/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/220906.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, September 6, 2022, Vol. 25, No. 172 Headlines A U S T R A L I A CFCN TRADING: Second Creditors' Meeting Set for Sept. 9 COLORTV LIMITED: First Creditors' Meeting Set for Sept. 12 ELLUME LIMITED: First Creditors' Meeting Set for Sept. 12 FUCHSIA BRANDS: Second Creditors' Meeting Set for Sept. 12 METIGY PTY: Goes Into Liquidation Owing AUD32 Million PETROVICH LAW: Second Creditors' Meeting Set for Sept. 9 ZIP MASTER 2021-2: S&P Affirms B Rating on Class F Notes C H I N A BINHAI INVESTMENT: Fitch Alters Outlook on 'BB+' IDRs to Stable CHINA EVERGRANDE: Winding-Up Lawsuit in HK Adjourned to Nov. 7 H O N G K O N G LI & FUNG: S&P Cuts ICR to 'BB+' on Divestment of Logistics Unit I N D I A AMBICA ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating AMRITLAL NARESH: CARE Keeps C Debt Rating in Not Cooperating BAJAJ ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating BAJRANG SEEDS: CARE Keeps C Debt Rating in Not Cooperating BSR BUILDERS: CARE Keeps C Debt Rating in Not Cooperating CLASSIC CORRUGATIONS: CARE Keeps B- Debt Rating in Not Cooperating GAURISANKAR ELECTRO: CARE Keeps D Debt Rating in Not Cooperating GIRIRAJ JEWELLERS: CARE Lowers Rating on INR9.50cr Loan to D GUPTA METAL: CARE Withdraws D Ratings on LT/ST Debts H R ISPAT: CARE Keeps B Debt Rating in Not Cooperating Category J.V AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category JAYALAKSHMI COTTON: CARE Cuts Rating on INR9.45cr LT Loan to B- JEYASAKTHI SAW: CARE Keeps C Debt Rating in Not Cooperating KANKAI PIPES: CARE Keeps B- Debt Ratings in Not Cooperating LEELA KRISHNA: CARE Lowers Rating on INR29.04cr LT Loan to D MAHAKALI COLD: CARE Keeps B- Debt Rating in Not Cooperating MOMAI FOODS: CARE Keeps C Debt Rating in Not Cooperating NEHA EXPORTS: CARE Keeps C Debt Rating in Not Cooperating Category PATNA SAHIB: CARE Keeps D Debt Rating in Not Cooperating Category RADHA KRISHNA: CARE Lowers Rating on INR56cr Loan to D REPUBLIC AUTO: CARE Keeps B- Debt Rating in Not Cooperating S. SATYANARAYANA: CARE Keeps C Debt Ratings in Not Cooperating SANT AUTOS: CARE Keeps D Debt Rating in Not Cooperating SEAJULI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating SHILPAN HARISHKUMAR: CARE Keeps B- Debt Rating in Not Cooperating STAGE DOOR: CARE Keeps C Debt Rating in Not Cooperating Category TIRUPATI BALAJEE: CARE Keeps B- Debt Rating in Not Cooperating WIN ENTERPRISE: CARE Keeps B- Debt Rating in Not Cooperating YASHODAKRISHNA AUTO: CARE Cuts Rating on INR34.54cr Loan to D I N D O N E S I A ABM INVESTAMA: Fitch Affirms 'B+' Foreign Currency IDR JAPTA COMFEED: Fitch Affirms 'BB-' IDR, Outlook Stable M A L A Y S I A DESTINI BHD: Denies PN17 Classification, De-Listing Reports N E W Z E A L A N D B&J BARBER: Creditors' Proofs of Debt Due on Oct. 10 CO-OPERATIVE BANK: Fitch Affirms BB+ Rating on Subordinated Debt NGS MANUFACTURING: BDO Tauranga Appointed as Liquidators POUNAMU CIVIL: Grant Bruce Reynolds Appointed as Liquidator RIVERSIDE PRIDE: Creditors' Proofs of Debt Due on Sept. 29 SOUTHLAND BUILDING: Fitch Affirms BB+ Rating on Subordinated Debt TOP LEVEL: Court to Hear Wind-Up Petition on Sept. 23 S I N G A P O R E BEACH HOTEL: Court Enters Wind-Up Order EASE MANAGE: Court Enters Wind-Up Order HODLNAUT TRADING: High Court Grants Judicial Management LIJING HOLIDAYS: Court Enters Wind-Up Order OKH ENTERPRISE: Court Enters Wind-Up Order YL ENGINEERING: Court Enters Wind-Up Order T A I W A N APPLE DAILY: News Outlet Shut Down on Aug. 31 X X X X X X X X [*] BOND PRICING: For the Week Aug. 29, 2022 to Sept. 2, 2022 - - - - - ================= A U S T R A L I A ================= CFCN TRADING: Second Creditors' Meeting Set for Sept. 9 ------------------------------------------------------- A second meeting of creditors in the proceedings of CFCN Trading Pty Ltd has been set for Sept. 9, 2022, at 10:00 a.m. at Level 6, 239 George Street in Brisbane. 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 Sept. 8, 2022, at 4:00 p.m. Daniel Moore of BCR Advisory was appointed as administrator of the company on Aug. 5, 2022. COLORTV LIMITED: First Creditors' Meeting Set for Sept. 12 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of ColorTV Limited will be held on Sept. 12, 2022, at 10:00 a.m. via electronic means. Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were appointed as administrators of the company on Aug. 31, 2022. ELLUME LIMITED: First Creditors' Meeting Set for Sept. 12 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Ellume Limited will be held on Sept. 12, 2022, at 1:30 a.m. via online facility only. Joanne Dunn and John Park of FTI Consulting were appointed as administrators of the company on Aug. 31, 2022. FUCHSIA BRANDS: Second Creditors' Meeting Set for Sept. 12 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Fuchsia Brands Pty Ltd has been set for Sept. 12, 2022, at 11:00 a.m. via teleconference only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Sept. 9, 2022, at 4:00 p.m. David Ross of I & R Advisory was appointed as administrator of the company on Aug. 8, 2022. METIGY PTY: Goes Into Liquidation Owing AUD32 Million ----------------------------------------------------- News.com.au reports that Meitgy, a struggling Australian tech company owing AUD32 million, has gone into liquidation after it couldn't trade its way out of disaster. Metigy, which offered an artificial intelligence platform to small business for marketing purposes, was placed into administration late last month, leaving staff and investors shell-shocked. But on Sept. 2, creditors voted to put the company into liquidation, with a notice from the Australian Securities and Investments Commission (ASIC) showing that a special resolution had been passed allowing for the company to "be wound up voluntarily". Its status is currently "in liquidation" as of September 2, Metigy notes. The two appointed administrators, Simon Cathro and Andrew Blundell of Cathro Partners, are now acting as the liquidators of the company, the report says. Administrators had previously recommended that the company be put into liquidation. A day before Metigy collapsed, a damning report from administrators filed with ASIC alleged the company had been trading insolvent for a "significant period of time", since at least November 14 last year when its CEO and sole director loaned AUD7.7 million to his firm to "complete a personal property settlement," Metigy relays. Last week, prior to liquidation proceedings, the corporate regulator, ASIC, also revealed it was investigating Metigy. At time of writing, Metigy's website was still fully-functioning and they said they were still hiring for new positions. Metigy made just AUD61,000 in sales in the past financial year, according to the report. An estimated 75 staff members have lost their jobs because of the company's demise and they are cumulatively owed AUD2.5 million. In fact, The Sydney Morning Herald and the Age reported that a whistleblower working at Metigy flagged the situation to investors, which ultimately caused the firm to be placed into voluntary administration, news.com.au elays. news.com.au says the company's director has also been put under a spotlight, with the administrators placing a caveat on two of his properties which essentially freezes them. He owned a six-bedroom, five-bathroom house in Mosman, on Sydney's lower north shore, purchased for AUD10.5 million in September last year and a NSW south coast property with a pool and tennis court, bought for AUD7.7 million in November. However, waning house prices mean that the administrators estimate those properties have lost value since their purchases, estimating there was around AUD3.7 million in equity across the two homes. According to news.com.au, Metigy had planned to raise money with a valuation of AUD1 billion earlier this year as it offered an artificial intelligence platform that provided insights into customers for small business marketing. But administrators said a number of factors led to the company's collapse including "poor strategic management", "under capitalisation and inability to raise additional capital", "inadequate cash flow or high cash use", "trading losses", and "unreasonable director-related transactions", its report said. About Metigy Founded in 2015 by David Fairfull and Johnson Lin, Sydney-based Metigy provided an all-in-one marketing platform tailored for the needs of SMEs. The Metigy platform includes video creation and image editing systems, a live ad creation tool, and a 'marketing command center' providing "recommendations tailored to your brand". Simon Cathro and Andrew Blundell of Cathro Partners were appointed as administrators of the company on July 29, 2022. PETROVICH LAW: Second Creditors' Meeting Set for Sept. 9 -------------------------------------------------------- A second meeting of creditors in the proceedings of Petrovich Law Group Pty. Ltd. has been set for Sept. 9, 2022, at 12:00 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 Sept. 8, 2022, at 4:00 p.m. Suelen McCallum of DVT Group was appointed as administrator of the company on Aug. 9, 2022. ZIP MASTER 2021-2: S&P Affirms B Rating on Class F Notes -------------------------------------------------------- S&P Global Ratings affirmed its ratings on six classes of notes issued by Perpetual Corporate Trust Ltd. as trustee of Zip Master Trust - Series 2021-2. S&P said, "The rating actions reflect our updated view of the performance of the underlying pool of receivables held by Zip Master Trust, the provision of a fully funded loss reserve by ZipMoney Payments Pty Ltd. (Zip), as well as the credit support and the various liquidity support mechanisms available to each rated class of Series 2021-2 notes. "Following our review of the latest available historical payment, purchase, charge-off, yield, and dilution rates of Zip Master Trust, we updated our base-case assumptions in line with our global consumer receivables criteria, taking into consideration macroeconomic conditions and industry trends. The revision reflects our view that Zip Master Trust has experienced higher-than-expected losses, a softer payment rate, and relatively higher adjusted yield. As the industry continues to change and interest rates continue to increase, Zip's ongoing proactive management of the portfolio will influence the performance of the receivables. In view of the changing environment, Zip fully funded the loss reserve for Series 2021-2 on Sept. 1, 2022, that will be available to absorb any losses in priority to charging-off the classes of notes. The loss reserve is sized at 3.75% of the Series 2021-2 notes outstanding. "Series 2021-2 remains in a revolving period, with an optional (at the discretion of the manager of the trust) controlled accumulation period available from September 2023, followed by a scheduled amortization period commencing September 2024. Using our revised base-case assumptions, we performed a cash-flow analysis assuming series rapid amortization. Because there are no documented limits on the proportion of Zip Pay and Zip Money in the overall portfolio securitized, we performed further cash-flow analysis, assuming a shift in the portfolio product composition. Under such scenarios, the available credit enhancement for the class A, class B, class C, class D, class E, and class F notes is sufficient to support the various stresses commensurate with their respective current ratings. The transaction's cash flows and various mechanisms support the timely payment of interest and ultimate payment of principal to these classes of notes under our rating stress assumptions." In addition to the provision of a fully funded loss reserve and changes in interest-rate assumptions, our analysis incorporated the following base-case revisions: --- Portfolio composition to 45% Zip Money from 50% and to 55% Zip Pay from 50%. -- Adjusted yield rate to 10.03% from 8.50%. -- Charge-off rate to 5.10% from 3.50%. -- Payment rate to 15.53% from 16.25%. -- Dilutions rate to 0.71% from 0.70%. Ratings Affirmed Zip Master Trust - Series 2021-2 Class A: AAA (sf) Class B: AA (sf) Class C: A (sf) Class D: BBB (sf) Class E: BB (sf) Class F: B (sf) ========= C H I N A ========= BINHAI INVESTMENT: Fitch Alters Outlook on 'BB+' IDRs to Stable --------------------------------------------------------------- Fitch Ratings has revised China-based city-gas operator Binhai Investment Company Limited's Outlook to Stable from Positive, and affirmed its Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB+'. Fitch has also affirmed Binhai's senior unsecured rating at 'BB+'. The Outlook revision reflects Fitch's expectation that Binhai's net debt/EBITDA will rise to 4.0x-4.5x in 2022-2023 (2021: 3.0x), commensurate with the rating level, rather than being sustained below 3.7x as Fitch previously expected, as a result of declining EBITDA in 2022. Weak EBITDA in 2022 reflects declining new connections caused by pandemic-related lockdowns and a weak property market, coupled with a year-on-year compressed dollar margin amid rising gas cost. The company's capex will also remain high as it pursues growth opportunities, which will lead to negative free cash flow (FCF) and a rise in net debt. Fitch expects Binhai's EBITDA to gradually recover from 2023 as gas prices moderate and property construction rebounds. Net leverage should then decline to below 4.0x by 2024. Binhai is rated one notch above its Standalone Credit Profile (SCP) of 'bb', to reflect support from the Tianjin municipal government, under Fitch's Government-Related Entities (GRE) Rating Criteria. The 'bb' SCP takes into account the recurring nature of cash flows from retail gas sales and moderate leverage, but is constrained by the higher volatility in Binhai's profits than higher-rated peers due to its much-smaller operating scale, asset concentration, and a larger profit exposure to connections. KEY RATING DRIVERS Lower Connections: Fitch expects Binhai's new residential connections to drop by 14% in 2022, followed by a slow recovery from a low base in 2023, as the company expands its concession areas. Connections' contribution to EBITDA is likely to drop below 30% by 2024, from 46% in 2021. New connections fell by 12% in 2021 and 36% in 1H22. The decline was mainly due to rural coal-to-gas projects being mostly completed and slower housing construction amid a weak property market. Covid-19-related lockdown measures in Binhai's key concession areas also contributed to the decline. We expect a narrower year-on-year decline of connections in 2H22 as pandemic controls have eased. Slight Decline of Dollar Margin: Fitch expects Binhai's 2022 dollar margin to decline by HKD0.05 per cubic metre (cbm) due to rising gas procurement costs and insufficient pass-through to residential users. Binhai's margins are more resilient than peers' as it connected more projects to lower-cost piped gas and procured additional lower-cost contracted gas from its second largest shareholder China Petroleum & Chemical Corporation (Sinopec, A+/Stable). However, its dollar margin declined by HKD0.05/cbm in 1H22, as its residential dollar margin was in negative territory, although the company managed to increase its non-residential dollar margin due to its cost advantages and smooth passthrough. We expect Binhai's dollar margin to fall in 2023, as gas sales contribution from lower-margin large industrial users will rise. However, we expect dollar margin to stabilise at around HKD0.5/cbm in the medium term, similar to 2021, as gas prices normalise and residential gas tariffs are adjusted upward. High Capex to Pressure Leverage: Binhai's capex started to rise from 2020 under a more aggressive expansionary strategy after Sinopec became its second-largest shareholder. Capex remained high in 1H22 despite lower EBITDA, as the company needed to build pipeline networks to connect new users. Management expects capex to remain at around HKD800 million per year. Capex for old gas-network replacement will also rise amid stringent safety controls for gas pipelines, although its contribution to total capex remains low. Resilient Volume Growth: Fitch expects Binhai's gas volume to rise by 14% in 2022, despite overall weak national gas sales. Binhai's gas sales volume expanded by 15% in 1H22, mainly driven by contribution from newly connected users. New coal-to-gas heating and power generation projects will start operation in 2H22, which will drive further gas sales volume. Fitch expects a CAGR of 12% in 2023-2025, as the company continues to develop large industrial users around its concession areas, and maintains its expansionary strategy. 'Weak' Status, Ownership, Control: Tianjin municipality indirectly holds 39.5% of Binhai through TEDA Investment Holding Company Ltd. The 'Weak' assessment reflects the Tianjin government's minimal involvement in Binhai's operations, key investment and financing decisions, despite being the largest shareholder. 'Moderate' Support Record: This mainly reflects the government's past support for Binhai's predecessor, Wah Sang Gas Hld Ltd, between 2004 and 2009 when it was in distress. The Tianjin government also helped coordinate offshore lenders to arrange refinancing of Binhai's US dollar bond that matured in 2020. 'Moderate' Socio-Political Implications of Default: The company supplies around 50% of the gas in Tianjin's Binhai New District, and a default may disrupt the supply of gas in the district. However, the impact is unlikely to be significant as there are alternative gas sources, and Binhai's share of the supply in the whole city of Tianjin is small. 'Moderate' Financial Implications of Default: Binhai's scale of operations is much smaller than other Tianjin state-owned enterprises (SOEs) and it mainly operates on market-based terms. However, a default of Binhai will negatively affect market sentiment towards its immediate parent, TEDA Investment Holding Company Ltd, which is one of the largest funding vehicles in Tianjin, as well as other local GREs. DERIVATION SUMMARY Binhai's SCP is assessed at 'bb'. Binhai's scale is much smaller than other Fitch-rated city gas distributors such as ENN Energy Holdings Limited (BBB+/Stable), and its profitability is also more volatile due to lower asset diversification and higher EBITDA contribution from gas connections. Binhai's leverage is also much higher than that of ENN Energy. Binhai is smaller in size than Zhongyu Energy Holdings Limited (B+/Positive). However, Binhai has a gas procurement advantage compared with Zhongyu due to its strategic alliance with Sinopec and has lower leverage. Binhai's IDR incorporates a one-notch uplift for potential support from the Tianjin government, under Fitch's GRE Rating Criteria. Compared with other GRE peers like Shanghai Construction Group Co., Ltd. (BBB+/Stable), Binhai scores 'Weak' under status, ownership and control as the government has minimal influence on its operational and financial activities. However, it has a 'Moderate' assessment under the social-political implications of default, while Shanghai Construction is assessed as 'Weak'. This is because Shanghai Construction operates in purely commercial businesses where its default will have limited social consequences, while Binhai's gas provision is closely linked to the well-being of its users, especially during the winter heating season. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer - Gas sales volume to increase by 14% in 2022, 24% in 2023, and 7% each in 2024 and 2025; - Gas sales dollar margin to decline to HKD0.45/cbm in 2022-2023, and recover to around HKD0.5/cbm in 2024 -2025; - Gas connections to decline to 140,000 in 2022, and slightly recover in 2023; - Gas transmission volume to increase by 7%-11% in 2022-2025; - Value-added-service income to rise to HKD34 million in 2022, and grow by 20%-30% in 2023-2025; - Cash capex at HKD770 million-840 million per year in 2022-2025; - Dividend payout ratio at 30%. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Net debt/EBITDA sustained below 3.7x or FFO net leverage sustained below 4.0x - Higher likelihood of support from Tianjin municipality Factors that could, individually or collectively, lead to negative rating action/downgrade: - Net debt/EBITDA sustained above 4.7x or FFO net leverage sustained above 5.0x - Lower likelihood of support from Tianjin municipality LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: Binhai has HKD790.5 million of available cash as end of June 2022, against short-term debt of HKD1.12 billion. We expect the company to be able to roll over or refinance its maturing working-capital loans, while operating cash flow generated can cover the amortisation of syndicate and project loans. Binhai's funding capacity is improving with more credit facilities from more banks at relatively low rates. Sinopec's group finance company can also provide funding support, if needed. ISSUER PROFILE Binhai is a regional city gas distributor. It is 39.5% owned by Tianjin Municipality through TEDA and 29.99% owned by Sinopec's gas subsidiary Sinopec Great Wall Gas Investment Co., Ltd. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS Binhai's IDR incorporates a one-notch uplift from its SCP due to its linkages with the Tianjin municipality. 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. RATING ACTIONS Rating Prior ------ ----- Binhai Investment Company Limited LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ CHINA EVERGRANDE: Winding-Up Lawsuit in HK Adjourned to Nov. 7 -------------------------------------------------------------- Reuters reports that Hong Kong's High Court approved on Sept. 5 an application by China Evergrande Group and its major offshore credit group to adjourn a winding-up petition against it to Nov. 7. An investor in Evergrande's unit online real estate and automobile marketplace, Fangchebao (FCB), filed the petition in Hong Kong in June because the developer had not honoured an agreement worth $110 million to repurchase shares the investor bought in FCB, Reuters relates. It is the first winding-up petition known to have been filed against Evergrande, which is reeling under more than $300 billion in liabilities. If the petition is successful, it could affect Evergrande's debt restructuring plan by diminishing the value of its overseas assets that are central to the interests of offshore creditors. In a hearing on Sept. 5, judge Peter Ng said an immediate liquidation requested by the practitioner would derail Evergrande's efforts to formulate a restructuring for all the offshore creditors, according to Reuters. He said that the right of other creditors should also be respected if they have a higher chance of recovery under a restructuring plan, as an ad hoc group of Evergrande's offshore creditors, which holds $3 billion of the firm's debt, also opposed the winding-up petition. Reuters relates that Ng said the speed of Evergrande's restructuring was unsatisfactory, but he acknowledged the complexity and sheer size of the firm's debt and he expected meaningful progress in restructuring by the next hearing. In a filing on Sept. 5 following the court adjournment, Evergrande said it is actively pushing forward the offshore debt restructuring work with its financial and legal advisers and aims to announce a concrete resolution plan that respects the rights of all stakeholders as soon as possible, Reuters reports. Evergrande missed a self-imposed deadline to provide a detailed restructuring proposal by end-July. It said in an update in July that the due diligence process was continuing, and expected the work to be completed in the near future, with an aim to announce a specific plan in 2022. A person familiar with the restructuring plan told Reuters separately Evergrande's goal was to present by November a restructuring plan with more details and which would have key creditors' approval. Reuters says the developer's entire $22.7 billion worth of offshore debt including loans and private bonds is deemed to be in default after missing payment obligations late last year, and it began talks with offshore creditors about the restructuring proposal earlier this year. The company had said in a June filing that it would "vigorously" oppose the winding-up lawsuit and that the petition would not impact its restructuring plan. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at the end of June 2021. Once China's biggest developer by sales, Evergrande fell into distress as cash dried up and the group overstretched itself on borrowings and ventures into car manufacturing. Evergrande hired outside financial advisers Houlihan Lokey and Admiralty Harbour Capital in September 2021 to engage with creditors soon after it ran into a liquidity squeeze. It has since worked with more advisers in the past two months by turning to China International Capital Corp, BOCI Asia and Zhong Lun Law Firm on its debt workout plan. As reported in the Troubled Company Reporter-Asia Pacific in June 2022, Fitch Ratings has withdrawn the Long-Term Foreign-Currency Issuer Default Ratings (IDR) of 'RD' on Chinese homebuilder China Evergrande Group and its subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has also withdrawn the senior unsecured ratings of Evergrande and Tianji of 'C', with a Recovery Rating of 'RR6', as well as the rating on the Tianji-guaranteed senior unsecured notes issued by Scenery Journey Limited of 'C', with a Recovery Rating of 'RR6'. Fitch has withdrawn the ratings as Evergrande and its subsidiaries have chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Evergrande and its subsidiaries. ================= H O N G K O N G ================= LI & FUNG: S&P Cuts ICR to 'BB+' on Divestment of Logistics Unit ---------------------------------------------------------------- S&P Global Ratings, on Sept. 2, 2022, lowered its long-term issuer credit rating on Li & Fung Ltd. to 'BB+' from 'BBB-'. S&P also lowered the long-term issue rating on the company's senior unsecured notes to 'BB+' from 'BBB-', and the rating on its subordinated perpetual hybrid securities to 'B+', from 'BB'. The recovery rating on the senior unsecured notes is '3'. The stable rating outlook reflects S&P's assumption that the recovery in Li & Fung's trading business will continue despite likely difficult macroeconomic conditions over the next one to two years. Li & Fung's sale of its logistics unit (which contributed 64% EBITDA in 2021) has weakened the cash flow stability of the global sourcing company. On the other hand, proceeds from the sale will strengthen several key credit measures, partially offsetting the weakened business strength. The downgrade mainly reflects the weakening in Li & Fung's business strength post the sale of its logistics business. The asset sale will clearly reduce the company's EBITDA base. It will also lower business diversity, and growth potential, and could increase cash flow volatility. The likely improvement in debt leverage and EBITDA coverage from the use of the sale proceeds will not fully offset the negative impact, in S&P's view. Trading now becomes Li & Fung's sole business line. The most difficult period for the trading business may arguably be over, with the company seeing 26% topline growth in first half of 2022. However, the diversity benefit and EBITDA contribution from the logistics business will be very difficult to replace. Strong growth in the logistics segment over the past years has supported the company when the trading segment was facing macroeconomic headwinds, underperformance, and destocking by retailers. The trading segment's value proposition to Li & Fung's clients is rising, amid increasing geopolitical risks and supply chain complexities. This is a reversal from the past several years, when brands and retailers would directly source from suppliers, bypassing Li & Fung. Inflation is also aiding prospects for the trading business because clients want a broader network of sourcing alternatives to take advantage of cost differentials and reduce sticker shock to consumers. These changing dynamics have helped Li & Fung win several recent orders. S&P expects this trend to continue and help the company rebuild its trading business, despite softening consumer sentiment in the U.S. and Europe. Our base case assumes Li & Fung will expand at twice the rate of GDP growth in its respective markets. Li & Fung's key credit measures will strengthen following the transaction. S&P said, "We estimate the company will deploy a material portion of the net sales proceeds to repay debt, with the rest going out to shareholders in the form of dividends. Notably, Li & Fung's lease liabilities will reduce significantly because most the lease obligations were related to the logistics business. Separately, we have reassessed the hybrid instrument. We now consider the instrument has no equity content, compared with 50% equity content earlier, because the hybrid would be worth well more than 15% of the company's capitalization, leaving limited room to absorb losses." S&P said, "The stable outlook reflects our assumption that the recovery in Li & Fung's trading business will continue despite likely difficult macroeconomic conditions over the next one to two years. We expect revenue growth to trend at twice the rate of GDP as the company gains client traction amid an increasing need to manage cost inflation and more complex supply chains. Further, we anticipate Li & Fung will use a large portion of the proceeds from the logistics division sale to repay debt. "We could lower the rating if Li & Fung's trading business faces more competition or a decline in revenue, possibly due to a tough retail environment in the U.S. or Europe. We could also lower the rating if the company's financial measures deteriorate such that EBITDA interest coverage trends toward 3.0x. "We could raise the rating if Li & Fung's trading business materially expands its revenue and EBITDA contribution, and improves profitability, while maintaining low leverage and a good EBITDA interest coverage ratio." ESG credit indicators: E-2, S-2, G-2 ========= I N D I A ========= AMBICA ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ambica Alloys (AA) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 3.10 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 7, 2021, placed the rating(s) of AA under the 'issuer non-cooperating' category as AA had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. AA continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 23, 2022, June 2, 2022, June 12, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). M/s Ambica Alloys was originally constituted as a partnership firm in 2003 by four partners, namely, Mr. Anil Kumar Garg, Mr. Kumar Garg, Mr. Mohinder Pal Garg and Mr. Puneet Kumar Garg. The partnership firm was acquired by the current partners in November 2005. At present, the firm has 16 partners with Mr. Surinder Jain and Mr. Sanjay Jain being the key partners. The firm belongs to the Jai Bharat group of companies. The firm is engaged in the manufacturing of steel products viz MS ingots and rolled products i.e. MS flats, channels, angles and TMT bars with an aggregate installed capacity of 98,000 metric tonnes per annum (MTPA) (45,000 MTPA for ingots and 53,000 MTPA for rolled products), as on March 31, 2017. The manufacturing facility of the firm is situated at Kala Amb, district Sirmaur, Himachal Pradesh. AMRITLAL NARESH: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Amritlal Naresh Kumar (ANK) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 11.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 8, 2021, placed the rating(s) of ANK under the ‘issuer non-cooperating’ category as ANK had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. ANK continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 24, 2022, June 3, 2022, June 13, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.’s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). ANK was established by Mr. Amritlal Naresh Kumar Gupta in the year 1997, as a proprietorship concern. ANK is engaged in the trading of imported timber. It primarily imports round timber logs from Singapore and Malaysia, which is subsequently sawn and sized into various sizes as per the requirement of the customers. The facility is located in Gandhidham, Kutch near Kandla port which facilitates easy imports and transportation of the products. ANK imports various types of timber such as Meranti, Kapur, Saal, Razzaq, Pine wood, etc. Mr. Amritlal Naresh Kumar Gupta and his son Mr. Sushil Kumar jointly manage the operations of ANK. BAJAJ ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bajaj Alloys (BA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 16, 2021, placed the rating(s) of BA under the 'issuer non-cooperating' category as BA had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. BA continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 2, 2022, July 12, 2022, July 22, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated in 2015, Bajaj Alloys (BA) is a Bhiwadi, Rajasthan based partnership firm promoted by Mr. Manish Bajaj and Mrs. Lalita Bajaj. The firm is currently being managed by Mr. Manish Bajaj. BA is engaged in the manufacturing of Aluminum and Copper ingots which find their application in various industries such as automobile and other consumer goods. The manufacturing unit of BA is located at RIICO Industrial Area in Bhiwadi, Rajasthan. BAJRANG SEEDS: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Bajrang Seeds (SBS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 19, 2021, placed the rating(s) of SBS under the 'issuer non-cooperating' category as SBS had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SBS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 5, 2022, July 15, 2022, July 25, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Gadarpur-based (Uttarakhand) SBS was established as a partnership firm in 1997. The firm is currently being managed by Mr. Virendra Kumar and Ms Sweta Rani. SBS is engaged in processing and trading of wheat and paddy seeds. The seed processing unit of the firm is located at Uttarakhand. BSR BUILDERS: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of B S R Builders Engineers & Contractors (BSRBEC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 26.30 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 07, 2021, placed the rating(s) of BSRBEC under the 'issuer non-cooperating' category as BSRBEC had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. BSRBEC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 23, 2022, June 2, 2022, June 12, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Chennai (Tamil Nadu) based, B.S.R. Builders Engineers & Contractors (BSRBEC) was established in the year 2004 as a partnership firm by Mr. Raghavendra Reddy and his family members. The firm is engaged in the construction of residential townships, apartments, shopping malls and commercial complexes. CLASSIC CORRUGATIONS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Classic Corrugations Private Limited (CCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.85 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 0.90 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 16, 2021, placed the rating(s) of CCPL under the 'issuer non-cooperating' category as CCPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. CCPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 2, 2022, May 12, 2022, May 22, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which, however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Ahmedabad (Gujarat) based CCPL is a private limited company incorporated in 2011. The company is engaged into manufacturing of kraft paper based corrugated boxes which are used in packaging purpose by various industries such as home appliances, food products, liquor, confectioneries, pharmaceuticals etc. Presently, operations of CCPL are managed by Mr. Yogesh Todi and Mrs Manisha Todi. CCPL operates from its sole manufacturing facilities located in Ahmedabad with an installed capacity of manufacturing 18,000 metric tons of boxes per annum as on March 31, 2017. Further, there is an associate concern of CCPL known as Century Ventures (operational since 2015) which is also engaged into manufacturing of customized corrugated boxes. GAURISANKAR ELECTRO: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gaurisankar Electro Castings Private Limited (GECPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.26 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 23, 2021, placed the rating(s) of GECPL under the 'issuer non-cooperating' category as GECPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. GECPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 9, 2022, May 19, 2022, May 29, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). GECPL, incorporated in 2001 by Mr. Ramjeet Prasad and Mr. Sunil Kumar based out of Jharkhand with the objective of manufacturing of iron & steel products. Since inception, the company is engaged in manufacturing of mild steel (MS) bars and the facility of the company is located at Giridih, Jharkhand with an annual installed capacity of 17000 Metric Tons per annum for M.S. Bar, 24,000 Metric Tonnes per annum for M.S. Ingot and 2000 Metric Tons per annum for M.S. Scrap. GIRIRAJ JEWELLERS: CARE Lowers Rating on INR9.50cr Loan to D ------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Giriraj Jewellers Private Limited (GJPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Short Term Bank 6.50 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING category and Revised from CARE A4 Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 17, 2021, placed the rating(s) of GJPL under the 'issuer non-cooperating' category as GJPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. GJPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 3, 2022, August 13, 2022, August 23, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of delays in debt servicing recognized from publicly available information i.e. CIBIL Check. Giriraj Jewellers Private Limited (GJPL) formerly known as Giriraj Exports was incorporated in 1982 as partnership firm; later in 2004 it was converted into Private limited company by Mr. Rasik B Salla, Mrs. Saroj Salla and Mr. Girish Salla. GJPL is engaged in to manufacturing and trading of gold diamond jewellery such as chain, necklace, ring, bracelets, bangles, earrings and various other products and sell them to various jewellery retailers, wholesalers and also walk in customers across India. GJPL has its processing unit with an annual installed capacity of 50 kg of jewellery with 10-12 skilled workers and it is located in Mumbai, Maharashtra. GUPTA METAL: CARE Withdraws D Ratings on LT/ST Debts ---------------------------------------------------- CARE Ratings Ltd. has reaffirmed and withdraw the outstanding rating of CARE D; Issuer Not Cooperating; assigned to the bank facilities of Gupta Metal Sheets Limited (GMSL), with immediate effect. The rating takes into account the delay in debt servicing due to tight liquidity position of the company. The above action has been taken at the request of Gupta Metal Sheets Limited (GMSL) and 'No Objection Certificate' received from the bank that have extended the facilities rated by CARE Ratings Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank - Rating continues to remain Facilities under ISSUER NOT COOPERATING category; Reaffirmed at CARE D; ISSUER NOT COOPERATING and Withdrawn Short Term Bank - Rating continues to remain Facilities under ISSUER NOT COOPERATING category; Reaffirmed at CARE D; ISSUER NOT COOPERATING and Withdrawn Rating Sensitivities Positive Factors * Improvement in the liquidity position of the company as reflected from timely servicing of its debt obligations. Detailed description of the key rating drivers Key Rating Weaknesses * Delays in debt servicing: The ratings have been reaffirmed on account non-availability of requisite information. The ratings also consider instances of delays in debt servicing as recognized from publicly available information. Liquidity: Poor Gupta Metal Sheets Limited has poor liquidity position marked by low current ratio and Quick ratio of 0.98x and 0.29x during FY21. Gupta Metal Sheets Ltd (GMSL) was originally incorporated as a private limited company by the name of Gupta Metal Sheets Private Limited (GMSPL) in the year 1995. GMSPL was incorporated by converting Gupta Enterprises, an equal partnership firm between brothers Mr. Ripu Daman Gupta, Mr. Ravi Shanker Gupta, Mr. Radhey Shyam Gupta and Mr. Vijay Kumar Gupta, into a company. All the partners became equal shareholders in GMSPL which was later converted into a public limited company i.e., GMSL in April 2011. Currently the entire shareholding of the company is held between the four brothers. GMSL is primarily engaged in conversion of copper cathodes into copper and copper alloys sheets/ strips. The company's manufacturing plant is located in Rewari (Haryana) with an installed capacity of 14,500 Tonnes Per Annum (TPA). GMSL primarily sells its products to mints, automobile manufacturers, electric goods manufacturers, and defense sector. The company provides strips and sheets in various sizes starting from 0.01 MM to 14 MM to the customer base across states of Delhi, Maharashtra, Tamil Nadu, Rajasthan, Haryana, Uttar Pradesh, Gujarat and Punjab. H R ISPAT: CARE Keeps B Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of H R Ispat Private Limited (HRIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.75 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 3.75 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 18, 2021, placed the rating(s) of HRIPL under the 'issuer non-cooperating' category as HRIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. HRIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 4, 2022, May 14, 2022, May 24, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). H R Ispat Private Limited was incorporated in September 2004 by Mr. Krishna Chandra Mondal. However, the company started manufacturing of MS Ingots & MS Billets in January 2009. It has its registered office and manufacturing facility located in West Bengal. The company has an increased its installed capacity to 102000 MTPA in FY17 on account of installation of two new furnaces. Mr. Krishna Chandra Mondal having more than two decades of experience in the same line of industry, looks after the day to day operations of the company. He is supported by other directors Mrs. Shipra Mondal, Mr. Subha Deep Mondal and Miss. Poulami Mondal along with a team of experienced professionals. J.V AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of J.V Agro Exports (JAE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.64 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 27, 2021, placed the rating(s) of JAE under the 'issuer non-cooperating' category as JAE had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. JAE continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 12, 2022, June 22, 2022, July 2, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). J.V. Agro Exports (JAE) was established as a partnership firm in December 2017 by Mr. Deepak Goel and Mr. Sahil Kadyan sharing profit and loss equally. JVA is engaged in manufacturing and trading of rice, rice bran, husk, etc. at its facility located at District Karnal, Haryana. JAYALAKSHMI COTTON: CARE Cuts Rating on INR9.45cr LT Loan to B- --------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Jayalakshmi Cotton Traders (JCT), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.45 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 7, 2021, placed the rating(s) of JCT under the 'issuer non-cooperating' category as JCT had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. JCT continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 23, 2022, June 2, 2022, June 12, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of JCT have been revised on account of non-availability of requisite information. Jayalakshmi Cotton Traders (JCT) is an Andhra Pradesh based firm, which was established in 1992 by Mr. B. Brahmananda Reddy and his family members. The firm is engaged in trading of cotton lint and cotton seeds. The firm purchases cotton kappas from the local farmers and does the ginning and pressing activity at its associate firm Sri Koteswara Cotton Trading Company. The firm also purchases cotton lint and cotton seeds from Cotton Corporation of India (CCI) and local traders. JCT majorly sells cotton lint to Ramabhadra Industries Private Limited (Tanuku, Andhra Pradesh) and PVR Spinning and Weaving Limited (Tanuku, Andhra Pradesh) and sells cotton seeds to the oil mills. The firm has customer base in Andhra Pradesh, Telangana and Tamil Nadu. The firm has achieved total operating income of INR58.13 crore and PAT of INR0.46 crore in FY17. JEYASAKTHI SAW: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sree Jeyasakthi Saw Mill (SJSM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 6.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 25, 2021, placed the rating(s) of SJSM under the 'issuer non-cooperating' category as SJSM had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SJSM continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 11, 2022, May 21, 2022, May 31, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which, however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Sree Jeyasakthi Saw Mill (SJSM) was established in 2002 as a partnership firm by Mr. P Sanjeev kumar (Managing Partner) and S. Meena (Partner). The firm is engaged in trading (wholesale and retail) of wood and teak products from past 30 years. The firm imports majority of the timber wood from the suppliers located in international markets like Burma, South Africa, Australia, and Malaysia. The firm sells the products to customers located in Kerala, Tamil Nadu, and Pondicherry and Telangana. KANKAI PIPES: CARE Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kankai Pipes & Fittings Private Limited (KPFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.15 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Long Term/ 5.00 CARE B-; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 1, 2021, placed the rating(s) of KPFPL under the 'issuer non-cooperating' category as KPFPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. KPFPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 17, 2022, May 27, 2022, June 6, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Rajkot (Gujarat) based Kankai Pipes & Fittings Private Limited (KPFPL) was incorporated in October 2012 by Mr. Kalpesh Meghani, Mr. Mahendra Talpada and Mr. Dhaval Ghadiya. KPFPL is engaged in the manufacturing of plastic pipes & fittings (mainly cPVC pipes & fittings). The products manufactured by KPFPL are used in residential, commercial as well as industrial units. LEELA KRISHNA: CARE Lowers Rating on INR29.04cr LT Loan to D ------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Leela Krishna Automobiles Private Limited (LKAPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 29.04 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 11, 2022, placed the rating(s) of LKAPL under the 'issuer non-cooperating' category as LKAPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. LKAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 22, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of LKAPL have been revised on account of on-going delays in debt servicing recognized from publicly available information as well as lender's feedback. Leela Krishna Automobiles Private Limited (LKAPL) belongs to Radha Group Toyota of Vijayawada, Andhra Pradesh established in 1964 as a trading organization. Radha Group Toyota is engaged in the business of sales and service of passenger vehicles of Toyota Kirloskar Motors Pvt Limited (TKML) and it is an authorized dealer of TKML. The group was promoted by Mr. M Subrahmanyam (Chairman), who has more than five decades of experience in trading and more than two decades of experience in automobile industry. Mr. M Srinivas (Managing Director) has more than two decades of experience in automobile industry. The group comprises of four automobile companies namely Radha Krishna Automobiles Private Limited, Radhamadhav Automobiles Private Limited, Leela Krishna Automobiles Private Limited and Yashodakrishna Automobiles Private Limited located in Andhra Pradesh and Telangana. These four companies are in to similar line of business catering to different regions in both states. RMAPL and LKAPL are operating in the state of Andhra Pradesh, whereas RKAPL and YKAPL are operating in the state of Telangana with a total of 15 showrooms in both the states. MAHAKALI COLD: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahakali Cold Storage Private Limited (MCSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.20 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 22, 2021, placed the rating(s) of MCSPL under the 'issuer non-cooperating' category as MCSPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MCSPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 8, 2022, May 18, 2022, May 28, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Mahakali Cold Storage Private Limited. (MCSPL), incorporated in the year 1988, is a Burdwan (West Bengal) based company, promoted by the Kundu family. It is engaged in the business of providing cold storage services to potato-growing farmers and potato traders, having an installed storage capacity of 271,769 quintals in Burdwan district of West Bengal. Mr. Naba Kumar Kundu (Director) looks after overall management of the company. Mr. Naba Kumar Kundu has more than two decades of experience in cold storage business and is supported by a team of experienced professionals who have rich experience in the same line of business. MOMAI FOODS: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Momai Foods Private Limited (MFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.64 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 24, 2021, placed the rating(s) of MFPL under the 'issuer non-cooperating' category as MFPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 10, 2022, May 20, 2022, May 30, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Rajkot-based (Gujarat), Momai Foods Private Limited (MFPL) is a private limited company established in 2013 by Mr. Bhaveshbhai Khatra, Mr. Mehulbhai Khatra and Mr. Chandubhai Khatra. The company is engaged in business of manufacturing of ice cream. The company sells its products in state of Gujarat, Rajasthan and Madhya Pradesh. The company has installed capacity of 1.2 crore liters of ice cream per annum. The company sells its product under the brand name 'MOMAI'. The company sells its ice cream through its network of 40 distributors and 6 retail outlets. The company has ISO 22000:2005 certification for food safety management system. NEHA EXPORTS: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Neha Exports (NE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 14.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 19, 2021, placed the rating(s) of NE under the 'issuer non-cooperating' category as NE had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. NE continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 5, 2022, July 15, 2022, July 25, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Neha Exports was incorporated on December 20, 2006 by Ms Madhu Gulati. The firm is involved in the manufacturing, assembling and export of public address (PA) systems and components, including loud speakers, amplifiers, microphones, and woofers, and related electronic and electrical equipment's. The firm commenced operation in 2008 and its manufacturing facility is located in Dharuhera, Haryana. PATNA SAHIB: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Patna Sahib Charitable Educational Trust (PSCET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 27, 2021, placed the rating(s) of PSCET under the 'issuer non-cooperating' category as PSCET had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. PSCET continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 12, 2022, June 22, 2022, July 02, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Established in December-2010 under the Societies Registration Act XXI 1860, PSCET is engaged in the imparting of higher education. It is operating from a single campus in Vaishali, Bihar under the name 'Patna Sahib Group of Colleges'. These include two colleges: Patna Sahib Institute of Engineering and Technology offering bachelors in Engineering and Patna Sahib Polytechnic College offering diploma courses in engineering. RADHA KRISHNA: CARE Lowers Rating on INR56cr Loan to D ------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Radha Krishna Automobiles Private Limited (RKAPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 56.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING category and Revised from CARE C Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 11, 2022, placed the rating(s) of RKAPL under the 'issuer non-cooperating' category as RKAPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RKAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 22, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of RKAPL have been revised on account of on-going delays in debt servicing recognized from publicly available information. Radha Krishna Automobiles Private Limited (RKAPL) belongs to Radha Group Toyota of Vijayawada, Andhra Pradesh established in 1964 as a trading organization. Radha Group Toyota is engaged in the business of sales and service of passenger vehicles of Toyota Kirloskar Motors Pvt Limited (TKML) and it is an authorized dealer of TKML. The group was promoted by Mr. M Subrahmanyam (Chairman), who has more than five decades of experience in trading and more than two decades of experience in automobile industry. Mr. M Srinivas (Managing Director) has more than two decades of experience in automobile industry. The group comprises of four automobile companies namely Radha Krishna Automobiles Private Limited, Radha Madhav Automobiles Private Limited, Leela Krishna Automobiles Private Limited and Yashoda Krishna Automobiles Private Limited located in Andhra Pradesh and Telangana. REPUBLIC AUTO: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Republic Auto Sales (RAS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.25 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 17, 2021, placed the rating(s) of RAS under the 'issuer non-cooperating' category as RAS had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RAS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 3, 2022, July 13, 2022, July 23, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Lucknow (Uttar Pradesh) based Republic Auto Sales (RAS) was established in April 2005 as a partnership firm by four partners namely Mr. Mohd. Zubair, Mr. Mohd. Tariq, Ms. Shama Sheikh and Ms.Shagufta Tariq. RAS operates as authorized dealer of 'Escorts Limited' for tractors and 'Yahama Motor Private Limited' for two wheelers. The firm has one showroom in Lucknow and operates 3S facility (Sales, Spares and Services). RAS has two associate concerns namely Republic Service Centre and Metro Cargo Carriers. The former is engaged in petrol pump business while later is engaged in cargo business for carriers of Escorts, Yahama and Force motors. S. SATYANARAYANA: CARE Keeps C Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of S. Satyanarayana and Company (SSC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Long Term/ 12.00 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 8, 2021, placed the rating(s) of SSC under the 'issuer non-cooperating' category as SSC had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SSC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 24, 2022, June 3, 2022, June 13, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). SSC was incorporated in December 2012 by Mr. S. Satyanarayana and his family. The promoters are involved in the construction business since 1976 through a partnership firm. In 2003, Mr. S. Satyanarayan dissolved the partnership firm and started a proprietorship firm under the name of 'S. Satyanarayana' involved in civil construction of ports, roads, railway lines and others. In December 2012, the promoter floated another partnership firm named S. Satyanarayana & Co (SSCO). The proprietorship firm has not been dissolved yet though all the registration of the proprietorship firm have been transferred to the partnership firm. The firm has executed work for West Quay Multiport Private Limited, AVR Infra Pvt Ltd, ITD Cementation India Private Limited, Vishakhapatnam Port Trust and Vishakhapatnam Port Logistic Park Limited. The firm is also engaged in hire business from FY15. SANT AUTOS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sant Autos (SA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 22, 2021, placed the rating(s) of SA under the 'issuer noncooperating' category as SA had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SA continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 7, 2022, June 17, 2022, June 27, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). SA is a partnership firm established in April 2011 by Mr. Amrik Singh of Ramgarh along with other three partners. Subsequently, the firm started to initiate an auto dealership business and has setup a selling and servicing facility at Ramgarh, Chandil in Jharkhand. The firm has taken dealership authority from Mahindra and Mahindra Ltd (M&M- truck and bus division) for selling and servicing heavy commercial vehicles like truck and bus. The firm has started commercial operation from April 2011. The day-to-day affairs of the firm are looked after by Mr. Amrik Singh (Managing Partner) with adequate support from other three partners and a team of experienced personnel. SEAJULI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Seajuli Developers & Finance Limited (SDFL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 107.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 31, 2021, placed the rating(s) of SDFL under the 'issuer non-cooperating' category as SDFL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SDFL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 16, 2022, April 26, 2022, May 06, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). SDFL was incorporated in 1987 and is a part of the Kolkata based B. M. Khaitan Group. The company did not have any major operations till FY17. Presently, SDFL is engaged in repair and maintenance of road and other civil work of tea gardens of MRIL. SHILPAN HARISHKUMAR: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shilpan Harishkumar Shah (SHS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.16 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 4.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 25, 2021, placed the rating(s) of SHS under the 'issuer non-cooperating' category as SHS had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SHS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 11, 2022, May 21, 2022, May 31, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Dahod (Gujarat) based, SHS was established as partnership firm in 2011.Currently the firm has been managed by seven partners named Mr. Shilpan Shah, Mr. Abhin Parikh, Mr. Naresh Bachman, Mrs. Rakhi Shah, Mrs. Falguni Parikh, Mr. Sunil Agrawal, Mr. Dhrumil Bachani. The firm is engaged into civil construction work, mainly road construction work. SHS is a registered "AA" Class contractor and is a special category "II" class contractor with Government of Gujarat for the Road construction Work. It partially executes the work at their own and they sub contracts majority of their work (around 92%) to local agencies. The firm operates largely in Gujarat, with specific focus on the Dahod, Godhra and Panchmahal regions. STAGE DOOR: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Stage Door (SD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 19, 2021, placed the rating(s) of SD under the 'issuer non-cooperating' category as SD had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SD continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 5, 2022, July 15, 2022, July 25, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Stage Door (SDR) was established as a society in 1975 under Societies Registration Act 1860. The society was established with the aim of promoting arts and culture. TIRUPATI BALAJEE: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tirupati Balajee Nutrition Private Limited (TBNPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.71 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 10, 2021, placed the rating(s) of TBNPL under the 'issuer non-cooperating' category as TBNPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. TBNPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 26, 2022, May 6, 2022, May 16, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Tirupati Balajee Nutrition Pvt. Ltd (TBNPL), incorporated in December 2008, was promoted by Roy family based out of Danapur, Bihar under the guidance of Shri Ritesh Kumar Roy to set up a flour mill (both Roller Flour Mill and Atta 'Chakki'). TBNPL commenced commercial production on August, 2012, upon commissioning of its plant at Bihta (Bihar) with an installed capacity of 54,000 MTPA and in view of rising demand of flour products the company further expanded its flour mill facility (by 54,000 MTPA) at its existing plant. Since its inception, it has been engaged in manufacturing of different flour qualities like "Atta", "Maida" and "Suji" and markets its products in the brand name of "Nandan Bhog". TBNPL procures wheat from wholesalers and commission agents present in local grain markets and sell its products to wholesale traders in the states of Bihar, Orissa, Jharkhand and West Bengal. WIN ENTERPRISE: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Win Enterprise (WE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.95 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 9, 2021, placed the rating(s) of WE under the 'issuer non-cooperating' category as WE had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. WE continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 25, 2022, May 5, 2022, May 15, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Surat (Gujarat) based, WE was established as a partnership firm in 2015. WE is part of Shree Developers which is also engaged into real estate development. The group has successfully completed number of residential projects under different entities in Surat. WE had been executing a residential cum commercial project with flats and shops at Surat named 'Kaverri Habitat' comprising of 234 flats and 14 shops involving development of 268,974 Square Feet area. The project implementation commenced in January 2015 and till January 31, 2017, WE had incurred the total cost of INR23.45 crore (95% of total project cost) out of the total cost of INR24.64 crore. YASHODAKRISHNA AUTO: CARE Cuts Rating on INR34.54cr Loan to D ------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Yashodakrishna Automobiles Private Limited (YAPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 34.54 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 11, 2022, placed the rating(s) of YAPL under the 'issuer non-cooperating' category as YAPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. YAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 22, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of YAPL have been revised on account of on-going delays in debt servicing recognized from publicly available information as well as lender's feedback. Yashoda Krishna Automobiles Private Limited (YAPL) belongs to Radha Group Toyota of Vijayawada, Andhra Pradesh established in 1964 as a trading organization. Radha Group Toyota is engaged in the business of sales and service of passenger vehicles of Toyota Kirloskar Motors Pvt Limited (TKML) and it is an authorized dealer of TKML. The group was promoted by Mr. M Subrahmanyam (Chairman), who has more than five decades of experience in trading and more than two decades of experience in automobile industry. Mr. M Srinivas (Managing Director) has more than two decades of experience in automobile industry. The group comprises of four automobile companies namely Radha Krishna Automobiles Private Limited, Radha Madhav Automobiles Private Limited, Leela Krishna Automobiles Private Limited and Yashoda Krishna Automobiles Private Limited located in Andhra Pradesh and Telangana. These four companies are in to similar line of business catering to different regions in both states. RMAPL and LKAPL are operating in the state of Andhra Pradesh, whereas RKAPL and YKAPL are operating in the state of Telangana with a total of 15 showrooms in both the states. ================= I N D O N E S I A ================= ABM INVESTAMA: Fitch Affirms 'B+' Foreign Currency IDR ------------------------------------------------------ Fitch Ratings has affirmed PT ABM Investama Tbk's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+'. The Outlook is Stable. Fitch has also affirmed ABM's outstanding senior unsecured US dollar notes at 'B+' with a Recovery Rating of 'RR4'. The affirmation reflects Fitch's view that ABM's business profile will remain in line with its rating in the near-term and incorporates our conservative growth estimates for ABM's coal-contracting business under its subsidiary, PT Cipta Kridatama (CK), compared with ABM's expectation. Fitch expects ABM's financial profile to remain strong for its rating, with net leverage, measured by net adjusted debt/EBITDAR, remaining below 1.0x (2021: 0.8x) over the next two years, based on our coal-price assumptions. ABM has been evaluating inorganic growth opportunities, especially in its coal mining segment; we currently treat this as an event risk. KEY RATING DRIVERS Rising Contracting Volume: Fitch expects CK's overburden volume to reach 250 million bank cubic metres (mbcm) by 2024 (2021: 179mbcm). The volume expectations are based on higher planned production at CK's customers and the addition of PT Borneo Indobara (BIB) in late 2021. BIB is the key mine of PT Golden Energy Mines Tbk (GEMS, B+/Positive), which we expect to drive GEMS' significant volume growth over the next three years. We expect GEMS' annual coal production to reach 50 million tonnes (MT) by 2025 (2021: 29MT, 2020: 34MT). ABM expects its top-three customers to contribute 70% of its total volume in the next two to three years. We believe ABM's expansion plan will be supported by its relationships with affiliated companies, including PT Trakindo Utama, a long-term distributor of Caterpillar Inc. (A/Stable), which provides most of the equipment, spare parts and servicing for ABM's coal-contracting business. Trakindo is also an important customer of ABM's logistics and engineering businesses. Adequate Cash Flow; High Capex: Fitch expects ABM's cash flow to remain adequate to support its strong financial profile. ABM's capex requirements will increase with its plan to own its mining equipment in a move away from its asset-light strategy of relying on operating leases. Fitch estimates capex of around USD450 million at CK over the next four years, including for maintenance and expansion, with USD320 million spent in 2022-2023. ABM has recently obtained USD100 million of bank facilities to partly fund capex at CK. Weakening Coal-Mining Profitability: Fitch forecasts the profitability of the mining segment, measured by EBITDA/tonne, to plunge by two-thirds from around USD18 in 2021 due to reserve depletion at ABM's PT Tunas Indi Abadi (TIA) mine by 2023. ABM's other mines - PT MIFA Bersaudara and PT Bara Energi Lestari (BEL) - produce lower calorific value coal, which will also lower profitability. Fitch expects production volume to remain at about 13MT (1Q22: 3MT, 2021: 13MT), with higher volume at MIFA and BEL offsetting TIA's decline. Acquisition an Event Risk: ABM plans to acquire a coal mine to boost the profitability of its coal mining segment and replenish the depleting coal reserves at TIA. Fitch will treat any acquisitions as an event risk. MIFA and BEL both have reserves lives of more than 20 years based on their 2021 production volume. Regulatory Risk: Fitch believes the Indonesian government's month-long ban on coal exports in January 2022 highlights increased regulatory risk, especially for miners that are not compliant with domestic market obligations (DMOs). The ban has been lifted for miners that meet a minimum local-sale requirement of 25% under the DMO. MIFA and BEL are not usually DMO compliant, given their low calorific value coal and remote geographic location, which resulting in poor domestic demand. TIA is generally DMO compliant. The DMO non-compliance penalty is minor, at around USD7 million in 2021, but the export ban led to ABM cutting production in 1Q22, which may lower its full-year volume. Nevertheless, we believe high coal demand and prices should support the company's financial profile in 2022. Integrated Business Model: ABM benefits from the synergies created by its integrated business model, with four businesses across the value chain; coal-mining contracting, coal mining, logistics and engineering. However, the majority of earning are linked to thermal coal, with the coal-contracting business and coal mines together accounting for more than 70% of EBITDA. DERIVATION SUMMARY ABM's closest peer is PT Bukit Makmur Mandiri Utama (BUMA, BB-/Stable). ABM benefits from diversification across business segments and a strong financial profile, but we expect its core contracting business, though expanding, to remain smaller than BUMA's, justifying a notch difference in its credit assessment. BUMA has higher market share, a superior customer base and greater geographic diversification following the acquisition of Downer EDI Limited's (BBB/Stable) coal-mining servicing business in Australia. BUMA ranks as Indonesia's second-largest mining contractor, with annual overburden volume that is almost twice that of ABM. ABM can be compared with Golden Energy and Resources Limited (GEAR, B+/Positive), which has a stake in a few coal mines. GEAR's rating benefits from high reserves at all its key mines, with greater operational flexibility and a lower cost position than ABM's coal mining segment. GEAR also benefits from exposure to thermal and metallurgical coal. ABM, on the other hand, is supported by its diverse business portfolio. The Outlook on GEAR reflects our expectation that the credit profile of its key subsidiary, GEMS, is likely to improve over the next 12 months, with production scale reaching a level commensurate with that for 'BB-' rated peers in Indonesia. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer - Newcastle coal price in line with Fitch's price deck; 2022: USD270/tonne; 2023: USD120/tonne, 2024: USD 87/tonne and 2025: USD80/tonne. ABM's coal prices are adjusted for calorific value - Overburden volume to reach 250mbcm by 2024 - Coal mining sales volume to increase slightly in 2022, then decline - Cumulative capex of around USD520 million during 2022-2025 - Average annual dividend pay-out of 35% KEY RECOVERY RATING ASSUMPTIONS The recovery analysis assumes that ABM would be reorganised as a going concern in bankruptcy rather than liquidated. We assume a 10% administrative claim. ABM's going-concern EBITDA is based on the average EBITDA we expect over 2024-2025. This reflects a sustainable earnings level based on Fitch's medium-to-long term coal-price assumptions. - An enterprise value/EBITDA multiple of 3.0x is applied to the going concern EBITDA to calculate a post-reorganisation enterprise value. - Fitch assumes prior-ranking debt, including a short-term loan of USD32 million, in the distribution waterfall, as well as around USD150 million in a syndicate facility as of end-March 2022 will be repaid before ABM's senior unsecured US-dollar bond. The assumptions result in a recovery rate corresponding to a Recovery Rating of 'RR1'. However, ABM operates in Indonesia, which Fitch classifies as under Group D of jurisdictions, as a result, the Recovery Rating for ABM's senior debt is capped at 'RR4'. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - A sustained improvement in ABM's coal mining or contracting business, while maintaining an appropriate financial profile. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Deterioration in the company's core operating segment, including failure in retaining major customers. - Earning generation falling short of our expectations, leading to a sustained deterioration in credit metrics, including FFO adjusted net leverage or EBITDAR adjusted net leverage at above 3.0x (2021: about 1x) and FFO fixed-charge cover or EBITDAR/interest + rent expense at below 2.0x (2021: 4.3x). LIQUIDITY AND DEBT STRUCTURE Comfortable Liquidity: ABM's liquidity benefits from a well spread out debt maturity from the amortising nature of most of its debt. Its annual debt maturity will remain below USD50 million until 2026, when its only US-dollar note of USD200 million matures. We expect average annual cash flow from operation to remain strong at USD200 million and estimate ABM's cash balance at around USD290 million at end-June 2022. ISSUER PROFILE ABM is an Indonesian integrated company with businesses spanning coal mining, mining contracting, and logistics, engineering and fuel services. It is majority-owned and controlled by the Hamami family, with about 21% of its shares listed on the Jakarta Stock Exchange. JAPTA COMFEED: Fitch Affirms 'BB-' IDR, Outlook Stable ------------------------------------------------------ Fitch Ratings has affirmed PT Japfa Comfeed Indonesia Tbk's Long-Term Issuer Default Rating (IDR) at 'BB-'. The Outlook is Stable. Fitch has also affirmed the rating on Japfa's USD350 million note and the company's senior unsecured rating at 'BB-'. At the same time, Fitch Ratings Indonesia has affirmed Japfa's National Long-Term Rating at 'A+(idn)'. The Outlook is Stable. The rating affirmation reflects our expectation that leverage will remain below the negative sensitivity of 2.5x even though profitability will most likely decline. We expect the EBITDA margin to weaken to below 9% (2021: 10.2%) in 2022 and 2023 due to high raw-material prices. Fitch believes the company will maintain its ability to partially pass on the increase in raw-material prices to its end-customers by raising animal feed prices. The company's midstream and downstream operations have supported profitability and showcase the benefits of Japfa's vertically integrated operation. However, faster raw-material price increases, weaker ability to pass on the higher costs, larger capex and higher dividend payments than our expectations could increase leverage beyond our negative sensitivity. 'A' National Ratings denote expectations of a low level of default risk relative to other issuers or obligations in the same country or monetary union. KEY RATING DRIVERS Increased Leverage, Margin Compression: Japfa's net debt/EBITDA after proportionately consolidating several subsidiaries is likely to reach around 2.4x in 2022 and 2023 (2021: 2.1x) due to lower EBITDA generation and rising debt. Fitch expects EBITDA to hover between IDR4.2 trillion and IDR4.5 trillion in these two years from around IDR4.6 trillion in 2021. Fitch believes the high prices of two main raw materials, corn and soybean meal, will cause the EBITDA margin to narrow to 8.7%-9% in 2022 and 2023 (1H22: 10%) before improving to over 9% by 2024. Japfa will be able to partially pass on the increase but Fitch does not expect the selling price adjustments to be as fast and as substantial as the increase in raw-material prices. We have assumed a slight increase in the average prices of corn and soybean meal to capture the risks of a prolonged supply-demand imbalance due to geopolitical crises and the weather effect. Resuming Growth Capex: Fitch believes Japfa's capex will be IDR1.7 trillion-1.8 trillion in 2022 and 2023 as it has spent only slightly less than IDR700 billion in 1H22. Fitch forecasts capex to rise to around IDR2 trillion by 2024 as the company expands and modernises its farms and facilities, as well as build new corn drying facilities, to meet higher sales volume. Higher capex than our expectation will limit its ability to deleverage amid cash flow margin pressure. Higher Shareholder Returns: Japfa's free cash flow pressure may also be exacerbated by rising shareholder returns, especially in 2022. The company has paid around IDR725 billion in dividends in 1H22, much higher than 2021's IDR490 billion and 2020's IDR258 billion. Fitch expects dividend payment to taper off in 2023 due to lower internally generated cash from weaker profitability and higher capex. However, higher dividend payment than Fitch's expectation will slow deleveraging and reduce leverage headroom. Share Buyback Programme: Japfa has also obtained approval to conduct a share buyback programme of up to IDR350 billion, which Fitch believes will be partially executed throughout 2022 and 2023. However, Fitch does not expect the company to fully use the limit by 2023 as it did not buy back any shares in 1H22. Vertically Integrated Operation: Japfa's midstream and downstream operation in commercial farms and processed poultry and food will buffer profitability as its upstream operation weakens slightly. Downstream product prices are likely to be more stable than prices of day-old chicks (DOC) because Japfa has higher bargaining power to raise prices as these products are mostly for end-customers. This is in contrast to DOC and animal feed products whose main targets are farmers, who are more affected by an imbalance between consumer demand and DOC supply. Notched Up from Weaker Parent: Japfa can be rated above its weaker 55.43% parent, Japfa Ltd. (JL), due to 'Porous' access and control and 'Porous' ringfencing, in line with Fitch's Parent and Subsidiary Linkage Rating Criteria. Japfa's US dollar debt, which accounted for around 45% of total debt at end-June 2022, has some restrictions on dividend payment and affiliate transactions. This, coupled with Japfa's listing on the Jakarta stock exchange, provides a degree of ring-fencing, in Fitch's view. Japfa also raises its non-equity funding independently of JL. The parent's management has also shown its intention to keep JL's other animal protein operations separate from its Indonesian business in public presentations. This, together with a significant non-controlling presence, results in the 'Porous' access and control assessment. DERIVATION SUMMARY Japfa's IDR can be compared with that of Marfrig Global Foods S.A. (BB/Positive), Minerva S.A. (BB/Stable) and Frigorifico Concepcion S.A. (B+/Stable). The Positive Outlook on Marfrig's IDR reflects the company's strong operating performance, our expectation of positive free cash flow and low net leverage ratios. Fitch expects Marfrig's net debt/EBITDA of 1.8x by end-2021 to be largely maintained in 2022. This is in contrast with Japfa, which had a higher leverage of 2.1x at end-2021 in addition to our expectation of an increase to around 2.4x in 2022 and 2023. Marfrig's business size is also bigger than Japfa's, with EBITDA exceeding USD1 billion compared with around USD300 million for Japfa. As a result, Japfa is rated one notch below Marfrig. Minerva is one of the largest beef exporters in South America with export sales accounting for about 70% of revenue. Its profitability has been resilient despite high input costs, helped by its export orientation. Minerva is also larger than Japfa with EBITDA of around USD450 million and lower net debt/EBITDA of around 2.0x. These factors support Fitch's assessment of a higher rating for Minerva. Japfa is rated higher than Frigorifico, which is smaller with an EBITDA of around USD120 million-150 million by 2024. It is also less vertically integrated than Japfa and dependent on cattle supply from a third party. Japfa, on the other hand, has extensive vertical integration from production of feed to chick hatchery and processed poultry and food. Frigorifico also has a slightly weaker financial profile, with net debt/EBITDA leverage of 4.1x in 2021 before moderating to around 2.0x-2.5x by 2023. Japfa's National Rating is comparable with that of PT Sumber Alfaria Trijaya Tbk (Alfamart, AA(idn)/Stable) and PT Serasi Autoraya (SERA, AA-(idn)/Stable). Alfamart is rated higher than Japfa due to a stronger business profile, stable cash flow margins and a better financial profile. Alfamart's net debt/EBITDA after pre-paid rent adjustment is also much lower than Japfa's at less than 1.0x. SERA's Standalone Credit Profile of 'a+(idn)' is similar to Japfa's National Long-Term Rating even though Japfa is much larger than SERA. Japfa's EBITDA of over IDR4 trillion is around 3.5x-4x larger than that of SERA but SERA's higher profitability counterbalances the size difference. SERA generates an EBITDA margin of around 24%-26% while Japfa's will be around 9%-10% in the next three years. Japfa is also much more directly affected by commodity price movements and the supply-demand imbalance in the country's poultry market. This results in a volatile leverage profile, with net debt/EBITDA exceeding 2.3x in the next two years, compared with SERA's less than 2.0x. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Revenue growth of around 8% in 2022 before slowing to 3%-4% in 2023-2025; - EBITDA margin of around 8.8%-9.7% from 2022; - Capex of IDR1.7 trillion-1.8 trillion in 2022 and 2023 before picking up to IDR2 trillion from 2024; - Neutral free cash flow margin after capex and dividends from 2023. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Leverage, measured by net debt/ EBITDA that is proportionately consolidated by minority stakes in a number of subsidiaries, of below 1.5x on a sustained basis; - No significant weakening in industry fundamentals or Japfa's market position. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Leverage above 2.5x for a sustained period; - Significant reduction in the size of the animal-feed segment, demonstrated by the segment's share of total revenue falling to below 30%. LIQUIDITY AND DEBT STRUCTURE Sufficient Liquidity: Japfa's liquidity is supported by a cash balance at end-June 2022 of around IDR1.1 trillion and committed undrawn club loan lines of around IDR3 trillion. This is against IDR2.2 trillion in short-term loans, which can be rolled over and maturing long-term loans of around IDR720 billion. The company has annual maturing long-term loans of around IDR800 billion-1 trillion in 2023 and 2024 that we believe should be able to be partially repaid by internally generated cash and refinancing. It does not have any other significant maturity until 2026 when its USD350 million in notes are due. Fitch considers Japfa's refinancing risk manageable, supported by the company's moderate financial profile and proven access to diverse funding sources with long-standing relationships with various banks. ISSUER PROFILE Japfa is the second-largest poultry company in Indonesia, according to the company's estimate, with market share of around 21% in the poultry-feed business and around 25% in the DOC market in 2021. Its operations include aquaculture. Japfa acquired PT So Good Food, a processed-meat manufacturer, from JL in 2020, enhancing its vertical integration in the poultry value chain. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch calculated the ratio for rating sensitivities by proportionately consolidating Japfa's subsidiaries - PT Bumiasri Lestari, PT Iroha Sidat Indonesia, PT Indojaya Agrinusa and PT Sentra Satwatama Indonesia - to reflect their significant minority interests. RATING ACTIONS Rating Prior ------ ----- PT Japfa Comfeed Indonesia Tbk LT IDR BB- Affirmed BB- Natl LT A+(idn) Affirmed A+(idn) senior unsecured LT BB- Affirmed BB- =============== M A L A Y S I A =============== DESTINI BHD: Denies PN17 Classification, De-Listing Reports ----------------------------------------------------------- theedgemarkets.com reports that Destini Bhd has denied that it has been classified as a Practice Note 17 (PN17) company and that it was set to be de-listed on Sept. 5. In a statement, it said any such announcement would be announced according to Bursa's Main Listing Requirements. On Aug. 30, Destini reported a net loss of MYR1.29 million versus a net profit of MYR1.16 million a year earlier for the second quarter ended June 30, 2022, theedgemarkets.com discloses. Revenue for the quarter edged up to MYR32.75 million versus MYR30.34 million previously. For the six months ended June 30, Destini reported a net loss of MYR730,000 against a net profit MYR2.28 million on the back of lower revenue of MYR58.82 million against MYR116.88 million, the report adds. Destini Berhad is a Malaysia-based investment holding company that is engaged in provision of management services. ===================== N E W Z E A L A N D ===================== B&J BARBER: Creditors' Proofs of Debt Due on Oct. 10 ---------------------------------------------------- Creditors of B&J Barber Hospitality Limited are required to file their proofs of debt by Oct. 10, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 26, 2022. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 CO-OPERATIVE BANK: Fitch Affirms BB+ Rating on Subordinated Debt ---------------------------------------------------------------- Fitch Ratings has affirmed The Co-operative Bank Limited's (Co-op) Long-Term Issuer Default Ratings (IDRs) at 'BBB'. The Outlook is Positive. Fitch is withdrawing Co-op's Support Rating of '5' and Support Rating Floor of 'NF' because they are no longer relevant to the agency's coverage following the publication of our updated Bank Rating Criteria on November 12,2021. In line with the updated criteria, Fitch has assigned Co-op a Government Support Rating (GSR) of 'ns'. KEY RATING DRIVERS Financial Profile Underpins Ratings: Co-op's Long-Term IDRs are driven by its 'bbb' Viability Rating (VR), which reflects the bank's modest risk appetite and sound asset quality and capitalisation. These factors are partly offset by its small domestic franchise and weaker earnings relative to peers. The Positive Outlook on the Long-Term IDRs reflects our expectation that Co-op will be able to maintain the recovery in its earnings core metric over the next two years. Co-op's Short-Term IDRs of 'F2' are assigned at the higher of the two options available at a Long-Term IDR of 'BBB', as the funding and liquidity score of 'bbb+' is high enough to support the rating. Positive Earnings Outlook Maintained: Fitch's base case sees the core earnings metric, operating profit/risk-weighted assets, at 1.2% at end-March 2023, meaning there is potential for the 'bbb-' factor score to be revised up, which is reflected in the positive outlook. There remain some downside risks associated with slowing growth, rising interest rates, high inflation and investment expenses. Fitch may upgrade the earnings and profitability score if we see increased probability that the four-year average of the core metric can be sustained at over 1.2%. Modest National Franchise: Co-op operates on a national footprint, but is a small player relative to New Zealand's overall banking system. The assigned business profile score of 'bbb' is above the implied 'bb' category, reflecting the bank's simple business model, which supports the financial profile and offsets the low market share. Stable Operating Environment: Fitch expects economic conditions to result in a broadly stable operating environment for New Zealand banks over the next two years. Economic growth is likely to slow as interest rates are increased to address inflation, but sound underwriting and low unemployment should limit losses for banks. This underpins the stable outlook on our operating environment score of 'a'. The score is below the 'aa' category implied by Fitch's criteria to reflect the high household debt in New Zealand. Conservative Loan Mix: Co-op's credit exposure mainly relates to its loan mix, which is largely made up of low-risk residential mortgages. Growth can exceed system levels at times, but does not often pressure capital or liquidity. Fitch views operational and market risk as modest given the nature of Co-op's operations. Loan Quality to Weaken: Fitch said, "We expect Co-op's asset quality to moderately weaken over the next two years, driven by rising interest rates, high inflation and a portion of fixed-rate borrowers gradually rolling over to higher interest rates. We believe the four-year average ratio of stage 3 loans to gross loans will remain at around 0.7% and consistent with the current 'a-' factor score. Low unemployment in New Zealand means a significant shock to asset quality appears unlikely." Stable Capitalisation: Fitch said, "We expect Co-op to comfortably meet new regulatory capital requirements as the bank's robust starting point for capital means it is well-placed to meet the new requirements by the 2028 deadline for full implementation. Co-op's common equity Tier 1 (CET1) ratio would typically imply a capitalisation score in the 'a' category but we apply a negative adjustment due to the bank's small absolute size, which leaves it more susceptible to severe downturns." Deposit Funding Focus: Co-op's funding consists mainly of retail deposits and there is little reliance on wholesale funding sources. We expect the core metric, loans/customer deposits, to remain around 105% over the next two years and consistent with the assigned funding and liquidity score of 'bbb+'. Liquidity metrics should remain well above regulatory minimums, in line with Co-op's historical management of liquidity. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: IDRs and VR Fitch may revise the Outlook on the Long-Term IDRs to Stable if Co-op appears less likely to sustain the improvement in its earnings core metric. A downgrade of Co-op-'s Long-Term IDRs and VR appears unlikely but may occur if deterioration in the economic environment results in a combination of: - Stage 3 loans/gross loans increasing above 4% on a consistent basis; - operating profit/risk-weighted assets falling below 0.75% for a sustained period; or - the CET1 ratio declining below 10.5% without a clear path to return above this level. The Short-Term IDRs could be downgraded to 'F3' if Fitch revises the funding and liquidity score to 'bbb' from 'bbb+'. This would require the loan/customer deposit ratio to remain above 115%. Factors that could, individually or collectively, lead to positive rating action/upgrade: IDRs and VR Co-op's Long-Term IDRs and VR may be upgraded if the bank's four-year average operating profit/risk-weighted ratio increases above 1.2% for a sustained basis, while other aspects of its credit profile are maintained or improve. We think this threshold is likely to be reached over the next two years. An upgrade in the Short-Term IDRs is not probable, as it would require an upgrade in Co-op's Long-Term IDRs, combined with an upgrade in the funding and liquidity score to 'a'. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Co-op's subordinated Tier 2 debt is rated two notches below its anchor rating, the VR, which is consistent with the base case in Fitch's Bank Rating Criteria. This captures two notches for loss severity and zero notches for non-performance risk, with the latter already adequately reflected in the VR. None of the reasons for alternative notching as described in the criteria is present. GSR The GSR of 'ns' (no support) reflects Fitch's view that there is no reasonable assumption that support from the New Zealand sovereign (Long-Term Local-Currency IDR: AA+/Stable) would be forthcoming if required. We believe that the existence of an open bank resolution scheme lowers the propensity of the sovereign to support its banks. The scheme allows for the imposition of losses on depositors and senior debt holders to recapitalise a failed institution. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES The subordinated debt ratings will change in line with changes to the VR. GSR: The GSR is already at the lowest level on Fitch's rating scale and cannot be downgraded further. An increase in the New Zealand authorities' propensity to extend support would be required for an upgrade of the GSR, but this appears unlikely given the resolution framework in place. VR ADJUSTMENTS The VR of 'bbb' has been assigned below the 'bbb+' implied score on the following adjustment reason: Weakest link - earnings and profitability. The operating environment score of 'a' has been assigned below the 'aa' category implied score because of the following adjustment reason: Level and growth of credit (negative). The business profile score of 'bbb' has been assigned above the 'bb' category implied score because of the following adjustment reason: Business model (positive). The capitalisation and leverage score of 'bbb+' has been assigned below the 'a' category implied because of the following adjustment reason: Size of capital base (negative). ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of environmental, social and governance (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. RATING ACTIONS Rating Prior ------ ----- The Co-operative Bank Limited LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 LC LT IDR BBB Affirmed BBB LC ST IDR F2 Affirmed F2 Viability bbb Affirmed bbb Support WD Withdrawn 5 Support Floor WD Withdrawn NF Gov't Support ns New Rating Subordinated LT BB+ Affirmed BB+ NGS MANUFACTURING: BDO Tauranga Appointed as Liquidators -------------------------------------------------------- Thomas Lee Rodewald and Paul Thomas Manning of BDO Tauranga on Sept. 1, 2022, were appointed as liquidators of NGS Manufacturing Limited. The liquidators may be reached at: BDO Tauranga Limited Level 1, The Hub 525 Cameron Road PO Box 15660 Tauranga 3144 POUNAMU CIVIL: Grant Bruce Reynolds Appointed as Liquidator ----------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates was appointed as liquidator of Pounamu Civil Limited on Aug. 31, 2022, and as liquidator of Pro Construction and Installation Limited on Sept. 1, 2022. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 RIVERSIDE PRIDE: Creditors' Proofs of Debt Due on Sept. 29 ---------------------------------------------------------- Creditors of Riverside Pride Limited are required to file their proofs of debt by Sept. 29, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 1, 2022. The company's liquidators are: Steven khov Kieran jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 SOUTHLAND BUILDING: Fitch Affirms BB+ Rating on Subordinated Debt ----------------------------------------------------------------- Fitch Ratings has affirmed New Zealand's Southland Building Society's (SBS) Long-Term Foreign and Local Issuer Default Ratings (IDRs) at 'BBB' with a Positive Outlook. The Short-Term IDRs of 'F3', Viability Rating (VR) of 'bbb' and debt ratings have also been affirmed. Fitch is withdrawing the Support Rating of '5' and Support Rating Floor of 'NF' (No Floor) because they are no longer relevant to the agency's coverage following the publication of our updated Bank Rating Criteria on 12 November 2021. In line with the updated criteria, we have assigned SBS a Government Support Rating (GSR) of 'ns' (no support). KEY RATING DRIVERS Solid Financial Profile: SBS's Long-Term IDRs are driven by its VR, which is underpinned by a solid financial profile and modest risk appetite. The Positive Outlook on the Long-Term IDRs reflects our expectation of continued strengthening in SBS's capitalisation over the next two years. The VR is below the implied VR of 'bbb+', as capitalisation remains below levels reported by domestic peers and access to fresh ordinary equity is limited given SBS's mutual ownership. The Short-Term IDRs are assigned at the lower of the two options available at a Long-Term IDR of 'BBB', as the funding and liquidity score of 'bbb' is not sufficiently high enough to support the higher rating. Improving Capitalisation: Fitch said, "We expect the common equity Tier 1 (CET1) ratio to continue improving, with the bank likely to meet the new regulatory capital requirements ahead of the mid-2028 date for full implementation. This drives the positive outlook on our 'bbb' capitalisation score. We are likely to raise this score if the CET1 ratio looks like it will be sustained in line with domestic regional bank peers at around 14%. This would in turn place upward pressure on the VR and IDRs, so long as other parts of the credit profile do not deteriorate." Stable Operating Environment: Fitch said, "We expect economic conditions to result in a broadly stable operating environment for New Zealand banks over the next two years. Economic growth is likely to slow as interest rates rise to address inflation, but sound underwriting and low unemployment should limit losses for banks. This underpins the stable outlook on our operating environment score of 'a'. The score is below the 'aa' category score implied by Fitch's criteria to reflect New Zealand's high household debt." Simple Business Model: SBS's simple business model offsets its small national market share, at about 1% of mortgages and deposits, and supports the business profile score of 'bbb', which is above the implied 'bb' category. Consumer-Focused Lender: SBS's risk management and control framework appear well suited to manage the risks associated with its largely consumer-focused lending activity. We expect the bank to continue targeting mortgages - which formed 81% of gross loans at end-March 2022 - with loan/value ratios (LVRs) below 80%. Non-mortgage consumer loans, at 15% of gross loans, are higher risk, but generate a stronger net interest margin. Asset Quality Deterioration: Fitch said, "We expect rising interest rates to pressure some consumers and result in modestly higher impaired loans and write-offs into 2023. However, buffers, including savings built up by households during the pandemic, and macroprudential limits on higher LVR lending mean metrics are likely to remain consistent with our 'a-' asset quality score." Above Peer Earnings: Slower loan growth and an increase in impairment charges are likely to offset the benefit of a higher net interest margin and result in a lower operating profit/risk-weighted assets ratio in the financial year to end-March 2023. Nevertheless, we expect profitability metrics to remain above those of peers and have hence revised the factor outlook to positive. We could raise the 'bbb' factor score if we are confident that the four-year average of the operating profit/risk-weighted assets ratio will be maintained above 1.5%. Some Wholesale Funding Reliance: Fitch said, "We expect the funding and liquidity profile to remain consistent with our factor score of 'bbb'. This score is lower than that of most domestic peers to reflect SBS's higher reliance on wholesale funding. Liquidity is well managed and we expect metrics to remain well above regulatory minimums." RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: IDRs and VR Fitch said, "We may revise the Outlook on the Long-Term IDRs to Stable if it appears that SBS will take longer than two years to raise capitalisation toward peer levels or if other aspects of the credit profile weaken in conjunction with the strengthening in capital." A downgrade of the Long-Term IDRs and VR appears unlikely, but may occur if deterioration in the economic environment or an increase in the risk profile results in a combination of: - the four-year average of stage 3 loans/gross loans increasing above 4% (FYE22: four-year average of 0.3%); - the four-year average of operating profit/risk-weighted assets falling below 1% (FYE22: four-year average of 1.6%); or - the CET1 ratio declining below 10.5% without a clear path to return above this level (FYE22: 13.1%). The Short-Term IDRs would only be downgraded if the Long-Term IDRs were downgraded by at least two notches. Factors that could, individually or collectively, lead to positive rating action/upgrade: IDRs and VR The Long-Term IDRs and VR may be upgraded if the bank sustains a CET1 ratio at around 14%, while maintaining or improving other aspects of its credit profile. We think this threshold is likely to be reached over the next two years. The Short-Term IDRs would be upgraded to 'F2' if we upgrade the Long-Term IDRs or revise our funding factor mid-point to 'bbb+', from 'bbb'. The latter would require that SBS consistently maintain a loan/deposit ratio of less than 110%. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Senior Unsecured Debt: SBS's customer deposits, medium-term notes (MTNs) and commercial paper (CP) programme are rated one notch above its IDRs; at 'BBB+' for customer deposits and MTNs and 'F2' for CP. This is because New Zealand has an effective resolution framework and there are significant buffers of junior ranking instruments in the funding structure. Redeemable shares and subordinated debt combined accounted for more than 110% of risk-weighted assets at end-March 2022 and both classes rank junior to customer deposits, MTNs and the CP programme. Subordinated Debt: SBS's subordinated Tier 2 debt is rated two notches below its anchor rating, the VR, consistent with the baseline approach for subordinated debt with no coupon flexibility in Fitch's Bank Rating Criteria. This captures two notches for loss severity and zero notches for non-performance risk, with the latter already adequately reflected in the VR. None of the reasons for alternative notching as described in the criteria are present. GSR: The GSR reflects Fitch's view that there is no reasonable assumption of support from the New Zealand sovereign being forthcoming if required. Fitch said, "We believe the existence of an open bank resolution scheme lowers the propensity of the sovereign to support its banks. The scheme allows for the imposition of losses on depositors and senior debt holders to recapitalise a failed institution." OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Senior Unsecured Debt: The long-term ratings on customer deposits and MTNs will move in line with changes to the Long-Term IDRs. The short-term rating on the CP programme would be downgraded if the Short-Term IDRs are downgraded, while an upgrade would require either: - the long-term rating assigned to the customer deposits and MTNs to be upgraded by at least two notches to 'A'; or - the funding and liquidity factor score to be upgraded by at least three notches to 'a' in conjunction with an upgrade of at least one notch on the Long-Term IDRs. The senior unsecured debt ratings may also be downgraded if there is a substantial reduction in the level of redeemable shares and subordinated debt, such that combined, they account for less than 10% of risk-weighted assets. However, this appears to be unlikely to occur. Subordinated Debt: The subordinated debt ratings will change in line with changes to the VR. GSR: The GSR is already at the lowest level on Fitch's rating scale and cannot be downgraded. An increased propensity of state support would be required for an upgrade of the GSR, but this appears unlikely given the resolution framework in place. VR ADJUSTMENTS The VR of 'bbb' has been assigned below the 'bbb+' implied score due to the following adjustment reason: weakest link - capitalisation and leverage (negative). The operating environment score of 'a' has been assigned below the 'aa' category implied score due to the following adjustment reason: level and growth of credit (negative). The business profile score of 'bbb' has been assigned above the 'bb' category implied score due to the following adjustment reason: business model (positive). RATING ACTIONS Rating Prior ------ ----- Southland Building Society LT IDR BBB Affirmed BBB ST IDR F3 Affirmed F3 LC LT IDR BBB Affirmed BBB LC ST IDR F3 Affirmed F3 Viability bbb Affirmed bbb Support WD Withdrawn 5 Support Floor WD Withdrawn NF Gov't Support ns New Rating senior unsecured LT BBB+ Affirmed BBB+ subordinated LT BB+ Affirmed BB+ senior unsecured ST F2 Affirmed F2 TOP LEVEL: Court to Hear Wind-Up Petition on Sept. 23 ----------------------------------------------------- A petition to wind up the operations of Top Level Landscapes Limited will be heard before the High Court at Auckland on Sept. 23, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 2, 2022. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= BEACH HOTEL: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Aug. 26, 2022, to wind up the operations of Beach Hotel Pte. Ltd. GC Lease Singapore Pte Ltd filed the petition against the company. The company's liquidators are: Don Ho Mun-Tuke Ho Chjuen Meng David Donald 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 EASE MANAGE: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Aug. 26, 2022, to wind up the operations of Ease Manage Pte. Ltd. GC Lease Singapore Pte Ltd filed the petition against the company. The company's liquidators are: Don Ho Mun-Tuke Ho Chjuen Meng David Donald 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 HODLNAUT TRADING: High Court Grants Judicial Management ------------------------------------------------------- Suvashree Ghosh at Bloomberg News reports that the Singapore High Court granted judicial management to Hodlnaut, giving the struggling crypto lender additional breathing space to come up with a recovery plan. According to Bloomberg, Justice Aedit Abdullah approved Angela Ee and Aaron Loh of EY Corporate Advisors Pte. as the interim judicial managers, Hodlnaut said in a statement on its website on Aug. 30. In an earlier application, Hodlnaut had proposed Tam Chee Chong of Kairos Corporate Advisory Ltd. as the interim judicial manager. The court announced the decision on Aug. 29, Hodlnaut added. Judicial management is a process where the court appoints an independent party to take over operations from a company's directors, Bloomberg notes. During the process, it is protected from claims by creditors and attempts to liquidate its assets. Hodlnaut, which operates out of Singapore and Hong Kong, halted withdrawals earlier this month, joining Asian crypto firms including Vauld, Zipmex and Babel Finance in getting swept away by a $2 trillion rout in digital asset markets, Bloomberg says. Bloomberg says Singapore is responding to the crypto industry's turmoil. The head of the city-state's central bank, Ravi Menon, on Monday said it's considering additional guardrails around retail investing in digital assets to limit risks. Started in 2019, Hodlnaut allowed investors to earn interest on crypto by lending out their tokens, the report says. The firm said in February that it had more than $100 million in customer funds across over 1,000 users, up from $1 million a year earlier. About Hodlnaut Trading Hodlnaut Trading Limited -- https://www.hodlnaut.com/ -- is a Singapore-based platform that provides innovative financial services for individual investors who can earn interest on their cryptocurrencies. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 17, 2022, cryptocurrency lender Hodlnaut, which recently halted withdrawals, filed an application in Singapore to be placed under a form of creditor protection. Bloomberg News said the move enables a temporary pause in legal claims and proceedings so that the company can focus on a recovery plan and rehabilitation, Hodlnaut said in a statement on its website on Aug. 16. It said it filed the application for the so-called judicial management with the Singapore High Court as of Aug. 13. LIJING HOLIDAYS: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on Aug. 26, 2022, to wind up the operations of Lijing Holidays Pte. Ltd. GC Lease Singapore Pte Ltd filed the petition against the company. The company's liquidators are: Don Ho Mun-Tuke Ho Chjuen Meng David Donald 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 OKH ENTERPRISE: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on Aug. 26, 2022, to wind up the operations of OKH Enterprise Pte. Ltd. GC Lease Singapore Pte Ltd filed the petition against the company. The company's liquidators are: Don Ho Mun-Tuke Ho Chjuen Meng David Donald 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 YL ENGINEERING: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on Aug. 26, 2022, to wind up the operations of YL Engineering Pte. Ltd. GC Lease Singapore Pte Ltd filed the petition against the company. The company's liquidators are: Don Ho Mun-Tuke Ho Chjuen Meng David Donald 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 =========== T A I W A N =========== APPLE DAILY: News Outlet Shut Down on Aug. 31 --------------------------------------------- Nikkei Asia reports that Apple Daily Taiwan, a news outlet with ties to detained Hong Kong media tycoon Jimmy Lai, turned off the lights on Aug. 31, quelling rumors of a sale. Apple Daily Taiwan, one of the island's leading news platform, is owned by a company founded by Lai and was thrown into turmoil by his arrest in 2020, Nikkei Asia says. Local media had reported that Singaporean entrepreneur Joseph Phua was in talks to buy Apple Daily Taiwan, but Phua held a press conference on Aug. 30 announcing instead the launch of Next Apple News on Sept. 1. The new website will hire 96% of the more than 200 staff laid off from Apple Daily Taiwan, the report relates. After reviewing documents offered by Hong Kong businessman Kenny Wee, who claimed to own Apple Daily Taiwan, Phua said he decided against the purchase, as continued losses in the past two years made it unreasonable, despite the website's high traffic, according to Nikkei Asia. There were also questions over Wee's claim of ownership of Apple Daily. The Taiwanese government told Nikkei Asia that it had not received any proof that Wee owned the company, or an application to transfer ownership to him from the company's Hong Kong parent, Next Digital. Wee did not respond to Nikkei Asia's questions on the matter. Meanwhile, Phua, who co-founded livestreaming platform 17LIVE, will run Next Apple News under his Taiwan-based firm Long Cheng Creative Co. He dismissed any political motives for his decision, saying it was purely made from "a business point of view." "Finding a target and monetizing media traffic is my specialty. It was unexpected for a simple business transaction to cause such turmoil," Nikkei Asia quotes Phua as saying. It will cost between 300 million New Taiwan dollars ($9.9 million) and NT$400 million a year to operate the new outfit, he added. An official from the Ministry of Economic Affairs said a trademark application for Next Apple News has been received, but due to the large number of cases, the review has not yet been scheduled, adding that it should take about five months. The official also said that Next Apple News will be able to operate under Lo Cheng, whose capital registration includes permission to operates a media business. Apple Daily Taiwan stopped printing last year citing declining readership and advertising revenue but has maintained an online presence, Nikkei Asia recalls. Its parent Next Digital is undergoing liquidation after its founder, Lai, was arrested under the city's national security law for allegedly conspiring with foreign forces. The latest moves come amid heightened concerns over Chinese influence in Taiwan, the report states. Lai Chung-chiang, an official with the Taipei-based civil group Economic Democracy Union, urged the culture ministry this month to investigate allegations that Phua planned to transfer sensitive Apple Daily Taiwan data to a new platform. According to Nikkei Asia, Lai warned that Long Cheng was created to bypass Ministry of Economic Affairs oversight and obtain unsupervised access to the Apple Daily archives. Earlier this year, Taiwan's government banned Hong Kong-based, Chinese government-owned Phoenix Television, which shut its Taipei office, Nikkei Asia recalls. The decision came after the pro-Beijing broadcaster transferred ownership to a Chinese government-owned company last year, making it a Chinese entity under Taiwanese law, which forbids Chinese ownership of media companies. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week Aug. 29, 2022 to Sept. 2, 2022 ------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.21 ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.21 AUSNET SERVICES HOLDINGS 3.16 08/07/40 AUD 64.36 AUSNET SERVICES HOLDINGS 2.57 08/07/35 AUD 69.62 AUSNET SERVICES HOLDINGS 2.57 08/07/35 AUD 69.97 AUSTRALIA & NEW ZEALAND B 2.92 12/22/40 AUD 61.72 AUSTRALIA & NEW ZEALAND B 3.00 12/17/40 AUD 63.03 AUSTRALIA & NEW ZEALAND B 3.40 12/20/39 AUD 68.28 AUSTRALIA & NEW ZEALAND B 1.23 02/18/50 EUR 70.98 AUSTRALIA GOVERNMENT BOND 1.75 06/21/51 AUD 63.14 CLIME CAPITAL LTD/FUND 5.25 11/30/25 AUD 0.99 COMMONWEALTH BANK OF AUST 1.90 03/12/50 AUD 56.24 COMMONWEALTH BANK OF AUST 3.12 08/27/41 AUD 61.45 COMMONWEALTH BANK OF AUST 3.30 09/24/41 AUD 63.67 COMMONWEALTH BANK OF AUST 3.20 08/27/40 AUD 64.24 COMMONWEALTH BANK OF AUST 2.45 10/18/49 AUD 65.01 COMMONWEALTH BANK OF AUST 3.00 12/10/40 AUD 66.33 COMMONWEALTH BANK OF AUST 2.60 09/27/49 AUD 67.00 COMMONWEALTH BANK OF AUST 2.66 11/26/49 AUD 68.03 COMMONWEALTH BANK OF AUST 2.70 09/18/49 AUD 68.50 COMMONWEALTH BANK OF AUST 2.71 10/29/49 AUD 68.71 COMMONWEALTH BANK OF AUST 3.30 08/26/50 AUD 69.99 COMMONWEALTH BANK OF AUST 0.48 07/29/41 EUR 71.03 COMMONWEALTH BANK OF AUST 3.30 05/28/35 AUD 71.83 COMMONWEALTH BANK OF AUST 0.48 07/30/43 EUR 71.87 COMMONWEALTH BANK OF AUST 3.00 03/20/35 AUD 71.96 COMMONWEALTH BANK OF AUST 3.66 09/23/34 AUD 72.60 ECP EMERGING GROWTH LTD 5.50 04/11/27 AUD 1.46 EDITH COWAN UNIVERSITY 3.40 07/15/41 AUD 69.33 EXCHANGE TRADED AUSTRALIA 1.75 06/21/51 AUD 64.19 FLAGSHIP INVESTMENTS LTD 5.50 10/01/26 AUD 2.60 GLENNON SMALL COS LTD 5.60 09/30/30 AUD 10.50 GLOBAL MASTERS FUND LTD/F 5.50 11/24/26 AUD 2.96 MACQUARIE GROUP LTD 2.22 06/26/39 SEK 59.52 MACQUARIE GROUP LTD 2.50 09/24/36 USD 73.36 MACQUARIE UNIVERSITY 3.10 11/22/44 AUD 70.13 MOSAIC BRANDS LTD 8.00 09/30/24 AUD 0.99 NATIONAL AUSTRALIA BANK L 3.35 07/24/40 AUD 64.72 NATIONAL AUSTRALIA BANK L 2.65 01/14/41 USD 68.61 NATIONAL AUSTRALIA BANK L 2.65 01/14/41 USD 68.61 NATIONAL AUSTRALIA BANK L 3.35 07/17/40 AUD 69.31 NATIONAL AUSTRALIA BANK L 3.40 06/30/40 AUD 69.40 NATIONAL AUSTRALIA BANK L 2.48 12/05/39 AUD 70.99 NATIONAL AUSTRALIA BANK L 3.71 11/25/41 AUD 71.56 NATIONAL AUSTRALIA BANK L 2.60 01/28/40 AUD 72.23 NEW SOUTH WALES TREASURY 2.45 08/24/50 AUD 65.59 NEW SOUTH WALES TREASURY 0.61 02/24/50 EUR 66.76 NEW SOUTH WALES TREASURY 2.25 05/20/42 AUD 69.12 NEW SOUTH WALES TREASURY 2.25 05/07/41 AUD 70.53 NEW SOUTH WALES TREASURY 2.25 11/20/40 AUD 70.79 QUEENSLAND TREASURY CORP 0.69 06/01/50 EUR 62.19 QUEENSLAND TREASURY CORP 2.25 10/28/50 AUD 62.50 QUEENSLAND TREASURY CORP 2.25 11/20/41 AUD 69.80 QUEENSLAND TREASURY CORP 2.25 04/16/40 AUD 71.65 RIO TINTO FINANCE USA LTD 2.75 11/02/51 USD 73.61 SOUTH AUSTRALIAN GOVERNME 2.25 05/24/40 AUD 68.94 TASMANIAN PUBLIC FINANCE 2.35 08/23/41 AUD 69.71 TASMANIAN PUBLIC FINANCE 1.75 01/22/36 AUD 72.48 TREASURY CORP OF VICTORIA 2.40 08/18/50 AUD 64.29 TREASURY CORP OF VICTORIA 0.60 02/24/50 EUR 67.05 TREASURY CORP OF VICTORIA 2.25 11/20/42 AUD 68.22 TREASURY CORP OF VICTORIA 2.25 11/20/41 AUD 69.16 TREASURY CORP OF VICTORIA 2.25 11/20/40 AUD 70.36 TREASURY CORP OF VICTORIA 2.00 11/20/37 AUD 71.52 VIRGIN AUSTRALIA HOLDINGS 8.25 05/30/23 AUD 3.92 VIRGIN AUSTRALIA HOLDINGS 8.08 03/05/24 AUD 4.01 VIRGIN AUSTRALIA HOLDINGS 8.00 11/26/24 AUD 4.08 VIRGIN AUSTRALIA HOLDINGS 7.88 10/15/21 USD 4.36 VIRGIN AUSTRALIA HOLDINGS 7.88 10/15/21 USD 4.36 VIRGIN AUSTRALIA HOLDINGS 8.13 11/15/24 USD 5.25 VIRGIN AUSTRALIA HOLDINGS 8.13 11/15/24 USD 5.25 WESTERN AUSTRALIAN TREASU 2.25 07/23/41 AUD 70.69 WESTPAC BANKING CORP 2.35 02/27/40 AUD 69.71 WESTPAC BANKING CORP 2.96 11/16/40 USD 72.67 WESTPAC BANKING CORP 3.13 11/18/41 USD 73.68 CHINA ----- AKESU DISTRICT GREEN INDU 4.09 03/11/23 CNY 20.06 AKESU DISTRICT GREEN INDU 4.09 03/11/23 CNY 20.08 AKESU TEXTILE CITY DEVELO 7.50 06/21/24 CNY 40.02 AKESU TEXTILE CITY DEVELO 7.50 06/21/24 CNY 41.57 ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 20.05 ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 20.06 ALTAY PREFECTURE STATE-OW 6.98 04/24/29 CNY 50.00 ANHUI DANGTU ECO DEVELOPM 6.00 09/11/24 CNY 60.00 ANHUI DANGTU ECO DEVELOPM 6.00 09/11/24 CNY 61.77 ANHUI HUAAN FOREIGN ECONO 7.30 07/13/21 CNY 70.01 ANHUI HUAINING URBAN & RU 5.80 08/28/24 CNY 60.00 ANHUI HUAINING URBAN & RU 5.80 08/28/24 CNY 61.27 ANHUI JIANGNAN INDUSTRIAL 4.76 07/08/23 CNY 20.10 ANHUI JIANGNAN INDUSTRIAL 4.76 07/08/23 CNY 20.22 ANHUI LANGCHUAN HOLDING G 6.13 12/11/24 CNY 62.34 ANHUI LEXING CITY CONSTRU 6.05 11/01/24 CNY 60.90 ANHUI LEXING CITY CONSTRU 6.05 11/01/24 CNY 61.87 ANJI CONSTRUCTION INVESTM 7.20 05/02/25 CNY 63.20 ANJI CONSTRUCTION INVESTM 7.20 05/02/25 CNY 63.35 ANJI NORTHWEST DEVELOPMEN 5.90 07/18/23 CNY 20.26 ANJI NORTHWEST DEVELOPMEN 5.90 07/18/23 CNY 20.30 ANLU CONSTRUCTION DEVELOP 5.45 06/15/23 CNY 20.08 ANNING DEVELOPMENT INVEST 8.80 09/11/25 CNY 70.00 ANQING ECONOMIC&TECHNOLOG 4.09 03/09/23 CNY 20.19 ANQING ECONOMIC&TECHNOLOG 4.09 03/09/23 CNY 20.20 ANQING WANJIANG HIGH TECH 6.50 08/02/24 CNY 40.00 ANQING WANJIANG HIGH TECH 6.50 08/02/24 CNY 40.29 ANQIU HUAAN STATE OWNED A 7.00 09/14/24 CNY 58.76 ANQIU HUAAN STATE OWNED A 7.00 09/14/24 CNY 59.56 ANSHUN CITY CONSTRUCTION 7.30 09/15/24 CNY 57.86 ANSHUN STATE-RUN ASSETS M 4.48 07/18/23 CNY 19.11 ANSHUN STATE-RUN ASSETS M 4.48 07/18/23 CNY 20.06 ANSHUN TRANSPORTATION DEV 7.50 10/31/24 CNY 53.50 ANSHUN TRANSPORTATION DEV 7.50 10/31/24 CNY 60.42 ANSHUN XIXIU CITY INVESTM 4.70 11/22/23 CNY 36.97 ANSHUN XIXIU CITY INVESTM 4.70 11/22/23 CNY 40.11 ANYUE XINGAN CITY DEVELOP 7.50 01/30/25 CNY 62.34 ANYUE XINGAN CITY DEVELOP 7.50 01/30/25 CNY 62.59 ANYUE XINGAN CITY DEVELOP 7.50 05/06/26 CNY 73.00 AOYUAN CORP GROUP LTD 5.50 03/03/25 CNY 25.50 AOYUAN CORP GROUP LTD 6.60 09/03/23 CNY 38.00 AOYUAN CORP GROUP LTD 5.65 08/06/25 CNY 59.71 BAOJI INVESTMENT GROUP CO 5.05 04/18/24 CNY 40.91 BAOTOU AFFORDABLE HOUSING 5.25 07/27/24 CNY 40.91 BAOTOU AFFORDABLE HOUSING 5.31 08/10/24 CNY 40.97 BAOTOU AFFORDABLE HOUSING 5.31 08/10/24 CNY 41.35 BAOTOU QINSHAN HOUSING DE 7.90 12/26/23 CNY 45.84 BAOYING CITY CONSTRUCTION 4.50 03/24/23 CNY 20.19 BAOYING CITY CONSTRUCTION 4.50 03/24/23 CNY 20.22 BAOYING COUNTY DEVELOPMEN 5.45 08/21/24 CNY 41.18 BAOYING COUNTY DEVELOPMEN 5.49 10/17/24 CNY 61.40 BAZHONG STATE-OWNED CAPIT 5.13 12/02/22 CNY 19.70 BAZHONG STATE-OWNED CAPIT 5.13 12/02/22 CNY 19.83 BAZHOU GUOHUI CONSTRUCTIO 6.08 06/19/24 CNY 41.36 BAZHOU GUOHUI CONSTRUCTIO 6.08 06/19/24 CNY 41.44 BEIPIAO CITY CONSTRUCTION 6.70 03/25/23 CNY 20.38 BEIPIAO CITY CONSTRUCTION 6.70 03/25/23 CNY 20.39 BENGBU ECONOMIC DEVELOPME 6.45 07/13/24 CNY 40.00 BENGBU ECONOMIC DEVELOPME 6.45 07/13/24 CNY 40.73 BENGBU URBAN INVESTMENT H 5.80 04/13/24 CNY 41.35 BENGBU URBAN INVESTMENT H 5.80 04/13/24 CNY 41.36 BIJIE CITY ANFANG CONSTRU 7.80 01/18/26 CNY 60.00 BIJIE CITY ANFANG CONSTRU 7.80 01/18/26 CNY 70.96 BIJIE CONSTRUCTION INVEST 5.78 07/06/24 CNY 35.66 BIJIE CONSTRUCTION INVEST 5.78 07/06/24 CNY 36.54 BIJIE CONSTRUCTION INVEST 5.55 08/03/24 CNY 39.78 BIJIE DEXI CONSTRUCTION D 5.10 12/05/23 CNY 36.87 BIJIE DEXI CONSTRUCTION D 4.60 11/17/23 CNY 36.93 BIJIE DEXI CONSTRUCTION D 4.60 11/17/23 CNY 37.52 BIJIE DEXI CONSTRUCTION D 5.10 12/05/23 CNY 38.45 BIJIE QIXINGGUAN DISTRICT 8.05 08/16/25 CNY 50.00 BIJIE QIXINGGUAN DISTRICT 8.05 08/16/25 CNY 51.33 BIJIE QIXINGGUAN DISTRICT 7.60 09/08/24 CNY 61.90 BIJIE XINTAI INVESTMENT C 7.80 11/01/24 CNY 54.00 BIJIE XINTAI INVESTMENT C 7.80 11/01/24 CNY 54.08 BINZHOU ZHANHUA DISTRICT 4.93 11/29/23 CNY 40.22 BINZHOU ZHANHUA DISTRICT 4.93 11/29/23 CNY 40.36 BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 20.01 BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 20.05 BOZHOU URBAN CONSTRUCTION 4.78 04/14/23 CNY 20.22 BOZHOU URBAN CONSTRUCTION 4.78 04/14/23 CNY 20.23 BRILLIANCE AUTO GROUP HOL 5.80 03/20/24 CNY 54.80 BRILLIANCE AUTO GROUP HOL 5.40 09/14/23 CNY 55.80 BRILLIANCE AUTO GROUP HOL 6.30 09/14/23 CNY 56.93 BRILLIANCE AUTO GROUP HOL 5.80 11/05/23 CNY 59.80 BRILLIANCE AUTO GROUP HOL 5.80 06/17/24 CNY 60.78 CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 20.15 CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 20.28 CEFC SHANGHAI INTERNATION 4.08 09/09/21 CNY 60.00 CEFC SHANGHAI INTERNATION 4.98 12/10/20 CNY 61.29 CHANG DE DING LI INDUSTRY 4.30 03/10/23 CNY 20.15 CHANG DE DING LI INDUSTRY 4.30 03/10/23 CNY 20.19 CHANG DE DING LI INDUSTRY 6.10 07/20/24 CNY 40.23 CHANG DE DING LI INDUSTRY 6.10 07/20/24 CNY 40.46 CHANGDE DE YUAN SHANTY TO 5.33 09/13/23 CNY 40.05 CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 20.06 CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 20.13 CHANGGE JINCAI PUBLIC ASS 7.10 04/19/24 CNY 40.00 CHANGGE JINCAI PUBLIC ASS 7.10 04/19/24 CNY 41.00 CHANGJI URBAN CONSTRUCTIO 4.24 11/18/23 CNY 39.62 CHANGJI URBAN CONSTRUCTIO 4.24 11/18/23 CNY 40.15 CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 20.11 CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 20.41 CHANGSHA CHENGBEI INVESTM 6.95 06/06/25 CNY 64.23 CHANGSHA CHENGBEI INVESTM 6.95 06/06/25 CNY 64.90 CHANGSHA ECONOMIC & TECHN 4.78 03/03/24 CNY 40.71 CHANGSHA ECONOMIC & TECHN 4.78 03/03/24 CNY 41.26 CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 20.14 CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 24.60 CHANGSHA JINZHOU NEW CITY 6.60 08/24/24 CNY 60.00 CHANGSHA JINZHOU NEW CITY 6.60 08/24/24 CNY 60.20 CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 15.32 CHANGSHA METRO GROUP CO L 5.40 07/14/25 CNY 45.00 CHANGSHA METRO GROUP CO L 5.40 07/14/25 CNY 46.91 CHANGSHA METRO GROUP CO L 5.97 04/03/25 CNY 47.01 CHANGSHA METRO GROUP CO L 4.10 12/21/25 CNY 61.22 CHANGSHA METRO GROUP CO L 4.10 12/21/25 CNY 61.47 CHANGSHA TIANXIN CITY CON 3.43 08/08/23 CNY 19.13 CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 20.00 CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 20.06 CHANGSHA TIANXIN CITY CON 3.43 08/08/23 CNY 20.10 CHANGSHA WANGYUAN DEVELOP 5.73 07/12/27 CNY 73.11 CHANGSHA WANGYUAN DEVELOP 5.73 07/12/27 CNY 74.71 CHANGSHA YUHUA JINGKAI DE 4.17 09/06/23 CNY 40.18 CHANGSHA YUHUA JINGKAI DE 4.17 09/06/23 CNY 40.60 CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 20.09 CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 20.15 CHANGXING SOUTHERN TAIHU 6.50 11/30/25 CNY 75.00 CHANGZHOU JINTAN COMMUNIC 7.10 12/21/24 CNY 60.00 CHANGZHOU JINTAN COMMUNIC 6.50 11/07/24 CNY 60.00 CHANGZHOU JINTAN COMMUNIC 6.50 11/07/24 CNY 61.26 CHANGZHOU JINTAN COMMUNIC 7.10 12/21/24 CNY 62.05 CHANGZHOU XINGANG ECONOMI 3.42 10/20/23 CNY 39.98 CHANGZHOU XINGANG ECONOMI 3.42 10/20/23 CNY 40.16 CHANGZHOU ZHONGLOU ECONOM 3.64 10/26/23 CNY 40.17 CHANGZHOU ZHONGLOU ECONOM 3.64 10/26/23 CNY 40.29 CHAOHU URBAN TOWN CONSTRU 5.67 05/03/25 CNY 62.93 CHENGDU DONGFANG GUANGYI 5.80 09/15/22 CNY 40.08 CHENGDU GARDEN WATER CITY 6.15 05/03/23 CNY 19.92 CHENGDU GARDEN WATER CITY 6.15 05/03/23 CNY 19.98 CHENGDU GARDEN WATER CITY 8.00 06/13/25 CNY 58.98 CHENGDU GARDEN WATER CITY 7.50 09/11/24 CNY 59.21 CHENGDU GARDEN WATER CITY 8.00 06/13/25 CNY 60.00 CHENGDU GARDEN WATER CITY 7.50 09/11/24 CNY 61.92 CHENGDU LIN JIANG GARDEN 6.75 08/02/24 CNY 41.28 CHENGDU XINGJIN ECOLOGICA 3.65 10/13/23 CNY 40.04 CHENGDU XINGJIN ECOLOGICA 3.65 10/13/23 CNY 40.32 CHENGDU XINGSHU INVESTMEN 6.78 08/21/24 CNY 40.00 CHENGDU XINGSHU INVESTMEN 6.78 08/21/24 CNY 41.79 CHENGDU XINJIN COUNTY STA 6.28 08/03/24 CNY 40.00 CHENGDU XINJIN COUNTY STA 6.40 07/05/24 CNY 40.79 CHENGDU XINJIN COUNTY STA 6.28 08/03/24 CNY 40.81 CHENGDU XINJIN COUNTY STA 6.40 07/05/24 CNY 41.02 CHENGDU XINKAIYUAN URBAN 5.29 04/27/23 CNY 20.01 CHENGDU XINKAIYUAN URBAN 5.29 04/27/23 CNY 20.24 CHENZHOU BAIFU INVESTMENT 4.96 03/22/26 CNY 53.30 CHENZHOU BAIFU INVESTMENT 4.96 03/22/26 CNY 54.89 CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 20.05 CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 20.13 CHENZHOU WENLV INDUSTRY C 5.34 11/28/23 CNY 40.00 CHENZHOU XINTIAN INVESTME 6.00 07/26/24 CNY 37.95 CHENZHOU XINTIAN INVESTME 6.00 07/26/24 CNY 40.00 CHENZHOU XINTIAN INVESTME 5.38 03/08/26 CNY 52.57 CHENZHOU XINTIAN INVESTME 5.38 03/08/26 CNY 53.49 CHIBI LANTIAN URBAN CONST 4.38 08/10/23 CNY 20.08 CHIBI LANTIAN URBAN CONST 4.38 08/10/23 CNY 20.30 CHINA COMMUNICATION TECHN 7.00 07/19/20 CNY 5.00 CHINA FORTUNE LAND DEVELO 5.80 05/23/22 CNY 25.13 CHINA FORTUNE LAND DEVELO 5.60 09/10/21 CNY 25.13 CHINA FORTUNE LAND DEVELO 7.20 04/18/21 CNY 25.13 CHINA FORTUNE LAND DEVELO 7.40 03/24/21 CNY 25.13 CHINA FORTUNE LAND DEVELO 5.00 05/30/22 CNY 68.15 CHINA GOVERNMENT INTERNAT 2.25 10/21/50 USD 72.36 CHINA GOVERNMENT INTERNAT 2.25 10/21/50 USD 72.55 CHINA GOVERNMENT INTERNAT 1.00 11/12/39 EUR 74.17 CHINA GRAND AUTOMOTIVE SE 9.13 01/30/24 USD 60.33 CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00 CHONGQIN BAIYAN INVESTMEN 5.75 05/03/23 CNY 20.20 CHONGQIN BAIYAN INVESTMEN 5.75 05/03/23 CNY 20.25 CHONGQIN XINLIANG INVESTM 4.76 08/26/23 CNY 20.01 CHONGQIN XINLIANG INVESTM 4.76 08/26/23 CNY 20.02 CHONGQING BAYUAN CONSTRUC 4.99 08/16/23 CNY 20.03 CHONGQING BISHAN DISTRICT 4.93 03/29/23 CNY 20.16 CHONGQING BISHAN DISTRICT 4.93 03/29/23 CNY 20.30 CHONGQING DAZU YONGSHENG 6.48 07/24/24 CNY 40.45 CHONGQING DAZU YONGSHENG 6.48 07/24/24 CNY 41.19 CHONGQING ECO&TECH DEVELO 3.95 04/13/23 CNY 20.13 CHONGQING HECHUAN CITY CO 3.95 09/06/23 CNY 40.05 CHONGQING HECHUAN CITY CO 3.95 09/06/23 CNY 40.16 CHONGQING HONGYE INDUSTRY 6.30 08/02/24 CNY 40.93 CHONGQING HONGYE INDUSTRY 6.30 08/02/24 CNY 41.46 CHONGQING HONGYE INDUSTRY 6.45 11/27/24 CNY 62.04 CHONGQING JIANGJIN DISTRI 6.40 09/13/24 CNY 60.00 CHONGQING JIANGJIN DISTRI 6.40 09/13/24 CNY 60.90 CHONGQING JIN TONG INDUST 6.50 08/01/24 CNY 30.00 CHONGQING JIN TONG INDUST 6.50 08/01/24 CNY 38.52 CHONGQING JIN TONG INDUST 4.44 11/16/23 CNY 39.63 CHONGQING JIN TONG INDUST 4.44 11/16/23 CNY 40.03 CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 20.09 CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 20.12 CHONGQING KAIQIAN INVESTM 4.64 03/21/23 CNY 19.92 CHONGQING KAIQIAN INVESTM 4.64 03/21/23 CNY 20.05 CHONGQING LAND PROPERTIES 3.36 03/21/23 CNY 20.05 CHONGQING LAND PROPERTIES 3.36 03/21/23 CNY 20.05 CHONGQING LIANGJIANG NEW 4.28 02/28/24 CNY 71.37 CHONGQING LIANGSHAN CONST 6.30 10/16/24 CNY 61.82 CHONGQING LIANGSHAN CONST 6.30 10/16/24 CNY 61.90 CHONGQING MAIRUI URBAN CO 4.95 04/21/23 CNY 20.19 CHONGQING MAIRUI URBAN CO 4.95 04/21/23 CNY 20.20 CHONGQING NANCHUAN CITY C 4.20 07/11/23 CNY 19.99 CHONGQING NANCHUAN CITY C 4.20 07/11/23 CNY 20.13 CHONGQING QIJIANG EAST NE 4.00 09/05/23 CNY 39.66 CHONGQING QIJIANG EAST NE 4.00 09/05/23 CNY 39.90 CHONGQING SHUANGFU CONSTR 6.37 10/13/24 CNY 60.00 CHONGQING SHUANGFU CONSTR 6.37 10/13/24 CNY 61.59 CHONGQING TONGLIANG JINLO 6.80 02/11/25 CNY 60.00 CHONGQING TONGLIANG JINLO 6.80 02/11/25 CNY 62.06 CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 19.66 CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 19.93 CHONGQING WANSHENG ECO & 7.09 05/03/25 CNY 61.12 CHONGQING WANSHENG ECO & 7.09 05/03/25 CNY 61.34 CHONGQING WANSHENG ECO & 7.50 03/27/25 CNY 62.00 CHONGQING WANSHENG ECO & 7.50 03/27/25 CNY 62.99 CHONGQING WANSHENG ECO DE 6.60 02/17/27 CNY 73.38 CHONGQING WANSHENG ECO TE 8.50 11/25/25 CNY 55.31 CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 20.00 CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 20.80 CHONGQING WULONG DISTRICT 6.80 09/21/24 CNY 58.00 CHONGQING WULONG DISTRICT 6.80 12/28/24 CNY 60.00 CHONGQING WULONG DISTRICT 6.80 09/21/24 CNY 60.62 CHONGQING WULONG DISTRICT 6.80 12/28/24 CNY 62.00 CHONGQING XINGRONG HOLDIN 4.86 03/31/23 CNY 18.50 CHONGQING XINGRONG HOLDIN 4.86 03/31/23 CNY 20.09 CHONGQING YINGDI INDUSTRI 7.00 11/07/24 CNY 60.00 CHONGQING YINGDI INDUSTRI 7.00 11/07/24 CNY 60.11 CHONGQING YUZHONG STATE-O 6.90 02/08/25 CNY 61.00 CHONGQING YUZHONG STATE-O 6.90 02/08/25 CNY 63.20 CHONGREN URBAN CONSTRUCTI 7.00 03/08/25 CNY 62.97 CHUN'AN XINANJIANG DEVELO 3.84 11/04/23 CNY 40.06 CHUN'AN XINANJIANG DEVELO 3.84 11/04/23 CNY 40.06 CHUYING AGRO-PASTORA GROU 8.80 06/26/19 CNY 3.00 CHUZHOU CITY NANQIAO DIST 5.95 10/23/24 CNY 60.00 CHUZHOU CITY NANQIAO DIST 5.95 10/23/24 CNY 62.16 CIFI GROUP CO LTD 4.20 07/22/26 CNY 50.00 CIFI GROUP CO LTD 3.90 09/14/25 CNY 58.01 CIFI GROUP CO LTD 3.80 05/29/25 CNY 68.00 CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25 CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25 CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25 CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25 CIXI STATE OWNED ASSET IN 4.90 04/07/24 CNY 40.82 CIXI STATE OWNED ASSET IN 4.90 04/07/24 CNY 40.94 COUNTRY GARDEN REAL ESTAT 4.80 03/12/26 CNY 40.00 COUNTRY GARDEN REAL ESTAT 4.33 09/14/25 CNY 43.20 COUNTRY GARDEN REAL ESTAT 4.15 11/03/25 CNY 45.00 COUNTRY GARDEN REAL ESTAT 4.38 09/24/25 CNY 45.50 COUNTRY GARDEN REAL ESTAT 4.98 11/20/23 CNY 49.00 COUNTRY GARDEN REAL ESTAT 4.19 07/07/25 CNY 50.00 COUNTRY GARDEN REAL ESTAT 4.50 08/01/23 CNY 50.50 COUNTRY GARDEN REAL ESTAT 4.20 04/01/25 CNY 61.00 DAFANG COUNTY CONSTRUCTIO 6.00 09/26/23 CNY 39.17 DAFANG COUNTY CONSTRUCTIO 6.00 09/26/23 CNY 40.52 DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 19.65 DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 20.20 DALIAN SHITAI CITY CONSTR 4.50 02/01/23 CNY 19.75 DALIAN SHITAI CITY CONSTR 4.50 02/01/23 CNY 20.01 DANGYANG XINYUAN INVESTME 4.97 03/29/23 CNY 20.04 DANGYANG XINYUAN INVESTME 4.97 03/29/23 CNY 20.16 DANYANG INVESTMENT GROUP 3.99 01/25/23 CNY 20.11 DANYANG INVESTMENT GROUP 5.49 07/18/24 CNY 41.45 DASHIQIAO URBAN CONSTRUCT 7.59 08/14/24 CNY 41.84 DASHIQIAO URBAN CONSTRUCT 7.59 08/14/24 CNY 41.85 DASHIQIAO URBAN CONSTRUCT 7.82 12/01/24 CNY 62.63 DATONG ECONOMIC CONSTRUCT 4.49 10/22/22 CNY 20.09 DAWA COUNTY LINGANG ECO N 5.99 10/19/24 CNY 61.13 DAYE ZHENHENG CITY DEVELO 4.50 03/28/23 CNY 19.57 DAYE ZHENHENG CITY DEVELO 4.50 03/28/23 CNY 20.02 DAYE ZHENHENG CITY DEVELO 4.05 08/31/23 CNY 39.16 DAYE ZHENHENG CITY DEVELO 4.05 08/31/23 CNY 39.16 DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 20.00 DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 20.10 DAZHOU INVESTMENT CO LTD 3.99 11/04/26 CNY 70.85 DAZHOU INVESTMENT CO LTD 3.99 11/04/26 CNY 70.89 DEQING CONSTRUCTION INVES 3.60 11/11/23 CNY 40.00 DEQING CONSTRUCTION INVES 3.60 11/11/23 CNY 40.04 DEXING INVESTMENT HOLDING 5.99 03/21/23 CNY 20.19 DEXING INVESTMENT HOLDING 5.99 03/21/23 CNY 25.90 DINGYUAN URBAN RURAL DEVE 7.00 06/27/25 CNY 60.00 DINGYUAN URBAN RURAL DEVE 5.80 12/06/24 CNY 60.00 DINGYUAN URBAN RURAL DEVE 5.80 12/06/24 CNY 62.05 DINGYUAN URBAN RURAL DEVE 7.00 06/27/25 CNY 64.14 DONGTAI STATE-OWNED ASSET 3.04 11/16/23 CNY 39.92 DONGYING CAIJIN INVESTMEN 7.00 05/05/26 CNY 68.68 DONGZHI COUNTY CITY OPERA 4.88 06/20/23 CNY 20.23 DONGZHI COUNTY CITY OPERA 4.88 06/20/23 CNY 20.27 DUJIANGYAN NEW CITY CONST 7.80 05/02/25 CNY 60.00 DUJIANGYAN NEW CITY CONST 6.90 10/19/24 CNY 62.17 DUJIANGYAN NEW CITY CONST 7.80 05/02/25 CNY 63.93 DUNYUN STATE-OWNED ASSETS 6.60 12/28/22 CNY 19.65 ENSHI URBAN CONSTRUCTION 3.84 11/01/23 CNY 40.05 ENSHI URBAN CONSTRUCTION 3.84 11/01/23 CNY 40.09 EVERGRANDE REAL ESTATE GR 6.98 01/08/23 CNY 8.38 EVERGRANDE REAL ESTATE GR 6.98 01/08/23 CNY 27.00 EVERGRANDE REAL ESTATE GR 7.00 04/27/26 CNY 27.68 EVERGRANDE REAL ESTATE GR 6.27 05/06/23 CNY 30.00 EVERGRANDE REAL ESTATE GR 5.90 05/26/23 CNY 35.00 EVERGRANDE REAL ESTATE GR 6.80 05/06/24 CNY 35.69 EVERGRANDE REAL ESTATE GR 5.80 10/19/25 CNY 70.00 FANTASIA GROUP CHINA CO L 7.80 11/29/24 CNY 44.83 FANTASIA GROUP CHINA CO L 7.50 12/17/23 CNY 74.00 FEICHENG CITY ASSETS MANA 4.04 03/23/23 CNY 19.97 FEICHENG CITY ASSETS MANA 4.04 03/23/23 CNY 20.06 FEIXI COUNTY URBAN & RURA 4.45 06/03/23 CNY 20.28 FEIXI COUNTY URBAN & RURA 4.45 06/03/23 CNY 27.50 FENG COUNTY ECONOMIC DEVE 5.18 06/21/23 CNY 19.98 FENG COUNTY ECONOMIC DEVE 5.18 06/21/23 CNY 20.16 FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 19.88 FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 20.00 FENGDU COUNTY STATE-OWNED 6.38 09/05/24 CNY 60.00 FENGDU COUNTY STATE-OWNED 6.38 09/05/24 CNY 60.84 FENGHUANG MINGCHENG CONST 6.50 03/23/24 CNY 40.91 FENGTAI HUAXING CITY DEVE 5.60 03/13/24 CNY 41.06 FENGTAI HUAXING CITY DEVE 5.60 03/13/24 CNY 41.15 FENGYANG COUNTY ECONOMY D 6.00 11/16/24 CNY 62.00 FENGYANG COUNTY ECONOMY D 6.00 11/16/24 CNY 62.46 FENYI CITY CONSTRUCTION I 4.54 08/22/23 CNY 20.20 FENYI CITY CONSTRUCTION I 4.54 08/22/23 CNY 40.02 FUJIAN FUSHENG GROUP CO L 7.90 11/19/21 CNY 60.00 FUJIAN JINJIANG URBAN CON 3.35 08/24/23 CNY 40.13 FUNING URBAN INVESTMENT D 6.00 03/14/24 CNY 41.11 FUNING URBAN INVESTMENT D 6.00 03/14/24 CNY 41.26 FUQING CITY STATE-OWNED A 5.94 11/26/22 CNY 25.18 FUYANG ANJU INVESTMENT MA 5.48 05/02/23 CNY 61.15 FUZHOU CHANGLE DISTRICT S 4.50 04/11/23 CNY 20.10 FUZHOU CHANGLE DISTRICT S 4.50 04/11/23 CNY 20.30 FUZHOU DEVELOPMENT ZONE S 3.53 08/25/23 CNY 40.11 FUZHOU DEVELOPMENT ZONE S 3.53 08/25/23 CNY 40.11 FUZHOU DONGXIANG INVESTME 6.20 03/20/24 CNY 40.56 FUZHOU DONGXIANG INVESTME 6.20 03/20/24 CNY 41.31 FUZHOU LINCHUAN URBAN CON 5.68 07/05/23 CNY 20.25 FUZHOU LINCHUAN URBAN CON 5.68 07/05/23 CNY 20.31 FUZHOU LINCHUAN URBAN CON 6.50 12/25/24 CNY 61.58 FUZHOU MUNICIPAL STATE OW 5.70 10/30/24 CNY 60.00 FUZHOU MUNICIPAL STATE OW 5.70 10/30/24 CNY 60.95 GANSU PROVINCIAL HIGHWAY 6.58 09/24/22 CNY 40.15 GANSU PROVINCIAL HIGHWAY 6.20 03/28/23 CNY 40.87 GANZHOU DEVELOPMENT INVES 8.10 12/11/23 CNY 41.87 GAOMI CITY CONSTRUCTION I 5.95 09/18/24 CNY 59.95 GAOMI CITY CONSTRUCTION I 5.95 09/18/24 CNY 60.00 GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 19.87 GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 19.99 GAOQING LU QING ASSET MAN 7.50 09/27/24 CNY 62.82 GAOQING LU QING ASSET MAN 7.50 09/27/24 CNY 62.87 GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 20.00 GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 20.02 GAOYOU CITY ECONOMY DEVEL 3.65 09/02/23 CNY 40.14 GAOYOU CITY ECONOMY DEVEL 3.65 09/02/23 CNY 40.20 GAOYOU CITY ECONOMY DEVEL 5.26 07/13/24 CNY 41.55 GEMDALE CORP 3.58 02/23/25 CNY 53.00 GEMDALE CORP 3.55 04/03/25 CNY 58.40 GEMDALE CORP 3.91 04/07/26 CNY 70.00 GEMDALE CORP 3.93 03/01/26 CNY 70.00 GEMDALE CORP 3.96 03/10/24 CNY 70.00 GEMDALE CORP 3.93 11/12/23 CNY 71.49 GEMDALE CORP 3.88 01/13/24 CNY 71.60 GEMDALE CORP 5.00 07/18/23 CNY 75.50 GONG'AN COUNTY CITY CONST 4.30 08/30/23 CNY 40.11 GONG'AN COUNTY CITY CONST 4.30 08/30/23 CNY 40.14 GONGQINGCHENG FINANCIAL M 5.85 03/25/23 CNY 20.05 GONGQINGCHENG FINANCIAL M 5.85 03/25/23 CNY 20.28 GUANGAN ECONOMIC & TECHNO 5.16 04/14/23 CNY 20.05 GUANGAN ECONOMIC & TECHNO 5.16 04/14/23 CNY 20.12 GUANGAN TRANSPORTATION IN 5.39 12/01/23 CNY 39.38 GUANGAN XINHONG INVESTMEN 7.18 08/28/24 CNY 60.00 GUANGAN XINHONG INVESTMEN 7.18 08/28/24 CNY 61.31 GUANGDE CITY STATE-OWNED 5.37 07/18/24 CNY 40.94 GUANGDE CITY STATE-OWNED 5.37 07/18/24 CNY 41.75 GUANGDONG GIANT LEAP CONS 4.70 05/06/25 CNY 42.00 GUANGDONG GIANT LEAP CONS 4.27 01/08/25 CNY 78.00 GUANGDONG HUIZHOU COMMUNI 4.16 05/17/23 CNY 20.11 GUANGDONG HUIZHOU COMMUNI 4.16 05/17/23 CNY 20.28 GUANGDONG HUIZHOU COMMUNI 4.95 12/27/23 CNY 40.47 GUANGDONG HUIZHOU COMMUNI 4.95 12/27/23 CNY 40.93 GUANGRAO COUNTY ECONOMIC 3.61 09/08/23 CNY 40.15 GUANGSHUI CITY DEVELOPMEN 6.19 03/01/24 CNY 40.98 GUANGSHUI CITY DEVELOPMEN 6.19 03/01/24 CNY 40.98 GUANGXI BAISE BAI DONG IN 7.90 06/29/25 CNY 60.00 GUANGXI BAISE BAI DONG IN 7.90 06/29/25 CNY 61.33 GUANGXI LIUZHOU DONGCHENG 6.50 07/24/24 CNY 46.46 GUANGXI LIUZHOU INVESTMEN 4.28 03/08/23 CNY 19.44 GUANGXI TIANDONG COUNTY L 7.50 06/04/27 CNY 50.00 GUANGYUAN YUANQU CONSTRUC 4.48 03/10/23 CNY 19.84 GUANGYUAN YUANQU CONSTRUC 4.48 03/10/23 CNY 20.13 GUANGZHOU FINELAND REAL E 13.60 07/27/23 USD 45.00 GUANGZHOU HEJING HOLDING 6.00 10/12/25 CNY 60.00 GUANGZHOU HEJING HOLDING 5.60 08/25/23 CNY 64.58 GUANGZHOU HEJING HOLDING 6.19 11/12/25 CNY 75.00 GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 45.75 GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 45.76 GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 30.00 GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 31.10 GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 31.18 GUANGZHOU PANYU AGILE REA 5.90 04/09/24 CNY 70.00 GUANGZHOU PANYU INFORMATI 4.50 09/08/26 CNY 71.65 GUANGZHOU PANYU INFORMATI 4.50 09/08/26 CNY 71.83 GUANGZHOU R&F PROPERTIES 7.00 01/03/23 CNY 23.00 GUANGZHOU R&F PROPERTIES 6.58 12/04/22 CNY 24.00 GUANGZHOU R&F PROPERTIES 6.48 05/09/24 CNY 35.00 GUANGZHOU R&F PROPERTIES 6.70 04/07/23 CNY 59.06 GUANGZHOU TIANJIAN REAL E 6.60 03/28/26 CNY 60.00 GUANGZHOU TIMES HOLDING G 5.94 07/17/25 CNY 22.00 GUANGZHOU TIMES HOLDING G 5.24 05/27/25 CNY 24.00 GUANGZHOU TIMES HOLDING G 5.10 03/30/25 CNY 24.00 GUANGZHOU TIMES HOLDING G 5.00 02/24/25 CNY 25.25 GUCHENG CONSTRUCTION INVE 7.88 04/27/25 CNY 51.76 GUCHENG CONSTRUCTION INVE 7.88 04/27/25 CNY 64.08 GUIXI STATE OWNED HOLDING 4.18 08/18/23 CNY 19.95 GUIXI STATE OWNED HOLDING 4.18 08/18/23 CNY 19.99 GUIYANG BAIYUN INDUSTRY D 8.30 03/21/25 CNY 60.00 GUIYANG BAIYUN INDUSTRY D 8.30 03/21/25 CNY 64.17 GUIYANG BAIYUN URBAN CONS 6.48 07/17/24 CNY 40.00 GUIYANG BAIYUN URBAN CONS 6.48 07/17/24 CNY 40.07 GUIYANG BAIYUN URBAN CONS 7.28 09/25/24 CNY 58.61 GUIYANG BAIYUN URBAN CONS 7.28 09/25/24 CNY 60.00 GUIYANG BAIYUN URBAN CONS 4.75 09/13/26 CNY 63.55 GUIYANG BAIYUN URBAN CONS 4.75 09/13/26 CNY 70.46 GUIYANG CITY CONSTRUCTION 4.37 03/25/26 CNY 58.33 GUIYANG CITY CONSTRUCTION 4.37 03/25/26 CNY 58.57 GUIYANG CITY CONSTRUCTION 4.00 11/14/26 CNY 67.33 GUIYANG CITY CONSTRUCTION 4.00 11/14/26 CNY 67.61 GUIYANG ECONOMIC DEVELOPM 6.35 09/21/24 CNY 57.42 GUIYANG ECONOMIC DEVELOPM 7.50 04/30/26 CNY 74.89 GUIYANG GUANSHANHU DISTRI 4.48 03/09/23 CNY 19.51 GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 19.52 GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 19.58 GUIYANG GUANSHANHU DISTRI 4.48 03/09/23 CNY 19.93 GUIYANG GUANSHANHU DISTRI 6.49 06/22/24 CNY 36.22 GUIYANG GUANSHANHU DISTRI 6.49 06/22/24 CNY 38.21 GUIYANG GUANSHANHU INVEST 7.50 12/25/22 CNY 40.43 GUIYANG GUANSHANHU INVEST 8.20 04/30/24 CNY 71.53 GUIYANG INVESTMENT HOLDIN 4.46 11/17/26 CNY 66.94 GUIYANG INVESTMENT HOLDIN 4.46 11/17/26 CNY 69.82 GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 18.80 GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 20.09 GUIYANG URBAN CONSTRUCTIO 5.98 07/21/24 CNY 40.00 GUIYANG URBAN CONSTRUCTIO 5.98 07/21/24 CNY 40.76 GUIYANG YUNYAN GUIZHONG R 6.80 11/17/24 CNY 60.00 GUIYANG YUNYAN GUIZHONG R 6.80 11/17/24 CNY 61.07 GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 19.93 GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 20.05 GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 21.00 GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 9.51 GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 10.16 GUIZHOU HONGGUO ECONOMIC 7.80 11/24/24 CNY 50.00 GUIZHOU HONGGUO ECONOMIC 7.80 02/08/25 CNY 53.00 GUIZHOU HONGGUO ECONOMIC 7.80 02/08/25 CNY 58.76 GUIZHOU HONGGUO ECONOMIC 7.80 11/24/24 CNY 58.90 GUIZHOU KAILI KAIYUAN CIT 7.30 05/26/24 CNY 38.80 GUIZHOU KAILI KAIYUAN CIT 7.30 05/26/24 CNY 40.39 GUIZHOU KAILI KAIYUAN CIT 7.28 08/29/24 CNY 60.00 GUIZHOU KAILI KAIYUAN CIT 7.28 08/29/24 CNY 61.76 GUIZHOU LIUPANSHUI PANDEN 7.30 07/24/24 CNY 31.75 GUIZHOU LIUPANSHUI PANDEN 7.30 07/24/24 CNY 41.45 GUIZHOU RAILWAY INVESTMEN 7.50 04/23/24 CNY 31.44 GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 40.19 GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 40.20 GUIZHOU SHUICHENG ECONOMI 7.50 10/26/25 CNY 39.50 GUIZHOU XINDONGGUAN CIVIL 7.70 09/05/24 CNY 55.40 GUIZHOU XINDONGGUAN CIVIL 7.70 09/05/24 CNY 58.16 GULIN STATE-OWNED ASSETS 4.18 08/04/23 CNY 19.99 GULIN STATE-OWNED ASSETS 4.18 08/04/23 CNY 20.11 GULIN STATE-OWNED ASSETS 5.96 07/24/24 CNY 41.35 GULIN STATE-OWNED ASSETS 5.96 07/24/24 CNY 44.51 GUOSHENG FINANCIAL HOLDIN 6.30 12/21/22 CNY 6.70 HAIAN DEVELOPMENT ZONE CO 4.47 11/16/23 CNY 40.43 HAIAN DEVELOPMENT ZONE CO 4.47 11/16/23 CNY 40.49 HAIAN ECONOMIC TECHNOLOGY 5.45 04/13/23 CNY 20.24 HAIAN ECONOMIC TECHNOLOGY 5.45 04/13/23 CNY 20.32 HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 20.15 HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 20.58 HAIAN URBAN DEMOLITION & 7.74 05/02/25 CNY 64.35 HAICHENG URBAN JINCAI LAN 5.37 08/10/23 CNY 20.26 HAIKOU MEILAN INTERNATION 5.25 09/06/19 USD 15.97 HAINAN AIRLINES HOLDING C 6.20 05/24/21 CNY 51.00 HAINING ASSET MANAGEMENT 3.40 08/16/23 CNY 40.00 HAIYAN COUNTY STATE-OWNED 5.80 06/12/24 CNY 41.62 HAMI JIANHUI STATE-OWNED- 3.90 09/21/23 CNY 40.25 HANCHENG CITY INVESTMENT 4.69 12/05/23 CNY 38.12 HANCHENG CITY INVESTMENT 4.69 12/05/23 CNY 38.36 HANCHUAN CITY HANRONG INV 4.25 07/18/23 CNY 20.01 HANCHUAN CITY HANRONG INV 4.25 07/18/23 CNY 20.01 HANGZHOU CANAL COMPREHENS 3.40 10/17/23 CNY 40.07 HANGZHOU CANAL COMPREHENS 3.40 10/17/23 CNY 40.32 HANGZHOU CBO INVESTMENT G 5.64 03/19/25 CNY 62.79 HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 20.14 HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 20.22 HANGZHOU GONGSHU DISTRICT 3.80 03/14/23 CNY 20.00 HANGZHOU GONGSHU DISTRICT 3.80 03/14/23 CNY 20.20 HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 46.62 HANGZHOU WEST LAKE INVEST 4.30 04/25/23 CNY 20.20 HANGZHOU WEST LAKE INVEST 4.30 04/25/23 CNY 20.29 HANGZHOU XIAOSHAN QIANJIA 4.00 03/22/23 CNY 20.08 HANGZHOU XIAOSHAN QIANJIA 4.00 03/22/23 CNY 20.22 HANJIANG STATE-OWNED-ASSE 5.40 04/21/24 CNY 41.20 HANJIANG STATE-OWNED-ASSE 5.40 04/21/24 CNY 41.30 HANSHAN CITY CONSTRUCTION 6.20 08/30/24 CNY 60.00 HANSHAN CITY CONSTRUCTION 6.20 08/30/24 CNY 61.58 HARBIN CITY CONSTRUCTION 6.04 03/19/25 CNY 60.00 HARBIN CITY CONSTRUCTION 6.04 03/19/25 CNY 62.19 HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 19.29 HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 20.06 HECHI STATE-OWNED CAPITAL 4.37 11/04/23 CNY 40.27 HECHI STATE-OWNED CAPITAL 4.37 11/04/23 CNY 40.27 HEFEI CONSTRUCTION INVEST 7.20 04/29/24 CNY 31.72 HEFEI XINCHENG STATE-OWNE 4.13 07/15/23 CNY 20.12 HEFEI XINCHENG STATE-OWNE 4.13 07/15/23 CNY 20.28 HEGANG URBAN CONSTRUCTION 6.90 12/18/24 CNY 62.53 HEGANG URBAN CONSTRUCTION 6.90 12/18/24 CNY 62.53 HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 19.28 HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 20.00 HENGDONG URBAN & RURAL CO 6.60 12/27/23 CNY 40.03 HENGDONG URBAN & RURAL CO 6.60 12/27/23 CNY 40.72 HENGYANG BINJIANG NEW DIS 5.47 07/27/24 CNY 41.22 HENGYANG BINJIANG NEW DIS 5.47 07/27/24 CNY 41.26 HENGYANG CITY AND URBAN C 7.50 09/22/24 CNY 62.00 HENGYANG CITY AND URBAN C 7.50 09/22/24 CNY 62.01 HENGYANG CITY AND URBAN C 7.80 12/14/24 CNY 62.61 HENGYANG CITY AND URBAN C 7.80 12/14/24 CNY 62.62 HENGYANG COMMUNICATION CO 4.28 01/21/23 CNY 20.00 HENGYANG COMMUNICATION CO 4.28 01/21/23 CNY 20.17 HESHAN PUBLIC ASSET MANAG 4.08 09/28/23 CNY 40.21 HESHAN PUBLIC ASSET MANAG 4.08 09/28/23 CNY 40.31 HESHAN PUBLIC ASSET MANAG 5.08 12/07/23 CNY 40.61 HESHAN PUBLIC ASSET MANAG 5.08 12/07/23 CNY 40.82 HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 20.11 HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 20.14 HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10 HNA GROUP CO LTD 7.10 04/15/20 CNY 70.00 HONGAN URBAN DEVELOPMENT 7.50 12/04/24 CNY 60.00 HONGAN URBAN DEVELOPMENT 7.50 12/04/24 CNY 63.27 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HUAIHUA CITY CONSTRUCTION 4.18 08/31/23 CNY 40.42 HUAIHUA ECONOMIC DEVELOPM 5.77 08/07/24 CNY 39.00 HUAIHUA ECONOMIC DEVELOPM 5.77 08/07/24 CNY 40.72 HUAIHUA TRANSPORTATION CO 4.96 04/12/23 CNY 19.98 HUAIHUA TRANSPORTATION CO 4.96 04/12/23 CNY 20.19 HUAINAN INDUSTRY DEVELOPM 5.69 10/25/24 CNY 61.30 HUAINAN INDUSTRY DEVELOPM 5.69 10/25/24 CNY 61.78 HUAINAN SHAN NAN DEVELOPM 6.53 08/24/24 CNY 60.06 HUAINAN SHAN NAN DEVELOPM 6.53 08/24/24 CNY 61.30 HUAINAN URBAN CONSTRUCTIO 7.50 03/20/25 CNY 60.00 HUAINAN URBAN CONSTRUCTIO 5.74 09/04/24 CNY 60.92 HUAINAN URBAN CONSTRUCTIO 5.74 09/04/24 CNY 61.65 HUAINAN URBAN CONSTRUCTIO 7.50 03/20/25 CNY 64.21 HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 20.09 HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 20.18 HUANGMEI COUNTY URBAN DEV 6.68 10/18/24 CNY 60.00 HUANGMEI COUNTY URBAN DEV 6.80 10/09/24 CNY 60.00 HUANGMEI COUNTY URBAN DEV 6.80 10/09/24 CNY 61.92 HUANGMEI COUNTY URBAN DEV 6.68 10/18/24 CNY 61.98 HUANGSHAN CHENGTOU GROUP 6.74 04/27/25 CNY 60.00 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HUNAN DESHAN CONSTRUCTION 6.46 09/14/24 CNY 61.33 HUNAN JINYANG INVESTMENT 4.39 04/06/23 CNY 20.02 HUNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 20.09 HUNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 20.10 HUNAN JINYANG INVESTMENT 4.39 04/06/23 CNY 20.24 HUNAN JINYANG NEW CITY CO 4.43 10/23/22 CNY 20.06 HUNAN JINYANG NEW CITY CO 4.43 10/23/22 CNY 20.11 HUNAN LINGANG DEVELOPMENT 4.24 07/21/23 CNY 19.91 HUNAN LINGANG DEVELOPMENT 4.24 07/21/23 CNY 20.00 HUNAN LINGANG DEVELOPMENT 3.94 10/26/23 CNY 39.28 HUNAN LINGANG DEVELOPMENT 3.94 10/26/23 CNY 39.89 HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 19.85 HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 20.08 HUNAN PROVINCIAL RAILWAY 6.09 04/30/25 CNY 45.00 HUNAN PROVINCIAL RAILWAY 6.09 04/30/25 CNY 46.75 HUNAN SENTE INDUSTRIAL IN 6.90 11/28/24 CNY 30.00 HUNAN SENTE INDUSTRIAL IN 6.90 11/28/24 CNY 62.34 HUNAN SHAODONG ECO-INDUST 6.58 12/13/23 CNY 40.56 HUNAN SHAODONG ECO-INDUST 6.58 12/13/23 CNY 40.95 HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 19.52 HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 19.67 HUNAN YOUZHOU INVESTMENT 4.80 07/07/23 CNY 20.22 HUNAN YOUZHOU INVESTMENT 4.80 07/07/23 CNY 20.22 HUNAN ZHIGU INVESTMENT DE 5.80 07/28/24 CNY 40.00 HUNAN ZHIGU INVESTMENT DE 5.80 07/28/24 CNY 41.47 HUZHOU NEW CITY INVESTMEN 7.50 11/23/24 CNY 60.50 HUZHOU NEW CITY INVESTMEN 7.50 11/23/24 CNY 61.88 HUZHOU NEW CITY INVESTMEN 6.60 05/28/23 CNY 67.79 HUZHOU NEW CITY INVESTMEN 7.20 01/21/23 CNY 71.06 INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 20.19 INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 20.19 JIAHE ZHUDU DEVELOPMENT G 6.50 05/25/24 CNY 40.69 JIAHE ZHUDU DEVELOPMENT G 6.50 05/25/24 CNY 41.39 JIAHE ZHUDU DEVELOPMENT G 7.50 03/13/25 CNY 60.00 JIAHE ZHUDU DEVELOPMENT G 7.50 03/13/25 CNY 62.07 JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 20.07 JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 20.12 JIANAN INVESTMENT HOLDING 4.30 03/08/23 CNY 20.13 JIANAN INVESTMENT HOLDING 4.30 03/08/23 CNY 20.23 JIANAN INVESTMENT HOLDING 3.50 09/05/23 CNY 40.00 JIANAN INVESTMENT HOLDING 3.85 09/05/23 CNY 40.21 JIANAN INVESTMENT HOLDING 3.50 09/05/23 CNY 40.24 JIANAN INVESTMENT HOLDING 3.85 09/05/23 CNY 40.39 JIANDE STATE-OWNED ASSETS 6.69 11/20/24 CNY 62.80 JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 20.10 JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 20.10 JIANGSU DAHANG LINGANG IN 5.18 09/22/23 CNY 40.43 JIANGSU DAHANG LINGANG IN 5.18 09/22/23 CNY 40.46 JIANGSU GAOCHUN ECONOMIC 6.08 08/14/24 CNY 39.57 JIANGSU GAOCHUN ECONOMIC 3.92 11/23/23 CNY 40.05 JIANGSU GAOCHUN ECONOMIC 3.92 11/23/23 CNY 40.07 JIANGSU GAOCHUN ECONOMIC 3.67 09/23/23 CNY 40.30 JIANGSU GAOCHUN ECONOMIC 3.67 09/23/23 CNY 40.33 JIANGSU GAOCHUN ECONOMIC 5.66 06/26/24 CNY 40.99 JIANGSU GAOCHUN ECONOMIC 5.66 06/26/24 CNY 41.14 JIANGSU GAOCHUN ECONOMIC 6.08 08/14/24 CNY 41.34 JIANGSU HAIZHOU DEVELOPME 4.67 06/06/23 CNY 20.20 JIANGSU HAIZHOU DEVELOPME 4.67 06/06/23 CNY 20.25 JIANGSU HAIZHOUWAN DEVELO 4.89 03/29/23 CNY 14.65 JIANGSU HANRUI INVESTMENT 4.63 04/15/23 CNY 20.25 JIANGSU HANRUI INVESTMENT 4.63 04/15/23 CNY 20.32 JIANGSU HANRUI INVESTMENT 5.00 08/31/23 CNY 40.02 JIANGSU HANRUI INVESTMENT 5.00 08/31/23 CNY 40.07 JIANGSU HONGZE LAKE SHENZ 6.50 08/01/24 CNY 40.51 JIANGSU JINHUI GROUP CO L 5.16 07/14/24 CNY 41.17 JIANGSU JINHUI GROUP CO L 5.16 07/14/24 CNY 41.50 JIANGSU JINTAN GUOFA INTE 4.60 08/22/23 CNY 20.28 JIANGSU JINTAN GUOFA INTE 4.60 08/22/23 CNY 40.40 JIANGSU KAIYUAN INVESTMEN 7.08 08/03/24 CNY 40.00 JIANGSU KAIYUAN INVESTMEN 7.08 08/03/24 CNY 40.50 JIANGSU LIYANG HIGH-TECH 5.70 08/30/24 CNY 61.57 JIANGSU LIYANG HIGH-TECH 5.70 08/30/24 CNY 61.60 JIANGSU QISHENG GROUP CO 4.00 03/18/23 CNY 20.13 JIANGSU QISHENG GROUP CO 4.00 03/18/23 CNY 20.15 JIANGSU RUNCHENG ASSET OP 5.65 04/19/24 CNY 41.19 JIANGSU RUNCHENG ASSET OP 5.65 04/19/24 CNY 41.30 JIANGSU YANGKOU PORT CONS 7.60 08/17/25 CNY 62.50 JIANGSU YANGKOU PORT CONS 7.38 04/03/25 CNY 62.50 JIANGSU YANGKOU PORT CONS 7.60 08/17/25 CNY 63.62 JIANGSU YANGKOU PORT CONS 7.38 04/03/25 CNY 63.74 JIANGSU YINGZHOU DEVELOPM 4.33 09/21/23 CNY 39.86 JIANGSU YINGZHOU DEVELOPM 4.33 09/21/23 CNY 39.94 JIANGSU YIXING ENVIRONMEN 4.08 09/14/23 CNY 40.16 JIANGSU YIXING ENVIRONMEN 4.08 09/14/23 CNY 40.60 JIANGSU ZHONGAN CONSTRUCT 5.65 03/24/24 CNY 40.84 JIANGSU ZHONGAN CONSTRUCT 5.65 03/24/24 CNY 41.70 JIANGSU ZHUFU INDUSTRIAL 4.47 07/20/23 CNY 18.41 JIANGSU ZHUFU INDUSTRIAL 4.47 07/20/23 CNY 20.04 JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 19.88 JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 20.13 JIANGXI HUKOU SHIZHONG DE 6.80 12/01/24 CNY 60.00 JIANGXI HUKOU SHIZHONG DE 6.80 12/01/24 CNY 62.38 JIANGXI JIHU DEVELOPMENT 7.50 04/10/25 CNY 60.00 JIANGXI JIHU DEVELOPMENT 6.80 02/07/25 CNY 60.00 JIANGXI JIHU DEVELOPMENT 6.80 02/07/25 CNY 62.63 JIANGXI JIHU DEVELOPMENT 7.50 04/10/25 CNY 63.53 JIANGXI LONGHU MOUNTAIN T 4.35 03/16/23 CNY 20.11 JIANGXI LONGHU MOUNTAIN T 4.35 03/16/23 CNY 20.19 JIANGXI PINGXIANG CHANGSH 6.00 08/11/24 CNY 40.00 JIANGXI PINGXIANG CHANGSH 6.00 08/11/24 CNY 40.91 JIANGXI WANNIAN STATE-OWN 7.20 06/03/26 CNY 70.00 JIANGXI XIUSHUI CITY INVE 7.40 12/08/24 CNY 61.66 JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 20.01 JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 20.31 JIANLI FENGYUAN CITY INVE 6.78 04/28/24 CNY 40.92 JIANLI FENGYUAN CITY INVE 6.78 04/28/24 CNY 41.41 JIANYANG DEVELOPMENT HOLD 3.93 11/10/23 CNY 39.62 JIANYANG DEVELOPMENT HOLD 3.93 11/10/23 CNY 40.04 JIANYANG MODERN INDUSTRY 6.00 04/24/24 CNY 40.68 JIANYANG MODERN INDUSTRY 6.00 04/24/24 CNY 41.06 JIAXING JIAXIU DEVELOPMEN 5.60 09/25/24 CNY 61.80 JIAXING JIAXIU DEVELOPMEN 5.60 09/25/24 CNY 62.04 JIAXING XIANGJIADANG DEVE 4.13 07/20/23 CNY 20.15 JIAXING XIANGJIADANG DEVE 4.13 07/20/23 CNY 20.18 JIAXING XIANGJIADANG DEVE 3.87 09/21/23 CNY 39.89 JIAXING XIANGJIADANG DEVE 3.87 09/21/23 CNY 40.36 JIAXING XIANGJIADANG DEVE 6.40 04/19/25 CNY 60.00 JIAXING XIANGJIADANG DEVE 6.40 04/19/25 CNY 62.24 JIAXING XIUHU DEVELOPMENT 6.80 04/16/25 CNY 60.00 JIAXING XIUHU DEVELOPMENT 6.80 04/16/25 CNY 63.54 JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 20.14 JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 20.18 JIAYU COUNTY URBAN TOWN C 5.70 03/23/24 CNY 40.54 JIAYU COUNTY URBAN TOWN C 6.50 01/19/24 CNY 40.82 JIAYU COUNTY URBAN TOWN C 5.70 03/23/24 CNY 40.86 JIAYU COUNTY URBAN TOWN C 6.50 01/19/24 CNY 41.01 JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 20.05 JILIN ECONOMIC AND TECHNO 6.20 04/29/23 CNY 20.39 JILIN ECONOMIC AND TECHNO 6.20 04/29/23 CNY 20.41 JIN HUA RONG SHENG INVEST 6.85 12/27/24 CNY 60.00 JIN HUA RONG SHENG INVEST 6.85 12/27/24 CNY 62.52 JINGDEZHEN CERAMIC CULTUR 5.38 11/27/22 CNY 20.00 JINGDEZHEN CERAMIC CULTUR 5.38 11/27/22 CNY 20.16 JINGJIANG BINJIANG XINCHE 5.37 07/25/24 CNY 40.00 JINGJIANG BINJIANG XINCHE 5.37 07/25/24 CNY 40.75 JINGJIANG CITY INVESTMENT 4.55 03/30/23 CNY 20.03 JINGJIANG CITY INVESTMENT 4.55 03/30/23 CNY 20.27 JINGMEN DONGBAO DISTRICT 7.30 03/23/25 CNY 60.00 JINGMEN DONGBAO DISTRICT 7.30 03/23/25 CNY 63.86 JINGMEN HIGH-TECH DEVELOP 4.15 07/28/23 CNY 20.00 JINGMEN HIGH-TECH DEVELOP 4.15 07/28/23 CNY 20.26 JINGSHAN JINGCHENG INVEST 4.38 08/29/23 CNY 39.86 JINGSHAN JINGCHENG INVEST 4.38 08/29/23 CNY 40.28 JINGSHAN JINGCHENG INVEST 7.00 02/07/25 CNY 60.00 JINGSHAN JINGCHENG INVEST 7.00 02/07/25 CNY 63.34 JINGXIAN STATED-OWNED ASS 6.80 02/09/25 CNY 60.00 JINGXIAN STATED-OWNED ASS 6.80 02/09/25 CNY 61.20 JINGZHOU DEVELOPMENT ZONE 4.87 09/23/26 CNY 69.38 JINGZHOU DEVELOPMENT ZONE 4.87 09/23/26 CNY 70.64 JINGZHOU URBAN CONSTRUCTI 3.97 03/10/23 CNY 20.10 JINGZHOU URBAN CONSTRUCTI 3.97 03/10/23 CNY 20.11 JINGZHOU URBAN CONSTRUCTI 5.68 07/20/24 CNY 41.55 JINGZHOU URBAN CONSTRUCTI 5.68 07/20/24 CNY 41.70 JINING CITY SHIZHONG DIST 3.52 09/14/23 CNY 40.08 JINING HIGH TECH URBAN CO 5.88 04/25/23 CNY 40.69 JINING NEW CITY DEVELOPME 7.60 03/23/25 CNY 60.00 JINING NEW CITY DEVELOPME 7.60 03/23/25 CNY 63.62 JINING PORT & SHIPPING LI 7.00 11/27/24 CNY 62.05 JINING PORT & SHIPPING LI 7.00 06/01/25 CNY 68.97 JINKE PROPERTIES GROUP CO 6.85 05/28/24 USD 20.00 JINKE PROPERTIES GROUP CO 6.00 07/08/23 CNY 33.00 JINKE PROPERTIES GROUP CO 5.00 05/28/24 CNY 34.03 JINKE PROPERTIES GROUP CO 6.20 01/28/25 CNY 40.00 JINKE PROPERTIES GROUP CO 6.30 06/24/25 CNY 45.00 JINSHA COUNTY CONSTRUCTIO 6.01 09/05/23 CNY 38.56 JINSHA COUNTY CONSTRUCTIO 6.01 09/05/23 CNY 39.28 JINTANG MODERN AGRICULTUR 5.49 07/14/23 CNY 20.44 JINTANG MODERN AGRICULTUR 5.49 07/14/23 CNY 20.44 JINXIAN COUNTY CITY CONST 6.20 07/24/24 CNY 40.92 JINXIANG COUNTY CITY CONS 7.50 03/20/26 CNY 65.91 JINZHAI URBAN DEVELOPMENT 5.90 04/25/23 CNY 20.20 JINZHAI URBAN DEVELOPMENT 5.90 04/25/23 CNY 20.41 JINZHOU CIHANG GROUP CO L 9.00 04/05/20 CNY 33.63 JISHOU HUATAI STATE OWNED 6.50 06/21/24 CNY 41.62 JISHOU HUATAI STATE OWNED 6.50 06/21/24 CNY 41.77 JISHOU HUATAI STATE OWNED 6.45 09/11/24 CNY 60.00 JISHOU HUATAI STATE OWNED 6.45 09/11/24 CNY 60.56 JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 20.13 JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 20.13 JUNAN COUNTY URBAN CONSTR 7.50 09/26/24 CNY 58.00 JUNAN COUNTY URBAN CONSTR 7.50 09/26/24 CNY 62.03 JURONG URBAN CONSTRUCTION 6.80 11/06/24 CNY 60.00 JURONG URBAN CONSTRUCTION 6.80 11/06/24 CNY 61.97 JURONG URBAN CONSTRUCTION 6.89 09/18/24 CNY 62.08 JURONG URBAN CONSTRUCTION 6.89 09/18/24 CNY 65.73 KAIDI ECOLOGICAL AND ENVI 6.10 09/07/19 CNY 2.92 KAIDI ECOLOGICAL AND ENVI 7.00 12/15/19 CNY 10.00 KAIDI ECOLOGICAL AND ENVI 8.50 11/21/18 CNY 72.46 KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 20.09 KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 20.18 KAIFU CITY DEVELOPMENT CO 3.73 08/22/23 CNY 20.18 KAIFU CITY DEVELOPMENT CO 3.73 08/22/23 CNY 20.23 KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 19.52 KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 19.60 KAILI GUIZHOU TOWN CONSTR 4.20 10/13/23 CNY 38.33 KAILI GUIZHOU TOWN CONSTR 4.20 10/13/23 CNY 38.49 KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 20.50 KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 20.50 KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 20.50 KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 20.50 KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 20.50 KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 20.50 KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 20.50 KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 20.50 KANGMEI PHARMACEUTICAL CO 6.33 01/27/22 CNY 36.69 KUNMING DIANCHI INVESTMEN 5.75 07/24/24 CNY 35.45 KUNMING DIANCHI INVESTMEN 5.75 07/24/24 CNY 38.03 KUNSHAN CITY CONSTRUCTION 5.70 04/24/25 CNY 62.51 KUNSHAN COMMUNICATION DEV 6.15 04/26/23 CNY 66.63 KUNSHAN YINQIAO HOLDING G 5.50 10/18/24 CNY 61.96 KUNSHAN YINQIAO HOLDING G 5.50 10/18/24 CNY 64.10 LAI AN URBAN INFRASTRUCTU 6.50 04/18/25 CNY 63.27 LAOHEKOU CITY CONSTRUCTIO 6.49 08/16/24 CNY 40.00 LAOHEKOU CITY CONSTRUCTIO 6.49 08/16/24 CNY 40.20 LEPING STATE-OWNED ASSETS 3.70 10/20/23 CNY 39.99 LEPING STATE-OWNED ASSETS 3.70 10/20/23 CNY 40.05 LEQING CITY STATE OWNED I 6.79 12/14/24 CNY 60.00 LEQING CITY STATE OWNED I 6.79 12/14/24 CNY 63.10 LETING INVESTMENT GROUP C 7.50 04/11/26 CNY 67.02 LIANYUNGANG HENGCHI INDUS 7.40 10/27/24 CNY 60.00 LIANYUNGANG HENGCHI INDUS 7.45 09/22/24 CNY 60.00 LIANYUNGANG HENGCHI INDUS 7.45 09/22/24 CNY 60.70 LIANYUNGANG HENGCHI INDUS 7.40 10/27/24 CNY 62.09 LIAOCHENG ANTAI URBAN RUR 5.16 04/11/23 CNY 20.00 LIAOCHENG ANTAI URBAN RUR 4.58 04/11/23 CNY 20.02 LIAOCHENG ANTAI URBAN RUR 5.16 04/11/23 CNY 20.10 LIAOCHENG ANTAI URBAN RUR 4.58 04/11/23 CNY 20.14 LIAOCHENG XINGYE HOLDINGS 5.20 04/13/23 CNY 19.86 LIAOCHENG XINGYE HOLDINGS 5.20 04/13/23 CNY 20.20 LIAONING GUANLONG CONSTRU 4.70 11/10/23 CNY 40.31 LIAONING GUANLONG CONSTRU 4.70 11/10/23 CNY 40.31 LIAONING YAODU DEVELOPMEN 6.50 04/29/23 CNY 20.31 LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 19.93 LINQU YISHAN INDUSTRIAL C 7.20 11/23/24 CNY 52.89 LINQU YISHAN INDUSTRIAL C 7.20 11/23/24 CNY 62.88 LINWU SHUNFA URBAN CONSTR 7.00 08/23/24 CNY 60.00 LINWU SHUNFA URBAN CONSTR 7.00 08/23/24 CNY 60.80 LINYI CITY DEVELOPMENT GR 3.85 11/22/23 CNY 40.08 LINYI CITY DEVELOPMENT GR 3.85 11/22/23 CNY 40.39 LINYI COUNTY CITY DEVELOP 7.78 03/21/25 CNY 60.00 LINYI COUNTY CITY DEVELOP 7.78 03/21/25 CNY 64.30 LIUPANSHUI CITY TRAFFIC I 5.98 05/02/24 CNY 39.06 LIUPANSHUI CITY TRAFFIC I 5.98 05/02/24 CNY 40.98 LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 20.00 LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 20.08 LIUPANSHUI MINSHENG INVES 5.08 01/29/23 CNY 19.28 LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 20.09 LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 20.13 LIUYANG MODERN MANUFACTUR 5.75 05/02/24 CNY 40.50 LIUYANG MODERN MANUFACTUR 5.75 05/02/24 CNY 40.67 LIUYANG MODERN MANUFACTUR 5.88 08/10/24 CNY 42.26 LIUYANG MODERN MANUFACTUR 5.88 08/10/24 CNY 61.84 LIUYANG URBAN CONSTRUCTIO 4.45 05/24/23 CNY 20.16 LIUYANG URBAN CONSTRUCTIO 4.45 05/24/23 CNY 20.19 LIUZHI SPECIAL DISTRICT W 7.00 11/16/24 CNY 60.00 LIUZHI SPECIAL DISTRICT W 7.00 11/16/24 CNY 61.86 LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 13.00 LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 14.98 LIUZHOU DONGTONG INVESTME 4.45 07/22/23 CNY 18.29 LIUZHOU DONGTONG INVESTME 4.45 07/22/23 CNY 19.11 LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 24.00 LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 28.37 LONGCHANG DEVELOPMENT CON 7.09 10/31/24 CNY 60.00 LONGCHANG DEVELOPMENT CON 7.09 10/31/24 CNY 62.81 LONGYAN RAILWAY CONSTRUCT 4.98 04/13/23 CNY 20.13 LONGYAN RAILWAY CONSTRUCT 4.98 04/13/23 CNY 20.19 LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 20.13 LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 20.13 LOUDI WANBAO NEW DISTRICT 4.42 08/01/23 CNY 20.05 LOUDI WANBAO NEW DISTRICT 4.42 08/01/23 CNY 20.05 LOUDI WANBAO NEW DISTRICT 5.13 02/01/23 CNY 20.07 LOUDI WANBAO NEW DISTRICT 5.13 02/01/23 CNY 20.07 LU'AN JIN'AN DISTRICT URB 5.95 07/24/24 CNY 41.65 LUJIANG CITY CONSTRUCTION 5.89 05/02/25 CNY 62.10 LUOYANG CITY COUNTRY CONS 4.28 04/26/23 CNY 20.18 LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 20.00 LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 20.09 LUOYANG SHENGSHI CITY CON 7.06 04/11/26 CNY 70.99 LUXI URBAN CONSTRUCTION I 6.80 10/27/24 CNY 60.00 LUXI URBAN CONSTRUCTION I 6.80 10/27/24 CNY 62.15 LUZHOU FUYANG INVESTMENT 5.00 08/11/23 CNY 19.96 LUZHOU FUYANG INVESTMENT 5.00 08/11/23 CNY 19.98 LUZHOU HUIXING INVESTMENT 6.28 10/19/24 CNY 60.78 LUZHOU HUIXING INVESTMENT 6.28 10/19/24 CNY 61.16 LUZHOU INDUSTRIAL DEVELOP 7.20 04/12/25 CNY 60.00 LUZHOU INDUSTRIAL DEVELOP 7.20 04/12/25 CNY 61.07 LUZHOU LIN GANG INVESTMEN 7.00 12/01/24 CNY 60.00 LUZHOU LIN GANG INVESTMEN 7.00 12/01/24 CNY 61.35 LUZHOU LIN GANG INVESTMEN 7.10 02/07/25 CNY 62.23 LUZHOU LIN GANG INVESTMEN 7.10 02/07/25 CNY 62.24 LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 45.00 LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 47.81 LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 20.05 LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 20.14 MA'ANSHAN CIHU HIGH TECHN 3.90 11/28/23 CNY 40.15 MA'ANSHAN CIHU HIGH TECHN 3.90 11/28/23 CNY 40.40 MAANSHAN NINGBO INVESTMEN 7.50 04/18/26 CNY 32.00 MAANSHAN SOUTHERN INDUSTR 4.53 07/25/23 CNY 20.05 MAANSHAN SOUTHERN INDUSTR 4.53 07/25/23 CNY 20.27 MAANSHAN SOUTHERN INDUSTR 4.43 09/02/23 CNY 40.08 MAANSHAN SOUTHERN INDUSTR 4.43 09/02/23 CNY 40.25 MAANSHAN YUSHAN CITY DEVE 5.62 07/31/24 CNY 41.05 MAANSHAN YUSHAN CITY DEVE 5.62 07/31/24 CNY 41.06 MAANSHAN YUSHAN CITY DEVE 5.85 09/22/24 CNY 61.37 MAANSHAN YUSHAN CITY DEVE 5.85 09/22/24 CNY 61.37 MA'ANSHAN ZHENGPU HARBOR 6.80 03/19/25 CNY 60.00 MA'ANSHAN ZHENGPU HARBOR 6.00 10/13/24 CNY 61.52 MA'ANSHAN ZHENGPU HARBOR 6.80 03/19/25 CNY 63.68 MA'ANSHAN ZHENGPU HARBOR 6.00 10/13/24 CNY 64.26 MEISHAN CITY DONGPO DEVEL 5.90 06/30/23 CNY 20.22 MEISHAN CITY DONGPO DEVEL 5.90 06/30/23 CNY 20.25 MEISHAN CITY DONGPO DEVEL 8.08 08/16/25 CNY 60.00 MEISHAN CITY DONGPO DEVEL 8.08 08/16/25 CNY 64.16 MEISHAN HONGDA CONSTRUCTI 4.18 03/28/23 CNY 20.01 MEISHAN HONGDA CONSTRUCTI 4.18 03/28/23 CNY 20.07 MEISHAN MINDONG DEVELOPME 6.78 08/08/24 CNY 40.67 MEISHAN MINDONG DEVELOPME 6.78 08/08/24 CNY 41.38 MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 20.10 MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 20.10 MENGCHENG COUNTY URBAN DE 5.60 09/21/24 CNY 61.19 MENGZI CITY DEVELOPMENT I 7.65 09/25/24 CNY 62.10 MENGZI CITY DEVELOPMENT I 7.65 09/25/24 CNY 62.11 MIANYANG ANZHOU INVESTMEN 8.10 05/04/25 CNY 60.00 MIANYANG ANZHOU INVESTMEN 8.10 05/04/25 CNY 64.25 MIANYANG HONGDA ASSET INV 7.20 09/29/24 CNY 60.00 MIANYANG HONGDA ASSET INV 7.20 09/29/24 CNY 62.31 MIANYANG HUIDONG INVESTME 8.10 02/10/25 CNY 64.24 MIANYANG HUIDONG INVESTME 8.10 04/28/25 CNY 64.79 MILE AGRICULTURAL INVESTM 7.60 02/27/26 CNY 67.84 MINGGUANG YUELONG INVESTM 6.54 05/03/25 CNY 62.14 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 50.00 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 50.00 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 50.86 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 54.49 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 54.49 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 55.39 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 63.04 MUNICIPALITY OF SHENZHEN 3.27 03/29/24 CNY 65.00 MUNICIPALITY OF SHENZHEN 3.27 03/29/24 CNY 65.00 MUNICIPALITY OF SHENZHEN 3.27 03/29/24 CNY 65.71 MUNICIPALITY OF SHENZHEN 3.34 06/18/24 CNY 66.66 MUNICIPALITY OF SHENZHEN 3.34 06/18/24 CNY 66.66 MUNICIPALITY OF SHENZHEN 3.34 06/18/24 CNY 67.62 MUNICIPALITY OF SHENZHEN 3.50 06/18/29 CNY 70.00 MUNICIPALITY OF SHENZHEN 3.50 06/18/29 CNY 70.00 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 71.17 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 71.17 MUNICIPALITY OF SHENZHEN 3.50 06/18/29 CNY 72.00 MUNICIPALITY OF SHENZHEN 3.37 03/29/26 CNY 72.40 MUNICIPALITY OF SHENZHEN 2.80 05/19/27 CNY 74.00 MUNICIPALITY OF SHENZHEN 2.80 05/19/27 CNY 74.00 MUNICIPALITY OF SHENZHEN 2.80 05/19/27 CNY 74.69 MUNICIPALITY OF SHENZHEN 3.31 01/14/27 CNY 75.00 MUNICIPALITY OF SHENZHEN 3.31 01/14/27 CNY 75.00 NANCHANG ECONOMY TECHNOLO 3.83 09/22/23 CNY 40.02 NANCHANG ECONOMY TECHNOLO 3.83 09/22/23 CNY 40.32 NANCHONG JIALING DEVELOPM 7.98 05/23/25 CNY 60.00 NANCHONG JIALING DEVELOPM 7.80 12/12/24 CNY 60.00 NANCHONG JIALING DEVELOPM 7.80 12/12/24 CNY 63.12 NANCHONG JIALING DEVELOPM 7.98 05/23/25 CNY 64.29 NANJING BAIXIA STATE-OWNE 3.98 03/29/23 CNY 20.07 NANJING BAIXIA STATE-OWNE 3.98 03/29/23 CNY 20.19 NANJING JIANGBEI NEW DIST 6.00 12/06/24 CNY 60.00 NANJING JIANGBEI NEW DIST 6.00 12/06/24 CNY 62.73 NANJING JIANGBEI NEW DIST 6.90 06/15/25 CNY 64.54 NANJING JIANGBEI NEW DIST 6.90 06/15/25 CNY 65.88 NANJING JIANGBEI NEW TOWN 5.59 09/26/24 CNY 61.92 NANJING JIANGBEI NEW TOWN 5.59 09/26/24 CNY 62.50 NANJING JIANGNING ECONOMI 7.94 04/14/24 CNY 31.46 NANJING JIANGNING URBAN C 3.48 11/11/23 CNY 40.26 NANJING JIANGNING URBAN C 3.48 11/11/23 CNY 40.40 NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 20.14 NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 20.36 NANJING LISHUI ECONOMIC A 3.41 11/09/23 CNY 40.36 NANJING LISHUI ECONOMIC A 3.41 11/09/23 CNY 40.37 NANJING LISHUI URBAN CONS 4.97 04/28/23 CNY 20.20 NANJING LISHUI URBAN CONS 4.97 04/28/23 CNY 20.27 NANJING LISHUI URBAN CONS 5.40 07/31/25 CNY 63.11 NANJING LISHUI URBAN CONS 5.40 07/31/25 CNY 63.87 NANJING METRO GROUP CO LT 3.29 08/29/23 CNY 40.19 NANJING METRO GROUP CO LT 4.22 11/28/23 CNY 71.01 NANJING PUKOU COMMUNICATI 5.46 07/19/24 CNY 41.52 NANJING QIXIA STATE-OWNED 4.10 06/24/23 CNY 20.13 NANJING QIXIA STATE-OWNED 4.10 06/24/23 CNY 20.21 NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 15.24 NANLING COUNTY CONSTRUCTI 6.20 09/06/24 CNY 60.00 NANLING COUNTY CONSTRUCTI 6.20 09/06/24 CNY 61.02 NANNING HI-TECH INDUSTRIA 4.28 03/25/23 CNY 15.20 NANNING HI-TECH INDUSTRIA 4.28 03/25/23 CNY 19.97 NANNING HI-TECH INDUSTRIA 3.82 10/20/23 CNY 39.88 NANNING HI-TECH INDUSTRIA 3.82 10/20/23 CNY 40.06 NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 20.05 NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 20.20 NANTONG CITY TONGZHOU DIS 3.75 07/07/23 CNY 20.15 NANTONG CITY TONGZHOU DIS 3.75 07/07/23 CNY 20.26 NANTONG CITY TONGZHOU DIS 4.88 04/10/24 CNY 40.82 NANTONG HIGH-TECH HOLDING 5.00 10/19/22 CNY 20.08 NANTONG HIGH-TECH HOLDING 5.00 10/19/22 CNY 20.20 NANTONG KAIYUAN INVESTMEN 7.25 11/29/24 CNY 62.44 NANTONG KAIYUAN INVESTMEN 7.25 11/29/24 CNY 62.49 NANTONG SHIBEI HI-TECH DE 5.98 08/07/24 CNY 41.19 NANTONG SHIBEI HI-TECH DE 5.98 08/07/24 CNY 41.31 NANTONG YUNTONG PORT DEVE 6.13 08/10/24 CNY 35.00 NANTONG YUNTONG PORT DEVE 6.13 08/10/24 CNY 41.38 NANYANG HI-TECH DEVELOPME 6.45 04/29/23 CNY 20.36 NANYANG HI-TECH DEVELOPME 6.45 04/29/23 CNY 20.41 NANZHANG COUNTY CONSTRUCT 6.00 01/20/24 CNY 41.02 NANZHANG COUNTY CONSTRUCT 6.00 01/20/24 CNY 41.02 NANZHANG COUNTY CONSTRUCT 6.58 10/25/24 CNY 60.00 NANZHANG COUNTY CONSTRUCT 6.58 10/25/24 CNY 62.35 NEIJIANG CITY XINGYUAN IN 4.28 08/16/23 CNY 19.82 NEIJIANG CITY XINGYUAN IN 4.28 08/16/23 CNY 20.02 NEIJIANG STATE-OWNED ASSE 6.20 04/12/23 CNY 20.00 NEIJIANG STATE-OWNED ASSE 6.20 04/12/23 CNY 20.01 NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 16.36 NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 19.95 NEOGLORY HOLDING GROUP CO 8.00 10/22/20 CNY 56.00 NEOGLORY HOLDING GROUP CO 8.00 09/25/20 CNY 60.00 NEOGLORY HOLDING GROUP CO 8.10 11/23/18 CNY 72.00 NINGGUO CITY STATE OWNED 7.14 08/07/24 CNY 40.80 NINGGUO CITY STATE OWNED 7.14 08/07/24 CNY 41.37 NINGGUO CITY STATE OWNED 4.89 10/15/27 CNY 73.06 NINGXIA SHENG YAN INDUSTR 7.50 09/27/23 CNY 42.45 NINGXIANG CITY CONSTRUCTI 6.00 06/02/26 CNY 64.27 NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 20.07 NINGXIANG STATE-OWNED ASS 4.89 06/03/23 CNY 20.23 NINGXIANG STATE-OWNED ASS 4.89 06/03/23 CNY 20.28 NINGXIANG STATE-OWNED ASS 3.88 11/02/23 CNY 40.18 NINGXIANG STATE-OWNED ASS 3.88 11/02/23 CNY 40.20 ONE BELT ONE ROAD JIANGSU 4.70 07/15/23 CNY 20.26 ONE BELT ONE ROAD JIANGSU 4.70 07/15/23 CNY 20.40 PANJIN WATER GROUP CO LTD 5.18 10/28/23 CNY 38.47 PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 20.00 PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 20.12 PEIXIAN STATE-OWNED ASSET 5.98 07/19/24 CNY 40.00 PEIXIAN STATE-OWNED ASSET 5.98 07/19/24 CNY 41.61 PEKING UNIVERSITY FOUNDER 6.30 03/04/24 CNY 11.00 PEKING UNIVERSITY FOUNDER 6.50 11/16/23 CNY 11.00 PEKING UNIVERSITY FOUNDER 6.68 08/09/23 CNY 11.00 PEKING UNIVERSITY FOUNDER 5.80 01/28/22 CNY 11.00 PEKING UNIVERSITY FOUNDER 5.99 11/02/21 CNY 11.00 PEKING UNIVERSITY FOUNDER 6.10 08/22/21 CNY 11.00 PEKING UNIVERSITY FOUNDER 4.80 07/26/21 CNY 11.00 PEKING UNIVERSITY FOUNDER 6.30 09/12/20 CNY 11.00 PEKING UNIVERSITY FOUNDER 6.15 07/23/20 CNY 11.00 PEKING UNIVERSITY FOUNDER 6.20 05/31/20 CNY 11.00 PENGSHAN DEVELOPMENT HOLD 7.98 05/03/25 CNY 51.81 PENGSHAN DEVELOPMENT HOLD 7.00 09/05/24 CNY 60.00 PENGSHAN DEVELOPMENT HOLD 7.00 09/05/24 CNY 60.83 PENGSHAN DEVELOPMENT HOLD 7.98 05/03/25 CNY 64.60 PENGZE CITY DEVELOPMENT I 7.00 04/19/25 CNY 60.00 PENGZE CITY DEVELOPMENT I 7.00 04/19/25 CNY 63.12 PENGZHOU STATE-PENGZHOU S 3.95 10/20/23 CNY 39.15 PINGDU STATE-OWNED ASSET 6.05 07/11/25 CNY 61.92 PINGDU STATE-OWNED ASSET 6.05 07/11/25 CNY 63.40 PINGHU CITY INVESTMENT DE 5.13 04/29/23 CNY 20.25 PINGHU CITY INVESTMENT DE 5.13 04/29/23 CNY 20.30 PINGJIANG COUNTY WATER SU 6.64 06/27/26 CNY 61.06 PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 20.00 PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 20.05 PINGXIANG CHANGXING INVES 5.26 04/11/23 CNY 19.99 PINGXIANG CHANGXING INVES 5.26 04/11/23 CNY 20.05 PINGXIANG HUIFENG INVESTM 5.79 09/21/24 CNY 61.28 PINGXIANG HUIFENG INVESTM 5.79 09/21/24 CNY 61.40 PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 20.00 PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 20.16 PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 20.00 PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 20.05 PIZHOU ECONOMIC DEVELOPME 6.66 09/19/24 CNY 61.53 PIZHOU ECONOMIC DEVELOPME 6.66 09/19/24 CNY 67.00 POYANG INVESTMENT & DEVEL 6.53 08/08/24 CNY 40.00 POYANG INVESTMENT & DEVEL 6.53 08/08/24 CNY 41.93 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.97 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.98 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.98 PROVINCE OF HEBEI CHINA 3.17 08/22/24 CNY 70.98 PUCHENG INVESTMENT DEVELO 6.57 08/10/24 CNY 40.00 PUCHENG INVESTMENT DEVELO 6.57 08/10/24 CNY 40.78 PUDING YELANG STATE-OWNED 8.00 03/13/25 CNY 55.59 PUDING YELANG STATE-OWNED 7.79 11/13/24 CNY 60.09 PUDING YELANG STATE-OWNED 8.00 03/13/25 CNY 65.00 PUYANG INVESTMENT GROUP C 5.18 08/17/24 CNY 41.22 PUYANG INVESTMENT GROUP C 5.18 08/17/24 CNY 41.22 QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 19.63 QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 19.90 QIANDONGNANZHOU KAIHONG C 5.30 09/22/26 CNY 55.95 QIANDONGNANZHOU KAIHONG C 5.30 09/22/26 CNY 61.87 QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 20.00 QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 20.12 QIANNAN AUTONOMOUS PREFEC 6.98 07/06/24 CNY 38.36 QIANNAN AUTONOMOUS PREFEC 6.98 07/06/24 CNY 38.37 QIANNAN AUTONOMOUS PREFEC 6.99 04/19/24 CNY 38.58 QIANNAN AUTONOMOUS PREFEC 6.99 04/19/24 CNY 38.58 QIANNANZHOU INVESTMENT CO 6.77 07/28/24 CNY 35.50 QIANNANZHOU INVESTMENT CO 6.77 07/28/24 CNY 38.08 QIANNANZHOU INVESTMENT CO 8.00 01/02/26 CNY 68.90 QIANSHAN CITY QIANRUN INV 6.98 01/19/25 CNY 60.00 QIANSHAN CITY QIANRUN INV 6.98 01/19/25 CNY 63.22 QIANXINAN AUTONOMOUS REGI 5.90 06/22/23 CNY 19.24 QIANXINAN AUTONOMOUS REGI 5.90 06/22/23 CNY 20.28 QICHUN COUNTY CONSTRUCTIO 4.96 10/18/23 CNY 40.31 QICHUN COUNTY CONSTRUCTIO 4.96 10/18/23 CNY 40.31 QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 15.19 QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 15.20 QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 20.14 QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 20.22 QIDONG URBAN CONSTRUCTION 5.25 08/16/24 CNY 41.18 QIDONG URBAN CONSTRUCTION 5.25 08/16/24 CNY 41.60 QIHE CITY OPERATION CONST 5.10 03/07/23 CNY 19.97 QIHE CITY OPERATION CONST 5.10 03/07/23 CNY 20.08 QINGDAO CHANGYANG INVESTM 3.73 09/12/23 CNY 40.05 QINGDAO CHANGYANG INVESTM 3.73 09/12/23 CNY 40.06 QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 15.17 QINGDAO HAIFA STATE-OWNED 4.26 06/06/23 CNY 20.17 QINGDAO HAIFA STATE-OWNED 4.26 06/06/23 CNY 20.25 QINGDAO HAIFA STATE-OWNED 6.28 04/04/25 CNY 62.50 QINGDAO HAIFA STATE-OWNED 6.28 04/04/25 CNY 65.25 QINGDAO JIMO DISTRICT URB 5.35 07/10/24 CNY 41.20 QINGDAO JIMO DISTRICT URB 5.35 07/10/24 CNY 41.44 QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 20.14 QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 20.28 QINGDAO SHAOHAI INVESTMEN 6.47 10/31/24 CNY 61.05 QINGDAO SHAOHAI INVESTMEN 6.47 10/31/24 CNY 61.49 QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 29.20 QINGHAI PROVINCIAL INVEST 7.25 02/22/20 USD 29.20 QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 33.44 QINGZHOU CITY CONSTRUCTIO 6.40 07/10/24 CNY 40.00 QINGZHOU CITY CONSTRUCTIO 6.40 07/10/24 CNY 40.28 QINGZHOU CITY CONSTRUCTIO 6.80 08/25/24 CNY 60.86 QINHUANGDAO CITY DEVELOPM 4.69 04/14/23 CNY 20.15 QINHUANGDAO CITY DEVELOPM 4.69 04/14/23 CNY 20.26 QINHUANGDAO DEVELOPMENT Z 4.07 08/26/23 CNY 39.94 QINHUANGDAO DEVELOPMENT Z 4.07 08/26/23 CNY 39.99 QUANJIAO URBAN INFRASTRUC 5.10 05/18/23 CNY 20.33 QUANJIAO URBAN INFRASTRUC 5.10 05/18/23 CNY 20.33 QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 20.00 QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 21.95 QUJING ECO TECH DEVELOPME 5.75 06/01/23 CNY 20.00 QUJING ECO TECH DEVELOPME 5.75 06/01/23 CNY 20.23 RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 19.76 RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 20.18 RENHUAI WATER INVESTMENT 7.98 02/24/25 CNY 56.07 RENHUAI WATER INVESTMENT 7.98 07/26/25 CNY 63.90 RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 20.11 RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 20.30 RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 20.00 RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 20.11 REWARD SCIENCE AND TECHNO 5.53 07/05/21 CNY 29.10 REWARD SCIENCE AND TECHNO 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 20.09 RONGCHENG ECONOMIC DEVELO 5.75 04/24/25 CNY 62.79 RONGCHENG ECONOMIC DEVELO 5.75 04/24/25 CNY 62.83 RONGQIAO GROUP CO LTD 6.50 06/03/24 CNY 64.00 RONGXIN FUJIAN INVESTMENT 5.42 08/19/24 CNY 31.00 RONGXIN FUJIAN INVESTMENT 5.60 07/27/23 CNY 33.00 RONGXIN FUJIAN INVESTMENT 6.45 07/03/23 CNY 67.50 RONGXIN FUJIAN INVESTMENT 6.78 07/03/24 CNY 72.80 RUCHENG COUNTY URBAN CONS 5.69 02/23/24 CNY 51.30 RUCHENG COUNTY URBAN CONS 5.69 02/23/24 CNY 51.31 RUDONG COUNTY JINXIN TRAN 3.80 07/26/23 CNY 20.15 RUDONG COUNTY JINXIN TRAN 3.80 07/26/23 CNY 20.17 RUDONG COUNTY JINXIN TRAN 4.57 07/26/23 CNY 20.19 RUDONG COUNTY JINXIN TRAN 4.57 07/26/23 CNY 20.21 RUDONG COUNTY KAITAI CITY 4.57 01/08/23 CNY 20.18 RUDONG NEW WORLD INVESTME 4.37 07/18/23 CNY 20.06 RUDONG NEW WORLD INVESTME 4.37 07/18/23 CNY 20.07 RUGAO ECONOMIC & TRADE DE 3.95 03/24/23 CNY 20.10 RUGAO ECONOMIC & TRADE DE 3.95 03/24/23 CNY 20.17 RUGAO TRAFFIC INDUSTRY GR 3.74 03/23/23 CNY 20.00 RUGAO TRAFFIC INDUSTRY GR 3.74 03/23/23 CNY 20.13 RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 20.14 RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 20.14 RUICHANG CITY INVESTMENT 5.68 03/25/23 CNY 20.03 RUICHANG CITY INVESTMENT 5.50 06/17/23 CNY 20.04 RUIJIN URBAN DEVELOPMENT 4.13 09/06/23 CNY 40.12 RUIJIN URBAN DEVELOPMENT 4.13 09/06/23 CNY 40.19 RUSHAN INDUSTRIAL INVESTM 7.40 06/07/25 CNY 63.72 RUSHAN INDUSTRIAL INVESTM 7.40 06/07/25 CNY 64.24 RUZHOU CITY XINYUAN INVES 4.43 09/26/23 CNY 38.60 RUZHOU CITY XINYUAN INVES 4.43 09/26/23 CNY 39.52 SANMING INVESTMENT DEVELO 5.10 04/17/24 CNY 41.04 SANMING INVESTMENT DEVELO 5.10 04/17/24 CNY 41.16 SANMING TRANSPORTATION CO 3.68 03/29/23 CNY 20.12 SEAZEN HOLDINGS CO LTD 5.90 09/01/25 CNY 75.50 SHAANXI XIXIAN NEW AREA A 5.10 06/06/23 CNY 20.09 SHAANXI XIXIAN NEW AREA A 5.10 06/06/23 CNY 20.11 SHAANXI XIXIAN NEW AREA F 7.10 08/23/24 CNY 60.03 SHAANXI XIXIAN NEW AREA F 7.10 08/23/24 CNY 61.48 SHAANXI XIXIAN NEW AREA J 6.67 08/23/24 CNY 40.32 SHAANXI XIXIAN NEW AREA J 6.67 08/23/24 CNY 59.40 SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 20.07 SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 21.01 SHANDONG RUYI TECHNOLOGY 7.90 09/18/23 CNY 52.10 SHANDONG URBAN CAPITAL ST 7.50 04/12/26 CNY 60.06 SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 45.94 SHANGHAI POWERLONG INDUST 6.60 01/11/26 CNY 30.00 SHANGHAI SHIMAO CO LTD 3.60 03/05/23 CNY 25.59 SHANGHAI SHIMAO CO LTD 3.76 07/07/24 CNY 34.16 SHANGHAI SHIMAO CO LTD 4.12 01/09/23 CNY 36.58 SHANGHAI SHIMAO CO LTD 5.50 05/06/23 CNY 36.63 SHANGHAI SHIMAO CO LTD 5.15 03/16/23 CNY 36.63 SHANGHAI SHIMAO CO LTD 4.24 10/21/22 CNY 36.65 SHANGHAI SHIMAO CO LTD 4.15 05/22/23 CNY 47.70 SHANGHAI SHIMAO JIANSHE C 3.90 08/27/25 CNY 21.59 SHANGHAI SHIMAO JIANSHE C 4.30 09/19/24 CNY 22.00 SHANGHAI SHIMAO JIANSHE C 4.30 11/11/24 CNY 25.86 SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 20.05 SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 20.10 SHANGHAI YUYUAN TOURIST M 4.95 11/27/24 CNY 60.00 SHANGLI INVESTMENT CO 7.50 06/01/25 CNY 63.16 SHANGLI INVESTMENT CO 7.50 06/01/25 CNY 63.17 SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 20.11 SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 20.13 SHANGRAO GUANGXIN URBAN C 7.95 07/24/25 CNY 62.72 SHANGRAO GUANGXIN URBAN C 7.95 07/24/25 CNY 62.91 SHANTOU INVESTMENT HOLDIN 7.99 03/04/24 CNY 30.50 SHANTOU INVESTMENT HOLDIN 7.99 03/04/24 CNY 31.57 SHANWEI INVESTMENT HOLDIN 5.68 11/09/24 CNY 61.87 SHANWEI INVESTMENT HOLDIN 5.68 11/09/24 CNY 62.15 SHAODONG NEW AREA DEVELOP 7.10 04/19/24 CNY 41.55 SHAODONG NEW AREA DEVELOP 7.10 04/19/24 CNY 41.56 SHAOGUAN URBAN INVESTMENT 3.67 10/25/24 CNY 55.71 SHAOGUAN URBAN INVESTMENT 3.67 10/25/24 CNY 55.72 SHAOSHAN HI-TECH CONSTRUC 8.00 05/02/25 CNY 60.86 SHAOSHAN HI-TECH CONSTRUC 8.00 05/02/25 CNY 63.79 SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 20.03 SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 23.39 SHAOXING KEQIAO CITY CONS 5.74 08/03/24 CNY 40.00 SHAOXING KEQIAO CITY CONS 3.64 09/19/23 CNY 40.07 SHAOXING KEQIAO CITY CONS 3.64 09/19/23 CNY 40.32 SHAOXING KEQIAO CITY CONS 5.74 08/03/24 CNY 41.38 SHAOXING SHANGYU ECONOMIC 4.76 04/11/23 CNY 20.18 SHAOXING SHANGYU ECONOMIC 4.76 04/11/23 CNY 20.27 SHAOYANG BAOQING INDUSTRI 5.78 07/04/26 CNY 54.67 SHAOYANG CITY CONSTRUCTIO 5.98 09/01/24 CNY 60.00 SHAOYANG CITY CONSTRUCTIO 5.98 09/01/24 CNY 61.29 SHAOYANG DULIANG INVESTME 5.50 04/13/23 CNY 19.80 SHAOYANG DULIANG INVESTME 5.50 04/13/23 CNY 19.86 SHAOYANG SAISHUANGQING CO 7.20 03/26/25 CNY 60.00 SHAOYANG SAISHUANGQING CO 7.20 03/26/25 CNY 61.44 SHEHONG STATE OWNED ASSET 7.30 12/14/24 CNY 60.00 SHEHONG STATE OWNED ASSET 7.30 12/14/24 CNY 63.19 SHEHONG STATE OWNED ASSET 7.50 08/22/25 CNY 65.02 SHEHONG STATE OWNED ASSET 7.60 10/22/25 CNY 65.68 SHENGZHOU INVESTMENT HOLD 5.35 07/20/24 CNY 41.23 SHENGZHOU INVESTMENT HOLD 5.35 07/20/24 CNY 41.60 SHENWU ENVIRONMENTAL TECH 9.00 03/14/19 CNY 1.50 SHENZHEN LOGAN HOLDINGS C 4.70 08/23/25 CNY 17.00 SHENZHEN LOGAN HOLDINGS C 4.80 09/14/25 CNY 17.01 SHENZHEN LOGAN HOLDINGS C 4.80 06/24/25 CNY 18.10 SHENZHEN LOGAN HOLDINGS C 4.90 03/25/25 CNY 19.00 SHENZHEN LOGAN HOLDINGS C 4.80 01/08/25 CNY 19.10 SHENZHEN LOGAN HOLDINGS C 5.09 11/18/24 CNY 21.00 SHENZHEN LOGAN HOLDINGS C 4.60 11/20/22 CNY 23.33 SHENZHEN LOGAN HOLDINGS C 5.50 06/19/23 CNY 33.76 SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 15.30 SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 31.00 SHEYANG URBAN CONSTRUCTIO 7.80 11/27/24 CNY 62.24 SHEYANG URBAN CONSTRUCTIO 7.80 11/27/24 CNY 62.25 SHIFANG CITY NATIONAL OWN 8.00 12/05/25 CNY 69.57 SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 45.00 SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 47.20 SHISHOU BOYA CITY CONSTRU 6.98 06/15/24 CNY 41.58 SHIYAN ECO DEVELOPMENT ZO 3.98 08/05/23 CNY 19.95 SHIYAN ECO DEVELOPMENT ZO 3.98 08/05/23 CNY 20.09 SHIYAN HANJIANG STAR CONS 6.40 07/10/24 CNY 40.70 SHIYAN STATE-OWNED CAPITA 4.88 01/11/26 CNY 61.85 SHIYAN STATE-OWNED CAPITA 4.88 01/11/26 CNY 61.99 SHIZHU TUJIA HONGSHENG EC 7.00 11/13/24 CNY 48.00 SHIZHU TUJIA HONGSHENG EC 7.00 11/13/24 CNY 62.36 SHOU COUNTY STATE-OWNED A 6.20 10/13/24 CNY 60.00 SHOU COUNTY STATE-OWNED A 6.20 10/13/24 CNY 61.68 SHUCHENG COUNTY URBAN CON 5.50 04/29/23 CNY 20.10 SHUCHENG COUNTY URBAN CON 5.50 04/29/23 CNY 20.36 SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 20.06 SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 20.20 SICHUAN CHENG'A DEVELOPME 7.50 11/29/24 CNY 60.00 SICHUAN CHENG'A DEVELOPME 7.50 11/06/24 CNY 60.00 SICHUAN CHENG'A DEVELOPME 7.50 11/06/24 CNY 62.59 SICHUAN CHENG'A DEVELOPME 7.50 11/29/24 CNY 62.70 SICHUAN CHENG'A DEVELOPME 7.25 01/28/24 CNY 70.85 SICHUAN COAL GASIFICATION 7.00 04/18/23 CNY 20.35 SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00 SICHUAN JINCAI JINXIN INV 7.08 07/31/24 CNY 41.39 SICHUAN JINCAI JINXIN INV 7.08 07/31/24 CNY 41.53 SICHUAN LANGUANG DEVELOPM 7.20 05/11/23 CNY 12.63 SICHUAN LANGUANG DEVELOPM 7.20 03/11/23 CNY 12.63 SICHUAN LANGUANG DEVELOPM 7.50 11/22/22 CNY 12.63 SICHUAN LANGUANG DEVELOPM 7.00 10/26/22 CNY 12.63 SICHUAN LANGUANG DEVELOPM 7.00 09/29/22 CNY 12.63 SICHUAN LANGUANG DEVELOPM 7.50 08/12/21 CNY 12.63 SICHUAN LANGUANG DEVELOPM 6.50 07/29/21 CNY 12.63 SICHUAN LANGUANG DEVELOPM 7.50 07/11/21 CNY 12.63 SICHUAN LANGUANG DEVELOPM 7.15 03/16/23 CNY 24.00 SICHUAN LANGUANG DEVELOPM 7.40 09/14/21 CNY 30.45 SICHUAN LANGUANG DEVELOPM 7.50 07/23/22 CNY 42.00 SICHUAN LANGZHONG FAMOUS 5.60 04/19/23 CNY 20.03 SICHUAN LANGZHONG FAMOUS 5.60 04/19/23 CNY 20.11 SICHUAN LONGYANG TIANFU N 5.45 05/27/23 CNY 20.15 SICHUAN LONGYANG TIANFU N 5.45 05/27/23 CNY 20.22 SICHUAN NAXING INDUSTRIAL 4.68 03/31/23 CNY 19.83 SICHUAN NAXING INDUSTRIAL 4.68 03/31/23 CNY 20.01 SICHUAN QINBA NEWCITY INV 6.91 07/25/24 CNY 39.80 SICHUAN QINBA NEWCITY INV 6.68 07/07/24 CNY 39.89 SICHUAN QINBA NEWCITY INV 6.68 07/07/24 CNY 40.00 SICHUAN QINBA NEWCITY INV 6.91 07/25/24 CNY 40.41 SICHUAN RENSHOU XINLONG W 7.00 06/27/24 CNY 41.74 SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 20.10 SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 20.22 SINO-OCEAN HOLDING GROUP 4.76 10/19/25 CNY 33.33 SINO-OCEAN HOLDING GROUP 4.59 03/20/26 CNY 35.00 SINO-OCEAN HOLDING GROUP 5.00 08/19/25 CNY 36.00 SINO-OCEAN HOLDING GROUP 4.20 05/12/26 CNY 38.50 SINO-OCEAN HOLDING GROUP 4.60 01/21/24 CNY 40.00 SINO-OCEAN HOLDING GROUP 4.00 08/02/23 CNY 59.00 SINO-OCEAN HOLDING GROUP 4.30 02/26/23 CNY 62.00 SINO-OCEAN HOLDING GROUP 3.35 04/24/23 CNY 67.80 SIXIAN CITY CONSCTRUCTION 6.50 04/16/25 CNY 60.00 SIXIAN CITY CONSCTRUCTION 6.50 04/16/25 CNY 63.20 SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 20.20 SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 20.56 SIYANG COUNTY MINKANG RUR 7.40 07/31/24 CNY 42.06 SIYANG COUNTY MINKANG RUR 7.40 07/31/24 CNY 42.07 SIYANG JIADING INDUSTRIAL 7.50 04/27/25 CNY 63.62 SIYANG JIADING INDUSTRIAL 7.50 04/27/25 CNY 63.63 SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 20.00 SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 20.13 SUINING COUNTY RUNQI INVE 6.78 11/02/24 CNY 60.80 SUINING COUNTY RUNQI INVE 6.78 11/02/24 CNY 61.91 SUINING FUYUAN INDUSTRY C 5.34 12/02/23 CNY 39.39 SUINING FUYUAN INDUSTRY C 5.34 12/02/23 CNY 39.82 SUINING KAIDA INVESTMENT 4.89 04/08/23 CNY 19.91 SUINING KAIDA INVESTMENT 4.89 04/08/23 CNY 19.95 SUINING ROUGANG INVESTMEN 5.65 01/24/24 CNY 40.44 SUINING ROUGANG INVESTMEN 6.80 08/02/24 CNY 41.33 SUINING ROUGANG INVESTMEN 6.80 08/02/24 CNY 41.34 SUINING TIANTAI INDUSTRIA 5.98 03/28/24 CNY 40.98 SUINING TIANTAI INDUSTRIA 5.98 03/28/24 CNY 40.99 SUINING TIANTAI INDUSTRIA 6.80 11/01/24 CNY 75.00 SUIZHOU DEVELOPMENT INVES 5.70 04/07/24 CNY 40.60 SUIZHOU DEVELOPMENT INVES 5.70 04/07/24 CNY 41.22 SUIZHOU DEVELOPMENT INVES 5.97 09/15/24 CNY 60.00 SUIZHOU DEVELOPMENT INVES 5.97 09/15/24 CNY 61.88 SUIZHOU HIGH-TECH INDUSTR 4.47 03/25/23 CNY 20.07 SUIZHOU HIGH-TECH INDUSTR 4.47 03/25/23 CNY 20.11 SUNAC REAL ESTATE GROUP C 7.00 04/02/25 CNY 21.00 SUNAC REAL ESTATE GROUP C 6.48 09/11/23 CNY 28.00 SUNAC REAL ESTATE GROUP C 6.80 08/16/23 CNY 28.00 SUNAC REAL ESTATE GROUP C 4.78 09/30/23 CNY 35.55 SUNING APPLIANCE GROUP CO 7.30 06/28/23 CNY 21.60 SUNING APPLIANCE GROUP CO 7.30 06/16/23 CNY 43.36 SUNING APPLIANCE GROUP CO 7.30 01/29/23 CNY 48.43 SUNING APPLIANCE GROUP CO 7.30 05/10/23 CNY 49.31 SUNSHINE KAIDI NEW ENERGY 6.80 06/02/21 CNY 1.00 SUQIAN CITY CONSTRUCTION 5.30 07/11/24 CNY 40.94 SUQIAN CITY CONSTRUCTION 5.30 07/11/24 CNY 40.99 SUQIAN CITY CONSTRUCTION 6.44 12/26/24 CNY 62.14 SUQIAN CITY CONSTRUCTION 6.44 12/26/24 CNY 62.28 SUQIAN ECONOMIC DEVELOPME 5.40 04/20/24 CNY 41.13 SUQIAN ECONOMIC DEVELOPME 5.40 04/20/24 CNY 41.88 SUQIAN HI-TECH DEVELOPMEN 6.97 07/20/25 CNY 60.00 SUQIAN HUBIN XINCHENG INV 6.85 08/02/24 CNY 38.10 SUQIAN HUBIN XINCHENG INV 6.85 08/02/24 CNY 39.91 SUQIAN HUBIN XINCHENG INV 6.93 08/25/24 CNY 52.32 SUQIAN HUBIN XINCHENG INV 6.93 08/25/24 CNY 62.18 SUQIAN YUFENG ASSET MANAG 5.50 04/21/24 CNY 40.83 SUQIAN YUFENG ASSET MANAG 5.50 04/21/24 CNY 44.26 SUZHOU CITY CONSTRUCTION 3.89 03/24/23 CNY 20.10 SUZHOU CITY CONSTRUCTION 3.89 03/24/23 CNY 20.19 SUZHOU CITY HENGCHENG CON 4.40 03/01/23 CNY 20.13 SUZHOU CITY HENGCHENG CON 4.40 03/01/23 CNY 20.21 SUZHOU MAANSHAN INVESTMEN 6.10 08/03/24 CNY 41.45 SUZHOU MAANSHAN INVESTMEN 6.10 08/03/24 CNY 41.71 SUZHOU MUDU URBAN RURAL I 4.94 04/16/24 CNY 71.70 SUZHOU MUDU URBAN RURAL I 4.94 04/16/24 CNY 72.05 SUZHOU NEW & HIGH-TECH IN 4.18 03/23/23 CNY 20.06 SUZHOU NEW & HIGH-TECH IN 4.18 03/23/23 CNY 20.21 SUZHOU NEW AREA CONSTRUCT 5.98 08/04/24 CNY 40.00 SUZHOU NEW AREA CONSTRUCT 5.98 08/04/24 CNY 41.01 SUZHOU WUZHONG CITY CONST 6.50 02/01/25 CNY 60.00 SUZHOU WUZHONG CITY CONST 5.90 11/06/24 CNY 60.00 SUZHOU WUZHONG CITY CONST 5.90 11/06/24 CNY 62.25 SUZHOU WUZHONG CITY CONST 6.50 02/01/25 CNY 62.36 TAHOE GROUP CO LTD 6.00 05/25/21 CNY 10.00 TAHOE GROUP CO LTD 7.20 05/25/21 CNY 10.00 TAHOE GROUP CO LTD 7.50 10/10/20 CNY 29.60 TAHOE GROUP CO LTD 8.50 08/02/21 CNY 30.00 TAHOE GROUP CO LTD 7.50 08/15/20 CNY 32.33 TAIAN TAISHAN HOLDINGS CO 5.50 04/26/23 CNY 20.05 TAIAN TAISHAN HOLDINGS CO 5.50 04/26/23 CNY 20.17 TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 20.00 TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 25.80 TAIHE STATE OWN ASSET INV 5.87 08/07/24 CNY 41.61 TAIHE STATE OWN ASSET INV 5.87 08/07/24 CNY 43.35 TAIXING HONGQIAO PARK IND 5.03 10/29/22 CNY 19.60 TAIXING HONGQIAO PARK IND 5.03 10/29/22 CNY 20.02 TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 30.75 TAIZHOU CITY HUANGYAN DIS 6.10 08/01/24 CNY 41.13 TAIZHOU CITY HUANGYAN DIS 6.10 08/01/24 CNY 41.77 TAIZHOU CITY HUANGYAN DIS 6.22 09/14/24 CNY 61.85 TAIZHOU CITY HUANGYAN DIS 6.22 09/14/24 CNY 62.05 TAIZHOU FENGCHENGHE CONST 7.90 12/29/24 CNY 60.00 TAIZHOU FENGCHENGHE CONST 7.90 12/29/24 CNY 63.63 TAIZHOU GAOGANG HI-TECH D 5.54 06/22/24 CNY 41.54 TAIZHOU GAOGANG HI-TECH D 5.54 06/22/24 CNY 41.64 TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 20.07 TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 20.17 TAIZHOU JINDONG URBAN CON 5.10 06/02/23 CNY 20.31 TAIZHOU JINDONG URBAN CON 5.10 06/02/23 CNY 20.31 TAIZHOU XINTAI GROUP CO L 4.07 03/23/23 CNY 20.11 TAIZHOU XINTAI GROUP CO L 4.07 03/23/23 CNY 20.13 TANGSHAN FINANCIAL HOLDIN 7.60 05/16/25 CNY 57.50 TANGSHAN FINANCIAL HOLDIN 7.60 05/16/25 CNY 63.95 TAOYUAN COUNTY ECONOMIC D 7.00 12/08/24 CNY 60.00 TAOYUAN COUNTY ECONOMIC D 7.00 12/08/24 CNY 62.64 TEMPUS GROUP CO LTD 7.50 06/07/20 CNY 12.00 TIANCHANG CITY CONSTRUCTI 4.99 12/05/23 CNY 40.28 TIANGUANG ZHONGMAO CO LTD 6.00 10/27/21 CNY 14.00 TIANJIN BOHAI STATE-OWNED 3.82 04/18/23 CNY 19.69 TIANJIN BOHAI STATE-OWNED 3.82 04/18/23 CNY 20.08 TIANJIN BOHAI STATE-OWNED 4.10 04/18/26 CNY 60.88 TIANJIN DONGLI CITY INFRA 4.28 12/02/22 CNY 20.09 TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 15.03 TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 15.12 TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 15.20 TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 14.80 TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 15.22 TIANJIN METRO GROUP CO LT 4.27 10/16/25 CNY 60.92 TIANJIN METRO GROUP CO LT 4.27 10/16/25 CNY 64.00 TIANJIN NINGHE INVESTMENT 5.50 04/22/23 CNY 20.00 TIANJIN NINGHE INVESTMENT 5.50 04/22/23 CNY 20.28 TIANJIN RAILWAY CONSTRUCT 5.58 04/13/25 CNY 45.60 TIANJIN RAILWAY CONSTRUCT 5.58 04/13/25 CNY 45.76 TIANJIN REAL ESTATE GROUP 7.70 03/16/21 CNY 21.49 TIANJIN REAL ESTATE GROUP 4.50 09/29/20 USD 73.85 TIANJIN STATE-OWNED CAPIT 1.60 12/17/39 USD 21.17 TIANJIN STATE-OWNED CAPIT 0.15 12/17/26 USD 23.00 TIANJIN STATE-OWNED CAPIT 1.55 12/17/29 USD 24.53 TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 20.11 TIANMEN CITY CONSTRUCTION 3.98 11/15/23 CNY 39.93 TIANMEN CITY CONSTRUCTION 3.98 11/15/23 CNY 40.15 TONGCHENG CITY CONSTRUCTI 7.50 07/23/25 CNY 60.00 TONGCHENG CITY CONSTRUCTI 6.60 12/18/24 CNY 60.00 TONGCHENG CITY CONSTRUCTI 6.60 12/18/24 CNY 61.54 TONGCHENG CITY CONSTRUCTI 7.50 07/23/25 CNY 64.12 TONGLING CONSTRUCTION INV 4.12 03/14/23 CNY 20.00 TONGLING CONSTRUCTION INV 4.12 03/14/23 CNY 20.16 TONGLING CONSTRUCTION INV 5.77 07/31/24 CNY 40.00 TONGLING CONSTRUCTION INV 5.80 08/16/24 CNY 41.24 TONGLING CONSTRUCTION INV 5.77 07/31/24 CNY 41.58 TONGLING CONSTRUCTION INV 5.80 08/16/24 CNY 42.07 TSINGHUA UNIGROUP CO LTD 5.11 01/25/24 CNY 16.88 TSINGHUA UNIGROUP CO LTD 5.20 12/10/23 CNY 16.88 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 6.15 12/26/21 CNY 25.50 TSINGHUA UNIGROUP CO LTD 6.20 03/16/21 CNY 25.50 TSINGHUA UNIGROUP CO LTD 5.60 11/15/20 CNY 25.50 TUNGHSU GROUP CO LTD 8.18 10/25/21 CNY 22.00 WANGCHENG ECONOMIC DEVELO 3.75 07/13/23 CNY 20.16 WANGCHENG ECONOMIC DEVELO 3.75 07/13/23 CNY 20.20 WEICHI HOLDING GROUP CO L 6.18 07/24/24 CNY 40.00 WEICHI HOLDING GROUP CO L 6.18 07/24/24 CNY 40.99 WEICHI HOLDING GROUP CO L 7.20 04/13/25 CNY 60.00 WEICHI HOLDING GROUP CO L 7.20 04/13/25 CNY 63.71 WEIFANG BINHAI INVESTMENT 6.50 04/26/26 CNY 72.70 WEIFANG GONGXIN STATE-OWN 5.00 07/13/26 CNY 59.52 WEIFANG GONGXIN STATE-OWN 5.00 07/13/26 CNY 59.97 WEIHAI CENTRAL CITY STATE 6.05 11/02/24 CNY 59.86 WEIHAI CENTRAL CITY STATE 6.05 11/02/24 CNY 60.00 WEIHAI CITY SHUANGDAO BAY 5.32 04/28/24 CNY 41.00 WEIHAI ECONOMIC TECHNOLOG 5.80 08/23/24 CNY 41.00 WEIHAI ECONOMIC TECHNOLOG 5.80 08/23/24 CNY 60.00 WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 19.39 WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 19.78 WEIHAI LANCHUANG CONSTRUC 7.70 10/11/25 CNY 74.68 WEIHAI URBAN CONSTRUCTION 3.33 03/02/23 CNY 20.04 WEIHAI URBAN CONSTRUCTION 3.33 03/02/23 CNY 20.05 WEIHAI WENDENG DISTRICT B 3.64 10/26/23 CNY 40.01 WEIHAI WENDENG DISTRICT B 3.64 10/26/23 CNY 40.03 WEIHAI WENDENG URBAN PROP 4.80 05/26/23 CNY 19.90 WEIHAI WENDENG URBAN PROP 4.80 05/26/23 CNY 20.08 WENDENG GOLDEN BEACH INVE 3.97 03/21/23 CNY 20.00 WENDENG GOLDEN BEACH INVE 3.97 03/21/23 CNY 20.07 WENLING CITY STATE OWNED 5.73 04/19/25 CNY 62.52 WENLING CITY STATE OWNED 5.73 04/19/25 CNY 62.80 WENS FOODSTUFFS GROUP CO 3.26 10/29/30 USD 73.44 WENSHAN URBAN CONSTRUCTIO 4.50 09/13/23 CNY 39.16 WENSHAN URBAN CONSTRUCTIO 4.50 09/13/23 CNY 40.03 WENZHOU CITY CONSTRUCTION 4.05 01/25/23 CNY 20.10 WENZHOU CITY CONSTRUCTION 4.05 01/25/23 CNY 20.17 WENZHOU CITY CONSTRUCTION 5.00 04/26/23 CNY 20.22 WENZHOU CITY CONSTRUCTION 5.00 04/26/23 CNY 20.41 WENZHOU GANGCHENG DEVELOP 5.19 03/29/23 CNY 20.26 WENZHOU GANGCHENG DEVELOP 5.19 03/29/23 CNY 20.31 WENZHOU HIGH-TECH INDUSTR 5.90 09/18/24 CNY 61.50 WENZHOU HIGH-TECH INDUSTR 5.90 09/18/24 CNY 61.91 WENZHOU MINKE INDUSTRIAL 6.44 07/18/24 CNY 40.00 WENZHOU MINKE INDUSTRIAL 6.44 07/18/24 CNY 40.96 WENZHOU OUHAI NEW CITY CO 3.98 10/26/23 CNY 40.10 WENZHOU OUHAI NEW CITY CO 3.98 10/26/23 CNY 40.40 WINTIME ENERGY CO LTD 4.75 07/07/22 CNY 43.63 WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63 WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63 WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63 WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63 WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63 WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63 WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63 WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63 WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63 WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63 WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63 WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63 WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63 WUHAN CITY HUANPI DISTRIC 5.48 04/19/24 CNY 41.26 WUHAN CITY HUANPI DISTRIC 5.48 04/19/24 CNY 41.35 WUHAN HONGSHAN CITY CONST 5.68 08/10/24 CNY 40.78 WUHAN HONGSHAN CITY CONST 5.68 08/10/24 CNY 41.68 WUHAN HONGSHAN CITY CONST 5.68 10/12/24 CNY 60.87 WUHAN 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URBAN DEVEL 6.18 12/21/22 CNY 14.16 XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 14.18 XINGNING YONGYE INFRASTRU 5.99 07/24/24 CNY 41.36 XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 19.82 XINGYI XINHENG URBAN CONS 7.90 01/31/25 CNY 60.00 XINGYI XINHENG URBAN CONS 7.90 01/31/25 CNY 60.09 XINJIANG UYGUR AR HAMI CI 6.55 10/27/24 CNY 60.00 XINJIANG UYGUR AR HAMI CI 6.55 10/27/24 CNY 62.86 XINJIN NEW CITY DEVELOPME 7.30 10/23/24 CNY 60.00 XINJIN NEW CITY DEVELOPME 7.30 10/23/24 CNY 61.38 XINMI CAIYUAN CITY CONSTR 4.35 02/28/23 CNY 20.20 XINMI CAIYUAN CITY CONSTR 4.35 02/28/23 CNY 20.22 XINPING URBAN DEVELOPMENT 7.70 01/24/26 CNY 75.20 XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 19.92 XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 20.00 XINYI ECONOMIC DEVELOPMEN 6.66 09/27/24 CNY 54.50 XINYI ECONOMIC DEVELOPMEN 6.66 09/27/24 CNY 61.91 XINYI URBAN TRANSPORTATIO 5.35 04/24/24 CNY 40.95 XINYI URBAN TRANSPORTATIO 5.35 04/24/24 CNY 42.57 XINYU CITY SHANTYTOWN ZON 6.50 11/13/22 CNY 40.28 XIPING COUNTY INDUSTRIAL 7.50 12/26/24 CNY 60.00 XIPING COUNTY INDUSTRIAL 7.50 12/26/24 CNY 61.59 XISHUI COUNTY FENGZHU INV 6.52 07/28/24 CNY 40.89 XISHUI COUNTY FENGZHU INV 6.52 07/28/24 CNY 42.50 XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94 XUANCHENG STATE-OWNED ASS 4.12 04/07/23 CNY 20.14 XUANCHENG STATE-OWNED ASS 4.12 04/07/23 CNY 20.25 XUCHANG GENERAL INVESTMEN 5.74 08/17/24 CNY 41.52 XUZHOU CITY JIAWANG CONST 4.00 03/23/23 CNY 20.04 XUZHOU CITY JIAWANG CONST 4.00 03/23/23 CNY 20.39 XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 20.03 XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 20.34 XUZHOU HI-TECH INDUSTRIAL 3.78 11/11/23 CNY 40.16 XUZHOU HI-TECH INDUSTRIAL 3.78 11/11/23 CNY 40.40 YAN'AN NEW CITY CONSTRUCT 5.60 04/21/24 CNY 40.82 YAN'AN NEW CITY CONSTRUCT 5.60 04/21/24 CNY 40.85 YANCHENG GUANDONG ECONOMI 6.42 05/16/24 CNY 40.80 YANCHENG GUANDONG ECONOMI 6.42 05/16/24 CNY 41.63 YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 20.07 YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 20.13 YANCHENG SOUTH 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42.40 YANGZHOU GUANGLING NEW CI 3.62 09/07/23 CNY 39.70 YANGZHOU GUANGLING NEW CI 3.62 09/07/23 CNY 40.01 YANGZHOU NEW MATERIAL INV 6.80 10/09/24 CNY 60.00 YANGZHOU NEW MATERIAL INV 6.80 10/09/24 CNY 61.32 YI CHENG CONSTRUCTION INV 5.44 04/27/23 CNY 20.17 YI ZHENG CITY DEVELOPMENT 4.63 01/08/23 CNY 20.00 YI ZHENG CITY DEVELOPMENT 4.63 01/08/23 CNY 20.10 YIBIN NANXI CAIYUAN STATE 8.10 07/24/25 CNY 60.00 YIBIN NANXI CAIYUAN STATE 8.10 07/24/25 CNY 65.38 YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 20.00 YICHANG HIGH-TECH INVESTM 3.74 07/21/23 CNY 20.05 YICHANG HIGH-TECH INVESTM 3.74 07/21/23 CNY 20.09 YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 20.15 YICHANG HIGH-TECH INVESTM 6.10 05/18/24 CNY 41.20 YICHANG HIGH-TECH INVESTM 6.10 05/18/24 CNY 41.62 YICHANG WUJIA NEW CITY IN 6.50 04/20/24 CNY 41.29 YICHANG WUJIA NEW CITY IN 6.50 04/20/24 CNY 41.29 YIHUA LIFESTYLE TECHNOLOG 6.88 07/23/20 CNY 35.00 YIHUA LIFESTYLE TECHNOLOG 6.88 07/16/20 CNY 35.90 YINGCHENG CITY PUYANG DEV 6.50 04/14/24 CNY 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40.00 YONGXING YINDU INVESTMENT 6.93 07/07/24 CNY 40.30 YONGXING YINDU INVESTMENT 6.50 08/14/24 CNY 41.23 YONGXIU CITY CONSTRUCTION 7.50 05/02/25 CNY 60.00 YONGXIU CITY CONSTRUCTION 7.50 05/02/25 CNY 63.64 YUANAN COUNTY QIFENG CITY 5.50 05/27/23 CNY 20.19 YUANAN COUNTY QIFENG CITY 5.50 05/27/23 CNY 20.31 YUANLING CHENZHOU INVESTM 6.50 11/30/24 CNY 60.00 YUANLING CHENZHOU INVESTM 6.50 09/20/24 CNY 60.00 YUANLING CHENZHOU INVESTM 6.50 09/20/24 CNY 61.38 YUANLING CHENZHOU INVESTM 6.50 11/30/24 CNY 61.61 YUDU ZHENXING INVESTMENT 7.50 05/03/25 CNY 60.00 YUDU ZHENXING INVESTMENT 7.50 05/03/25 CNY 64.32 YUEYANG HUIHUA URBAN INVE 5.78 04/18/24 CNY 40.72 YUEYANG HUIHUA URBAN INVE 5.78 04/18/24 CNY 41.07 YUEYANG HUIHUA URBAN INVE 5.96 07/26/24 CNY 41.08 YUEYANG HUIHUA URBAN INVE 5.96 07/26/24 CNY 41.38 YUEYANG URBAN CONSTRUCTIO 4.80 01/27/26 CNY 62.26 YUEYANG URBAN CONSTRUCTIO 4.80 01/27/26 CNY 62.29 YUEYANG YUNXI CITY CONSTR 6.00 07/08/23 CNY 19.58 YUEYANG YUNXI CITY CONSTR 5.18 11/21/23 CNY 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06/29/30 INR 51.01 DLF LANDS INDIA PVT LTD 0.01 09/29/31 INR 46.89 DLF MIDTOWN PVT LTD 0.01 12/11/27 INR 65.72 DLF REAL ESTATE BUILDERS 0.01 06/23/30 INR 52.23 DLF RECREATIONAL FOUNDATI 0.01 10/15/30 INR 48.01 DLF RESIDENTIAL BUILDERS 0.01 06/23/30 INR 51.03 DLF RESIDENTIAL DEVELOPER 0.01 06/28/30 INR 52.25 DLF RESIDENTIAL DEVELOPER 0.01 06/28/30 INR 52.25 DLF SOUTHERN TOWNS PVT LT 0.01 07/09/30 INR 52.27 DLF URBAN PVT LTD 0.01 12/11/27 INR 65.72 DOMUS REAL ESTATE PVT LTD 0.01 07/11/30 INR 52.30 EDEL LAND LTD 0.01 12/28/31 INR 48.29 EDEL LAND LTD 0.01 03/26/31 INR 51.16 EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 67.30 EDELWEISS ASSET RECONSTRU 2.00 03/28/29 INR 68.55 EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 69.33 EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 70.43 EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 74.12 EDELWEISS INVESTMENT ADVI 0.01 05/31/29 INR 57.29 EDELWEISS RURAL & CORPORA 0.01 03/25/31 INR 52.02 ELP SOLAR ONE PVT LTD 0.25 02/27/31 INR 50.89 ESSAR POWER TRANSMISSION 3.00 03/31/43 INR 46.21 ESSAR POWER TRANSMISSION 3.00 03/31/43 INR 46.21 FUTURE RETAIL LTD 5.60 01/22/25 USD 7.74 FUTURE RETAIL LTD 5.60 01/22/25 USD 8.22 GALLERIA PROPERTY MANAGEM 0.01 12/30/31 INR 46.36 GAMMA GAANA LTD 0.01 07/31/31 INR 47.65 GOLD PLUS GLASS INDUSTRY 0.10 03/03/29 INR 57.63 GOLD PLUS GLASS INDUSTRY 0.10 03/03/29 INR 57.63 GREEN URJA PVT LTD 0.01 02/14/30 INR 54.08 GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 9.88 HCL INFOTECH LTD 0.10 03/31/36 INR 34.18 HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 65.64 IBROX AVIATION AND TRADIN 0.01 12/15/27 INR 62.82 INDIABULLS HOUSING FINANC 4.50 09/28/26 USD 64.52 INDIABULLS HOUSING FINANC 4.50 03/04/26 USD 67.94 JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13 JAIPRAKASH POWER VENTURES 7.00 05/15/17 USD 6.18 JCT LTD 2.50 04/08/11 USD 25.75 JSM CORP PVT LTD 0.01 08/31/36 INR 31.79 JTPM ATSALI LTD 0.01 08/29/48 INR 12.95 JTPM ATSALI LTD 0.01 12/28/28 INR 60.35 JUNO MONETA TECHNOLOGIES 0.01 05/18/26 INR 73.56 KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 30.54 KUSHALS RETAIL PVT LTD 1.00 05/13/29 INR 58.99 L&T FINANCE LTD 6.25 12/03/24 INR 69.27 LITMUS WORLD MARKETING TE 0.01 03/31/28 INR 68.08 LOK SUVIDHA FINANCE LTD 0.01 11/30/31 INR 43.40 MAHATVA PLASTIC PRODUCTS 0.01 05/19/27 INR 67.35 MAHATVA PLASTIC PRODUCTS 0.01 05/03/27 INR 67.60 MAHATVA PLASTIC PRODUCTS 0.01 03/29/27 INR 68.14 MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 73.00 MELOSA BUILDERS & DEVELOP 0.01 06/29/30 INR 51.01 MENS BUILDCON PVT LTD 0.01 06/29/30 INR 51.01 METALITE FUEL INDUSTRIES 0.01 06/18/36 INR 33.43 METALITE FUEL INDUSTRIES 0.01 03/31/35 INR 36.78 MUDIT CEMENT PVT LTD 0.01 03/28/27 INR 67.33 MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 35.47 MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 32.68 MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 32.68 NANI VIRANI WIND ENERGY P 2.00 06/30/39 INR 44.48 NEEMUCH SOLAR POWER PVT L 0.01 08/29/46 INR 15.34 NEEMUCH SOLAR POWER PVT L 0.01 01/26/46 INR 16.12 NHAVA SHEVA INTERNATIONAL 0.01 04/14/27 INR 68.39 NSL KRISHNAVENI SUGARS LT 0.01 12/23/31 INR 44.33 ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 31.71 PALIWAL REAL ESTATE LTD 0.01 09/09/31 INR 46.33 PIRAMAL CAPITAL & HOUSING 8.50 04/18/23 INR 33.76 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PRIDHVI ASSET RECONSTRUCT 0.01 06/07/26 INR 72.31 PRUDENT ARC LTD 0.01 03/30/32 INR 44.63 PRUDENT ARC LTD 0.01 10/04/31 INR 46.36 PRUDENT ARC LTD 0.01 09/02/31 INR 47.33 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 45.41 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 48.88 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 52.64 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 56.66 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 60.98 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 65.63 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 70.61 PURVANCHAL SOLAR POWER PV 0.01 08/29/46 INR 15.34 PURVANCHAL SOLAR POWER PV 0.01 01/26/46 INR 16.12 PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26 R L FINE CHEM PVT LTD 0.10 08/19/36 INR 32.22 RAMANI ICECREAM CO LTD 0.01 12/29/35 INR 34.57 RANKGURU TECHNOLOGY SOLUT 0.01 03/31/27 INR 65.92 RANKGURU TECHNOLOGY SOLUT 0.01 02/11/27 INR 66.67 REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 71.23 REI AGRO LTD 5.50 11/13/14 USD 0.83 REI AGRO LTD 5.50 11/13/14 USD 0.83 RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 3.00 REWANCHAL SOLAR POWER PVT 0.01 08/29/46 INR 15.34 REWANCHAL SOLAR POWER PVT 0.01 01/26/46 INR 16.12 RIVERIA COMMERCIAL DEVELO 0.01 07/08/31 INR 46.46 RMZ ONE PARAMOUNT PVT LTD 0.10 03/24/29 INR 57.05 SAHIB FINLEASE LTD 1.00 10/29/29 INR 60.42 SAKET HOLIDAYS RESORTS PV 0.01 06/29/30 INR 51.99 SANJWIN CONSULTING SOLUTI 0.01 06/01/28 INR 60.79 SHERISHA ROOFTOP SOLAR SP 0.01 08/12/31 INR 46.03 SHIVAJI MARG MAINTENANCE 0.01 06/28/30 INR 51.17 SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 26.09 STPL HORTICULTURE PVT LTD 0.01 03/31/31 INR 57.93 SUNWORLD SOLAR POWER PVT 0.01 08/31/46 INR 15.34 SUNWORLD SOLAR POWER PVT 0.01 01/26/46 INR 16.12 SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 72.85 SUTARA ROADS & INFRA LTD 0.01 08/31/30 INR 58.06 SUZLON ENERGY LTD 5.75 07/16/19 USD 23.63 SUZLON ENERGY LTD 5.75 07/16/19 USD 23.63 SUZLON ENERGY LTD 0.01 06/26/30 INR 46.87 SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61 TATA SMARTFOODZ LTD 0.01 08/19/26 INR 71.63 TATA SMARTFOODZ LTD 0.01 06/28/26 INR 72.48 TATA SMARTFOODZ LTD 0.01 04/18/26 INR 73.66 TN URJA PVT LTD 0.10 02/22/36 INR 35.00 VENTO ENERGY INFRA PVT LT 0.01 09/20/39 INR 25.25 VIKRANT FORGE PVT LTD 2.00 03/25/33 INR 56.30 WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 60.28 YBRANT ENGINEERING & CONS 0.01 05/07/31 INR 49.69 YOGINDERA POWERS LTD 0.01 01/24/42 INR 38.41 INDONESIA --------- BERAU COAL ENERGY TBK PT 2.00 10/15/28 USD 19.96 BERAU COAL ENERGY TBK PT 2.00 10/15/28 USD 19.96 SRI REJEKI ISMAN TBK PT 7.25 01/16/25 USD 10.43 SRI REJEKI ISMAN TBK PT 7.25 01/16/25 USD 11.00 JAPAN ----- AVANSTRATE INC 0.20 10/29/32 JPY 9.75 EAST JAPAN RAILWAY CO 0.81 07/23/69 JPY 72.47 HIS CO LTD 0.58 02/19/27 JPY 58.82 JAPAN FINANCE ORGANIZATIO 1.88 10/15/35 AUD 66.45 JAPAN FINANCE ORGANIZATIO 2.00 11/27/35 AUD 67.47 MITSUI FUDOSAN CO LTD 1.03 03/17/70 JPY 73.51 MIZUHO SECURITIES CO LTD 2.02 12/10/35 USD 70.82 MIZUHO SECURITIES CO LTD 2.05 12/21/35 USD 71.05 MIZUHO SECURITIES CO LTD 2.16 02/01/36 USD 71.90 OSAKA GAS CO LTD 0.70 09/05/69 JPY 67.51 SOFTBANK GROUP CORP 3.88 07/06/32 EUR 72.58 SUMITOMO MITSUI FINANCIAL 2.30 01/12/41 USD 68.84 SUMITOMO MITSUI FINANCIAL 2.93 09/17/41 USD 73.31 TKJP CORP 1.02 12/15/17 JPY 0.50 TKJP CORP 0.58 03/26/21 JPY 2.02 TKJP CORP 0.85 03/06/19 JPY 2.02 TOKYO GAS CO LTD 0.53 09/12/59 JPY 73.94 UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 21.75 UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 23.24 UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 27.40 UNIZO HOLDINGS CO LTD 1.10 11/28/24 JPY 29.59 UNIZO HOLDINGS CO LTD 0.89 05/29/24 JPY 31.67 UNIZO HOLDINGS CO LTD 0.80 11/29/23 JPY 35.37 UNIZO HOLDINGS CO LTD 0.85 05/26/23 JPY 40.83 UNIZO HOLDINGS CO LTD 0.75 11/28/22 JPY 54.94 KOREA ----- CITIBANK KOREA INC 2.33 08/01/36 KRW 68.74 CJ CGV CO LTD 0.50 07/21/52 KRW 26.25 CJ CGV CO LTD 1.00 06/08/51 KRW 27.68 EXPORT-IMPORT BANK OF KOR 2.51 12/06/49 AUD 59.93 HEUNGKUK FIRE & MARINE IN 5.70 12/29/46 KRW 38.67 KOREA DEVELOPMENT BANK/TH 2.50 09/28/41 AUD 67.18 KOREA DEVELOPMENT BANK/TH 2.55 09/28/41 AUD 67.64 KOREA DEVELOPMENT BANK/TH 2.78 10/18/41 AUD 70.91 KOREA DEVELOPMENT BANK/TH 1.85 09/24/49 KRW 75.62 KOREA DEVELOPMENT BANK/TH 2.00 08/01/49 KRW 75.73 KOREA DEVELOPMENT BANK/TH 2.00 08/01/49 KRW 75.73 KOREA DEVELOPMENT BANK/TH 2.00 07/31/49 KRW 76.07 KOREA DEVELOPMENT BANK/TH 1.86 10/19/50 KRW 77.23 KOREA EAST-WEST POWER CO 1.42 10/07/49 KRW 55.49 KOREA EAST-WEST POWER CO 1.70 07/16/50 KRW 59.38 KOREA EAST-WEST POWER CO 1.47 10/07/39 KRW 66.96 KOREA EAST-WEST POWER CO 2.16 03/07/49 KRW 68.13 KOREA EAST-WEST POWER CO 1.70 07/16/40 KRW 68.79 KOREA EAST-WEST POWER CO 2.23 11/05/48 KRW 69.06 KOREA EAST-WEST POWER CO 1.78 11/24/40 KRW 69.66 KOREA EAST-WEST POWER CO 2.52 11/22/51 KRW 71.99 KOREA ELECTRIC POWER CORP 1.71 10/24/49 KRW 66.78 KOREA EXPRESSWAY CORP 1.32 08/22/49 KRW 62.04 KOREA EXPRESSWAY CORP 1.47 09/25/49 KRW 65.13 KOREA EXPRESSWAY CORP 1.52 03/12/50 KRW 65.68 KOREA EXPRESSWAY CORP 1.71 10/29/50 KRW 68.32 KOREA EXPRESSWAY CORP 1.71 04/09/50 KRW 68.83 KOREA EXPRESSWAY CORP 1.57 08/26/46 KRW 69.38 KOREA EXPRESSWAY CORP 1.81 11/12/50 KRW 70.07 KOREA EXPRESSWAY CORP 1.79 05/30/49 KRW 70.65 KOREA EXPRESSWAY CORP 1.86 12/23/50 KRW 70.69 KOREA HYDRO & NUCLEAR POW 1.59 05/25/50 KRW 58.55 KOREA HYDRO & NUCLEAR POW 1.58 10/16/49 KRW 58.66 KOREA HYDRO & NUCLEAR POW 1.66 06/15/50 KRW 59.59 KOREA HYDRO & NUCLEAR POW 1.70 11/27/49 KRW 60.81 KOREA HYDRO & NUCLEAR POW 1.78 11/23/50 KRW 60.97 KOREA HYDRO & NUCLEAR POW 1.80 04/02/50 KRW 62.00 KOREA HYDRO & NUCLEAR POW 1.83 04/28/50 KRW 62.33 KOREA HYDRO & NUCLEAR POW 1.82 06/05/49 KRW 63.02 KOREA HYDRO & NUCLEAR POW 1.57 05/25/40 KRW 68.11 KOREA HYDRO & NUCLEAR POW 1.63 06/15/40 KRW 68.67 KOREA HYDRO & NUCLEAR POW 1.59 10/16/39 KRW 68.90 KOREA HYDRO & NUCLEAR POW 2.31 06/29/51 KRW 69.79 KOREA HYDRO & NUCLEAR POW 1.80 11/23/40 KRW 70.05 KOREA HYDRO & NUCLEAR POW 2.25 10/26/48 KRW 70.11 KOREA HYDRO & NUCLEAR POW 1.81 04/28/40 KRW 70.95 KOREA HYDRO & NUCLEAR POW 1.80 04/02/40 KRW 71.02 KOREA HYDRO & NUCLEAR POW 1.76 11/27/39 KRW 71.04 KOREA HYDRO & NUCLEAR POW 2.45 10/14/51 KRW 71.92 KOREA HYDRO & NUCLEAR POW 1.81 06/05/39 KRW 72.14 KOREA LAND & HOUSING CORP 1.28 08/23/49 KRW 61.28 KOREA LAND & HOUSING CORP 1.57 05/27/50 KRW 65.97 KOREA LAND & HOUSING CORP 1.54 03/09/50 KRW 66.07 KOREA LAND & HOUSING CORP 1.67 07/07/50 KRW 67.56 KOREA LAND & HOUSING CORP 1.65 08/27/50 KRW 67.74 KOREA LAND & HOUSING CORP 1.66 09/18/50 KRW 67.83 KOREA LAND & HOUSING CORP 1.70 06/13/49 KRW 69.01 KOREA LAND & HOUSING CORP 1.74 01/22/50 KRW 69.12 KOREA LAND & HOUSING CORP 1.62 07/27/46 KRW 69.55 KOREA LAND & HOUSING CORP 1.61 07/19/46 KRW 69.56 KOREA LAND & HOUSING CORP 1.78 04/29/50 KRW 69.96 KOREA LAND & HOUSING CORP 1.78 04/08/50 KRW 70.09 KOREA LAND & HOUSING CORP 2.17 10/30/68 KRW 71.36 KOREA LAND & HOUSING CORP 1.87 05/24/49 KRW 72.07 KOREA LAND & HOUSING CORP 1.97 01/29/51 KRW 72.48 KOREA LAND & HOUSING CORP 1.83 10/19/46 KRW 73.22 KOREA MIDLAND POWER CO LT 1.53 02/25/50 KRW 57.07 KOREA MIDLAND POWER CO LT 1.69 06/18/50 KRW 59.43 KOREA MIDLAND POWER CO LT 1.72 06/18/49 KRW 60.60 KOREA MIDLAND POWER CO LT 1.86 11/13/49 KRW 62.28 KOREA MIDLAND POWER CO LT 1.95 05/21/49 KRW 64.07 KOREA MIDLAND POWER CO LT 1.99 03/26/49 KRW 65.22 KOREA MIDLAND POWER CO LT 1.53 02/25/40 KRW 67.38 KOREA MIDLAND POWER CO LT 2.17 02/08/49 KRW 67.84 KOREA MIDLAND POWER CO LT 1.64 07/21/40 KRW 67.95 KOREA MIDLAND POWER CO LT 1.59 03/18/40 KRW 67.98 KOREA MIDLAND POWER CO LT 2.17 10/31/48 KRW 68.19 KOREA MIDLAND POWER CO LT 1.66 08/25/40 KRW 68.40 KOREA MIDLAND POWER CO LT 1.66 06/18/40 KRW 68.48 KOREA MIDLAND POWER CO LT 2.26 09/10/48 KRW 70.00 KOREA MIDLAND POWER CO LT 1.75 06/18/39 KRW 70.81 KOREA MIDLAND POWER CO LT 1.92 10/30/39 KRW 72.27 KOREA MIDLAND POWER CO LT 1.96 05/21/39 KRW 73.12 KOREA MINE REHABILITATION 3.01 02/26/40 AUD 69.51 KOREA MINE REHABILITATION 1.93 07/15/50 KRW 69.78 KOREA MINE REHABILITATION 2.07 01/06/51 KRW 72.12 KOREA OCEAN BUSINESS CORP 1.50 09/27/49 KRW 65.24 KOREA OCEAN BUSINESS CORP 1.59 05/22/50 KRW 66.11 KOREA OCEAN BUSINESS CORP 1.63 12/11/49 KRW 67.50 KOREA OCEAN BUSINESS CORP 1.69 10/27/50 KRW 67.66 KOREA OCEAN BUSINESS CORP 1.67 06/16/50 KRW 67.75 KOREA OCEAN BUSINESS CORP 1.70 04/16/50 KRW 68.22 KOREA OVERSEAS INFRASTRUC 1.76 10/28/50 KRW 68.52 KOREA RAIL NETWORK AUTHOR 1.46 09/27/49 KRW 65.06 KOREA RAIL NETWORK AUTHOR 1.51 10/11/49 KRW 65.82 KOREA RAIL NETWORK AUTHOR 1.59 05/21/50 KRW 66.54 KOREA RAIL NETWORK AUTHOR 1.64 02/19/50 KRW 67.20 KOREA RAIL NETWORK AUTHOR 1.65 02/03/50 KRW 67.57 KOREA RAIL NETWORK AUTHOR 1.75 11/20/49 KRW 69.72 KOREA RAIL NETWORK AUTHOR 1.76 04/23/50 KRW 69.75 KOREA RAIL NETWORK AUTHOR 1.85 11/05/49 KRW 71.54 KOREA RAIL NETWORK AUTHOR 1.72 06/28/46 KRW 71.56 KOREA RAIL NETWORK AUTHOR 1.93 05/16/49 KRW 73.23 KOREA RAIL NETWORK AUTHOR 2.03 08/06/51 KRW 73.31 KOREA RAILROAD CORP 1.31 08/29/49 KRW 62.45 KOREA RAILROAD CORP 1.44 07/26/49 KRW 64.16 KOREA RAILROAD CORP 1.47 09/19/49 KRW 65.10 KOREA RAILROAD CORP 1.61 08/12/50 KRW 66.12 KOREA RAILROAD CORP 1.56 03/18/50 KRW 66.38 KOREA RAILROAD CORP 1.59 07/18/49 KRW 66.94 KOREA RAILROAD CORP 1.67 04/14/50 KRW 68.17 KOREA SMES AND STARTUPS A 1.31 08/09/39 KRW 71.39 KOREA SMES AND STARTUPS A 1.87 03/24/50 KRW 71.73 KOREA SOUTH-EAST POWER CO 1.65 06/11/50 KRW 58.70 KOREA SOUTH-EAST POWER CO 1.69 06/26/49 KRW 60.11 KOREA SOUTH-EAST POWER CO 1.96 01/26/51 KRW 63.30 KOREA SOUTH-EAST POWER CO 1.63 06/11/40 KRW 68.17 KOREA SOUTH-EAST POWER CO 2.19 11/09/48 KRW 68.44 KOREA SOUTH-EAST POWER CO 1.68 06/26/39 KRW 69.93 KOREA SOUTH-EAST POWER CO 2.47 11/09/51 KRW 71.26 KOREA SOUTH-EAST POWER CO 1.97 01/26/41 KRW 71.60 KOREA SOUTHERN POWER CO L 1.29 08/13/49 KRW 53.31 KOREA SOUTHERN POWER CO L 1.63 12/19/49 KRW 58.77 KOREA SOUTHERN POWER CO L 1.68 06/25/50 KRW 59.17 KOREA SOUTHERN POWER CO L 1.80 11/20/49 KRW 61.34 KOREA SOUTHERN POWER CO L 1.33 08/13/39 KRW 65.32 KOREA SOUTHERN POWER CO L 1.66 06/18/40 KRW 68.48 KOREA SOUTHERN POWER CO L 1.66 06/25/40 KRW 68.49 KOREA SOUTHERN POWER CO L 1.67 12/19/39 KRW 69.20 KOREA SOUTHERN POWER CO L 1.84 11/20/39 KRW 71.18 KOREA SOUTHERN POWER CO L 2.43 09/28/48 KRW 72.66 KOREA STUDENT AID FOUNDAT 1.41 09/06/39 KRW 73.17 KOREA TREASURY BOND 1.50 09/10/66 KRW 60.59 KOREA TREASURY BOND 1.63 09/10/70 KRW 62.39 KOREA TREASURY BOND 1.50 03/10/50 KRW 68.91 KOREA TREASURY BOND 2.00 09/10/68 KRW 72.19 KOREA TREASURY BOND 1.13 09/10/39 KRW 72.21 KOREA WATER RESOURCES COR 1.54 03/13/50 KRW 66.23 KOREA WATER RESOURCES COR 1.63 07/16/49 KRW 67.87 KOREA WATER RESOURCES COR 1.63 10/21/49 KRW 67.99 KOREA WATER RESOURCES COR 1.68 07/01/49 KRW 68.70 KOREA WATER RESOURCES COR 1.71 01/10/50 KRW 68.86 KOREA WATER RESOURCES COR 1.82 06/22/46 KRW 73.29 KOREA WATER RESOURCES COR 1.83 06/24/46 KRW 73.48 KOREA WESTERN POWER CO LT 1.62 05/28/50 KRW 58.29 KOREA WESTERN POWER CO LT 1.68 08/27/50 KRW 59.20 KOREA WESTERN POWER CO LT 1.76 11/05/50 KRW 59.99 KOREA WESTERN POWER CO LT 1.88 12/22/50 KRW 62.17 KOREA WESTERN POWER CO LT 1.59 05/28/40 KRW 67.77 KOREA WESTERN POWER CO LT 2.20 11/01/48 KRW 68.64 KOREA WESTERN POWER CO LT 1.68 08/27/40 KRW 68.65 KOREA WESTERN POWER CO LT 1.69 06/23/40 KRW 68.89 KOREA WESTERN POWER CO LT 2.25 09/14/48 KRW 69.80 KT CORP 1.71 06/15/40 KRW 69.83 KT CORP 1.67 10/11/39 KRW 70.04 KT CORP 1.98 01/25/41 KRW 72.34 NEUROS CO LTD 2.00 12/06/23 KRW 71.23 PULMUONE CO LTD 4.80 09/30/49 KRW 70.29 SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00 SANUPKIBANSINBO BUSAN-GIM 1.89 09/17/41 KRW 70.16 SANUPKIBANSINBO BUSAN-GIM 1.87 10/01/40 KRW 70.94 SEOUL METROPOLITAN CITY B 1.69 11/22/49 KRW 71.14 SEOUL METROPOLITAN CITY B 1.85 10/30/49 KRW 74.21 SINBO SECURITIZATION SPEC 5.00 08/29/23 KRW 63.15 SINBO SECURITIZATION SPEC 5.00 09/29/23 KRW 63.89 SINBO SECURITIZATION SPEC 5.00 10/24/23 KRW 64.24 SINBO SECURITIZATION SPEC 4.00 12/25/23 KRW 64.35 SINBO SECURITIZATION SPEC 5.00 01/25/23 KRW 64.72 SINBO SECURITIZATION SPEC 4.00 08/28/24 KRW 64.84 SINBO SECURITIZATION SPEC 4.00 09/29/24 KRW 64.86 SINBO SECURITIZATION SPEC 5.00 07/29/24 KRW 65.46 SINBO SECURITIZATION SPEC 5.00 02/27/24 KRW 66.34 SINBO SECURITIZATION SPEC 4.00 06/30/25 KRW 67.88 SINBO SECURITIZATION SPEC 5.00 06/30/24 KRW 69.70 SINBO SECURITIZATION SPEC 5.00 09/26/22 KRW 70.41 SINBO SECURITIZATION SPEC 4.00 01/29/24 KRW 72.14 SINBO SECURITIZATION SPEC 4.77 09/28/24 KRW 72.20 SINBO SECURITIZATION SPEC 5.00 11/27/24 KRW 72.77 SINBO SECURITIZATION SPEC 5.00 11/27/24 KRW 72.77 SINBO SECURITIZATION SPEC 3.85 08/31/25 KRW 73.98 SINBO SECURITIZATION SPEC 5.00 06/30/24 KRW 74.29 SINBO SECURITIZATION SPEC 5.00 01/29/24 KRW 75.00 SK TELECOM CO LTD 1.56 07/29/49 KRW 58.49 SK TELECOM CO LTD 1.52 07/29/39 KRW 67.75 SK TELECOM CO LTD 1.76 10/19/40 KRW 69.24 SK TELECOM CO LTD 1.89 01/15/41 KRW 70.69 SK TELECOM CO LTD 1.81 10/22/39 KRW 70.99 SK TELECOM CO LTD 1.87 01/14/40 KRW 71.46 SRI LANKA --------- SRI LANKA GOVERNMENT INTE 5.75 04/18/23 USD 29.88 SRI LANKA GOVERNMENT INTE 6.75 04/18/28 USD 29.90 SRI LANKA GOVERNMENT INTE 6.20 05/11/27 USD 29.93 SRI LANKA GOVERNMENT INTE 7.85 03/14/29 USD 30.02 SRI LANKA GOVERNMENT INTE 7.55 03/28/30 USD 30.07 SRI LANKA GOVERNMENT INTE 7.85 03/14/29 USD 30.09 SRI LANKA GOVERNMENT INTE 6.75 04/18/28 USD 30.10 SRI LANKA GOVERNMENT INTE 5.75 04/18/23 USD 30.10 SRI LANKA GOVERNMENT INTE 7.55 03/28/30 USD 30.13 SRI LANKA GOVERNMENT INTE 6.20 05/11/27 USD 30.15 SRI LANKA GOVERNMENT INTE 6.35 06/28/24 USD 30.15 SRI LANKA GOVERNMENT INTE 6.85 03/14/24 USD 30.31 SRI LANKA GOVERNMENT INTE 6.35 06/28/24 USD 30.32 SRI LANKA GOVERNMENT INTE 6.85 11/03/25 USD 30.37 SRI LANKA GOVERNMENT INTE 5.88 07/25/22 USD 30.39 SRI LANKA GOVERNMENT INTE 6.85 03/14/24 USD 30.49 SRI LANKA GOVERNMENT INTE 6.85 11/03/25 USD 30.57 SRI LANKA GOVERNMENT INTE 6.83 07/18/26 USD 30.58 SRI LANKA GOVERNMENT INTE 6.13 06/03/25 USD 30.77 SRI LANKA GOVERNMENT INTE 6.13 06/03/25 USD 30.87 SRI LANKA GOVERNMENT INTE 6.83 07/18/26 USD 30.95 SRI LANKA GOVERNMENT INTE 5.88 07/25/22 USD 30.96 SRI LANKA GOVERNMENT BOND 9.00 11/01/33 LKR 35.69 SRI LANKA GOVERNMENT BOND 9.00 06/01/33 LKR 35.85 SRI LANKA GOVERNMENT BOND 8.00 01/01/32 LKR 36.31 SRI LANKA GOVERNMENT BOND 9.00 10/01/32 LKR 37.34 SRI LANKA GOVERNMENT BOND 10.50 08/15/39 LKR 39.70 SRI LANKA GOVERNMENT BOND 10.25 09/15/34 LKR 41.52 SRI LANKA GOVERNMENT BOND 9.00 06/01/43 LKR 41.76 SRI LANKA GOVERNMENT BOND 11.20 01/15/33 LKR 43.88 SRI LANKA GOVERNMENT BOND 11.50 03/15/35 LKR 44.28 SRI LANKA GOVERNMENT BOND 12.00 12/01/31 LKR 48.17 SRI LANKA GOVERNMENT BOND 11.25 03/15/31 LKR 48.97 SRI LANKA GOVERNMENT BOND 11.00 05/15/30 LKR 49.82 SRI LANKA GOVERNMENT BOND 9.00 05/01/28 LKR 49.88 SRI LANKA GOVERNMENT BOND 13.25 07/01/33 LKR 50.12 SRI LANKA GOVERNMENT BOND 13.25 01/01/34 LKR 50.16 SRI LANKA GOVERNMENT BOND 9.00 07/01/28 LKR 51.00 SRI LANKA GOVERNMENT BOND 7.80 08/15/27 LKR 52.86 SRI LANKA GOVERNMENT BOND 5.35 03/01/26 LKR 54.06 SRI LANKA GOVERNMENT BOND 12.00 01/01/41 LKR 55.73 SRI LANKA GOVERNMENT BOND 10.75 03/15/28 LKR 55.78 SRI LANKA GOVERNMENT BOND 11.50 09/01/28 LKR 56.08 SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 56.98 SRI LANKA GOVERNMENT BOND 12.50 03/01/45 LKR 56.98 SRI LANKA GOVERNMENT BOND 10.30 10/15/27 LKR 57.37 SRI LANKA GOVERNMENT BOND 13.00 05/01/29 LKR 58.72 SRI LANKA GOVERNMENT BOND 11.25 12/15/27 LKR 58.92 SRI LANKA GOVERNMENT BOND 6.75 01/15/26 LKR 59.49 SRI LANKA GOVERNMENT BOND 13.00 01/01/29 LKR 59.60 SRI LANKA GOVERNMENT BOND 13.50 06/01/44 LKR 61.59 SRI LANKA GOVERNMENT BOND 13.50 01/01/44 LKR 61.83 SRI LANKA GOVERNMENT BOND 11.75 06/15/27 LKR 62.71 SRI LANKA GOVERNMENT BOND 11.40 01/15/27 LKR 63.71 SRI LANKA GOVERNMENT BOND 9.00 02/01/26 LKR 63.76 SRI LANKA GOVERNMENT BOND 11.50 08/01/26 LKR 65.67 SRI LANKA GOVERNMENT BOND 11.00 06/01/26 LKR 65.74 SRI LANKA GOVERNMENT BOND 10.35 10/15/25 LKR 67.06 SRI LANKA GOVERNMENT BOND 9.00 05/01/25 LKR 68.17 SRI LANKA GOVERNMENT BOND 18.00 05/15/31 LKR 68.55 SRI LANKA GOVERNMENT BOND 6.00 12/01/24 LKR 69.62 SRI LANKA GOVERNMENT BOND 11.00 08/01/25 LKR 69.71 SRI LANKA GOVERNMENT BOND 10.25 03/15/25 LKR 71.60 MALAYSIA -------- AXIATA SPV5 LABUAN LTD 3.06 08/19/50 USD 72.56 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.27 CAPITAL A BHD 8.00 12/29/28 MYR 0.71 HUME CEMENT INDUSTRIES BH 5.00 05/29/24 MYR 1.31 MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.17 MEX I CAPITAL BHD 2.60 01/23/40 MYR 63.16 MEX I CAPITAL BHD 2.60 01/21/38 MYR 66.67 MEX I CAPITAL BHD 2.60 01/21/39 MYR 69.26 MEX I CAPITAL BHD 2.60 01/21/36 MYR 70.37 MEX I CAPITAL BHD 2.60 01/21/37 MYR 71.80 MEX I CAPITAL BHD 2.60 01/22/35 MYR 72.29 PENGURUSAN AIR SPV BHD 1.00 11/11/36 MYR 60.23 PENGURUSAN AIR SPV BHD 1.00 02/05/36 MYR 62.50 PENGURUSAN AIR SPV BHD 1.00 11/05/35 MYR 62.68 PENGURUSAN AIR SPV BHD 1.00 09/28/35 MYR 62.96 SCANWOLF CORP BHD 3.00 08/04/26 MYR 0.41 SD INTERNATIONAL SUKUK II 7.00 03/12/25 USD 4.79 SD INTERNATIONAL SUKUK LT 6.30 05/09/22 USD 5.62 YB VENTURES BHD 0.10 09/05/26 MYR 0.04 NEW ZEALAND ----------- AUCKLAND COUNCIL 2.95 09/28/50 NZD 69.67 HOUSING NEW ZEALAND LTD 1.53 09/10/35 NZD 69.18 NEW ZEALAND GOVERNMENT BO 1.75 05/15/41 NZD 69.10 NEW ZEALAND LOCAL GOVERNM 2.00 04/15/37 NZD 70.43 PHILIPPINES ----------- BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 17.25 GLOBE TELECOM INC 3.00 07/23/35 USD 73.26 PHILIPPINE GOVERNMENT INT 2.65 12/10/45 USD 71.34 PHILIPPINE GOVERNMENT INT 1.75 04/28/41 EUR 74.53 SINGAPORE --------- APL REALTY HOLDINGS PTE L 5.95 06/02/24 USD 44.68 ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 41.50 ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 41.50 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.28 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.28 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 6.75 DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.82 DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.82 DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.82 DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.82 DBS BANK LTD 1.22 02/18/50 EUR 67.81 DBS BANK LTD 1.15 01/22/50 EUR 67.87 DBS BANK LTD 1.41 01/23/50 EUR 70.58 DBS BANK LTD 2.95 10/28/51 AUD 71.05 DBS BANK LTD 1.42 06/28/49 EUR 72.05 ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 45.75 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00 GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 8.71 GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 9.78 INDO INFRASTRUCTURE GROUP 2.00 07/30/10 USD 1.00 ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 18.87 JGC VENTURES PTE LTD 3.00 06/30/25 USD 45.83 MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 0.67 MODERNLAND OVERSEAS PTE L 3.00 04/30/27 USD 43.50 MODERNLAND OVERSEAS PTE L 3.00 04/30/27 USD 43.57 NOMURA INTERNATIONAL FUND 19.50 08/28/28 TRY 46.99 NOMURA INTERNATIONAL FUND 7.65 10/04/37 AUD 61.22 NOMURA INTERNATIONAL FUND 3.17 10/30/44 AUD 66.00 NOMURA INTERNATIONAL FUND 2.31 12/03/35 AUD 67.51 NOMURA INTERNATIONAL FUND 2.31 01/06/36 AUD 68.00 NOMURA INTERNATIONAL FUND 3.90 06/18/50 USD 69.16 NOMURA INTERNATIONAL FUND 1.38 07/31/44 EUR 69.94 NT RIG HOLDCO PTE LTD 7.50 12/31/23 USD 14.00 ORO NEGRO DRILLING PTE LT 7.50 01/24/19 USD 3.79 PACIFIC RADIANCE LTD 4.30 03/31/20 SGD 10.00 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 6.13 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25 TEMASEK FINANCIAL I LTD 2.50 10/06/70 USD 66.81 TEMASEK FINANCIAL I LTD 2.50 10/06/70 USD 66.97 TEMASEK FINANCIAL I LTD 2.25 04/06/51 USD 70.27 TEMASEK FINANCIAL I LTD 2.25 04/06/51 USD 70.41 TEMASEK FINANCIAL I LTD 1.25 11/20/49 EUR 72.71 TEMASEK FINANCIAL I LTD 2.75 08/02/61 USD 74.61 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 0.80 MDX PCL 4.75 09/17/03 USD 22.88 PTT TREASURY CENTER CO LT 3.70 07/16/70 USD 70.06 PTT TREASURY CENTER CO LT 3.70 07/16/70 USD 70.09 TAIWAN GOVERNMENT BOND 0.38 11/27/50 TWD 71.07 TAIWAN SEMICONDUCTOR MANU 2.70 09/22/60 USD 65.25 THAILAND GOVERNMENT BOND 1.88 06/17/49 THB 71.88 THAILAND GOVERNMENT BOND 2.50 06/17/71 THB 80.04 THAIOIL TREASURY CENTER C 3.50 10/17/49 USD 64.07 THAIOIL TREASURY CENTER C 3.50 10/17/49 USD 64.25 THAIOIL TREASURY CENTER C 3.75 06/18/50 USD 66.23 THAIOIL TREASURY CENTER C 3.75 06/18/50 USD 66.26 ********* 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 ***