/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/220719.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, July 19, 2022, Vol. 25, No. 137 Headlines A U S T R A L I A CLEARSPEND LIMITED: Second Creditors' Meeting Set for July 21 INLINE MECHANICAL: Second Creditors' Meeting Set for July 21 NATIONAL EQUIPMENT: First Creditors' Meeting Set for July 21 PRIDMORE ELECTRICS: Second Creditors' Meeting Set for July 22 REDZED TRUST 2022-2: Fitch Assigns 'BB-' Rating on Class F Debt TIARE SERVICES: Second Creditors' Meeting Set for July 20 C H I N A CHINA SOUTH CITY: Fitch Affirms 'B-' LongTerm Foreign Currency IDR HAINAN AIRLINES: Operator Seeks US$3BB Emergency Loan, Sources Say MISSFRESH LIMITED: Gets USD29.6MM Cash Injection From Donghui I N D I A ADITYA CONSTRUCTIONS: ICRA Keeps B/A4 Ratings in Not Cooperating ARIA HOTELS: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating CHIRAG AGROFINS: ICRA Keeps D Debt Rating in Not Cooperating CRIYAGEN AGRI: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating DMK PARTICLEBOARD: ICRA Keeps D Debt Ratings in Not Cooperating ETHELBARI TEA: ICRA Withdraws B+ Rating on INR5.50cr Cash Loan FAIZ INDUSTRIES: ICRA Withdraws B+ Rating on INR9.50cr Cash Loan FRANK LIFECARE: ICRA Keeps B+ Debt Ratings in Not Cooperating GANADHI PATI: ICRA Keeps B+ Debt Rating in Not Cooperating GANGA PAPERS: ICRA Keeps B+ Debt Ratings in Not Cooperating GURBAXANI ENGINEERING: Ind-Ra Affirms 'BB+' Term Loan Rating GURBAXANI INFRAVENTURES: Ind-Ra Affirms 'BB+' Term Loan Rating GYANKUND TRUST: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category JSW HYDRO: Fitch Affirms BB Rating on USD707MM Sec. Notes Due 2031 LEONARD EXPORTS: ICRA Lowers Rating on INR3.75cr Cash Loan to D MAHARAJA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating MAHARAJA OIL: ICRA Keeps D Debt Ratings in Not Cooperating MAHARAJA REFINERIES: ICRA Keeps D Debt Ratings in Not Cooperating RAJSAMADHIYALA SPINTEX: ICRA Keeps B Ratings in Not Cooperating SAH POLYMERS: ICRA Withdraws B+ Rating on INR6.50cr LT Loan SAHARA HOSPITALITY: NCLT Admits Insolvency Petition SAI KRISHNA: ICRA Keeps D Debt Rating in Not Cooperating Category SAI RADHA: ICRA Keeps B+ Debt Rating in Not Cooperating Category SARVESH CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating SETH RAMJI: ICRA Lowers Rating on INR10cr LT Loan to B+ SHIVAM CONCRETE: ICRA Keeps B+ Debt Ratings in Not Cooperating V.M AND CO: ICRA Keeps B Debt Ratings in Not Cooperating Category VASUNDHARA DEVELOPERS: ICRA Keeps B Rating in Not Cooperating VIRENDRA KUMAR: ICRA Keeps B+ Debt Ratings in Not Cooperating YELLOWSTONE NIRMITI: ICRA Keeps B+ Debt Rating in Not Cooperating L A O S LAOS: Debt Troubles Reveal Economic Turmoil in Developing World LAOS: Fitch Puts 'CCC' LongTerm IDRs Under Criteria Observation N E W Z E A L A N D ANGKOR PLASTERING: Court to Hear Wind-Up Petition on July 26 ILICORP LIMITED: Court to Hear Wind-Up Petition on July 26 SCHULER THAMES: Creditors' Proofs of Debt Due on Aug. 10 SOUTHERN BUILD: Court to Hear Wind-Up Petition on July 26 S I N G A P O R E EFKA SINGAPORE: Commences Wind-Up Proceedings KITCHEN CULTURE: Appoints New Board Members; Interim CEO Resigns MID-CITY PROPERTIES: Commences Wind-Up Proceedings WORLD CLASS: Commences Wind-Up Proceedings S R I L A N K A SRI LANKA: Fitch Puts CCC Local Curr. IDR on Criteria Observation X X X X X X X X [*] BOND PRICING: For the Week July 11, 2022 to July 15, 2022 - - - - - ================= A U S T R A L I A ================= CLEARSPEND LIMITED: Second Creditors' Meeting Set for July 21 ------------------------------------------------------------- A second meeting of creditors in the proceedings of ClearSpend Limited has been set for July 22, 2022, at 2:00 p.m. via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 21, 2022, at 4:00 p.m. Bryan Kevin Hughes and Daniel Johannes Bredenkamp of Pitcher Partners were appointed as administrators of the company on June 17, 2022. INLINE MECHANICAL: Second Creditors' Meeting Set for July 21 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Inline Mechanical Installations Pty Ltd has been set for July 21, 2022, at 11:00 a.m. at the offices via teleconference. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 20, 2022, at 4:00 p.m. Rajiv Ghedia and Shumit Banerjee of Westburn Advisory were appointed as administrators of the company on June 16, 2022. NATIONAL EQUIPMENT: First Creditors' Meeting Set for July 21 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of National Equipment Sales Pty Ltd will be held on July 21, 2022, at 10:30 a.m. via Microsoft Teams. Tarquin Koch of Tarquin Koch Accounting & Insolvency Services was appointed as administrator of the company on July 12, 2022. PRIDMORE ELECTRICS: Second Creditors' Meeting Set for July 22 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Pridmore Electrics Pty Ltd has been set for July 22, 2022, at 11:00 a.m. via Zoom meetings. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 21, 2022, at 5:00 p.m. Sam Kaso of Cor Cordis was appointed as administrator of the company on June 19, 2022. REDZED TRUST 2022-2: Fitch Assigns 'BB-' Rating on Class F Debt --------------------------------------------------------------- Fitch Ratings has assigned final ratings to RedZed Trust Series 2022-2's mortgage-backed pass-through floating-rate bonds. The issuance consisted of notes backed by a pool of first-ranking Australian conforming and non-conforming residential full- and low-documentation mortgage loans originated by RedZed Lending Solutions Pty Limited. The notes were issued by Perpetual Trustee Company Limited in its capacity as trustee of RedZed 2022-2. This is a separate and distinct series created under a master trust deed. DEBT RATING PRIOR ---- ------ ----- RedZed Trust Series 2022-2 A-1-L AU3FN0069886 LT AAAsf New Rating AAA(EXP)sf A-1-S AU3FN0069878 LT AAAsf New Rating AAA(EXP)sf A-2 AU3FN0069894 LT AAAsf New Rating AAA(EXP)sf B AU3FN0069902 LT AAsf New Rating AA(EXP)sf C AU3FN0069910 LT Asf New Rating A(EXP)sf D AU3FN0069928 LT BBBsf New Rating BBB(EXP)sf E AU3FN0069936 LT BBsf New Rating BB(EXP)sf F AU3FN0069944 LT BB-sf New Rating BB-(EXP)sf G1 AU3FN0069951 LT NRsf New Rating NR(EXP)sf G2 LT NRsf New Rating NR(EXP)sf TRANSACTION SUMMARY The collateral pool totalled AUD500 million and consisted of 669 obligors with a weighted-average (WA) unindexed current loan/value ratio (LVR) of 67.3% and a WA current indexed LVR of 66.0% at the 30 April 2022 cut-off date. KEY RATING DRIVERS Sufficient Credit Enhancement: The 'AAAsf' WA foreclosure frequency of 17.5% is driven by the WA unindexed current LVR of 67.3%, low documentation loans of 82.6%, self-employed borrowers of 92.9% and, under Fitch's methodology, non-conforming and investment loans forming 11.3% and 55.7%, respectively, of the pool. The 'AAAsf' portfolio loss of 8.0% is lower than the 10.7% in the previous RedZed transaction, RedZed Trust Series 2021-3, due to a lower proportion of non-conforming, low-documentation and high current LVR loans and loans to self-employed borrowers, and a lower 'AAAsf' market value decline of 52.3%, against 61.7%. The class A-1-S, A-1-L, A-2, B, C, D, E and F notes benefit from credit enhancement of 25.0%, 11.0%, 6.0%, 3.6%, 1.9%, 1.0% and 0.5%, respectively. Limited Liquidity Risk: Structural features include retention and amortisation amounts that redirect excess income to repay the notes' principal balances, a yield enhancement reserve with a limit of AUD2.5 million, of which AUD550,000 is funded by RedZed at closing and the remainder through excess income, and a liquidity facility sized at 1.5% of the invested note balance (excluding class G), with a floor of AUD750,000; this is sufficient to mitigate payment interruption risk. The rated notes can withstand all relevant Fitch stresses applied in Fitch's cash flow analysis. Low Operational and Servicing Risk: RedZed was established in 2006 and is an experienced specialist lender for self-employed borrowers. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with market standards. Economic Recovery Supports Outlook: Portfolio performance is supported by Australia's ongoing recovery. Fitch expects the country's strong labour market and GDP growth to support transaction performance, despite Fitch's forecast that interest rates will reach 1.85% and inflation 5.5% by year-end. Fitch expects GDP to expand by 4.0% in 2022, with an unemployment rate of 3.9%. GDP growth and inflation should normalise to 2.5% and 2.1%, respectively, in 2023, with an unemployment rate of 4.0%, while Fitch forecasts interest rates to reach 2.50%. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: The transaction's performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. Downside Sensitivity Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Note: A-1-S / A-1-L / A-2 / B / C / D / E / F Rating: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / BB-sf Increase defaults by 15%: AAAsf / AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB-sf / B+sf Increase defaults by 30%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / B+sf / B+sf Reduce recoveries by 15%: AAAsf / AAAsf / AAAsf / A+sf / BBB+sf / BBsf / B+sf / Bsf Reduce recoveries by 30%: AAAsf / AAAsf / AA+sf / Asf / BBBsf / BB-sf / below Bsf / below Bsf Increase defaults by 15% and reduce recoveries by 15%: AAAsf / AAAsf / AA+sf / Asf / BBBsf / BBsf / Bsf / Bsf Increase defaults by 30% and reduce recoveries by 30%: AAAsf / AA+sf / AAsf / BBB+sf / BB+sf / B+sf / below Bsf / below Bsf Factors that could, individually or collectively, lead to positive rating action/upgrade: An upgrade could result from macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivity The class A-1-S, A-1-L and A-2 notes are at 'AAAsf', which is the highest level on Fitch's scale. The ratings cannot be upgraded and upgrade sensitivity scenarios are not relevant. Sensitivity stress results for the remaining rated notes are as follows. Note: B / C / D / E / F Rating: AAsf / Asf / BBBsf / BBsf / BB-sf Reduce defaults by 15% and increase recoveries by 15%: AA+sf / AA-sf / A-sf / BBBsf / BBB-sf BEST/WORST CASE RATING SCENARIO International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven 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 seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available for this transaction. As part of its ongoing monitoring, Fitch reviewed a small targeted sample of the RedZed's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies, indicates that it is adequately reliable. 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. TIARE SERVICES: Second Creditors' Meeting Set for July 20 --------------------------------------------------------- A second meeting of creditors in the proceedings of Tiare Services Pty Ltd has been set for July 20, 2022, at 10:00 a.m. at the offices of WLP Restructuring. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 19, 2022, at 4:00 p.m. Alan Walker and Glenn Livingstone of WLP Restructuring were appointed as administrators of the company on June 15, 2022. ========= C H I N A ========= CHINA SOUTH CITY: Fitch Affirms 'B-' LongTerm Foreign Currency IDR ------------------------------------------------------------------ Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer Default Rating (IDR) of China South City Holdings Limited (CSC) at 'B-'. The Outlook is Negative. Fitch has also affirmed the senior unsecured rating at 'B-', with a Recovery Rating of 'RR4'. The affirmation reflects Fitch's view that CSC is likely to repay its offshore bonds due 2H22, mainly using proceeds from equity transactions and asset disposals. CSC successfully obtained some new back facilities, after Shenzhen SEZ Construction and Development Group Co Ltd (SZCDG), a state-owned enterprise, became its largest shareholder. The Negative Outlook reflects CSC's weak sales and tight liquidity and its lack of sufficient funding to repay its 1H23 offshore bond maturities. At the same time, Fitch has chosen to withdraw CSC's ratings for commercial reasons. KEY RATING DRIVERS Tight Liquidity: CSC's liquidity is tight. It reported total cash of HKD4.6 billion (included restricted cash), against short-term debt of HKD20.8 billion, in the financial year ending March 2022 (FY22). However, Fitch believes CSC will be able to refinance its bank and other loans with new bank facilities and repay its offshore bonds due 2H22 with proceeds from asset disposals and equity transactions. New Credit Facilities: CSC obtained a new credit facility of CNY4 billion under a strategic cooperation agreement with Bank of Shanghai, after SZCDG became its largest shareholder. SZCDG completed the equity transaction to acquire a 29.28% stake in CSC in May 2022. CSC says it is able to obtain cheaper onshore bank loans with support from SZCDG. Completed Asset Disposals: Fitch expects CSC to repay its HKD7.8 billion offshore bonds due 2H22 using its HKD1.9 billion in proceeds from equity transactions, with the remainder coming from asset disposals. CSC recovered more than CNY2 billion in funds from the disposal of logistics projects in Xian, Zhengzhou and Hefei. It is also planning to dispose of more assets to repay the bonds. Large Maturities: Fitch believes the source of funding to repay CSC's offshore bond maturities in 1H23 is uncertain. CSC has HKD4.7 billion of offshore bonds maturing in 1H23 and Fitch believes it will require more bank facilities to refinance these maturities. About half of CSC's fixed assets were pledged for borrowings at FYE22, providing room for CSC to pledge more fixed assets to obtain secured bank loans. Declining Contracted Sales: Fitch expects CSC's property sales to remain weak in FY23, at HKD8 billion-10 billion a year. Contracted sales declined by 27% yoy to HKD11.8 billion in FY22, similarly to the decline in China's property market in general. Fitch expects CSC to rely on asset disposals or new bank facilities to refinance its capital market debt. Weaker Profitability: CSC's gross profit margin declined to 29% in FY22, from 44% in FY21, following the recognition of property sales with lower average selling prices and weaker margins. Fitch expects CSC's return efficiency to remain at a low single-digit percentage in FY23. This may improve if CSC is able to lower its leverage after repaying all its offshore bonds by FY24. Sufficient Land bank: CSC has been prudent in managing its land acquisition outflows to maintain its moderate leverage. Fitch does not expect CSC to acquire any new land in FY23 in view of its tight liquidity. CSC had 7.8 million square metres of unsold residential and multi-purpose properties available for sale at end-FY22, which is sufficient for the next five years. DERIVATION SUMMARY CSC's ratings are driven by its tight liquidity. Its contracted sales scale is much smaller than that of other 'B' category peers, given its focus on development within its trade centres. The company's return efficiency is also lower than that of peers, as it has relatively high level of debt and minimal recognised EBITDA. CSC's leverage of around 50%, measured by net debt/net development property assets, is sufficient for the 'B' category rating. KEY ASSUMPTIONS -- Annual contracted sales of about HKD8 billion-10 billion a year in FY23 and FY24; -- No new land acquisitions in FY23 and FY24. KEY RECOVERY RATING ASSUMPTIONS The recovery analysis assumes that CSC would be liquidated rather than reorganised as a going-concern, as the former would yield a substantially higher recovery value. -- Fitch assumes a 10% administrative claim. -- Fitch applied an advance rate of 80% to account receivables. This treatment is in line with other Chinese developers. -- Fitch applied an advance rate of 50% to net property inventory. CSC's large inventory of non-residential properties may lower the visibility of its EBITDA margin. -- Fitch applied an advance rate of 50% to property, plant and equipment. This treatment is in line with other Chinese developers; -- Fitch applied an advance rate of 26% to the book value of investment properties. This is based on a 6% rental yield after considering the rental yields and locations of these assets; -- As available cash is less than the total amount of note payables and trade payables (construction fees and retention payables), the net amount of note and trade payables are included in the liability waterfall. The allocation of value in the liability waterfall results in a Recovery Rating corresponding to 'RR4' for the senior unsecured debt. RATING SENSITIVITIES Rating Sensitivities are not applicable, given the withdrawal of the ratings. 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 Tight Liquidity: CSC reported total cash of HKD4.6 billion against short-term debt of HKD20.8 billion as at FYE22. Fitch believes CSC will be able to roll over its HKD8.5 billion of bank and other loans due in a year and has already repaid the CNY600 million medium-term notes due in April 2022. CSC will rely on asset disposals and new onshore funding to repay its HKD12.5 billion of offshore bonds maturing in August 2022 to April 2023. ISSUER PROFILE CSC develops and operates large-scale, integrated logistics and trade centres in mainland China. It began operations in 2002 and was listed on the Hong Kong Stock Exchange in September 2009. It started the first project in Shenzhen in 2003 and has since replicated the model into other tier two Chinese cities. 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 ---- ------ -------- ----- China South City Holdings Limited LT IDR B- Affirmed B- LT IDR WD Withdrawn B- senior unsecured LT B- Affirmed RR4 B- senior unsecured LT WD Withdrawn RR4 B- HAINAN AIRLINES: Operator Seeks US$3BB Emergency Loan, Sources Say ------------------------------------------------------------------ Caixin Global reports that Liaoning Fangda Group Industrial Co. Ltd. is seeking an emergency loan of CNY20 billion (US$3 billion) with the help of the Hainan provincial government to assist in operating HNA Group Co. Ltd.'s core airline operations, people familiar with the matter said. The Beijing-based strategic investor Liaoning Fangda, which only assumed management of HNA's flagship carrier Hainan Airlines Holding Co. Ltd. in December as part of the conglomerate's restructuring, has repeatedly asked for financial aid from the Hainan provincial government, the sources told Caixin. Based in Haikou, Hainan Province, the People's Republic of China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- founded in 1993, is the fourth-largest carrier in China and the largest non-government-owned airline in China. Hainan Airlines is known for its award-winning customer service, impeccable safety record and on-time performance. Hainan Airlines carries more than 14 million passengers annually. Hainan Airlines currently flies to more than 60 domestic and international cities, including the capitals of every Chinese province. Hainan Airlines' international flights include Budapest, Brussels, Osaka and St. Petersburg. MISSFRESH LIMITED: Gets USD29.6MM Cash Injection From Donghui ------------------------------------------------------------- Yicai Global reports that cash-strapped Chinese fresh food e-retailer Missfresh has received a CNY200 million (USD29.6 million) lifeline from coal to tourism conglomerate Donghui Group to pool resources in fresh produce supply and distribution. Yicai Global relates that the pair will "strategically cooperate on a range of initiatives around the agriculture supply chain including agricultural branding, contract farming and supply chain management" as well as sales and marketing, the Beijing-based firm said on July 14. "This partnership will help us advance our fresh food supply chain capabilities and provide a superior grocery shopping experience for consumers in China," said Zheng Xu, founder, chairman and chief executive of Missfresh, adding that the investment is a meaningful source of capital to fund the company's business development. Missfresh will welcome the cash injection, the report says. Poor earnings have caused its share price to crash 97% since it listed on the Nasdaq in June last year at an issue price of USD13 apiece. On July 14, the stock [NASDAQ:MF] closed up 1.2% at USD0.38. The company is expecting its losses last year to more than double from the year before to CNY3.7 billion (USD547 million), according to its third-quarter report last year, Yicai Global relays. The firm has still not released its 2021 annual report. Yicai Global notes that Central Shanxi province-based Donghui started out as a coal company in 2005, and has since branched into many areas including energy, nonferrous metals, tourism and agriculture. It runs companies in Beijing, northern Shanxi province, eastern Jiangsu province, southwestern Yunnan province and the island getaway of Hainan province, as well as in Queensland, Australia. Based in Beijing, the People's Republic of China, Missfresh Limited operates as an online-and-offline integrated on-demand retail company in China. It operates a community retail digital platform that offers fresh produce, such as fruits, vegetables, meat, eggs, aquatic products, and dairy products; and fast-moving consumer goods, including snack foods, light food, cereals, oil, wine, drink, fast food, light food through online e-commerce platform and distributed mini warehouse networks. The company also sells its products through vending machines. ========= I N D I A ========= ADITYA CONSTRUCTIONS: ICRA Keeps B/A4 Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the long-term and short-term ratings of Aditya Constructions 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/ 10.00 [ICRA]B(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. 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. Aditya Constructions was established in 2012 as a proprietorship concern and is engaged in trading of Steel, Granite processing and trading and execution of minor construction projects under the capacity of subcontractor. Mr. Ramesh Reddy is the Proprietor of the firm. Mr. Reddy is a B. Tech graduate and has prior experience of 15 years in the same field. ARIA HOTELS: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised Aria Hotels and Consultancy Services Private Limited's (AHCSPL) Outlook to Stable from Negative while affirming its Long-Term Issuer Rating at 'IND BB+'. The instrument wise rating actions are: -- INR75 mil. Fund-based working capital limit affirmed, Outlook revised to Stable from Negative with IND BB+/Stable/IND A4+ rating; and -- INR5,268.46 bil. (reduced from INR5,304.10 bil.) Term loan due on December 2036 affirmed, Outlook revised to Stable from Negative with IND BB+/Stable rating. The Outlook revision reflects an improvement in AHCSPL's operating and financial performance in FY22, which Ind-Ra expects will continue in FY23. The affirmation reflects the ongoing corporate governance issue at AHCSPL in accordance with the default of its parent Asian Hotels (West) Limited (AHWL; 'IND D (ISSUER NOT COOPERATING)'; holds 99.98% stake in AHCSPL). Both companies continue to have a common promoter; although the shareholding of the promoter is lower in AHCSPL than AHWL. Furthermore, the two directors, who resigned from AHWL, continue to be independent directors in AHCSPL. Also, one of the lenders of AHCSPL has a cross-default clause in the loan agreement, which is not a part of the consortium. However, the same has not been invoked till date as the lender has drawn comfort from the company's improved performance coupled with timely servicing of interest and term loan repayment. Key Rating Drivers The ratings reflect a significant improvement in AHCSPL's occupancy level to 52.88% in FY22 (FY21: 39.48%) coupled with an increase in the average room rent to INR6,923 (INR4,794) due to an increase in tourist footfall on account of easing of COVID-19-led travel restrictions, as well as increase in bookings of banquet halls and lounges for corporate meetings and marriages. As a result, the revenue surged to INR1,637.34 million in FY22 (FY21: INR968.53 million). Of the total revenue in FY22, the hotel segment contributed INR1,388.40 million (FY21: INR842.13 million), followed by the commercial space lease segment at INR248.94 million (INR126.39 million). In 1QFY23, the company booked revenue of INR701.8 million with an average occupancy rate of 79% at an average room rent of INR9,195 and a lease income of INR39.50 million from the commercial tower. FY22 numbers are provisional. AHCSPL's EBITDA margin improved to 28.12% in FY22 (FY21: 8.90%) on account of the cost optimization measures adopted by the company to reduce the direct expense in the overall cost, along with moderate absorption of the same with the increase in the revenue. The interest coverage (operating EBITDAR/gross interest expense + rents) improved to 0.73x in FY22 (FY21: 0.17x, FY20: 2.09x) and the net leverage (adjusted net debt/operating EBITDAR) to 10.59x (28.64x, 4.25x) due to an improvement in EBITDA, and a decline in the debt to INR5,112.43 million (INR5,307.90 million, INR5,279 million) and the consequent fall in interest costs. Ind-Ra expects the credit metrics to improve further over the medium on account of absence of any major debt-funded capex and a likely further improvement in the operating EBITDA. Liquidity Indicator- Adequate: AHCSPL's average maximum utilization of the fund-based limits was 44.14% during the 14 months ended May 2022 with no instance of overutilization. The cash flow from operations turned positive to INR186.36 million in FY22 (FY21: negative INR215.40 million) due to the improvement in the operating EBITDA to INR460.48 million (INR86.23 million) and the decline in the interest cost to INR628.10 million (INR724.91 million). Ind-Ra expects the cash flow from operations to improve further in FY23 on account of a likely improvement in the operating EBITDA. It had an unencumbered cash balance of INR105.50 million at 1QFYE23 (FYE22: INR145.55 million, FYE21: INR340 million). The company has scheduled long-term debt repayments of INR125.30 million and INR180.90 million for FY23 and FY24, respectively. Moreover, AHCSPL has undisbursed sanctioned working capital term loan of INR1,350 million availed under the Guaranteed Emergency Credit Line Scheme. The company prepaid and closed its lease rental discounting facility in December 2021. It does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. However, the ratings are constrained by the ongoing corporate governance issue with respect to the default of its parent company and continuation of the common promoter. Any adverse action by the regulator on the corporate governance issue or the ability of the company to resolve the corporate governance issue will remain a key monitorable. The ratings, however, draw comfort from its tie up with Marriot Hotels India Private Limited for branding, operating and marketing of the hotel under the JW Marriot brand. Furthermore, the company gets the locational advantage as the hotel is situated in the hospitality district at Delhi Aerocity, adjacent to the Indira Gandhi International Airport and is well connected with the central business districts of Delhi and Gurugram. Rating Sensitivities Negative: Any substantial deterioration in the liquidity position or operating performance or any adverse action by the regulator on the corporate governance issue could lead to a negative rating action. Positive: A continued improvement in the operating performance, along with resolution of the corporate governance issue could lead to a positive rating action. Company Profile Incorporated on May 11, 2007, AHCSPL has developed a 523-room five-star hotel at Delhi Aerocity that became fully operational in April 2015. The hotel also has a commercial block of about 132,940 square feet of super area. CHIRAG AGROFINS: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has retained the Long-Term rating of Chirag Agrofins 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 20.00 [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. 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 1991, Chirag Agrofins Private Limited (CAPL) is involved in real estate development. Currently, the company is executing one project in Malad, Mumbai, where it is constructing a commercial-cumresidential complex. CAPL is a part of the Bhagat Group promoted by Mr. Suraj Prakash Bhagat and his family. Apart from real estate development, the Bhagat Group is also involved in brewing and distilleries. The group has executed twelve real estate projects in Mumbai. CRIYAGEN AGRI: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Criyagen Agri & Biotech Private Limited's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR9.3 mil. Term loan due on December 2025 migrated to non- cooperating category with IND BB+ (ISSUER NOT COOPERATING) rating; -- INR120 mil. Fund-based working capital limits migrated to non- cooperating category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR150 mil. Proposed term loan migrated to non-cooperating category with IND BB+ (ISSUER NOT COOPERATING) rating; and -- INR20 mil. Proposed fund-based working capital limits migrated to non-cooperating category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May 31, 2021. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Company Profile Incorporated in 2008, Criyagen Agri & Biotech manufactures bio fertilizers, phosphate rich organic manure and bio control agents. DMK PARTICLEBOARD: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has retained the Long-Term and Short-Term ratings of DMK Particleboard LLP in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 2.00 [ICRA]D; ISSUER NOT COOPERATING; Cash Credit Rating Continues to remain under 'Issuer Not Cooperating' Category Fund Based- 7.00 [ICRA]D; ISSUER NOT COOPERATING; Cash Credit Rating Continues to remain under 'Issuer Not Cooperating' Category Non Fund Based 0.65 [ICRA]D; 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. 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 2016, DMK Particleboard LLP manufactures plain wooden particleboards and pre-laminated particleboards in the dimension of 8"x4" and 8"x3", which are used in furniture. The commercial operations of DMK commenced in April 2017 at its manufacturing facility in Morbi (Gujarat). The company has an annual installed capacity of manufacturing 6,00,000 particleboard sheets. ETHELBARI TEA: ICRA Withdraws B+ Rating on INR5.50cr Cash Loan -------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of The Ethelbari Tea Company (1932) Ltd. 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 ---------- ----------- ------- Long Term- 5.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Short Term- 0.10 [ICRA]A4; ISSUER NOT Non-Fund COOPERATING; Withdrawn Based Others Incorporated in 1932, The Ethelbari Tea Company (1932) Ltd. (TETCL) has long track record of operations and it is currently led by Mr. Mahendra Patel and his family. TETCL is engaged in the manufacturing of crush tear and curl (CTC) variety of black tea. The company has two gardens, Ethelbari and Sarugaon tea estate, located in the Alipurduar district of North Bengal. FAIZ INDUSTRIES: ICRA Withdraws B+ Rating on INR9.50cr Cash Loan ---------------------------------------------------------------- ICRA has reaffirmed and withdrawn the rating assigned to the bank facilities of Faiz Industries (FI) at the request of the firm, based on the no objection certificate (NOC) provided by its banker. This is in line with ICRA's policy on the withdrawal of credit ratings. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based– 0.19 [ICRA]B+(Stable); reaffirmed Term Loan and withdrawn Fund-based– 9.50 [ICRA]B+(Stable); reaffirmed Cash Credit and withdrawn Unallocated 0.56 [ICRA]B+(Stable); reaffirmed Limits and withdrawn The rating continues to be constrained by FI's modest financial risk profile, characterised by low profitability, leveraged capital structure and weak coverage indicators. The rating factors in the vulnerability of the firm's profitability to adverse fluctuations in raw material prices (raw cotton), considering the inherently low value-added ginning business and the intense competition in the industry. Further, its operations remain exposed to regulatory risks regarding the minimum support price (MSP), which is set by the Government. ICRA notes the potential adverse impact on the firm's net worth and gearing level in case of any substantial withdrawal from the capital accounts, given its constitution as a partnership concern. The rating, however, favorably factors in the extensive experience of the partners in the cotton industry and the proximity of the firm's manufacturing plant to raw material sources. The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion that FI is expected to maintain its business positioning, driven by the promoters' extensive experience in the sector. Key rating drivers and their description Credit strengths * Extensive experience of partners in the cotton industry: FI is managed by partners with extensive experience of over two decades in the cotton industry through their association with other entities operating in the cotton business. This has resulted in FI forging established relationships with its customer base. * Location-specific advantage: The firm benefits from the low transportation cost and easy access to raw cotton due to the strategic location of its plant in the Saurashtra region of Gujarat, an area of high cotton acreage and quality cotton crop. Credit challenges * Modest financial risk profile: FI's scale of operations remained modest with an operating income (OI) of Rs. 151.66 crore in FY2022 (provisional numbers). The operating profitability stood weak at 0.35% in FY2022 due to the commoditised nature of the business and low value-added operations. Consequently, the net profitability remained thin at 0.09% in FY2022. The capital structure and coverage indicators remained moderate, with gearing of 1.1 times, Total Debt/OPBDITA of 18.42 times and interest coverage of 1.34 times in FY2022. * Vulnerability of profitability to adverse fluctuations in raw material prices and regulatory changes: The firm's profitability remains exposed to fluctuations in raw material (raw cotton) prices, which depend on factors such as seasonality, agro-climatic conditions, international demand and supply situations, and export policies. Further, it is exposed to regulatory risks with regards to the MSP set by the Government. * Intense competition and fragmented industry structure: The firm faces intense competition from other small and unorganized players in the industry because of commoditization and low entry barriers. This limits its pricing flexibility and bargaining power with customers and places pressure on its revenues and margins. * Risk associated with partnership constitution: FI, being a partnership firm, is exposed to adverse capital structure risk, wherein any substantial capital withdrawal could negatively impact its net worth and capital structure. Liquidity position: Stretched FI's liquidity is stretched, as reflected by its high average working capital utilization of 61% and peak utilization of 99% over the last 12 months. The cash accruals also remained modest due to thin profitability levels. Timely support from partners through capital infusion/unsecured loans will remain crucial in case of any cash flow mismatches. Established in 1996, FI is involved in cotton ginning and pressing to produce cotton bales and cottonseeds. Additionally, it is involved in crushing of cotton seeds to produce cotton seed oil and cake on a job-work basis. The firm is equipped with 32 ginning machines and a fully-automatic pressing machine with a production capacity of 450 bales per day at its manufacturing facility in Wankaner, Rajkot (Gujarat). FRANK LIFECARE: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the long-term rating of Frank Lifecare 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- 14.40 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.60 [ICRA]B+ (Stable) ISSUER NOT Unallocated- COOPERATING; Rating continues Limits 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. 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 1993 in the name of Frank Pharmaceutical Private Limited, the company was earlier engaged in the manufacturing of High-Density Polypropylene and High-Density Polyethylene bags. Later, the promoters decided to set up a hospital by the name of Frank Institute of Medical Sciences in the Sonipat district of Haryana. Subsequent to the decision to construct a hospital, the promoters divested the packaging business of the company in 2014. The construction of the proposed hospital was finished in March 2015 and the hospital commenced operations in April 2015 as per the scheduled timeline. GANADHI PATI: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has retained the Long-Term and Short-Term ratings of Ganadhi Pati Construction 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 ---------- ----------- ------- Fund based- 1.00 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 2.00 [ICRA]A4; ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term/ 36.00 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Non-Fund Rating continues to remain Based-Others 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. 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 1998, Ganadhi Pati Construction Private Limited (GPCPL) commenced operations in FY2017. The company is involved in civil construction activities related to water supply in Bihar. The promoter of GPCPL, Mr. Janardan Prasad, is also the proprietor of J.P. Enterprises (JPE), involved in the same line of business in Bihar and Jharkhand since 1982. GANGA PAPERS: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the long-term and short-term ratings of Ganga Papers India 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- 6.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term/ 8.00 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Fund Based 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. 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. Ganga Papers India Limited, GPIL (formerly Kasat Paper and Pulp Ltd) was incorporated in 1985. The company manufactures kraft paper and newsprint paper at its manufacturing facilities located in Pune, Maharashtra with total manufacturing capacity of 54000 MTPA. The company has 1.4 MW turbine primarily used for captive purpose. The company was initially promoted by Mr Shrikant Mohanlal Kasat in 1985 and was taken public in 1996. The company was declared sick company and was registered with BIFR in 2003 due to adverse operating conditions. The plant remained non-operational between 2003 and 2006. Under the BIFR rehabilitation programme, it was taken over by new promoters, Mr Ramesh Chaudhary and Mr. Sharwan Kumar Kanodia in 2006. GURBAXANI ENGINEERING: Ind-Ra Affirms 'BB+' Term Loan Rating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed Gurbaxani Engineering & Constructions Private Limited's (GECPL) rupee term loan (RTL) as follows: -- INR475.1 mil. Senior secured RTL due on March 2030# affirmed with IND BB+/Stable rating; *Bank guarantee worth INR102.6 million is a sub-limit of the RTL facility #Linked to the achievement of the actual commercial operations date (COD). The repayment start date may be extended based on the concession authority's approved project completion timelines (presently expected to be end-December 2022). Ind-Ra has analyzed the rating of the senior secured RTL of GECPL based on the project risks and cashflows and has also factored in the credit profile of GECPL's sponsor, D.C. Gurbaxani (DCG). Additionally, according to the loan agreement, the promoter's contribution in the form of an unsecured loan worth INR37.8 million to be injected in GECPL in the form of quasi-equity, will be fully subordinated to the senior ranking RTL, and therefore, has not been considered as additional debt in Ind-Ra's analysis. Any deviation from the above arrangement may be negative for the ratings. Key Rating Drivers The rating continues to be constrained by the continuing delay in the project completion due to COVID-19-induced lockdowns, prolonged monsoons and a delay in handing over the 12.3km stretch. The company had received an extension of time by 152 days until 28 June 2021. However, GECPL has requested for a further extension till 31 December 2022 for the completion of the work which has been recommended by IE and is yet to be approved by the authority. According to the IE and the management, the physical progress achieved until May 2022 was about 63.73%. On the land availability, IE has indicated that there has been an objection from local farmers in about 12.30km stretch, out of the total project stretch of 45.20km, due to legacy land acquisition issues. The management stated that the construction of structures in this stretch has been completed and the remaining work would be completed within 90 days from the receipt of the land from the authority, the Public Works Department (PWD) of the government of Maharashtra (GoM), that is expected to be completed by end-December 2022. Furthermore, based on the discussions with IE, Ind-Ra understands that the land acquisition issue has been resolved by the authority and GECPL is making arrangements to resume the work. The acquisition of the remaining land by the authority, and the timely completion of the construction remain a key rating monitorable. The rating also factors in the moderate credit profile and execution capabilities of the sponsor, DCG, and the authority. Ind-Ra derives moderate comfort from the sponsor undertakings to support any project cost or time overruns or a delay in construction grant receipts during the construction period. Moreover, the sponsor, which is also the engineering, procurement and construction contractor, has around 30 years of experience in developing road projects of national and state highways especially in Maharashtra. Also, the presence of a fixed-price, fixed-time construction contract partly mitigates the potential cost overrun risk. DCG has undertaken to infuse committed equity in the project in a timely manner along with meeting shortfalls for project cost/time overrun and a shortfall in resources. DCG has also undertaken to meet any non-receipt or a shortfall or a delay in the construction support to be provided by the PWD, GoM and in case of the termination of the concession agreement. Also, the sponsor will bring in funds required for incurring operations and maintenance (O&M) and major maintenance expenses that are over and above the lender's base case business plan. DCG shall also provide additional support for the timely creation of the stipulated two quarters of debt service reserve (DSR) and meeting the first six months of interest obligations and O&M expenses post the COD. Furthermore, DCG has provided an unconditional, absolute and irrevocable guarantee to provide funds for debt servicing obligations in the event of a default by GECPL at any time until the final settlement date of the term loan. Liquidity Indicator - Adequate: As on 31 March 2022, the promoters had brought-in the committed equity of INR170.9 million in the form of equity share capital in GECPL. The concession authority is making construction grant payments linked to physical progress milestones. As per the discussion with the management, as of June 2022, GECPL has received three inflation-adjusted construction grants worth INR692.2 million as against the total grant of INR1,025.7 million, before the inflation adjustment. Also, the company has to create a two-quarter DSR, with one quarter DSR to be created on COD and an additional one quarter DSR within six months of COD. The rating also draws reasonable comfort from the committed half-yearly annuities to be received from the PWD of Maharashtra. The first annuity payment is due and payable within 15 days of the completion of six months from the scheduled COD, and DCG shall bring in additional funds for any unanticipated delay in annuity payments. GECPL shall receive total annuity payments worth 40% of the bid project cost (INR1,709.5 million), adjusted for a price index multiple, in the form of 20 bi-annual instalments for 10 years. Additionally, interest shall be payable to GECPL on the outstanding annuity payments payable at a rate equal to the Reserve Bank of India's bank rate plus 3%. The GoM shall also reimburse GECPL for inflation-indexed O&M payments in line with the bid proposal on semi-annuity payment dates. Any deductions for the non-conformance to maintenance requirements during the concession term could lead to a shortfall in the forthcoming annuity payments. However, besides the experience of DCG in managing road contracts and the low complexity involved in the O&M of hybrid annuity model-based road projects, compared to other infrastructure projects, support the rating. Moreover, two cycles of major maintenances are scheduled during the concession period, with the first cycle related to a micro-seal surfacing after three years from the COD, and the second cycle related to an overlaying of the entire stretch with bitumen after seven years of the COD. The repayment schedule of GECPL provides a cushion of six months (the difference between the first repayment date and the first annuity payment date from COD), which would partially safeguard the project from any unanticipated delays in the forthcoming annuity payments. Moreover, the availability of a tail period of two years provides comfort to the rating. Also, the financing documents stipulate a minimum annual debt service coverage ratio of 1.20x during the operations, a breach of which shall lead to the discontinuation of restricted payments, until restored to stipulated levels. Any default on the sponsor debt shall accelerate debt repayments of GECPL under a cross default linked mechanism. Interest servicing of the project for the first six months till the first annuity as well as O&M expenses during the same period shall be funded through inflation-indexed construction grants, which are a part of the project cost. As of June 2022, GECPL has drawn INR255.1 million out of the total sanction limit of INR475.1 million. Rating Sensitivities Positive: Future developments that could, individually or collectively, lead to an upgrade are as follows: -- the completion of the project within the authority-approved COD -- the receipt of the first annuity payment on or before the scheduled date Negative: Future developments that could, individually or collectively, lead to a downgrade are: -- a delay in actual project completion from the authority-approved COD beyond three months -- non-injection of funds in a timely manner -- the absence of the timely sponsor support for project cost escalations during the construction period -- non-creation of the stipulated DSR prior to the COD as per the financing documents -- a deterioration in the credit profile of the sponsor or the concession authority. Company Profile GECPL, a special purpose vehicle incorporated by DCG, has been awarded a 12-year concession (including two-year construction period) for the improvement and operation/maintenance of two-laning of roads totalling 45.2km in the Chandrapur district in Maharashtra. The total bid-project cost of GECPL is INR1,709.5 million, which is being financed by a sponsor contribution of INR208.7 million by DCG, construction grants of INR1,025.7 million (subject to inflation adjustment) payable by the concession authority and project debt of INR475.1 million. The appointed date of the project was received on 29 January 2019 and the scheduled construction period is two years and any further extensions provided by the concession authority. GURBAXANI INFRAVENTURES: Ind-Ra Affirms 'BB+' Term Loan Rating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Gurbaxani Infraventures Private Limited's (GIPL) rupee term loan (RTL) as follows: -- INR431 mil. Senior secured RTL due on March 2030# affirmed with IND BB+/Stable rating. *Bank guarantee worth INR93.0 million is a sub-limit of the RTL facility. #Linked to the achievement of actual commercial operations date (COD). The repayment start date could be extended based on the concession authority's approved project completion timelines (likely to be end-July 2022). Ind-Ra has analyzed the rating of the senior secured RTL of GIPL based on the project risks and cashflows and has factored in the credit profile of GIPL's sponsor, D.C. Gurbaxani (DCG). Additionally, the loan agreement stipulates that the promoter's contribution in the form of an unsecured loan worth INR34.3 million to be injected in GIPL, in the form of quasi-equity, will be fully subordinated to the senior ranking RTL, and therefore, has not been considered as additional debt in Ind-Ra's analysis. Any deviation from the above arrangement may be negative for the ratings. Key Rating Drivers The rating continues to be constrained by a delay in project completion due to COVID-19-induced lockdowns. The company had received an extension of time (EOT) of 14 months until 31 March 2022 and had achieved significant project progress by 31 March 2022. Furthermore, GIPL has applied for EOT till 30 June 2022 for the completion of work considering that there is positive change of scope for construction of new drains and other reasons attributable to authority. According to the independent engineer, the physical progress achieved until May 2022 was about 98.07%. However, the management has informed Ind-Ra that GIPL has applied for a provisional commercial operations date (PCOD) recently, and the same is still under consideration with the authority, Public Works Department (PWD), the government of Maharashtra (GoM). The advanced stage of project progress and the presence of a fixed-price, fixed-time construction contract mitigates the cost overrun risk to a large extent. The rating also factors in the moderate credit profile and execution capabilities of the sponsor, DCG and the authority. Ind-Ra derives moderate comfort from the sponsor undertakings to support any project cost or time overruns or delay in construction grant receipts during the construction period. Moreover, the sponsor, which is also the engineering, procurement and construction contractor, has around 30 years of experience in developing road projects of national and state highways, especially in Maharashtra. DCG has undertaken to infuse committed equity in the project in a timely manner, along with meeting any shortfalls in the project cost/time overrun or those in resources. DCG has also undertaken to meet any non-receipt or shortfall or delay in the construction support to be provided by the PWD, GoM, and in case of a termination of the concession agreement. Also, the sponsor will bring in funds required for incurring operations and maintenance (O&M) and major maintenance expenses that are over and above the lender's base case business plan. DCG shall also provide additional support for the timely creation of the stipulated two quarters of debt service reserve (DSR) and meeting the first six months of interest obligations and O&M expenses post the COD. Furthermore, DCG has provided an unconditional, absolute and irrevocable guarantee to provide funds for debt servicing obligations in the event of a default by GIPL at any time until the final settlement date of the term loan. The rating also factors in the presence of a cross-default clause wherein any default on the sponsor debt could lead to an acceleration of debt repayments of GIPL. The sponsor has also provided corporate guarantee to Gurbaxani Engineering & Constructions Private Limited's (GECPL; 'IND BB+'/Stable) RTL where there is a continuing delay in the construction and land acquisition. According to the independent engineer of GECPL of the total project stretch of 45.20km, there has been resistance from local farmers in about 12.30km stretch due to legacy land acquisition issues. Furthermore, during its discussions with IE, Ind-Ra understands that the land acquisition issue has been resolved by the authority and GECPL is making arrangements to resume the work. The management expects to complete construction work in GECPL by the end of December 2022. Liquidity Indicator - Adequate: As of May 19, 2022, the promoters had brought in the entire committed equity of INR155.1 million in the form of equity share capital in GIPL. According to the management, GIPL has received five inflation adjusted construction grants to the tune of INR1,024.2 million. Also, the company has to create a two-quarter DSR; with one-quarter DSR to be created on the COD and an additional one-quarter DSR within six months of the COD. The rating also draws reasonable comfort from the committed half-yearly annuities to be received from PWD, GoM. The first annuity payment is due and payable within 15 days of the completion of six months from the COD, and DCG has undertaken to bring in additional funds for any unanticipated delay in annuity payments. GIPL shall receive total annuity payments worth 40% of the bid project cost (INR1,550.9 million), adjusted for a price index multiple, in the form of 20 bi-annual instalments for 10 years. Additionally, interest shall be payable to GIPL on the outstanding annuity payments payable at a rate equal to the Reserve Bank of India's bank rate plus 3%. The GoM shall also reimburse GIPL for inflation-indexed O&M payments, in line with the bid proposal on semi-annuity payment dates. Any deductions for the non-conformance to maintenance requirements during the concession term could lead to a shortfall in the forthcoming annuity payments. However, besides the experience of DCG in managing road contracts and the low complexity involved in the O&M of hybrid annuity model-based road projects in relation to other infrastructure projects support the rating. Moreover, two cycles of major maintenance are scheduled during the concession period, with the first cycle relating to micro-seal surfacing after three years from the COD, and the second cycle relating to overlaying of the entire stretch with bitumen seven years after the COD. The repayment schedule of GIPL provides for a cushion of six months (difference between first repayment date and first annuity payment date from the COD) to partially safeguard the project from any unanticipated delays in the forthcoming annuity payments. Moreover, the availability of a tail period of two years provides comfort to the rating. Also, the financing documents stipulate a minimum annual debt service coverage ratio of 1.20x during operations, a breach of which shall lead to the discontinuation of restricted payments, until restored to stipulated levels. Interest servicing of the project for the first six months till the first annuity as well as O&M expenses during the same period shall be funded from inflation indexed construction grants, which is a part of the project cost. GIPL has drawn INR400 million out of the sanctioned limit of INR431 million. Rating Sensitivities Positive: -- Future developments that could, individually or collectively, lead to an upgrade are as follows: -- the receipt of the first annuity payment within reasonable timeline -- the creation of the stipulated DSR prior to the COD, as per the financing documents Negative: Future developments that could, individually or collectively, lead to a downgrade are: -- significant delays or deduction in annuities, resulting in the weakening of coverages from Ind-Ra's base case assumptions; -- the non-creation of the stipulated DSR prior to the COD, as per the financing documents -- adverse remarks on the overall road quality of GIPL by the independent engineer or the authority and/or a dismal operational performance of the O&M contractor -- the absence of timely sponsor support -- deterioration in the credit profile of the sponsor or the concession authority. Company Profile GIPL, a special purpose vehicle incorporated by DCG, has been awarded a 12-year concession (including two-year construction period) for the improvement and operation/maintenance of two-laning of roads totalling 32.9km in Chandrapur district in Maharashtra. The total bid-project cost of GIPL is INR1,550.9 million, which was financed by a sponsor contribution of INR189.4 million by DCG, construction grants of INR930.5 million (before inflation adjustment) payable by concession authority and project debt of INR431.0 million. The appointed date of the project was received on January 29, 2019 and the scheduled construction period is two years and additionally any further extension provided by concession authority. GYANKUND TRUST: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Gyankund Trust To Educate And To Serve's bank facilities' ratings in the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the ratings. The ratings will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR153.74 mil. Term loan (long-term) due on August 2024 to February 2027 maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR32.5 mil. Working capital facility (long-term) maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. ISSUER NOT COOPERATING: The ratings were last reviewed on May 23, 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Company Profile Incorporated in 2007 in Kurukshetra, Gyankund Trust to Educate and to Serve's manages and operates Technology Education & Research Integrated Institutions group of institutes. HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the Long-Term rating of High Tech Fablon Private Limited in the 'Issuer Not Cooperating' category. The ratings is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 5.87 [ICRA]D; ISSUER NOT COOPERATING; Cash Credit Rating Continues to remain under 'Issuer Not Cooperating' Category Cash Credit 3.50 [ICRA]D; ISSUER NOT COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in the year 2010, High Tech Fablon Private Limited is engaged in manufacturing of grey fabric made from polyester yarns. The company is promoted by Mr. Ajay Agrawal and other family members who have been in the textile business for over a decade. The manufacturing unit of the company is located a Kim, Surat. JSW HYDRO: Fitch Affirms BB Rating on USD707MM Sec. Notes Due 2031 ------------------------------------------------------------------ Fitch Ratings has affirmed India-based JSW Hydro Energy Limited's USD707 million senior secured notes due 2031 at 'BB+'. The Outlook is Stable. The notes are issued directly by JSW Hydro, an indirectly fully owned subsidiary of JSW Energy Limited, which owns two operational hydro projects - the 1,091 megawatt (MW) Karcham Wangtoo (KW) hydro power plant on the Satluj river and the 300MW Baspa II (B2) plant on the Baspa river, both in the Indian state of Himachal Pradesh. RATING RATIONALE The rating reflects the credit quality of the hydro power project portfolio, supported by KW's contracted revenue with PTC India Limited and B2's contracted revenue with the Himachal Pradesh State Electricity Board Limited (HPSEBL). The rating is constrained at 'BB+' due to uncertainty around debt refinancing and the systemic risk stemming from the ultimate exposure to state-owned power-distribution companies, even though the project portfolio's financial profile is stronger than that commensurate for a 'BB+' credit assessment. KEY RATING DRIVERS Established In-House O&M Team - Operation Risk: Midrange JSW Hydro uses conventional commercially proven technology and has a capacity-weighted operating history of around 12.5 years. An in-house operation and maintenance (O&M) team runs the plants. Both are well-maintained and have consistent operating performance. Replacement contractors are available, and spare parts are carefully managed as the plants are in remote locations. The assessment is constrained to 'Midrange' as operating cost forecasts are not validated by an independent technical advisor and a maintenance reserve account is not included in bond's terms. JSW Hydro subscribes to comprehensive industrial all-risk insurance, which provides adequate coverage against losses from business interruption. No Hydrology or Curtailment Risk - Revenue Risk (Volume): Stronger JSW Hydro's regulated business model supports its credit profile, ensuring profitability over the medium term as long as projects are available, irrespective of actual off-take. Each plant's fixed costs are payable by the customer if it achieves regulatory benchmark availability, which is set at a plant availability factor of 90% for the current regulatory period. The contracts also allow for any shortfalls in design energy generation due to non-operational issues to be recovered. Hence, there is no hydrology risk, as any shortfall in energy charges due to hydrology can be recovered in the following year. Both projects have exceeded the design energy generation (P90 equivalent approved by authorities) in 90% of their operating years. Curtailment risk is limited given take-or-pay contracts and the "must-run" status of the plants. Prices Support Revenue Recovery - Revenue Risk (Price): Stronger Fitch assesses price risk as 'Stronger' because tariffs have a limited impact on profit as long as availability is maintained. The plants also operate under an established tariff-setting framework. JSW Hydro's two-part, cost-plus tariff structure provides for fixed-price payments based on available capacity to cover operation and maintenance costs, depreciation, loan interest, taxes and a regulated return on equity. It also allows normalised variable costs to be passed on to off-takers. JSW Hydro contracts its saleable capacity, excluding free power of 12%-18%, to PTC and state-owned HPSEBL. KW has take-or-pay long-term agreements with PTC, which is one of India's largest power traders and owned by various central-government entities, while B2 is contracted with state-owned HPSEBL. PTC sells the energy to four state-owned distribution companies. Bullet Debt, Ringfenced Structure - Debt Structure: Midrange Fitch assesses the debt structure as 'Midrange' due to the bond's bullet structure. However, refinancing risk is mitigated by a mandatory cash sweep and cash lock-up for about 56% of principal under Fitch's rating case. The remaining refinancing risk is low, given the remaining life of the hydro projects and the issuer's good access to banks and capital markets. Noteholders are protected by the ringfenced structure and covenants. The bond pays fixed interest rates, but the other covenants are primarily 'Midrange', including a lock-up test at the backward-looking graded debt service coverage ratio (DSCR) and a six-month debt service reserve account. No additional indebtedness is allowed other than a working-capital basket of USD55 million. Risks arising from the US dollar and Indian rupee exchange rate is mitigated through hedging arrangements. The bond is directly issued by JSW Hydro. A hydro power project that is under construction, Kutehr, which is not part of restricted group previously, has been moved out of JSW Hydro by management and is owned by JSW Hydro's parent directly. PEER GROUP The most active region in terms of hydropower projects is Latin America, with Brazil featuring a number of such rated projects. However, these peers are not comparable to JSW Hydro as they are rated on National Rating scales. JSW Hydro's bond is rated a notch higher than India-based Azure Power Solar Energy Private Limited's (Azure RG2) senior secured notes (BB/Stable). JSW Hydro has a pure hydropower portfolio with minimal generation risk. It also benefits from an average DSCR of 1.68x in Fitch's rating case, against Azure RG2's average of 1.45x. JSW Hydro has lower direct exposure to state distribution companies, at about 23% of capacity against 78% for Azure RG2. Fitch assesses the overall debt structure of both peers at 'Midrange', but JSW Hydro benefits from tighter covenants, including lock-up tests based on graded DSCRs, a cash trap mechanism beginning in the first six months and a mandatory cash sweep. JSW Hydro can also be compared with Adani Green Energy Limited Restricted Group 1 (AGEL RG1, senior secured rating: BB+/Stable) and Adani Green Energy Limited Restricted Group 2 (AGEL RG2, senior secured rating: BBB-/Stable; underlying: bbb). Both peers have exposure to state distribution companies and sovereign-backed off-takers. AGEL RG1's 'Midrange' debt structure is similar to that of JSW Hydro, reflecting refinancing exposure upon bond maturity and protective structural features, justifying the same rating for both. However, AGEL RG2 has a 'Stronger' debt structure due to limited exposure to refinancing risk, as most of the note principal is amortising. This justifies its higher rating. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: Average synthetic annual DSCR in Fitch's rating case dropping persistently to below 1.3x. Factors that could, individually or collectively, lead to positive rating action/upgrade: We do not expect a rating upgrade in the near term, given uncertainty around debt refinancing and the systemic risk, with ultimate exposure to state-owned power distribution companies. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. TRANSACTION SUMMARY JSW Hydro consists of two operational run-of-the-river hydro projects, KW and B2, in Himachal Pradesh, India. The issuance is a USD707 million 10-year senior secured note, with proceeds used to refinance existing Indian rupee debt. CREDIT UPDATE JSW Hydro's overall plant availability factor (PAF) in the financial year ended March 2022 (FY22) of 97% remained well above the required PAF of 90%. Aggregate gross generation in FY22 was 5,564 million units (MU), 4.1% above the aggregate gross design energy generation, but 2% lower than in FY21 due to the lower water flow in the Satluj basin. The overall EBITDA margin at the company level was about 91% in FY22, 4pp higher than a year earlier due to write-back of provisions. Receivable days at the portfolio level declined to 29 days by end-March 2022 from 38 days a year earlier. B2's receivables increased to INR664 million by FYE22 but about INR208 million of payment was received in 1QFY23. According to management, INR381 million of the remaining INR456 million of receivables are actual tax paid by the company, which exceeded the amount approved in the tariff order. Hence, it will be collected at the time of the regulatory review of the tariff. JSW Hydro's revenue in FY22 rose by 52% despite lower generation due to a one-off write-back of tariff provisions made previously. On 17 March 2022, the central regulator approved the final true-up order for the first and part of the second tariff control periods. The approved amount is lower than provisions made by the company. The company reached agreement with PTC that part of the dues owed to PTC over the difference between the regulatory order and accrued revenue will be paid over six months from April 2022 to September 2022. During FY22, JSW Neo Energy Limited, which is 100% owned by JSW Energy Limited, bought all the shares in JSW Hydro and its subsidiary, JSW Energy (Kutehr) Limited, from JSW Energy Limited. JSW Neo Energy then carved out Kutehr from JSW Hydro, forming two separate subsidiaries. The reorganisation does not impact the ratings as Kutehr was not part of the ringfenced assets underlying the bond. JSW Hydro confirmed that JSW Energy transferred shares in JSW Hydro that were pledged to bond investors to JSW Neo Energy. FINANCIAL ANALYSIS Fitch assumes JSW Hydro will refinance its bullet bond upon maturity with debt that will fully amortise over the remaining life of the power purchase agreements. Fitch also assumes a higher refinancing interest rate of 12%, reflecting the uncertainty at the time of maturity in 10 years. Fitch focuses on the average DSCR over the refinancing period until the end of the power purchase agreements, given the bullet structure. Our base case includes full design energy as well as secondary energy production assumptions, plant availability at around 98%, in line with the long-term operational history, and for an additional 91MW of the assets to start evacuating partly from the second half of FY22. Fitch assumes the additional outstanding amount due to PTC in relation to approved true-up liabilities of INR1.8 billion will be paid out of FY23 cash flow available for debt servicing. In addition, Fitch has also applied a 15% stress on the provisional amount of tariff true-up liabilities carried forward by management into FY23, and assumed that the settlement will occur in FY25, the year following the end of the second tariff period. Fitch's base case generates an average annual DSCR of 2.08x during the FY32-FY46 refinancing period. Our rating-case production assumptions include design energy production, a 50% production haircut on secondary energy and 90% plant availability, in line with minimum required availability. Fitch also applies a 15% stress on operating expenses and, despite the pass-through nature of the tariff, for 5% of the operating and maintenance stress to be absorbed without pass through. Fitch reduces return on equity by 0.2% at each five-year tariff determination period to account for revised tariff-calculation regulations, and tariff true-up liabilities' provisions and settlements are similar to those in the base case. Along with a higher refinancing rate, the assumptions generate an average annual DSCR of 1.68x under Fitch's rating case. SECURITY The US dollar senior notes are secured by movable and immovable project assets, rights under project documents, share pledges and project accounts. 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 ---- ------ ----- JSW Hydro Energy Limited JSW Hydro LT BB+ Affirmed BB+ Energy Limited/ Senior Secured Notes/ 1 LT LEONARD EXPORTS: ICRA Lowers Rating on INR3.75cr Cash Loan to D --------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Leonard Exports (LE), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based– 3.75 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Rating downgraded from [ICRA]B+(Stable) and Continues to remain under 'Issuer Not Cooperating' category Non Fund Based 1.00 [ICRA]D ISSUER NOT COOPERATING; Packing credit/ Rating downgraded from FBP/FBD [ICRA]A4 and Continues to remain under 'Issuer Not Cooperating' category Non Fund Based 0.20 [ICRA]D ISSUER NOT COOPERATING; Bank Guarantee Rating downgraded from [ICRA]A4 and Continues to remain under 'Issuer Not Cooperating' category Untied Limits 2.05 [ICRA]D ISSUER NOT COOPERATING; Rating downgraded from [ICRA]B+(Stable) and Continues to remain under 'Issuer Not Cooperating' category Material event There is public announcement by Insolvency and Bankruptcy Board of India (IBBI) on June 18, 2022. Mr. Raj Kumar Choudhary, Assitant Finance Manager, Dhanvridhi Polyfabs Private Limited has made an application in IBBI against Indus Integrated Information Management Limited. The IBBI has mentioned December 13,2022 as the estimated date closure of insolvency resolution process. Impact of material event The amount and nature of claim made by Mr. Raj Kumar Choudhary, Assitant Finance Manager, Dhanvridhi Polyfabs Private Limited is uncertain. The rating is based on limited information on the entity's performance since the time it was last rated on November 2021. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Leonard Exports (LE) was established in 2001 as a partnership firm by Mr. P.K.Darolia (holding 70% stake) along with three other partners. The firm trades in fly ash, which it procures from various thermal power plants and sells primarily to cement manufacturing units. Besides, the firm also provides ancillary services, like handling and transportation of fly ash. The firm operates through four branches-Farakka, Suri, Titagarh in West Bengal and Kahalgaon in Bihar. MAHARAJA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Sri Maharaja Industries in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 33.75 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 1996 by Mr. K. Paramasivam, Sri Maharaja Industries (SMI) is engaged in trading of refined, bleached, and deodorized (RBD) Palm oil. Based out of Erode (Tamil Nadu), the entity sells refined palm oil to wholesalers across Southern states such as Tamil Nadu, Andhra Pradesh and Kerala. Besides this, the entity also operates a theatre and theme park (facilities leased from Maharaja Theme Parks Private Limited, associate entity) in Erode. The entity has discontinued its business operation since September 2016. MAHARAJA OIL: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Sri Maharaja Oil Imports And Exports India Private Limited. in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 14.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 55.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the 'Issuer Not Cooperating' Category Long-term/ 1.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. SMOIEPL is engaged in trading of RBD palm olein and caters predominantly to the South Indian market. SMOIEPL incorporated in 1991 as 'Sri Maharaja Dyeing and Processing Private Limited', (a dyeing company) was changed to 'Sri Maharaja Oil Imports and Exports India Private Limited' in 2011-12, in-line with change in business activity (trading). Based out of Erode (Tamil Nadu), the company is managed by Mr. K. Paramasivam and his son Mr. P. Sathyamoorthy. SMOIEPL is a part of the Maharaja group, a diversified business group based in Erode (Tamil Nadu) with presence in 2 sectors including edible oil trading/refining, textiles, educational institutions, hospitality and entertainment. The entity has discontinued its business operation since September 2016. MAHARAJA REFINERIES: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Sri Maharaja Refineries in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 39.38 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 1996 by Mr. K. Paramasivam, Sri Maharaja Refineries is engaged in trading of refined, bleached and deodorized (RBD) Palm oil. Based out of Erode (Tamil Nadu), the entity sells refined palm oil to wholesalers across Southern states such as Tamil Nadu, Andhra Pradesh and Kerala. The entity has discontinued its business operation since September 2016. RAJSAMADHIYALA SPINTEX: ICRA Keeps B Ratings in Not Cooperating --------------------------------------------------------------- ICRA has retained the Long-Term and Short Term ratings of Rajsamadhiyala Spintex 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 ---------- ----------- ------- Fund based- 62.00 [ICRA]B (Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund based- 10.00 [ICRA]B (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Non-fund Based 3.90 [ICRA]A4; ISSUER NOT COOPERATING; Rating continues to remain under ‘Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Rajsamadhiyala Spintex Private Limited (RSPL) was incorporated in July 2013 by Mr. Nitin Sudani along with other directors. The company has its cotton yarn spinning unit in Rajkot, Gujarat having installed capacity of manufacturing 6600 MTPA of 30s and 40s combed hosiery yarn by utilizing 29184 spindles. The commercial production started from June 2015. SAH POLYMERS: ICRA Withdraws B+ Rating on INR6.50cr LT Loan ----------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Sah Polymers 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 ---------- ----------- ------- Long Term- 6.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 1.25 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Long Term/ 1.50 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Non-Fund Based Rating Continues to remain under issuer not cooperating category Long Term/ 3.25 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Withdrawn Sah Polymers Limited (SPL) is engaged in the manufacture of high density polyethylene (HDPE)/polypropylene (PP) woven fabrics and sacks. Incorporated in April 1992 as Peacock Continental Limited, has its registered office and manufacturing facilities with a capacity of 6,062 metric tonnes per annum (MTPA) at Udaipur, Rajasthan. The unit was taken over by the Managing Director, Mr. Hakim S. Tidiwala, in 1998 and renamed as SPL. HDPE/PP bags are used for packing and transport of products in the cement, textiles, soapstone, fertilisers, food grains, chemicals and salt industries. It uses polymers such as HDPE and PP, which are primarily sourced domestically by the company. SAHARA HOSPITALITY: NCLT Admits Insolvency Petition --------------------------------------------------- Financial Express reports that the National Company Law Tribunal's (NCLT) Mumbai bench has admitted an insolvency petition against Sahara Hospitality, following an alleged default of INR51.78 crore. The petition is admitted and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against Sahara Hospitality, and appointed Mamta Binani as Interim Resolution Professional, NCLT said in its order pronounced on July 15, FE discloses. According to FE, the order was passed by NCLT member P.N. Deshmukh and technical member Shyam Babu Gautam on a petition filed by Delta Electro Mechanical. Sahara Hospitality had given a work order to Delta Electro Mechanical for supply, installation, testing and commission of heating, ventilation and air conditioning (HVAC) and electrical system at Hotel Sahara Star, Mumbai. The principal amount was about INR32 crore, which Sahara defaulted, FE relays citing petition filed by Delta Electro Mechanical. Delta Electro Mechanical had first approached the NCLT in 2018, which was disposed of in 2021, after Sahara agreed to settle the claim for INR20 crore to be paid in 14 monthly instalments, the report recalls. However, the company moved NCLT again later after Sahara Hospitality failed to pay the amount. In 2002, Sahara India had bought the property of earlier privatised Airport Centaur Hotel, Mumbai, for an undisclosed amount, FE relates. It was the first time the Sahara Group ventured in to buying a running hotel, even though it had presence in hospitality and airline business for quite some time. SAI KRISHNA: ICRA Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the Long-Term rating of Sai Krishna Developers in the 'Issuer Not Cooperating' category. The ratings is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 15.00 [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. 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. SKD was established as a partnership firm in January 2014, to undertake the development of residential project - 'Sai Krishna Residency' comprising 268 units 3BHK, 4 BHK and 5 BHK bungalows in Bardoli, Surat. The firm is owned by twelve partners having vast experience in Surat real estate industry. The project is proposed to be developed in three phases and spread across an area of 25,443 sq. metre. The development of phase I (14226sq.mts of area) comprising of 114 bungalows commenced in April 2014 and completed was scheduled in April 2016. The units in phase I are 3BHK and 4 BHK bungalows with a saleable area in the range of 1890 sq.ft to 2410 sq.ft. SAI RADHA: ICRA Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the rating for the bank facilities of Sai Radha Pharma (India) Private Limited in the 'Issuer Not Cooperating' category. The ratings is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 17.50 [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, 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 2012, SRPL is involved in the retail and wholesale distribution of pharmaceutical products. The Sai Radha Group has presence in pharmaceutical distribution since 1989 through a retail store operated under a partnership firm Radha Medicals and General Stores. In 2007, the Sai Radha Group ventured into wholesale distribution business through acquisition of Panchavati Pharma. With a view to consolidate the entire pharmaceutical distribution business under one company, Mr. Manohar Shetty started SRPL in January 2012. SRPPL has four retail stores at present, two in Udupi and two in Mangalore. The wholesale segment caters to retail medical stores, hospitals and doctors in and around Udupi, Mangalore, Manipal and nearby regions. Some of its major suppliers include Lupin Limited, Dr. Reddy's Laboratories, Abbott Laboratories, Zydus Cadila, Mankind Pharma and Cipla Limited, among others. SARVESH CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the rating for the bank facilities of Sarvesh Cars and Motors Private Limited in the 'Issuer Not Cooperating' category. The ratings is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.90 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.57 [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, 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 by Mr. B. Gnanaprakash and his wife Ms. Ashwini, Sarvesh Cars and Motors Private Limited ("SCMPL") is an authorized dealer for Ford India Private Limited, for Vellore, Kanchipuram, Tiruvannamalai and Pondicherry regions. In addition to new models, SCMPL also sells spare parts, accessories and provides service to passenger cars in Vellore. SETH RAMJI: ICRA Lowers Rating on INR10cr LT Loan to B+ ------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Seth Ramji Das Modi Vidya Niketan Society (SRDM), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating downgraded Cash Credit from [ICRA]BB (Stable)and continues to remain in the 'Issuer Not Cooperating' Category Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating downgraded Term loan from [ICRA]BB (Stable)and continues to remain in the 'Issuer Not Cooperating' Category Long Term- 6.50 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating downgraded from [ICRA]BB (Stable)and continues to remain in the 'Issuer Not Cooperating' Category Rationale The rating downgrade is because of lack of adequate information regarding SRDM performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Seth Ramji Das Modi Vidya Niketan Society, ICRA has been trying to seek information from the entity so as to monitor its performance and 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. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. SRDM, incorporated in 1986, was founded by Late Dr. Ram Niwas Modi. The society operates five colleges and one senior secondary school in Kota, Rajasthan. The colleges offer graduate and post graduate courses in engineering, management, law, computer applications, science and arts. The six institutes have registered a total student strength of 4,003 for Academic Year 2019-2020. SHIVAM CONCRETE: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the Long-Term rating of Shivam Concrete Technology & Consultancy Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 4.20 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund based- 1.25 [ICRA]B+ (Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Non-fund 6.00 [ICRA]B+(Stable); ISSUER NOT Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Unallocated 0.50 [ICRA]B+(stable); ISSUER NOT Limits COOPERATING; Rating continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. 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. Shivam Concrete Technology & Consultancy Private Limited ('SCTCPL') was established in 1995 as a proprietorship concern of Mr. Laxmikant Thakkar. It was subsequently converted into a private limited company in November 2008. The company provides consultancy, testing and rehabilitation services for strengthening of existing structures (mainly bridges and roads) and is also involved in the civil construction work. The company is certified by ISO 9001:2008 standards with its corporate office located at Vadodara (Gujarat). V.M AND CO: ICRA Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the Long-Term ratings of V.M and Co in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based- COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. V.M and Co is a partnership firm based out of Ramanathapuram, Tamil Nadu. The entity was established by Mr. V. Manoharan as a proprietorship concern and it was converted to a partnership entity in 2011. Apart from Mr. V. Manoharan, there are three other partners - Mr. Manikandan, Mr. Paranthaman and Mr. Parthasarathy. The company at present is managed and run by Mr. V. Manoharan and his son Mr. Parthasarathy. The company is predominantly involved in construction of Roadways for government entities like Tamil Nadu Public Works Department (PWD) and National Highway Authority of India (NHAI). VASUNDHARA DEVELOPERS: ICRA Keeps B Rating in Not Cooperating ------------------------------------------------------------- ICRA has retained the long-term rating of Vasundhara Developers in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B (Stable) ISSUER NOT 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. 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. Vasundhara Developers (VD) is a partnership firm founded in 2014 and is engaged in the business of construction of residential apartments with its head office is located in Guntur District of Andhra Pradesh. The firm has developed Vasundhara Orchids in Vijayawada on a land area of 4360 sq. Yards. VIRENDRA KUMAR: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the Long-Term rating of Virendra Kumar Singh in the 'Issuer Not Cooperating' category. The ratings is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 4.00 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Non-Fund Based– 2.00 [ICRA]B+(Stable); ISSUER NOT Bank Guarantee COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Unallocated 0.50 [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. 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 1972 as a proprietorship firm, VKS is primarily engaged in the civil construction business. VKS's core area of operation includes construction of roads, dams and canals. The firm's operations are limited to the state of Chhattisgarh, with the firm executing contracts for various Government and Semi-Government agencies. YELLOWSTONE NIRMITI: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has retained the Long-Term rating of Yellowstone Nirmiti Llp in the 'Issuer Not Cooperating' category. The ratings is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 75.00 [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. 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 February 2015, Yellowstone Nirmiti LLP is engaged in execution of residential projects. The promoters of the partnership firm are also the promoters of real estate groups namely; 'Pristine Group', 'Kohinoor Group' and 'WellworthReality' having presence in Pune, Maharashtra. The company is executing a project named Yellowstone Nirmiti; located in Mahalunge, Pune near Mumbai Bangalore Highway and close to Hinjewadi IT park. ======= L A O S ======= LAOS: Debt Troubles Reveal Economic Turmoil in Developing World --------------------------------------------------------------- The Wall Street Journal reports that with a sinking currency, dwindling foreign-exchange reserves and hefty debt repayments to China and other creditors falling due this year and next, the tiny Southeast Asian nation of Laos is displaying many of the hallmarks of a new emerging-markets crisis waiting to happen. According to the Journal, Laos's predicament shows the painful fallout for heavily indebted developing economies from Russia's invasion of Ukraine and rising interest rates in the U.S. That double whammy has fueled rapid inflation by propelling commodity prices upward while pummeling exchange rates, jacking up the cost of imports and making it harder for some governments to service foreign-currency borrowing from overseas. Countries including Sri Lanka, Zambia and Lebanon are already in the grip of crises and are seeking international help to provide new loans or restructure their piles of debt, the report says. Investors are yanking money from emerging-market stocks and bonds in search of safer returns elsewhere. The Journal relates that Laos's problems also underline another feature of the current wave of anxiety around emerging markets: The country's single biggest creditor is China, giving Beijing a decisive say over whether Laos sinks into default or hangs on until its economic fortunes revive, according to economists. China is a leading lender to developing economies. Laos owed China $5.1 billion as of December 2021, according to Lao government data, around a third of its total debts of $14.5 billion and almost half of the $10.4 billion it owes to foreign lenders, the Journal discloses. LAOS: Fitch Puts 'CCC' LongTerm IDRs Under Criteria Observation --------------------------------------------------------------- Fitch Ratings has placed Laos's 'CCC' Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) Under Criteria Observation (UCO) following the conversion of the agency's exposure draft of its Sovereign Rating Criteria into final criteria. The UCO indicates that ratings may change as a direct result of the final criteria. It does not indicate a change in the underlying credit profile, nor does it affect existing Outlooks. Fitch will resolve the UCO status within six months. The outcomes will depend on Fitch's assessment of the appropriate notching based on the new criteria. Not all issuers on UCO will have a rating change upon resolution. KEY RATING DRIVERS Introduction of Modifiers at 'CCC': The recently published Sovereign Rating Criteria introduce +/- modifiers in the 'CCC' category. Sovereigns rated 'CCC' could see a one-notch rating change, potentially migrating from 'CCC' to 'CCC-' or 'CCC+'. DEBT RATING PRIOR ---- ------ ----- Laos LT IDR CCC Under Criteria Observation CCC LC LT IDR CCC Under Criteria Observation CCC ===================== N E W Z E A L A N D ===================== ANGKOR PLASTERING: Court to Hear Wind-Up Petition on July 26 ------------------------------------------------------------ A petition to wind up the operations of Angkor Plastering (2013) Limited will be heard before the High Court of New Zealand at Wellington on July 26, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 27, 2022. The Petitioner's solicitor is: Tara Nicola Carr Legal Services, 11 Jepsen Grove Wallaceville Upper Hutt 5018 ILICORP LIMITED: Court to Hear Wind-Up Petition on July 26 ---------------------------------------------------------- A petition to wind up the operations of Ilicorp Limited will be heard before the High Court of New Zealand at Wellington on July 26, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 12, 2022. The Petitioner's solicitor is: Emily Rebecca Erin O'Sullivan Legal Services, 11 Jepsen Grove Wallaceville Upper Hutt 5018 SCHULER THAMES: Creditors' Proofs of Debt Due on Aug. 10 -------------------------------------------------------- Creditors of Schuler Thames Valley Limited are required to file their proofs of debt by Aug. 10, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 13, 2022. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 SOUTHERN BUILD: Court to Hear Wind-Up Petition on July 26 --------------------------------------------------------- A petition to wind up the operations of Southern Build Construction Limited will be heard before the High Court of New Zealand at Wellington on July 26, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 29, 2022. The Petitioner's solicitor is: Emily Rebecca Erin O'Sullivan Legal Services, 11 Jepsen Grove Wallaceville Upper Hutt 5018 ================= S I N G A P O R E ================= EFKA SINGAPORE: Commences Wind-Up Proceedings --------------------------------------------- Members of Efka Singapore Pte Ltd, on July 8, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Chan Yee Hong Nexia TS Risk Advisory 80 Robinson Road, #25-00 Singapore 068898 KITCHEN CULTURE: Appoints New Board Members; Interim CEO Resigns ---------------------------------------------------------------- The Business Times reports that Kitchen Culture on July 18 announced its appointment of two new members to its board of directors, along with the cessation of its executive director and interim chief executive Lincoln Teo. All changes have taken effect from July 15 and a detailed announcement on Mr. Teo's cessation will be released separately in due course, said the embattled kitchen systems vendor in a bourse filing to the Singapore Exchange (SGX), BT relays. According to BT, Lau Kay Heng has been appointed vice-chairman and non-executive director of the group's board, while Peter Lim joins Kitchen Culture as an independent director. Both have been designated as members of the group's audit risk committee (ARC), with Mr. Lim also appointed as chairman of the remuneration committee. BT says Mr. Lau was previously engaged by Kitchen Culture from Oct. 1, 2021 to March 31, 2022 as an adviser to provide guidance on actions to be taken to notices of compliances issued by the Singapore Exchange Regulation. He presently holds directorships at SGX-listed healthcare digitisation company DiSa as well as property developer Regal International, among others. In its bourse filing, Kitchen Culture highlighted Mr. Lau's "extensive listed company experience" as well as previous experience with the group as an independent director, followed by his subsequent appointment as executive director and chief investment officer. BT relates that the group said it also intends for Mr. Lau to be in charge of ensuring that its ongoing special audit will be "completed expeditiously" and that the company may resume trading in its shares, which have been suspended since July 2021. On the other hand, Mr. Lim is presently managing director of consultancy services company Promise Land. He was previously executive director and chief executive of MG Commercial Bank. Kitchen Culture believes Mr. Lim's "in-depth banking experience… will be of strategic value to the future growth of the company including fundraising," BT adds. With the group's newest appointments to its board of directors, its requirement to have the minimum number of three ARC members has been fulfilled to comply with Catalist rules, the report notes. This comes after Kitchen Culture was granted an extension of time by the SGX Securities Trading to fill the committee's vacancies by Aug. 17, from the original June 17 deadline, BT says. About Kitchen Culture Based in Singapore, Kitchen Culture Holdings Ltd. -- https://www.khlmktg.com/ -- sells and distributes imported kitchen systems, kitchen appliances, wardrobe systems, and household furniture and accessories under the Kitchen Culture brand name. It operates through Residential Projects, and Distribution and Retail segments. Kitchen Culture reported three consecutive net losses of SGD3.87 million, SGD4.77 million and SGD11.51 million for years ended June 30, 2019, 2020, and 2021, respectively. MID-CITY PROPERTIES: Commences Wind-Up Proceedings -------------------------------------------------- Members of Mid-City Properties Pte Ltd, on July 8, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Tan Eng Soon 7500A Beach Road #05-303/304 The Plaza Singapore 199591 WORLD CLASS: Commences Wind-Up Proceedings ------------------------------------------ Members of World Class Property Pte Ltd, Headway Construction Pte Ltd, and Advance Property Pte Ltd on July 15, 2022, passed a resolution to voluntarily wind up the companies' operations. The companies' liquidator is: Gan Seng Kwee MAP-CA PAC 60 Paya Lebar Road #12-05 Paya Lebar Square Singapore 409051 ================= S R I L A N K A ================= SRI LANKA: Fitch Puts CCC Local Curr. IDR on Criteria Observation ----------------------------------------------------------------- Fitch Ratings has placed Sri Lanka's Long-Term Local-Currency Issuer Default Rating (IDR) and associated instruments Under Criteria Observation (UCO) following the conversion of the agency's Exposure Draft: Sovereign Rating Criteria to final criteria. The UCO assignment indicates that ratings may change as a direct result of the final criteria. It does not indicate a change in the underlying credit profile, nor does it affect existing Outlooks. Fitch will resolve the UCO status within six months. The outcomes will depend on Fitch's assessment of the appropriate notching based on the new criteria. Not all issuers on UCO will have a rating change upon resolution. KEY RATING DRIVERS Introduction of Modifiers at 'CCC': The recently published Sovereign Rating Criteria introduces +/- modifiers in the 'CCC' category. Sovereigns rated 'CCC' could experience a one-notch rating change, potentially migrating from 'CCC' to 'CCC-' or 'CCC+'. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: Existing rating sensitivities continue to apply. Factors that could, individually or collectively, lead to positive rating action/upgrade: Existing rating sensitivities continue to apply. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. DEBT RATING PRIOR ---- ------ ----- Sri Lanka LC LT IDR CCC Under Criteria Observation CCC senior LT CCC Under Criteria Observation CCC unsecured =============== X X X X X X X X =============== [*] BOND PRICING: For the Week July 11, 2022 to July 15, 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 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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 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71.44 GUANGXI LIUZHOU INVESTME 4.28 03/08/23 CNY 37.94 GUANGYUAN YUANQU CONSTRU 4.48 03/10/23 CNY 40.03 GUANGYUAN YUANQU CONSTRU 4.48 03/10/23 CNY 40.04 GUANGZHOU HEJING HOLDING 6.15 12/17/22 CNY 73.05 GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 45.67 GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 45.99 GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 45.00 GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 46.76 GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 46.80 GUANGZHOU PANYU INFORMAT 4.50 09/08/26 CNY 70.51 GUANGZHOU PANYU INFORMAT 4.50 09/08/26 CNY 71.45 GUANGZHOU R&F PROPERTIES 6.70 04/07/22 CNY 55.07 GUANGZHOU R&F PROPERTIES 6.80 05/16/22 CNY 49.00 GUANGZHOU TIMES HOLDING 5.00 02/24/25 CNY 59.20 GUANGZHOU TIMES HOLDING 5.10 03/30/25 CNY 56.01 GUANGZHOU TIMES HOLDING 5.94 07/17/25 CNY 51.02 GUCHENG CONSTRUCTION INV 7.88 04/27/25 CNY 71.76 GUILIN ECONOMIC CONSTRUC 5.60 04/22/22 CNY 20.00 GUILIN ECONOMIC CONSTRUC 5.60 04/22/22 CNY 20.09 GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50 GUIXI STATE OWNED HOLDIN 4.18 08/18/23 CNY 39.66 GUIXI STATE OWNED HOLDIN 4.18 08/18/23 CNY 39.74 GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 19.79 GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 20.00 GUIYANG BAIYUN URBAN CON 6.48 07/17/24 CNY 59.79 GUIYANG BAIYUN URBAN CON 6.48 07/17/24 CNY 60.00 GUIYANG BAIYUN URBAN CON 7.28 09/25/24 CNY 58.09 GUIYANG BAIYUN URBAN CON 7.28 09/25/24 CNY 60.00 GUIYANG BAIYUN URBAN CON 4.75 09/13/26 CNY 61.46 GUIYANG BAIYUN URBAN CON 4.75 09/13/26 CNY 65.71 GUIYANG CITY CONSTRUCTIO 4.37 03/25/26 CNY 67.26 GUIYANG CITY CONSTRUCTIO 4.37 03/25/26 CNY 67.44 GUIYANG CITY CONSTRUCTIO 4.00 11/14/26 CNY 65.73 GUIYANG CITY CONSTRUCTIO 4.00 11/14/26 CNY 65.85 GUIYANG ECONOMIC DEVELOP 6.35 09/21/24 CNY 58.79 GUIYANG GUANSHANHU DISTR 4.87 01/28/23 CNY 18.87 GUIYANG GUANSHANHU DISTR 4.87 01/28/23 CNY 19.98 GUIYANG GUANSHANHU DISTR 4.48 03/09/23 CNY 37.11 GUIYANG GUANSHANHU DISTR 4.48 03/09/23 CNY 39.19 GUIYANG GUANSHANHU DISTR 6.49 06/22/24 CNY 56.32 GUIYANG GUANSHANHU DISTR 6.49 06/22/24 CNY 56.48 GUIYANG GUANSHANHU INVES 7.50 12/25/22 CNY 40.84 GUIYANG INVESTMENT HOLDI 4.46 11/17/26 CNY 68.87 GUIYANG INVESTMENT HOLDI 4.46 11/17/26 CNY 68.99 GUIYANG URBAN CONSTRUCTI 5.23 12/02/22 CNY 19.88 GUIYANG URBAN CONSTRUCTI 5.23 12/02/22 CNY 20.06 GUIYANG URBAN CONSTRUCTI 5.98 07/21/24 CNY 60.00 GUIYANG URBAN CONSTRUCTI 5.98 07/21/24 CNY 61.23 GUIYANG YUNYAN GUIZHONG 6.80 11/17/24 CNY 60.00 GUIYANG YUNYAN GUIZHONG 6.80 11/17/24 CNY 60.82 GUIZHOU EAST LAKE CITY C 5.18 01/06/23 CNY 18.16 GUIZHOU GUIAN CONSTRUCTI 4.17 10/28/22 CNY 20.15 GUIZHOU GUIAN CONSTRUCTI 4.17 10/28/22 CNY 21.00 GUIZHOU GUILONG INDUSTRI 7.80 04/28/22 CNY 25.02 GUIZHOU GUILONG INDUSTRI 7.80 04/28/22 CNY 25.13 GUIZHOU HONGCAI INVESTME 6.00 06/07/23 CNY 28.44 GUIZHOU HONGCAI INVESTME 6.00 06/07/23 CNY 29.68 GUIZHOU HONGGUO ECONOMIC 7.80 11/24/24 CNY 50.00 GUIZHOU HONGGUO ECONOMIC 7.80 11/24/24 CNY 63.05 GUIZHOU HONGGUO ECONOMIC 7.80 02/08/25 CNY 48.00 GUIZHOU HONGGUO ECONOMIC 7.80 02/08/25 CNY 63.36 GUIZHOU KAILI 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11/16/23 CNY 39.73 HAIAN ECONOMIC TECHNOLOG 5.45 04/13/23 CNY 40.20 HAIAN ECONOMIC TECHNOLOG 5.45 04/13/23 CNY 40.32 HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 20.24 HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 20.58 HAICHENG URBAN JINCAI LA 5.37 08/10/23 CNY 40.23 HAIFENG MARINE INFRASTRU 6.84 04/29/22 CNY 20.07 HAIKOU MEILAN INTERNATIO 5.25 09/06/19 USD 15.84 HAINAN AIRLINES HOLDING 6.20 05/24/21 CNY 51.00 HAINING ASSET MANAGEMENT 3.40 08/16/23 CNY 69.60 HAIYAN COUNTY STATE-OWNE 5.80 06/12/24 CNY 62.10 HAMI JIANHUI STATE-OWNED 3.90 09/21/23 CNY 39.95 HANCHENG CITY INVESTMENT 4.69 12/05/23 CNY 37.48 HANCHENG CITY INVESTMENT 4.69 12/05/23 CNY 38.81 HANCHUAN CITY HANRONG IN 4.25 07/18/23 CNY 39.93 HANCHUAN CITY HANRONG IN 4.25 07/18/23 CNY 40.01 HANDAN CONSTRUCTION & IN 5.48 05/27/22 CNY 20.14 HANDAN CONSTRUCTION & IN 5.48 05/27/22 CNY 27.20 HANGZHOU CANAL COMPREHEN 3.40 10/17/23 CNY 40.13 HANGZHOU CANAL COMPREHEN 3.40 10/17/23 CNY 40.13 HANGZHOU FUYANG DEVELOPM 4.76 01/27/23 CNY 20.19 HANGZHOU FUYANG DEVELOPM 4.76 01/27/23 CNY 20.32 HANGZHOU GONGSHU DISTRIC 3.80 03/14/23 CNY 40.00 HANGZHOU GONGSHU DISTRIC 3.80 03/14/23 CNY 40.14 HANGZHOU METRO GROUP CO 5.97 09/17/24 CNY 47.10 HANGZHOU METRO GROUP CO 5.97 09/17/24 CNY 47.12 HANGZHOU WEST LAKE INVES 4.30 04/25/23 CNY 40.07 HANGZHOU WEST LAKE INVES 4.30 04/25/23 CNY 40.36 HANGZHOU XIAOSHAN QIANJI 4.00 03/22/23 CNY 39.99 HANGZHOU XIAOSHAN QIANJI 4.00 03/22/23 CNY 40.25 HANJIANG STATE-OWNED-ASS 5.40 04/21/24 CNY 61.63 HANJIANG STATE-OWNED-ASS 5.40 04/21/24 CNY 61.90 HANSHAN CITY CONSTRUCTIO 6.20 08/30/24 CNY 60.00 HANSHAN CITY CONSTRUCTIO 6.20 08/30/24 CNY 62.10 HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 19.29 HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 19.91 HECHI STATE-OWNED CAPITA 4.37 11/04/23 CNY 38.88 HECHI STATE-OWNED CAPITA 4.37 11/04/23 CNY 39.47 HEFEI CONSTRUCTION INVES 7.20 04/29/24 CNY 47.28 HEFEI CONSTRUCTION INVES 7.20 04/29/24 CNY 47.45 HEFEI XINCHENG STATE-OWN 4.13 07/15/23 CNY 40.00 HEFEI XINCHENG STATE-OWN 4.13 07/15/23 CNY 40.39 HEGANG URBAN CONSTRUCTIO 6.90 12/18/24 CNY 62.87 HEGANG URBAN CONSTRUCTIO 6.90 12/18/24 CNY 62.88 HEILONGJIANG HECHENG CON 7.05 06/21/22 CNY 15.10 HEISHAN TONGHE ASSET MAN 6.79 09/18/22 CNY 19.28 HEISHAN TONGHE ASSET MAN 6.79 09/18/22 CNY 19.72 HENGDONG URBAN & RURAL C 6.60 12/27/23 CNY 40.79 HENGDONG URBAN & RURAL C 6.60 12/27/23 CNY 40.79 HENGYANG BINJIANG NEW DI 5.47 07/27/24 CNY 61.83 HENGYANG CITY AND URBAN 7.50 09/22/24 CNY 60.58 HENGYANG CITY AND URBAN 7.50 09/22/24 CNY 62.97 HENGYANG CITY AND URBAN 7.80 12/14/24 CNY 63.67 HENGYANG CITY AND URBAN 7.80 12/14/24 CNY 63.67 HENGYANG COMMUNICATION C 4.28 01/21/23 CNY 20.00 HENGYANG COMMUNICATION C 4.28 01/21/23 CNY 20.19 HESHAN PUBLIC ASSET MANA 4.08 09/28/23 CNY 39.93 HESHAN PUBLIC ASSET MANA 4.08 09/28/23 CNY 40.17 HESHAN PUBLIC ASSET MANA 5.08 12/07/23 CNY 40.84 HESHAN PUBLIC ASSET MANA 5.08 12/07/23 CNY 41.03 HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 39.70 HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 39.73 HNA GROUP CO LTD 7.10 04/15/20 CNY 70.00 HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10 HONGAN URBAN DEVELOPMENT 7.50 12/04/24 CNY 60.00 HONGAN URBAN DEVELOPMENT 7.50 12/04/24 CNY 61.57 HONGHEZHOU DEVELOPMENT I 5.90 07/12/24 CNY 62.13 HONGHU CITY HONGRUI INVE 6.30 10/13/24 CNY 62.06 HONGHU CITY HONGRUI INVE 6.30 10/13/24 CNY 62.78 HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 52.06 HUAIAN CITY HUAIAN DISTR 4.63 05/03/23 CNY 40.12 HUAIAN CITY HUAIAN DISTR 4.63 05/03/23 CNY 40.21 HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 20.09 HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 20.13 HUAIAN CITY XUYI URBAN A 5.10 04/15/23 CNY 38.79 HUAIAN CITY XUYI URBAN A 5.10 04/15/23 CNY 38.80 HUAIAN HONGRI TRANSPORTA 5.09 04/20/23 CNY 39.87 HUAIAN HONGRI TRANSPORTA 5.09 04/20/23 CNY 39.87 HUAIAN HONGZE DISTRICT U 4.37 07/18/23 CNY 39.92 HUAIAN HONGZE DISTRICT U 4.37 07/18/23 CNY 40.05 HUAI'AN INVESTMENT HOLDI 5.28 08/11/24 CNY 60.00 HUAI'AN INVESTMENT HOLDI 5.28 08/11/24 CNY 61.74 HUAI'AN NEW CITY INVESTM 5.22 09/20/24 CNY 61.89 HUAIAN QINGPU CITY CONST 6.75 09/29/24 CNY 58.42 HUAIAN QINGPU CITY CONST 6.75 09/29/24 CNY 58.44 HUAIHUA CITY CONSTRUCTIO 4.18 08/31/23 CNY 38.55 HUAIHUA CITY CONSTRUCTIO 4.18 08/31/23 CNY 38.75 HUAIHUA ECONOMIC DEVELOP 6.80 03/26/22 CNY 19.97 HUAIHUA ECONOMIC DEVELOP 6.80 03/26/22 CNY 20.00 HUAIHUA ECONOMIC DEVELOP 5.77 08/07/24 CNY 59.00 HUAIHUA ECONOMIC DEVELOP 5.77 08/07/24 CNY 60.31 HUAIHUA TRANSPORTATION C 4.96 04/12/23 CNY 39.41 HUAIHUA TRANSPORTATION C 4.96 04/12/23 CNY 39.42 HUAINAN INDUSTRY DEVELOP 5.69 10/25/24 CNY 61.03 HUAINAN INDUSTRY DEVELOP 5.69 10/25/24 CNY 61.78 HUAINAN SHAN NAN DEVELOP 6.53 08/24/24 CNY 60.67 HUAINAN SHAN NAN DEVELOP 6.53 08/24/24 CNY 61.31 HUAINAN URBAN CONSTRUCTI 5.74 09/04/24 CNY 60.92 HUAINAN URBAN CONSTRUCTI 5.74 09/04/24 CNY 62.12 HUANGGANG CITY CONSTRUCT 4.08 01/18/23 CNY 20.25 HUANGMEI COUNTY URBAN DE 6.80 10/09/24 CNY 60.00 HUANGMEI COUNTY URBAN DE 6.80 10/09/24 CNY 62.40 HUANGMEI COUNTY URBAN DE 6.68 10/18/24 CNY 60.00 HUANGMEI 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4.87 01/27/23 CNY 19.97 JIAN CITY JINGANGSHAN DE 4.87 01/27/23 CNY 19.97 JIANAN INVESTMENT HOLDIN 4.30 03/08/23 CNY 40.28 JIANAN INVESTMENT HOLDIN 4.30 03/08/23 CNY 40.32 JIANAN INVESTMENT HOLDIN 3.50 09/05/23 CNY 40.00 JIANAN INVESTMENT HOLDIN 3.85 09/05/23 CNY 40.33 JIANAN INVESTMENT HOLDIN 3.50 09/05/23 CNY 40.43 JIANAN INVESTMENT HOLDIN 3.85 09/05/23 CNY 40.56 JIANDE STATE-OWNED ASSET 6.69 11/20/24 CNY 63.00 JIANGMEN NEW HI-TECH IND 6.03 04/22/22 CNY 20.11 JIANGMEN NEW HI-TECH IND 6.03 04/22/22 CNY 20.35 JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 40.22 JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 40.48 JIANGSU DAHANG LINGANG I 5.18 09/22/23 CNY 39.49 JIANGSU DAHANG LINGANG I 5.18 09/22/23 CNY 39.54 JIANGSU GAOCHUN ECONOMIC 3.67 09/23/23 CNY 39.97 JIANGSU GAOCHUN ECONOMIC 3.67 09/23/23 CNY 40.12 JIANGSU GAOCHUN ECONOMIC 3.92 11/23/23 CNY 40.07 JIANGSU GAOCHUN ECONOMIC 3.92 11/23/23 CNY 40.45 JIANGSU GAOCHUN ECONOMIC 5.66 06/26/24 CNY 61.49 JIANGSU GAOCHUN ECONOMIC 5.66 06/26/24 CNY 61.50 JIANGSU GAOCHUN ECONOMIC 6.08 08/14/24 CNY 59.57 JIANGSU GAOCHUN ECONOMIC 6.08 08/14/24 CNY 62.04 JIANGSU HAIRUN CITY DEVE 6.22 04/03/22 CNY 19.10 JIANGSU HAIRUN CITY DEVE 6.22 04/03/22 CNY 20.06 JIANGSU HAIZHOU DEVELOPM 4.67 06/06/23 CNY 39.82 JIANGSU HAIZHOU DEVELOPM 4.67 06/06/23 CNY 40.45 JIANGSU HAIZHOUWAN DEVEL 5.38 03/29/23 CNY 29.50 JIANGSU HANRUI INVESTMEN 4.63 04/15/23 CNY 39.50 JIANGSU HANRUI INVESTMEN 4.63 04/15/23 CNY 40.34 JIANGSU HANRUI INVESTMEN 5.00 08/31/23 CNY 39.53 JIANGSU HANRUI INVESTMEN 5.00 08/31/23 CNY 39.83 JIANGSU HONGTU HIGH TECH 5.00 07/22/19 CNY 19.80 JIANGSU HONGZE LAKE SHEN 6.50 08/01/24 CNY 60.21 JIANGSU JINHUI GROUP CO 5.16 07/14/24 CNY 61.53 JIANGSU JINHUI GROUP CO 5.16 07/14/24 CNY 61.75 JIANGSU JINTAN GUOFA INT 4.60 08/22/23 CNY 39.91 JIANGSU JINTAN GUOFA INT 4.60 08/22/23 CNY 39.92 JIANGSU KAIYUAN INVESTME 7.08 08/03/24 CNY 58.35 JIANGSU KAIYUAN INVESTME 7.08 08/03/24 CNY 60.00 JIANGSU QISHENG GROUP CO 4.00 03/18/23 CNY 40.07 JIANGSU QISHENG GROUP CO 4.00 03/18/23 CNY 40.18 JIANGSU RUNCHENG ASSET O 5.65 04/19/24 CNY 61.75 JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 20.12 JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 20.50 JIANGSU YANGKOU PORT CON 6.23 04/10/22 CNY 20.07 JIANGSU YANGKOU PORT CON 6.23 04/10/22 CNY 27.50 JIANGSU YINGZHOU DEVELOP 4.33 09/21/23 CNY 38.98 JIANGSU YINGZHOU DEVELOP 4.33 09/21/23 CNY 39.21 JIANGSU YIXING ENVIRONME 4.08 09/14/23 CNY 40.28 JIANGSU YIXING ENVIRONME 4.08 09/14/23 CNY 40.29 JIANGSU ZHONGAN CONSTRUC 5.65 03/24/24 CNY 60.95 JIANGSU ZHONGAN CONSTRUC 5.65 03/24/24 CNY 61.70 JIANGSU ZHONGGUANCUN SCI 5.70 08/30/24 CNY 61.60 JIANGSU ZHONGGUANCUN SCI 5.70 08/30/24 CNY 61.94 JIANGSU ZHUFU INDUSTRIAL 4.47 07/20/23 CNY 38.41 JIANGSU ZHUFU INDUSTRIAL 4.47 07/20/23 CNY 39.50 JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 19.79 JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 20.00 JIANGXI HUKOU SHIZHONG D 6.80 12/01/24 CNY 60.00 JIANGXI HUKOU SHIZHONG D 6.80 12/01/24 CNY 62.71 JIANGXI JIHU DEVELOPMENT 6.80 02/07/25 CNY 60.00 JIANGXI JIHU DEVELOPMENT 6.80 02/07/25 CNY 62.80 JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 40.05 JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 40.05 JIANGXI PINGXIANG CHANGS 6.00 08/11/24 CNY 60.00 JIANGXI PINGXIANG CHANGS 6.00 08/11/24 CNY 60.07 JIANGXI XIUSHUI CITY INV 7.40 12/08/24 CNY 61.97 JIANGYOU HONGFEI INVESTM 6.55 09/02/22 CNY 20.10 JIANGYOU HONGFEI INVESTM 6.55 09/02/22 CNY 20.31 JIANHU URBAN CONSTRUCTIO 6.30 06/01/22 CNY 20.00 JIANHU URBAN CONSTRUCTIO 6.30 06/01/22 CNY 22.86 JIANLI FENGYUAN CITY INV 6.78 04/28/24 CNY 61.18 JIANLI FENGYUAN CITY INV 6.78 04/28/24 CNY 61.19 JIANYANG DEVELOPMENT HOL 3.93 11/10/23 CNY 38.91 JIANYANG DEVELOPMENT HOL 3.93 11/10/23 CNY 38.94 JIANYANG MODERN INDUSTRY 6.00 04/24/24 CNY 60.36 JIANYANG MODERN INDUSTRY 6.00 04/24/24 CNY 61.22 JIAXING JIAXIU DEVELOPME 5.60 09/25/24 CNY 61.80 JIAXING JIAXIU DEVELOPME 5.60 09/25/24 CNY 62.14 JIAXING XIANGJIADANG DEV 4.13 07/20/23 CNY 39.67 JIAXING XIANGJIADANG DEV 4.13 07/20/23 CNY 40.30 JIAXING XIANGJIADANG DEV 3.87 09/21/23 CNY 39.48 JIAXING XIANGJIADANG DEV 3.87 09/21/23 CNY 40.34 JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 20.09 JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 20.28 JIAYU COUNTY URBAN TOWN 6.50 01/19/24 CNY 41.14 JIAYU COUNTY URBAN TOWN 6.50 01/19/24 CNY 41.23 JIAYU COUNTY URBAN TOWN 5.70 03/23/24 CNY 60.93 JIAYU COUNTY URBAN TOWN 5.70 03/23/24 CNY 60.93 JILIN CITY CONSTRUCTION 3.80 01/27/23 CNY 19.94 JILIN ECONOMIC AND TECHN 6.20 04/29/23 CNY 40.28 JILIN ECONOMIC AND TECHN 6.20 04/29/23 CNY 40.39 JIN HUA RONG SHENG INVES 6.85 12/27/24 CNY 60.00 JIN HUA RONG SHENG INVES 6.85 12/27/24 CNY 63.46 JINAN CITY LICHENG DISTR 5.00 06/23/22 CNY 19.99 JINAN CITY LICHENG DISTR 5.00 06/23/22 CNY 20.09 JINGDEZHEN CERAMIC CULTU 5.38 11/27/22 CNY 20.00 JINGDEZHEN CERAMIC CULTU 5.38 11/27/22 CNY 20.13 JINGJIANG BINJIANG XINCH 5.37 07/25/24 CNY 61.29 JINGJIANG CITY INVESTMEN 4.55 03/30/23 CNY 39.85 JINGJIANG CITY INVESTMEN 4.55 03/30/23 CNY 39.92 JINGMEN CITY CONSTRUCTIO 6.85 07/09/22 CNY 15.00 JINGMEN CITY CONSTRUCTIO 6.85 07/09/22 CNY 15.14 JINGMEN HIGH-TECH DEVELO 5.48 08/11/22 CNY 20.18 JINGMEN HIGH-TECH DEVELO 5.48 08/11/22 CNY 20.18 JINGMEN HIGH-TECH DEVELO 4.15 07/28/23 CNY 39.67 JINGMEN HIGH-TECH DEVELO 4.15 07/28/23 CNY 39.98 JINGSHAN JINGCHENG INVES 4.38 08/29/23 CNY 39.87 JINGSHAN JINGCHENG INVES 4.38 08/29/23 CNY 40.44 JINGSHAN JINGCHENG INVES 7.00 02/07/25 CNY 60.00 JINGSHAN JINGCHENG INVES 7.00 02/07/25 CNY 64.17 JINGXIAN STATED-OWNED AS 6.80 02/09/25 CNY 60.00 JINGXIAN STATED-OWNED AS 6.80 02/09/25 CNY 63.27 JINGZHOU DEVELOPMENT ZON 4.87 09/23/26 CNY 66.02 JINGZHOU DEVELOPMENT ZON 4.87 09/23/26 CNY 66.60 JINGZHOU URBAN CONSTRUCT 3.97 03/10/23 CNY 40.21 JINGZHOU URBAN CONSTRUCT 3.97 03/10/23 CNY 40.22 JINGZHOU URBAN CONSTRUCT 5.68 07/20/24 CNY 61.70 JINGZHOU URBAN CONSTRUCT 5.68 07/20/24 CNY 61.97 JINHU COUNTY STATE-OWNED 4.00 07/26/22 CNY 25.00 JINHU COUNTY STATE-OWNED 4.00 07/26/22 CNY 25.04 JINING CITY SHIZHONG DIS 3.52 09/14/23 CNY 38.80 JINING CITY SHIZHONG DIS 3.52 09/14/23 CNY 39.42 JINING HIGH TECH URBAN C 6.09 04/30/22 CNY 20.09 JINING HIGH TECH URBAN C 6.09 04/30/22 CNY 21.50 JINING HIGH TECH URBAN C 5.88 04/25/23 CNY 71.02 JINING MINING GROUP LOGI 7.00 11/27/24 CNY 62.35 JINKE PROPERTIES GROUP C 6.85 05/28/24 USD 57.76 JINKE PROPERTIES GROUP C 6.30 03/04/25 CNY 71.01 JINSHA COUNTY CONSTRUCTI 6.01 09/05/23 CNY 38.86 JINSHA COUNTY CONSTRUCTI 6.01 09/05/23 CNY 39.41 JINTANG MODERN AGRICULTU 5.49 07/14/23 CNY 39.81 JINTANG MODERN AGRICULTU 5.49 07/14/23 CNY 40.47 JINXIAN COUNTY CITY CONS 6.20 07/24/24 CNY 62.38 JINZHAI URBAN DEVELOPMEN 5.90 04/25/23 CNY 40.72 JINZHAI URBAN DEVELOPMEN 5.90 04/25/23 CNY 40.73 JISHOU HUATAI STATE OWNE 6.50 06/21/24 CNY 61.12 JISHOU HUATAI STATE OWNE 6.50 06/21/24 CNY 62.50 JISHOU HUATAI STATE OWNE 6.45 09/11/24 CNY 60.00 JISHOU HUATAI STATE OWNE 6.45 09/11/24 CNY 61.87 JIUJIANG CITY CONSTRUCTI 5.50 05/22/22 CNY 19.55 JIUJIANG CITY CONSTRUCTI 5.50 05/22/22 CNY 20.12 JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 19.98 JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 20.07 JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 40.09 JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 40.14 JUNAN COUNTY URBAN CONST 7.50 09/26/24 CNY 59.81 JUNAN COUNTY URBAN CONST 7.50 09/26/24 CNY 62.29 JURONG URBAN CONSTRUCTIO 6.89 09/18/24 CNY 60.00 JURONG URBAN CONSTRUCTIO 6.89 09/18/24 CNY 62.50 JURONG URBAN CONSTRUCTIO 6.80 11/06/24 CNY 60.00 JURONG URBAN CONSTRUCTIO 6.80 11/06/24 CNY 61.75 KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 20.05 KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 20.05 KAIFU CITY DEVELOPMENT C 4.20 01/21/23 CNY 19.85 KAIFU CITY DEVELOPMENT C 4.20 01/21/23 CNY 20.19 KAIFU CITY DEVELOPMENT C 3.73 08/22/23 CNY 40.05 KAIFU CITY DEVELOPMENT C 3.73 08/22/23 CNY 40.30 KAILI GUIZHOU TOWN CONST 5.29 12/17/22 CNY 19.15 KAILI GUIZHOU TOWN CONST 5.29 12/17/22 CNY 20.00 KAILI GUIZHOU TOWN CONST 4.20 10/13/23 CNY 37.32 KAILI GUIZHOU TOWN CONST 4.20 10/13/23 CNY 37.65 KANGMEI PHARMACEUTICAL C 6.28 03/20/21 CNY 20.50 KANGMEI PHARMACEUTICAL C 6.10 03/28/21 CNY 20.50 KANGMEI PHARMACEUTICAL C 5.50 04/20/21 CNY 20.50 KANGMEI PHARMACEUTICAL C 7.00 06/21/21 CNY 20.50 KANGMEI PHARMACEUTICAL C 6.80 06/28/21 CNY 20.50 KANGMEI PHARMACEUTICAL C 6.33 01/27/22 CNY 36.69 KANGMEI PHARMACEUTICAL C 5.20 07/17/22 CNY 20.50 KANGMEI PHARMACEUTICAL C 5.29 08/16/22 CNY 20.50 KANGMEI PHARMACEUTICAL C 5.47 09/15/22 CNY 20.50 KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 20.07 KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 20.10 KUNMING DIANCHI INVESTME 5.75 07/24/24 CNY 58.63 KUNMING DIANCHI INVESTME 5.75 07/24/24 CNY 58.65 KUNSHAN YINQIAO HOLDING 5.50 10/18/24 CNY 61.82 KUNSHAN YINQIAO HOLDING 5.50 10/18/24 CNY 64.10 LAOHEKOU CITY CONSTRUCTI 6.75 08/12/22 CNY 20.02 LAOHEKOU CITY CONSTRUCTI 6.49 08/16/24 CNY 60.00 LAOHEKOU CITY CONSTRUCTI 6.49 08/16/24 CNY 60.41 LEGEND HOLDINGS CORP 4.60 07/06/26 CNY 75.52 LEIYANG CITY AND RURAL C 7.80 04/10/22 CNY 20.13 LEIYANG CITY AND RURAL C 7.80 04/10/22 CNY 20.13 LEPING STATE-OWNED ASSET 3.70 10/20/23 CNY 39.79 LEPING STATE-OWNED ASSET 3.70 10/20/23 CNY 39.99 LEQING CITY STATE OWNED 6.79 12/14/24 CNY 60.00 LEQING CITY STATE OWNED 6.79 12/14/24 CNY 63.94 LIANYUNGANG HENGCHI INDU 7.45 09/22/24 CNY 58.76 LIANYUNGANG HENGCHI INDU 7.45 09/22/24 CNY 60.00 LIANYUNGANG HENGCHI INDU 7.40 10/27/24 CNY 60.00 LIANYUNGANG HENGCHI INDU 7.40 10/27/24 CNY 62.16 LIAOCHENG ANTAI URBAN RU 5.16 04/11/23 CNY 39.66 LIAOCHENG ANTAI URBAN RU 4.58 04/11/23 CNY 39.79 LIAOCHENG ANTAI URBAN RU 4.58 04/11/23 CNY 39.91 LIAOCHENG ANTAI URBAN RU 5.16 04/11/23 CNY 39.98 LIAOCHENG XINGYE HOLDING 5.20 04/13/23 CNY 39.60 LIAOCHENG XINGYE HOLDING 5.20 04/13/23 CNY 39.61 LIAONING GUANLONG CONSTR 4.70 11/10/23 CNY 39.50 LIAONING GUANLONG CONSTR 4.70 11/10/23 CNY 39.82 LIAONING YAODU DEVELOPME 6.50 04/29/23 CNY 40.45 LILING HIGH-TECH INDUSTR 4.93 01/19/23 CNY 20.03 LINFEN YAODU DISTRICT IN 7.19 03/13/22 CNY 20.03 LINQU YISHAN INDUSTRIAL 7.20 11/23/24 CNY 52.89 LINQU YISHAN INDUSTRIAL 7.20 11/23/24 CNY 60.76 LINWU SHUNFA URBAN CONST 7.00 08/23/24 CNY 60.00 LINWU SHUNFA URBAN CONST 7.00 08/23/24 CNY 61.97 LINYI CITY DEVELOPMENT G 3.85 11/22/23 CNY 39.84 LINYI CITY DEVELOPMENT G 3.85 11/22/23 CNY 40.19 LISHUI CITY CULTURAL TOU 5.67 08/13/22 CNY 20.25 LISHUI CITY CULTURAL TOU 5.67 08/13/22 CNY 20.35 LIUPANSHUI CITY TRAFFIC 5.98 05/02/24 CNY 57.85 LIUPANSHUI CITY TRAFFIC 5.98 05/02/24 CNY 61.67 LIUPANSHUI DEVELOPMENT I 3.74 01/20/23 CNY 19.80 LIUPANSHUI DEVELOPMENT I 3.74 01/20/23 CNY 20.11 LIUPANSHUI MINSHENG INVE 5.08 01/29/23 CNY 17.82 LIUYANG MODERN MANUFACTU 4.72 01/19/23 CNY 19.92 LIUYANG MODERN MANUFACTU 4.72 01/19/23 CNY 19.98 LIUYANG MODERN MANUFACTU 5.75 05/02/24 CNY 60.50 LIUYANG MODERN MANUFACTU 5.75 05/02/24 CNY 61.75 LIUYANG MODERN MANUFACTU 5.88 08/10/24 CNY 61.89 LIUYANG MODERN MANUFACTU 5.88 08/10/24 CNY 62.26 LIUYANG URBAN CONSTRUCTI 4.45 05/24/23 CNY 40.25 LIUYANG URBAN CONSTRUCTI 4.45 05/24/23 CNY 40.44 LIUZHI SPECIAL DISTRICT 7.00 11/16/24 CNY 60.00 LIUZHI SPECIAL DISTRICT 7.00 11/16/24 CNY 61.93 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 14.28 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 14.66 LIUZHOU DONGTONG INVESTM 4.45 07/22/23 CNY 38.40 LIUZHOU DONGTONG INVESTM 4.45 07/22/23 CNY 39.75 LIUZHOU LONGJIAN INVESTM 8.28 04/30/24 CNY 39.00 LIUZHOU LONGJIAN INVESTM 8.28 04/30/24 CNY 45.87 LONGCHANG DEVELOPMENT CO 7.09 10/31/24 CNY 60.00 LONGCHANG DEVELOPMENT CO 7.09 10/31/24 CNY 63.35 LONGYAN RAILWAY CONSTRUC 4.98 04/13/23 CNY 40.06 LONGYAN RAILWAY CONSTRUC 4.98 04/13/23 CNY 40.14 LOUDI TIDU INVESTMENT DE 4.83 01/20/23 CNY 19.98 LOUDI TIDU INVESTMENT DE 4.83 01/20/23 CNY 19.98 LOUDI WANBAO NEW DISTRIC 5.13 02/01/23 CNY 19.64 LOUDI WANBAO NEW DISTRIC 5.13 02/01/23 CNY 20.18 LOUDI WANBAO NEW DISTRIC 4.42 08/01/23 CNY 39.51 LOUDI WANBAO NEW DISTRIC 4.42 08/01/23 CNY 40.07 LU'AN JIN'AN DISTRICT UR 5.95 07/24/24 CNY 61.02 LUJIANG CITY CONSTRUCTIO 6.70 04/16/22 CNY 20.00 LUJIANG CITY CONSTRUCTIO 6.70 04/16/22 CNY 20.09 LUOYANG CITY COUNTRY CON 4.28 04/26/23 CNY 40.38 LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 20.00 LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 20.27 LUXI URBAN CONSTRUCTION 6.80 10/27/24 CNY 60.00 LUXI URBAN CONSTRUCTION 6.80 10/27/24 CNY 62.48 LUZHOU FUYANG INVESTMENT 5.00 08/11/23 CNY 36.90 LUZHOU FUYANG INVESTMENT 5.00 08/11/23 CNY 39.13 LUZHOU HUIXING INVESTMEN 6.28 10/19/24 CNY 61.04 LUZHOU HUIXING INVESTMEN 6.28 10/19/24 CNY 61.16 LUZHOU LIN GANG INVESTME 7.00 12/01/24 CNY 60.00 LUZHOU LIN GANG INVESTME 7.00 12/01/24 CNY 60.93 LUZHOU LIN GANG INVESTME 7.10 02/07/25 CNY 62.36 LUZHOU LIN GANG INVESTME 7.10 02/07/25 CNY 62.37 LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 60.00 LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 63.18 LUZHOU XINGYANG INVESTME 4.87 01/28/23 CNY 19.69 LUZHOU XINGYANG INVESTME 4.87 01/28/23 CNY 20.04 MA'ANSHAN CIHU HIGH TECH 3.90 11/28/23 CNY 39.87 MAANSHAN ECONOMIC TECHNO 6.49 03/06/22 CNY 20.03 MAANSHAN ECONOMIC TECHNO 6.49 03/06/22 CNY 24.99 MAANSHAN HUASHAN DISTRIC 6.07 04/20/22 CNY 20.11 MAANSHAN HUASHAN DISTRIC 6.07 04/20/22 CNY 20.16 MAANSHAN NINGBO INVESTME 7.50 04/18/26 CNY 40.00 MAANSHAN SOUTHERN INDUST 4.53 07/25/23 CNY 39.17 MAANSHAN SOUTHERN INDUST 4.53 07/25/23 CNY 40.07 MAANSHAN SOUTHERN INDUST 4.43 09/02/23 CNY 39.61 MAANSHAN SOUTHERN INDUST 4.43 09/02/23 CNY 39.85 MAANSHAN YUSHAN CITY DEV 5.62 07/31/24 CNY 60.51 MAANSHAN YUSHAN CITY DEV 5.62 07/31/24 CNY 60.52 MAANSHAN YUSHAN CITY DEV 5.85 09/22/24 CNY 60.78 MAANSHAN YUSHAN CITY DEV 5.85 09/22/24 CNY 60.79 MA'ANSHAN ZHENGPU HARBOR 6.00 10/13/24 CNY 62.17 MA'ANSHAN ZHENGPU HARBOR 6.00 10/13/24 CNY 64.26 MEISHAN CITY DONGPO DEVE 5.90 06/30/23 CNY 39.30 MEISHAN CITY DONGPO DEVE 5.90 06/30/23 CNY 40.04 MEISHAN HONGDA CONSTRUCT 4.18 03/28/23 CNY 39.60 MEISHAN HONGDA CONSTRUCT 4.18 03/28/23 CNY 39.76 MEISHAN MINDONG DEVELOPM 6.78 08/08/24 CNY 60.48 MEISHAN MINDONG DEVELOPM 6.78 08/08/24 CNY 61.49 MEIZHOU MEI COUNTY DISTR 5.00 12/30/22 CNY 20.22 MEIZHOU MEI COUNTY DISTR 5.00 12/30/22 CNY 20.29 MENGCHENG COUNTY URBAN D 5.60 09/21/24 CNY 61.75 MENGZI CITY DEVELOPMENT 7.65 09/25/24 CNY 62.26 MENGZI CITY DEVELOPMENT 7.65 09/25/24 CNY 62.29 MIANYANG HONGDA ASSET IN 7.20 09/29/24 CNY 60.00 MIANYANG HONGDA ASSET IN 7.20 09/29/24 CNY 62.79 MIANYANG HUIDONG INVESTM 8.10 02/10/25 CNY 63.90 MILE AGRICULTURAL INVEST 8.00 10/25/25 CNY 75.00 MUDANJIANG AREA URBAN DE 6.48 06/30/22 CNY 19.71 MUNICIPALITY OF SHENZHEN 3.00 03/29/22 CNY 20.00 MUNICIPALITY OF SHENZHEN 3.00 03/29/22 CNY 20.00 MUNICIPALITY OF SHENZHEN 3.15 01/14/25 CNY 62.50 MUNICIPALITY OF SHENZHEN 3.15 01/14/25 CNY 62.50 MUNICIPALITY OF SHENZHEN 3.15 01/14/25 CNY 63.06 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 69.66 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 69.66 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 70.61 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 75.00 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 75.00 MUNICIPALITY OF SHENZHEN 3.31 01/14/27 CNY 75.00 MUNICIPALITY OF SHENZHEN 3.31 01/14/27 CNY 75.00 NANCHANG ECONOMY TECHNOL 3.83 09/22/23 CNY 40.18 NANCHANG ECONOMY TECHNOL 3.83 09/22/23 CNY 40.37 NANCHONG JIALING DEVELOP 7.80 12/12/24 CNY 60.00 NANCHONG JIALING DEVELOP 7.80 12/12/24 CNY 63.68 NANJING BAIXIA STATE-OWN 3.98 03/29/23 CNY 40.11 NANJING BAIXIA STATE-OWN 3.98 03/29/23 CNY 40.19 NANJING JIANGBEI NEW DIS 6.00 12/06/24 CNY 60.00 NANJING JIANGBEI NEW DIS 6.00 12/06/24 CNY 63.13 NANJING JIANGBEI NEW TOW 5.59 09/26/24 CNY 62.16 NANJING JIANGBEI NEW TOW 5.59 09/26/24 CNY 62.50 NANJING JIANGNING ECONOM 7.94 04/14/24 CNY 47.02 NANJING JIANGNING URBAN 3.48 11/11/23 CNY 39.75 NANJING JIANGNING URBAN 3.48 11/11/23 CNY 40.23 NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 40.27 NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 40.37 NANJING LISHUI ECONOMIC 3.41 11/09/23 CNY 40.00 NANJING LISHUI ECONOMIC 3.41 11/09/23 CNY 40.13 NANJING LISHUI URBAN CON 4.97 04/28/23 CNY 40.22 NANJING LISHUI URBAN CON 4.97 04/28/23 CNY 40.49 NANJING METRO GROUP CO L 3.29 08/29/23 CNY 40.28 NANJING METRO GROUP CO L 3.29 08/29/23 CNY 40.29 NANJING METRO GROUP CO L 4.22 11/28/23 CNY 71.29 NANJING PUKOU COMMUNICAT 5.46 07/19/24 CNY 61.79 NANJING QIXIA STATE-OWNE 4.10 06/24/23 CNY 40.26 NANJING QIXIA STATE-OWNE 4.10 06/24/23 CNY 40.33 NANJING STATE OWNED ASSE 5.60 03/06/23 CNY 30.40 NANLING COUNTY CONSTRUCT 6.20 09/06/24 CNY 60.00 NANLING COUNTY CONSTRUCT 6.20 09/06/24 CNY 62.32 NANNING HI-TECH INDUSTRI 4.28 03/25/23 CNY 35.20 NANNING HI-TECH INDUSTRI 4.28 03/25/23 CNY 39.91 NANNING HI-TECH INDUSTRI 3.82 10/20/23 CNY 39.50 NANNING HI-TECH INDUSTRI 3.82 10/20/23 CNY 39.76 NANPING CITY WUYI NEW DI 4.96 09/28/22 CNY 20.20 NANPING CITY WUYI NEW DI 4.96 09/28/22 CNY 20.21 NANTONG CHONGCHUAN URBAN 5.70 07/21/22 CNY 40.00 NANTONG CHONGCHUAN URBAN 5.70 07/21/22 CNY 40.47 NANTONG CITY TONGZHOU DI 3.75 07/07/23 CNY 40.21 NANTONG CITY TONGZHOU DI 4.88 04/10/24 CNY 61.09 NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 20.20 NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 20.26 NANTONG KAIYUAN INVESTME 7.25 11/29/24 CNY 62.21 NANTONG KAIYUAN INVESTME 7.25 11/29/24 CNY 62.26 NANTONG SHIBEI HI-TECH D 5.98 08/07/24 CNY 60.90 NANTONG SHIBEI HI-TECH D 5.98 08/07/24 CNY 61.49 NANTONG SUTONG HOLDING G 6.20 03/18/22 CNY 20.00 NANTONG SUTONG HOLDING G 6.20 03/18/22 CNY 20.04 NANTONG YUNTONG PORT DEV 6.13 08/10/24 CNY 55.01 NANTONG YUNTONG PORT DEV 6.13 08/10/24 CNY 60.47 NANYANG HIGH-TECH DISTRI 6.45 04/29/23 CNY 40.39 NANYANG HIGH-TECH DISTRI 6.45 04/29/23 CNY 40.64 NANZHANG COUNTY CONSTRUC 6.00 01/20/24 CNY 41.36 NANZHANG COUNTY CONSTRUC 6.00 01/20/24 CNY 41.36 NANZHANG COUNTY CONSTRUC 6.58 10/25/24 CNY 60.00 NANZHANG COUNTY CONSTRUC 6.58 10/25/24 CNY 62.96 NEIJIANG CITY XINGYUAN I 4.28 08/16/23 CNY 39.67 NEIJIANG CITY XINGYUAN I 4.28 08/16/23 CNY 39.69 NEIJIANG STATE-OWNED ASS 6.20 04/12/23 CNY 39.91 NEIJIANG STATE-OWNED ASS 6.20 04/12/23 CNY 39.94 NEIJINAG CONSTRUCTION EN 5.03 12/25/22 CNY 16.36 NEIJINAG CONSTRUCTION EN 5.03 12/25/22 CNY 19.64 NEOGLORY HOLDING GROUP C 8.10 11/23/18 CNY 72.00 NEOGLORY HOLDING GROUP C 8.00 09/25/20 CNY 60.00 NEOGLORY HOLDING GROUP C 8.00 10/22/20 CNY 56.00 NINGBO FENGHUA INVESTMEN 4.58 03/28/22 CNY 50.07 NINGBO FENGHUA INVESTMEN 4.58 03/28/22 CNY 50.10 NINGBO MEISHAN ISLAND DE 6.27 03/23/22 CNY 20.06 NINGBO MEISHAN ISLAND DE 6.27 03/23/22 CNY 28.29 NINGGUO CITY STATE OWNED 7.14 08/07/24 CNY 60.80 NINGGUO CITY STATE OWNED 7.14 08/07/24 CNY 61.50 NINGGUO CITY STATE OWNED 4.89 10/15/27 CNY 73.06 NINGXIA SHENG YAN INDUST 7.50 09/27/23 CNY 42.45 NINGXIANG CITY CONSTRUCT 6.00 06/02/26 CNY 73.69 NINGXIANG ECONOMIC TECHN 3.87 01/27/23 CNY 20.00 NINGXIANG ECONOMIC TECHN 3.87 01/27/23 CNY 20.13 NINGXIANG STATE-OWNED AS 4.89 06/03/23 CNY 39.92 NINGXIANG STATE-OWNED AS 4.89 06/03/23 CNY 40.11 NINGXIANG STATE-OWNED AS 3.88 11/02/23 CNY 39.48 NINGXIANG STATE-OWNED AS 3.88 11/02/23 CNY 40.08 ONE BELT ONE ROAD JIANGS 4.70 07/15/23 CNY 40.45 ONE BELT ONE ROAD JIANGS 4.70 07/15/23 CNY 40.71 PANJIN WATER GROUP CO LT 5.18 10/28/23 CNY 39.37 PANZHIHUA STATE OWNED AS 8.18 03/13/22 CNY 20.04 PANZHIHUA STATE OWNED AS 8.18 03/13/22 CNY 20.19 PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 20.00 PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 20.10 PEIXIAN STATE-OWNED ASSE 5.98 07/19/24 CNY 60.00 PEIXIAN STATE-OWNED ASSE 5.98 07/19/24 CNY 61.17 PEKING UNIVERSITY FOUNDE 6.20 05/31/20 CNY 11.00 PEKING UNIVERSITY FOUNDE 6.15 07/23/20 CNY 11.00 PEKING UNIVERSITY FOUNDE 6.30 09/12/20 CNY 11.00 PEKING UNIVERSITY FOUNDE 4.80 07/26/21 CNY 11.00 PEKING UNIVERSITY FOUNDE 6.10 08/22/21 CNY 11.00 PEKING UNIVERSITY FOUNDE 5.99 11/02/21 CNY 11.00 PEKING UNIVERSITY FOUNDE 5.80 01/28/22 CNY 11.00 PEKING UNIVERSITY FOUNDE 6.68 08/09/23 CNY 11.00 PEKING UNIVERSITY FOUNDE 6.50 11/16/23 CNY 11.00 PEKING UNIVERSITY FOUNDE 6.30 03/04/24 CNY 11.00 PENGSHAN DEVELOPMENT HOL 7.00 09/05/24 CNY 60.00 PENGSHAN DEVELOPMENT HOL 7.00 09/05/24 CNY 63.16 PENGSHAN DEVELOPMENT HOL 7.98 05/03/25 CNY 71.81 PENGZHOU STATE-PENGZHOU 3.95 10/20/23 CNY 37.83 PINGHU CITY INVESTMENT D 5.13 04/29/23 CNY 40.57 PINGHU CITY INVESTMENT D 5.13 04/29/23 CNY 40.58 PINGJIANG COUNTY WATER S 6.64 06/27/26 CNY 73.05 PINGLIANG CULTURAL & TOU 6.85 11/30/22 CNY 19.19 PINGLIANG CULTURAL & TOU 6.85 11/30/22 CNY 20.08 PINGTAN COMPREHENSIVE PI 3.92 01/29/23 CNY 20.10 PINGXIANG CHANGXING INVE 5.26 04/11/23 CNY 39.78 PINGXIANG CHANGXING INVE 5.26 04/11/23 CNY 40.04 PINGXIANG HUIFENG INVEST 5.79 09/21/24 CNY 61.40 PINGXIANG HUIFENG INVEST 5.79 09/21/24 CNY 61.40 PINGYANG STATE-OWNED ASS 4.97 01/08/23 CNY 20.00 PINGYANG STATE-OWNED ASS 4.97 01/08/23 CNY 20.26 PIZHOU ECONOMIC DEVELOPM 5.00 10/29/22 CNY 20.00 PIZHOU ECONOMIC DEVELOPM 5.00 10/29/22 CNY 20.03 PIZHOU ECONOMIC DEVELOPM 6.66 09/19/24 CNY 60.29 PIZHOU ECONOMIC DEVELOPM 6.66 09/19/24 CNY 61.00 POYANG INVESTMENT & DEVE 6.53 08/08/24 CNY 60.00 POYANG INVESTMENT & DEVE 6.53 08/08/24 CNY 61.60 PUCHENG INVESTMENT DEVEL 6.57 08/10/24 CNY 60.00 PUCHENG INVESTMENT DEVEL 6.57 08/10/24 CNY 61.32 PUDING YELANG STATE-OWNE 7.79 11/13/24 CNY 59.35 PUDING YELANG STATE-OWNE 8.00 03/13/25 CNY 74.25 PUTIAN HIGH TECHNOLOGY I 5.90 05/03/22 CNY 25.12 PUTIAN HIGH TECHNOLOGY I 5.90 05/03/22 CNY 25.15 PUYANG INVESTMENT GROUP 5.18 08/17/24 CNY 61.60 PUYANG INVESTMENT GROUP 5.18 08/17/24 CNY 61.67 QIANAN XINGYUAN WATER IN 6.25 04/22/22 CNY 20.06 QIANAN XINGYUAN WATER IN 6.25 04/22/22 CNY 20.10 QIANDONGNAN TRANSPORTATI 5.79 12/21/22 CNY 18.57 QIANDONGNAN TRANSPORTATI 5.79 12/21/22 CNY 19.10 QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 51.71 QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 55.52 QIANJIANG URBAN CONSTRUC 5.19 12/21/22 CNY 19.93 QIANJIANG URBAN CONSTRUC 5.19 12/21/22 CNY 20.00 QIANNAN AUTONOMOUS PREFE 6.99 04/19/24 CNY 55.14 QIANNAN AUTONOMOUS PREFE 6.99 04/19/24 CNY 57.95 QIANNAN AUTONOMOUS PREFE 6.98 07/06/24 CNY 55.29 QIANNAN AUTONOMOUS PREFE 6.98 07/06/24 CNY 57.58 QIANNANZHOU INVESTMENT C 6.43 03/09/22 CNY 19.89 QIANNANZHOU INVESTMENT C 6.43 03/09/22 CNY 19.97 QIANNANZHOU INVESTMENT C 6.77 07/28/24 CNY 52.07 QIANSHAN CITY QIANRUN IN 6.98 01/19/25 CNY 60.00 QIANSHAN CITY QIANRUN IN 6.98 01/19/25 CNY 64.05 QIANXINAN AUTONOMOUS REG 5.90 06/22/23 CNY 37.41 QIANXINAN AUTONOMOUS REG 5.90 06/22/23 CNY 40.24 QICHUN COUNTY CONSTRUCTI 4.96 10/18/23 CNY 39.67 QICHUN COUNTY CONSTRUCTI 4.96 10/18/23 CNY 40.06 QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 15.01 QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 15.46 QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 40.22 QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 40.30 QIDONG URBAN CONSTRUCTIO 5.25 08/16/24 CNY 61.70 QIHE CITY OPERATION CONS 5.10 03/07/23 CNY 39.72 QIHE CITY OPERATION CONS 5.10 03/07/23 CNY 39.98 QINGDAO CHANGYANG INVEST 3.73 09/12/23 CNY 39.74 QINGDAO CHANGYANG INVEST 3.73 09/12/23 CNY 39.83 QINGDAO CONSON DEVELOPME 6.40 12/12/22 CNY 15.42 QINGDAO CONSON DEVELOPME 6.40 12/12/22 CNY 15.63 QINGDAO HAIFA STATE-OWNE 4.26 06/06/23 CNY 40.09 QINGDAO HAIFA STATE-OWNE 4.26 06/06/23 CNY 40.29 QINGDAO JIMO DISTRICT UR 5.35 07/10/24 CNY 61.00 QINGDAO JIMO DISTRICT UR 5.35 07/10/24 CNY 61.67 QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 40.24 QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 40.28 QINGDAO SHAOHAI INVESTME 6.47 10/31/24 CNY 60.62 QINGDAO SHAOHAI INVESTME 6.47 10/31/24 CNY 61.45 QINGHAI PROVINCIAL INVES 7.25 02/22/20 USD 34.74 QINGHAI PROVINCIAL INVES 7.88 03/22/21 USD 35.28 QINGHAI PROVINCIAL INVES 6.40 07/10/21 USD 35.88 QINGHAI STATE-OWNED ASSE 5.90 12/17/22 CNY 83.30 QINGZHOU CITY CONSTRUCTI 6.40 07/10/24 CNY 58.22 QINGZHOU CITY CONSTRUCTI 6.40 07/10/24 CNY 60.00 QINGZHOU CITY CONSTRUCTI 6.80 08/25/24 CNY 58.89 QINHUANGDAO CITY DEVELOP 4.69 04/14/23 CNY 39.97 QINHUANGDAO CITY DEVELOP 4.69 04/14/23 CNY 40.42 QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 39.34 QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 39.60 QIONGLAI CITY CONSTRUCTI 6.98 03/25/22 CNY 20.07 QIONGLAI CITY CONSTRUCTI 6.98 03/25/22 CNY 20.80 QUANJIAO URBAN INFRASTRU 5.10 05/18/23 CNY 40.26 QUANJIAO URBAN INFRASTRU 5.10 05/18/23 CNY 40.26 QUJING CITY QILIN DISTRI 5.37 11/26/22 CNY 19.79 QUJING CITY QILIN DISTRI 5.37 11/26/22 CNY 21.95 QUJING ECO TECH DEVELOPM 5.75 06/01/23 CNY 39.54 QUJING ECO TECH DEVELOPM 5.75 06/01/23 CNY 40.18 RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 39.04 RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 39.05 RENQIU CONSTRUCTION INVE 5.68 11/18/22 CNY 20.14 RENQIU CONSTRUCTION INVE 5.68 11/18/22 CNY 20.43 RENSHOU DEVELOPMENT OF I 6.42 12/22/22 CNY 20.00 RENSHOU DEVELOPMENT OF I 6.42 12/22/22 CNY 20.10 REWARD SCIENCE AND TECHN 5.53 07/05/21 CNY 29.10 REWARD SCIENCE AND TECHN 6.40 03/03/22 CNY 70.00 RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 20.08 RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 20.10 RONGXIN FUJIAN INVESTMEN 6.45 07/03/23 CNY 46.52 RONGXIN FUJIAN INVESTMEN 5.60 07/27/24 CNY 43.00 RONGXIN FUJIAN INVESTMEN 5.42 08/19/24 CNY 43.00 RUCHENG COUNTY URBAN CON 5.69 02/23/24 CNY 71.81 RUCHENG COUNTY URBAN CON 5.69 02/23/24 CNY 71.81 RUDONG COUNTY JINXIN TRA 4.57 07/26/23 CNY 40.16 RUDONG COUNTY JINXIN TRA 3.80 07/26/23 CNY 40.20 RUDONG COUNTY JINXIN TRA 3.80 07/26/23 CNY 40.32 RUDONG COUNTY JINXIN TRA 4.57 07/26/23 CNY 40.43 RUDONG COUNTY KAITAI CIT 4.57 01/08/23 CNY 20.28 RUDONG NEW WORLD INVESTM 4.37 07/18/23 CNY 39.81 RUDONG NEW WORLD INVESTM 4.37 07/18/23 CNY 39.88 RUGAO ECONOMIC & TRADE D 3.95 03/24/23 CNY 40.18 RUGAO ECONOMIC & TRADE D 3.95 03/24/23 CNY 40.23 RUGAO TRAFFIC INDUSTRY G 3.74 03/23/23 CNY 40.13 RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 20.17 RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 20.25 RUICHANG CITY INVESTMENT 5.68 03/25/23 CNY 39.92 RUICHANG CITY INVESTMENT 5.50 06/17/23 CNY 39.36 RUIJIN URBAN DEVELOPMENT 4.13 09/06/23 CNY 39.92 RUIJIN URBAN DEVELOPMENT 4.13 09/06/23 CNY 39.98 RUZHOU CITY XINYUAN INVE 4.43 09/26/23 CNY 38.03 RUZHOU CITY XINYUAN INVE 4.43 09/26/23 CNY 38.69 SANMEN COUNTY STATE-OWNE 6.80 03/18/22 CNY 20.06 SANMEN COUNTY STATE-OWNE 6.80 03/18/22 CNY 20.20 SANMING STATE-OWNED ASSE 5.10 04/17/24 CNY 61.35 SANMING TRANSPORTATION C 3.68 03/29/23 CNY 40.12 SHAANXI XIXIAN NEW AREA 5.10 06/06/23 CNY 39.94 SHAANXI XIXIAN NEW AREA 5.10 06/06/23 CNY 40.01 SHAANXI XIXIAN NEW AREA 7.10 08/23/24 CNY 61.28 SHAANXI XIXIAN NEW AREA 7.10 08/23/24 CNY 61.75 SHAANXI XIXIAN NEW AREA 6.67 08/23/24 CNY 59.40 SHAANXI XIXIAN NEW AREA 6.67 08/23/24 CNY 59.46 SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 19.94 SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 21.01 SHANDONG GAOCHUANG CONST 6.05 06/18/22 CNY 20.12 SHANDONG GAOCHUANG CONST 6.05 06/18/22 CNY 22.45 SHANDONG RUYI TECHNOLOGY 7.90 09/18/23 CNY 52.10 SHANDONG TENGJIAN INVEST 6.00 06/08/22 CNY 20.00 SHANDONG TENGJIAN INVEST 6.00 06/08/22 CNY 20.10 SHANGHAI MINHANG URBAN C 5.63 04/20/22 CNY 20.12 SHANGHAI MINHANG URBAN C 5.63 04/20/22 CNY 20.48 SHANGHAI MUNICIPAL INVES 4.80 11/05/24 CNY 46.04 SHANGHAI MUNICIPAL INVES 4.80 11/05/24 CNY 46.11 SHANGHAI SHIMAO CO LTD 3.76 07/07/22 CNY 72.00 SHANGHAI SHIMAO CO LTD 3.94 09/24/22 CNY 61.00 SHANGHAI SHIMAO CO LTD 4.24 10/21/22 CNY 57.94 SHANGHAI SHIMAO CO LTD 4.12 01/09/23 CNY 46.80 SHANGHAI SHIMAO CO LTD 3.60 03/05/23 CNY 58.02 SHANGHAI SHIMAO CO LTD 5.15 03/16/23 CNY 55.97 SHANGHAI SHIMAO CO LTD 5.50 05/06/23 CNY 52.50 SHANGHAI SHIMAO JIANSHE 4.15 10/16/22 CNY 49.00 SHANGHAI SHIMAO JIANSHE 4.30 09/19/24 CNY 50.00 SHANGHAI SHIMAO JIANSHE 4.30 11/11/24 CNY 47.01 SHANGHAI SHIMAO JIANSHE 3.23 03/25/25 CNY 45.00 SHANGHAI SHIMAO JIANSHE 3.90 08/27/25 CNY 42.10 SHANGHAI URBAN CONSTRUCT 3.50 01/06/23 CNY 20.08 SHANGHAI URBAN CONSTRUCT 3.50 01/06/23 CNY 20.09 SHANGRAO CITY STATE-OWNE 4.65 01/29/23 CNY 20.12 SHANGRAO CITY STATE-OWNE 4.65 01/29/23 CNY 20.25 SHANTOU CITY CONSTRUCTIO 8.57 03/23/22 CNY 15.09 SHANTOU INVESTMENT HOLDI 7.99 03/04/24 CNY 47.27 SHANTOU INVESTMENT HOLDI 7.99 03/04/24 CNY 47.32 SHANWEI INVESTMENT HOLDI 5.68 11/09/24 CNY 62.37 SHANXI INTERNATIONAL ELE 5.88 05/24/22 CNY 29.40 SHAODONG NEW AREA DEVELO 7.10 04/19/24 CNY 61.97 SHAODONG NEW AREA DEVELO 7.10 04/19/24 CNY 61.98 SHAOGUAN URBAN INVESTMEN 3.67 10/25/24 CNY 55.57 SHAOGUAN URBAN INVESTMEN 3.67 10/25/24 CNY 55.59 SHAOWU URBAN CONSTRUCTIO 5.88 09/11/22 CNY 20.09 SHAOWU URBAN CONSTRUCTIO 5.88 09/11/22 CNY 23.39 SHAOXING CHENGZHONGCUN R 6.09 04/27/22 CNY 20.10 SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 20.10 SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 28.00 SHAOXING JINGHU DEVELOPM 6.13 04/30/22 CNY 19.13 SHAOXING JINGHU DEVELOPM 6.13 04/30/22 CNY 20.10 SHAOXING KEQIAO CITY CON 3.64 09/19/23 CNY 40.19 SHAOXING KEQIAO CITY CON 3.64 09/19/23 CNY 40.20 SHAOXING KEQIAO CITY CON 5.74 08/03/24 CNY 60.00 SHAOXING KEQIAO CITY CON 5.74 08/03/24 CNY 62.00 SHAOXING KEYAN CONSTRUCT 6.28 03/24/22 CNY 20.00 SHAOXING KEYAN CONSTRUCT 6.28 03/24/22 CNY 20.03 SHAOXING SHANGYU ECONOMI 4.76 04/11/23 CNY 40.28 SHAOXING SHANGYU ECONOMI 4.76 04/11/23 CNY 40.36 SHAOYANG BAOQING INDUSTR 5.78 07/04/26 CNY 69.13 SHAOYANG CITY CONSTRUCTI 5.98 09/01/24 CNY 60.00 SHAOYANG CITY CONSTRUCTI 5.98 09/01/24 CNY 60.46 SHAOYANG DULIANG INVESTM 5.50 04/13/23 CNY 39.35 SHAOYANG DULIANG INVESTM 5.50 04/13/23 CNY 40.09 SHEHONG STATE OWNED ASSE 7.30 12/14/24 CNY 60.00 SHEHONG STATE OWNED ASSE 7.30 12/14/24 CNY 62.70 SHEHONG STATE OWNED ASSE 7.50 08/22/25 CNY 66.01 SHEHONG STATE OWNED ASSE 7.60 10/22/25 CNY 66.53 SHENGZHOU INVESTMENT HOL 5.35 07/20/24 CNY 61.70 SHENGZHOU INVESTMENT HOL 5.35 07/20/24 CNY 61.83 SHENYANG DADONG STATE-OW 6.05 03/20/22 CNY 20.00 SHENYANG DADONG STATE-OW 6.05 03/20/22 CNY 20.04 SHENYANG ECONOMIC AFFORD 7.17 04/29/22 CNY 20.15 SHENYANG ECONOMIC AFFORD 7.17 04/29/22 CNY 20.15 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 30.50 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 30.50 SHENZHEN METRO GROUP CO 6.75 01/24/24 CNY 31.68 SHENZHEN METRO GROUP CO 6.75 01/24/24 CNY 31.79 SHEYANG URBAN CONSTRUCTI 7.80 11/27/24 CNY 61.01 SHEYANG URBAN CONSTRUCTI 7.80 11/27/24 CNY 61.12 SHIFANG CITY NATIONAL OW 8.00 12/05/25 CNY 69.57 SHIJIAZHUANG HUTUO NEW D 5.28 12/24/25 CNY 45.00 SHIJIAZHUANG HUTUO NEW D 5.28 12/24/25 CNY 46.81 SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 20.06 SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 27.20 SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 20.14 SHISHOU BOYA CITY CONSTR 6.98 06/15/24 CNY 62.08 SHIYAN ECO DEVELOPMENT Z 3.98 08/05/23 CNY 39.58 SHIYAN ECO DEVELOPMENT Z 3.98 08/05/23 CNY 39.70 SHIYAN HANJIANG STAR CON 6.40 07/10/24 CNY 61.39 SHIYAN STATE-OWNED CAPIT 4.88 01/11/26 CNY 60.36 SHIYAN STATE-OWNED CAPIT 4.88 01/11/26 CNY 62.11 SHIZHU TUJIA HONGSHENG E 7.00 11/13/24 CNY 48.00 SHIZHU TUJIA HONGSHENG E 7.00 11/13/24 CNY 62.75 SHOU COUNTY STATE-OWNED 6.20 10/13/24 CNY 60.00 SHOU COUNTY STATE-OWNED 6.20 10/13/24 CNY 60.98 SHUCHENG COUNTY URBAN CO 5.50 04/29/23 CNY 40.08 SHUCHENG COUNTY URBAN CO 5.50 04/29/23 CNY 40.62 SHUYANG JINGYUAN ASSET O 5.49 09/11/22 CNY 20.19 SHUYANG JINGYUAN ASSET O 5.49 09/11/22 CNY 20.20 SICHUAN CHENG'A DEVELOPM 7.25 01/28/24 CNY 73.09 SICHUAN CHENG'A DEVELOPM 7.50 11/06/24 CNY 60.00 SICHUAN CHENG'A DEVELOPM 7.50 11/06/24 CNY 62.87 SICHUAN CHENG'A DEVELOPM 7.50 11/29/24 CNY 60.00 SICHUAN CHENG'A DEVELOPM 7.50 11/29/24 CNY 63.76 SICHUAN COAL GASIFICATIO 7.00 04/18/23 CNY 40.47 SICHUAN COAL INDUSTRY GR 7.70 01/09/18 CNY 45.00 SICHUAN JINCAI JINXIN IN 7.08 07/31/24 CNY 60.77 SICHUAN JINCAI JINXIN IN 7.08 07/31/24 CNY 61.70 SICHUAN LANGUANG DEVELOP 7.50 07/11/21 CNY 12.63 SICHUAN LANGUANG DEVELOP 6.50 07/29/21 CNY 12.63 SICHUAN LANGUANG DEVELOP 7.50 08/12/21 CNY 12.63 SICHUAN LANGUANG DEVELOP 7.40 09/14/21 CNY 30.45 SICHUAN LANGUANG DEVELOP 7.50 07/23/22 CNY 42.00 SICHUAN LANGUANG DEVELOP 7.00 09/29/22 CNY 12.63 SICHUAN LANGUANG DEVELOP 7.00 10/26/22 CNY 12.63 SICHUAN LANGUANG DEVELOP 7.50 11/22/22 CNY 12.63 SICHUAN LANGUANG DEVELOP 7.20 03/11/23 CNY 12.63 SICHUAN LANGUANG DEVELOP 7.15 03/16/23 CNY 24.00 SICHUAN LANGUANG DEVELOP 7.20 05/11/23 CNY 12.63 SICHUAN LANGZHONG FAMOUS 5.60 04/19/23 CNY 40.02 SICHUAN LANGZHONG FAMOUS 5.60 04/19/23 CNY 40.12 SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 40.03 SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 40.04 SICHUAN NAXING INDUSTRIA 6.80 08/18/22 CNY 25.34 SICHUAN NAXING INDUSTRIA 4.68 03/31/23 CNY 39.54 SICHUAN NAXING INDUSTRIA 4.68 03/31/23 CNY 39.69 SICHUAN QINBA NEWCITY IN 6.68 07/07/24 CNY 59.51 SICHUAN QINBA NEWCITY IN 6.68 07/07/24 CNY 60.00 SICHUAN QINBA NEWCITY IN 6.91 07/25/24 CNY 53.50 SICHUAN QINBA NEWCITY IN 6.91 07/25/24 CNY 59.62 SICHUAN RENSHOU XINLONG 7.00 06/27/24 CNY 62.18 SICHUAN TIANYIN INDUSTRI 6.79 03/25/22 CNY 20.06 SICHUAN TIANYIN INDUSTRI 6.79 03/25/22 CNY 28.00 SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 20.05 SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 20.35 SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 20.14 SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 20.15 SIYANG COUNTY MINKANG RU 4.94 01/21/23 CNY 20.33 SIYANG COUNTY MINKANG RU 4.94 01/21/23 CNY 20.56 SIYANG COUNTY MINKANG RU 7.40 07/31/24 CNY 62.62 SIYANG COUNTY MINKANG RU 7.40 07/31/24 CNY 62.63 SUINING COUNTY RUNQI INV 5.42 11/20/22 CNY 20.00 SUINING COUNTY RUNQI INV 5.42 11/20/22 CNY 20.18 SUINING COUNTY RUNQI INV 6.78 11/02/24 CNY 59.70 SUINING COUNTY RUNQI INV 6.78 11/02/24 CNY 61.79 SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 19.95 SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 24.18 SUINING FUYUAN INDUSTRY 5.34 12/02/23 CNY 39.74 SUINING FUYUAN INDUSTRY 5.34 12/02/23 CNY 40.15 SUINING KAIDA INVESTMENT 4.89 04/08/23 CNY 38.95 SUINING KAIDA INVESTMENT 4.89 04/08/23 CNY 39.13 SUINING ROUGANG INVESTME 5.65 01/24/24 CNY 40.30 SUINING ROUGANG INVESTME 6.80 08/02/24 CNY 61.47 SUINING ROUGANG INVESTME 6.80 08/02/24 CNY 61.48 SUINING TIANTAI INDUSTRI 5.98 03/28/24 CNY 60.77 SUINING TIANTAI INDUSTRI 5.98 03/28/24 CNY 61.16 SUINING TIANTAI INDUSTRI 6.80 11/01/24 CNY 75.00 SUIZHOU DEVELOPMENT INVE 5.70 04/07/24 CNY 60.42 SUIZHOU DEVELOPMENT INVE 5.70 04/07/24 CNY 60.77 SUIZHOU DEVELOPMENT INVE 5.97 09/15/24 CNY 60.00 SUIZHOU DEVELOPMENT INVE 5.97 09/15/24 CNY 61.06 SUIZHOU HIGH-TECH INDUST 4.47 03/25/23 CNY 40.07 SUIZHOU HIGH-TECH INDUST 4.47 03/25/23 CNY 40.07 SUIZHOU YULONG WATER SUP 6.10 03/28/23 CNY 42.95 SUNAC REAL ESTATE GROUP 6.80 01/19/25 CNY 69.52 SUNAC REAL ESTATE GROUP 7.00 04/02/25 CNY 64.71 SUNAC REAL ESTATE GROUP 5.60 05/27/25 CNY 64.50 SUQIAN CITY CONSTRUCTION 5.30 07/11/24 CNY 61.73 SUQIAN CITY CONSTRUCTION 5.30 07/11/24 CNY 61.80 SUQIAN CITY CONSTRUCTION 6.44 12/26/24 CNY 60.00 SUQIAN CITY CONSTRUCTION 6.44 12/26/24 CNY 63.47 SUQIAN ECONOMIC DEVELOPM 5.40 04/20/24 CNY 61.61 SUQIAN ECONOMIC DEVELOPM 5.40 04/20/24 CNY 61.88 SUQIAN HUBIN XINCHENG IN 6.85 08/02/24 CNY 56.00 SUQIAN HUBIN XINCHENG IN 6.85 08/02/24 CNY 56.33 SUQIAN HUBIN XINCHENG IN 6.93 08/25/24 CNY 55.80 SUQIAN HUBIN XINCHENG IN 6.93 08/25/24 CNY 57.01 SUQIAN YUFENG ASSET MANA 5.50 04/21/24 CNY 60.86 SUQIAN YUFENG ASSET MANA 5.50 04/21/24 CNY 64.26 SUZHOU CITY CONSTRUCTION 3.89 03/24/23 CNY 40.14 SUZHOU CITY CONSTRUCTION 3.89 03/24/23 CNY 40.24 SUZHOU CITY HENGCHENG CO 4.40 03/01/23 CNY 40.19 SUZHOU CITY HENGCHENG CO 4.40 03/01/23 CNY 40.31 SUZHOU MAANSHAN INVESTME 6.10 08/03/24 CNY 61.74 SUZHOU MAANSHAN INVESTME 6.10 08/03/24 CNY 62.38 SUZHOU NEW & HIGH-TECH I 4.18 03/23/23 CNY 39.86 SUZHOU NEW & HIGH-TECH I 4.18 03/23/23 CNY 40.12 SUZHOU NEW AREA CONSTRUC 5.98 08/04/24 CNY 60.00 SUZHOU NEW AREA CONSTRUC 5.98 08/04/24 CNY 60.88 SUZHOU WUJIANG COMMUNICA 3.75 05/26/23 CNY 52.74 SUZHOU WUJIANG DISTRICT 5.25 07/08/22 CNY 20.20 SUZHOU WUZHONG CITY CONS 5.90 11/06/24 CNY 60.00 SUZHOU WUZHONG CITY CONS 5.90 11/06/24 CNY 60.93 SUZHOU WUZHONG CITY CONS 6.50 02/01/25 CNY 60.00 SUZHOU WUZHONG CITY CONS 6.50 02/01/25 CNY 63.53 TAHOE GROUP CO LTD 7.50 07/05/20 CNY 20.50 TAHOE GROUP CO LTD 7.50 09/08/20 CNY 20.70 TAIAN TAISHAN HOLDINGS C 5.50 04/26/23 CNY 40.04 TAIAN TAISHAN HOLDINGS C 5.50 04/26/23 CNY 40.10 TAICANG SCIENCE EDUCATIO 5.54 08/28/22 CNY 20.29 TAICANG SCIENCE EDUCATIO 5.54 08/28/22 CNY 24.60 TAIHE STATE OWN ASSET IN 5.87 08/07/24 CNY 60.71 TAIHE STATE OWN ASSET IN 5.87 08/07/24 CNY 63.35 TAIXING HONGQIAO PARK IN 5.03 10/29/22 CNY 19.60 TAIXING HONGQIAO PARK IN 5.03 10/29/22 CNY 19.83 TAIZHOU CITY CONSTRUCTIO 6.92 10/16/23 CNY 31.35 TAIZHOU CITY HUANGYAN DI 6.10 08/01/24 CNY 62.31 TAIZHOU CITY HUANGYAN DI 6.10 08/01/24 CNY 63.60 TAIZHOU CITY HUANGYAN DI 6.22 09/14/24 CNY 62.65 TAIZHOU FENGCHENGHE CONS 7.90 12/29/24 CNY 60.00 TAIZHOU FENGCHENGHE CONS 7.90 12/29/24 CNY 64.77 TAIZHOU GAOGANG HI-TECH 5.54 06/22/24 CNY 61.78 TAIZHOU GAOGANG HI-TECH 5.54 06/22/24 CNY 63.70 TAIZHOU HAILING CITY DEV 4.60 12/14/22 CNY 20.23 TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 20.22 TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 24.00 TAIZHOU JINDONG URBAN CO 5.10 06/02/23 CNY 40.23 TAIZHOU JINDONG URBAN CO 5.10 06/02/23 CNY 40.31 TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 40.14 TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 40.29 TANGSHAN FINANCIAL HOLDI 7.60 05/16/25 CNY 72.01 TAOYUAN COUNTY ECONOMIC 7.00 12/08/24 CNY 60.00 TAOYUAN COUNTY ECONOMIC 7.00 12/08/24 CNY 63.83 TIANCHANG CITY CONSTRUCT 4.99 12/05/23 CNY 40.11 TIANJIN BOHAI STATE-OWNE 3.82 04/18/23 CNY 38.72 TIANJIN BOHAI STATE-OWNE 3.82 04/18/23 CNY 38.97 TIANJIN BOHAI STATE-OWNE 4.10 04/18/26 CNY 70.00 TIANJIN BOHAI STATE-OWNE 4.10 04/18/26 CNY 70.51 TIANJIN DONGLI CITY 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62.48 TONGLING CONSTRUCTION IN 4.12 03/14/23 CNY 40.00 TONGLING CONSTRUCTION IN 4.12 03/14/23 CNY 40.28 TONGLING CONSTRUCTION IN 5.77 07/31/24 CNY 60.00 TONGLING CONSTRUCTION IN 5.77 07/31/24 CNY 61.97 TONGLING CONSTRUCTION IN 5.80 08/16/24 CNY 62.01 TONGLING CONSTRUCTION IN 5.80 08/16/24 CNY 62.07 TSINGHUA HOLDINGS CORP L 4.95 08/08/22 CNY 36.40 TSINGHUA UNIGROUP CO LTD 5.60 11/15/20 CNY 25.50 TSINGHUA UNIGROUP CO LTD 6.20 03/16/21 CNY 25.50 TSINGHUA UNIGROUP CO LTD 6.15 12/26/21 CNY 25.50 TSINGHUA UNIGROUP CO LTD 4.94 03/25/22 CNY 16.55 TSINGHUA UNIGROUP CO LTD 5.85 03/27/22 CNY 16.88 TSINGHUA UNIGROUP CO LTD 6.00 08/14/22 CNY 25.50 TSINGHUA UNIGROUP CO LTD 5.20 12/10/23 CNY 11.65 TSINGHUA UNIGROUP CO LTD 5.11 01/25/24 CNY 13.00 TULUFAN DISTRICT STATE-O 6.20 03/19/22 CNY 20.04 TULUFAN DISTRICT STATE-O 6.20 03/19/22 CNY 20.19 TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00 ULANQAB CITY INVESTMENT 8.39 04/25/22 CNY 25.17 URUMQI ECO&TECH DEVELOPM 6.40 04/13/22 CNY 20.00 URUMQI ECO&TECH 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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 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11/09/23 CNY 40.36 WUYANG CONSTRUCTION GROU 7.80 09/11/20 CNY 32.48 XIAMEN YUZHOU GRAND FUTU 7.50 04/03/24 CNY 39.22 XIAN FENGDONG DEVELOPMEN 4.67 01/08/23 CNY 19.91 XIAN FENGDONG DEVELOPMEN 4.67 01/08/23 CNY 20.00 XI'AN HI-TECH HOLDING CO 6.12 12/27/24 CNY 62.56 XI'AN HI-TECH HOLDING CO 6.12 12/27/24 CNY 62.71 XI'AN PIONEERING PARK DE 6.20 05/02/24 CNY 61.10 XI'AN PIONEERING PARK DE 6.20 05/02/24 CNY 61.90 XIANGCHENG LINGWU URBAN 7.45 11/10/24 CNY 60.00 XIANGCHENG LINGWU URBAN 7.45 11/10/24 CNY 63.18 XIANGSHUI GUANJIANG HOLD 4.98 12/24/22 CNY 18.00 XIANGSHUI GUANJIANG HOLD 4.98 12/24/22 CNY 19.35 XIANGTAN CITY INFRASTRCT 3.60 08/04/23 CNY 37.43 XIANGTAN CITY INFRASTRCT 3.95 08/04/23 CNY 37.53 XIANGTAN CITY INFRASTRCT 3.95 08/04/23 CNY 37.55 XIANGTAN CITY INFRASTRCT 3.60 08/04/23 CNY 38.00 XIANGTAN JIUHUA ECONOMIC 5.00 07/25/26 CNY 64.84 XIANGTAN JIUHUA ECONOMIC 5.00 07/25/26 CNY 70.43 XIANGXIANG CITY DONGSHAN 6.20 08/03/24 CNY 60.47 XIANGXIANG CITY DONGSHAN 6.20 08/03/24 CNY 60.99 XIANGXIANG ECONOMIC DIST 5.28 09/09/23 CNY 38.03 XIANGXIANG ECONOMIC DIST 5.28 09/09/23 CNY 38.04 XIANGXIANG URBAN CONSTRU 5.84 05/18/23 CNY 39.37 XIANGXIANG URBAN CONSTRU 5.84 05/18/23 CNY 40.44 XIANGXIANG URBAN CONSTRU 7.50 10/27/24 CNY 60.00 XIANGXIANG URBAN CONSTRU 7.50 10/27/24 CNY 63.24 XIANGYANG CITY HOUSING I 6.10 12/15/24 CNY 61.00 XIANGYANG CITY HOUSING I 6.10 12/15/24 CNY 62.84 XIANGYANG CITY XIANGZHOU 5.18 04/28/23 CNY 40.29 XIANGYANG CITY XIANGZHOU 5.18 04/28/23 CNY 40.35 XIANGYANG HIGH TECH STAT 6.25 06/12/24 CNY 62.28 XIANGYANG HIGH TECH STAT 6.25 06/12/24 CNY 62.28 XIANGYANG STATE-OWNED CA 4.62 01/25/23 CNY 19.92 XIANGYANG STATE-OWNED CA 4.62 01/25/23 CNY 20.03 XIANGYANG STATE-OWNED CA 6.10 07/19/24 CNY 60.00 XIANGYANG STATE-OWNED CA 6.10 07/19/24 CNY 61.21 XIANNING HIGH-TECH INVES 6.60 06/01/27 CNY 71.90 XIANNING HIGH-TECH INVES 6.60 06/01/27 CNY 72.58 XIANTAO CITY CONSTRUCTIO 4.59 04/18/23 CNY 40.35 XIANTAO CITY CONSTRUCTIO 4.59 04/18/23 CNY 40.40 XIAOCHANG SHUNHE DEVELOP 4.15 10/17/23 CNY 39.26 XIAOXIAN COUNTY DEVELOPM 4.85 06/22/23 CNY 40.50 XIAOXIAN COUNTY DEVELOPM 4.85 06/22/23 CNY 40.58 XINDONGGANG HOLDING GROU 5.53 04/27/23 CNY 39.86 XINDONGGANG HOLDING GROU 5.53 04/27/23 CNY 39.97 XINGAN COUNTY URBAN CONS 5.48 08/03/23 CNY 39.25 XINGAN COUNTY URBAN CONS 5.48 08/03/23 CNY 40.12 XINGAN LEAGUE URBAN DEVE 6.18 12/21/22 CNY 13.36 XINGAN LEAGUE URBAN DEVE 6.18 12/21/22 CNY 13.66 XINGHUA CITY ECONOMIC DE 5.28 06/13/22 CNY 25.03 XINGNING YONGYE INFRASTR 5.99 07/24/24 CNY 61.41 XINGYI XINHENG URBAN CON 5.40 12/16/22 CNY 20.05 XINGYI XINHENG URBAN CON 7.90 01/31/25 CNY 60.00 XINGYI XINHENG URBAN CON 7.90 01/31/25 CNY 60.11 XINJIANG UYGUR AR HAMI C 6.55 10/27/24 CNY 60.00 XINJIANG UYGUR AR HAMI C 6.55 10/27/24 CNY 62.73 XINJIN NEW CITY DEVELOPM 7.30 10/23/24 CNY 60.00 XINJIN NEW CITY DEVELOPM 7.30 10/23/24 CNY 62.31 XINMI CAIYUAN CITY CONST 4.35 02/28/23 CNY 40.11 XINMI CAIYUAN CITY CONST 4.35 02/28/23 CNY 40.17 XINPING URBAN DEVELOPMEN 7.70 01/24/26 CNY 71.20 XINPING URBAN DEVELOPMEN 7.70 01/24/26 CNY 72.47 XINTAI CITY COORDINATING 6.35 03/23/22 CNY 20.04 XINTAI CITY COORDINATING 6.35 03/23/22 CNY 20.75 XINYI CITY INVESTMENT & 4.30 01/19/23 CNY 19.44 XINYI CITY INVESTMENT & 4.30 01/19/23 CNY 20.00 XINYI ECONOMIC DEVELOPME 6.66 09/27/24 CNY 54.50 XINYI ECONOMIC DEVELOPME 6.66 09/27/24 CNY 59.38 XINYI URBAN TRANSPORTATI 5.35 04/24/24 CNY 61.49 XINYI URBAN TRANSPORTATI 5.35 04/24/24 CNY 62.57 XINYU CITY SHANTYTOWN ZO 6.50 11/13/22 CNY 40.43 XINYU CITY YUSHUI DISTRI 7.70 06/24/22 CNY 20.26 XINYU CITY YUSHUI DISTRI 7.70 06/24/22 CNY 20.35 XIPING COUNTY INDUSTRIAL 7.50 12/26/24 CNY 60.00 XIPING COUNTY INDUSTRIAL 7.50 12/26/24 CNY 63.44 XISHUI COUNTY FENGZHU IN 6.52 07/28/24 CNY 61.90 XISHUI COUNTY FENGZHU IN 6.52 07/28/24 CNY 62.50 XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94 XUANCHENG STATE-OWNED AS 4.12 04/07/23 CNY 40.24 XUANCHENG STATE-OWNED AS 4.12 04/07/23 CNY 40.26 XUCHANG GENERAL INVESTME 5.74 08/17/24 CNY 62.21 XUZHOU CITY JIAWANG CONS 4.00 03/23/23 CNY 40.11 XUZHOU CITY JIAWANG CONS 4.00 03/23/23 CNY 40.16 XUZHOU CITY TONGSHAN DIS 5.23 09/18/22 CNY 20.00 XUZHOU CITY TONGSHAN DIS 5.23 09/18/22 CNY 20.24 XUZHOU HI-TECH INDUSTRIA 3.78 11/11/23 CNY 40.29 XUZHOU HI-TECH INDUSTRIA 3.78 11/11/23 CNY 40.40 XUZHOU XINSHENG INVESTME 5.13 08/12/22 CNY 20.26 XUZHOU XINSHENG INVESTME 5.13 08/12/22 CNY 24.46 YAN'AN NEW CITY CONSTRUC 5.60 04/21/24 CNY 60.44 YANCHENG GUANDONG ECONOM 6.42 05/16/24 CNY 60.80 YANCHENG GUANDONG ECONOM 6.42 05/16/24 CNY 62.29 YANCHENG HIGH-TECH ZONE 3.90 12/14/22 CNY 20.10 YANCHENG HIGH-TECH ZONE 3.90 12/14/22 CNY 20.13 YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 39.18 YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 39.95 YANGJIANG HENGCAI CITY I 6.24 04/14/22 CNY 20.10 YANGJIANG HENGCAI CITY I 6.24 04/14/22 CNY 21.20 YANGO GROUP CO LTD 7.40 03/24/22 CNY 19.00 YANGO GROUP CO LTD 6.90 10/31/22 CNY 18.98 YANGO GROUP CO LTD 6.80 10/28/24 CNY 18.95 YANGXIN TOWN CONSTRUCTIO 6.50 04/26/24 CNY 61.60 YANGXIN TOWN CONSTRUCTIO 6.50 04/26/24 CNY 61.61 YANGZHONG TRANSPORTATION 4.95 04/07/23 CNY 40.10 YANGZHONG TRANSPORTATION 4.95 04/07/23 CNY 40.21 YANGZHONG TRANSPORTATION 4.98 04/07/23 CNY 40.44 YANGZHONG TRANSPORTATION 4.98 04/07/23 CNY 40.52 YANGZHOU ECONOMIC & TECH 5.28 07/06/24 CNY 61.73 YANGZHOU ECONOMIC & TECH 5.28 07/06/24 CNY 62.40 YANGZHOU GUANGLING NEW C 3.62 09/07/23 CNY 39.25 YANGZHOU GUANGLING NEW C 3.62 09/07/23 CNY 39.99 YANGZHOU HANJIANG CONSTR 5.88 06/15/22 CNY 20.19 YANGZHOU HANJIANG CONSTR 5.88 06/15/22 CNY 26.63 YANGZHOU NEW MATERIAL IN 6.80 10/09/24 CNY 60.00 YANGZHOU NEW MATERIAL IN 6.80 10/09/24 CNY 61.27 YI CHENG CONSTRUCTION IN 5.44 04/27/23 CNY 39.82 YI ZHENG CITY DEVELOPMEN 4.63 01/08/23 CNY 20.00 YI ZHENG CITY DEVELOPMEN 4.63 01/08/23 CNY 20.14 YICHANG HIGH-TECH INVEST 4.80 12/15/22 CNY 20.00 YICHANG HIGH-TECH INVEST 4.80 12/15/22 CNY 20.33 YICHANG HIGH-TECH INVEST 3.74 07/21/23 CNY 39.85 YICHANG HIGH-TECH INVEST 3.74 07/21/23 CNY 40.26 YICHANG HIGH-TECH INVEST 6.10 05/18/24 CNY 61.41 YICHANG HIGH-TECH INVEST 6.10 05/18/24 CNY 61.70 YICHANG WUJIA NEW CITY I 6.50 04/20/24 CNY 61.56 YICHANG WUJIA NEW CITY I 6.50 04/20/24 CNY 61.56 YICHUN VENTURE CAPITAL C 6.70 03/23/22 CNY 20.00 YICHUN VENTURE CAPITAL C 6.70 03/23/22 CNY 20.07 YIHUA ENTERPRISE GROUP C 7.00 04/29/22 CNY 54.00 YIHUA LIFESTYLE TECHNOLO 6.88 07/16/20 CNY 35.90 YIHUA LIFESTYLE TECHNOLO 6.88 07/23/20 CNY 35.00 YINGCHENG CITY PUYANG DE 6.50 04/14/24 CNY 60.30 YINGCHENG CITY PUYANG DE 6.50 04/14/24 CNY 61.54 YINGKOU BEIHAI NEW CITY 7.19 07/12/24 CNY 61.56 YINGKOU BEIHAI NEW CITY 7.19 07/12/24 CNY 62.23 YINGKOU BEIHAI NEW CITY 7.98 01/25/25 CNY 60.00 YINGKOU BEIHAI NEW CITY 7.98 01/25/25 CNY 64.12 YINGKOU ECO & TECH DEVEL 5.20 08/05/23 CNY 39.49 YINGKOU ECO & TECH DEVEL 5.20 08/05/23 CNY 39.75 YINGKOU ECO & TECH DEVEL 6.98 04/19/24 CNY 61.03 YINGKOU ECO & TECH DEVEL 6.98 04/19/24 CNY 61.52 YINGKOU LAOBIAN CITY CON 5.63 12/16/22 CNY 20.13 YINGKOU LAOBIAN CITY CON 4.98 03/11/23 CNY 38.14 YINGTAN JUNENG INVESTMEN 6.75 07/31/22 CNY 20.31 YINGTAN JUNENG INVESTMEN 6.75 07/31/22 CNY 21.18 YINGTAN STATE-OWNED ASSE 7.50 12/12/22 CNY 15.52 YINGTAN STATE-OWNED ASSE 7.50 12/12/22 CNY 15.52 YINING CITY STATE OWNED 5.37 09/24/22 CNY 19.40 YINING CITY STATE OWNED 5.37 09/24/22 CNY 19.99 YIWU CITY CONSTRUCTION I 4.31 12/07/22 CNY 20.21 YIWU CITY CONSTRUCTION I 4.31 12/07/22 CNY 20.21 YIWU CITY CONSTRUCTION I 5.48 08/18/24 CNY 60.00 YIWU CITY CONSTRUCTION I 5.48 08/18/24 CNY 61.68 YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 20.00 YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 20.06 YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 20.06 YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 28.00 YIYANG PROVINCE AREA INN 4.95 10/13/23 CNY 38.36 YIYANG PROVINCE AREA INN 4.95 10/13/23 CNY 40.55 YIYANG PROVINCE AREA INN 5.16 11/23/23 CNY 37.48 YIYANG PROVINCE AREA INN 5.16 11/23/23 CNY 39.01 YIYUAN HONGDING ASSET OP 7.50 08/17/25 CNY 70.01 YIZHANG XINGYI CONSTRUCT 5.49 09/02/24 CNY 53.42 YIZHANG XINGYI CONSTRUCT 5.49 09/02/24 CNY 54.17 YIZHENG SHI'ERWEI NEW AR 6.77 08/22/24 CNY 60.52 YONG ZHOU CITY DEVELOPME 5.30 07/13/24 CNY 61.15 YONG ZHOU CITY DEVELOPME 5.30 07/13/24 CNY 61.60 YONGCHENG COAL & ELECTRI 7.50 02/02/21 CNY 39.88 YONGXING YINDU INVESTMEN 5.60 03/24/23 CNY 39.49 YONGXING YINDU INVESTMEN 5.60 03/24/23 CNY 39.50 YONGXING YINDU INVESTMEN 6.93 07/07/24 CNY 60.00 YONGXING YINDU INVESTMEN 6.93 07/07/24 CNY 60.19 YONGXING YINDU INVESTMEN 6.50 08/14/24 CNY 60.00 YONGXING YINDU INVESTMEN 6.50 08/14/24 CNY 61.67 YONGZHOU ECONOMIC CONSTR 3.55 01/14/23 CNY 19.72 YONGZHOU ECONOMIC CONSTR 3.55 01/14/23 CNY 20.08 YUANAN COUNTY QIFENG CIT 5.50 05/27/23 CNY 40.23 YUANAN COUNTY QIFENG CIT 5.50 05/27/23 CNY 40.41 YUANLING CHENZHOU INVEST 6.50 09/20/24 CNY 60.00 YUANLING CHENZHOU INVEST 6.50 09/20/24 CNY 62.06 YUANLING CHENZHOU INVEST 6.50 11/30/24 CNY 60.00 YUANLING CHENZHOU INVEST 6.50 11/30/24 CNY 62.30 YUEYANG DONGTING XINCHEN 6.15 03/20/22 CNY 20.02 YUEYANG HUIHUA URBAN INV 5.78 04/18/24 CNY 61.15 YUEYANG HUIHUA URBAN INV 5.78 04/18/24 CNY 61.41 YUEYANG HUIHUA URBAN INV 5.96 07/26/24 CNY 61.71 YUEYANG HUIHUA URBAN INV 5.96 07/26/24 CNY 62.02 YUEYANG URBAN CONSTRUCTI 4.80 01/27/26 CNY 61.98 YUEYANG URBAN CONSTRUCTI 4.80 01/27/26 CNY 61.98 YUEYANG YUNXI CITY CONST 6.00 07/08/23 CNY 38.53 YUEYANG YUNXI CITY CONST 5.18 11/21/23 CNY 39.00 YUHUAN CITY COMMUNICATIO 6.18 03/20/22 CNY 20.04 YUHUAN CITY COMMUNICATIO 6.18 03/20/22 CNY 24.47 YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 40.26 YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 40.50 YUHUAN CITY CONSTRUCTION 3.72 10/21/23 CNY 39.79 YUHUAN CITY CONSTRUCTION 3.72 10/21/23 CNY 40.30 YUNCHENG SHUIHU CITY CON 4.54 11/21/23 CNY 38.45 YUNCHENG SHUIHU CITY CON 4.54 11/21/23 CNY 39.74 YUNCHENG URBAN CONSTRUCT 6.30 08/29/24 CNY 59.04 YUNCHENG URBAN CONSTRUCT 6.30 08/29/24 CNY 59.10 YUZHOU GENERAL INVESTMEN 4.68 01/19/23 CNY 20.00 YUZHOU GENERAL INVESTMEN 4.68 01/19/23 CNY 20.13 ZAOYANG CITY CONSTRUCTIO 5.50 03/22/23 CNY 40.18 ZAOYANG CITY CONSTRUCTIO 5.50 03/22/23 CNY 40.52 ZHANGJIAGANG ECONOMY DEV 3.95 03/22/23 CNY 40.00 ZHANGJIAGANG ECONOMY DEV 3.95 03/22/23 CNY 40.23 ZHANGJIAJIE ECONOMIC DEV 6.47 07/24/27 CNY 73.29 ZHANGQIU STATE OWNED ASS 3.69 08/09/23 CNY 39.64 ZHANGQIU STATE OWNED ASS 3.69 08/09/23 CNY 40.19 ZHANGSHU STATE-OWNED ASS 4.80 06/22/23 CNY 40.39 ZHANGSHU STATE-OWNED ASS 4.80 06/22/23 CNY 42.67 ZHANGZHOU ECONOMIC DEVEL 6.17 04/27/22 CNY 20.13 ZHANGZHOU ECONOMIC DEVEL 6.17 04/27/22 CNY 20.20 ZHAODONG DONGSHENG CONST 6.50 01/20/24 CNY 41.30 ZHAODONG DONGSHENG CONST 6.50 01/20/24 CNY 41.31 ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 20.00 ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 20.12 ZHAOQING HI-TECH ZONE CO 3.97 08/26/23 CNY 40.01 ZHAOQING HI-TECH ZONE CO 3.97 08/26/23 CNY 40.03 ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 20.22 ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 20.30 ZHEJIANG HANGZHOU QINGSH 5.99 06/30/24 CNY 62.24 ZHEJIANG HANGZHOU QINGSH 5.99 06/30/24 CNY 62.25 ZHEJIANG HUISHENG INVEST 4.49 03/15/24 CNY 55.00 ZHEJIANG HUISHENG INVEST 4.49 03/15/24 CNY 55.53 ZHEJIANG OUHAI CONSTRUCT 6.45 04/23/22 CNY 20.13 ZHEJIANG OUHAI CONSTRUCT 6.45 04/23/22 CNY 20.20 ZHEJIANG OUHAI CONSTRUCT 4.83 01/21/23 CNY 20.10 ZHEJIANG OUHAI CONSTRUCT 4.83 01/21/23 CNY 20.32 ZHEJIANG TIANTAI STATE-O 6.50 11/22/24 CNY 60.00 ZHEJIANG TIANTAI STATE-O 6.50 11/22/24 CNY 62.60 ZHENGZHOU AIRPORT ECONOM 4.27 07/20/26 CNY 53.31 ZHENGZHOU AIRPORT ECONOM 4.27 07/20/26 CNY 53.46 ZHENGZHOU GENERAL AVIATI 5.98 06/27/24 CNY 60.00 ZHENGZHOU GENERAL AVIATI 5.98 06/27/24 CNY 62.13 ZHENGZHOU GENERAL AVIATI 5.80 10/18/24 CNY 60.00 ZHENGZHOU GENERAL AVIATI 5.80 10/18/24 CNY 62.41 ZHENGZHOU JINGKAI INVEST 5.48 07/31/22 CNY 20.00 ZHENGZHOU JINGKAI INVEST 5.48 07/31/22 CNY 20.21 ZHENGZHOU MOUZHONG DEVEL 4.59 04/18/23 CNY 40.13 ZHENGZHOU MOUZHONG DEVEL 4.59 04/18/23 CNY 40.14 ZHENJIANG DANTU DISTRICT 5.98 11/06/24 CNY 59.40 ZHENJIANG DANTU DISTRICT 5.98 11/06/24 CNY 62.02 ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 39.82 ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 40.58 ZHENRO REAL ESTATE HOLDI 5.45 09/14/24 CNY 53.15 ZHIJIANG STATE-OWNED ASS 4.78 01/11/23 CNY 19.40 ZHIJIANG STATE-OWNED ASS 4.78 01/11/23 CNY 19.90 ZHIJIANG STATE-OWNED ASS 4.38 03/28/23 CNY 39.25 ZHIJIANG STATE-OWNED ASS 4.38 03/28/23 CNY 39.82 ZHIJIANG WANYUN COMMUNIC 7.00 08/29/24 CNY 62.19 ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 20.12 ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 20.15 ZHONGSHAN TORCH DEVELOPM 5.79 03/23/24 CNY 61.78 ZHONGXIANG CITY CONSTRUC 6.50 09/01/24 CNY 62.47 ZHONGXIANG CITY CONSTRUC 6.50 09/01/24 CNY 62.47 ZHOUSHAN DINGHAI CITY CO 6.67 07/20/22 CNY 20.15 ZHOUSHAN ISLANDS NEW DIS 6.98 10/22/22 CNY 25.40 ZHOUSHAN ISLANDS NEW DIS 6.98 10/22/22 CNY 25.59 ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 25.32 ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 26.90 ZHUCHENG ECONOMIC DEVELO 5.37 07/12/24 CNY 60.14 ZHUCHENG ECONOMIC DEVELO 5.37 07/12/24 CNY 61.63 ZHUHAI HUIHUA INFRASTRUC 4.70 06/27/23 CNY 40.23 ZHUHAI HUIHUA INFRASTRUC 4.70 06/27/23 CNY 40.26 ZHUJI CITY EAST NEW TOWN 3.89 08/26/23 CNY 40.23 ZHUJI CITY YUEDU INVESTM 6.38 04/07/22 CNY 20.07 ZHUJI STATE-OWNED ASSETS 5.34 06/28/24 CNY 61.66 ZHUJI STATE-OWNED ASSETS 5.34 06/28/24 CNY 62.50 ZHUJI STATE-OWNED ASSETS 5.23 07/18/24 CNY 61.75 ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 20.00 ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 20.07 ZHUZHOU GECKOR GROUP CO 3.78 09/28/23 CNY 39.60 ZHUZHOU GECKOR GROUP CO 3.78 09/28/23 CNY 39.61 ZHUZHOU HI-TECH AUTO EXP 4.47 11/03/23 CNY 50.27 ZHUZHOU LUSONG STATE OWN 7.00 01/30/25 CNY 63.60 ZHUZHOU LVXIANG INVESTME 7.09 08/16/24 CNY 53.69 ZHUZHOU LVXIANG INVESTME 7.09 08/16/24 CNY 60.68 ZHUZHOU RAILWAY INDUSTRY 7.50 09/25/24 CNY 60.95 ZHUZHOU RECYCLING ECONOM 4.38 03/24/23 CNY 38.48 ZHUZHOU RECYCLING ECONOM 4.38 03/24/23 CNY 38.54 ZHUZHOU XIANGJIAN INVEST 6.40 08/09/24 CNY 60.00 ZHUZHOU XIANGJIAN INVEST 6.40 08/09/24 CNY 60.31 ZHUZHOU XIANGJIANG SCENI 5.39 11/25/22 CNY 19.61 ZHUZHOU XIANGJIANG SCENI 5.39 11/25/22 CNY 19.90 ZHUZHOU YUNLONG DEVELOPM 7.80 03/08/25 CNY 71.84 ZIBO BANYANG CITY URBAN 5.50 09/09/22 CNY 20.00 ZIBO BANYANG CITY URBAN 5.50 09/09/22 CNY 20.06 ZIBO BOSHAN STATE OWNED 5.63 03/29/24 CNY 60.36 ZIBO BOSHAN STATE OWNED 5.63 03/29/24 CNY 61.46 ZIBO HIGH TECH CITY INVE 5.28 08/10/24 CNY 61.81 ZIBO HIGH TECH CITY INVE 5.28 08/10/24 CNY 64.80 ZIXING CHENGCHENG INVEST 6.20 03/16/24 CNY 61.20 ZIXING CHENGCHENG INVEST 6.20 03/16/24 CNY 61.73 ZIXING CHENGCHENG INVEST 6.18 08/09/24 CNY 60.00 ZIXING CHENGCHENG INVEST 6.18 08/09/24 CNY 61.90 ZIXING CITY DEVELOPMENT 6.00 05/03/24 CNY 61.01 ZIXING CITY DEVELOPMENT 6.00 05/03/24 CNY 61.22 ZIXING CITY DEVELOPMENT 6.30 09/26/24 CNY 60.00 ZIXING CITY DEVELOPMENT 6.30 09/26/24 CNY 61.86 ZIYANG WATER INVESTMENT 3.97 03/17/23 CNY 38.74 ZIYANG WATER INVESTMENT 3.97 03/17/23 CNY 38.75 ZIZHONG COUNTY XINGZI IN 5.97 01/18/23 CNY 19.55 ZIZHONG COUNTY XINGZI IN 5.97 01/18/23 CNY 19.68 ZONGYANG INVESTMENT DEVE 5.85 04/25/24 CNY 60.00 ZONGYANG INVESTMENT DEVE 5.85 04/25/24 CNY 61.69 ZUNYI BOZHOU URBAN CONST 6.60 07/06/24 CNY 61.20 ZUNYI BOZHOU URBAN CONST 6.60 07/06/24 CNY 61.25 ZUNYI BOZHOU URBAN CONST 7.85 10/24/24 CNY 60.00 ZUNYI BOZHOU URBAN CONST 7.85 10/24/24 CNY 62.72 ZUNYI CITY XIANGJIANG IN 6.99 09/25/24 CNY 61.80 ZUNYI ECONOMIC DEVELOPME 4.87 01/22/23 CNY 18.29 ZUNYI ECONOMIC DEVELOPME 7.48 08/17/24 CNY 49.00 ZUNYI ECONOMIC DEVELOPME 7.48 08/17/24 CNY 56.41 ZUNYI HONGHUAGANG DISTRI 5.05 06/27/23 CNY 38.00 ZUNYI HONGHUAGANG DISTRI 5.05 06/27/23 CNY 39.96 ZUNYI HONGHUAGANG DISTRI 6.98 07/25/24 CNY 56.63 ZUNYI HONGHUAGANG DISTRI 6.98 07/25/24 CNY 61.55 ZUNYI NEW DISTRICT DEVEL 5.99 04/07/26 CNY 47.61 ZUNYI NEW DISTRICT DEVEL 5.99 04/07/26 CNY 50.90 ZUNYI ROAD & BRIDGE CONS 6.10 04/27/23 CNY 34.50 ZUNYI ROAD & BRIDGE CONS 6.10 04/27/23 CNY 36.70 ZUNYI TRAFFIC TRAVEL INV 7.70 09/27/27 CNY 72.52 ZUNYI TRAFFIC TRAVEL INV 7.70 09/27/27 CNY 73.90 HONG KONG --------- DR PENG HOLDING HONGKONG 7.55 12/01/22 USD 45.98 HAINAN AIRLINES HONG KON 12.00 10/29/21 USD 30.00 HNA GROUP INTERNATIONAL 6.25 10/05/21 USD 17.30 YANGO JUSTICE INTERNATIO 5.30 01/11/22 USD 18.03 YANGO JUSTICE INTERNATIO 10.25 03/18/22 USD 17.89 YANGO JUSTICE INTERNATIO 10.25 09/15/22 USD 18.06 YANGO JUSTICE INTERNATIO 10.00 02/12/23 USD 17.12 YANGO JUSTICE INTERNATIO 9.25 04/15/23 USD 19.50 YANGO JUSTICE INTERNATIO 8.25 11/25/23 USD 19.50 YANGO JUSTICE INTERNATIO 7.50 04/15/24 USD 17.10 YANGO JUSTICE INTERNATIO 7.88 09/04/24 USD 17.08 YANGO JUSTICE INTERNATIO 7.50 02/17/25 USD 16.38 INDONESIA --------- BERAU COAL ENERGY TBK PT 2.00 10/15/28 USD 24.23 BERAU COAL ENERGY TBK PT 2.00 10/15/28 USD 24.23 DELTA MERLIN DUNIA TEKST 2.50 06/26/28 USD 19.64 SRI REJEKI ISMAN TBK PT 7.25 01/16/25 USD 11.14 SRI REJEKI ISMAN TBK PT 7.25 01/16/25 USD 12.13 INDIA ----- ACME MEDAK SOLAR ENERGY 0.01 08/29/46 INR 15.25 ACME RANGA REDDY SOLAR P 0.01 08/31/46 INR 15.17 AMPSOLAR SOLUTION PVT LT 0.01 10/27/37 INR 30.00 AMPSOLAR SOLUTION PVT LT 0.01 11/03/37 INR 29.95 AMTEK AUTO LTD 0.10 12/07/28 INR 57.29 APG HABITAT PVT LTD 1.00 09/09/28 INR 66.04 APG INTELLI HOMES PVT LT 1.25 02/04/35 INR 46.59 APG INTELLI HOMES PVT LT 1.25 02/04/35 INR 47.45 ASSETS CARE & RECONSTRUC 1.00 03/30/29 INR 65.37 ASSETS CARE & RECONSTRUC 2.00 03/30/29 INR 70.88 ASSETS CARE & RECONSTRUC 2.00 03/30/29 INR 70.88 ASSETS CARE & RECONSTRUC 2.00 03/31/30 INR 67.29 AUTOMOTIVE EXCHANGE PVT 4.00 06/01/30 INR 64.14 AUTOMOTIVE EXCHANGE PVT 4.00 10/11/30 INR 63.73 BODY CUPID PVT LTD 0.01 03/31/31 INR 50.52 BREEZE CONSTRUCTIONS PVT 0.01 06/29/30 INR 50.83 BRITANNIA INDUSTRIES LTD 8.00 08/28/22 INR 30.45 BRITANNIA INDUSTRIES LTD 5.50 06/03/24 INR 29.07 BROIL SOLAR ENERGY PVT L 0.01 09/05/31 INR 48.21 CHANDRAJYOTI ESTATE DEVE 0.01 07/06/30 INR 52.25 CONVERGIA DIGITAL EDUCAT 0.10 09/29/31 INR 56.05 CUMULUS TRADING CO PVT L 0.01 01/23/30 INR 69.94 CUMULUS TRADING CO PVT L 0.01 05/21/32 INR 44.17 DLF ASPINWAL HOTELS PVT 0.01 10/15/30 INR 48.75 DLF EMPORIO RESTAURANTS 0.01 06/29/30 INR 52.60 DLF EMPORIO RESTAURANTS 0.01 08/12/30 INR 52.10 DLF HOME DEVELOPERS LTD 0.01 06/29/30 INR 55.26 DLF HOMES PANCHKULA PVT 0.01 06/29/30 INR 50.96 DLF HOMES SERVICES PVT L 0.01 06/29/30 INR 50.83 DLF LANDS INDIA PVT LTD 0.01 09/29/31 INR 47.20 DLF MIDTOWN PVT LTD 0.01 12/11/27 INR 66.04 DLF REAL ESTATE BUILDERS 0.01 06/23/30 INR 52.30 DLF RECREATIONAL FOUNDAT 0.01 10/15/30 INR 48.76 DLF RESIDENTIAL BUILDERS 0.01 06/23/30 INR 51.08 DLF RESIDENTIAL DEVELOPE 0.01 06/28/30 INR 52.31 DLF SOUTHERN TOWNS PVT L 0.01 07/09/30 INR 52.44 DLF URBAN PVT LTD 0.01 12/11/27 INR 66.04 DOMUS REAL ESTATE PVT LT 0.01 07/11/30 INR 52.37 ECAP EQUITIES LTD 0.01 03/26/31 INR 51.43 EDEL LAND LTD 0.01 03/22/26 INR 73.97 EDELWEISS ASSET RECONSTR 2.00 11/20/27 INR 74.92 EDELWEISS ASSET RECONSTR 2.00 10/07/28 INR 71.23 EDELWEISS ASSET RECONSTR 2.00 01/15/29 INR 70.12 EDELWEISS ASSET RECONSTR 2.00 03/28/29 INR 69.36 EDELWEISS ASSET RECONSTR 2.00 07/22/29 INR 68.17 EDELWEISS RURAL & CORPOR 0.01 03/25/31 INR 52.26 ELP SOLAR ONE PVT LTD 0.25 02/27/31 INR 51.23 ESSAR POWER TRANSMISSION 3.00 03/31/43 INR 47.89 ESSAR POWER TRANSMISSION 3.00 03/31/43 INR 47.89 FUTURE RETAIL LTD 5.60 01/22/25 USD 57.25 FUTURE RETAIL LTD 5.60 01/22/25 USD 59.88 GAMMA GAANA LTD 0.01 07/31/31 INR 48.26 GREEN URJA PVT LTD 0.01 02/14/30 INR 54.30 GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 9.88 HCL INFOTECH LTD 0.10 03/31/36 INR 34.54 HITODI INFRASTRUCTURE LT 0.01 06/30/27 INR 65.64 JAIPRAKASH ASSOCIATES LT 5.75 09/08/17 USD 55.13 JAIPRAKASH POWER VENTURE 7.00 05/15/17 USD 6.04 JCT LTD 2.50 04/08/11 USD 25.75 JSM CORP PVT LTD 0.01 08/31/36 INR 32.25 JTPM ATSALI LTD 0.01 08/29/48 INR 13.57 JUNO MONETA TECHNOLOGIES 0.01 05/18/26 INR 74.18 KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 31.06 KUSHALS RETAIL PVT LTD 1.00 05/13/29 INR 63.64 L&T FINANCE LTD 6.25 12/03/24 INR 71.42 LITMUS WORLD MARKETING T 0.01 03/31/28 INR 68.32 MARIS POWER SUPPLY CO PV 2.00 04/18/28 INR 74.05 MELOSA BUILDERS & DEVELO 0.01 06/29/30 INR 50.83 MENS BUILDCON PVT LTD 0.01 06/29/30 INR 50.83 METALITE FUEL INDUSTRIES 0.01 03/31/35 INR 37.14 MYTRAH AADHYA POWER PVT 0.01 07/05/35 INR 35.87 MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 33.10 MYTRAH AKSHAYA ENERGY PV 0.01 07/13/36 INR 33.10 NANI VIRANI WIND ENERGY 2.00 06/30/39 INR 45.62 NEEMUCH SOLAR POWER PVT 0.01 08/29/46 INR 15.25 NHAVA SHEVA INTERNATIONA 0.01 04/14/27 INR 69.16 ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 31.85 PALIWAL REAL ESTATE LTD 0.01 09/09/31 INR 46.91 PIRAMAL CAPITAL & HOUSIN 8.50 04/18/23 INR 34.23 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PRUDENT ARC LTD 0.01 09/02/31 INR 47.49 PRUDENT ARC LTD 0.01 10/04/31 INR 45.80 PUNJAB INFRASTRUCTURE DE 0.40 10/15/27 INR 70.52 PUNJAB INFRASTRUCTURE DE 0.40 10/15/28 INR 65.43 PUNJAB INFRASTRUCTURE DE 0.40 10/15/29 INR 60.65 PUNJAB INFRASTRUCTURE DE 0.40 10/15/30 INR 56.18 PUNJAB INFRASTRUCTURE DE 0.40 10/15/31 INR 52.04 PUNJAB INFRASTRUCTURE DE 0.40 10/15/32 INR 48.25 PUNJAB INFRASTRUCTURE DE 0.40 10/15/33 INR 44.80 PURVANCHAL SOLAR POWER P 0.01 08/29/46 INR 15.25 PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 0.26 R L FINE CHEM PVT LTD 0.10 08/19/36 INR 32.75 RAMANI ICECREAM CO LTD 0.01 12/29/35 INR 35.13 REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 72.87 REI AGRO LTD 5.50 11/13/14 USD 0.69 REI AGRO LTD 5.50 11/13/14 USD 0.69 RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 8.04 REWANCHAL SOLAR POWER PV 0.01 08/29/46 INR 15.25 RIVERIA COMMERCIAL DEVEL 0.01 07/08/31 INR 46.32 RMZ ONE PARAMOUNT PVT LT 0.10 03/24/29 INR 58.84 SAKET HOLIDAYS RESORTS P 0.01 06/29/30 INR 52.06 SANJWIN CONSULTING SOLUT 0.01 06/01/28 INR 61.13 SHERISHA ROOFTOP SOLAR S 0.01 08/12/31 INR 45.42 SHIVAJI MARG MAINTENANCE 0.01 06/28/30 INR 51.21 SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 26.24 STPL HORTICULTURE PVT LT 0.01 03/31/31 INR 58.11 SUNWORLD SOLAR POWER PVT 0.01 08/31/46 INR 15.17 SURBHI INVESTMENTS & TRA 2.50 10/21/28 INR 73.74 SUTARA ROADS & INFRA LTD 0.01 08/31/30 INR 58.54 SUZLON ENERGY LTD 5.75 07/16/19 USD 23.63 SUZLON ENERGY LTD 5.75 07/16/19 USD 23.63 SVOGL OIL GAS & ENERGY L 5.00 08/17/15 USD 0.61 TATA SMARTFOODZ LTD 0.01 04/18/26 INR 74.48 TATA SMARTFOODZ LTD 0.01 06/28/26 INR 73.27 TATA SMARTFOODZ LTD 0.01 08/19/26 INR 72.38 TN URJA PVT LTD 0.10 02/22/36 INR 34.80 JAPAN ----- AVANSTRATE INC 0.20 10/29/32 JPY 9.75 HIS CO LTD 0.58 02/19/27 JPY 65.06 TKJP CORP 1.02 12/15/17 JPY 0.50 TKJP CORP 0.85 03/06/19 JPY 2.02 TKJP CORP 0.58 03/26/21 JPY 2.02 UNIZO HOLDINGS CO LTD 0.52 05/27/22 JPY 60.00 UNIZO HOLDINGS CO LTD 0.75 11/28/22 JPY 55.06 UNIZO HOLDINGS CO LTD 0.85 05/26/23 JPY 42.43 UNIZO HOLDINGS CO LTD 0.80 11/29/23 JPY 37.62 UNIZO HOLDINGS CO LTD 0.89 05/29/24 JPY 34.38 UNIZO HOLDINGS CO LTD 1.10 11/28/24 JPY 32.96 UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 30.00 UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 23.55 UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 24.20 WATSUN INFRABUILD PVT LT 4.00 10/16/37 INR 62.22 YBRANT ENGINEERING & CON 0.01 05/07/31 INR 50.03 MALAYSIA -------- ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.59 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.27 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.26 CAPITAL A BHD 8.00 12/29/28 MYR 0.68 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.08 HUME CEMENT INDUSTRIES B 5.00 05/29/24 MYR 1.42 MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.21 PENGURUSAN AIR SPV BHD 1.00 09/28/35 MYR 64.72 PENGURUSAN AIR SPV BHD 1.00 11/05/35 MYR 64.44 PENGURUSAN AIR SPV BHD 1.00 02/05/36 MYR 64.58 PENGURUSAN AIR SPV BHD 1.00 11/11/36 MYR 62.07 PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 19.30 SCANWOLF CORP BHD 3.00 08/04/26 MYR 0.31 SD INTERNATIONAL SUKUK I 7.00 03/12/25 USD 9.17 SD INTERNATIONAL SUKUK L 6.30 05/09/22 USD 9.89 YB VENTURES BHD 0.10 09/05/26 MYR 0.06 PHILIPPINES ----------- BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 17.28 SINGAPORE --------- APL REALTY HOLDINGS PTE 5.95 06/02/24 USD 57.57 ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 41.51 ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 41.50 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.60 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.60 BANYAN TREE HOLDINGS LTD 7.50 08/06/22 SGD 1.21 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 6.75 DAVOMAS INTERNATIONAL FI 11.00 05/09/11 USD 0.62 DAVOMAS INTERNATIONAL FI 11.00 05/09/11 USD 0.62 DAVOMAS INTERNATIONAL FI 11.00 12/08/14 USD 0.57 DAVOMAS INTERNATIONAL FI 11.00 12/08/14 USD 0.57 ENERCOAL RESOURCES PTE L 9.25 08/05/14 USD 45.75 ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 43.43 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00 GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 13.85 GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 16.45 INDO INFRASTRUCTURE GROU 2.00 07/30/10 USD 1.00 INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 36.17 ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 15.00 JGC VENTURES PTE LTD 3.00 06/30/25 USD 52.02 MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 0.61 MODERNLAND OVERSEAS PTE 3.00 04/30/27 USD 45.61 MULHACEN PTE LTD 6.50 08/01/23 EUR 51.60 MULHACEN PTE LTD 6.50 08/01/23 EUR 51.67 NT RIG HOLDCO PTE LTD 7.50 12/31/23 USD 11.53 ORO NEGRO DRILLING PTE L 7.50 01/24/19 USD 2.23 PACIFIC RADIANCE LTD 4.30 03/31/20 SGD 10.00 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SSMS PLANTATION HOLDINGS 7.75 01/23/23 USD 65.78 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 6.13 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13 SOUTH KOREA ----------- FIRST 5G SECURITIZATION 1.71 02/28/25 KRW 27.06 FIRST 5G SECURITIZATION 1.89 11/28/25 KRW 27.42 HEUNGKUK FIRE & MARINE I 5.70 12/29/46 KRW 44.50 KIBO ABS SPECIALTY CO LT 5.00 02/24/23 KRW 73.02 KIBO ABS SPECIALTY CO LT 5.00 02/24/23 KRW 73.89 KIBO ABS SPECIALTY CO LT 5.00 02/09/24 KRW 74.19 KIBO ABS SPECIALTY CO LT 5.00 02/24/24 KRW 70.98 KOREA EAST-WEST POWER CO 1.42 10/07/49 KRW 70.38 KOREA EXPRESSWAY CORP 1.32 08/22/49 KRW 72.36 KOREA HYDRO & NUCLEAR PO 1.58 10/16/49 KRW 74.98 KOREA LAND & HOUSING COR 1.28 08/23/49 KRW 71.36 KOREA MIDLAND POWER CO L 1.53 02/25/50 KRW 72.27 KOREA RAIL NETWORK AUTHO 1.46 09/27/49 KRW 74.86 KOREA RAILROAD CORP 1.44 07/26/49 KRW 73.90 KOREA RAILROAD CORP 1.31 08/29/49 KRW 71.98 KOREA RAILROAD CORP 1.47 09/19/49 KRW 74.94 KOREA SOUTH-EAST POWER C 1.65 06/11/50 KRW 74.29 KOREA SOUTHERN POWER CO 1.29 08/13/49 KRW 67.82 KOREA SOUTHERN POWER CO 1.63 12/19/49 KRW 74.23 KOREA SOUTHERN POWER CO 1.68 06/25/50 KRW 74.84 KOREA TREASURY BOND 1.50 09/10/66 KRW 71.29 KOREA TREASURY BOND 1.63 09/10/70 KRW 73.66 KOREA WATER RESOURCES CO 3.40 05/28/40 KRW 53.88 KOREA WESTERN POWER CO L 1.62 05/28/50 KRW 73.77 KOREA WESTERN POWER CO L 1.68 08/27/50 KRW 74.88 LOTTE CARD CO LTD 3.95 06/28/49 KRW 41.03 SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00 SINBO SECURITIZATION SPE 5.00 02/23/22 KRW 70.71 SINBO SECURITIZATION SPE 5.00 06/27/22 KRW 64.86 SINBO SECURITIZATION SPE 5.00 07/24/22 KRW 64.06 SINBO SECURITIZATION SPE 5.00 07/26/22 KRW 64.03 SINBO SECURITIZATION SPE 5.00 08/29/22 KRW 64.16 SINBO SECURITIZATION SPE 5.00 08/31/22 KRW 64.26 SINBO SECURITIZATION SPE 5.00 09/26/22 KRW 63.21 SINBO SECURITIZATION SPE 5.00 12/25/22 KRW 72.83 SINBO SECURITIZATION SPE 5.00 01/25/23 KRW 61.75 SINBO SECURITIZATION SPE 5.00 01/29/23 KRW 72.56 SINBO SECURITIZATION SPE 5.00 06/27/23 KRW 65.55 SINBO SECURITIZATION SPE 5.00 06/30/23 KRW 65.53 SINBO SECURITIZATION SPE 5.00 07/24/23 KRW 65.37 SINBO SECURITIZATION SPE 5.00 07/29/23 KRW 65.35 SINBO SECURITIZATION SPE 5.00 08/29/23 KRW 66.34 SINBO SECURITIZATION SPE 5.00 08/29/23 KRW 66.34 SINBO SECURITIZATION SPE 5.00 09/26/23 KRW 66.02 SINBO SECURITIZATION SPE 5.00 09/26/23 KRW 66.02 SINBO SECURITIZATION SPE 5.00 09/26/23 KRW 66.02 SINBO SECURITIZATION SPE 5.00 09/29/23 KRW 65.99 SINBO SECURITIZATION SPE 5.00 10/24/23 KRW 65.67 SINBO SECURITIZATION SPE 5.00 10/24/23 KRW 65.67 SINBO SECURITIZATION SPE 3.00 11/21/23 KRW 63.61 SINBO SECURITIZATION SPE 5.00 11/21/23 KRW 66.59 SINBO SECURITIZATION SPE 4.00 12/25/23 KRW 64.65 SINBO SECURITIZATION SPE 4.00 12/25/23 KRW 64.65 SINBO SECURITIZATION SPE 5.00 12/25/23 KRW 73.05 SINBO SECURITIZATION SPE 5.00 12/29/23 KRW 69.77 SINBO SECURITIZATION SPE 3.00 01/29/24 KRW 68.70 SINBO SECURITIZATION SPE 4.00 01/29/24 KRW 70.73 SINBO SECURITIZATION SPE 4.00 01/29/24 KRW 70.73 SINBO SECURITIZATION SPE 5.00 01/29/24 KRW 74.26 SINBO SECURITIZATION SPE 5.00 02/27/24 KRW 66.73 SINBO SECURITIZATION SPE 5.00 02/29/24 KRW 74.25 SINBO SECURITIZATION SPE 4.00 04/15/24 KRW 65.06 SINBO SECURITIZATION SPE 4.00 06/30/24 KRW 65.73 SINBO SECURITIZATION SPE 4.00 06/30/24 KRW 65.73 SINBO SECURITIZATION SPE 5.00 06/30/24 KRW 67.55 SINBO SECURITIZATION SPE 4.00 07/29/24 KRW 65.51 SINBO SECURITIZATION SPE 5.00 07/29/24 KRW 67.30 SINBO SECURITIZATION SPE 5.00 07/29/24 KRW 67.30 SINBO SECURITIZATION SPE 4.00 08/28/24 KRW 66.25 SINBO SECURITIZATION SPE 4.00 08/28/24 KRW 66.25 SINBO SECURITIZATION SPE 5.00 08/28/24 KRW 68.26 SINBO SECURITIZATION SPE 4.00 09/29/24 KRW 65.96 SINBO SECURITIZATION SPE 4.00 09/29/24 KRW 65.96 SINBO SECURITIZATION SPE 5.00 09/29/24 KRW 67.95 SINBO SECURITIZATION SPE 4.00 11/27/24 KRW 68.94 SINBO SECURITIZATION SPE 4.00 11/27/24 KRW 68.94 SINBO SECURITIZATION SPE 5.00 11/27/24 KRW 71.05 SINBO SECURITIZATION SPE 5.00 11/27/24 KRW 71.05 SINBO SECURITIZATION SPE 4.00 12/29/24 KRW 74.84 SINBO SECURITIZATION SPE 4.00 12/29/24 KRW 74.84 SINBO SECURITIZATION SPE 4.00 01/29/25 KRW 74.66 SINBO SECURITIZATION SPE 4.00 02/28/25 KRW 74.56 SK TELECOM CO LTD 1.56 07/29/49 KRW 73.88 SRI LANKA --------- SRI LANKA DEVELOPMENT BO 4.86 03/16/23 USD 72.81 SRI LANKA DEVELOPMENT BO 6.62 03/16/23 USD 74.47 SRI LANKA DEVELOPMENT BO 4.73 05/01/23 USD 70.48 SRI LANKA DEVELOPMENT BO 4.77 05/01/23 USD 70.52 SRI LANKA DEVELOPMENT BO 5.66 05/01/23 USD 71.34 SRI LANKA DEVELOPMENT BO 6.69 05/01/23 USD 72.27 SRI LANKA DEVELOPMENT BO 6.70 05/01/23 USD 72.28 SRI LANKA DEVELOPMENT BO 6.71 05/01/23 USD 72.29 SRI LANKA DEVELOPMENT BO 7.65 05/01/23 USD 73.13 SRI LANKA DEVELOPMENT BO 7.75 05/01/23 USD 73.22 SRI LANKA DEVELOPMENT BO 7.95 05/01/24 USD 60.54 SRI LANKA DEVELOPMENT BO 7.98 05/01/24 USD 60.59 SRI LANKA DEVELOPMENT BO 7.99 05/01/24 USD 60.60 SRI LANKA DEVELOPMENT BO 8.00 05/01/24 USD 60.74 SRI LANKA DEVELOPMENT BO 5.98 01/22/25 USD 51.71 SRI LANKA DEVELOPMENT BO 6.02 01/22/25 USD 51.78 SRI LANKA DEVELOPMENT BO 6.05 01/22/25 USD 51.83 SRI LANKA DEVELOPMENT BO 5.41 01/22/25 USD 52.24 SRI LANKA DEVELOPMENT BO 6.50 01/22/25 USD 52.62 SRI LANKA DEVELOPMENT BO 6.75 01/22/25 USD 53.06 SRI LANKA DEVELOPMENT BO 6.80 01/22/25 USD 53.15 SRI LANKA DEVELOPMENT BO 6.82 01/22/25 USD 53.18 SRI LANKA DEVELOPMENT BO 6.87 01/22/25 USD 53.27 SRI LANKA DEVELOPMENT BO 6.99 01/22/25 USD 53.48 SRI LANKA DEVELOPMENT BO 7.68 01/22/25 USD 54.69 SRI LANKA DEVELOPMENT BO 7.82 01/22/25 USD 54.93 SRI LANKA DEVELOPMENT BO 7.60 07/30/26 USD 48.73 SRI LANKA DEVELOPMENT BO 8.00 07/30/26 USD 49.64 SRI LANKA GOVERNMENT INT 5.75 04/18/23 USD 52.69 SRI LANKA GOVERNMENT INT 5.75 04/18/23 USD 52.88 SRI LANKA GOVERNMENT INT 6.85 03/14/24 USD 51.49 SRI LANKA GOVERNMENT INT 6.85 03/14/24 USD 51.58 SRI LANKA GOVERNMENT INT 6.35 06/28/24 USD 51.47 SRI LANKA GOVERNMENT INT 6.35 06/28/24 USD 51.61 SRI LANKA GOVERNMENT INT 6.13 06/03/25 USD 51.81 SRI LANKA GOVERNMENT INT 6.13 06/03/25 USD 51.83 SRI LANKA GOVERNMENT INT 6.85 11/03/25 USD 51.59 SRI LANKA GOVERNMENT INT 6.85 11/03/25 USD 51.60 SRI LANKA GOVERNMENT INT 6.83 07/18/26 USD 49.36 SRI LANKA GOVERNMENT INT 6.83 07/18/26 USD 49.43 SRI LANKA GOVERNMENT INT 6.20 05/11/27 USD 47.64 SRI LANKA GOVERNMENT INT 6.20 05/11/27 USD 47.64 SRI LANKA GOVERNMENT INT 6.75 04/18/28 USD 47.61 SRI LANKA GOVERNMENT INT 6.75 04/18/28 USD 47.65 SRI LANKA GOVERNMENT INT 7.85 03/14/29 USD 47.56 SRI LANKA GOVERNMENT INT 7.85 03/14/29 USD 47.61 SRI LANKA GOVERNMENT INT 7.55 03/28/30 USD 47.63 SRI LANKA GOVERNMENT INT 7.55 03/28/30 USD 47.63 SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 52.86 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 0.80 MDX PCL 4.75 09/17/03 USD 22.88 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***