/raid1/www/Hosts/bankrupt/TCRAP_Public/220531.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, May 31, 2022, Vol. 25, No. 102

                           Headlines



A U S T R A L I A

CAPITAL FORM: First Creditors' Meeting Set for June 7
KHALED EL-SHEIKH: First Creditors' Meeting Set for June 3
MASTER ELECTRICAL: First Creditors' Meeting Set for June 8
SEND APP: Second Creditors' Meeting Set for June 7
TRISTAR MEDICAL: First Creditors' Meeting Set for June 3



C H I N A

CHINA EVERGRANDE: Mulls Staggered Payments for US$19BB Bonds
DALIAN WANDA: Fitch Affirms 'BB+' Foreign Currency IDR
FANTASIA HOLDINGS: Faces Wind-Up Petition in Cayman Islands
GREENLAND HOLDINGS: Asks for More Time to Pay Back Bonds
ZHIHU INC: Net Loss Widens to US$92MM in First Quarter



I N D I A

ANINDYA INFRATECH: Insolvency Resolution Process Case Summary
BRAHMANAND HIMGHAR: CRISIL Keeps B+ Rating in Not Cooperating
DRISH SHOES: CRISIL Lowers Long Term/Short Term Rating to D
EPARIS JEWELLERS: CRISIL Keeps B Debt Rating in Not Cooperating
GANGA KNIT: CRISIL Keeps D Debt Rating in Not Cooperating

GARG HEART: CRISIL Withdraws B+ Rating on INR60cr LT Loan
GNI INFRASTRUCTURE: CRISIL Keeps B+ Rating in Not Cooperating
GP PRAJAPATI: CRISIL Reaffirms B+ Rating on INR7cr Cash Loan
HANUMAN TRUST: CRISIL Lowers Rating on INR59.5cr Loan to B-
HORIZON POLYMERS: CRISIL Keeps B- Debt Rating in Not Cooperating

INNOVATIVE TYRES: CRISIL Withdraws D Rating on INR15cr Cash Loan
K.C. INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
KISHORI INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
KURUVITHADAM AGENCIES: CRISIL Keeps B+ Ratings in Not Cooperating
LALCHAND MANGALDAS: CRISIL Cuts Rating on INR16.03cr Loan to B

MACHO ENGINEERING: CRISIL Cuts Rating on INR5cr Loan to B
MOTHER POULTRY: CRISIL Moves C Debt Rating to Not Cooperating
MUMBAI INT'L AIRPORT: Fitch Gives BB+ Rating on USD750MM Notes
NYKA STEELS: CRISIL Keeps LT/ST Debt Ratings in Not Cooperating
PURVI BHARAT: CRISIL Keeps B Debt Rating in Not Cooperating

QULUX TILES: CRISIL Keeps D Debt Ratings in Not Cooperating
RAGHAV INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
SKS INDIA: CRISIL Withdraws B Rating on INR20cr Secured Loan
SURENDRA MULTISPECIALITY: CRISIL Ups Rating on INR20cr Loan to B-
VIDYAPATI COLD: CRISIL Moves B+ Debt Ratings to Not Cooperating



I N D O N E S I A

INDIKA ENERGY: Fitch Alters Outlook on 'BB-' IDRs to Stable
NICKEL MINES: Fitch Alters Outlook on 'B+' IDR to Negative


N E W   Z E A L A N D

ALPHA FACADE: Court to Hear Wind-Up Petition on June 10
ELITE AUTOMOTIVE: Court to Hear Wind-Up Petition on June 10
INNER MONGOLIA RIDER: Grant Thornton Appointed as Receivers
JA PAVING: Creditors' Proofs of Debt Due on July 1
MELODIA LIMITED: Creditors' Proofs of Debt Due on June 28

NEW ZEALAND MEDICAL: Journal Publisher Enters Liquidation
[*] NEW ZEALAND: 92 Building Companies Liquidated This Year


S I N G A P O R E

ACE ALLY: Creditors' Proofs of Debt Due on June 27
ASTI HOLDINGS: Seeks 2nd Time Extension for AGM
GEM BUILD: Court to Hear Wind-Up Petition on June 24
MANACOR DEV: Creditors' Proofs of Debt Due on June 27
MEDCO ENERGI: Fitch Affirms 'B+' LT IDR, Outlook Positive

NGC PRODUCTIONS: Creditors' Proofs of Debt Due on June 27
ORANGE CARZ: Court Enters Wind-Up Order


S R I   L A N K A

SRI LANKA: S&P Affirms 'SD/SD' Foreign Currency Sovereign Ratings
SRILANKAN AIRLINES: Fitch Affirms 'C' Rating on USD175MM Bonds


V I E T N A M

SHINHAN BANK: S&P Raises LT ICR to 'BB+' After Sovereign Upgrade
VIETCOMBANK: S&P Raises Ratings to 'BB/B' Following Vietnam Upgrade


X X X X X X X X

[*] BOND PRICING: For the Week May 23, 2022 to May 27, 2022

                           - - - - -


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

CAPITAL FORM: First Creditors' Meeting Set for June 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Capital Form
Pty Limited will be held on June 7, 2022, at 11:00 a.m. at Level 9,
66 Clarence Street, in Sydney, NSW.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
Capital Form on May 26, 2022.


KHALED EL-SHEIKH: First Creditors' Meeting Set for June 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Khaled
El-Sheikh Pty Ltd, trading as Tristar Medical Group, will be held
on June 3, 2022, at 2:30 p.m. via virtual technology.

Matthew Caddy and Keith Crawford of McGrathNicol were appointed as
administrators of Khaled El-Sheikh on May 24, 2022.


MASTER ELECTRICAL: First Creditors' Meeting Set for June 8
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Master
Electrical (Aust) Pty Ltd will be held on June 8, 2022, at 3:00
p.m. via teleconference.

Mohammad Najjar of Chifley Advisory Pty Ltd was appointed as
administrator of Master Electrical on May 27, 2022.


SEND APP: Second Creditors' Meeting Set for June 7
--------------------------------------------------
A second meeting of creditors in the proceedings of Send App Pty
Ltd has been set for June 7, 2022, at 2:30 p.m. via Zoom.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 6, 2022, at 5:00 p.m.

Matthew Kucianski and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Send App on May 3,
2022.


TRISTAR MEDICAL: First Creditors' Meeting Set for June 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Tristar
Medical Group Pty Ltd, Tristar Property Holdings Pty Ltd and
El-Sheikh Family Holdings Pty, will be held on June 3, 2022, at
10:00 a.m. via virtual technology.

Matthew Caddy and Keith Crawford of McGrathNicol were appointed as
administrators of Tristar Medical et al. on May 24, 2022.




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

CHINA EVERGRANDE: Mulls Staggered Payments for US$19BB Bonds
------------------------------------------------------------
Reuters reports that China Evergrande Group is considering repaying
offshore public bondholders owed around US$19 billion with cash
instalments and equity in two of its Hong Kong-listed units, two
sources said, as the world's most indebted developer looks to
emerge from its financial woes.

Evergrande, whose entire US$22.7 billion worth of offshore debt
including loans and private bonds is deemed to be in default after
missing payment obligations late last year, said in March that it
will unveil a preliminary debt restructuring proposal by the end of
July, Reuters relates.

As part of the proposal, Evergrande is looking to repay offshore
creditors the principal and interest by turning them into new
bonds, which will then be repaid in instalments over a period of 7
to 10 years, said one of the sources.

Offshore creditors also will be allowed to swap a portion of their
debt into stakes in the developer's Hong Kong-listed property
services unit, Evergrande Property Services Group, and electric
vehicle maker China Evergrande New Energy Vehicle Group, said the
two sources, Reuters relays.

According to Reuters, the first source said up to 20% of the
offshore debt can be swapped into equities of those two units. The
restructuring proposals are, however, at an early stage and are
subject to change, the source added.

Evergrande, once China's top-selling developer, set up a risk
management committee in December made up mostly of members from
state enterprises, as the Guangdong provincial government is
leading the restructuring, the report recalls.

Evergrande and the Guangdong provincial government did not respond
to Reuters request for comment. Investment bank Moelis & Co and law
firm Kirkland & Ellis, advisers to a group of Evergrande offshore
bondholders, also did not respond.

Reuters says Evergrande is reeling under more than US$300 billion
in liabilities and has become the poster child of the country's
property sector crisis as it lurched from one missed payment
deadline to another last year.

The developer's woes quickly led to a wave of defaults in China's
property sector, a key pillar for the world's second-largest
economy, rattling investors and leading to a slump in home sales
and firms struggling to access funding.

While state intervention has quelled market concern over a
disorderly collapse of Evergrande, which has also struggled to
repay suppliers and complete projects and homes, investors are
still in the dark over whether they will recoup their money,
Reuters notes.

Evergrande, which began talks with offshore bondholders earlier
this year about the restructuring proposal, aims to finalise the
plan by July and sign the agreements with investors by December,
said the first source, according to Reuters.

"(Evergrande) Chairman Hui Ka Yan hopes the bondholders will accept
the proposal, as there are not many assets offshore that can be
sold immediately to pay off the debts," said the source.

It is not immediately clear how Evergrande will be able to secure
sufficient cash to implement the cash repayment plan. The company
saw contracted sales plunged by 39% in 2021 from the previous
year.

Reuters relates that two offshore Evergrande bondholders said they
were more inclined to pick the debt-to-equity swap option, as they
don't hold high hopes that the developer will be able to make full
repayment in cash even within a promised extended timetable.

Most Evergrande dollar bonds had fallen below 10 US cents on the
dollar as of May 27, Reuters discloses. One of the bondholders said
that most creditors, particularly the hedge funds, may prefer
taking a haircut for the swap than go for extended notes.

"The distressed funds . . . they just want out," said the
bondholder, adding the views were very split in the creditors group
and no consensus has been reached yet.

Shares of Evergrande Property Services and Evergrande New Energy
Vehicle, as well as the parent, have been suspended for roughly two
months, the report notes.  None of them have yet filed their
financial results for 2021 because audit work had not been
completed.

The property management unit is also under an internal probe since
March to find out how banks seized its CNY13.4 billion in deposits
that had been pledged as security for third party guarantees, adds
Reuters.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021.  Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.

Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2021, S&P Global Ratings lowered the issuer credit ratings
on China Evergrande Group and Tianji Holding Ltd. to 'SD' from
'CC'.  S&P also lowered the issuer rating on Tianji's bonds due
2022 and 2023 to 'D' from 'C'.  S&P subsequently withdrew all its
ratings on Evergrande, its subsidiary Hengda Real Estate Group Co.
Ltd., and Tianji, at the group's request.

The TCR-AP also reported that Fitch Ratings has downgraded to 'RD'
(Restricted Default), from 'C', the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of China Evergrande Group and its
subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding
Limited. Fitch has affirmed the senior unsecured ratings of
Evergrande and Tianji at 'C', with a Recovery Rating of 'RR6', as
well as the Tianji-guaranteed senior unsecured notes issued by
Scenery Journey Limited at 'C', with a Recovery Rating of 'RR6'.

The downgrades reflect the non-payment of coupons due Nov. 6, 2021
for Tianji's USD645 million 13% bonds and USD590 million 13.75%
bonds after the grace period lapsed on December 6. The non-payment
is consistent with an 'RD' rating, signifying the uncured expiry of
any applicable grace period, cure period or default forbearance
period following a payment default on a material financial
obligation.


DALIAN WANDA: Fitch Affirms 'BB+' Foreign Currency IDR
------------------------------------------------------
Fitch Ratings has affirmed Dalian Wanda Commercial Management Group
Co., Ltd.'s (Wanda Commercial) Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB+'. Fitch has also affirmed Wanda
Commercial Properties (Hong Kong) Co. Limited's (Wanda HK) IDR,
senior unsecured rating and its guaranteed US dollar notes at 'BB'.
The Outlook on the IDRs is Stable. Fitch has also removed all the
ratings from Under Criteria Observation, on which they were placed
on December 1, 2021 following the publication of Fitch's new Parent
and Subsidiary Linkage Rating (PSL) Criteria.

Under the new criteria, Wanda Commercial follows the 'stronger
subsidiary' path and is rated one notch above the consolidated
profile of its 44% owner, Dalian Wanda Group Co., Limited (Wanda
Group). Fitch assesses Wanda Commercial's Standalone Credit Profile
(SCP) at 'bbb+', which is supported by its large asset scale and
healthy recurring EBITDA interest coverage of above 2x.

Wanda HK is Wanda Commercial's sole offshore financing platform and
overseas investment-holding company. Under the new PSL criteria,
Wanda HK follows the 'stronger parent' path and is rated one notch
below Wanda Commercial's rating, based on Fitch's assessment of
'Weak' legal incentive, 'Medium' strategic incentive and 'High'
operational incentive for the parent to provide support. Wanda HK
is 100% owned by Wanda Commercial.

KEY RATING DRIVERS

Parent Constrains Ratings: Wanda Commercial's ratings are
constrained by its parent's consolidated profile, which Fitch
assessed at 'bb'. The consolidated profile is supported by the
group's large asset base and net debt/investment property value of
around 50% in 2021. The group's holding-company (holdco) interest
coverage of 1.0x in 2021 is low relative to that of 'BB' rated
peers.

Nonetheless, Fitch thinks the holdco's cash to short-term debt, at
0.9x, is adequate as most of its short-term debt is onshore bank
loans and the group continues to demonstrate strong funding access.
Wanda Group also sold 20% of Legendary Entertainment in early 2022
for USD750 million to repay a USD550 million bond due July 2022.

Linkage Factor Assessments: Under Fitch's PSL criteria, Wanda
Commercial is rated under the "strong subsidiary" approach, with
its ring-fencing linkage to the parent assessed as 'Open', as there
is no covenanted mechanism to limit the parent's access to its cash
flow. Fitch assesses the access and control factor as 'Porous' as
related-party transactions require the approval of a significant
minority shareholder, who has board representation. The two
companies share three directors and have independent cash and
funding policies.

Diversified Portfolio Supports SCP: Wanda Commercial's SCP of
'bbb+' reflects a property portfolio in line with that of 'A' rated
companies due to its large size, asset diversification and
resilient performance. Fitch expects its rental and management fee
recurring income to continue to rise by 6% in 2022 from CNY43
billion in 2021. Management said China's Covid-19 resurgence in
2Q22 did not have a material impact as most of the rental income is
fixed and its exposure to highly affected Tier 1 cities is limited.
It has 13 malls in Shanghai, the most-affected city.

Asset-Light Model: Fitch believes Wanda Commercial's asset-light
mall ramp-up will cut its capex needs and support its near-term
financial profile. It operated 132 asset-light malls owned by third
parties out of a total of 417 at end-2021. It aims to open over 50
malls in 2022, with over 80% under the asset-light model, in which
it operates the malls and receives around 30% of the rental profit.
It incurs CNY500 million-600 million in fixed leases for 16
third-party malls. Fitch capitalises the fixed leases at 8.0x
adjusted debt, in line with Fitch's Corporate Rating Criteria.

Margin Decline: Wanda Commercial's recurring EBITDA margin will
narrow from 44% in 2021 and 50% in 2020 towards its asset-light
malls' gross margin of 40% in the long run, as the company
continues to expand its asset-light business. It books 100% of the
revenue under the asset-light model, but subtracts the owners'
profit share as variable leases and expenses. Fitch thinks the
margin drop reflects the change in business model rather than a
deterioration in the underlying business.

Adequate Interest Coverage: Wanda Commercial's recurring EBITDAR
interest coverage improved to 2.2x in 2021 from 1.9x in 2020 due
mainly to recovery from the pandemic in 2021. Wanda Commercial's
recurring EBITDA interest coverage is slightly lower than that of
'BBB' rated peers, but this is mitigated by its large cash balance
and investments in entrusted loans and wealth-management products,
which provide additional financial flexibility. Fitch expects the
interest coverage to rise towards 2.5x by 2024.

Subsidiary's Potential IPO: Wanda Commercial aims to list its
asset-light subsidiary, Zhuhai Wanda Commercial Management Ltd., by
end-2022. Fitch treats CNY38 billion in pre-IPO funds received in
2021 as debt due to repurchase obligations if Zhuhai Wanda is not
listed by end-2023.

Fitch thinks the IPO will be beneficial in the medium term as it
will raise financial transparency and cut leverage, while no
immediate rating impact is expected. Fitch will deduct Zhuhai
Wanda's non-controlling interest (NCI) dividend from Wanda
Commercial's recurring EBITDA as the subsidiary distributed almost
100% of net profit to investors, reducing Wanda Commercial's cash
flow available for interest servicing.

Manageable Inflation Risk: Wanda Commercial is exposed to inflation
risks as a landlord if Chinese consumers' discretionary spending
were to decline as a result of rising inflationary pressure. Wanda
Commercial's malls are well positioned to capture food and
beverage, and entertainment spending, which helps to drive
footfall. Rising commodity prices could affect consumers' near-term
spending patterns, which may dampen Wanda's business.

DERIVATION SUMMARY

For Wanda Commercial

Wanda Commercial's investment-property portfolio is comparable with
those of major global investment-property companies, such as Swire
Properties Limited (A/Stable) and Unibail-Rodamco-Westfield SE
(BBB+/Negative). Wanda Commercial's strong retail mall portfolio is
in line with that of 'A' rated property-investment companies due to
its large size, asset diversification and strong operational
performance throughout business cycles.

Wanda Commercial's credit metrics are weaker than that of the three
peers as its recurring EBITDA interest coverage of around 2.0x is
lower than the peer average of more than 5.5x.

For Wanda HK

Wanda HK's ratings are supported by the linkage with its parent,
Wanda Commercial. The linkage can be compared with pairs such as
Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK, BBB+/Stable)
and its parent, China Vanke Co., Ltd. (BBB+/Stable); Hengli (Hong
Kong) Real Estate Limited (BBB+/Stable) and its parent, Poly
Developments and Holdings Group Co., Ltd. (BBB+/Stable); R&F
Properties (HK) Company Limited (R&F HK, CC) and its parent,
Guangzhou R&F Properties Co. Ltd. (CC). The subsidiaries are all
positioned as their parents' main offshore financing platforms.

However, Fitch considers Wanda Commercial's legal incentive to
support Wanda HK as 'Low', in contrast to the three peers' 'Medium'
assessment. This is the reason for rating Wanda HK one notch below
its parent while the ratings of Vanke HK, R&F HK, and Hengli are
equalised with those of their parents.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch's Rating Case for the Issuer

-- Wanda Commercial will open 50 new Wanda Plazas in 2022-2023
    with around 80,000 sq m of leasable floor area each, out of
    which 40 malls will be under the asset-light business model;

-- Rental and property management fee gross profit margin of
    around 66% in 2022-2023;

-- Rental and property management fee income of CNY46 billion and

    CNY48 billion in 2022 and 2023, respectively;

-- Capex of CNY5.5 billion and CNY4 billion in 2022 and 2023,
    respectively;

-- Available cash balance (including 40% of wealth-management
    products) to be maintained at CNY40 billion-50 billion in
    2022-2023;

-- No equity financing cash inflow due to timing uncertainty.

RATING SENSITIVITIES

For Wanda Commercial

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

-- Improvement in Wanda Group's information transparency and
    consolidated credit profile;

-- Weakened linkage with Wanda Group;

-- Full restoration of capital-market access.

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

-- Deterioration in Wanda Group's consolidated credit profile;

-- Strengthened linkage with Wanda Group;

-- Wanda Commercial's recurring EBITDAR - NCI dividend/interest +

    fixed lease coverage below 2x for a sustained period.

For Wanda HK

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

-- Improvement in Wanda Commercial's IDR;

-- Strengthened linkage with Wanda Commercial.

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

-- Deterioration in Wanda Commercial's IDR;

-- Weakened linkage with Wanda Commercial.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Wanda Commercial had CNY33 billion in
available cash at end-March 2022, sufficient to cover CNY20 billion
in short-term debt. At the same time, Fitch estimates the company
had around CNY30 billion in wealth-management products - similar to
end-2021 - mostly issued by commercial banks with less than one
year to maturity, and CNY29 billion in short-term tradable
financial investments.

Wanda Commercial has CNY19.6 billion in bond maturities remaining
in 2022, including CNY17 billion in puttable onshore bonds and
USD400 million in offshore bonds, while the remaining short-term
debt is almost all onshore bank loans secured against investment
properties. Wanda Commercial said it will be able to keep at least
90% of the onshore puttable bonds till maturity and plans to issue
new bonds to refinance a US dollar bond due in December 2022. Wanda
Commercial does not have syndicated loans offshore and trust loans
account for 1% of the total debt.

Wanda HK also had sufficient liquidity with a cash balance of
CNY8.1 billion at end-2021 and CNY5.4 billion in short-term debt.
Fitch also expects liquidity support from Wanda Commercial, if
necessary.

ISSUER PROFILE

Wanda Commercial is the largest shopping mall owner in China, and
one of the largest commercial property owners rated by Fitch.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's estimate of CNY19 billion in recurring EBITDA in 2021 is
based on the gross profit disclosure adjusted for estimated selling
and administrative expenses, depreciation and interest on lease
liabilities. Fitch has not included investment and interest income
of CNY2.6 billion in 2021 in Fitch's calculation of recurring
EBITDA.

Fitch adjusted CNY39.6 billion from Zhuhai Wanda's pre-IPO
investment (including interest, according to the audited report)
into debt as it comprises the repurchase obligation. Fitch also
capitalised a CNY543 million fixed lease with the 8.0x multiple.

ESG CONSIDERATIONS

Wanda Commercial's ESG Relevance Score for Financial Transparency
was revised to '4' from '5' because Wanda Group's financial
disclosure to Fitch is improving. Fitch has some access to its
management but Fitch are not assured of consistent access to the
financial information of Wanda Group and its principal
subsidiaries. The uncertainty over Wanda Group's financial
transparency has a negative impact on the credit profile, and is
highly relevant to the rating.

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.

   DEBT                          RATING                     PRIOR
   ----                          ------                     -----
Dalian Wanda Commercial        LT IDR   BB+     Affirmed     BB+
Management Group Co., Ltd.

Wanda Commercial Properties    LT IDR   BB      Affirmed     BB
(Hong Kong) Co. Limited

  senior unsecured             LT       BB      Affirmed     BB

Wanda Properties International
Co. Limited

  senior unsecured             LT       BB      Affirmed     BB

Wanda Properties Overseas
Limited

  senior unsecured             LT       BB      Affirmed     BB


FANTASIA HOLDINGS: Faces Wind-Up Petition in Cayman Islands
-----------------------------------------------------------
South China Morning Post reports that Fantasia Holdings Group, the
Chinese developer founded by the niece of a former Chinese
vice-president, might face liquidation after it received a wind-up
petition from creditors for failing to repay an outstanding loan of
US$149 million.

The Post relates that Shenzhen-based Fantasia received a wind-up
petition by Flower SPV 4 Limited on May 26, it said in a filing to
the Hong Kong stock exchange on May 30. The petition was filed by
the creditor in the Grand Court of the Cayman Islands on May 24.

The petition did not mean certain liquidation.

"It is uncertain whether the winding-up petition will be
successful, given that it is filed by just one loan creditor
holding a relatively small sum. Moreover, the court process could
drag on over a prolonged period, and the company may attempt a debt
restructuring in the meantime. Nevertheless, a liquidation event is
likely to result in minimal recovery values for offshore unsecured
creditors," the Post quotes Leonard Law, senior credit analyst at
Lucror Analytics, as saying.

Founded in 1996 by Zeng Jie, the niece of former vice-president
Zeng Qinghong, Fantasia surprised the market last October by saying
that it would not be able to repay US$205.7 million in remaining
principal it owed on a US$500 million senior note it issued, only
days after it told investors and creditors that it had made a
funding arrangement to repay the bond on maturity, according to the
Post.

The sudden change set alarm bells ringing, which led Pan Jun, its
chairman, to clarify on social media that "we will definitely pay
our debts . . . I believe that the company will not be
liquidated".

The Post relates that the developer said in the filing on May 30
that it would "oppose the petition vigorously", and that it will
apply to the Cayman Islands court for a validation order to protect
the company and its shareholders' legal rights.

But it reminded its shareholders that there was no guarantee that
such an order would be granted. "In the event that the validation
order is not granted, but the winding-up order is not dismissed or
permanently stayed, all transfer of shares on or after May 26 shall
be void," Fantasia said.

The petition meant creditors' patience with Fantasia was running
out, said Law of Lucror Analytics, the Post relays. "In Fantasia's
case, some creditors may have been frustrated over a lack of
progress in the company's restructuring plans, as well as
perceptions that management [was not doing anything]. Hence, the
winding-up petition could be a means of putting pressure on the
company," he added.

Trading in Fantasia's shares has been suspended since April 1,
after the developer failed to publish its annual result before
March 31, 2022, the Post notes.

                       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.


GREENLAND HOLDINGS: Asks for More Time to Pay Back Bonds
--------------------------------------------------------
Bloomberg News reports that a Chinese property company long
considered among the nation's most resilient shocked investors with
a proposed dollar-bond payment delay, raising fresh doubts about
the financial strength of the industry's higher-rated borrowers.

Greenland Holdings Corp, whose shareholders include the Shanghai
government, is asking holders of a $488 million dollar note due
June 25 to delay repayment by a year, a rare sign of stress at a
state-linked firm, Bloomberg relates. Its bond prices tumbled from
highs of 92 cents on the dollar to record lows of 41 cents in
recent days as fears of an extension were confirmed.

According to Bloomberg, the proposal from Greenland, which has a
presence in 30 countries, comes despite a flurry of government
support measures aimed at ringfencing higher-rated borrowers.
Policy makers have been stepping up efforts since March, cutting
key interest rates and encouraging bond sales by some builders,
though an absence of broader action has left some investors
underwhelmed. Chinese Premier Li Keqiang last week urged local
governments to "act decisively" on measures to boost growth.

Signs of stress at a firm like Greenland, China's 11th-largest
builder, is a worrying sign that even borrowers which enjoy some
level of state backing may no longer rely on support when they run
into trouble, Bloomberg says. The builder's extension proposal
"signals quasi state-owned developers aren't immune to a liquidity
crisis caused by prolonged Covid-zero lockdowns and heightened
refinancing pressure due to market shutdown for weak developers,"
wrote Bloomberg Intelligence analysts Dan Wang and Daniel Fan in a
report.

SOEs, companies that are backed by local or provincial governments,
have so far been spared from the credit crisis sweeping the real
estate sector as authorities moved to clamp down on these
debt-saddled borrowers. A payment failure at Greenland may prompt a
drastic repricing of risk among state firms and "an onslaught of
rating downgrades could happen and lead to systemic risk for the
financial system," Wang and Fan wrote, Bloomberg relays.

Bloomberg says fears of contagion are resurfacing among other
developers with state links, as investors reassess the value of
this support. Sino-Ocean Group Holding Ltd.'s dollar bond due 2025
fell about 8 cents to 73 cents on May 27, set for its biggest drop
since November.

According to Bloomberg, the nation's builders have been scrambling
to extend deadlines or exchange maturing notes to avoid an outright
default as key channels of funding remain closed off to many
builders.

Greenland is proposing a one-year extension on its 6.75% dollar
bond due June 25 with an upfront payment of 10% of the outstanding
amount, according to people familiar with the matter. That bond
plunged a further 29 cents after tumbling 19 cents on May 26,
Bloomberg-compiled prices show.

The firm has $2.1 billion of domestic and offshore bonds coming due
the rest of this year and a further $1.7 billion in 2023, according
to Bloomberg-compiled data.

Greenland's debt woes are also an indication of the economic damage
and financial stress that China's strict Covid lockdowns are
causing struggling real estate firms, according to Bloomberg.

The firm's "business operations, financial performance and
short-term liquidity have been adversely affected" by the recent
spike in coronavirus cases in Shanghai and across China, as well as
pandemic control measures such as lockdowns and travel
restrictions, according to a filing to the Hong Kong stock exchange
on May 27. About half of its sales offices across the country have
suspended business, it said.

                     About Greenland Holdings

Greenland Holdings Corporation Limited focuses on the real estate
business. The Company owns 23 high-rise landmark buildings both
built and under construction across the world. The Company's
projects are located in more than 80 cities of 29 provinces
(autonomous regions and municipalities) in China. The Company also
develops projects in the United States, Canada, Australia, Japan,
Korea and other 3 foreign countries. Its residential projects are
for sale after development, while its commercial projects are for
lease and commercial and hotel operations apart from the most for
sale.

As reported in the Troubled Company Reporter on May 2022 S&P Global
Ratings on May 23, 2022, lowered its long-term issuer credit rating
on Greenland Holding Group Co. Ltd. (Greenland) to 'B-' from 'B+',
and the long-term issue rating on the senior unsecured notes the
company guarantees to 'CCC+' from 'B'. S&P also downgraded
Greenland's strategically important subsidiary Greenland Hong Kong
Holdings Ltd. (Greenland HK) to 'B-' from 'B'. All the ratings were
placed on CreditWatch with negative implications.

S&P aims to resolve the CreditWatch as soon as it has more
visibility on the progress of Greenland's asset disposals.


ZHIHU INC: Net Loss Widens to US$92MM in First Quarter
------------------------------------------------------
Caixin Global reports that Q&A platform Zhihu Inc.'s net losses
widened 89% year-on-year to CNY614 million (US$92 million) in the
first quarter, according to its quarterly earnings released on May
25.

That was despite a previously-stated goal of paring the firm's
losses this year.

Caixin relates that the Hong Kong- and NYSE-listed company's
revenue, meanwhile, jumped 55% from a year earlier to CNY743
million during the period. Its cost of revenue almost doubled
year-on-year to CNY408 million due to increased spending on
advertising services, content-related costs, and more staff
headcount.

Zhihu Inc. (NYSE: ZH) -- https://ir.zhihu.com/ -- operates an
online content community in the People's Republic of China. Its
community allows people to seek inspiration, find solutions, make
decisions, and have fun. The company also offers technology,
business support, and consulting services; information
transmission, software, and information technology services;
information and marketing services; vocational training; and
internet services, as well as holds audio-visual permit.




=========
I N D I A
=========

ANINDYA INFRATECH: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Anindya Infratech Private Limited
        38C/28, Hamilton Road
        George Town, Allahabad
        UP 211002

Insolvency Commencement Date: May 24, 2022

Court: National Company Law Tribunal, Prayagraj Bench

Estimated date of closure of
insolvency resolution process: November 19, 2022
                               (180 days from commencement)

Insolvency professional: Sudhir Kumar Shukla

Interim Resolution
Professional:            Sudhir Kumar Shukla
                         B-16, Agnipath Colony
                         T.B. Sapru Marg
                         Civil Lines
                         Prayagraj 211001
                         E-mail: skshukla22@hotmail.com

                            - and -

                         U-22, Ground Floor, Sangam Place
                         Civil Lines, Prayagraj
                         Uttar Pradesh 211001
                         E-mail: cirp.aipltd@gmail.com

Last date for
submission of claims:    June 7, 2022


BRAHMANAND HIMGHAR: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Brahmanand
Himghar Limited (BHL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       10       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with BHL for
obtaining information through letters and emails dated February 28,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BHL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BHL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BHL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

BHL, incorporated in June 1990, provides cold storage services to
potato famers and traders. The company has two cold storages'one
each in Paschim Medinipore (West Bengal) and Seraikella-Kharsawan
(Jharkhand). Mr. Rajendra Kumar Agrawal is the managing director.


DRISH SHOES: CRISIL Lowers Long Term/Short Term Rating to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the ratings on bank facilities of
Drish Shoes Limited (DSL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating', as company has delayed in servicing of term
debt-obligations.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating      -          CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Short Term Rating     -          CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with DSL for
obtaining information through letters and emails dated October 24,
2020, April 20, 2021 and April 20, 2021 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DSL, which restricts CRISIL
Ratings's ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, CRISIL Ratings has downgraded the
ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating', as company has delayed
in servicing of term debt-obligations.

DSL, incorporated in 1987, is promoted by Mr. I S Paul and Mr. Atma
Ram Singh. It manufactures leather footwear and finished leather.
The manufacturing facilities are at Nalagarh in Himachal Pradesh,
Jalandhar in Punjab, and Panchkula in Haryana.


EPARIS JEWELLERS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Eparis
Jewellers (EJ) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with EJ for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of EJ, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EJ is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of EJ
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

EJ, set up in 1992, is a gold retailer, operating one showroom in
Cuttack (Odisha). Mr. Epari Madhav Rao and Mr. Epari Arvind Rao are
the promoters.


GANGA KNIT: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ganga Knit
Private Limited (GKPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            14        CRISIL D (Issuer Not  
                                    Cooperating)

CRISIL Ratings has been consistently following up with GKPL for
obtaining information through letters and emails dated February 28,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GKPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GKPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GKPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1996, GKPL trades in various types of yarns such as
cotton, polyester, acrylic, and viscose. The company caters to
various local fabric manufacturers in Ludhiana (Punjab). Promoters,
Mr. Ashok Kumar Ahuja and Mr. Gulshan Kumar Ahuja look after its
operations.


GARG HEART: CRISIL Withdraws B+ Rating on INR60cr LT Loan
---------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Garg Heart and Multispeciality Hospital Private Limited (GHMHPL) on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         60        CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with GHMHPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GHMHPL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
GHMHPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of GHMHPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

GHMHPL is a private limited entity incorporated in 2012 to set up
and run a Multi-specialty & Super Specialty 225 bedded Hospital in
Vasundhara, Ghaziabad by the name of 'Garg Heart and Multispecialty
Hospital'. The said hospital being managed and promoted by Dr.
Sanjay Garg is currently under construction phase and is likely to
turn operational by Nov, 2018.


GNI INFRASTRUCTURE: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of GNI
Infrastructure Private Limited (GIPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Drop Line              17        CRISIL B+/Stable (Issuer Not
   Overdraft Facility               Cooperating)

CRISIL Ratings has been consistently following up with GIPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GIPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 1985, GIPL undertakes contracts in building roads,
dams, canals and buildings for various government departments in
Maharashtra. GIPL also trades in bitumen and operates a fuel
station. The company, promoted by Bindra family of Aurangabad has
its registered office in Aurangabad Maharashtra).


GP PRAJAPATI: CRISIL Reaffirms B+ Rating on INR7cr Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of GP Prajapati (GPP).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             7        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the susceptibility of the firm to
risk related to tender-based operations and below-average financial
risk profile. These weaknesses are partially offset by the
extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders.
Furthermore, intense competition necessitates aggressive bidding to
get contracts, resulting in moderation in operating margin.
Cyclicality inherent in the industry also restricts the ability to
maintain profitability through operating efficiency. Thus, revenue
has remained subdued at INR13.4 crore around for fiscal 2022.

* Below-average financial risk profile: Networth was small at
INR4.02 crore as on March 31, 2021, while gearing and total outside
liabilities to tangible networth ratio were weak at around 2.64
times and 3.69 times, respectively. Debt protection metrics were
muted, with interest coverage and net cash accrual to total debt
ratios of 1.55 times and 0.07 time, respectively, for fiscal 2021.

Strengths:

* Extensive experience of the partners: Presence of over two
decades in the civil construction industry through group concerns
has enabled the partners to develop a strong understanding of
market dynamics and establish healthy relationships with suppliers
and customers.

Liquidity Stretched

Bank limit utilization was around 92.73% for the 12 months through
April 2022. Expected cash accrual of over INR86 lakh will tightly
match yearly term debt obligation of INR70 lakh, over the medium
term. Current ratio was moderate at 1.49 times as on
March 31, 2021.

Outlook Stable

The firm will continue to benefit from the extensive experience of
its partners.

Rating Sensitivity factors

Upward factors

* Increase in cash accrual above INR90 lakh
* Significant growth in revenue coupled with sustained operating
margin

Downward factors

* Ratio of cash accrual versus debt obligation falling below 1
time
* Deterioration in gearing

GPP was set up in 2015 as a partnership entity by Mr. Govind P
Prajapati, Mr. Ishwar P Prajapati, Ms Nayana Prajapati and Ms Raxa
Parajapati. The Vadodara (Gujarat)-based firm constructs hospitals,
colleges, and hostels.


HANUMAN TRUST: CRISIL Lowers Rating on INR59.5cr Loan to B-
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Shree Hanuman Trust (SHT) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan           59.5       CRISIL B-/Stable (Downgraded
                                  from 'CRISIL B/Stable')

The rating downgrade reflects moderation in debt service coverage
ratio because of exit of anchor tenant and no other new tenant
occupying the office.

The rating reflects the trust's dependence on interest income on
loan extended to a group entity engaged in real estate and below
average Debt Service Coverage Ratio (DSCR) ratio. The weakness is
partially offset by the prime location of the trust's property.

Key Rating Drivers & Detailed Description

Weakness:

* High dependence on interest income from group company: The trust
had extended loan of INR93 crore to group company Sealink
Construction Co Pvt Ltd, of which, INR45 crore was outstanding as
on March 31, 2022. The trust charges interest of 11.5% on the loan
and funds any mismatch between its rental income and debt
obligation through this interest, and is hence, dependent on the
performance of the group entity for servicing debt.

* Below average debt service ratio: DSCR is expected to remain
below average due to premises being vacant and the repayment
obligations being met through interest income from group company.
Further occupancy of premises by new tenant leading to better
revenues and improved DSCR will be a monitorable factor over the
medium term.    

Strength:

* Prime location of property: The property is located in the prime
location of Nariman Point in Mumbai. The trust will be able to
command a premium rental.

Liquidity: Poor

SHT has poor liquidity with expected DSCR of 1 time throughout the
tenure of the loan, and given that debt servicing will continue to
depend on interest income from group company.

Outlook Stable

CRISIL Ratings believes SHT will maintain its stable debt servicing
coverage ratio (DSCR) over the medium term, backed by steady cash
inflow.

Rating Sensitivity factors

Upward factors:

* Improvement in the DSCR to over 1.5 times, supported by change in
lease rent rates leading to substantially higher cash flow
* Increase in lease rates

Downward factors

* Drawdown of additional debt, leading to the DSCR dropping below 1
time
* Any delays in servicing debt due to delay in receipt of interest
income from group company

SHT, set up in 1982, owns an office in Mumbai, which was leased
out. Currently, the office remains vacant. The trust is owned by
Mittal Group, which has interest in real estate development.


HORIZON POLYMERS: CRISIL Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Horizon
Polymers (HP) continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B-/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HP for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of HP
continue to be 'CRISIL B-/Stable Issuer Not Cooperating'.

Set up in 2001, HP, a partnership firm of Mr. S C Aggarwal and his
son, Mr. Deepak Aggarwal, manufactures PVC pipes, HDPE pipes,
un-plasticised PVC pipes, chlorinated PVC pipes, and polypropylene
random pipes and fittings. The firm also trades in water tanks. It
has a manufacturing unit each in Himachal Pradesh and Punjab.


INNOVATIVE TYRES: CRISIL Withdraws D Rating on INR15cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Innovative Tyres and Tubes Limited (ITTL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit           15         CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Foreign Exchange       1         CRISIL D/Issuer Not
   Forward                          Cooperating (Withdrawn)

   Letter of Credit      14         CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Standby Line           1         CRISIL D/Issuer Not
   of Credit                        Cooperating (Withdrawn)

   Term Loan              6.3       CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Working Capital        2.32      CRISIL D/Issuer Not
   Facility                         Cooperating (Withdrawn)

   Working Capital        3.45      CRISIL D/Issuer Not
   Facility                         Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with ITTL for
obtaining information through letters and emails dated June 24,
2021 and March 3, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ITTL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ITTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ITTL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

ITTL manufactures and exports bias tyres. It offers a wide range of
products in the truck/bus, agricultural and OTR, and
motorcycle/three-wheeler segments. In addition to presence in
Gujarat, Maharashtra, Delhi, and Punjab, ITTL exports to more than
40 countries across 5 continents. Its manufacturing plants are at
Halol in Gujarat.


K.C. INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of K.C.
Industries (KCI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KCI for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KCI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KCI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

KCI, a part of the KC group of Jalalabad (Punjab), was set up in
1980 as a partnership between Mr. Raman Kumar and Mr. Sameer
Valecha. The group processes and sells the PUSA 1121 variety of
basmati rice.


KISHORI INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kishori
Industries (KI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KI for
obtaining information through letters and emails dated February 28,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KI
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2003 as a partnership firm by Mr. Sharad Sarda and
Mr. Rameshlal Sarda, KI gins and presses cotton and extracts cotton
seed oil at its unit in Beed.


KURUVITHADAM AGENCIES: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kuruvithadam
Agencies Private Limited (KAPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          5.75        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term   1.75        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Working Capital      2.50        CRISIL B+/Stable (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with KAPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KAPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

KAPL, established at Ernakulam, operates a chain of eight retail
showrooms across Kerala that sells home appliances. It also
operates 12 franchise stores of Linen Club. Mr. Mathew George, Ms
Mariamma Mathew, Mr. John Mathew, Mr. George Mathew, Mr. Charles
Mathew, and Mr. Thomas Kuruvilla are the promoters.


LALCHAND MANGALDAS: CRISIL Cuts Rating on INR16.03cr Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Lalchand Mangaldas Soni Gems and Jewellers Private Limited (LMS) to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          16.03       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with LMS for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LMS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LMS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LMS Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

Incorporated in 2010 and promoted by Mr. Lalchand Mangaldas Soni
and his family, LMS is engaged into retailing of gold and
diamond-studded gold jewellery. They have two showrooms in
Aurangabad, Maharashtra.


MACHO ENGINEERING: CRISIL Cuts Rating on INR5cr Loan to B
---------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Macho
Engineering Industries (MEI) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Overdraft Facility     5        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

   Term Loan              4        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

CRISIL Ratings has been consistently following up with MEI for
obtaining information through letters and emails dated February 28,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MEI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MEI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MEI Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

MEI was set up in 1990 and is owned and managed by Mr. Mahesh G R.
The firm manufactures springs such as precision springs, stampings,
and wire forms. Its manufacturing facility is in Karnataka.


MOTHER POULTRY: CRISIL Moves C Debt Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Mother
Poultry Farm (MPF) to 'CRISIL C Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             7.35       CRISIL C (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with MPF for
obtaining information through letters and emails dated March 29,
2022 and April 27, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MPF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPF
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of MPF to 'CRISIL C Issuer not cooperating'.

Incorporated in 2009, Namakkal (Tamil Nadu) based proprietorship
firm Mother Poultry Farm (MPF) is engaged in selling of poultry
products and bird feed. The promoter is a second generation
entrepreneur with around one and a half decades of experience in
the industry.


MUMBAI INT'L AIRPORT: Fitch Gives BB+ Rating on USD750MM Notes
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' final rating to Mumbai
International Airport Limited's (MIAL) USD750 million senior
secured notes due 2029. The Outlook is Stable. The notes proceed
will be largely used to repay MIAL's bridge loan facility.

The assignment of the final rating follows a review of the final
documentation. The final rating is the same as the expected rating
assigned on February 21, 2022.

RATING RATIONALE

The rating reflects MIAL's regulated asset base, Mumbai's strong
passenger growth potential in the medium-to-long term, the higher
contribution of domestic traffic than international traffic and the
issuer's adequate financial profile. MIAL is considered as
ring-fenced from Navi Mumbai International Airport Limited (NMIAL)
in Fitch's credit analysis. The rating case assumes a full recovery
of traffic to pre-pandemic levels by end-2024, with average
leverage, of 6.6x over FY23-FY25 (financial year end March). The
Stable Outlook reflects MIAL's large headroom against Fitch's
negative rating action trigger of 10.0x for leverage.

Mumbai is the industrial and financial hub of India. Within the
regulatory framework, the concessionaire earns return on its
regulatory asset base (RAB), the aeronautical tariffs are
determined under a hybrid till with 30% of non-aeronautical revenue
for cross-subsidisation and the concession fee is based on a
revenue share of 38.7% to Airports Authority of India (AAI). The
fairly stable domestic traffic accounts for about 70% to MIAL's
total passenger base.

MIAL's capex is mainly for improving runway efficiency and
maintenance.

The rating also considers likely capacity constraints at the
airport in the medium term and the operation of NMIAL from FY25 to
cater for additional traffic growth in Mumbai. The passenger base
in FY20 was 46 million and has grown at CAGR of 9% over the
previous five years.

MIAL is a SPV that was incorporated in March 2006 to design,
develop, construct, upgrade, operate, maintain and manage
Chhatrapati Shivaji Maharaj International Airport (CSMIA) in
Mumbai. It has a 30-year concession from May 2006 with a provision
for a 30-year extension.

KEY RATING DRIVERS

Road to Recovery, Strong Fundamentals: Volume Risk - High Stronger

CSMIA is the second-largest airport in India and serves as an
origin-and-destination airport to the Mumbai metropolitan region's
growing population of 22 million. The enplanement base was 21.7
million in FY22 (FY20: 45.8 million) with a mix of business and
leisure travel. Passenger traffic increased by over 9% in the five
years before the Covid-19 pandemic. The pandemic sharply reduced
traffic in FY21 and FY22, but the recovery is promising as traffic
in the month of March 2022 reached about 85% of the month of March
2019 (i.e. pre-pandemic level). Fitch expects full recovery to
pre-pandemic levels by the end of 2024.

Fitch expects CSMIA to reach its full capacity of 60 million
passengers by FY30 in the rating case, after the maintenance capex
to meet efficiency levels. NMIAL, the city's second airport, is set
to be start operating by FY25 to cater for traffic growth and will
have an initial capacity of 20 million passengers by FY27,
expandable up to 60 million passengers. CSMIA will remain the
primary integrated airport, while NMIAL will absorb domestic demand
constrained at CSMIA and take on spillover international demand.

Tariff Mechanism Monitored by Regulator: Price Risk - Midrange

The Airports Economic Regulatory Authority (AERA) of India has
confirmed the hybrid till regulatory framework with 30%
non-aeronautical revenue used for cross-subsidisation. The
regulatory regime for airport operators is evolving, as evident
from the delay in various control-period tariff orders, but there
are no major disputes before the regulator. The control period 3
(CP3) tariffs (FY20-FY24) were delayed by two years to April 2021
due to the pandemic. The aeronautical tariffs charged by MIAL will
be no less than the base airport charges as stipulated in the state
support agreement, according to AERA.

Capacity Constrained, Mainly Maintenance Capex: Infrastructure
Development/Renewal - Midrange

Fitch expects CSMIA to reach maximum capacity by FY30. CSMIA is the
busiest single-runway airport in the world, with capacity to handle
up to 53 air traffic movements per hour and on peak days handling
up to 1,004 movements a day. MIAL aims to improve the efficiency of
its runway operations to increase runway utilisation and cater to
the higher passenger base.

MIAL estimates capex in CP3 at INR29 billion, including interest
during construction and INR19 billion as approved aeronautical
capex. Fitch believes that the Adani Group, which manages projects
across various sectors and is MIAL's sponsor, has the execution
capabilities for MIAL's capex plan even though the contracts are
yet to be finalised.

Ringfenced Structure, Manageable Refinance Risk: Debt Structure -
Midrange

The US dollar notes benefit from seniority, security and a
protective debt structure, including ring-fencing of all cash flow
and a set of covenants limiting leverage, defined as net
debt/EBITDA, to 5x and funds from operations/net debt to not less
than 10%, with a 40% margin above both the covenants for a period
of 24 months after issuance or a shorter period at the company's
sole discretion.

Refinancing risk is mitigated by a sweep sinking fund mechanism and
the long concession life, which is extendable till 2066. The
noteholders will benefit from an escrow account for the notes,
which have a cash waterfall mechanism in place excluding the
airport development fee (ADF) receipts and funds received from
NMIAL or for investment in NMIAL, thereby insulating MIAL from the
obligations of NMIAL. The noteholders will also benefit from a
six-month reserve for interest.

Ongoing Investigations Against MIAL

The Enforcement Directorate of India is investigating GVK Group,
the previous owner of MIAL, and MIAL over alleged irregularities in
maintaining the Mumbai airport. MIAL's current management says the
investigation is ongoing, no member of the current management is
under investigation and no legal case has been filed as yet. It is
not clear to what extent MIAL will be involved in the proceedings.
However, current management informed us that MIAL was used to
launder money and lost its cash in the process. Fitch would
consider any unfavourable outcome against MIAL as an event risk.

PEER GROUP

Delhi International Airport Limited (DIAL, BB-/Stable) is MIAL's
closest peer. Both airport operators benefit from a solid volume
risk assessment, with DIAL and CSMIA being the largest and
second-largest airports in India. DIAL caters to the national
capital region and CSMIA to India's financial and industrial hub.
Fitch has assessed the price risk at both airports as 'Midrange'
because there is some regulatory uncertainty with tariff
implementation, but the base airport charges mitigate any downside
risk to aeronautical tariff determination.

Fitch estimates MIAL's leverage for FY23-FY25 at 6.6x, much lower
than that of DIAL, which has a large capex expansion plan over the
next four years resulting in leverage above 20x. MIAL's lower
leverage supports its two-notch higher credit assessment. Both
airport operators have similar debt structures.

MIAL can also be compared with GMR Hyderabad International Airport
Limited (GHIAL, BB+/Stable). MIAL has a stronger catchment area
than GHIAL. GHIAL serves Hyderabad, which is a vibrant but smaller
city than Mumbai. GHIAL's passenger traffic reached 85% of
pre-pandemic levels as of March 2022. Fitch assesses the price risk
for both airport operators as 'Midrange'. GHIAL's sustained
leverage is estimated to be a turn lower than MIAL's, justifying
similar credit assessment in spite of GHIAL's relatively lower
volume risk assessment.

MIAL can also be compared to London peer Heathrow Funding Limited
(Heathrow, senior secured notes: A-/Negative), though the rating
differential is wider. MIAL's key rating driver assessments are
broadly aligned with those for Heathrow. Still, Heathrow Airport
has historically been one of the most robust assets in the global
sector with a much more resilient operating performance than CSMIA.
Heathrow and MIAL have solid volume risk assessments as they cater
to business hubs in London and Mumbai, respectively.

Heathrow Airport remains the primary international gateway for
London, with Gatwick Airport, financed via Gatwick Funding Limited
(senior secured debt: BBB+/Negative), as the second airport in the
city catering to the domestic market and low-cost carriers. This
strategy of dual airports catering to different routes and segments
in London is similar to Mumbai, where CSMIA is the international
gateway with NMIAL from FY25 catering to traffic growth and
improving domestic connectivity.

RATING SENSITIVITIES

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

-- Forecast Net Debt/EBTIDA above 10x for a sustained period;

-- Forecast EBITDA/Net Interest materially below 2.0x;

-- Credit erosion of the major air carriers or payment
    delinquencies.

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

-- Forecast Net Debt/EBTIDA below 6.5x for a sustained period;

-- Forecast EBITDA/Net Interest sustained above 2.0x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

TRANSACTION SUMMARY

The notes proceed are used to repay part of the company's bridge
financing, with a USD228 million equity injection by sponsors
paying for the remainder. The bridge financing was used to take
over MIAL's existing loans. All the debt is raised by MIAL and
there is no guarantee from Adani Airport Holdings Limited on the
notes. The notes will rank senior and will be secured by charge
over all accounts, MIAL's movable properties and operating cash
flow except amounts and accounts pertaining to the ADF.

FINANCIAL ANALYSIS

Under the base case, the three-year average leverage from FY23 is
5.0x. The base case assumes traffic will reach pre-pandemic levels
by the end of 2023 and MIAL will reach its maximum capacity of 60
million passengers by FY29. Only contracted revenue from commercial
property development has been considered and tariffs from the
fourth control period have been assumed based on the projected
revenue and spend. The residual portion of the planned INR29
billion of capex will be funded by committed subordinated debt of
up to INR20 billion from the sponsors and internal accruals.

Under the rating case, Fitch expects leverage to average 6.6x over
the three years from FY23. The rating case assumes traffic will
reach pre-pandemic levels by the end of 2024 and MIAL will reach
its maximum capacity by FY30. Only contracted revenue from
commercial property development has been considered and basic
airport charges are assumed from the fourth control period to
remove any downside risk to aeronautical tariffs. Only the
remaining portion of the INR19 billion in aeronautical capex
approved by AERA is assumed under the rating case. The capex is
assumed to be funded by committed subordinated debt from the
sponsors and internal accruals.

Under both the cases, there is no requirement of additional
subordinated debt in the future, apart from pandemic-related
ramp-up support of INR20 billion.

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.

   DEBT                            RATING                 PRIOR
   ----                            ------                 -----
Mumbai International Airport Limited

Mumbai International Airport        LT BB+  New Rating    BB+(EXP)

Limited/Senior Secured Debt/1 LT


NYKA STEELS: CRISIL Keeps LT/ST Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nyka Steels
Private Limited (NSPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating      -          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Short Term Rating     -          CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with NSPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NSPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

NSPL, incorporated in 1995, is currently promoted by Mr. Suhail
Siddiqui and his brothers Mr. Sarfaraz Siddiqui and Mr. Asif
Siddiqui. The company manufactures mild-steel pipes. It is a part
of the Nyka group, also comprising Nyka Engineering Company and
Moon Ispat Industries Ltd, which undertakes job work for NSPL.


PURVI BHARAT: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Purvi Bharat
Steel Limited (PBSL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             10       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PBSL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PBSL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PBSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PBSL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 1995, PBSL manufactures and trades in thermo-mechanically
treated (TMT) bars. The company is currently managed by Mr. Ganesh
Prasad Kandoi, Mr. Navin Kumar Kandoi, and their family members.


QULUX TILES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Qulux Tiles
LLP (QTL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1.2       CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee         0.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            4.3       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             12.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with QTL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of QTL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on QTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
QTL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established in October 2017, QTL is setting up a unit for
manufacturing ceramic wall tiles. The manufacturing facility in
Morbi has installed capacity of 45,000 tonne per annum. The firm
has 16 partners, including Mr. Anilbhai Laljibhai Varmora, Mr.
Hardik Premjibhai Patel, and Mr. Sandip Prabhulal Merja. Commercial
operations are estimated to have started in January 2019.


RAGHAV INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raghav
Industries - Una (RI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       3         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         0.5       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         1         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RI for
obtaining information through letters and emails dated February 28,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RI
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

RI, set up in 2010, is managed by the proprietor, Mr. Bhushan
Sharma. The firm manufactures low-density polyethylene sheets and
rolls used for packaging in the automobile and textile industries.
It is based in Himachal Pradesh.


SKS INDIA: CRISIL Withdraws B Rating on INR20cr Secured Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
SKS India Private Limited on the request of the company and receipt
of a 'no objection certificate' from its bank. The rating action is
in line with CRISIL Ratings' policy on withdrawal of its ratings on
bank loans.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Secured Overdraft       20        CRISIL B/Stable/Issuer Not
   Facility                          Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SKS for
obtaining information through letters and emails dated January 31,
2022 and February 28, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SKS. This restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SKS continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 1985, in Salem, SKS has dealership of Mahindra and
Mahindra's automobiles. It also operates a multi-speciality
hospital in Salem, Tamil Nadu.


SURENDRA MULTISPECIALITY: CRISIL Ups Rating on INR20cr Loan to B-
-----------------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the long term bank
facilities of Surendra Multispeciality Hospital (SMH) to 'CRISIL
B-/Stable' from 'CRISIL D'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan            20        CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

The rating upgrade factors in the track record of timely payment of
term loan instalments for the past 9 months supported by improved
liquidity. Improvement in liquidity is driven by commencement of
operations from May 2021 and post restructuring of term loan.

The rating reflects SMH's exposure to stabilisation risks with
exposure to intense competiton and expected leveraged capital
structure. These weaknesses are partially offset by the extensive
experience of the partners in the hospital industry.

Key Rating Drivers & Detailed Description

Weakness:

* Weak Financial risk profile: Due to delay in commencement of
operations and low occupancy level on account of pandemic, the firm
has reported negative net worth as on 31st march 2022 leading to
negative networth.

* Modest scale of operations: The scale is modest, as reflected in
estimated turnover of around Rs.7 crore for fiscal 2022. The scale
is constrained by presence in a single location, which also exposes
the company to geographical concentration risk.

Strengths:

* Extensive experience of the partners: The extensive experience of
the partners in the health care - hospital industry for over 35
years, their understanding of the dynamics of the market should
continue to support the business profile.

Liquidity: Stretched

Cash accruals are expected to be over Rs.3.2 crore in fiscal 2023
which are sufficient against term debt obligation of Rs.2 crore in
fiscal 2023. The company has already prepaid term loan of Rs.2.3
crore and Unsecured loan of Rs.1 crore with the recently availed
GECL loan of Rs.4.35 crore. The promoters are likely to extend
support in the form of equity and unsecured loans to meet its
working capital requirements and repayment obligations.

Outlook Stable

CRISIL Ratings believes SMH will continue to benefit from the
proprietor's extensive industry experience.

Rating Sensitivity factors

Upward factor

* Improvement in NCA to more than Rs.4 crore marked by improvement
in revenue
* Sustained improvement in financial risk profile

Downward factor

* Decline in profitability or stretch in working capital cycle
* Decline in net cash accruals below Rs.3 crore on account of
decline in revenue or operating profits.

Established in 2018, SMH commenced its multi-speciality hospital in
April 2021. SMH, a partnership firm set up in Tamil Nadu, is owned
and managed by Dr PA. Rajendiran and his family members.


VIDYAPATI COLD: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Vidyapati Cold Storage Private Limited (VCSPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.16       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    0.29       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Proposed Long Term    2.10       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Working Capital       6.43       CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with VCSPL) for
obtaining information through letters and emails dated March 29,
2022 and April 27, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VCSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VCSPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of VCSPL to 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 1969 and promoted by Mr. Amarendra Kumar and Mr.
Ashok Kumar, VCSPL provides a cold storage facility in Samastipur,
Bihar. The total capacity is 130,000 quintal per annum, and the
company has six chambers.




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

INDIKA ENERGY: Fitch Alters Outlook on 'BB-' IDRs to Stable
-----------------------------------------------------------
Fitch Ratings has revised PT Indika Energy Tbk's Outlook to Stable
from Negative, and affirmed its Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'BB-'. The agency
also affirmed the Indonesia-based mining company's outstanding
senior unsecured notes at 'BB-'. At the same time, Fitch Ratings
Indonesia has published Indika's National Long-Term Rating at
'A+(idn)' with a Stable Outlook.

The Outlook revision reflects Fitch's expectation Indika will be
able to maintain its leverage in line with its current rating over
the next four years while it increases its diversification-related
spending to raise its non-coal revenue. Fitch expects high coal
prices will continue to improve Indika's financial buffer in 2022,
reducing risks to its financial profile in 2023-2024, when Fitch
expects its diversification-related investments to pick up.

Fitch expects the execution risks of these greenfield investments
to be largely manageable based on management's cautious approach.
Indika's improved financial buffer and record of managing commodity
downcycles can also mitigate the financial risk from the
investments to an extent. Fitch consequently treats the new
investments as neutral to Indika's credit profile.

'A' National Long-Term Ratings denote expectations of low default
risk relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may affect
the capacity for timely repayment to a greater degree than is the
case for financial commitments denoted by a higher rated category.

KEY RATING DRIVERS

Improved Rating Headroom: Fitch expects Indika's cash balance to
rise above USD1 billion in 2022, which will support the
diversification-led investments over the next three years. Fitch
factors in about USD250 million of annual investments in 2023-2024,
in line with management's guidance, as the company works towards
its objective to achieve 50% of revenue from non-coal-related
businesses by 2025. Fitch expects its net debt to EBITDA to remain
comfortably below Fitch's negative sensitivity of 2.5x, peaking at
1.5x in 2024, based on Fitch's coal price assumptions.

Prudent Medium-Term Strategy: Fitch believes Indika's strategy to
diversify outside the coal sector is prudent over the medium term,
even though it may raise interim execution risks. The plan could
help Indika maintain its relatively good access to funding markets
and offset material tightening towards thermal-coal-related
entities from increasing ESG considerations across funding
channels. Indika's investment initiatives are in various projects
in greenfield gold, renewable energy and electric vehicle sectors,
where it previously had no exposure.

Kideco Underpins Credit Profile: Fitch expects Indika's 91%-owned
key mining subsidiary, PT Kideco Jaya Agung, to account for 85%-90%
of Indika's annual EBITDA until earnings from its new investments
commence in 2024. Kideco's contribution has increased in Fitch's
forecasts as Indika is in the midst of selling its 70%-owned
contract mining and engineering subsidiary, PT Petrosea Tbk, for
USD146 million after divesting its 51%-owned coal barging
subsidiary, PT Mitrabahtera Segara Sejati Tbk, in 2021.

Fitch thinks the two sales will have a limited impact on the
group's financial profile. Fitch's rating case assumes Indika will
maintain its stake in Kideco over the medium term. Kideco is a
mature coal asset with a moderate cost structure, adequate reserve
life, excess production capacity and a proven record of managing
costs during price downturns.

Earnings to Moderate: Fitch expects Indika's EBITDA to moderate to
USD450 million-550 million in 2023-2024 from about USD1 billion in
2022, as Kideco's earnings drop on Fitch's coal price assumptions.
Fitch expects Indika's post-2024 consolidated earnings to start
rising, as earnings from its diversification-driven projects
increase. Fitch factors in EBITDA of USD56 million and USD152
million from the new projects in 2024 and 2025, respectively, which
is 20%-30% lower than management guidance, driven by the Awakmas
gold project, Interport and the EMITS solar project.

Evolving Business Profile: Fitch expects Indika's business profile
to evolve substantially in the medium term as its new investments
start operations. Fitch's evaluation of Indika's future business
profile would depend on the risk profiles of the new businesses,
their contribution in terms of earnings and Indika's access to
their cash flows once they start operating. Some investments are in
emerging industries, which means Indika's position in these
evolving competitive landscapes would affect Fitch's assessment of
the future credit profile.

Royalty Changes; Limited Impact: Fitch expects Kideco's mining
licence to be extended upon expiry in 2023 without any major
adverse effect on the credit profile, even as Fitch factors in the
new royalty and tax structure to be implemented from 2024. The new
structure, announced in April 2022, is tiered, with higher royalty
payments when coal prices are high but a lower tax structure would
mitigate the impact on cash flows during periods of low coal
prices.

DERIVATION SUMMARY

Indika's ratings are driven by Kideco's moderate cost position,
production flexibility, reasonable reserves and large existing
capacity, which require little maintenance capex. Indika's closest
peers are PT Bayan Resources Tbk (BB-/Positive) and PT Golden
Energy Mines Tbk (GEMS, B+/Positive). The similar ratings of Indika
and Bayan reflect their comparable production scale, although
Indika has a longer and more stable operating record, which is
offset by Bayan's lower cost position, larger reserves and more
conservative financial profile. Bayan's Positive Outlook reflects
Fitch's expectation of an improvement in its scale and a material
reduction in its operating risks after the completion of its
infrastructure enhancements.

Fitch thinks both Indika and GEMS have a competitive cost position
and adequate reserve life for their key mines. Indika's larger
scale and well-established operations justify the one-notch
difference in their IDRs. However, Fitch's expectation that GEMS'
production scale will be similar to that of Indika in the next 12
months is reflected in Fitch's Positive Outlook on GEMS.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch's Rating Case for the Issuer:

-- Kideco's average coal selling prices in line with Fitch coal
    price deck as follows for the Newcastle 6000 index:

2022: USD220/tonne

2023: USD104/tonne

2024: USD87/tonne

2025 and thereafter: USD80/tonne

-- Kideco's coal mining volume to be stable at 34 million tonnes
    per annum through the next four years;

-- Kideco's strip ratios to stay at around 5x-5.5x over the next
    four years, and cash production costs (excluding royalty) of
    around USD27/tonne to USD33/tonne;

-- New royalty structure to be applicable from 2024, following
    the conversion from a coal contract of work to an IUPK, a
    special mining business licence, in 2023, in line with
    company's interpretation of the Indonesian regulation.

-- Petrosea to be sold in June 2022 for USD146 million;

-- New investment spending of USD250 million a year in 2023 and
    2024;

-- Capex for existing operations of USD35 million in 2022 and
    USD12 million-15 million per annum thereafter.

RATING SENSITIVITIES

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

-- Fitch does not expect an upgrade in the near term as the
    company's business profile is still evolving as it transitions

    towards a more diversified earnings base;

-- An upgrade may be considered if Indika demonstrates a track
    record of successful execution of non-coal investments while
    keeping a prudent financial structure.

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

-- Net debt to EBITDA of less than 2.5x and FFO net leverage of
    less than 3.0x; and/or;

-- Indications of an overly aggressive approach in achieving its
    non-coal-related diversification strategy.

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

Adequate Liquidity: Indika's liquidity profile is comfortable as it
does not have any major debt maturities until November 2024, when
its USD575 million senior unsecured notes are due. Indika had about
USD126 million in short-term debt as of December 2021 versus a cash
balance of USD867 million. Indika has USD1.46 billion in total
consolidated debt, including USD1.25 billion due in 2024 and 2025.

ISSUER PROFILE

Indika is an integrated and diversified company in Indonesia that
owns 91% of Kideco, one of the country's largest coal mines. Most
of the group's earnings will be from Kideco after it sells its
contract mining operations in 2022. Indika is diversifying away
from coal over the long run.

   DEBT                   RATING                      PRIOR
   ----                   ------                      -----
Indika Energy Capital
III Pte. Ltd.

  senior unsecured      LT         BB-      Affirmed    BB-

Indika Energy Capital
IV Pte. Ltd.

  senior unsecured      LT         BB-      Affirmed    BB-

PT Indika Energy Tbk    LC LT IDR  BB-      Affirmed    BB-

                        LT IDR     BB-      Affirmed    BB-

                        Natl LT    A+(idn)  Publish

NICKEL MINES: Fitch Alters Outlook on 'B+' IDR to Negative
----------------------------------------------------------
Fitch Ratings has revised the Outlook on Indonesia-based Nickel
Mines Limited's (NIC) Long-Term Issuer Default Rating (IDR) to
Negative from Stable, and affirmed the IDR at 'B+'. Fitch has also
affirmed NIC's USD325 million senior unsecured notes at 'B+' with a
Recovery Rating of 'RR4'.

The Outlook revision is due to increasing liquidity risks from
contagion related to the problems faced by NIC's sole off-taker,
Tsingshan Holding Group Co., which made a loss on its short nickel
position in early March 2022. Tsingshan is also NIC's majority
shareholder with a 21.15% stake through Shanghai Decent Investment.
A consortium of hedge bank creditors that has a standstill
agreement with Tsingshan agreed not to close out the positions
against the company or to make further margin calls on the existing
positions. Fitch understands that Tsingshan has since closed a
number of the positions in an orderly manner, which would ease the
overhang for the banks.

The Negative Outlook also reflects the risk of NIC failing to
access to additional funding to make a scheduled USD212 million
acquisition payment for PT Oracle Nickel Industry (ONI) due
December 2022. Fitch believes free cash flow generation in 2022 may
be insufficient to cover part of the scheduled payment - although
NIC's strong rotary kiln electric furnace (RKEF) margin could
alleviate the need for additional funding. Nevertheless, Fitch has
affirmed the ratings in light of NIC's strong cash flow generation
and competitive cost position.

KEY RATING DRIVERS

Sole Counterparty Exposure: Tsingshan has a commitment to buy all
of NIC's nickel pig iron (NPI) production. It also has the equity
interest and provides technical oversight and ancillary services
within the ecosystem in the Indonesia Morowali Industrial Park
(IMIP), which contains NIC's assets. The reliance on Tsingshan
highlights NIC's concentration risk, but Fitch believes their
interests are aligned, as NIC is an important raw-material supplier
to Tsingshan. NIC's operations and cash flow remained stable during
1Q22, despite Tsingshan's stress.

Financial Data Limitations: Tsingshan is a private company for
which Fitch does not have detailed financial information. Still,
Fitch believes the risk of Tsingshan not meeting its obligations to
NIC is captured in the rating. This is supported by the Tsingshan
group of companies being the world's largest stainless steel
producer and NIC being a critical part of its supply chain.
However, Fitch believes NIC's reliance on Tsingshan creates
contagion risk, especially as NIC has a large funding gap in the
acquisition payment due over the next 12 months.

Acquisition Funding Gap: Fitch expects free cash flow (FCF) to stay
positive through to 2023, supported by a strong EBITDA margin, the
absence of major capex and steady shareholder returns. This will
keep NIC's debt/EBITDA below 2.0x during the period (FY21: 1.7x).
However, Fitch estimates that NIC's FCF generation is likely to be
insufficient to cover the entire ONI acquisition payment in
December 2022. NIC acquired a 30% stake in ONI through a mix of
internal cash and equity issuance.

Nonetheless, NIC has a record of raising equity to fund
acquisitions to limit the rise in leverage. NIC has raised USD106
million through institutional placements and issued USD106 million
in additional shares to Tsingshan in 2022 to support its ONI
acquisition.

Rising Production: Fitch expects NIC's nickel production scale to
more than double to above 100,000 tonnes (t) by 2023, from around
40,000t in 2021. This will be supported by subsidiary PT Angel
Nickel Industry (ANI) commencing full production in 4Q22 and ONI
starting production in 2023, reaching full capacity in 3Q23. ANI
has obtained its sales licence after the full commissioning of four
RKEF lines in May 2022. NIC believes ONI's progress will allow it
to begin its first NPI tap by end-February 2023.

Improving Asset Diversification: Higher production at ANI, which is
located in Indonesia's Weda Bay Industrial Park, will boost NIC's
asset diversification. NIC's current assets, including ONI, are in
the IMIP. The full operation of ANI and ONI will increase NIC's
capacity to 102,000t a year by 2023, from 30,000t currently.

Solid EBITDA Margin: Fitch expects an EBITDA margin of around
35%-36% through to 2023 (2021: around 36%). NIC's strong EBITDA
margin of 42% in 1Q22 was supported by stable raw-material costs
amid IMIP's centralised procurement and inventory management. NIC's
solid cash cost position at its NPI facilities should help it
weather the impact of commodity price fluctuations on selling
prices and input costs. The purchase of nickel ore and thermal coal
accounts for around 30%-40% and 25%-30%, respectively, of NIC's
costs.

The strong margin should also be supported by the similar economic
models at ANI and ONI. NIC's RKEF processing facilities - PT
Hengjaya Nickel Industry (HNI) and PT Ranger Nickel Industry (RNI)
- are strategically located at IMIP. Indonesia is one of the
world's largest nickel producers and the Morowali regency has some
of the country's largest nickel ore deposits. A ban on raw ore
exports and close proximity to ore supply give NIC the advantages
of cheaper raw-material prices and low logistic costs.

DERIVATION SUMMARY

Fitch believes NIC has a better credit profile than Guangyang Antai
Holdings Limited (B/Stable). Guangyang Antai's larger operational
scale and revenue generation, as China's third-largest
stainless-steel producer, are offset by NIC's solid cash cost
position and credit metrics. Guangyang Antai's business profile and
margin are weighed down by its increasing exposure to the
lower-margin trading business.

NIC's cash flow generation is significantly better, with an EBITDA
margin of above 35%, supported by a strong cash cost position. In
comparison, Guangyang Antai's EBITDA margin is less than 5%. Fitch
expects NIC's net debt/EBITDA to be lower than Guangyang Antai's
above 2.5x. However, NIC's Negative Outlook reflects its liquidity
risk from the absence of a funding facility to cover its December
acquisition payment.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch's Rating Case for the Issuer:

-- Stable production at HNI and RNI in 2022-2023;

-- Full production at ANI to commence in 3Q22 and full production

    at ONI to commence in 3Q23;

-- EBITDA margin of around 35%-36% in 2022-2023;

-- Minimal capex at subsidiaries, as major investment projects
    were recently completed;

-- USD525 million acquisition of ONI to be paid incrementally
    from 4Q21 until 1Q23.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that NIC would be reorganised as a
going concern in bankruptcy rather than liquidated. Fitch assumes a
10% administrative claim.

Fitch's going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which Fitch
bases the enterprise valuation.

Fitch's going-concern EBITDA estimate of USD240 million reflects
the mid-cycle nickel price and stable RKEF operations at HNI and
RNI, as ANI just recently commissioned its RKEF. Fitch uses a
multiple of 5x to estimate a value for NIC because of its
geographical concentration in Indonesia and smaller operational
scale compared with peers, despite stronger growth prospects
following ANI's production commencement.

The going-concern enterprise value corresponds to a 'RR1' Recovery
Rating for the senior unsecured notes after adjusting for
administrative claims. Nevertheless, Fitch rates the senior
unsecured bonds at 'B+' and 'RR4' because NIC's operating assets
are located in Indonesia. Under Fitch's Country-Specific Treatment
of Recovery Ratings Criteria, Indonesia is classified under the
Group D of countries in terms of creditor friendliness and Recovery
Ratings are subject to a cap at 'RR4'.

RATING SENSITIVITIES

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

-- The Outlook may be revised to Stable if NIC is able to improve

    liquidity or demonstrate access to debt or the capital market
    to enable it to meet its acquisition payment.

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

-- Deteriorating liquidity position.

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

Lumpy Debt Maturity: NIC had USD130 million in cash, of which USD90
million was held at the holding-company level, at end-March 2022.
NIC's closest debt maturity is in 2024, with the maturity of its
USD325 million senior unsecured notes. Liquidity should be
supported by positive FCF generation in 2022 and 2023. However, the
company has a material acquisition payment over the next 12 months,
which may be met with additional external funding.

ISSUER PROFILE

NIC operates eight RKEF processing facilities, with total annual
name-plate capacity of 66,000t.

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.




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

ALPHA FACADE: Court to Hear Wind-Up Petition on June 10
-------------------------------------------------------
A petition to wind up the operations of Alpha Facade Limited will
be heard before the High Court at Auckland on
June 10, 2022, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 3, 2021.

The Petitioner's solicitor is:

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


ELITE AUTOMOTIVE: Court to Hear Wind-Up Petition on June 10
-----------------------------------------------------------
A petition to wind up the operations of Elite Automotive Services
Limited will be heard before the High Court at Auckland on June 10,
2022, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 2, 2021.

The Petitioner's solicitor is:

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


INNER MONGOLIA RIDER: Grant Thornton Appointed as Receivers
-----------------------------------------------------------
Raymond Paul Cox and Stephanie Beth Jeffreys of Grant Thornton New
Zealand on May 19, 2022, were appointed as receivers and managers
of Inner Mongolia Rider Horse Industry (NZ) Limited.

The Receivers can be reached at:

          Grant Thornton New Zealand Limited
          PO Box 1961, Auckland


JA PAVING: Creditors' Proofs of Debt Due on July 1
--------------------------------------------------
Creditors of JA Paving & Concrete Limited and Allwall Plastering
Services Limited are required to file their proofs of debt by July
1, 2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on May 26, 2022.

The company's liquidator is:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana, Porirua 5247


MELODIA LIMITED: Creditors' Proofs of Debt Due on June 28
---------------------------------------------------------
Creditors of The Melodia Limited are required to file their proofs
of debt by June 28, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 27, 2022.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour, Auckland 0751


NEW ZEALAND MEDICAL: Journal Publisher Enters Liquidation
---------------------------------------------------------
Radio New Zealand reports that the future of the New Zealand
Medical Journal is in question, with a new financial backer being
sought.

It is the country's main scientific medical journal and has been
running since 1887, publishing papers from top researchers and
academics.

Its publisher, the New Zealand Medical Association, voted on May 30
to go into liquidation, with a final, confirmation vote due in
July.

According to RNZ, New Zealand Medical Association chair Alastair
Humphrey said it was now seeking expressions of interest from
people "willing and financially able" to create a new organisation
to run the journal.

It was envisaged that would be their only publication and it would
remain editorially independent, he said.

The association was also one of the advocacy groups for the medical
profession, RNZ says.

It had been struggling financially for several years and had made
several attempts to get back on track.

Stuff adds that Mr. Humphrey said the news was "heart breaking" and
the association had a proud record of serving the community since
1886.


[*] NEW ZEALAND: 92 Building Companies Liquidated This Year
-----------------------------------------------------------
Stuff.co.nz reports that a total of 92 companies in the building
sector have gone into liquidation in the year to May 23, according
to figures from the Ministry of Business, Innovation and
Employment.

Stuff relates that the chief executives of Master Builders and the
New Zealand Building Industry Federation said the sector was
probably entering the downturn phase of the boom-bust cycle, as
shortages in labour and materials combine with high costs and
falling house prices to make projects untenable.

In the past fortnight, 12 building sector companies have gone into
liquidation, according to the Government Gazette, seven of which
were either unable to pay outstanding debts or were being
investigated for trading while insolvent, according to liquidators,
Stuff relays.

One of them is Cladtech Plastering Ltd - a family-run Christchurch
plasterer focusing on residential properties operating since 2014,
Stuff discloses.

A liquidators report stated the company had fallen behind with
various Inland Revenue (IR) assessments for PAYE and GST, with
about NZD120,000 owed in GST at the time of liquidation, and about
NZD100,000 estimated owing to unsecured creditors.

Other companies that have entered liquidation in the last two weeks
include Raglan Labour Hire Ltd, Oceanside Homes Ltd, Lighthouse
Properties Ltd, Tuff Labourers Ltd, Bula Contractors Ltd, Hi-Tech
Glass Ltd and Keast Enterprises Ltd, according to Stuff.

These follow the high profile liquidations of Wellington
construction companies Jonesy Construction Ltd and Armstrong Downes
Commercial.

In the past fortnight, the Government Gazette also announced eight
applications had been lodged in the High Court to take building
sector companies liquidation, with most of applications lodged by
the commissioner of Inland Revenue, Stuff relates.

According to Stuff, Ministry of Business, Innovation and Employment
building registries national manager Bolen Ng said he had not
noticed a trend towards more building firms going bust, with 12
more entering liquidation during the same period from January 1 to
May 23 last year.

But Simon Dalton of Gerry Rea Partners, who is involved in the
liquidation of Tuff Labourers, said his firm was seeing an increase
in enquiries relating to the construction industry, Stuff reports.

Stuff relates that Mr. Dalton said smaller companies tended not to
have sufficient capital to carry them through short term
difficulties.

"Many SMEs rely on shareholder or director funding in difficult
times," Stuff quotes Mr. Dalton as saying.

"That funding is typically backed by borrowing on the shareholders
home which, in the current housing market and the rising interest
rates, may be difficult," he said.

In the case of Tuff Labourers, Mr. Dalton said he was not aware of
any outstanding projects, and it appeared the biggest creditor was
the IR, adds Stuff.




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

ACE ALLY: Creditors' Proofs of Debt Due on June 27
--------------------------------------------------
Creditors of Ace Ally Holding Pte Ltd are required to file their
proofs of debt by June 27, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 19, 2022.

The company's liquidator is:

          Lai Kuan Loong, Victor
          c/o CitadelCorp Pte. Ltd.
          105 Cecil Street
          #12-01 The Octagon
          Singapore 069534


ASTI HOLDINGS: Seeks 2nd Time Extension for AGM
-----------------------------------------------
The Business Times reports that watch-listed semiconductor
manufacturing services company Asti Holdings, which dismissed its
chief executive officer in a retrenchment exercise last December,
on May 27 applied for a second month's extension to hold its annual
general meeting (AGM).

In a bourse filing announcing this, it stated six reasons for
having to post the application, half of which relate to its units'
inability to finalise their accounts for the 2021 financial year on
or prior to May 12, BT relates.

The units are Advanced Systems Automation (ASA), which is an
associate of the group; and Asti subsidiaries Dragon Group
International and Shanghai Jinglong Semiconductor Technology.

Thus, Asti said it could not finalise its financial statements for
FY2021, and is unable to hold its AGM by May 31 -- the new deadline
following Asti's last application on April 1, BT relays. Its latest
application to the Singapore Exchange Securities Trading sought an
extension to June 29.

Asti stated only one reason in its first application for a time
extension, and it related to an impairment assessment that was not
ready. The assessment was for its 40% equity interest in EoCell for
the purpose of financial reporting.

On May 27, Asti cited that as one of the reasons again, saying that
its auditors are in the midst of reviewing the draft valuation
results in relation to the impairment assessment and are targeting
to complete the review by June 8, BT adds.

Based in Singapore, ASTI Holdings Limited --
https://www.astigp.com/ -- engages in the provision of
semiconductor manufacturing services for surface mount technology
components in Singapore, China, Malaysia, the Philippines, the
United Kingdom, and internationally.


GEM BUILD: Court to Hear Wind-Up Petition on June 24
----------------------------------------------------
A petition to wind up the operations of Gem Build Pte Ltd will be
heard before the High Court of Singapore on June 24, 2022, at 10:00
a.m.

FS Capital Pte. Ltd filed the petition against the company on May
20, 2022.

The Petitioner's solicitors are:

          Aquinas Law Alliance LLP
          24 Raffles Place
          #20-03 Clifford Centre
          Singapore 048621


MANACOR DEV: Creditors' Proofs of Debt Due on June 27
-----------------------------------------------------
Creditors of Manacor Dev Pte Ltd are required to file their proofs
of debt by June 27, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 23, 2022.

The company's liquidator is:

          Mr. Farooq Ahmad Mann
          M/s Mann & Associates PAC
          c/o 3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


MEDCO ENERGI: Fitch Affirms 'B+' LT IDR, Outlook Positive
---------------------------------------------------------
Fitch Ratings has affirmed PT Medco Energi Internasional Tbk's
Long-Term Issuer Default Rating (IDR) at 'B+' and has placed the
rating on Positive Outlook. Fitch has also affirmed the ratings on
Medco's senior unsecured US-dollar notes at 'B+' with a Recovery
Rating is 'RR4'.

All ratings are now off Rating Watch Positive, as Medco has
completed the acquisition of ConocoPhillips Indonesia Holding Ltd.
ConocoPhillips owns a 54% working interest in the Corridor block
production sharing contract (PSC), an operating asset in South
Sumatra, and a 35% interest in Transasia Pipeline Company Pvt Ltd.

The Positive Outlook reflects Medco's improved operating profile
post the acquisition, with a larger scale and a more favourable
earning mix due to a higher share of fixed-price contracts. Fitch
expects Medco's EBITDA from fixed-price contracts to remain above
2.5x of interest expense, up from around 1.0x prior to the
acquisition, until 2025. Medco's rating is underpinned by a
low-cost position, earnings stability and healthy free cash flow
generation, which support the company's strong financial profile
under Fitch's oil and gas (O&G) price assumptions.

KEY RATING DRIVERS

Higher Fixed-Price Volume, Larger Scale: The Corridor block PSC
acquisition has boosted the share of gas in Medco's output to 75%,
from 60%. The majority of the gas from Corridor is sold via
fixed-price, long-term take-or-pay contracts with strong
counterparties, including PT Perusahaan Gas Negara Tbk
(BBB-/Stable) and PT Pertamina (Persero) (BBB/Stable); Medco's
share of fixed-price contracts in its output is now around 55%,
from below 40%.

Corridor also adds up to 70,000 barrels of oil equivalent (boe) per
day to Medco's production of 100 million boe per day, leaving
Medco's operating scale larger than that of most rated upstream O&G
producers in the 'B' rating category.

Room for Reserve Life Improvement: Fitch estimates Medco's pro
forma proved (1P) reserve life was below Fitch's positive rating
action guideline of seven years at end-2021, due to the weak 1P
reserve life of the Corridor block PSC, which Fitch assesses at
less than four years. This will entail higher investments for Medco
to improve its reserve life; Medco plans to develop its Block B,
Senoro Phase 2 and Block A drilling in the aim of adding reserves
in the medium term. The company says its Corridor integration is
progressing as planned and it expects to finalise its investment
plan for Corridor during 2H22.

Medco has a long history of replenishing its reserves organically
and inorganically and aims to maintain a proved and probable
reserve life of nine years. The company's strong financial profile
provides resilience against capex, while the high proportion of
developed proved reserves lowers its capex requirements and
provides flexibility during oil-price downturns.

Competitive Cost Position: Medco's low cash-cost position improved
with the acquisition of the Corridor block PSC, which has a
cash-cost position of USD4-5/boe, lower than Medco's previous cash
cost of around USD9/boe. This, along with contracted volume,
supports robust and predictable cash flow.

Improving Financial Profile: Incremental earnings from the Corridor
block PSC and strong oil prices should boost EBITDA to USD1 billion
or above until 2025 (2021E: USD640 million), despite a drop in
working interest in the Corridor block to 46% after 2023, from 54%.
Fitch expects net leverage, measured as net debt/EBITDA and
excluding Medco's fully owned subsidiary, PT Medco Power Indonesia
(MPI), to fall below 2.0x in 2022 (2021E: 3.3x, 2020: above 4.0x).

Tender Offer, Lower Debt: Medco has made a capped tender offer to
buy back USD150 million of its 2026 and 2027 US-dollar notes using
internal cash. It prioritises its 2026 notes, which are the most
expensive in its capital structure. Hence, a successful buyback
will improve its interest cover metrics. Fitch has not baked the
buyback into Fitch's base case and forecast average EBITDA-based
interest cover at 6.4x until 2025 (2021E: 2.8x). Medco's debt will
also fall after it repays its two-year amortising bank loan of
USD450 million to fund the Corridor acquisition using operating
cash flow.

Gas Agreements Renewal: The gas sale and purchase agreements for
the Corridor block PSC expire in 2023. Some of the agreements have
been extended, but a large portion remain under discussion. Fitch
believes volume risk from renewals is low, considering the
importance of the block to Indonesia's domestic gas supply.

Power Business Neutral: Fitch assesses the risk dynamics of MPI to
be neutral to Medco's credit profile, as its investment in the
power company falls outside the restricted group structure defined
in its bond documentation. The documents limit Medco's investments
outside the restricted group to USD300 million, half of which has
been utilised. It also limits cash outflow from Medco to MPI and
other investments outside the restricted group and there are no
cross-default clauses linking MPI's debt to Medco.

DERIVATION SUMMARY

The acquisition of Corridor block PSC makes Medco's business
profile comparable with that of exploration and production peers in
the 'BB' rating category.

Around 80% of Canacol Energy Ltd.'s (BB/Stable) sales volume comes
from long-term, fixed-price take-or-pay gas sales contracts. In
comparison, the proportion of fixed-price contract sales in Medco's
portfolio is around 55%. This is partly offset by Medco's larger
production scale and EBITDA generation. Both companies have a
moderate 1P reserve life of around six years.

GeoPark Limited (B+/Stable) and Medco have limited geographic
diversification and moderate reserve lives. Medco's profile,
however, benefits from a larger production scale and the presence
of fixed-price contracts.

KEY ASSUMPTIONS

-- Brent prices of USD100 a barrel in 2022, USD80 a barrel in
    2023, USD60 a barrel in 2024 and USD53 a barrel thereafter, as

    per Fitch's O&G price deck. Gas prices in line with fixed-
    price contracts where applicable; see Fitch Ratings Raises
    Short- and Medium-Term Oil & Gas Price Assumptions.

-- Total production volume, including the Corridor block PSC, of
    above 160 million boe per day until 2023, then dropping amid
    lower working interest in the Corridor block PSC;

-- Cash production costs of less than USD9/boe;

-- Average annual capex of USD260 million over the next five
    years;

-- Annual dividend pay-out of 10% of net income.

Recovery Analysis:

-- The recovery analysis assumes that Medco would be reorganised
    as a going concern in bankruptcy rather than liquidated;

-- Fitch assumes a 10% administrative claim;

-- Medco's post-acquisition going-concern EBITDA, excluding MPI,
    is based on the average EBITDA Fitch expects over 2025-2026.
    This reflects a sustainable earnings level for the company
    based on Fitch's long-term oil price assumption;

-- An enterprise value multiple of 5x is used to calculate a
    post-reorganisation valuation and reflects a mid-cycle
    multiple for O&G, metals and mining companies globally, which
    is higher than the observed lowest multiple of 4.5x. The
    higher multiple reflects that a large proportion of Medco's
    production volume stems from long-term fixed-price and indexed

    take-or-pay gas contracts, which provide more cash-flow
    visibility across economic cycles than the average global
    upstream O&G production company;

-- Fitch assumes prior-ranking debt of USD154 million will be
    repaid before Medco's senior unsecured creditors, including
    investors in its US-dollar bonds. Prior-ranking debt includes
    project-finance debt at non-guarantor subsidiaries, PT Medco
    E&P Tomori Sulawesi and PT Medco E&P Malaka;

-- The payment waterfall results in a recovery rate corresponding

    to a 'RR1' Recovery Rating for the unsecured notes. However,
    Fitch rates the senior unsecured bonds at 'RR4' because
    Indonesia falls into Group D of creditor friendliness under
    Fitch's Country-Specific Treatment of Recovery Ratings
    Criteria, and the Recovery Rating on instruments of issuers
    with assets in this group are subject to a cap of 'RR4'.

RATING SENSITIVITIES

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

-- A sustained improvement in the P1 reserve life to seven years
    or above, while maintaining leverage (net debt/EBITDA,
    excluding MPI) below 2.5x.

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

-- Fitch will revise the Outlook to Stable if the positive rating

    guidelines are not met in next 12 months.

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 estimates that Medco, excluding MPI, had
cash of around USD795 million at end-2021, which could comfortably
cover the USD348 million of debt maturing within a year. Medco's
liquidity profile benefits from committed undrawn facilities of
USD550 million as of end-2021. The company has significant annual
debt maturities of USD500 million-700 million during 2025-2027,
when its US-dollar notes matures. Medco has a history of
refinancing bond maturities well ahead of schedule. Fitch expects
Medco to generate sufficient cash flow from operations to cover its
capex plan.

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.

   DEBT                RATING            RECOVERY           PRIOR
   ----                ------            --------           -----
PT Medco Energi          LT IDR   B+      Affirmed           B+
Internasional Tbk

Medco Oak Tree Pte. Ltd.

  senior unsecured      LT        B+      Affirmed    RR4    B+

Medco Bell Pte. Ltd.

  senior unsecured      LT        B+       Affirmed   RR4    B+

Medco Platinum Road Pte Ltd

  senior unsecured      LT        B+       Affirmed   RR4    B+

Medco Laurel Tree Pte. Ltd.

  senior unsecured      LT        B+       Affirmed   RR4    B+


NGC PRODUCTIONS: Creditors' Proofs of Debt Due on June 27
---------------------------------------------------------
Creditors of NGC Productions Singapore Pte Ltd are required to file
their proofs of debt by June 27, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 18, 2022.

The company's liquidators are:

          Lim Loo Khoon
          Tan Wei Cheong
          6 Shenton Way, OUE Downtown 2, #33-00
          Singapore 068809


ORANGE CARZ: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Feb. 18, 2022, to
wind up the operations of Orange Carz Singapore Pte. Ltd. (formerly
known as Orange Carz Rental Ptd. Ltd.)

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o BDO Advisory Pte Ltd
          600 North Bridge Road #23-01 Parkview Square
          Singapore 188778




=================
S R I   L A N K A
=================

SRI LANKA: S&P Affirms 'SD/SD' Foreign Currency Sovereign Ratings
-----------------------------------------------------------------
On May 27, 2022, S&P Global Ratings affirmed its long-term and
short-term foreign currency sovereign ratings on Sri Lanka at
'SD/SD.' At the same time, S&P affirmed its 'CCC-' long-term and
'C' short-term local currency sovereign ratings. The outlook on the
local currency ratings remains negative.

In addition, S&P lowered to 'D' from 'CC' the issue ratings on the
following bonds with missed interest payments in May:

-- US$1.5 billion, 6.85% bonds due Nov. 3, 2025.
-- US$1.5 billion, 6.20% bonds due May 11, 2027.

S&P's transfer and convertibility assessment at 'CC' is unchanged.

Outlook

S&P's foreign currency rating on Sri Lanka is 'SD' (selective
default). It does not assign outlooks to 'SD' ratings because they
express a condition and not a forward-looking opinion of default
probability.

The negative outlook on the local currency ratings reflects the
high risk to commercial debt repayments over the next 12 months in
the context of Sri Lanka's economic, external, and fiscal
pressures.

Downside scenario

S&P could lower the local currency ratings if there are indications
of nonpayment or restructuring of Sri Lankan rupee-denominated
obligations.

Upside scenario

S&P said, "We could revise the outlook to stable or raise the local
currency ratings if we perceive that the likelihood of the
government's local currency debt being excluded from any debt
restructuring has increased. This could be the case if, for
example, the government receives significant donor funding which
gives it some time to implement immediate and transformative
reforms.

"We would raise our long-term foreign currency sovereign credit
rating upon completion of the government's bond restructuring. The
rating would reflect Sri Lanka's post-restructuring
creditworthiness. Our post-restructuring ratings tend to be in the
'CCC' or low 'B' categories, depending on the sovereign's new debt
structure and capacity to support that debt."

Rationale

Sri Lanka's external public debt moratorium prevents payment of
interest and principal obligations due on the government's ISBs. As
such, interest payments due May 3, and May 11, on its 2025 and 2027
ISBs, respectively, would have been affected. Following the missed
payments, and given S&P's expectation that payment will not be made
within 30 calendar days of the due date, it has lowered the issue
ratings on these bonds to 'D' (default).

Overdue coupons now include the following four bonds:

-- US$1.25 billion, 5.75% bonds due 2023
-- US$1.25 billion, 6.75% bonds due 2028
-- US$1.5 billion, 6.85% bonds due 2025
-- US$1.5 billion, 6.20% bonds due 2027

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

  DOWNGRADED  
                       TO     FROM
  SRI LANKA

  Senior Unsecured     D      CC

  RATINGS AFFIRMED  

  SRI LANKA

  Sovereign Credit Rating

   Foreign Currency                      SD/--/SD  
   Local Currency                        CCC-/Negative/C
   Transfer & Convertibility Assessment  CC

  SRI LANKA

  Senior Unsecured      CC
  Senior Unsecured      CCC-
  Senior Unsecured      D

  SRILANKAN AIRLINES LTD.

  Senior Unsecured      CC


SRILANKAN AIRLINES: Fitch Affirms 'C' Rating on USD175MM Bonds
--------------------------------------------------------------
Fitch Ratings has affirmed the rating on SriLankan Airlines
Limited's (SLA) USD175 million government-guaranteed 7% unsecured
bonds due June 25, 2024 at 'C'. The affirmation follows the May 19,
2022 downgrade of Sri Lanka's Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'RD' from 'C', and the downgrade of its
foreign-currency bonds issued in international markets to 'D' from
'C'.

KEY RATING DRIVERS

SLA in Default-Like Process: SLA's guaranteed bonds are part of the
debt moratorium announced on 12 April 2022 by the government of Sri
Lanka, on several categories of sovereign- and public sector
entities' external debt. The moratorium has therefore triggered the
commencement of a default-like process for SLA, in Fitch's view.

Bonds Factor in Recovery Prospects: SLA's bonds are rated 'C'
factoring in Fitch's view of average- to- below average recovery
prospects following a default, in line with the agency's Corporates
Recovery Ratings and Instrument Ratings criteria, and
Country-Specific Treatment of Recovery Ratings criteria. Ratings
assigned to bonds of issuers who are very close to default show
little distinction between RR4-RR6. Therefore, Fitch has not
assigned a Recovery Rating to the bond.

DERIVATION SUMMARY

SLA's US dollar bonds are part of the Government of Sri Lanka's
debt moratorium. SLA's bond rating based on Fitch's assessment of
average- to below average recovery prospects to investors, based on
Fitch's Corporates Recovery Ratings and Instrument Ratings
Criteria, and Country-Specific Treatment of Recovery Ratings
Criteria.

RATING SENSITIVITIES

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

-- An upgrade of the sovereign rating.

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

-- Negative rating actions are not possible, as the rating is at
    the lowest level applicable to corporate debt instruments.

For the sovereign rating of Sri Lanka, the following sensitivities
were outlined by Fitch in Fitch's Rating Action Commentary of 19
May 2022.

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

-- Negative rating actions are not possible, as ratings are at
    their lowest level.

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

-- Completion of a commercial debt restructuring that Fitch  
    judges to have normalised the relationship with the
    international financial community.

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.




=============
V I E T N A M
=============

SHINHAN BANK: S&P Raises LT ICR to 'BB+' After Sovereign Upgrade
----------------------------------------------------------------
S&P Global Ratings raised the long-term issuer credit rating on
Shinhan Bank Vietnam (SHBVN) to 'BB+' from 'BB'. The outlook is
stable.

S&P said, "At the same time, we affirmed our 'B' short-term issuer
credit rating on the bank. SHBVN is a Vietnam-based bank affiliate
of Shinhan Financial Group Co. Ltd. (SFG).

"The upgrade reflects our view that SHBVN will benefit from
stronger group support following the upgrade of Vietnam
(BB+/Stable/B). The ratings on SHBVN are effectively constrained by
the creditworthiness of Vietnam. We believe the bank will likely
remain integral to the overseas expansion of Korea-based SFG and
receive potential extraordinary support from the group in almost
all circumstances. If the ratings were not constrained, SHBVN's
issuer credit rating would be one notch lower than the group credit
profile of 'a+', given its highly strategic importance to the
group.

"We believe SFG has a strong and long-term commitment to support
SHBVN. SHBVN plays a critical role in the group's business
expansion in Southeast Asia. Vietnam is a key growth market for the
group, given that various Korean corporates have their production
base and operations in the country. SHBVN has also strengthened the
group's presence in Vietnam in the past decade, through organic and
inorganic business growth. We believe the group has the capacity
and willingness to support SHBVN's capitalization as well as
business growth in Vietnam.

"SHBVN's risk profile will likely remain stable. We expect
operating conditions to be more favorable than in 2021. Vietnam's
economic growth will recover to 6.9% in 2022 and 7.2% in 2023, from
2.6% in 2021, based on our forecasts. The bank has modest exposure
to forbearance measures, such as the rescheduling of principal or
interest payments on loans affected by the COVID-19 pandemic. We
estimate the bank's exposure to such measures stand at about 3% of
total loans as of end-2021, largely similar to the average for the
domestic banks we rate. SHBVN's profitability will be largely
stable. The banks' return on average assets was about 1.8% in
2021.

"The stable outlook on SHBVN reflects that on the sovereign credit
ratings on Vietnam. The ratings on SHBVN remain constrained by the
creditworthiness of the sovereign. We believe SHBVN will maintain
its high strategic importance to SFG at least for the next 18-24
months.

"We could downgrade SHBVN if we lower the sovereign credit ratings
on Vietnam.

"We could upgrade SHBVN if we raise the sovereign credit ratings on
Vietnam."


VIETCOMBANK: S&P Raises Ratings to 'BB/B' Following Vietnam Upgrade
-------------------------------------------------------------------
S&P Global Ratings raised its rating on Bank for Foreign Trade of
Vietnam (Vietcombank) to 'BB/B' from 'BB-/B'. The outlook is
stable.

S&P said, "Our rating action on Vietcombank follows the upgrade on
the sovereign credit ratings on Vietnam. In our opinion,
Vietcombank will benefit from enhanced external support as
reflected in the sovereign ratings upgrade on Vietnam.

"On May 27, 2022, we raised our sovereign credit ratings on Vietnam
to reflect a growing track record of improvements in the
government's administrative processes. These measures helped close
the gap on lapses in repaying guaranteed debt. The upgrade is also
supported by Vietnam's robust economic prospects and sound external
position. Vietnam continued to attract strong foreign direct
investment (FDI) flows despite pandemic disruptions.

"We see a high likelihood that Vietcombank--as one of the largest
state-owned banks in Vietnam--will receive timely and sufficient
extraordinary support from the government of Vietnam in the event
of financial distress. Vietcombank has high systemic importance,
given its size in Vietnam and our assessment of the government as
highly supportive. We believe Vietnam's strengthened credit profile
would enhance the government's capacity to support banks.

"The stable outlook on Bank for Foreign Trade of Vietnam
(Vietcombank) reflects our expectation that the bank will maintain
its financial profile over the next 12 to 18 months, and continue
to have high systemic importance in Vietnam."

S&P could downgrade Vietcombank if the bank's financial profile
deteriorates significantly. This could take the form of:

-- a much higher nonperforming loan (NPL) ratio; or

-- increased credit costs compared to our base-case assumptions,
or

-- its risk-adjusted capital ratio declines below 3% on a
sustained basis.

S&P said, "An upgrade is unlikely, in our view, as our assessment
of the bank's 'bb-' stand-alone credit profile (SACP) would need to
improve by at least two notches. This necessitates either or both
of the following: a significant capital strengthening or some
combination of asset quality improvement whereby the bank's
financial profile becomes notably superior to peers."

ESG credit indicators: E-2, S-2, G-3




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

[*] BOND PRICING: For the Week May 23, 2022 to May 27, 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.



                *** End of Transmission ***