58
SRI LANKA GOVERNMENT INT    6.35    06/28/24        USD     51.47
SRI LANKA GOVERNMENT INT    6.35    06/28/24        USD     51.61
SRI LANKA GOVERNMENT INT    6.13    06/03/25        USD     51.81
SRI LANKA GOVERNMENT INT    6.13    06/03/25        USD     51.83
SRI LANKA GOVERNMENT INT    6.85    11/03/25        USD     51.59
SRI LANKA GOVERNMENT INT    6.85    11/03/25        USD     51.60
SRI LANKA GOVERNMENT INT    6.83    07/18/26        USD     49.36
SRI LANKA GOVERNMENT INT    6.83    07/18/26        USD     49.43
SRI LANKA GOVERNMENT INT    6.20    05/11/27        USD     47.64
SRI LANKA GOVERNMENT INT    6.20    05/11/27        USD     47.64
SRI LANKA GOVERNMENT INT    6.75    04/18/28        USD     47.61
SRI LANKA GOVERNMENT INT    6.75    04/18/28        USD     47.65
SRI LANKA GOVERNMENT INT    7.85    03/14/29        USD     47.56
SRI LANKA GOVERNMENT INT    7.85    03/14/29        USD     47.61
SRI LANKA GOVERNMENT INT    7.55    03/28/30        USD     47.63
SRI LANKA GOVERNMENT INT    7.55    03/28/30        USD     47.63
SRILANKAN AIRLINES LTD      7.00    06/25/24        USD     52.86


   THAILAND
   --------

G STEEL PCL                 3.00    10/04/15        USD      0.80
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 2022.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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