/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/220621.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, June 21, 2022, Vol. 25, No. 117 Headlines A U S T R A L I A 480 QUEEN: First Creditors' Meeting Set for June 28 AUTOMATION POOL: First Creditors' Meeting Set for June 28 GREENCO PARKING: First Creditors' Meeting Set for June 27 MEXICANO PTY: First Creditors' Meeting Set for June 29 MINE SPEC: First Creditors' Meeting Set for June 27 MME PL 2022-1: Moody's Assigns (P)B2 Rating to AUD7.6MM F Notes RESIMAC BASTILLE NO.2: S&P Affirms BB (sf) Rating on Cl. E Notes SNOWDON DEVELOPMENTS: Creditors Fear Builder May Collapse TRITON BOND 2020: S&P Raises Class F Notes Rating to 'BB (sf)' C H I N A SANSHENG HOLDINGS: Moody's Cuts CFR to Caa2, Outlook Remains Neg. SJM HOLDINGS: Fitch Cuts Foreign Currency IDR to BB-, On Watch Neg. H O N G K O N G NUTRYFARM INTERNATIONAL: Non-Executive Independent Director Quits I N D I A ARMANIA AGRO: ICRA Keeps B Debt Ratings in Not Cooperating ARUNESH SAW: ICRA Keeps B+ Debt Ratings in Not Cooperating BALAJI OVERSEAS: ICRA Keeps B Debt Ratings in Not Cooperating BHADOHI CARPETS: ICRA Keeps B+ Debt Rating in Not Cooperating BHAGATPUR TEA: ICRA Keeps B Debt Ratings in Not Cooperating CEEJAY FINANCE: ICRA Keeps B+ Debt Rating in Not Cooperating DADA GANPATI: ICRA Keeps B+ Debt Ratings in Not Cooperating DEEKAY TREXIM: ICRA Keeps B+ Debt Ratings in Not Cooperating EURO FORGE: ICRA Keeps B Debt Ratings in Not Cooperating Category GOVERDHAN VERMA: ICRA Keeps B+ Debt Rating in Not Cooperating HI-TECH FROZEN: ICRA Keeps B Debt Ratings in Not Cooperating KAILASH INFRATECH: ICRA Keeps B Debt Ratings in Not Cooperating KONERU CONSTRUCTIONS: ICRA Keeps B+ Ratings in Not Cooperating KSK MINERAL: ICRA Keeps D Debt Rating in Not Cooperating Category LAXMI OIL: ICRA Keeps D Debt Rating in Not Cooperating Category LAXMI RICE: ICRA Keeps B Debt Ratings in Not Cooperating Category MAA SHITALA: ICRA Keeps B+ Debt Ratings in Not Cooperating MEGHA MARKETING: ICRA Keeps B+ Debt Rating in Not Cooperating NEELAY METAL: ICRA Keeps B+ Debt Ratings in Not Cooperating PRATEEK APPARELS: ICRA Keeps B+ Debt Rating in Not Cooperating RHEABARI TEA: ICRA Keeps B+ Debt Ratings in Not Cooperating ROYALEX FASHIONS: ICRA Withdraws B+ Rating on INR10cr Term Loan SHAKTI POLYTEX: ICRA Keeps D Debt Ratings in Not Cooperating SIGNATURE CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating TULIP TELECOM: ICRA Keeps D Debt Rating in Not Cooperating ZETA INDUSTRIAL: ICRA Keeps B- Debt Ratings in Not Cooperating I N D O N E S I A GEO ENERGY: S&P Withdraws 'B-' Issuer Credit Rating M A C A U WYNN RESORTS: Egan-Jones Keeps CCC+ Senior Unsecured Ratings M A L A Y S I A CAPITAL A: Gets "Clean Report" from Auditors Ernst & Young SCOMI GROUP: Gets Further Extension from Delisting N E W Z E A L A N D DAAM SO: Creditors' Proofs of Debt Due on July 15 ELEMENTAL HEALTH: Creditors' Proofs of Debt Due on July 25 JULIA INTERIORS: Court to Hear Wind-Up Petition on June 30 METROPOLIS DESIGN: Court to Hear Wind-Up Petition on Sept. 15 PROPELLOR PROPERTY: Court to Hear Wind-Up Petition on Sept. 15 TASTING SHED: TV Chef Ganesh Raj Shuts Restaurant, Blames Pandemic S I N G A P O R E GOH & FOONG: Court to Hear Wind-Up Petition on July 1 HIN LEONG: Creditors' Meetings Set for July 5 LAM CHEE: Court to Hear Wind-Up Petition on July 1 LAS VEGAS SANDS: Fitch Lowers IDR to 'BB+', On Watch Negative TON SANGKASI: Creditors' Proofs of Debt Due on July 18 TRADEWINDS FOOD: Court to Hear Wind-Up Petition on July 1 T H A I L A N D [*] At Least 4 Thai Insurers Have Gone Bankrupt Due to COVID Claims V I E T N A M VPBANK SMBC: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable X X X X X X X X [*] BOND PRICING: For the Week June 13, 2022 to June 17, 2022 - - - - - ================= A U S T R A L I A ================= 480 QUEEN: First Creditors' Meeting Set for June 28 --------------------------------------------------- A first meeting of the creditors in the proceedings of 480 Queen Street Centre Pty Ltd will be held on June 28, 2022, at 11:00 a.m. at the offices of WLP Restructuring, Suite 21.02, Level 21, Australia Square, 264 George Street, in Sydney, NSW. Glenn Livingstone of WLP Restructuring was appointed as administrator of 480 Queen on June 16, 2022. AUTOMATION POOL: First Creditors' Meeting Set for June 28 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Automation Pool Shops Pty Ltd, trading as Impeccable Pools, will be held on June 28, 2022, at 11:00 a.m. via virtual meeting technology. Glenn Livingstone and Scott Pascoe of WLP Restructuring were appointed as administrators of Automation Pool on June 16, 2022. GREENCO PARKING: First Creditors' Meeting Set for June 27 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Greenco Parking Pty Ltd will be held on June 27, 2022, at 11:00 a.m. via telephone facilities. David Charles Quin of PCI Partners was appointed as administrator of Greenco Parking on June 16, 2022. MEXICANO PTY: First Creditors' Meeting Set for June 29 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Mexicano Pty. Limited will be held on June 29, 2022, at 3:00 p.m. via telephone conference facilities. Giles Geoffrey Woodgate of Woodgate & Co was appointed as administrator of Mexicano Pty on June 17, 2022. MINE SPEC: First Creditors' Meeting Set for June 27 --------------------------------------------------- A first meeting of the creditors in the proceedings of Mine Spec Equipment Pty Ltd in its own right and ATF The Berryman Family Trust (trading as the Talisker Group) will be held on June 27, 2022, at 11:00 a.m. The meeting will be simultaneously held via Zoom virtual meeting technology. Cameron Shaw and Richard Albarran of Hall Chadwick were appointed as administrators of Mine Spec on June 15, 2022. MME PL 2022-1: Moody's Assigns (P)B2 Rating to AUD7.6MM F Notes --------------------------------------------------------------- Moody's Investors Service has assigned the following provisional ratings to the notes to be issued by Perpetual Corporate Trust Limited in its capacity as trustee of MME PL Trust 2022-1. Issuer: MME PL Trust 2022-1 AUD119.6 million Class A Notes, Assigned (P)Aaa (sf) AUD14.0 million Class B Notes, Assigned (P)Aa2 (sf) AUD16.8 million Class C Notes, Assigned (P)A2 (sf) AUD13.0 million Class D Notes, Assigned (P)Baa2 (sf) AUD13.6 million Class E Notes, Assigned (P)Ba2 (sf) AUD7.6 million Class F Notes, Assigned (P)B2 (sf) The AUD5.4 million of Class G1 Notes and AUD10.0 of Class G2 Notes (collectively, the Class G Notes) are not rated by Moody's. MME PL Trust 2022-1 is a cash securitisation unsecured personal loans extended to obligors located in Australia. All loans were originated by MoneyMe Financial Group Pty Ltd (MoneyMe, unrated), a wholly owned subsidiary of MoneyMe Limited (unrated). MoneyMe Limited is an ASX listed lender providing a diversified mix of credit products to borrowers in Australia. As of March 2022, MoneyMe's total customer receivables amounted to around AUD1.16 billion. This is MoneyMe's inaugural term asset-backed securitisation transaction. RATINGS RATIONALE The provisional ratings take into account, among other factors, (1) Moody's evaluation of the underlying receivables and their expected performance, (2) an evaluation of the capital structure and credit enhancement provided to the notes, (3) the availability of excess spread over the life of the transaction, (4) the liquidity facility in the amount of 3.0% of the rated notes' balance, subject to a floor of AUD600,000, (5) the legal structure, (6) the experience of MoneyMe as servicer, and (7) the presence of Perpetual Corporate Trust Limited (Perpetual, unrated) as the back-up servicer. According to Moody's, the transaction benefits from the high level of excess spread available to cover losses arising from the portfolio. The key challenge in the transaction is the limited historical data available for the portfolio. MoneyMe is a relatively new originator, with relevant historical default data only available from mid-2016. As such, the pool's performance could be subject to greater variability than the currently available data indicates. Key transactional features are as follows: Principal collections will be at first distributed sequentially. Once the step down conditions are satisfied, all notes (excluding the Class G Notes) may participate in proportional principal collections distribution. The step down conditions include, among others, no charge offs on any of the notes and average arrears greater than 90 days not exceeding 6.0% of the aggregate loan amount. Principal pay-down will revert to sequential once the aggregate invested amount of the notes is less than 20.0% of the aggregate invested amount of the notes at closing, or on or after the payment date in August 2025. Perpetual is the back-up servicer. If MoneyMe is terminated as servicer, Perpetual will take over the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key model and portfolio assumptions: Moody's portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 38.0%. Moody's mean expected default rate for this transaction is 10.0% and the assumed recovery rate is 15.0%. Expected defaults, recoveries and PCE are parameters used by Moody's to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the cash flow model to rate consumer ABS. Key pool features are as follows: 100% of the loans in the portfolio are variable-rate. The average current balance of the loans in the pool is AUD8,369. This is relatively small in comparison with peer transactions 24.11% of loans are to borrowers who live with their friends or family. This is relatively high in comparison with peer transactions. The weighted average interest rate of the portfolio is 17.1%. 73.7% of loans are to borrowers are in full-time employment. The weighted average Equifax credit score of the portfolio is 663. The weighted average remaining term of the portfolio is 36.7 months. The weighted average seasoning of the initial portfolio is 7.5 months. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in September 2021. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortisation or better-than-expected collateral performance. The Australian job market is a primary driver of performance. Factors that could lead to a downgrade of the notes is worse-than-expected collateral performance, poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, a lack of transactional governance, or fraud. RESIMAC BASTILLE NO.2: S&P Affirms BB (sf) Rating on Cl. E Notes ---------------------------------------------------------------- S&P Global Ratings affirmed its ratings on five classes of notes issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Bastille Trust - Warehouse Series No.2. The rating affirmations follow a review of the transaction due to an increase in the size of the collateral pool following the purchase of loans by the warehouse facility, funded by note issuance. During the transaction's 12-month revolving period, the acquisition of assets by the trust can be funded by additional note issuance. S&P assesses the minimum levels of credit support, liquidity, and yield that are commensurate with its ratings on the notes before any such sales into the trust. This is because the credit support and liquidity requirement can change, depending on the characteristics of the portfolio. The rating affirmations reflect: -- The credit risk of the underlying collateral portfolio, which is currently A$459 million. The weighted-average loan-to-value ratio of the loans now in the portfolio is 74.1% and the weighted-average seasoning is 4.6 months. -- That the proportion of loans in the portfolio to borrowers whose income has not been fully verified has decreased to 96.5% from 97.6% in March 2022. While these borrowers have not provided definitive proof of their income, RESIMAC Ltd. has carried out a range of checks to determine the reasonableness of their declared incomes. S&P Global Ratings has adjusted the minimum credit support for partially verified loans to reflect the lower standard of debt-servicing assessment on these loans. -- That loans comprising 90.0% of the pool are to self-employed borrowers, up from 85.3% previously. Where RESIMAC has been unable to provide employment data, S&P has assessed a portion as being self-employed. S&P Global Ratings expects self-employed borrowers to experience higher cash-flow variability and, consequently, higher loan arrears, making them more susceptible to defaults should there be a downturn in the Australian economy. S&P Global Ratings assumes higher default frequencies for these loans. -- That loans representing 0.1% of the portfolio are insured by a primary lenders' mortgage insurance (LMI) policy provided by a rated mortgage insurer. The LMI policies cover the outstanding mortgage loan principal, accrued interest, and any reasonable enforcement expenses on the defaulted mortgage loans. -- That the credit support provided to each class of notes is commensurate with the ratings assigned and the rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the size of the liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. Ratings Affirmed RESIMAC Bastille Trust - Warehouse Series No.2 Class A: AAA (sf) Class B: AA (sf) Class C: A (sf) Class D: BBB (sf) Class E: BB (sf) SNOWDON DEVELOPMENTS: Creditors Fear Builder May Collapse --------------------------------------------------------- news.com.au reports that customers and creditors are concerned a Victorian construction company might be about to collapse after it racked up millions in debt and building works have stalled for months. Snowdon Developments Pty Ltd has 15 creditors chasing it for debts totalling AUD2.5 million who are demanding the Supreme Court of Victoria impose a winding up order to force the company to go into liquidation "on the grounds of insolvency," according to the report. One of the creditors is the Office of State Revenue for AUD262,000 and the largest amount owed is for a roofing company waiting on a AUD936,000 payment. news.com.au says legal action was first taken against the construction company on April 1 and the next court appearance is on July 13. According to news.com.au, several Snowdon customers are demanding answers after their phone calls have gone unanswered, they were left waiting at mediation meetings and their plots of land remain empty years after signing the building contract. One Melbourne customer, Saurabh Mittal, claims he could be financially ruined because of the company's long delays. He's missed out on a government grant as construction hasn't started and has also has been paying both mortgage and rent with no end in sight. "They have screwed me in all ways, I am crying day and night," Mr. Mittal, 40, told news.com.au. It comes as Australia's building industry is in crisis, with about a dozen companies going into liquidation so far this year amid rising costs for construction materials and the ongoing supply chain crisis, putting many out of business, the report states. news.com.au relates that Mr. Mittal saved hard for six years working in customer service jobs for below average wages and finally thought he'd have the chance to own a home. In October 2020, he signed a home and land package in Tarneit, western Melbourne, from a developer called VestBuild. The land was settled in May 2021 and the developer opted to go with Snowdon as their builder. The Aussie citizen paid a AUD11,000 deposit for a AUD222,000 single-storey house meant to be built by November this year. In January, Mr Mittal's building permit came through. "Every week I went (to the site) with excitement. They cleaned the plot, they put some outline in the block," he said. Then, nothing. According to the contract he signed with Snowdon, the base should have been completed in April and the frame by May. However, the site remains empty. To make matters worse, Mr. Mittal is now no longer eligible for the AUD25,000 HomeBuilder government grant he planned to use to pay for part of the project, news.com.au relays. To meet the criteria for the grant, building had to have begun on his site within 18 months of entering into the HomeBuilder contract, which would have been the end of May at the latest. He factored the AUD25,000 grant into his property purchase and without it, he is unsure if he will be able to cough up the funds to complete the build. "For years and years I saved this money and now I am at a big zero," Mr. Mittal said. news.com.au relates that Mr. Mittal was frantically calling his developer and builder before the May 30 deadline knowing his HomeBuilder grant would soon expire if construction hadn't started. He says he was passed around "like a football" between VestBuild and Snowdon, with each laying blame on the other. His emails and phone calls to Snowdon went mostly unanswered while VestBuild said it was an issue for Snowdon to deal with. Whenever he did manage to get through to Snowdon, they said VestBuild had instructed them not to speak to clients and that he should take it up with the developer. It was at this point he wondered if Snowdon was in strife and contacted the Domestic Building Dispute Resolution Victoria (DBDRV) for help. A representative arranged for a mediation meeting between him and the owner of Snowdon, Chris Sandner. However, last Tuesday [June 20] at 10:00 a.m., Mr. Sandner never showed up and left Mr. Mittal waiting. Later that day his developer told him that "Snowdon is unable to complete the job" but no further details were given. The new build will cost an additional AUD25,000. "I don't know where to go. What does that mean? Have they cancelled my contract? If they go bankrupt, will I get nothing? If Snowdon doesn't have my deposit money, then who does?" the report quotes Mr. Mittal as saying. news.com.au relates that Mr. Mittal considered hiring a lawyer but their hourly rates were too much for him. He also said he can't afford to take the Victorian Civil and Administrative Tribunal as it costs several hundred dollars – money he doesn't have. When contacted, VestBuild hung up on news.com.au then had their receptionist inform the news agency that they would not be providing a comment. It's not just Mr. Mittal; other Snowdon customers have voiced concern as their building sites languish half-finished, or not touched at all, news.com.au adds. TRITON BOND 2020: S&P Raises Class F Notes Rating to 'BB (sf)' -------------------------------------------------------------- S&P Global Ratings raised its ratings on five classes of notes issued by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust 2020 Series 2. At the same time, S&P affirmed its ratings on four classes of notes. The transaction is a securitization of prime residential mortgages originated by Columbus Capital Pty Ltd. S&P said, "The rating actions reflect our view of the credit risk of the pool, which has been amortizing in line with our expectation. Credit support provided to each class of rated notes in percentage terms has increased as the pool paid down. This credit support comprises note subordination for all rated notes as well as mortgage insurance covering about 25% of the loans in the portfolio. Current loan-to-value ratios across the pool have been declining, lowering our expectation of loss for the pool." As of April 30, 2022, the pool has a balance of about A$324.7 million and a pool factor of about 54%. The pool's weighted-average loan-to-value ratio is 60.0% and weighted-average seasoning is 29 months. Since close, the arrears performance of the pool has been strong compared with the Standard & Poor's Performance Index for prime loans. As of April 30, 2022, there are no loans in the pool more than 30 days in arrears or any loans with COVID-19-related hardship arrangements. There also have been no losses to date. Because the notes are currently paying on a sequential basis, credit support will continue to build up over time for the notes, until the pro-rata tests are met. Once the pro-rata triggers are met, principal would be passed through to each class of notes on a pari passu basis, except for the class G notes' allocated principal, which is paid to the class F notes until the class F notes are fully repaid, followed by the remaining subordinated notes once the class F notes have fully repaid. Therefore, the class F notes will continue to benefit from an increase in the percentage of credit support provided, as under a pro rata structure. A constraining factor on the degree of upgrades is the increasing risk of borrower concentration as the pool continues to amortize. S&P's view is that the lower-rated notes are more susceptible to increasing borrower concentration risk. The largest 10 borrowers comprise 3.5% of the pool. S&P's expectation is that the various mechanisms to support liquidity within the transaction, including an amortizing liquidity facility, principal draws, and a loss reserve that builds up from excess spread, are sufficient under its cash flow stress assumptions to ensure timely payment of interest. A fixed- to floating-rate interest-rate swap is provided by National Australia Bank Ltd. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate notes. Ratings Raised Triton Bond Trust 2020 Series 2 Class B: to AAA (sf) from AA (sf) Class C: to AA (sf) from A (sf) Class D: to A (sf) from BBB (sf) Class E: to BBB (sf) from BB (sf) Class F: to BB (sf) from B (sf) Ratings Affirmed Triton Bond Trust 2020 Series 2 Class A1-AU: AAA (sf) Class A1-3Y: AAA (sf) Class A2: AAA (sf) Class AB: AAA (sf) ========= C H I N A ========= SANSHENG HOLDINGS: Moody's Cuts CFR to Caa2, Outlook Remains Neg. ----------------------------------------------------------------- Moody's Investors Service has downgraded Sansheng Holdings (Group) Co. Ltd.'s corporate family rating to Caa2 from B3. The rating outlook remains negative. "The rating downgrade reflects Sansheng's heightened liquidity risk following the amendment of the interest payment terms of its November 2022 USD bond," says Kelly Chen, a Moody's Vice President and Senior Analyst. "The negative outlook reflects the uncertainty over the company's ability to address its near-term debt maturities amid challenging funding conditions," adds Chen. RATINGS RATIONALE On May 10, 2022, Sansheng announced that it had reached an agreement with noteholders to amend the interest payment dates of its USD bond due in November 2022 to November 10, 2022 from May 11, 2022 and November 10, 2022[1]. Moody's believes such an amendment of interest payment terms indicates Sansheng's heightened liquidity stress amid a difficult operating environment, tight funding conditions and the company's imminent offshore bonds maturity. Sansheng has USD100 million of offshore bonds maturing in July 2022 and another USD70 million due in November 2022. Sansheng had unrestricted cash of RMB5.4 billion as of the end of December 2021, but Moody's estimates that a significant portion of such cash resides at the operating project levels and cannot be used to repay its debt at the holding company level, particularly the offshore bonds. Moody's expects Sansheng's contracted sales to decline notably over the next 6-12 months, driven by weak homebuyer confidence and tight funding conditions. This will, in turn, reduce the company's operating cash flow for debt repayment. In terms of environmental, social and governance (ESG) considerations, Moody's has considered Sansheng's concentrated ownership. Mr. Lin Rongbin, Sansheng's largest shareholder, holds a 74.98% equity stake in the company as of June 30, 2021, and has pledged around 59.78% of the company's total outstanding shares for financing. In addition, Moody's has considered Sansheng's related-party transactions, including loans and financial guarantees from related parties, which are more material than those of many of its similarly rated peers. These transactions are governed by the Listings Rules of the Hong Kong Stock Exchange (HKEX) and the Securities and Futures Ordinance in Hong Kong SAR, China. Moody's has also considered the presence of (1) three independent nonexecutive directors on the company's seven-member board, and (2) other internal governance structures and standards as required by the HKEX. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Given the negative outlook, a rating upgrade is unlikely. However, positive rating momentum could emerge if Sansheng improves its operating cash flow, liquidity and access to funding. On the other hand, Moody's could downgrade the rating if the company's liquidity and refinancing risks heighten, or if recovery prospects for its creditors deteriorate. The principal methodology used in this rating was Homebuilding And Property Development Industry published in January 2018. Sansheng is a Chinese property developer with over 20 years of property development experience. Its gross contracted sales reached RMB24.5 billion in 2021. As of the end of 2021, the company had 55 property development projects with a land bank of 7.4 million square meters. SJM HOLDINGS: Fitch Cuts Foreign Currency IDR to BB-, On Watch Neg. ------------------------------------------------------------------- Fitch Ratings has downgraded SJM Holdings Limited's (SJMH) Long-Term Foreign-Currency Issuer Default Rating and senior unsecured rating to 'BB-', from 'BB'. The rating on the outstanding notes issued by subsidiary, Champion Path Holdings Limited, has also been downgraded to 'BB-', from 'BB'. The notes are rated at the same level as SJMH's senior unsecured rating, as they represent the company's unconditional and irrevocable obligations. All ratings remain on Rating Watch Negative (RWN). The downgrade reflects Fitch's reduced confidence in the recovery of Macau's gaming industry as a result of the government's strict Covid-19 pandemic-related policies, continued weak visitation and the delayed ramp up of the newly developed Grand Lisboa Palace (GLP); the project opened in July 2021, but continues to run at limited capacity. SJMH's leverage trajectory is no longer consistent with its previous rating level following Fitch's weaker gross gaming revenue forecast for Macau. Fitch ultimately believes SJMH's concession re-bidding procedure will take a pragmatic form and that the company will continue operating in Macau. However, the RWN reflects the damaging credit implications of a failure to secure a new gaming concession or more onerous economic licensing conditions. KEY RATING DRIVERS Reduced Confidence in Recovery: The government's Covid-19 policies continue to constrain the cash-flow generation ability of Macau's operators. Fitch has updated Macau's gross gaming revenue recovery curve to reflect Fitch's performance forecasts for 2022-2024 compared with 2019 levels at -73%, -50% and -30%, respectively. The forecasts reflect the risks facing operators, including travel restrictions, the potential economic impact on premium mass and higher-end players from China's sporadic and large-scale shutdowns as well as general economic volatility. A relaxation of the strict Covid-19 policies could hasten a rebound in visitation and revenue, but Fitch does not expect such a policy change in the near term. Leverage to Stay High: Fitch expects gross leverage to remain well above Fitch's downgrade threshold of 4.5 till 2024, based on Fitch's updated recovery curve. However, Fitch believes there is room for leverage to improve beyond this period, supported by a recovery in gaming revenue in Macau and continued ramp up of GLP. The challenging operating environment may also encourage more satellite casino owners to cease operation when their contracts expire this month. Fitch estimates staff costs could increase by up to HKD600 million in 2H22, as SJMH brings gaming staff onto its payroll. Higher Debt From Oceanus Acquisition: SJMH has agreed to acquire Casino Oceanus from its parent, Sociedade de Turismo e Diversões de Macau (STDM), for HKD1.9 billion to comply with new gaming laws that require concession holders to return casinos and related equipment to the Macau government at the end of the concession period. The consideration will be settled by issuing a five-year convertible bond to STDM, which Fitch considers to be debt under Fitch's Corporate Rating Criteria. However, Fitch sees limited risk of further large acquisitions of third-party owned, self-operated casinos. Refinancing Boosts Liquidity: SJMH has secured the necessary approvals from banks and the Gaming Inspection and Coordination Bureau to construct a HKD19.0 billion facility. It expects to draw down the funds by the end of June. The refinance will boost liquidity by HKD5.7 billion after it repays its HKD13.3 billion loan due February 2023. Fitch estimates that HKD4.2 billion will be available as working capital after earmarking HKD1.5 billion for construction cost payables on GLP. This should be sufficient to fund operations into 2H23, even if the operating environment fails to improve, assuming an EBITDA loss of HKD2 billion, HKD500 million in maintenance capex and a HKD800 million annual interest expense. SJMH has also said that its parent, STDM, is prepared to provide financial support of up to HKD5 billion, if necessary. Regulatory Uncertainty: The risk of incumbent concession holders failing to secure a new concession is low, but cannot be ignored. The operators have invested billions in US dollar-denominated capital, are major employers, pay a large amount of tax and support the government's policy goals, such as the Greater Bay Area initiative. Fitch also believes the operators' credit profiles will be better positioned to absorb any financial implications from new concessions once visitations to Macau return to previous levels. However, the RWN reflects to uncertainty surrounding the concession process. DERIVATION SUMMARY SJMH has high geographical concentration and a weaker market position than US-based Las Vegas Sands Corp. (LVSC, BB+/RWN), which has a portfolio of quality assets in attractive regulatory regimes. SJMH had a more conservative balance sheet prior to its leverage rising as a result of its GLP development, and it faces an uncertain deleveraging progress over the ramp-up of GLP and the recovery from the pandemic. KEY ASSUMPTIONS Fitch's Key Assumptions Within the Rating Case for the Issuer For existing properties: -- Net revenue baseline assumption of -73% from 2019 level in 2022, -50% in 2023, -30% in 2024 and -10% in 2025. Fitch also applied a -10% adjustment from 2025 to account for table reallocation to GLP; -- EBITDA margin to gradually recover to 2019 levels by 2025; 24% for the Grand Lisboa casino, 20% for other self-promoted casinos and 4% for satellite casinos. For GLP: -- Adjusted property EBITDA of nil in 2023, HKD1.3 billion in 2024 and HKD3.0 billion 2025, based on a margin of 0%, 14% and 22%, respectively. Other Assumptions: -- Capex of HKD2 billion in 2022, HKD1 billion in 2023 and HKD500 million thereafter. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Adjusted gross debt/EBITDAR sustained below 3.5x; -- Greater clarity on Macau's concession renewal structure. Fitch would view SJMH's ultimate award of a new concession positively. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Adjusted gross debt/EBITDAR at above 4.5x for a sustained period; -- Weaker ramp-up of GLP than Fitch expects; -- Failure to secure a new gaming concession or the imposition of more onerous economic licensing conditions that damage SJMH's business or financial profile. Fitch will resolve the RWN upon greater clarity on Macau's gaming concession re-bidding process, how Macao's new regulatory structure will affect SJMH's balance sheet and cash flow and upon SJMH successfully securing a new concession. Fitch expects this to occur prior to the current concession expiring on December 31 2022, pending final government approval of all six concessionaires' six-month extensions from end-June, though no assurances can be made that all regulatory steps will be completed within the six-month RWN horizon. Fitch could resolve the RWN with a Negative Outlook depending on Macau's recovery at the time the concession process concludes and Fitch's view of its sustainability. 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. ISSUER PROFILE Hong Kong-listed SJMH is the holding company of SJM Resorts, S.A., one of six casino operators in Macau. SJMH operated 20 casinos in Macau as of end-2021, including GLP, its HKD39 billion integrated resort in Cotai, four other self-promoted casinos and 14 satellite casinos. Most of the casinos are located on the Macau Peninsula, apart from GLP. 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 ---- ------ ----- SJM Holdings Limited LT IDR BB- Downgrade BB senior unsecured LT BB- Downgrade BB Champion Path Holdings Limited senior unsecured LT BB- Downgrade BB ================= H O N G K O N G ================= NUTRYFARM INTERNATIONAL: Non-Executive Independent Director Quits ----------------------------------------------------------------- The Business Times reports that a non-executive independent director will be stepping down from Nutryfarm International's board of directors, the company announced on the Singapore Exchange on June 20. BT relates that the durian and health foods distributor's independent director Low Chin Parn Eric will be resigning effective from Sept. 13, just a little over 8 months since his appointment on Jan. 2 this year. The 60-year-old cited personal reasons for his departure from the company. Mr. Low remains an independent director of Catalist-listed OneAPEX, a title he has held since 2018 according to details released on the Singapore bourse. The filing also showed that Nutryfarm has had a total of 9 cessations of appointments over the past 12 months, BT relays. Shares of Nutryfarm have been voluntarily suspended since April this year, BT notes. Based in Hong Kong, NutryFarm International Limited operates as a holding company. The Company, through its subsidiaries, manufactures and develops nutritional and herbal supplement products. ========= I N D I A ========= ARMANIA AGRO: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the Long-term ratings of Armania Agro Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 1.78 [ICRA]B (Stable); ISSUER NOT COOPERATING; Rating Continues to remain under issuer not cooperating category Cash Credit 7.00 [ICRA]B (Stable); ISSUER NOT COOPERATING; Rating Continues to remain under issuer not cooperating category Unallocated 0.35 [ICRA]B (Stable); ISSUER NOT COOPERATING; Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 2008 as a partnership firm, Armania Agro Industries (AAI) is involved in the business of grain sorting/processing with the use of optical sortex machines. Its manufacturing facility, located in Himmatnagar region of Gujarat, is equipped with a processing capacity of 51000 MT per annum. The promoters of the firm have extensive experience in trading business of agro commodities through their erstwhile entity Prakash Trading Company. The firm also has an associate concern, 'Armania Agro Foods' which is engaged in Sharbati wheat processing business at its manufacturing facility in Madhya Pradesh. ARUNESH SAW: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the long-term and short-term ratings of Arunesh Saw Mills in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 6.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Arunesh Saw Mills (ARSM) was established as a Partnership firm in 2000 by Mr. Alagaraja and his family as partners. The firm's saw mill is located at Tenkasi (Tamil Nadu) with an installed capacity of 100 cubic meters/ per day. The firm is engaged in the import of round timber logs and processing them into various commercial sizes as per the requirement of its customers. BALAJI OVERSEAS: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the Long term and Short-term ratings of Balaji Overseas in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.85 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 24.00 [ICRA]A4 ISSUER NOT Fund Based COOPERATING; Rating continues Packing Credit to remain under 'Issuer Not Cooperating' category Long term 0.03 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term 0.12 [ICRA]A4 ISSUER NOT Non Fund Based- COOPERATING; Rating continues Bank Guarantee to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Balaji Overseas was established in 1989 as a proprietorship firm with Mr. Kailash Chander as the proprietor. Balaji Overseas is engaged in the processing and trading of rice in the domestic market as well as exporting to countries like Saudi Arabia, Dubai, Kuwait and USA. The firm sells its product under the brand name 'Sargam'. The firm's manufacturing unit is located in Pehowa, Haryana. BHADOHI CARPETS: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has retained the Long-term rating of Bhadohi Carpets in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 11.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Bhadohi Carpets, a partnership firm promoted by Mr. Pankaj Kumar Baranwal, Ms. Madhu Baranwal and Mr. Priyam Baranwal, was established in March 2012 after the partition of Rupesh Kumar & Brothers into the firms Bhadohi Carpets and Rupesh Kumar & Sons. The firm is engaged in the manufacturing and export of carpets and druggets. It has a production capacity of around 90,000 square meters across several production centers in the Bhadohi-Mirzapur belt in Uttar Pradesh. The firm sells its products to retail stores or chains in the international markets. BHAGATPUR TEA: ICRA Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Bhagatpur Tea Co. Ltd Textiles in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 0.06 [ICRA]B (Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund based- 6.44 [ICRA]B (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. BTCL was acquired by the present management in October 2000 from the erstwhile promoters and is engaged in the production and processing of tea from its garden located in Jalpaiguri, West Bengal. CEEJAY FINANCE: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has retained the rating for the bank facilities of Ceejay Finance Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Ceejay Finance Limited, incorporated in 1993 as Heritage Packaging Limited, is an Ahmedabad-based deposit-taking NBFC (asset financing company registered with the RBI) that is primarily in the vehicle financing business. The company's name was changed to Ceejay Finance Limited in August 2001. It is a part of the C.J. Group, which manufactures and markets beedis, tobacco and tendu leaves and also has a presence in the commercial and residential real estate segment. In FY2020, the company reported a net profit of INR4.82 crore on a total asset base of INR79.45 crore compared to a net profit of INR4.82 crore on a total asset base of INR72.53 crore in FY2019. In 9M FY2021, the company had reported a net profit of INR4.39 crore. DADA GANPATI: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the Long term and Short-term ratings of Dada Ganpati Guar Products Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 16.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 1.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Dada Ganpati Guar Products Private Ltd was formed in 2012 as a private limited company. The company installed a plant in March 2013 for manufacturing of guar gum and by-products with guar gum powder manufacturing capacity of 7500 Tonnes per annum. It is a promoter family-driven entity, with its manufacturing plant located in Sirsa, Haryana. DEEKAY TREXIM: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the Long term and Short-term ratings of Deekay Trexim India Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 9.50 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Non fund based– 0.86 [ICRA] A4; ISSUER NOT Limits COOPERATING; Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2002, and promoted by Mr. Ashok Khairajani, DTPL manufactures and sells synthetic fabrics in the Bhilwara market in Rajasthan. The promoters of the company were involved in trading of fabrics under a sole proprietorship for a decade, and then decided to enter manufacturing as well. DTPL started operations with financial assistance from Rajasthan State Industrial Development and Investment Corporation (RIICO). The company has an installed capacity of 75 looms. EURO FORGE: ICRA Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the Long term and Short-term ratings of Euro Forge Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.44 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 3.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Unallocated Long term 2.87 [ICRA]B (Stable); ISSUER NOT COOPERATING; Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. EFPL was incorporated in 2001 as a forging unit and subsequently was taken over by Action group in 2003. EFPL commenced its commercial operations in January 2005. The product profile of EFPL consists of different kind of footwear under various sub brands of Action. GOVERDHAN VERMA: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has retained the Long-term rating of Goverdhan Verma Punjab Jewellers Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.20 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. GVPJ was incorporated in 1992 by Mr. Sanjay Verma and is engaged in the retailing of gold and diamond jewellery and other similar items. The company has its showroom at Karol Bagh in Delhi. HI-TECH FROZEN: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the long-term rating of Hi-Tech Frozen Facilities Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 10.00 [ICRA]B (Stable) ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Term Loan 1.80 [ICRA]B (Stable) ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Hi-Tech Frozen Facilities Private Limited (HTFFPL) was incorporated by Mr. Vijay Shah for setting up a frozen & cold chain facility in Surat, Gujarat. The cold chain facility commenced operations in FY 2010-11 and has an installed cold storage capacity of 10,000 MT. The company also has two refrigerated trucks of 7 MT and 9 MT capacities for transporting the farm produce to cold storage facility and then to the consumption centers. The cold storage facility was set up under the aegis of the "Integ rated Cold Chain Infrastructure Project Scheme" launched by the Ministry of Food Processing Industries, Govt. of India under which financial assistance in the form of grant-in-aid @ 50% of the total cost of plant and machinery and technical civil works is given to the company (subject to a maximum grant of INR10.00 crore). HTFFPL received a total grant of Rs 7.20 Cr under the scheme. KAILASH INFRATECH: ICRA Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has retained the long-term and short-term ratings of Kailash Infratech Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term– 1.00 [ICRA]A4; ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit- to remain under 'Issuer Not Inventory Cooperating' category Funding ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. The company was incorporated as Commercial Equipment's Private Limited on June 27, 2011 and commenced commercial operations from October 2011. It changed its name to Kailash Infratech Private Limited in April 2012. The company is 100% owned by Mr. Kailash Gupta and his family members and is an authorized dealer of CE manufactured by THCM for Indore, Gwalior and Jabalpur territories. The company deals in various models of THCM, including–mini excavators, midi excavators, wheeled products, cranes and other machines. KONERU CONSTRUCTIONS: ICRA Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the long-term and short-term ratings of Koneru Constructions Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 0.12 [ICRA]B+ (Stable) ISSUER NOT Fund Based/TL COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 7.50 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term/ 3.38 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Koneru Constructions Private Limited (KCPL), incorporated in November 2006 by Mr. Koneru Viswa Prasad and Smt D.Bhagya Lakshmi W/o. Sri K.V.Prasad as directors, is engaged in erecting and construction of buildings, offices factories, refineries and furnaces. Currently the company is engaged in executing of Civil, Mechanical and Engineering works for Indian Railways and private clients. KSK MINERAL: ICRA Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the Long-term rating of KSK Mineral Resources Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based 451.00 [ICRA]D; ISSUER NOT COOPERATING; Term Loan Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. KMRPL is a special purpose vehicle (SPV) promoted by the Hyderabad based KSK Group for development of captive coal and lignite mines for fuel supply to power projects promoted by the group. KMRPL developed 22 million-ton (MT) Gurha East lignite mine located in the Bikaner district of Rajasthan, with lignite from the mine being supplied to 135 MW power project of the group in Rajasthan. This mine has now been transferred to a different group company. The company was also involved in the development of the Gare Pelma III coal mine in Chhattisgarh, before its deallocation by the Supreme Court order in September 2014. LAXMI OIL: ICRA Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- ICRA has retained the Long-term ratings of Laxmi Oil and Vanaspati Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 30.00 [ICRA]D; ISSUER NOT COOPERATING; Cash Credit Rating Continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2003 by the Gupta family, LOVPL was taken over by the current management in June 2011. The company is primarily engaged in the production of refined rice bran oil, in addition to blended oil and refined palm oil at its refining unit situated in Kanpur, Uttar Pradesh. The company has an installed refining capacity of 30,000 TPA. LOVPL also trades in various edible oils; however, the scale of the same remains small. LAXMI RICE: ICRA Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the Long-term rating of Laxmi Rice Mills in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 13.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.80 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. LRM is a partnership concern which came into existence in 2009. Presently the firm has two partners viz. Mr. Darshan Lal Garg and Mrs. Anita Rani. The firm is primarily engaged in the business of milling and processing of rice and has an installed milling capacity at Muktsar, Punjab of 8 tonnes per hour of paddy and a sorting capacity of 6 tonnes per hour of rice. MAA SHITALA: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the Long-term rating of Maa Shitala Agro Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based 11.50 [ICRA]B+(Stable); ISSUER NOT Limits- COOPERATING; Rating Continues Cash credit to remain under issuer not cooperating category Non-Fund 0.24 [ICRA]B+(Stable); ISSUER NOT Based Limits- COOPERATING; Rating Continues Bank Guarantee to remain under issuer not cooperating category Unallocated 6.26 [ICRA]B+(Stable); ISSUER NOT Limits COOPERATING; Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2009, MSAPL is involved in milling of parboiled rice. The plant is located at Raidighi in the South 24 Parganas district of West Bengal, with an annual milling capacity of 60,000 metric tonnes (MT). The company is promoted by Kolkata-based Purkait family, who has a long experience in the rice-milling industry. MEGHA MARKETING: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Megha Marketing in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. The firm is engaged in the promotion and marketing of products manufactured by Megha Springs Pvt. Ltd, Megha Bottling, Megha Fruit Processing Pvt. Ltd and Mahima Shankar Processed Food Pvt. Ltd., together referred as 'Shankar group' which has more than 30 years of experience in packaged food and beverages industry. The firm has a diversified product mix comprising of bottled fruit juices under the brand 'Sip On', aerated beverages like club soda, soft drinks and packaged drinking water under the brand 'Bindu' and processed food items (mostly potato chips, namkeen, extruded snacks) under the brand 'Snak up'. The firm markets its products in the states of Karnataka, Andhra Pradesh, Kerala, Tamil Nadu, South Maharashtra and some parts of Orissa and Goa. The products are marketed through a widespread distribution network of owned depots and through super stockiest. The firm's financial profile remained moderate in FY2016 with weak margins and stretched coverage indicators. The operating profitability of the firm declined on account of increase in price of traded goods driven by increase in prices of key raw materials. NEELAY METAL: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Neelay Metal Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.39 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 1.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term/ 1.11 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in year 2005, Neelay Metal Industries ("NMI") is a partnership firm run by Mr. Pradip Girase, Mr. Ratnadeep Girase, Mr. Sandeep Girase and Mr. Dilip Girase. The firm is engaged in the fabrication and assembly of electrical panels and parts. It primarily operates in the field of control panel fabrication, electrical machine components and other sheet metal works. The manufacturing facility of NMI is located at Satpur, Nasik (Maharashtra). The product portfolio of NMI comprises medium voltage switchgear panels, ring main units, outdoor panels, CT/PT panels, metering units, modules, busbars, etc. PRATEEK APPARELS: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Prateek Apparels Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 82.43 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 5.00 [ICRA]A4 ISSUER NOT Fund Based COOPERATING; Rating continues To remain in the 'Issuer Not Cooperating' category Short Term- 10.57 [ICRA]A4 ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 6.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 1995, Prateek Apparels Private Limited (PAPL) is engaged in the business of manufacturing of readymade garments, retailing apparels and trading in fabric. The company primarily manufactures men's and women's formal and casual wear under its in-house brands and undertakes contract manufacturing for large brands such as Levi's, Splash and Aditya Birla. The Company entered retail operations in 2007 through its subsidiary Prateek Lifestyle Limited, which was merged in PAPL in 2009. PAPL had also tied up with e-commerce players such as Snapdeal, Flipkart and Amazon for sale of its brands The company also has presence across 55 stores of Brand Factory (Futures Group) stores across India. RHEABARI TEA: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Rheabari Tea Company Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 6.15 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Non-fund based- 0.50 [ICRA]A4 ISSUER NOT Bank Guarantee COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Long Term/ 0.27 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; unallocated Rating Continues to remain limit under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 1985, Rheabari Tea Company Private Limited manufactures CTC black tea. The company is being managed by the Agarwal and the Bansal family based in Kolkata who are in the tea industry for a long time. The company has one tea garden named 'Rheabari Tea Estate' in Jalpaiguri district of West Bengal and five CTC lines with an annual installed capacity to produce 1.3 million kg of black tea. Tea is marketed under the brand names of 'Shahzadi', 'Rheabari' and 'Machlibari. ROYALEX FASHIONS: ICRA Withdraws B+ Rating on INR10cr Term Loan --------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Royalex Fashions (India) Private Limited at the request of the company and based on the No Objection Certificate (NOC) received from its banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 10.00 [ICRA]B+ (Stable); ISSUER NOT Term Loan COOPERATING; Withdrawn Fund based- 24.00 [ICRA]B+ (Stable); ISSUER NOT Cash Credit COOPERATING; Withdrawn Fund Based SLC 3.00 [ICRA]A4; ISSUER NOT COOPERATING; Withdrawn Non-fund based 0.05 [ICRA]A4; ISSUER NOT COOPERATING; Withdrawn Established in 1997, Royalex Fashions (India) Private Limited (RFIPL) sells men's readymade garments, primarily in the domestic market. RFIPL specialises in men's wear, marketed through its flagship brand, Pan America. The product portfolio comprises a range of formal shirts, wrinkle-free formal trousers, cotton trousers, denim wear (jeans) and sportswear. The company also offers a range of casual shirts and has recently entered the winterwear segment, thereby diversifying its portfolio further. The company was promoted by Mr. Govinda Reddy and Mr. Rajkumar Lalwani, who have experience of more than a decade in the manufacturing and marketing of readymade garments. Mr. Ashok Bhandari, who has extensive experience in logistics and channel management, later joined the company. SHAKTI POLYTEX: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the ratings for the bank facilities of Shakti Polytex Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 18.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 5.85 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 3.15 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. SPPL was incorporated in August 2010, and is engaged in the manufacturing of RPSF using waste polyethylene terephthalate (PET) bottles as raw material. The company is based in Agra, Uttar Pradesh and has a production capacity of 35 tonnes per day (TPD) currently. SPPL belongs to the Shakti Group which has been promoted by Mr. Suresh Chand Agarwal and includes other companies engaged in manufacturing PVC pipes, hand pumps, rubber powder and PET bottles. SIGNATURE CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the long-term and short-term ratings of Signature Ceramic Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 1.79 [ICRA]B+ (Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund based- 3.00 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Non fund based– 1.40 [ICRA] A4; ISSUER NOT Bank Guarantee COOPERATING; Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Signature Ceramic Pvt. Ltd. (SCPL) is a walltiles manufacturer with its plant situated at Morbi, Gujarat. The company was established in October 2009, while the company commenced its operations in July 2010. Signature Ceramics is managed by Mr. Pravin Kundariya and Mr. Girish Loriya along with other directors. The plant has an installed capacity to produce 18 lacs boxes of wall tiles per annum. Signature Ceramics currently manufactures wall tiles of size 12" X 12", 12" X 18" and 12"X 24 with the current set of machineries at its production facilities. TULIP TELECOM: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has retained the Long-term rating of Tulip Telecom Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 150.00 [ICRA] D; ISSUER NOT COOPERATING; Debenture Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 1992, by Retired Lt. Col. H.S. Bedi, as a private limited company involved in trading of software, Tulip Telecom Limited (Tulip), formerly Tulip IT Services Limited has since diversified its operations to other related areas such as selling of hardware products, network integration, VPN data connectivity and managed services. The company became a public limited company and was renamed to Tulip Software Ltd.; the name was further changed to Tulip IT Services Ltd. in 2002 and to Tulip Telecom Limited in 2008. ZETA INDUSTRIAL: ICRA Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Zeta Industrial Corporation Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.50 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 4.50 [ICRA]B- (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B- (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. ZICPL is involved in the business of assembling switchgears. It was set up by Mr. Sanjay Gujral and is now managed by his two sons, Siddharth and Karan Gujral, who have several years of experience in the industry. The company's facility is located at Ghaziabad (Uttar Pradesh). ================= I N D O N E S I A ================= GEO ENERGY: S&P Withdraws 'B-' Issuer Credit Rating --------------------------------------------------- S&P Global Ratings has withdrawn its 'B-' issuer credit ratings on Geo Energy Resources Ltd. at the company's request. The Indonesian coal mining company has no rated debt and the outlook was stable at the time of the withdrawal. ========= M A C A U ========= WYNN RESORTS: Egan-Jones Keeps CCC+ Senior Unsecured Ratings ------------------------------------------------------------ Egan-Jones Ratings Company on April 26, 2022, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Wynn Resorts, Limited. EJR also 'B' rating on commercial paper issued by the Company. Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. =============== M A L A Y S I A =============== CAPITAL A: Gets "Clean Report" from Auditors Ernst & Young ---------------------------------------------------------- ch-aviation reports that AirAsia parent Capital A has been given "a clean report" from auditors Ernst & Young and is confident of meeting a deadline to submit a "regularisation plan" by early January 2023 that will normalise its status on the Bursa Malaysia stock exchange, chief executive Tony Fernandes revealed on June 16. At a Capital A annual general meeting on the same date, all resolutions on the group's strategy that were presented to shareholders were passed, as Mr. Fernandes informed the gathering about the auditors' clean bill of health, ch-aviation relates. Citing strong air travel demand across Southeast Asia, he laid out plans to recover to pre-Covid capacity. The group's airlines also include AirAsia X, AirAsia India (which Capital A may soon exit), Indonesia AirAsia, Philippines AirAsia (which is now in a position to expand), and Thai AirAsia, according to ch-aviation. Under their AirAsia Aviation Group umbrella, they have been evaluating fundraising options for a planned listing in the United States, as Capital A looks to shake off its PN17 Bursa Malaysia classification as a financially distressed firm, a category it entered in January 2022. Firms with this classification are at risk of being delisted if they fail to "regularise" their finances within a set timeframe. "The clean audit report is a key step forward to expedite removal of PN17 status, which we are confident of exiting in the coming months. The PN17 regularisation plans are on track, which the management team is developing, taking into consideration multiple solutions without proposals for capital dilution or equity raising. We are confident of meeting the deadline to submit the plan to Bursa Malaysia by early January 2023," ch-aviation quotes Mr. Fernandes as saying. About Capital A Capital A Bhd, formerly known as AirAsia Group Bhd, provides low-cost air carrier service. The company provides services on short-haul, point-to-point domestic and international routes. AirAsia, headquartered in Malaysia, operates from hubs in Malaysia, Thailand, Indonesia, Philippines and India. The airline's Malaysia and Thailand operations are undertaken via AirAsia Bhd and Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines operations are managed under PT Indonesia AirAsia and Philippines AirAsia Inc. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 18, 2022, AirAsia Group Bhd (AAGB) is in the midst of formulating a plan to regularize its financial condition to address its Practice Note 17 (PN17) status. According to The Star, Bursa Malaysia on Jan. 13 dismissed AAGB's appeal seeking to extend an 18-month relief period from being classified as a PN17 company that ended on Jan. 7, 2022. AirAsia triggered the PN17 suspended criteria in July 2020 after its external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern in respect of its audited financial statements for the financial year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a consolidated basis was 50% or less of its share capital. AirAsia also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market Listing Requirements (Main LR), where AirAsia's shareholders' equity on a consolidated basis was 25% or less of its share capital and the shareholders' equity is less than MYR40 million based on the audited financial statements for FY20. Following relief measures introduced by Bursa and the Securities Commission Malaysia, AirAsia was not classified as a PN17 listed issuer and was not required to comply with the obligations under Paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the first relief announcement, theedgemarkets.com said. The date of the first relief announcement was July 8, 2020, and the 18-month period ended on Jan. 7, 2022. Under the relief measures, companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 and Guidance Note 3 (GN3) company for 12 months. SCOMI GROUP: Gets Further Extension from Delisting -------------------------------------------------- theedgemarkets.com reports that Bursa Securities has granted a further extension of time until Nov. 30 to ailing oil and gas service provider Scomi Group Bhd to submit its regularisation plan for approval. In a bourse filing on June 15, Scomi, a Practice Note 17 (PN17) company, said the regulator's decision was made after considering the written and oral presentations before the appeals committee including the fact that Malayan Banking Bhd - Scomi's largest creditor with the MYR151.27 million owed to the bank representing 55.9% of the company's outstanding liabilities - had agreed to accept a settlement sum of RM8 million in cash from a third party identified by Scomi as settlement, theedgemarkets.com relates. Trading of Scomi's shares was suspended on April 20, following Bursa Securities' rejection on April 11 of its request for a further extension of time to submit its regularisation plan, the report notes. The securities of Scomi were supposed to be delisted on April 22, but it submitted an appeal against the delisting to Bursa Securities. Still, Bursa Securities said it will delist the securities of Scomi from Bursa Malaysia in the event that the company fails to submit the regularisation plan by Nov. 30, and if it fails to obtain the approval for the implementation of its regularisation plan and does not appeal within the stipulated time frame, the report notes. Scomi fell into PN17 status in December 2019, after its shareholders' equity spread fell to less than 25% of its issued share capital, and its equity dropped below MYR40 million based on its financial results for the quarter ended June 30, 2019. About Scomi Group Headquartered in Kuala Lumpur, Malaysia, Scomi Group Bhd -- http://www.scomigroup.com.my/publish/home.shtml-- provides drilling fluids and mud engineering services and the supply of industrial and production chemicals to the upstream and downstream oil and gas industry. In December 2019, Scomi Group Bhd slipped into Practice Note 17 (PN 17) status after it triggered Paragraphs 2.1(a) and 2.1(e) of PN17 of the Listing Requirements, whereby its shareholder equity fell below the 25% threshold with modified opinion from its auditors. ===================== N E W Z E A L A N D ===================== DAAM SO: Creditors' Proofs of Debt Due on July 15 ------------------------------------------------- Creditors of Daam So Limited are required to file their proofs of debt by July 15, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 16, 2022. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour, Auckland 0751 ELEMENTAL HEALTH: Creditors' Proofs of Debt Due on July 25 ---------------------------------------------------------- Creditors of Elemental Health and Wellness NZ Limited are required to file their proofs of debt by July 25, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 16, 2022. The company's liquidators are: Adam Botterill Greg Sherriff Waterstone Insolvency PO Box 352 Auckland 1140 JULIA INTERIORS: Court to Hear Wind-Up Petition on June 30 ---------------------------------------------------------- A petition to wind up the operations of Julia Interiors Limited will be heard before the High Court at Invercargill on June 30, 2022, at 11:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 27, 2022. The Petitioner's solicitor is: Gabrielle McGillivray Inland Revenue Legal Services PO Box 1782 Christchurch 8140 METROPOLIS DESIGN: Court to Hear Wind-Up Petition on Sept. 15 ------------------------------------------------------------- A petition to wind up the operations of Metropolis Design Limited will be heard before the High Court at Christchurch on Sept. 15, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 19, 2022. The Petitioner's solicitor is: Gabrielle McGillivray Inland Revenue Legal Services PO Box 1782 Christchurch 8140 PROPELLOR PROPERTY: Court to Hear Wind-Up Petition on Sept. 15 -------------------------------------------------------------- A petition to wind up the operations of Propellor Property Services Limited will be heard before the High Court at Christchurch on Sept. 15, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 19, 2022. The Petitioner's solicitor is: Gabrielle McGillivray Inland Revenue Legal Services PO Box 1782 Christchurch 8140 TASTING SHED: TV Chef Ganesh Raj Shuts Restaurant, Blames Pandemic ------------------------------------------------------------------ NZ Herald reports that TV chef Ganesh Raj said the toll of the pandemic has become "unsustainable", forcing the closure of his west Auckland restaurant. Liquidators Rodgers Reidy (NZ) were appointed to The Tasting Shed on June 13 after a special shareholder resolution, NZ Herald discloses. Raj, the host of Eat Well for Less, and his wife Jo set up the restaurant in 2010, converting a rundown cider shed in Waimauku. But it had been on the market for sale since November 2020 after another business part-owned by Ganesh Raj - the Maori Kitchen - went into liquidation. According to NZ Herald, Ganesh Raj said in a statement they had made the difficult decision to wind up The Tasting Shed after it was no longer able to pay operating expenses, taxes and rent. "It is with a heavy heart that we have made this decision after exhausting all the financial options available to us. We tried hard to ride out the effects of the pandemic but the impact on hospitality has been too hard for us." He said the cost of goods and services had gone up significantly and there were fewer people to fill staffing vacancies - an industry-wide issue, NZ Herald relays. "Like many others in this industry, the impacts of the last two years on our business have taken an immense toll on the mental health of myself and my family, a key factor in making this difficult decision." The restaurant's last day of trading was Sunday [June 12]. NZ Herald relates that Mr. Raj said paying its staff was a priority and he was in conversations with all outstanding creditors. The first report by its liquidators was due on June 20. ================= S I N G A P O R E ================= GOH & FOONG: Court to Hear Wind-Up Petition on July 1 ----------------------------------------------------- A petition to wind up the operations of Goh & Foong Contractors Pte Ltd will be heard before the High Court of Singapore on July 1, 2022, at 10:00 a.m. Ace Integrated Pte Ltd filed the petition against the company on June 3, 2022. The Petitioner's solicitors are: WMH Law Corporation 6 Eu Tong Sen Street The Central, #07-17/18 Singapore 059817 HIN LEONG: Creditors' Meetings Set for July 5 --------------------------------------------- Hin Leong Holdings (Pte.) Ltd, Hin Leong Investment (Pte.) Ltd., and Ritz Capital Venture Pte. Ltd will hold a meeting for their creditors on July 5, 2022, at 9:30 a.m., 10:30 a.m., and 2:30 p.m., respectively, via audio visual communication. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint Liquidator(s); and c. to appoint a Committee of Inspection ("COI") for the purpose of winding up the Company. LAM CHEE: Court to Hear Wind-Up Petition on July 1 -------------------------------------------------- A petition to wind up the operations of Lam Chee Holdings Pte Ltd will be heard before the High Court of Singapore on July 1, 2022, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on June 10, 2022. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 LAS VEGAS SANDS: Fitch Lowers IDR to 'BB+', On Watch Negative ------------------------------------------------------------- Fitch Ratings has downgraded the Issuer Default Ratings (IDRs) of Las Vegas Sands Corp. (LVSC), Sands China, Ltd (SCL), and Marina Bay Sands Pte. Ltd (MBS, collectively LVS) to 'BB+' from 'BBB-'. Fitch has also downgraded LVSC and SCL's unsecured debt to 'BB+'/'RR4' from 'BBB-' and MBS's secured debt to 'BBB-'/'RR2' from 'BBB'. Fitch has maintained the Rating Watch Negative (RWN) on all ratings. The downgrade reflects Fitch's reduced confidence in the recovery of Macau's gaming industry as a result of strict governmental COVID-19 policies, continued weak visitation, and Fitch's recently reduced economic forecast for China. Fitch has revised down its Macau industry-wide assumptions, and LVS' resultant leverage trajectory is no longer consistent with an investment grade rating. LVS continues to maintain conservative financial policies, which include holding a material excess liquidity. SCL's 20-year term gaming concession in Macau will expire on June 26, 2022. The Macau government intends to extend all six concessionaires' terms by six months to Dec. 31, 2022, and the maintained RWN reflects potential rating changes stemming from the concession process in the next six months. Concession-related risk has meaningfully decreased given certain clarifications from the regulators during the gaming law revision process, but the financial implications from the re-bidding process remain unknown. KEY RATING DRIVERS Reduced Confidence in Recovery: The ability of operators in Macau to generate cash flows continues to be materially impacted by governmental COVID-19 policies. Fitch has updated its Macau gross gaming revenue (GGR) recovery curve to reflect performance in 2022-2024 compared to 2019 levels at -73%, -50%, and -30%, respectively. While a relaxation of strict COVID-19 policies could result in a materially faster rebound in visitation and revenues, Fitch has a low degree of confidence around when such policy changes could occur. Fitch's updated GGR assumptions more accurately reflect the risks Macau operators are facing. COVID-19 travel restrictions may results in volatile and unpredictable changes, and China's sporadic, large-scale shutdowns and recent economic volatility may impact premium mass and higher-end players. Fitch revised China's GDP for 2023 to 3.7% from 4.8% in its Global Economic Outlook. Delayed De-levering Trajectory: Fitch expects LVS' gross leverage to remain elevated and inconsistent with investment grade until at least 2025. Gross leverage is forecasted to be 12.7x, 6.8x, and 4.4x in 2022, 2023, and 2024 respectively. Net leverage is slightly better but still inconsistent with investment grade until 2024. LVS' net leverage profile is supported by its decision to halt shareholder returns in 2020, and management has publicly stated that their resumption will hinge on a confident recovery of cash flows at a level commensurate with cash flow generation. Net leverage is also supported by the Las Vegas asset sale proceeds. LVS' net leverage will be back in the 2x range beginning 2024 under Fitch's assumption that shareholder returns do not resume until 2024, and their payout relative to cash flow is consistent with pre-pandemic levels. Longer-term, Fitch believes LVS is willing to manage its balance sheet consistently with investment grade and that the pandemic has not altered its long held conservative financial policies. LVS has a solid track record of publicly articulating its leverage policy and adhering to prudent balance sheet management. This includes reducing shareholder returns and debt in 2015 amid deterioration in Macau operations, halting shareholder returns during the pandemic, and maintaining its Las Vegas asset sale proceeds as excess liquidity. Macau Regulatory Uncertainty: Fitch views the possibility of incumbent concession holders failing to secure a new concession as low, though the risk should not be ignored. The operators have invested billions of U.S. dollars in capital, are large local employers and critical government tax payers, and have supported the local and mainland government's broader policy goals, such as the Greater Bay Area Initiative. The possibility of onerous capital commitments remains a key unknown until the public tender process is outlined by the government, which could occur in the near term. Potentially weaker operating economics is a reduced concerned since Fitch's last review, given incremental clarity on proposed changes to the existing gaming law published by the Macau government. In March 2022, Macau's government announced its intention to extend concession holders' contracts to Dec. 31, 2022 from June 26, 2022 to ensure sufficient time to complete the gaming law amendments and administer the public tender for the six new concessions. This timing shift and the fact that no assurances can be made the process will be completed by the new expiration date for the current concessions supports the maintenance of the Negative Watch. Development Pipeline: LVS has $200 million left to be spent in Macau to convert Sands Cotai Central into the Londoner as well as other premium mass-oriented build outs with a total project cost of $2.2 billion. LVS will also spend $4.3 billion in Singapore (including a $1.1 billion one-time payment already made in second-quarter 2019) in the medium term to expand Marina Bay Sands with a new hotel tower and incremental gaming and MICE space. This also includes a $1 billion refresh of the existing hotel tower to introduce improved suite product. The MBS expansion project spending will not ramp up until 2024 due to COVID-19 related delays, while the $825 million left to spend on Towers One and Two will be spent from 2022-2023. All three projects have minimal funding concerns and are viewed positively from a return perspective and will increase residual equity for LVSC. Strong Ratings Linkage: Fitch analyzes LVS on a consolidated basis because the rating linkage between the parent and subsidiaries is strong, with all three having relatively similar creditworthiness over the long term. Currently, MBS has a stronger credit profile than SCL given its faster recovery. Pro forma for the Las Vegas asset sale, the parent has no unencumbered property cash flows, but benefits from a meaningful royalty stream from the two distinct subsidiaries and high residual equity value. As a result, Fitch applied the strong parent/weak subsidiary approach under its Parent and Subsidiary Linkage Rating Criteria. The linkage is strong because of perceived high strategic and operational incentive. In the event Macau operating weakness continues to persist, Fitch could re-evaluate the linkage between SCL and LVSC and the approach (e.g. consolidated or not) which could be the basis for non-equalized IDRs. There are no considerable ring-fencing mechanisms to block cash flow distributions to the parent from the subsidiaries. The subsidiaries are independently capitalized and are not reliant on the parent for support. DERIVATION SUMMARY LVS historically has an maintained an investment-grade credit profile due to its high quality assets in attractive regulatory regimes, strong financial profile and commitment to a conservative financial policy. Long-term, Fitch expects the company to manage its credit profile in a consistent manner, but the current operating environment in Macau has led to an extended period of time of weak financial metrics. Positively, the company took prudent steps to manage its balance sheet during the ongoing operating stresses caused by the pandemic. This includes halting shareholder returns as operating cash flows declined and its public commitment not to resume them until cash flows have stabilized and at a level commensurate with their growth. LVS' closest publicly rated peer is Crown Resorts Ltd (BBB), which has a long-standing conservative financial policy and great monopolistic positions in major Australian markets, albeit with less diversification than LVS. Crown manages its net leverage below 2.5x. Seminole Tribe of Florida (BBB) maintains lower leverage, enjoys a degree of exclusivity in a deep Florida market, and is not facing similar operating headwinds in the U.S. relative to LVS' jurisdictions that rely more on international visitation. Conversely, Seminole has less discretionary distributions that partially fund tribal government operations and is less diversified. KEY ASSUMPTIONS -- Macau revenues are down 73%, 50% and 30% from 2022, 2023, and 2024, respectively, compared with 2019 levels. SCL property EBITDA margins of 12%, 22.5%, and 33% forecasted for 2022, 2023, and 2024; -- In Singapore, revenues are down roughly 10% and 5% from 2022- 2023, respectively, compared with 2019 levels. The faster recovery in Singapore is supported by the updated premium suite product and the nation's introduction of a vaccinated travel framework (VTF). Initial performance once the VTF opened have been strong and suggest a material level of pent- up demand. Property margins return to pre-pandemic levels by 2024; -- Annual capex spending in $1.0 billion-$1.4 billion range, which includes remaining development capex in Macau and Singapore. No share repurchases are assumed. Fitch assumes the resumption of dividends coincides with the stability and growth of operating cash flow, which is during 2024 per the agency's assumptions. Fitch forecasts a payout ratio relative to total EBITDA that is consistent with pre-pandemic levels; -- LVS maintains a material amount of excess cash, including its Las Vegas asset sale proceeds, given its conservative financial policy and the low likelihood of material capex in any new jurisdiction in the medium-term (should LVS pursue any new gaming licenses); -- MBS capex is funded through property cash flows and Fitch does not expect its delayed draw term loan to be utilized until the parent company begins paying dividends. -- No major financial assumptions for Macau's concession re- bidding until there is greater clarity on its form. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- The company maintains its existing financial policies and leverage (debt/EBITDA) sustains below 4.0x and 3.5x on a gross and net basis, respectively, with some flexibility to go outside these thresholds temporarily during development cycles or periods of operating pressure; -- Greater clarity with respect to the Macau concession renewal structure and LVS' ultimate award of a new concession would be viewed positively by Fitch. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- The company deviates from its existing financial policies and leverage (debt/EBITDA) sustains above 5.0x and 4.5x on a gross and net basis, respectively, with some flexibility to go outside these thresholds temporarily during development cycles or periods of operating pressure. Fitch expects gross leverage to return within the negative rating sensitivities by year-end 2024. A material deviation from this timeframe due to an earlier restart of shareholder friendly activity or worse than anticipated recovery trajectory could lead to negative rating action. Fitch will resolve the RWN when there is greater clarity around Macau's gaming concession re-bidding process, what the new regulatory structure's impact will be on LVS' balance sheets and cash flows, and SCL successfully securing a new concession. Fitch anticipates this to occur sometime before the current concessions' expiration of Dec. 31, 2022 (pending final government approval of all six concessionaires' summited six-month extensions), though no assurances can be made that all regulatory steps will be completed inside the RWN's six-month horizon. Fitch could resolve the RWN with a Negative Outlook depending on the state of Macau's recovery at the time the concession process concludes and resolution will occur at that time which may be more than six months in the future. 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 LVS's liquidity is strong, with $6.1 billion excess cash net of $400 million in estimated cage and system cash as of March 31, 2022. LVS received meaningful cash proceeds from the Venetian sale during 1Q22, the total consideration of which was $6.25 billion (includes a $1.2 billion sellers note). In addition, LVS has roughly $3.5 billion of aggregate revolver availability. The nearest maturities include the $950 million outstanding under the revolver at SCL in 2023 and $1.75 billion LVSC senior unsecured note coming due 2024. LVS has a $1.2 billion sellers note due 2028 with Apollo as part of the Las Vegas asset sale, which represents another form of future liquidity. Fitch expects consolidated discretionary FCF (cash flow from operations minus maintenance capex) to be breakeven in 2022, thanks primarily to Singapore's performance. This should become materially positive in 2024 as Macau's cash flows recover (exceeding $2 billion). However, LVS has development capex in Singapore and may look to resume its dividends as operations normalize. Therefore, Fitch-defined FCF could potentially remain negative through Fitch's forecast horizon depending on the company's pace of dividend resumption. ISSUER PROFILE LVS owns and operates six casino resorts, including five in Macau and one in Singapore. LVS's Macau subsidiary, Sands China, is 70% owned with the balance being publicly traded on the Hong Kong Stock Exchange. SUMMARY OF FINANCIAL ADJUSTMENTS The company has no meaningful real-estate related leases, and thus adjusted leverage (adjusted debt/EBITDAR) and traditional leverage (debt/EBITDA) metrics are the same. 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 ---- ------ -------- ----- Las Vegas Sands LT IDR BB+ Downgrade BBB- Corp. senior unsecured LT BB+ Downgrade RR4 BBB- Marina Bay Sands LT IDR BB+ Downgrade BBB- Pte. Ltd. senior secured LT BBB- Downgrade RR2 BBB Sands China Ltd. LT IDR BB+ Downgrade BBB- senior unsecured LT BB+ Downgrade RR4 BBB- TON SANGKASI: Creditors' Proofs of Debt Due on July 18 ------------------------------------------------------ Creditors of Ton Sangkasi Pte Ltd are required to file their proofs of debt by July 18, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 8, 2022. The company's liquidators are: Ong Kok Yeong David c/o Tricor Singapore 80 Robinson Road #02-00 Singapore 068898 TRADEWINDS FOOD: Court to Hear Wind-Up Petition on July 1 --------------------------------------------------------- A petition to wind up the operations of Tradewinds Food Industries Pte Ltd will be heard before the High Court of Singapore on July 1, 2022, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on June 7, 2022. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 =============== T H A I L A N D =============== [*] At Least 4 Thai Insurers Have Gone Bankrupt Due to COVID Claims ------------------------------------------------------------------- Nikkei Asia reports that at least four Thai insurance companies have gone bankrupt after suffering losses from selling low-cost COVID-19 policies, raising fears of a domino effect that could weigh on the country's non-life insurance sector. According to the Nikkei, Syn Mun Kong Insurance is looking to raise capital and find new partners to stay afloat as it navigates a court-supervised rehabilitation. "Some foreign investors have expressed interest in joining us. We are in talks," said a source close to deals that could affect Syn Mun Kong's ability to retain its business license. The insurer, listed on the Stock Exchange of Thailand, filed a rehabilitation petition to the Central Bankruptcy Court in May after facing huge losses from claims covered by its COVID-19 policies, the Nikkei notes. The Office of Insurance Commission has warned it might revoke the company's non-life insurer license as liabilities have risen above assets. The Nikkei says COVID-19 outbreaks have plagued the insurance industry across Asia. Japanese short-term insurer JustInCase stopped selling coronavirus insurance and slashed hospitalization payouts 90%. Several other Japanese insurance companies have stopped selling COVID policies or significantly raised the price of premiums. In Taiwan, the Financial Supervisory Commission warned in late May that the local insurance industry could face more than NT$41 billion in COVID claims. Syn Mun Kong is the latest Thai insurer to enter rehabilitation, the report notes. Prior to its collapse, three other companies had already folded due to COVID-19 payouts: Asia Insurance 1950 Public Company, The One Insurance Public Company and Southeast Asia Insurance, the Nikkei discloses. Syn Mun Kong was one of 16 companies in Thailand that started selling low-cost COVID-19 policies in 2020, offering plans for only 300 baht to 500 baht per year, with payouts as high as 500,000 baht to COVID-19 patients, according to the Nikkei. At the time, Thailand was lauded for successfully controlling COVID-19, with daily cases hovering below 300. This encouraged insurers to offer low-cost COVID policies, confident that the number of new patients would be low. But as the pandemic persisted, consumers flocked to COVID insurance, encouraging more companies to jump into the game and ultimately trigger a price war, the Nikkei says. Thailand faced several COVID outbreaks, including the delta wave in April 2020 and omicron early this year, pushing new daily cases over 20,000 at one point and overwhelming insurers. Cheap COVID-19 policies were also hit with scams. Facebook had numerous posts from people selling inhalers purportedly containing the coronavirus so that buyers could catch COVID-19 and cash in with claims to insurance companies. Syn Mun Kong has been faced with THB41.8 billion in COVID-19 claims but only took in THB661 million from sales of COVID-19 policies. Total COVID claims across Thailand's insurance industry are estimated at THB140 billion, according to the Thai General Insurance Association, which comprises 54 non-life insurance companies. Statistics from the TGIA showed that the 16 insurance companies that offered COVID policies were comparatively small, as none were listed among the country's top 10 insurers ranked by capital adequacy ratio, the Nikkei discloses. After a deluge of claims, all 16 insurance companies stopped selling COVID policies in June 2021. But the policies last one year, meaning that some insurers will have to cover claims until the end of this month. "The problem is likely to end by June this year when all policies expire, but I think it still has a negative impact on the non-life insurance business as a whole," the Nikkei quotes Anon Vangvasu, chairman of the TGIA, as saying. "What happened over the past two years will dampen client confidence in the insurance business, and that makes it difficult for insurance companies to expand their customer base," he added. ============= V I E T N A M ============= VPBANK SMBC: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable -------------------------------------------------------------- Moody's Investors Service has affirmed VPBank SMBC Finance Company Limited's (FE Credit) Ba3 long-term corporate family rating. The outlook of FE Credit remains stable, reflecting Moody's expectation that continued strong support from Vietnam Prosperity Jt. Stk. Commercial Bank's (VPBank, Ba3 positive) and SMBC Consumer Finance Co., Ltd. (SMBCCF) will help FE Credit maintain its stable credit profile in the next 12 to 18 months. RATINGS RATIONALE FE Credit's Ba3 CFR reflects Moody's view that strong support from its parent, Vietnam Prosperity Jt. Stk. Commercial Bank and, its 49% shareholder, SMBCCF, will mitigate risks stemming from its risky loan book and reliance on wholesale funding. FE Credit's asset risk and earnings volatility are high because the high-risk, high-return nature of the consumer finance loans it underwrites renders the company's financial performance very vulnerable to economic stress in Vietnam. Its nonperforming loans and write-offs as a percentage of gross loans increased to 23% as of the end of 2021 from 18% as of the end of 2020, while its return on managed assets declined to 0.4% as of the end of 2021 from 2.7% as of the end of 2020, due to pandemic-related disruptions in the second half of 2021. Moody's expects its asset quality and profitability will return to pre-pandemic levels only in 2023. Its capital is adequate against the sharp deterioration in its asset quality. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING An upgrade of FE Credit's long-term CFR is unlikely because it is already at the same rating level as the Vietnamese government's Ba3 rating. A downgrade of VPBank's Baseline Credit Assessment or any indication of a change in the company's importance to its shareholders could lead to a downgrade of FE Credit's long-term CFR. The principal methodology used in this rating was Finance Companies Methodology published in November 2019. VPBank SMBC Finance Company Limited (FE Credit), headquartered in Ho Chi Minh City, reported total assets of VND78 trillion as of December 31, 2021. LIST OF AFFECTED RATINGS Issuer: VPBank SMBC Finance Company Limited Outlook Remains Stable Affirmations: Long-term Corporate Family Rating, Affirmed Ba3 =============== X X X X X X X X =============== [*] BOND PRICING: For the Week June 13, 2022 to June 17, 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 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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 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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 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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 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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 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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 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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 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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 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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 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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 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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 ***