/raid1/www/Hosts/bankrupt/TCRAP_Public/221018.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, October 18, 2022, Vol. 25, No. 202
Headlines
A U S T R A L I A
AUSTRALIAN 5 STAR: First Creditors' Meeting Set for Oct. 25
BASSLINK: APA Group Commits Fresh AUD117 Million to Buy Company
BIRBILIS BROS: First Creditors' Meeting Set for Oct. 25
BOWRAL CONCRETE: First Creditors' Meeting Set for Oct. 26
HOWTOO PTY: First Creditors' Meeting Set for Oct. 27
INCITEC PIVOT: Egan-Jones Keeps BB+ Senior Unsecured Ratings
INSPIRE EDUCATION: Worrells Appointed as Liquidator
JB ADVISORY: First Creditors' Meeting Set for Oct. 25
LOCH-CO NO 6: Cardwell Charged with Dishonestly Withdrawing Funds
PEPPER RESIDENTIAL NO. 34: S&P Assigns 'B+' Rating to Cl. F Notes
C H I N A
CIFI HOLDINGS: Defaults on US$318 Million Convertible Bond
RED STAR: S&P Withdraws 'B-' LT Issuer Credit Rating
I N D I A
ANDHRA POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
ANITHA TEXCOT: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
ARYA MOTORS: CARE Keeps C Debt Rating in Not Cooperating Category
COMBINE DIAMONDS: CARE Keeps D Debt Rating in Not Cooperating
DOSHI CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating
DURLAX INDIA: CARE Keeps D Debt Ratings in Not Cooperating
FASHION IMPEX: CARE Keeps C Debt Ratings in Not Cooperating
FATEH CHAND: Ind-Ra Affirms BB+ Bank Loan Rating
FLEXITUFF VENTURES: CARE Moves D Debt Ratings to Not Cooperating
GLOBAL JEWELLERY: CARE Keeps C Debt Rating in Not Cooperating
GRN CONSTRUCTIONS: Ind-Ra Lowers Long-Term Issuer Rating to BB
IVAX PAPER: ICRA Keeps B+ Debt Ratings in Not Cooperating
JAGDISH PRASAD: CARE Keeps C Debt Rating in Not Cooperating
K MOHAN: ICRA Keeps D Debt Ratings in Not Cooperating Category
KERALA: Fitch Alters Outlook on 'BB' LongTerm IDRs to Negative
KRC CONSTRUCTIONS: Ind-Ra Affirms BB- LongTerm Issuer Rating
LAKSHMI SRINIVASA: ICRA Keeps B+ Debt Rating in Not Cooperating
LAXMI TRADERS: CARE Keeps C Debt Rating in Not Cooperating
LINERS INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
M.P.K. ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
M.P.K. STEELS: CARE Keeps D Debt Ratings in Not Cooperating
ME INFRA: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
NIRANKAR COTTEX: ICRA Reaffirms B+ Rating on INR12.76cr LT Loan
PANAMA WIND: ICRA Hikes Rating on INR310cr Term Loan to B
PARAMOUNT CHEMPRO: CARE Keeps D Debt Rating in Not Cooperating
PLATINUM AAC: CARE Keeps D Debt Rating in Not Cooperating Category
PRIYANKA GEMS: CARE Keeps D Debt Rating in Not Cooperating
R.K. CITY: ICRA Keeps D Debt Ratings in Not Cooperating Category
RAGHU RAMA: ICRA Reaffirms B+ Rating on INR12cr LT Cash Debt
RAJAMAHENDRAVARAM MUNICIPAL: ICRA Keeps B+ Issuer Rating
RAJASTHAN EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
RATTANINDIA POWER: PFC to Take Plant to Bankruptcy Court This Year
SOUTH INDIAN GREEN: Ind-Ra Lowers LongTerm Issuer Rating to BB
SUNGLOW SUITINGS: ICRA Keeps B+ Debt Ratings in Not Cooperating
TURBOVENT INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating
UNITED COTTON: CARE Keeps D Debt Rating in Not Cooperating
VAMA INDUSTRIES: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
VIINAYAKA RICE: ICRA Keeps B Debt Ratings in Not Cooperating
I N D O N E S I A
ALAM SUTERA: Moody's Affirms Caa1 CFR & Alters Outlook to Negative
BUMI RESOURCES: Moody's Ups Rating on Senior Secured Notes to Caa3
BUMI RESOURCES: S&P Places 'CCC' LT ICR on CreditWatch Positive
ICART GROUP: Receivers Invite Expressions of Interest
J A P A N
JAPAN AIRLINES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
KOBE STEEL: Egan-Jones Keeps B+ Senior Unsecured Ratings
NISSAN MOTOR: Egan-Jones Keeps BB+ Senior Unsecured Ratings
SAPPORO HOLDINGS: Egan-Jones Keeps B Senior Unsecured Ratings
TOKYU CORPORATION: Egan-Jones Keeps BB- Senior Unsecured Ratings
[*] JAPAN: Corporate Bankruptcies Rise for First Time in 3 Years
N E W Z E A L A N D
ACCOUNTANTS ON CALL: Court to Hear Wind-Up Petition on Oct. 27
ARMSTRONG CONSTRUCTION: Creditors' Proofs of Debt Due on Dec. 9
ASTON NORWOOD: Creditors' Proofs of Debt Due on Nov. 21
FUSION EVENTS: Le Race Owner Buys Liquidated Company
GBJ GROUP1: Court to Hear Wind-Up Petition on Oct. 27
KLAIR BUILDERS: Court to Hear Wind-Up Petition on Oct. 27
S I N G A P O R E
BASP INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 28
CHIAM JOO: Court to Hear Wind-Up Petition on Nov. 4
DESIGN ORIGIN: Court to Hear Wind-Up Petition on Nov. 4
KADDRA PTE: Creditors' Meetings Set for Oct. 26
PHARMATECH RESOURCES: Creditors' Proofs of Debt Due on Nov. 21
S O U T H K O R E A
KDB LIFE: Fitch Affirms 'BB+' LongTerm IDR, Outlook Negative
X X X X X X X X
[*] BOND PRICING: For the Week Oct. 10, 2022 to Oct. 14, 2022
- - - - -
=================
A U S T R A L I A
=================
AUSTRALIAN 5 STAR: First Creditors' Meeting Set for Oct. 25
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian 5
Star Pty Ltd will be held on Oct. 25, 2022, at 2:00 p.m. via Zoom.
Mathew Gollant of CJG Advisory was appointed as administrator of
the company on Oct. 13, 2022.
BASSLINK: APA Group Commits Fresh AUD117 Million to Buy Company
---------------------------------------------------------------
Australian Financial Review's Street Talk reports that APA Group
will cut a AUD117 million cheque to buy electricity interconnector
Basslink, in a deal expected to be approved by the insolvent
company's creditors this week.
Street Talk relates that APA, having already spent AUD587.4 million
buying Basslink's bank debt, will tip in the new money to help
settle the company's accounts with the state of Tasmania, Hydro
Tasmania and other creditors, and give the undersea cable and its
employees a fresh start.
APA's proposal values Basslink at AUD838.2 million (including
cash), according to administrator EY in its report dated October 11
and obtained by Street Talk, while receiver FTI said the deed of
company arrangement was worth AUD806.5 million.
It would leave the APA-owned Basslink with AUD25.25 million cash,
nearly AUD8 million in debtors and employee liabilities worth about
AUD1 million. All debts and claims to the state of Tasmania and
Hydro Tasmania would be wiped clean by payments worth close to
AUD160 million, the report says.
Also gone would be the now APA-owned secured debt worth AUD647.7
million. [APA paid AUD587.4 million to buy the Basslink debt
according to its FY22 annual report].
Administrator EY has asked creditors to approve the deal at a
meeting scheduled for Oct. 18, Street Talk notes. It's expected to
fly through, given APA's position as Basslink's largest creditor
and its promise to retain all Basslink employees' jobs.
APA could have Basslink's keys within days of the meeting, once all
payments are processed.
It would end an 18-month-plus pursuit by APA. The administrator
said APA approached Basslink owner Keppel Infrastructure Trust with
an AUD820 million bid on or around February last year and lobbed a
binding offer at a AUD770 million enterprise value in August 2021.
KIT and APA Group entered exclusive talks, however they fell apart
in September, Street Talk says. "We understand that APA Group
verbally advised KIT that it would no longer pursue the Proposed
APA Sale due to competing priorities resulting in the reallocation
of internal resources," EY said, which was about the same time APA
got serious about a much bigger bid for AusNet.
KIT hired Rothschild to deal with Basslink's nervous banks, APA
returned with a revised bid, however there were too many moving
parts and the company fell into EY's hands on November 12, Street
Talk notes.
The banks returned fire, appointing KPMG as receiver, only for APA
to mop up the debt in early 2022 and install FTI into the hot
seat.
Street Talk adds FTI and Houlihan Lokey ran an auction and received
two non-binding bids, including APA's, and binding bids on August
29. FTI sided with APA as the preferred buyer, having assessed both
bids in terms of value, execution certainty (including support of
state parties), conditions and operational and technical
expertise.
About Basslink
Basslink Group owns and operates the Basslink undersea power cable
between Tasmania and Victoria.
Basslink entered into voluntary administration and receivership on
Nov. 12, 2021.
BIRBILIS BROS: First Creditors' Meeting Set for Oct. 25
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Birbilis
Bros Pty Ltd, formerly trading as Triple X Furniture, will be held
on Oct. 25, 2022, at 2:00 p.m. via virtual meeting technology.
Nick Combis of Vincents Chartered Accountants was appointed as
administrator of the company on Oct. 14, 2022.
BOWRAL CONCRETE: First Creditors' Meeting Set for Oct. 26
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Bowral
Concrete Pumping Pty Ltd will be held on Oct. 26, 2022, at 11:00
a.m. via virtual meeting.
Steven Nicols of Nicols + Brien was appointed as administrator of
the company on Oct. 17, 2022.
HOWTOO PTY: First Creditors' Meeting Set for Oct. 27
----------------------------------------------------
A first meeting of the creditors in the proceedings of HowToo Pty
Ltd and SAVV-E Pty Ltd will be held on Oct. 27, 2022, at 12:00 a.m.
via webinar facilities.
John McInerney and Said Jahani of Grant Thornton Australia were
appointed as administrators of the company on Oct. 17, 2022.
INCITEC PIVOT: Egan-Jones Keeps BB+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on September 12, 2022, retained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Incitec Pivot Ltd.
Headquartered in Southbank, Australia, Incitec Pivot Ltd. is a
diversified industrial chemicals company that manufactures and
distributes industrial explosives, industrial chemicals and
fertilizers.
INSPIRE EDUCATION: Worrells Appointed as Liquidator
---------------------------------------------------
Inspire Education Pty Ltd appointed Lee Crosthwaite of Worrells as
liquidator on Oct. 12, 2022.
Inspire Education Pty Ltd is the registered owner and operator of
the Inspire Education and www.inspireeducation.net.au registered
training organisation (RTO). Inspire Education is one of
Australia's largest RTOs, with approximately 13,000 students
predominately undertaking online education courses.
Prior to the liquidation appointment, Inspire Education's
operations ceased, with approximately 40 local staff given notice
and paid their entitlements, including redundancy, late last week.
Inspire Education's creditors are primarily online marketing and
advertising businesses owed approximately AUD1.2 million
(representing the last three months only), a Philippines-based
services company owed approximately AUD558,000, related entities
and loans totalling AUD535,000, and a relatively small quantum of
ongoing current account trade suppliers.
Mr. Crosthwaite said, "It's an incredible shame that Inspire
Education is in this position after 13 years of business. We've got
a dedicated team to assist the students who are understandably in a
distressing position and who largely paid their fees on an upfront
basis."
Worrells said it is obtaining all relevant information to assess
the company's liability in respect of course refunds. Avenues are
also being explored with other RTOs and the regulator for vocation
education and training, the Australian Skills Quality Authority
(ASQA), for any student assistance available and guidance on their
studies and course status.
The director advised the Inspire Education business was a "very
well oiled" machine for 13 years with an impeccable ASQA compliance
record, however in very recent times the low-cost high-volume model
encountered issues with the speed of converting its courses
online.
This slow conversion, particularly for one of Inspire Education's
most popular online courses, severely impacted the revenue stream
to meet the overheads. The director stated, "Our billing fell
behind for the first time in 12 years with Google on 14 September
2022".
"Worrells advises it will continue to give updates as they become
available. And appreciates students' patience in this early stage
of the liquidation," Worrells said.
In the meantime, students and other creditors who wish to make a
claim in the liquidation via the Worrells website
www.worrells.net.au and can contact the Worrells teams at
inspireeducation@worrells.net.au.
JB ADVISORY: First Creditors' Meeting Set for Oct. 25
-----------------------------------------------------
A first meeting of the creditors in the proceedings of JB Advisory
Pty Limited will be held on Oct. 25, 2022, at 3:00 p.m. via virtual
facilities only.
Graeme Robert Beattie of Worrells was appointed as administrator of
the company on Oct. 13, 2022.
LOCH-CO NO 6: Cardwell Charged with Dishonestly Withdrawing Funds
-----------------------------------------------------------------
Ronald Lester Cardwell of Cherrybrook, New South Wales, has been
charged with dishonestly using his position as a company officer
and failing to comply with a notice issued by Australian Securities
and Investments Commission (ASIC).
Mr. Cardwell was appointed members' voluntary liquidator of Loch-Co
No 6 Pty Ltd on Dec. 2, 2013.
Following an ASIC investigation, it is alleged that between May 4,
2015 and March 17, 2016, Mr. Cardwell dishonestly withdrew
AUD150,367.12 in 12 separate transactions from Loch-Co's
liquidation bank account, for his own financial benefit.
It is also alleged that Mr. Cardwell failed to comply with a notice
issued to him by ASIC under section 33 of the Australian Securities
and Investments Commission Act 2001 (Cth) ("ASIC Act") requiring
him to produce books and records.
This matter was reported to ASIC by registered liquidator Steven
Gladman of Hall Chadwick, who was appointed the replacement
liquidator to Loch-Co on Oct. 17, 2016 by the NSW Supreme Court,
following an application by the members of Loch-Co to have Cardwell
removed as liquidator.
The matter was mentioned on Oct. 14, 2022 in the Parramatta Local
Court and has been adjourned for further mention on Dec. 16, 2022.
The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions following an ASIC referral.
PEPPER RESIDENTIAL NO. 34: S&P Assigns 'B+' Rating to Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Pepper
Residential Securities Trust No. 34. Pepper Residential Securities
Trust No. 34 is a securitization of nonconforming and prime
residential mortgages originated by Pepper Homeloans Pty Ltd.
The ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk takes into account the underwriting
standard and centralized approval process of the seller, Pepper
Homeloans.
-- The availability of a retention amount and amortization amount,
which will all be funded by excess spread, but at various stages of
the transaction's term. They will have separate functions and
timeframes, including reducing the balance of notes outstanding.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.5% of the outstanding balance of the notes, principal
draws, and a yield-enhancement reserve--to the extent it is
funded--are sufficient under our stress assumptions to ensure
timely payment of interest.
-- That S&P also has factored into its ratings the legal structure
of the trust, which has been established as a special-purpose
entity and meets our criteria for insolvency remoteness.
Ratings Assigned
Pepper Residential Securities Trust No. 34
Class A1-s, A$225.0 million: AAA (sf)
Class A1-a, A$337.5 million: AAA (sf)
Class A2, A$105.75 million: AAA (sf)
Class B, A$38.25 million: AA (sf)
Class C, A$15.75 million: A (sf)
Class D, A$11.25 million: BBB (sf)
Class E, A$5.25 million: BB (sf)
Class F, A$5.25 million: B+ (sf)
Class G, A$6.0 million: Not rated
=========
C H I N A
=========
CIFI HOLDINGS: Defaults on US$318 Million Convertible Bond
----------------------------------------------------------
South China Morning Post reports that Cifi Holdings has failed to
make a bond payment, marking its first offshore default as the debt
crisis gripping the property sector spread to companies previously
deemed financially sound.
Bondholders of Cifi's HK$2.5 billion (US$318 million) convertible
bond with an interest rate of 6.95% due in 2025 did not receive the
payment they were due on October 8 - payable on Monday as October 8
fell on a weekend - the Post discloses citing a notice from China
Construction Bank (CCB), a trustee of the creditors.
Cifi's shares plunged by more than 10% on Oct. 13 after the
developer confirmed the missed payment in a filing to the Hong Kong
stock exchange, the report says.
According to the Post, the Shanghai-based home builder blamed the
National Day "golden week" holiday for the delayed payment and said
it was working with creditors to find a solution.
"A notice has been sent to the issuer and subsidiary guarantors
informing them that an event of default has occurred," CCB said.
Until recently the private developer was seen as having a
relatively healthy balance sheet, a view further buoyed by a
government pledge to guarantee its onshore bonds.
The Post relates that the fact a company in a stronger financial
position than many of its peers has still managed to default is
sure to send further shock waves through China's embattled US$2.7
trillion property market, which is still lurching from crisis to
crisis despite support from the authorities.
According to the Post, Shanghai-based Cifi said it had "experienced
delay in remittance of cash offshore from mainland China to meet
certain scheduled interest and amortisation payments" because of
the National Day holiday in mainland China, which ran from October
1 to 7.
"The group has been proactively engaging with relevant creditor
groups to address these delays with a view to reaching consensual
solutions," it said in an exchange filing on Oct. 13. "As at the
date of this announcement, the commercial operations of the group
remain normal."
Private Chinese home builders deemed more financially resilient
than some of their beleaguered peers recorded big losses in their
bond and share prices on Oct. 13.
The Post notes that Cifi's bond default comes after it reportedly
missed payment of some non-standard debt on Oct. 7 at a joint
venture property project in the northern Chinese city of Tianjin,
according to intelligence provider Reorg Research.
That resulted in an 8% slump in its share price in Hong Kong on
Friday to an all-time low of HK$0.66, which extended the total loss
in the previous month to 64%, the report states.
Cifi's share price has shed another 21.2% last week, the report
notes.
The failed payment of the convertible bond could trigger
cross-defaults on Cifi's other offshore debt, Japanese brokerage
Nomura said in a note on Oct. 13, the Post relays.
The Post relates that the developer acknowledged in its stock
exchange filing that "events of default" may occur, which may lead
to creditors being entitled to demand accelerated payment.
CGS-CIMB Securities on Oct. 14 downgraded Cifi's shares to "hold"
and lowered the target price to HK$0.92 because of the higher
chances of the firm delaying debt payments, the Post discloses.
"After our downgrade of Cifi last week, we are not totally
surprised about the [default], given its tight liquidity," the
report quotes Raymond Cheng managing director of CGS-CIMB
Securities as saying.
He expects Cifi to request a delay in debt payments of at least a
year.
"Basically, investors' confidence in China property has totally
collapsed," he said.
About CIFI Holdings
CIFI Holdings (Group) Co. Ltd. is an investment holding company
principally engaged in property businesses. The Company mainly
operates through three segments. Property Development segment is
engaged in the development and sales of office properties,
commercial properties and residential properties in China. Property
Investment segment is engaged in the leasing of investment
properties developed or purchased by the Company for the rental
income and the appreciation of the properties' values. Property
Management, Project Management and Other Property Related Services
segment is engaged in property management and project management in
China.
As reported in the Troubled Company Reporter-Asia Pacific on Oct.
12, 2022, Moody's Investors Service has downgraded CIFI Holdings
(Group) Co. Ltd.'s corporate family rating to B3 from B1 and senior
unsecured rating to Caa1 from B2. The outlook remains negative.
The TCR-AP also reported on Oct. 11, 2022, Fitch Ratings has placed
CIFI Holdings (Group)'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings of 'BB-', and the senior unsecured rating
and the ratings on the outstanding notes of 'BB-', on Rating Watch
Negative (RWN).
RED STAR: S&P Withdraws 'B-' LT Issuer Credit Rating
----------------------------------------------------
S&P Global Ratings withdrew its 'B-' long-term issuer credit rating
on Red Star Macalline Group Corp. Ltd. at the company's request.
The rating outlook on Red Star was negative at the time of
withdrawal.
=========
I N D I A
=========
ANDHRA POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Andhra
Polymers Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.69 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 11.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.51 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Short Term- 2.00 [ICRA]A4 ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Andhra Polymers Private Limited (APPL), incorporated in the year
1982, is into manufacturing of ceiling tiles made of calcium
silicate and rubber products like pipe seals, rail pads, gaskets
and variety of custom moulded rubber parts at the factory located
in IDA Jeedimetla, Hyderabad. The ceiling tiles are sold under the
brand "Aerolite". The annual production capacity of rubber division
is over 2000 tons and the annual production capacity of ceiling
tiles division is 0.12 crore tiles per annum. APPL has set up a
100% subsidiary Aerolite Industries Private Limited (AIPL) to
manufacture ceiling tiles under the "Aerolite" brand to cater to
the increased demand of ceiling tiles.
ANITHA TEXCOT: Ind-Ra Lowers LongTerm Issuer Rating to 'BB'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Anitha Texcot
(lndia) Private Limited's Long-Term Issuer Rating to 'IND BB
(ISSUER NOT COOPERATING)' from 'IND BBB (ISSUER NOT COOPERATING)'
while maintaining it on Rating Watch Negative (RWN). The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency.
The instrument-wise rating actions are:
-- INR250 mil. Fund-based working capital limits downgraded with
IND BB (ISSUER NOT COOPERATING)/RWN; and
-- INR100 mil. Non-fund-based working capital limits downgraded
with IND A4+ (ISSUER NOT COOPERATING)/RWN.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Key Rating Drivers
The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. According to the circular, any issuer with an
investment-grade rating remaining non-cooperative with a rating
agency for over six months should be downgraded to a sub-investment
grade rating.
The current outstanding rating of 'IND BB (ISSUER NOT
COOPERATING)'/RWN may not reflect Anitha Texcot's credit strength
as the company has been non-cooperative with the agency since April
14, 2022. Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
Company Profile
Formed in 1998 as a partnership firm, Anitha Texcot commenced its
operations with the trading of cotton yarn, catering to the
knitwear market of Tirupur. Since 2017, the company has been
manufacturing healthcare kits for the governments of Tamil Nadu,
Andhra Pradesh and Telengana.
ARYA MOTORS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arya Motors
(AM) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.00 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 September 9,
2021, placed the rating(s) of AM under the 'issuer non-cooperating'
category as AM 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. AM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 26, 2022, August 5, 2022, August 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).
Established in August 1994, Arya Motors (AM) is an authorized
dealer for TVS Motor Company and Tractors and Farm Equipment
Limited (TAFE) for two-wheeler, tractors, spares & accessories in
Berhampur (Odisha). Currently, the firm has two showroom cum
workshop. AM is promoted by Mr. Ranjit Kumar Panda, Mr. Rajanikanta
Mohapatra, Mr. Sivaram Mohapatra and Mr. Ranjan Kumar Panda. Mr.
Sivaram Mohapatra (aged, 87 years), having around five decades of
experience in the automobile industry, looks after the day to day
operations of the firm. He is supported by other partner Mr. Ranjit
Kumar Panda, Mr. Rajanikanta Mohapatra, Mr. Ranjan Kumar Panda and
a team of experienced professionals.
COMBINE DIAMONDS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Combine
Diamonds Private Limited (CDPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 55.00 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 August 6, 2021,
placed the rating(s) of CDPL under the 'issuer non-cooperating'
category as CDPL 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. CDPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 22, 2022, July 2, 2022, July 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).
Combine Diamonds Private Ltd. (CDPL) is promoted by Mr. Dinesh
Shantilal Desai. CDPL is engaged in trading and processing of
cut & polished diamonds. The company is an export-oriented unit.
The company was initially established in 1998 as a proprietary
concern and later converted into closely held public limited
company in the year 2000. Later in 2016, the constitution changed
to Private Limited.
DOSHI CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term and short-term ratings for the bank
facilities of Doshi Ceramic Industries in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 0.20 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
Long-term– 0.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 2.92 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 1.96 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Doshi Ceramic Industries (DCI) was incorporated on 1st April 2012
and is promoted by Mr. Bipinchandra Doshi and Mr. Rajesh Doshi. DCI
is based in the Thangadh (Morbi) region of Gujarat which undertakes
the manufacturing of ceramic sanitary ware products like wash
basins, closets, urinals, pans and related accessories. The plant
has an installed capacity of 10,800 MTPA. The unit commenced
commercial operations in January 2013 and initially the sale of the
firm was focused in domestic market with majority of the sales
being made to wholesalers as well as merchant exporters. However,
since FY2015 onwards, DCI is focusing more in overseas market with
better market scenario.
DURLAX INDIA: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Durlax
India Private Limited (DIPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 24.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 10.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.80 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 August 2, 2021,
placed the rating(s) of DIPL under the 'issuer non-cooperating'
category as DIPL 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. DIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 18, 2022, June 28, 2022, July 8, 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).
Mumbai (Maharashtra) based, DIPL incorporated in the year 2010 is
managed by by Mr. Shravan L Suthar, Mr. Lalit L Suthar, Mr. Pankaj
L Suthar, Mr. Laxmichand L Suthar and Mr. Amit Vyas. The company is
engaged in the manufacturing and trading of acrylic solid surface
sheets and adhesive. The manufacturing facility of the company is
located at Valsad, Gujarat.
FASHION IMPEX: CARE Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Fashion
Impex (FI) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.51 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Long Term/ 11.50 CARE C; Stable/CARE A4; ISSUER
Short Term NOT COOPERATING; Rating
Bank Facilities continues to remain under
ISSUER NOT COOPERATING category
Short Term 2.50 CARE A4; ISSUER NOT
Bank 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 26, 2021,
placed the rating(s) of FI under the 'issuer non-cooperating'
category as FI 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. FI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 11, 2022, June 21, 2022, July 1, 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).
Jaipur based (Rajasthan) Fashion Impex (FI) was formed in 2012 as a
proprietorship concern by Mr. Anupam Sethia. FI is engaged in the
business of manufacturing and export of ladies' readymade garments
as well as the trading of grey, finished and readymade garments and
low-cost bed sheets. Further, the partners of the firm have
converted it into private limited company in the name of Nesh
Textile Private Limited.
FATEH CHAND: Ind-Ra Affirms BB+ Bank Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Fateh Chand
Charitable Trust's (FCCT) bank facilities as follows:
-- INR16.3 mil. (reduced from INR76.4 mil.) Term loan due on
December 2022 affirmed with IND BB+/Stable rating; and
-- INR42.8 mil. Non-fund-based bank facilities (bank guarantee)
affirmed with IND BB+/Stable rating.
Key Rating Drivers
The ratings remain constrained by FCCT's significant volatile and
thin EBITDA margins. After demonstrating a progressive improvement
and reaching 34.1% in FY18, the EBITDA margins have been witnessing
a declining trend falling to 6% in FY22 (provisional), due to a
substantial increase in the administrative and operating costs.
The ratings are further constrained by FCCT's modest credit metrics
with the net leverage (net debt/EBITDA) rising steeply to 4.46x in
FY22 (FY21: 0.72x), due to the EBITDA falling to INR92 million
(INR232 million) and the year-end short-term debt rising to INR291
million (INR86 million). The interest coverage however remained
comfortable even after falling to 7.61x in FY22 (FY21: 10.07x).
While Ind-Ra expects the net leverage to improve gradually, the
interest coverage could remain comfortable and above the 5x range
in the near to medium term.
FCCT's overall student headcount increased to 1,401 in FY22 (FY21:
1,385), mainly due to a rise in the headcount under the post
graduate (PG) courses to 166 (146). The total revenue grew modestly
5.6% yoy in FY22 as the increase in total headcount was offset by a
marginal fall in the average revenue per student in the Bachelor of
Medicine, Bachelor of Surgery (MBBS) and PG courses due the
COVID-19 related disruptions in FY22. With the COVID-19 related
stress largely waning, Ind-Ra expects the average revenue per
student in FY23 to improve which would contribute positively to the
revenue growth in FY23.
Liquidity Indicator - Adequate: The cash flow from operations fell
steeply in FY22 to negative INR89 million (FY21: INR243 million),
mainly on account of a sharp increase in the year-end receivables
to INR399 million (INR77 million). COVID-19 related disruptions had
delayed the admission process for both the MBBS and PG courses in
FY22 and accordingly a major part of fees due from the fresh batch
of students for FY22 was outstanding on March 31, 2022. These dues
were majorly recovered by end-April 2022.
The trust had cash and bank balances of INR128 million as on 31
March 2021 which only fell marginally to INR114 million by FYE22.
The trust is undertaking construction of an additional academic
block which would involve a capex of around INR350 million, to be
funded by a debt of INR200 million and internal accruals. Although
the debt has not yet been tied up, the same will happen soon and
the trust expects to receive the entire debt proceeds in FY23. With
healthy cash balances at FYE22 coupled with reasonable accruals in
FY23, Ind-Ra expects the trust to comfortably meet the repayment
obligations of INR142 million due in FY23. These repayment
obligations also include INR67 million of unsecured loans which
could be altered in case of any lower-than-projected achievement.
The unsecured loans do not have any fixed repayment structure.
Rating Sensitivities
Positive: A sustained improvement in the operating performance as
reflected by EBITDA margins of above 30% coupled with a further
improvement in the liquidity position and credit metrics, could be
positive for the ratings.
Negative: A declining headcount and/or a significant fall in the
operating margins and/or a significant debt-funded capex, leading
to stress on the liquidity position and deterioration in the credit
metrics could lead to a negative rating action.
Company Profile
Established in 2005, FCCT is chaired by Nitin Agrawal. Approved by
National Medical Commission, Muzaffarnagar Medical College and
Hospital, under FCCT's aegis, started its operation in 2006. The
courses offered are MBBS, PG along with para-medical courses to
impart nursing education and training. The hospital with a capacity
of 950 beds, was established primarily to support the college as a
teaching hospital.
FLEXITUFF VENTURES: CARE Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Flexituff Ventures International Limited (FVIL) to Issuer Not
Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.31 CARE D; ISSUER NOT COOPERATING;
Facilities Rating moved to ISSUER NOT
COOPERATING Category
Long Term/ 251.17 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating moved to
Bank Facilities ISSUER NOT COOPERATING category
Short Term Bank 199.02 CARE D; ISSUER NOT COOPERATING;
Facilities Rating moved to ISSUER NOT
COOPERATING category
Detailed rationale and key rating drivers
FVIL has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE Ratings Ltd.'s rating on Flexituff Ventures
International Ltd.'s bank facilities will now be denoted as CARE
D/CARE D; ISSUER NOT COOPERATING.
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 facility of FVIL continue to take
into account ongoing delays in servicing of its debt obligations.
Detailed description of the key rating drivers
At the time of last rating on August 30, 2021, the following were
the rating weaknesses (updated based on best available
information i.e., financial results for year ended March 31, 2022,
and quarter ended June 30, 2022, published on stock
exchange and other submissions from client).
Key rating weaknesses
* On-going delays and defaults in servicing of debt obligations:
There are on-going delays in servicing of debt obligations owing to
poor liquidity position on the back of FVIL's weak financial
performance marked by cash losses reported over the last three
years ended in FY22 resulting in inadequate cash flows to meet its
financial obligations.
* Weak financial risk profile with continued losses albeit
improvement in profitability in FY22 and Q1FY23: Post default in
its repayment obligation for FCCB's in 2019 with subdued
performance of geo textile segment, FVIL had faced liquidity issues
and decline in scale of operation in FY20 leading to lower elevated
cost structure with low-capacity utilization. It had reported
losses at operating level in FY20, FY21. However, in FY22, FVIL's
TOI increased by 23% and it had reported profits on operating level
marked by PBILDT margin of 2.08% in FY22. Also, in Q1FY23, company
reported TOI and PBILDT of INR250.37 crore and INR19.98 crore
respectively. However, owing to high interest costs and
depreciation it had reported net loss of INR86.73 crore in FY22 and
INR12.02 crore in Q1FY23. Net loss during FY22 resulted into
further depletion of tangible net worth and consequently
deterioration in capital structure marked by leveraged overall
gearing of 29.32 times as on March 31, 2022.
Liquidity: Poor
The liquidity of FVIL remained poor during the last three years
ended FY22 marked by ongoing delays in debt servicing coupled with
consistence cash losses during same period. FVIL's fund-based
working capital limits utilization remained full during last 12
months ended in July 2022. Furthermore, FVIL has continued to
report cash loss (of INR41 crore) during FY22 as against large
scheduled term debt repayment obligation of around INR280 crore
during FY22 resulting into cash flow mismatch, and subsequently,
delays and defaults in debt servicing. During FY22, the company had
over-utilized its cash credit working capital facility by INR152.37
crore because of devolvement of letter of credit issued by banks.
Formerly known as Flexituff International Limited (CIN:
L25202MP1993PLC034616), the company was formed in 1966 as a
partnership firm. Subsequently, the firm was converted into a
private limited company in 1985 and the company got listed on the
Indian Stock Exchanges in 2011. The name of the company was changed
to Flexituff Ventures International Limited w.e.f. September 28,
2018. FVIL is engaged in the business of manufacturing Flexible
Intermediate Bulk Container (FIBC), reverse printed
Biaxially-Oriented Polypropylene (BOPP) woven bags, Leno Bags
(small packaging bags, primarily for domestic markets), geotextile
fabrics and ground cover (used for prevention of landslides,
control of soil erosion and riverbank protection) and polymer
compounds (used for wires and cables) and drippers. The main
product of the company is FIBC, which is used in bulk packaging and
transportation requirement for multiple industries like cement,
chemical, pharmaceutical, food processing consumer goods, sugar,
and meat products. The company has two manufacturing facilities,
located at Pithampur (Madhya Pradesh) and Kashipur (Uttarakhand)
with installed capacity of 1,08,400 MTPA. Kashipur facility
commenced its operations in December 2015.
GLOBAL JEWELLERY: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Global
Jewellery Private Limited (GJPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 0.50 CARE A4; ISSUER NOT
Bank 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 9, 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
June 25, 2022, July 5, 2022, July 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).
Global Jewellery Private Limited (GJPL) [erstwhile Suashish
Jewellery Exports Limited (SJEL)] is engaged in manufacturing of
order-based gold and diamond studded jewellery. GJPL is a 100%
exports-oriented unit with manufacturing facility located in
Santacruz Electronics Exports Processing Zone (SEEPZ), at Andheri
(East), Mumbai.
GRN CONSTRUCTIONS: Ind-Ra Lowers Long-Term Issuer Rating to BB
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GRN
Constructions Private Limited's Long-Term Issuer Rating to 'IND BB
(ISSUER NOT COOPERATING)' from 'IND BBB+ (ISSUER NOT COOPERATING)'.
The instrument-wise rating actions are:
-- INR200 mil. Fund-based working capital limits downgraded with
IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR500 mil. Non-fund-based working capital limits downgraded
IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Key Rating Drivers
The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer with an investment grade
rating remaining non-cooperative with a rating agency for more than
six months should be downgraded to a sub-investment grade rating.
The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect GRN Constructions' credit strength as the company
has been non-cooperative with the agency since April 4, 2022.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
Company Profile
GRN is primarily engaged in mining, comprising assisting the mining
industry with the coal, ore extraction and copper extraction
process in the nature of overburden removal, haulage intermediate
transport and construction activities. It also leases out and
trades spare parts of mining equipment for its Zambian subsidiary.
IVAX PAPER: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the rating of Ivax Paper Chemicals Limited in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 2.00 [ICRA]A4 ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- (18.00) [ICRA]A4 ISSUER NOT
Interchangeable COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Short Term- 19.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Ivax Paper Chemicals Limited, incorporated in 1988, is engaged in
production of specialty paper chemicals with installed of ~50000
MTPA. It should however be noted that being a chemical
manufacturing company, the capacity is indicative of current
product mix and the comp any has flexibility to produce higher or
lower amount depending on changes in product mix. An associate of
the company, Ivax Paper Chemicals Thailand, has manufacturing
facility in Thailand with a capacity of 12,000 MTPA.
JAGDISH PRASAD: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jagdish
Prasad Agarwal (JPA) continues 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 6.50 CARE A4; ISSUER NOT
Bank 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 26, 2021,
placed the rating(s) of JPA under the 'issuer non-cooperating'
category as JPA 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. JPA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 11, 2022, June 21, 2022, July 1, 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).
Alwar (Rajasthan) based Jagdish Prasad Agarwal (JPA) was formed as
a partnership concern in 1994 by Mr. Jagdish Prasad Agarwal, Mr.
Vijay Kumar Agarwal, Mr. Ravinder Kumar Agarwal and Mr. Sunil Kumar
Agarwal. However, in 2016-17, there was change in the partnership
deed owing to death of Mr. Jagdish Prasad Agarwal and with effect
from August 10, 2016 remaining partners of the firm is continuing
of the firm, sharing profit & loss in the ratio of 10%, 45% and 45%
respectively. JPA is registered 'AA' class (Highest in the scale of
AA to E) approved contractor with Rajasthan State Road Development
& Construction Corporation Limited (RSRDC), Rajasthan, Public Works
Department (PWD), Rajasthan and Urban Improvement Trust (UIT),
Alwar. The firm takes all type of orders related to civil
construction like Road construction, Railway, Building and bridge
construction contracts from government departments.
K MOHAN: ICRA Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of K Mohan &
Company (Exports) Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term (68.00) [ICRA]D; ISSUER NOT
Interchangeable COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 3.50 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term- COOPERATING; Rating continues
Unallocated to remain under 'Issuer Not
Cooperating' category
Long Term (10.00) [ICRA]D; ISSUER NOT
Interchangeable COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short-term– 53.00 [ICRA]D; ISSUER NOT
Fund based COOPERATING; Rating Continues
Cash Credit to remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
KMCPL manufactures and exports readymade garments. The company is
owned and managed by Mr. Raju Mahtaney and Ms. Gitanjali Mahtaney.
The company was initially established as a partnership firm by late
Mr. K Mohandas Mahtaney (father of Mr. Raju Mahtaney) in 1973 in
Mumbai. The operations were shifted from Mumbai to Bangalore in
1988 with 120 sewing machines, which were gradually ramped up to
the current capacity of 3,070 machines. Later in 2004, the firm was
converted into a private limited company. The company operates
through its six factories located in Bangalore. The product profile
mainly consists of knitted and woven garments for men, women and
kids. The promoters have set up a subsidiary company in Bangladesh
called PRM Fashions Private Limited which is involved in similar
line of business and commenced operations in October 2016.
KERALA: Fitch Alters Outlook on 'BB' LongTerm IDRs to Negative
--------------------------------------------------------------
Fitch Ratings has revised the Outlook on India's State of Kerala to
Negative from Stable and affirmed the Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'BB'.
The revision of the Outlook reflects a weakening in Fitch's
projected debt metrics for Kerala since its last review in October
2021, despite its expectation of a continued economic recovery from
the effects of the Covid-19 pandemic that started in 2020. This is
based on its expectation that fiscal deficits will persist over the
medium term, leading to a sustained upward trajectory in debt and
debt metrics close to its downward rating sensitivity for the 'BB'
category over its rating-case scenario to the fiscal year ending 31
March 2026 (FY26).
The rating affirmation reflects the expected recovery in the state
economy, which will enable Kerala to regain growth momentum,
supported by a rebound in tourism exports and receding risks from
further Covid-19 outbreaks. Fitch expects operating deficits to
decline relative to revenue over the medium term, while a steady
rise in debt between FY22 and FY26 will cover deficits and fund the
state's large capital spending programme as it invests to improve
its infrastructure and support the economic recovery.
Fitch classifies Kerala as a Type A local and regional government
(LRG) based on its structural attributes, such as its large share
of general government expenditure, including responsibilities for
health and education spending, tax sharing arrangements with the
central government and ability to incur and sustain budgetary
deficits like a sovereign.
Kerala's Standalone Credit Profile (SCP) is unchanged at 'bb',
based on a 'Midrange' risk profile and debt sustainability score in
the mid-range of the 'bbb' category. The risk profile reflects
Kerala's stable revenue sources, moderate control of its
expenditure and ability to respond to budgetary pressure via
spending cuts, and ready access to capital markets with additional
liquidity support from the central government and Reserve Bank of
India (RBI).
The debt sustainability assessment is based on a rating-case
scenario representing Fitch's view of projected debt and fiscal
performance to FY26. Fitch's primary rating metric is the economic
liability burden (ELB), which combines the state's net overall debt
and a pro rata share of federal debt, relative to state GDP (the
pro rata share of federal debt is calculated based on a mix of the
state's shares in the nation's GDP and population). Fitch assesses
Kerala's ELB at around 89% in FY26 under its rating case, which is
within the mid-range of the 'a' category (between 70% and 100%).
Secondary rating metrics - a payback ratio (net overall
debt/operating balance) and fiscal debt burden (net overall
debt/operating revenue) - are both in the weaker 'b' category. This
lowered Kerala's debt sustainability score by one category to the
mid-range of the 'bbb' category.
KEY RATING DRIVERS
Risk Profile: 'Midrange'
Kerala is evaluated across six risk factors, which Fitch assess as
'Stronger', 'Midrange' or 'Weaker', leading to the overall
'Midrange' risk profile. The assessment reflects Fitch's view that
there is a moderately low risk of the issuer's ability to cover
debt servicing with its operating balance weakening unexpectedly
over the scenario horizon (FY22-FY26) due to lower revenue, higher
expenditure, or an unexpected rise in liabilities or debt-servicing
requirements.
Revenue Robustness: 'Stronger'
Kerala's robust revenue growth reflects its stable revenue sources,
sound revenue growth and supportive system of federal transfers.
The 'Stronger' assessment is reflected in the state's operating
revenue five-year CAGR of 7.2% for FY17-FY21, underpinned by solid
growth in tax revenue and federal transfers. Kerala's nominal gross
regional product (GRP) in FY21 declined by 3% to INR7.9 trillion,
the first contraction since 1969.
The state's economy is showing strong signs of a recovery with
estimated GRP growth of around 13% in FY22. Fitch expects continued
economic growth over the medium term will underpin stable revenue
growth for the state. Operating revenue increased by 8.2% to
INR976.2 billion in FY21 with tax revenue accounting for around 49%
of operating revenue, higher than the all-state average of 45%. Tax
composition includes goods and services tax (GST) (42%), sales tax
and value-added tax (37%), vehicle tax (7%), and stamps and
registrations (7%).
Revenue Adjustability: 'Weaker'
Its 'Weaker' assessment of revenue adjustability reflects the
central government's power to set major taxes, the formula-driven
and stable transfer regime, and the state's limited political
capacity to substantially raise local tax rates due to legislative
and populist pressure.
The Indian constitution assigns taxation powers to the central
government and states separately to perform their functions. The
GST rate is set by the central government, while states enjoy the
autonomy to levy taxes on petroleum products, alcohol, real-estate
transactions and others. Kerala's FY23 budget increased tax on new
motorcycles by 1% and green tax on old diesel vehicles by 50%.
Kerala shares around 1.93% of all central taxes, based on a formula
that is tied to India's economic and fiscal growth momentum.
Expenditure Sustainability: 'Midrange'
Kerala is responsible for expenditures that are moderately
correlated to the economic cycle, such as healthcare. The state has
been leading other Indian states in demographic and human
development indicators relating to education, health, and gender
equality. Kerala has a moderate record of control over expenditure
with growth generally in line with revenue growth, leading to its
'Midrange' assessment. Total expenditure rose at a FY17-FY21
five-year CAGR of 9.8%, above the 7.2% CAGR for total revenue
growth.
Capex accounted for a relatively low 11% of total expenditure in
FY21, although it grew at a CAGR of 13.1% for FY17-FY21 compared
with 9.8% for total expenditure, as the state boosted its
infrastructure development, especially after the pandemic.
Expenditure Adjustability: 'Midrange'
Its assessment balances the state's powers to reduce spending with
a moderate level of inflexible and committed costs, which Fitch
estimates contributed 80%-90% of total costs in FY21. Discretionary
expenditure shrinks during times of lower budget revenue, such as
during FY20, showing effective adjustability. The primary
responsibility for funding essential social and economic services,
such as education, health, sanitation, agriculture and transport,
lies with state governments. Fitch does not anticipate frequent or
far-reaching funding reforms of the states' budgetary
responsibilities.
Liabilities & Liquidity Robustness: 'Stronger'
State governments mainly borrow to finance fiscal deficits through
domestic open-market borrowing (state development loans), loans
from banks and the central government, provident funds and small
savings. Open-market borrowing, the main debt-raising channel, is
facilitated by the RBI and regulated by a legislative framework and
fiscal responsibility legislation.
The Indian government allowed the state to borrow an additional
0.5% of its GRP in FY22-FY23, subject to the implementation of
certain state-level reforms. The maturity of outstanding state
government securities is well-dispersed, with 56% of debt due after
five years at FYE21. Open-market borrowings are in fixed-rate
Indian rupees, with no foreign-currency exposure. Contingent
liabilities mainly include guarantees extended to public-sector
undertakings and local governments.
Liabilities & Liquidity Flexibility: 'Midrange'
There is an established framework for emergency liquidity support
from the central government, with treasury bills rated at the
sovereign's 'BBB-' IDR. States' receipts and expenditure are
matched in annual state budgets, but there could be temporary
mismatches during the course of the year. The central government
and the RBI allow states to address short-term liquidly needs
through instruments such as advances and overdrafts extended by the
RBI, with further measures added to relax overdraft regulations in
the face of the pandemic.
State governments can only borrow in the domestic market, but can
use state companies and lower-tier government bodies to borrow from
international markets. Kerala set up the Kerala Infrastructure
Investment Fund Board (BB/Stable) to borrow in both markets to fund
its development. Access to bank loans and the capital market widens
its financing channels and liquidity pool.
Debt Sustainability: 'bbb category'
Fitch's rating-case scenario, which includes allowance for some
downside risk compared with its base-case assessment, projects the
ELB to remain around 90% until FY26 (FY21: 88.4%) as Kerala's
stable economic growth offsets an upward trajectory in both state
and central government debt.
This indicates a debt sustainability assessment in the mid-range of
the 'a' category. However, Fitch has lowered this to the middle of
the 'bbb' category due to weak secondary metrics, including a
negative payback ratio and a fiscal debt burden of over 350%, both
in the 'b' category. The weaker secondary metrics reflect its view
that Kerala's budgetary performance will remain weak over the
medium term due to sustained fiscal deficits and rising debt,
weighing on our debt sustainability assessment.
DERIVATION SUMMARY
Kerala's 'bb' SCP reflects the combination of a 'Midrange' risk
profile and 'bbb' debt-sustainability assessment. The debt
sustainability balances the 'a' category primary metric with weaker
secondary metrics in the 'b' category. The 'BB' Long-Term IDR is
driven by the SCP.
KEY ASSUMPTIONS
Risk Profile: 'Midrange'
Revenue Robustness: 'Stronger'
Revenue Adjustability: 'Weaker'
Expenditure Sustainability: 'Midrange'
Expenditure Adjustability: 'Midrange'
Liabilities and Liquidity Robustness: 'Stronger'
Liabilities and Liquidity Flexibility: 'Midrange'
Debt sustainability: 'bbb'
Support (Budget Loans): 'N/A'
Support (Ad Hoc): 'N/A'
Asymmetric Risk: 'N/A'
Sovereign Cap:
Sovereign Floor: 'N/A'
Quantitative assumptions - Issuer Specific
Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on FY17-FY21 figures and FY22-FY26 projected
ratios. The key assumptions for the scenario include:
- Operating revenue CAGR of 9.5% in FY22-FY26 (FY17-FY21: 7.2%);
- Operating expenditure CAGR of 8.6% in FY22-FY26 (FY17-FY21:
8.7%);
- Net capex to average INR119.3 billion per year in FY22-FY26
(FY17-FY21: INR109.7 billion);
- Cost of funds to average 7.8% in FY22-FY26 (FY21: 7.4%
Fitch-estimated average cost of funds).
Liquidity and Debt Structure
Fitch's calculation of the net overall debt includes the state's
internal debt, loans from the central government, other liabilities
that Fitch considers debt-like, such as public account liabilities,
and guarantees issued for public-sector undertakings, and nets out
the state's cash and short-term liquid investments.
The state's FY21 net overall debt is derived as follows: direct
debt, including intergovernmental debt (INR3,026.6 billion) +
guarantees issued (INR317.2 billion) - Fitch-calculated,
unrestricted cash, liquid deposits and sinking funds (INR49.7
billion) = INR3,294.1 billion.
Issuer Profile
Kerala is located along the coastline to the extreme south-west of
the Indian peninsula. It has a strategic location on the
transnational trade corridor connecting Europe and the Pacific rim.
Thiruvananthapuram is the capital of the state, which has a
population of around 35.6 million as of FY21, making it India's
fifth-most densely populated state.
Kerala's economic status is characterised by the co-existence of
high human development indicators and economic performance.
Agriculture, manufacturing and services contributed to 11%, 20% and
58% of state GRP, respectively. Kerala's economic growth is driven
primarily by the following sectors: construction; transport,
storage and communication; trade and tourism; real estate; and
other communication services.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A deterioration of the economic liability burden above 90% for a
sustained period with no significant improvement in the payback
ratio.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
An improvement of the economic liability burden ratio to below 80%
for a sustained period under its rating-case scenario or a
significant improvement in the payback ratio.
ESG Considerations
Kerala has an ESG Relevance Score of '4' for Natural Disasters and
Climate Change due to the state's exposure to several natural
disasters, including landslides and flooding, which could have a
negative impact on the credit profile if there is persistent impact
on its economic and fiscal performance, and is relevant to the
ratings in conjunction with other factors.
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.
KRC CONSTRUCTIONS: Ind-Ra Affirms BB- LongTerm Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirms K.R.C.
Constructions Private Limited's (KRCCPL) Long-Term Issuer Rating at
'IND BB-'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR36 mil. (reduced from INR60 mil.) Fund-based working
capital limits affirmed with IND BB-/Stable rating; and
-- INR134 mil. (reduced from INR185 mil.) Non-fund-based working
capital limits affirmed with IND A4+ rating.
Key Rating Drivers
The affirmation reflects KRCCPL's healthy credit metrics with its
gross interest coverage (operating EBITDA/gross interest expense)
improving to 6.57x in FY22 (FY21: 2.64x) and the net leverage
(adjusted net debt/operating EBITDA) deteriorating to 1.17x (1.78x)
due to an increase in its EBITDA to INR41.85 million (INR15.81
million). In FY23, Ind-Ra expects the credit metrics to decline due
to an increase in its fund-based limits.
The ratings also reflect KRCCPL's continued healthy EBITDA margin
of 18% in FY22 (FY21: 6.77 %), due to higher margin orders in the
renewable energy segment. The return on capital employed improved
to 20.9% in FY22 (FY21: 9.3%). In FY23, Ind-Ra expects the EBITDA
margin to decline, due to lower margin projects and competition.
KRCCPL has a small scale of operations with its revenue slightly
declining to INR232.48 million in FY22 (FY21: INR233.4 million),
due to the non-issuance of new power distribution projects by the
Chhattisgarh government during and after the COVID-19 pandemic. As
of 8MFY23, KRCCPL achieved a revenue of INR186.83 million and has
an order book of INR133.31 million to be executed by March 2023.
Its FY22 numbers are provisional in nature. In FY23, Ind-Ra expects
the revenue to improve, due to new tender allotments and its
participation in upcoming projects.
Liquidity Indicator – Stretched: KRCCPL's net working capital
cycle deteriorated to 198 days in FY22 (FY21: 78 days), due to a
substantial increase in its inventory days to 164 days (96 days),
owing to the purchase of raw materials and a subsequent
cancellation of order, and a decrease in creditor days to 52 days
(173 days). KRCCPL's average maximum utilization of the fund-based
limits was 84.79% and non-fund-based limits was 18.39% during the
12 months ended August 2022, with an instance of no
overutilization. The company has scheduled debt repayments of
INR11.1 million for FY23 and INR8.9 million for FY24, which would
be met through its business operations. The cash flow from
operations deteriorated to negative INR4.35 million in FY22 (FY21:
negative INR2.37 million), due to a reduction in spending on
infrastructure projects by the Chhattisgarh government during the
COVID-19 pandemic. The cash and cash equivalents stood at INR0.42
million at FYE22 (FYE21: INR0.8 million). However, KRPPL does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.
The ratings, however, continue to be supported by over two decades
of experience of KRCCPL's promoters in the construction industry,
leading to established relationships with government departments
and its suppliers.
Rating Sensitivities
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics with the interest
coverage exceeding 2x and an improvement in the liquidity profile,
all on a sustained basis, could lead to a positive rating action.
Negative: A decline in the scale of operations, leading to a
deterioration in the overall credit metrics with the interest
coverage declining or further pressure on the liquidity position,
could lead to a negative rating action.
Company Profile
Incorporated in August 2016, KRCCPL, which acquired a partnership
firm KR Constructions, installs and constructs power distribution
lines, power substations and renewable energy channels in
Chhattisgarh. KRCCPL carries out projects for Chhattisgarh State
Renewable Energy Development Agency and Chhattisgarh State Power
Distribution Company Limited. It develops 230KV and 430KV power
distribution channels for residential and industrial supply.
LAKSHMI SRINIVASA: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Sri
Lakshmi Srinivasa Raw & Boiled Rice Mill in the 'Issuer Not
Cooperating' category. The ratings are denoted as
[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 11.25 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 3.75 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Sri Lakshmi Srinivasa Raw & Boiled Rice Mill (SLSRBRM) was
established as a proprietorship firm in 1983. In 2002, SLSRBRM was
reconstituted as partnership firm, SLSRBRM is engaged in the
milling of paddy, and produces raw and boiled rice. The firm has a
milling unit in Nellore District of Andhra Pradesh. SLSRBRM has a
milling capacity of 36000 MTPA of paddy.
LAXMI TRADERS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Laxmi
Traders (SLT) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 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 September 2,
2021, placed the rating(s) of SLT under the 'issuer
non-cooperating' category as SLT 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. SLT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 19, 2022, July 29, 2022, August 8, 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).
Sri Laxmi Traders (SLT) was set up as a proprietorship entity in
2006 by Mr. Surendra Kumar Bhagat of Purnea District, Bihar. The
entity is engaged in wholesale trading of agro commodities like
maize, onion, paddy and potato which is procured from the local
farmers and sold in the states of Orissa, Gujarat, West Bengal,
Karnataka, etc. Mr. Surendra Kumar Bhagat, the proprietor, having
an experience of 25 years in the agro-commodity business looks
after the overall affairs of the entity.
LINERS INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term, short-term ratings of Liners India
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 27.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based/CC Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term– 7.20 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based/TL Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 15.75 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
Long-term/ 0.05 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Fixed Deposit 5.00 [ICRA]D; ISSUER NOT
COOPERATING; Rating continues to
remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Liners India Limited was originally established in 1974 as a
partnership firm by Mr. S Ganesh; the firm was reconstituted as a
private limited company in 1986 and to a public limited company in
1994. LIL has two divisions: cylinder liner manufacturing and
automobile components trading. LIL manufactures cylinder liners and
cast-iron products. The centrifugally cast cylinder liners are used
in diesel automotive engines. LIL supplies to original equipment
manufacturers of heavy, medium, and light commercial vehicles,
tractors, and diesel engines worldwide. The company has
manufacturing units in Vijayawada (Andhra Pradesh), and Rudrapur
(Uttarakhand) with an installed capacity of 24 crore liners per
annum.
M.P.K. ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of M.P.K.
Ispat India Private Limited (MIIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.30 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 7.40 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 21, 2021,
placed the rating(s) of MIIPL under the 'issuer non-cooperating'
category as MIIPL 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. MIIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 6, 2022, June 16, 2022, June 26, 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 2010, MPKI is promoted by the MPK group based out
of Jaipur (Rajasthan). As a backward integration initiative, MPK
group set up Mild Steel (MS) billet manufacturing plant in MPKL
with commencement of operations from March, 2013 onwards thus by
translating to FY14 being the first full year of operation for the
company. MPKI has its manufacturing unit situated at Bagru,
Rajasthan.
M.P.K. STEELS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of M.P.K.
Steels India Private Limited (MSIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.67 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 7.25 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 21, 2021,
placed the rating(s) of MSIPL under the 'issuer non-cooperating'
category as MSIPL 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. MSIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 6, 2022, June 16, 2022, June 26, 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 2005, M.P.K Steels India Private Limited (MPKS) is
promoted by the MPK group based out of Jaipur (Rajasthan). MPKS is
primarily engaged into the business of manufacturing of structural
products including Mild Steel (M S) angles, channels, rounds and
flats which finds its application particularly in infrastructure
industries ranging from power transmission to real estate.
ME INFRA: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained M. E. Infra
Projects Private Limited's Long-Term Issuer Rating of 'IND BB' in
the non-cooperating category and has simultaneously withdrawn it.
The instrument-wise rating action is:
-- INR550 mil. Non-fund-based working capital limits* maintained
in non-cooperating and withdrawn;
*Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn
Key Rating Drivers
Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to full-year financial performance for FY20, FY21 and
FY22, sanctioned bank facilities and utilization levels, business
plan and projections for the next three years, information on
corporate governance, and management certificate.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical and rating coverage.
Company Profile
Kolkata-based M. E. Infra Projects was incorporated in 2008 after
the conversion of Mehta Enterprises into a private limited company.
It is an engineering procurement and construction contractor
promoted by Pukhraj H Mehta and Piyush P Mehta. The company secures
majority of the orders from Municipal Corporation of Greater Mumbai
and Kalyan-Dombivali Municipal Corporation.
NIRANKAR COTTEX: ICRA Reaffirms B+ Rating on INR12.76cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the rating of Nirankar Cottex's (NC) bank lines
and removed it from the Issuer Not Cooperating (INC) category as
the firm cooperated in concluding the rating exercise. The ratings
favourably consider long experience of the promoters in the cotton
ginning industry as well as the location-specific advantages as its
manufacturing facilities are in proximity to major raw material
sources.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term: 12.76 [ICRA]B+(Stable); reaffirmed
Fund-based- and removed from ISSUER NON-
Term Loan COOPERATING/assigned for
enhanced amount
Long-term: 40.00 [ICRA]B+(Stable); reaffirmed
Fund-based- and removed from ISSUER NON-
Cash Credit COOPERATING/assigned for
enhanced amount
The ratings are, however, constrained by NC's modest scale of
operations with revenues of INR148.5 crore in FY2022 as well as its
subdued financial profile, characterised by low profit margins,
high debt levels and modest coverage indicators. ICRA notes that
NC's profit margins are vulnerable to any adverse changes in prices
of raw cotton. Additionally, low value addition and intense
competition from domestic players limit the firm's pricing
flexibility and bargaining power, keeping the margins under check.
The entity is also exposed to the regulatory risks related to the
minimum support price (MSP), which is set by the Government. Being
a partnership firm, NC remains vulnerable to the risk of capital
withdrawal by the partners, which can impact its net worth and
liquidity position.
The Stable outlook on the [ICRA]B+ rating reflects that NC will
continue to benefit from the extensive experience of its
promoters.
Key rating drivers and their description
Credit strengths
* Long experience of promoters in the cotton ginning industry:–
The promoters have a long experience of two decades in the cotton
ginning and oil seed industry and looks after the overall
operations of the firm.
* Favourable location of the plant: NC's facilities are in
Maharashtra, the second largest cotton producing state in India.
Such proximity to raw material sources results in regular
availability of raw materials at a low landed cost.
Credit challenges
* Weak financial risk profile: NC's scale of operations is modest
with revenues of INR148.5 crore in FY2022. Given the limited value
addition involved, the operating profit margins remained thin at
3.6% in FY2022. Coupled with high debt levels, this has translated
into a subdued financial profile for the firm with an interest
cover of 1.5 times in FY2022 and total debt vis-Ã -vis the
operating profit of 8.5 times as on March 31, 2022.
* Profitability remains vulnerable to movement in prices of raw
cotton: NC's profitability remains exposed to fluctuations in raw
material (raw cotton) prices, which are driven by various factors
such as seasonality, climatic conditions, international demand and
supply situation, and export policy of the Government of India. The
firm is also exposed to regulatory risks with respect to the MSP
for cotton, which is set by the Government every year.
* Intense competition and fragmented industry structure: Low
value-added nature of the products and intense competition from
other players in the fragmented cotton ginning industry limit NC's
bargaining power and pricing flexibility, exerting pressure on the
margins.
* Risks inherent in partnership firm with respect to capital
withdrawals: ICRA notes that NC is a partnership firm and any
significant withdrawal of capital by the partners may adversely
impact the firm's net worth and liquidity position.
Liquidity position: Stretched
The liquidity position of the firm is stretched given the modest
cash flows and low cash and bank balance of ~INR0.85 crore as on
March 31, 2022. The utilisation of fund-based limits during the
last 16 months stood high at 78%, with a modest buffer of INR 4.4
crore as on March 31, 2022. Against this, the firm has repayment
obligations of INR3.5 crore in FY2023, INR5.4 crore in FY2024 and
INR4.9 crore in FY2025. However, lack of major capex plans in the
near-to-medium term provides some comfort to the firm's liquidity.
Rating sensitivities
Positive factors – ICRA could upgrade the rating if the firm is
able to scale up its operations and profitability, leading to
sustained improvement in the overall financial profile and
liquidity position.
Negative factors – Pressure on the firm's rating could arise if a
substantial decline in revenues and profitability, or debt-funded
capital expenditure or a stretch in the working capital cycle
weakens its coverage indicators and liquidity position.
Additionally, any substantial withdrawal of capital adversely
impacting the liquidity position would also be a negative factor.
NC was established as a partnership firm in 2014 and started its
operations in January 2015. The firm is involved in ginning and
pressing of raw cotton and extraction of oil and cake from cotton
seeds. The firm's registered office and ginning unit is in Wardha,
Maharashtra. It has an installed capacity to process 1,200 quintals
of cotton per day, along with an oil extraction capacity of 200
tonnes per day in two shift of 10 hours each.
PANAMA WIND: ICRA Hikes Rating on INR310cr Term Loan to B
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Panama
Wind Energy Private Limited (PWEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term- 310.00 [ICRA]B (Stable) ISSUER NOT
Fund-based COOPERATING; Rating upgraded
Term Loan from [ICRA]D
Rationale
ICRA's rating upgrade for PWEPL factors in the timely servicing of
the debt obligations by the company over the last six months
following realization of a portion of the dues from the sole
offtaker - Maharashtra State Electricity Distribution Company
Limited (MSEDCL) - for its 70.4-MW wind power project and
utilization of the liquidity available in the debt service reserve.
The rating also factors in a satisfactory generation performance in
5M FY2023, following the resumption of operations in March 2022.
The operations of PWEPL's wind power project were disrupted during
Sep'21-Feb'22 owing to local disturbances at the project site.
Further, the rating factors in the revenue visibility for PWEPL
over the medium term on account of the presence of a power purchase
agreement (PPA) at an average tariff of INR5.78 per unit with
MSEDCL, valid for a period of 13 years from the commissioning
date.
However, the rating remains constrained on account of PWEPL's
exposure to the credit risk profile of MSEDCL. There have always
been significant delays in receiving payments from MESDCL in the
past. As of August 2022, the company has received payments for the
bills raised till August 2021. Also, the relatively high PPA tariff
compared to the average power purchase cost (APPC) of MSEDCL
exposes the company's operations to the risk of grid curtailment in
future, as seen in a few other states. However, the company has not
witnessed any such instances in the past. Further, the company's
profitability and debt protection metrics remain sensitive to its
operational performance. Any adverse variation in wind conditions
may affect the PLF levels and consequently the cash flows, given
the single part nature of the tariff under the PPA. Also, the debt
coverage metrics remain sensitive to interest rate movement. The
cash flows and debt coverage metrics were adversely impacted in
FY2022 owing to the disruption in operations between September 2021
and February 2022.
The reduction in receivable position and a satisfactory generation,
leading to an improved liquidity position, remain the key rating
monitorables. Further, as the debt tenure of the company is longer
than the PPA tenure, its ability to enter into a PPA at
cost-reflective tariff post the expiry of the feed-in tariff PPA in
FY2027 also remains crucial. This apart, the company's operations
remain exposed to regulatory risks pertaining to scheduling and
forecasting requirements applicable for renewable energy projects.
The Stable outlook assigned to the company factors in the benefit
of the PPA with MSEDCL and a satisfactory generation performance
post-March 2022.
Key rating drivers and their description
Credit strengths
* Revenue visibility of project due to PPA with MSEDCL: PWEPL has
an existing PPA for 13 years from the commissioning date at a
weighted average tariff of INR5.78 per unit with MSEDCL for its
full 70.4-MW capacity. The PPA for the project with the state
utility results in lower offtake risks and provides revenue
visibility over the medium term.
* Improved generation performance in 5M FY2023; coverage metrics
expected to remain adequate in the near term: Following the
resolution of the operational issues and resumption of operations
in March 2022, the generation performance of the 70.4-MW wind power
project has remained satisfactory in 5M FY2023, improving from the
corresponding period of the previous two fiscals. This is expected
to result in adequate coverage metrics for the company in the near
term.
Credit challenges
* PWEPL remains exposed to credit risk profile of MSEDCL: As MSEDCL
offtakes the entire quantum of power generated by the assets of
PWEPL, the company remains exposed to its credit risk profile. Any
delay in payments by the counterparty will stretch the company's
receivable cycle and in turn adversely impact the overall liquidity
profile. Historically, there have been delays in receiving payments
from MESDCL. The payment cycle increased to more than a year since
January 2020 from 7-8 months earlier. As on August 31, 2022, the
company has received payments for the bills raised till August
2021. Also, the relatively high PPA tariff compared to the average
power purchase cost (APPC) of MSEDCL and the absence of a deemed
generation clause expose the company's operations to the risk of
grid curtailment in future, as seen in a few other states. However,
the company has not witnessed any such instances in the past.
* Vulnerability of cash flows to variation in weather conditions:
PWEPL is entirely dependent on power generation by the wind power
project for its revenues and cash accruals, given the single-part
nature of the tariff. As a result, any adverse variation in wind
conditions may impact the PLF and consequently, the cash flows. The
single location of the company's operations amplifies this risk.
The operations were disrupted between September 2021 and February
2022 due to local disturbances, adversely impacting the generation
and in turn the revenues and profitability of the company for
FY2022. Also, the debt coverage metrics remain sensitive to
interest rate movement.
* PPA tenure lower than debt servicing tenure: At the time of
setting up the plant, PWEPL entered into a 13-year PPA with MSEDCL,
which is valid up to July 2027. The outstanding debt of the company
would be repaid over a longer tenure with the last repayment due in
April 2032. Future cash flows post the PPA tenure would depend on
the ability of the company to enter into a firm offtake agreement
with a credible counterparty at an adequate tariff rate.
* Challenges of implementing forecasting and scheduling
regulations: The company's operations remain exposed to
regulatory risks pertaining to the scheduling and forecasting
requirements applicable for wind power projects.
Liquidity position: Stretched
The liquidity of the company remains stretched because of the
delays in realising payments from its offtaker, MSEDCL, and the
limited liquidity available with the company. The company has cash
balances of INR16.7 crore (including DSRA) as on August 31, 2022,
which is sufficient to meet the debt servicing obligations over the
ensuing 3-4 months. The receipt of pending dues from the customer
and completion of the documentation for enhancing the working
capital limit to INR70 crore from INR45 crore remains key to
improving the liquidity in the near term.
Rating sensitivities
Positive factors – The rating can be upgraded in case of an
improvement in the receivable cycle from MSEDCL on a sustained
basis, along with a satisfactory generation performance,
strengthening the liquidity profile of the company.
Negative factors – The rating could be downgraded in case of
further delays in receiving payments from MSEDCL, adversely
impacting the company's liquidity position. Moreover, any
underperformance in generation by the wind power project, on a
sustained basis, would be a negative trigger.
PWEPL operates a 70.4-MW (reduced from 72 MW due to a damage to a
1.6-MW WTG in FY2015) wind power plant in Satara district,
Maharashtra. The plant consists of 45 WTGs of 1.6 MW each and was
commissioned in February 2013. The entire engineering, procurement
and construction (EPC), including operations and maintenance (O&M)
services, are provided by GE. The company is a subsidiary company
of M/s Berkeley Energy Wind Mauritius Limited (BEWML), which holds
a 94.08% stake in the company. The remaining 5.92% is held by M/s
Indo Magnus Wind Energy Private Limited, which is a part of the
group of companies promoted by Ladkat family, and is engaged in
developing, building and operating clean energy infrastructure.
PARAMOUNT CHEMPRO: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paramount
Chempro (PC) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 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 August 4, 2021,
placed the rating(s) of PC under the 'issuer non-cooperating'
category as PC 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. PC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 20, 2022, June 30, 2022, July 10, 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).
PC was established in the year 2015 by Patel family of Nagpur. The
entity has recently (April 2018) completed its project to set up a
Formaldehyde unit at Butibori, Nagpur, Maharashtra.
PLATINUM AAC: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Platinum
AAC Blocks Private Limited (PABPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.75 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 August 2, 2021,
placed the rating(s) of PABPL under the 'issuer non-cooperating'
category as PABPL 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. PABPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 18, 2022, June 28, 2022, July 8, 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).
Platinum AAC Block Private Limited (PABPL) was incorporated in
September 2012 to take up the business of manufacturing Aerated
Autoclaved Concrete (AAC) blocks. PABPL was initially promoted and
managed by Mr. Jitendra Jalawadia, Mr. Dilip Kadivar, Mr. Sanjay
Bhut Bhanubhai, Mr. Hasmukh Patel, Mr. Pragji Van and Mr. Vinay
Gandhi. Since May, 2017, four new promoters joined as directors
named Mr. Denis Kadivar, Mr. Ghanshyam Polar, Mr. Parth Gandhi &
Mr. Khimji Bhappa and Mr. Vinay Gandhi retired as a director during
November 2017 but continue to operate and manage day to day
operations of the company. PABPL is operating with its plant
location based in Village-Kherdi (Dadara and Nagar Haveli, Gujarat)
having total capacity of 1,50,000 cubic meters per annum as on
March 31, 2018. PABPL has commenced its operations from November
2017 after successful completion of its project.
PRIYANKA GEMS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Priyanka
Gems (PG) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 18.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 20,
2021, placed the rating(s) of PG under the 'issuer non-cooperating'
category as PG 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. PG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 6, 2022, July 16, 2022, July 26, 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, Priyanka Gems (PG) was established as a
partnership firm in the year 1991 by Mangukia family. PG is engaged
into business of processing of rough diamonds into finished
polished diamonds of various sizes, shapes, purity and colour. The
firm has its sales office in Mumbai and its operational unit is
located in Surat. The firm imports rough diamonds from Belgium and
Dubai and it sell the cut and polished diamonds in the domestic
market. Partners of PG were also associated with another firm named
M/s. Priyanka Dimonds, which was also into same line of business.
Further from May 25, 2017 the partners have merged M/s Priyanka
Dimonds with PG and by virtue of this merger all the movable assets
& stock of diamonds as on May 27, 2017 of M/s Priyanka Diamonds has
been transferred to PG.
R.K. CITY: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the Long-Term ratings for the bank facilities of
R.K. City Developers Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 16.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
R.K. City Developers Private Limited (RK City) is a closely held
company promoted by Mr Rakesh Kumar and his father Mr Vijay Kumar
who take up construction of real estate and commercial projects for
the group and other regional players. The company has been in this
line of business for the past four years and has completed
construction of a housing project for its promoter group comprising
74 apartments at Moga (Punjab).
RAGHU RAMA: ICRA Reaffirms B+ Rating on INR12cr LT Cash Debt
------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Raghu
Rama Rice Industry (RRRI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term
Fund-based–
Cash Credit 12.00 [ICRA]B+(Stable); reaffirmed
Long-term–
Fund based–
Term Loan 1.00 [ICRA]B+(Stable); reaffirmed
Long-term–
Unallocated 3.00 [ICRA]B+(Stable); reaffirmed
Rationale
The rating reaffirmation considers the extensive track record of
RRRI's partners in the rice milling industry and ease in paddy
procurement owing to the proximity of its plant to a major
rice-growing region of Andhra Pradesh. The firm's business
continues to derive comfort from the favorable demand prospects of
the industry as India is the second largest producer and consumer
of rice, internationally. Further, as per ICRA's estimates, the
firm's scale and profitability are likely to remain stable in
FY2023 with a marginal improvement. However, given the high working
capital requirements and low profitability, the financial risk
profile of RRRI would remain under pressure.
However, the rating is constrained by RRRI's small scale of
operations amid an intense competition in the rice milling
industry, restricting its operating margins. The rating considers
RRRI's weak financial risk profile, characterised by its weak debt
coverage metrics and stretched liquidity position, impacted by high
working capital requirements. The rating factors in the
agro-climatic risks, which can affect the availability of paddy in
adverse weather conditions and risks associated with regulatory
changes and Government policies. The risks associated with the
partnership nature of business, including the risk of capital
withdrawal, among others also impact the rating. Given the thin
margin in the business and high working capital intensity, the
firm's liquidity position is likely to remain stretched and any
further pressure would be a key rating sensitivity.
The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that RRRI will continue to benefit from the extensive experience of
its partners in the rice-milling industry and presence of the mill
in a major rice-growing area.
Key rating drivers and their description
Credit strengths
* Significant experience of partners in rice milling business: The
partners have established presence in the rice milling industry
with over two decades of experience, resulting in established
relationships with its customers.
* Presence in a major rice-growing area results in easy
availability of paddy: RRRI's plant is located in Jagannadhagiri
village of East Godavari district, Andhra Pradesh, which is a major
rice-growing area. This results in easy availability of paddy and
low transportation cost for the firm. The demand prospects for
rice, a staple food grain, remain favorable as India is the world's
second largest producer and consumer of rice.
Credit challenges
* Modest scale and profitability: The firm is a small-scale player
in a highly fragmented and competitive rice milling industry,
characterized by the presence of a large number of organized and
unorganized players, impacting the margins. The firm's utilization
of the processing capacity improved in FY2022 owing to higher
demand from its customers. Consequently, the firm's turnover has
improved by 23% in FY2022, however, it remained relatively smaller
in absolute terms. Moreover, the operating profitability remained
low, though it improved marginally to 0.40% in FY2022 from 0.30% in
the previous year.
* Weak financial profile and stretched liquidity: Driven by low
profitability, the firm's debt coverage metrics remained under
pressure in FY2022, as reflected by Total Debt/OPBDITA of 6.10
times, interest coverage of 1.70 times and NCA/TD of 6% (5.40
times, 1.50 times and 6%, respectively in FY2021). The firm's
interest cover is expected to improve marginally in the future with
full repayment of its term loan in FY2023. However, owing to
moderately high working capital intensity, the firm has a limited
cushion available in its working capital limits, with a high
average utilization of 98% in the past 12 months up to August
2022.
* Intense competition in the industry: The fragmented nature of the
rice milling industry, characterized by stiff competition amid
presence of many players, limits the pricing flexibility of the
industry participants, including RRRI, and results in modest
profitability.
* Susceptibility to agro-climatic risks and regulatory changes: The
rice milling industry is susceptible to agro-climatic risks, which
can affect the availability of paddy in adverse weather conditions.
It is exposed to Government policies such as MSP, affecting the raw
material prices. Moreover, changes in the Government regulations
pertaining to the rice industry can impact the industry dynamics.
* Risk related to partnership nature of firm: RRRI is exposed to
the risks related to a partnership firm, including the capital
withdrawal risk. However, no capital withdrawal has been observed
in the past three years.
Liquidity position: Stretched
RRRI's liquidity position is stretched, as evident from 98% average
utilization of fund-based limits during the 12-month period ending
in August 2022, low profitability and cash flows. The firm has very
small repayment obligation in FY2023 and has no major capex plans
in the near term. As per ICRA's estimates, the expected cash flows
and need-based support, in the form of unsecured loans from the
partners would be critical in meeting any cash flow mismatch.
Rating sensitivities
Positive factors – ICRA could upgrade RRRI's rating if the firm
demonstrates a sustained increase in its revenues and profitability
along with an improvement in its liquidity and debt coverage
metrics. Specific credit metrics that could lead to an upgrade of
RRRI's rating include interest coverage ratio of more than 2.0
times on a sustainable basis.
Negative factors – Pressure on the rating could arise if there is
a significant decline in revenues or profitability, leading to a
further stretch in its liquidity and coverage indicators.
Established in 2012 as a partnership firm, RRRI is involved in
milling of paddy and produces raw and boiled rice. The firm started
its operations in June 2013. It has a milling unit at
Jagannadhagiri village in East Godavari district, Andhra Pradesh,
with an installed capacity of 8 MT of paddy per hour.
In FY2022, the firm reported a net profit of INR0.2 crore on an
operating income of INR68.3 crore compared to a net profit of
INR0.2 crore on an operating income of INR56.1 crore in the
previous year.
RAJAMAHENDRAVARAM MUNICIPAL: ICRA Keeps B+ Issuer Rating
--------------------------------------------------------
ICRA has retained the long-term rating of Rajamahendravaram
Municipal Corporation in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
The RMC was upgraded to a municipal corporation in 2005 from a
selection-grade municipality. RMC is governed by the Andhra Pradesh
Municipal Corporations Act 1994 (Act). It manages the municipal
services in Rajamahendravaram city, located in the East Godavari
district in coastal Andhra Pradesh. RMC covers an area of 44.5
square kilometres (sq. km.) and serves a population of 3.4 lakh (as
per Census 2011). Its major functions include water supply, solid
waste management and construction, repair and maintenance of roads
and streetlights in its area. Divided into 50 municipal wards, an
elected body headed by a Mayor administers the corporation while
the Commissioner acts as the executive head overseeing its everyday
functioning.
RAJASTHAN EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajasthan
Education Institute & Health Society (REIHS) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.01 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 26, 2021,
placed the rating(s) of REIHS under the 'issuer non-cooperating'
category as REIHS 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. REIHS continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 11, 2022, June 21, 2022, July 1, 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).
Dausa (Rajasthan) based Rajasthan Education Institute and Health
Society (REIHS), formed by Dr C.L. Meena and Dr. R.S. Nagar, was
registered as a society on February 22, 2000, for imparting
education in the field of engineering, teaching, nursing and
science at Dausa. REIHS operates four colleges under its umbrella
i.e. engineering and polytechnic college, B.Ed. college, Science
college and nursing college.
RATTANINDIA POWER: PFC to Take Plant to Bankruptcy Court This Year
------------------------------------------------------------------
Livemint.com reports that state-run Power Finance Corp. plans to
file an insolvency plea against RattanIndia Power's 1350MW Nashik
power plant within this year, said two people aware of the
development.
The plant has a INR8,000 crore debt, while PFC, the lead financier
in the project, has an exposure of around INR3,000 crore.
"Most of our stressed plants have been resolved. The one which
needs to be resolved is the Sinnar (Nashik) project. We have to
take it to NCLT (National Company Law Tribunal). We will take it to
NCLT this year. The debt of the project is about INR6 crore per
megawatt," Livemint.com quotes one of the two officials as saying.
The Nashik thermal power plant in situated near Sinnar, 40 km from
Nashik city in Maharashtra, the report discloses. The plant has an
installed capacity of 1,350MW, with coal linkages from Coal India
Ltd (CIL) subsidiaries.
According to Livemint.com, the other official noted that PFC was in
talks with the Maharashtra government to take over the stressed
project but that the state government was not interested.
The officials noted that Nashik is the last major project where PFC
is the lead financier and needs to be taken for insolvency.
The move follows PFC's successful resolution of the 600 MW thermal
power project of Jhabua Power Ltd, situated in the Seoni district
of Madhya Pradesh, last month, the report notes.
Livemint.com says the project was resolved through the Corporate
Insolvency Resolution Process (CIRP) mechanism, with ownership
being transferred to a consortium of NTPC Ltd, PFC, REC Ltd and
other lenders.
SOUTH INDIAN GREEN: Ind-Ra Lowers LongTerm Issuer Rating to BB
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded South Indian
Green Cardamom Company Limited's (SIGCCL) Long-Term Issuer Rating
to 'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT
COOPERATING)'.
The instrument-wise rating actions are:
-- INR100 mil. Fund-based working capital limits downgraded with
IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR36.5 mil. Non-fund-based working capital limits downgraded
IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.
Key Rating Drivers
The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. According to the circular, any issuer with an
investment-grade rating remaining non-cooperative with a rating
agency for over six months should be downgraded to a sub-investment
grade rating.
The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect SIGCCL credit strength as the company has been
non-cooperative with the agency since April 8, 2022. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.
Company Profile
SIGCC was incorporated in 2006 as a public limited company and was
engaged in the trading of cardamom in small pouches. The company
received auctioneer's license from the Spices Board of India in
2008 and since then, it has been involved primarily in the cardamom
auction business. SIGCCL conducts auctions of the cardamom procured
from planters at Spices Park, Puttady (Kerala) and is entitled to
1% commission of the auctioned price.
SUNGLOW SUITINGS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term rating of Sunglow Suitings Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 15.73 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
SSPL manufactures woven fabrics for suitings. It is promoted by Mr.
Mahesh Hurkat, who has more than fifteen years of experience in the
textile industry. The company has 64 looms installed at its weaving
facility in Bhilwara, Rajasthan, and has a production capacity of
about 6.4 million metres of fabric per annum.
TURBOVENT INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating of Turbovent Industries Private
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.21 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 6.88 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Short Term- 6.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
TIPL, promoted by Mr. P. Muni Krishna and part of the MYK Group,
was set up in Hyderabad, Telangana, for manufacturing industrial
fans, bag filters and material-handling equipment. The company is
entirely held by the promoters and undertakes contract
manufacturing for REIL, which is a 50:50 Indo-German joint venture
(JV) company with technical and financial collaboration with Konrad
Reitz Ventilatoren GmBH, Germany (a leading player in the global
centrifugal fan technology market). The promoter has business
interests in two other companies - MYK Spinning Industries Private
Limited and Parasakti Cement Industries Limited - involved in
manufacturing cotton yarn and cement, respectively.
UNITED COTTON: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of United
Cotton Extract Private Limited (UCEPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.49 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 August 3, 2021,
placed the rating(s) of UCEPL under the 'issuer non-cooperating'
category as UCEPL 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. UCEPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 19, 2022, June 29, 2022, July 9, 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).
United Cotton Extract Private Limited (UCEPL) was incorporated in
2007 by Mr. Ghansham M. Bafna, Mr. Naseem M. Yaqub and Mr. Upendra
V. Mehta and is engaged in cotton ginning & pressing (since 2008)
and processing of cotton seeds to produce cotton seed oil and oil
cake since (since 2011). Its plant is located at Malegaon, Nasik.
VAMA INDUSTRIES: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vama Industries
Limited's Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR75 mil. Fund-based working capital limits (Long-term/ Short
term) migrated to non-cooperating category with IND D (ISSUER
NOT COOPERATING) rating; and
-- INR170 mil. Non-fund-based working capital limit (Short term)
migrated to non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 14, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
Company Profile
Vama was formed in 2003 and is engaged in providing facility
management services, IT infrastructure, data center engineering
build, system integration projects, and engineering design &
development services. Vama has 100% wholly-owned subsidiary company
in Singapore under the name of Vama Technologies Pte. Ltd, which
was incorporated in FY17.
VIINAYAKA RICE: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Sree
Viinayaka Rice Mill in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.60 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 4.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 3.40 [ICRA]A4; ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Sree Vinayaka Rice Mill (SVRM) was established as a partnership
firm in the year 2011. The firm had setup a rice mill with
production capacity of 13 TPD to produce raw & boiled rice. The
Firm operates in three shifts per day. The unit is located at
Rangampeta mandal of East Godavari district of Andhra Pradesh. The
firm is promoted by Mr. P. Ranga Rao, Mr. P. Ravi Kumar. The
promoters are well experienced in rice milling business and the
unit will be run under the direct supervision & control of the
promoters.
=================
I N D O N E S I A
=================
ALAM SUTERA: Moody's Affirms Caa1 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 corporate family
rating of Alam Sutera Realty Tbk (P.T.).
Moody's has also affirmed the Caa1 senior secured ratings of the
2024 notes and 2025 notes issued by Alam Sutera. The notes are
guaranteed by most of Alam Sutera's subsidiaries and secured by a
mortgage over the Mall@Alam Sutera land lot and a commercial land
lot.
At the same time, Moody's has changed the outlook on all ratings to
negative from stable.
The change in outlook follows Alam Sutera's tender offer and
consent solicitation announcement on October 10, 2022. Under the
terms of the tender offer for its $171 million senior secured notes
due in 2024, bondholders have to put in bids with a minimum offer
price of $820 for every $1000. The consent solicitation seeks to
remove substantially all restrictive covenants and reporting
requirements under the 2024 bonds.
"The negative outlook reflects Moody's expectations that the
recovery rate of Alam Sutera's 2025 bonds is uncertain following
the company's willingness to push ahead with a tender offer that
would likely result in an economic loss for its 2024 bondholders,"
says Rachel Chua, a Moody's Vice President and Senior Analyst.
"At the same time, the negative outlook considers the tight funding
conditions as well as weaker operating environment characterized by
inflationary pressures and interest rate hikes, which Moody's
believe would affect property demand in Indonesia over the next 12
months," adds Chua, who is also Moody's Lead Analyst for Alam
Sutera.
RATINGS RATIONALE
The announced bond buyback will be primarily funded with a new
IDR1.75 trillion syndicated term loan. The eight-year amortizing
secured term loan was led by Bank Central Asia Tbk (P.T.) (Baa2
stable) and will carry a floating interest rate of around 9%
currently. If fully tendered, Moody's believes there will be annual
interest savings of around $8 million, assuming Indonesia's
interest rate remains unchanged.
Moody's expects Alam Sutera will continue to have an unsustainable
and overleveraged capital structure with weak credit metrics over
the next 12-18 months. Moody's forecasts leverage, as measured by
debt/homebuilding EBITDA, will be around 8x-9x. The company's
interest coverage will remain weak at just above 1x.
Moody's believes it is unlikely that the company will meet its
full-year sales target on the back of the rating agency's
expectation of weakening property demand. Although the company
reported marketing sales of IDR1.5 trillion during the first six
months of 2022 or around 44% of its full-year target of IDR3.4
trillion, one-third of the marketing sales were from the sale of a
commercial land plot to a single party.
Against the backdrop of a seven-year high inflation in Indonesia
and rising interest rates, Moody's believes property demand from
the low-to-middle income segment of the property market where most
buyers take on mortgage loans to fund their property purchases will
be affected.
While the tender offer, if successful, will address the 2024 bond
maturity, the company still has a large maturity wall in 2025 when
its other US dollar bond comes due.
In terms of environmental, social and governance (ESG) factors,
Moody's has considered the governance risk stemming from Alam
Sutera's (1) weak financial management, as its debt maturity wall
has resulted in significant refinancing risk and the proposed
tender offer; and (2) concentrated ownership by its promoter as
well as its five-member board of commissioners, of which only two
members are independent. Nonetheless, the company is run by
experienced professionals and has a track record of reducing
capital spending to preserve liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative outlook, an upgrade is unlikely over the next
12-18 months. Nonetheless, the outlook could return to stable if
the company continues to execute its business plans and address its
refinancing needs through 2025 well ahead of time.
Moody's could downgrade Alam Sutera's ratings if: (1) the operating
environment further deteriorates, leading to much weaker marketing
sales; or (2) it fails to secure financing for its debt maturing
through 2025; or (3) it pushes ahead with a refinancing plan that
results in a significant economic loss to its 2025 bondholders.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Established in November 1993 and listed on the Indonesian Stock
Exchange in December 2007, Alam Sutera Realty Tbk (P.T.) is an
integrated property developer in Indonesia that focuses on the sale
of land lots in accordance with township planning requirements, as
well as property development in residential and commercial segments
in Indonesia. As of June 30, 2022, the family of The Ning King
owned around 45.3% of the company.
BUMI RESOURCES: Moody's Ups Rating on Senior Secured Notes to Caa3
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the Series B
backed senior secured notes issued by Bumi Resources Tbk (P.T.)'s
wholly-owned subsidiary, Eterna Capital Pte. Ltd., to Caa3 from
Ca.
At the same time, Moody's has placed the following ratings on
review for upgrade: Bumi's Caa3 corporate family rating, and the
Caa3 ratings on its Series A and Series B backed senior secured
notes issued by Eterna Capital.
The outlook has been changed to ratings under review from
negative.
"The review for upgrade reflects Bumi's planned repayment of
substantially all its debt using proceeds from its planned $1.6
billion share issuance that was recently approved by its
shareholders," says Maisam Hasnain, a Moody's Vice President and
Senior Analyst.
"The Series B notes have been upgraded in line with Bumi's CFR to
reflect the notes' position as the most senior debt in Bumi's
capital structure, following the imminent repayment of the
remaining principal under the Series A notes before the new share
issuance is complete," adds Hasnain, who is also Moody's lead
analyst for Bumi.
RATINGS RATIONALE
The review follows the announcement on October 11, 2022 that Bumi
had obtained shareholder approval to raise $1.6 billion through the
issuance of 200 billion new shares[1]. The shares will be acquired
by entities controlled by the Bakrie Group, Anthoni Salim and Agoes
Projosasmito. Bumi expects to receive cash for the new shares by 19
October.
Bumi has stated that it will use the share issuance proceeds to
repay all its debt (excluding the mandatory convertible bonds
(MCB)), ahead of the December 2022 maturity date. The company has
already announced that it will redeem all its Series B notes on
November 10, 2022[2].
The planned debt repayment will abate near-term default risk as
Bumi would otherwise have been unable to repay around $1.6 billion
of its outstanding debt as of October 2022 maturing in December
2022, and had insufficient time to implement a back-up refinancing
plan in the two months prior to the debt maturity.
Following the debt repayment, the only remaining external debt Bumi
will have at the holding company level is the outstanding principal
and accrued interest on its MCBs, which will mature in December
2024. Bumi will have sufficient cash to service the 6% coupon on
the MCBs and repay the accrued interest at maturity. The remaining
principal on the MCBs will be converted to equity.
Subsequently, Bumi's credit quality will benefit from a
significantly improved capital structure with minimal debt,
supported by its position, through its majority-owned subsidiaries
PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, as Indonesia's
largest thermal coal producer.
Nonetheless, there is limited clarity around the company's future
financial policies, growth strategies and board composition
following the sizeable share acquisition by existing shareholders
-- the Bakrie Group, and new shareholders -- entities controlled by
Salim and Projosasmito, which will also own a significant stake in
Bumi.
Moody's review will focus on (1) Bumi's progress in raising the
$1.6 billion new share issuance proceeds and repaying debt; and (2)
ascertaining Bumi's financial policies, growth plans and governance
structure over the next few years following the change in its
shareholding composition. Moody's expects to conclude the review
within the next 60-90 days.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the ratings by up to three notches if Bumi
repays all its debt that was due to mature in December 2022, and if
its growth plans and financial policies will not subsequently
strain its capital structure and expose it to further liquidity or
refinancing risk.
The ratings could be downgraded if the new share issuance is
delayed and the risk of a default intensifies, or if recovery
prospects for the company's creditors weaken.
The principal methodology used in these ratings was Mining
published in October 2021.
BUMI RESOURCES: S&P Places 'CCC' LT ICR on CreditWatch Positive
---------------------------------------------------------------
On Oct. 14, 2022, S&P Global Ratings placed its 'CCC' long-term
issuer credit rating on Indonesia-based coal-mining company Bumi
Resources Tbk. PT and the 'CCC' issue ratings on the tranche-A and
tranche-B debt that Bumi guarantees on CreditWatch with positive
implications.
The CreditWatch placement with positive implications indicates a
one-in-two chance that S&P could raise the issuer credit rating on
Bumi depending on the outcome of the rights issue, and availability
of further details about the new shareholder structure and the
group's financial policy after the transaction.
Bumi is in an advanced stage of a non-preemptive rights issue that
will bring in fresh funds to repay the its outstanding debt.
S&P placed the ratings on Bumi on CreditWatch with positive
implications to reflect the increasing likelihood of an upgrade
following the company's completion of a non-preemptive rights
issue, receipt of payment from the new shareholders into an escrow
account, and repayment of debt obligation. Bumi expects to complete
the transactions by Oct. 20, 2022.
The proceeds from Bumi's non-preemptive rights issue will
significantly lower the company's debt. The full repayment of
Bumi's legacy debt would avert a default scenario in the next two
months and significantly lower the company's leverage. S&P
forecasts the S&P Global Ratings-adjusted debt-to-EBITDA ratio will
fall to less than 1.0x by the end of 2022, from 8.2x in 2021. In
addition, Bumi's liquidity is likely to get a boost, with
substantial cash freed up once the legacy debt is repaid. As
stipulated by the existing cash waterfall agreement, Bumi is
restricted from keeping any cash on its balance sheet; all
available cash is currently allocated to service the legacy debt.
Post the transactions, the remaining obligation on Bumi's balance
sheet will be approximately US$210 million of mandatory convertible
debentures (MCBs) held by its current largest debtholder, China
Investment Corp.
Under the disclosed issuance plan, Bumi will issue 200 million new
shares to a group of investors, comprising corporate entities under
the Bakrie family, the Salim family, and Mr. Agoes Projosasmito.
Bumi expects the proceeds will be about US$1.6 billion, which will
be received by Oct. 18, 2022, transferred to an escrow account, and
used to repay the company's outstanding tranche-B, tranche-C, and
contingent value rights debt. According to Bumi's disclosures, the
company's total indebtedness, including tranche-A debt, stood at
about US$1.8 billion as of July 12, 2022. Bumi will use its
internal cash to repay the remaining US$46.4 million of tranche-A
debt (as of July 12, 2022), prior to the issuance of new shares. A
spike in coal prices and largely healthy sales volumes has enabled
Bumi to pay down about US$275 million of tranche-A principal since
the beginning of 2022.
Bumi's financial policy under its new shareholders will be a key
credit consideration.Details about the new shareholder structure
and the funding of the transaction could affect the company's
credit standing after the transaction. Although the repayment of
the legacy debt will significantly deleverage Bumi's stand-alone
balance sheet, the company's creditworthiness could be constrained
by the credit quality of the new parent entity, which S&P assumes
will be Mach Energy (Hong Kong) Ltd (MEL). This is also assuming
MEL has a highly leveraged balance sheet and has effective control
of Bumi.
After the transaction, MEL will have 49.4% ownership in Bumi. The
Bakrie and Salim families will have joint control over Bumi through
their position in MEL. The Bakrie Family and the Salim family each
owns 42.50% in MEL; Mr. Agoes Projosasmito owns the balance 15%.
S&P said, "The probability that the rights issue and debt repayment
will not happen is low, in our view. We see few roadblocks to the
transaction being completed, given the approval by Indonesia's
financial services authority (known as Otoritas Jasa Keuangan or
OJK) and the extraordinary general meeting.
"Further, the currently favorable coal prices will boost Bumi's
earnings base, at least over the next one to two years, making the
company's assets even more attractive for new shareholders. We
expect Bumi's S&P Global Ratings-adjusted EBITDA to shoot up to
about US$810 million in 2022, from US$206.5 million in 2021. The
quadrupled growth in earnings is backed largely by robust thermal
coal prices and steady demand from customers.
"Based on our Newcastle coal price assumptions of US$120 per ton in
2023 and US$80 per ton from 2024, and Bumi's total production of 82
million-85 million tons per annum (mtpa), we forecast the company's
adjusted EBITDA will be US$350 million-US$400 million in 2023-2024.
Our adjusted EBITDA incorporates EBITDA from Arutmin Indonesia PT
and dividends from Kaltim Prima Coal PT (KPC). Arutmin and KPC are
coal mining companies in which Bumi has majority stake."
In addition, Bumi is planning to start production at its other
subsidiary, Pendopo Energi Batubara PT in 2023. Pendopo has 1.3
billion metric tons of coal reserves and its increased earnings
could further enhance dividends for Bumi.
Without the rights issue, Bumi would not have the financial
capacity to repay its tranche-B debt by December 2022. If the
rights issuance fails to materialize by late-October, a potential
default scenario could arise, given Bumi will be left with less
than two months to refinance a sizable maturity wall.
S&P said, "We believe the group would be unable to generate
sufficient cash flows to pay off US$918.1 million of outstanding
tranche-B debt before the maturity. We expect Bumi's largest
subsidiary, KPC, to pay up to US$410 million in dividends in 2022.
KPC paid US$236.9 million in dividends, as of March 31, 2022, the
majority of which went toward repaying the tranche-A principal
amount.
"The CreditWatch placement with positive implications reflects a
one-in-two chance that we could upgrade Bumi by at least one notch
on completion of the non-preemptive rights issue and repayment of
the company's debt obligation.
"We expect to resolve the CreditWatch in the coming months once we
have more details on the new shareholder structure, including the
capital structure of MEL, and the group's financial policy after
the transaction.
"We could raise the issuer credit rating on Bumi by at least one
notch if we assess that the company's capital structure post the
transaction has improved such that a default scenario is remote
over the next 12 months. In assessing the extent of the rating
upside, we would focus on the sustainability of the group's capital
structure post the transaction, and Bumi's financial policy and
growth strategy under its new ownership.
"Although less likely, we could lower the rating by one notch or
more if the company is unable to complete the transaction within
the anticipated timeframe."
ICART GROUP: Receivers Invite Expressions of Interest
-----------------------------------------------------
The receivers of ICART Group Pte. Ltd. invite expressions of
interest from parties interested in the Group.
Jason Kardachi -- Jason.Kardachi@kroll.com -- and Patrick Bance --
Patrick.Bance@kroll.com -- of Kroll were appointed joint and
several receivers and managers of ICART Group on Sept. 19, 2022.
Further information in respect of the Group will be provided upon
request to the Receivers.
Interested parties should contact the receivers on or before Oct.
19, 2022.
ICART Group Pte. Ltd. and its subsidiaries operate HappyFresh, an
online grocery marketplace in Indonesia which enables customers to
order an assortment of freshly handpicked products from
supermarkets via mobile application and website in the comfort of
their homes.
=========
J A P A N
=========
JAPAN AIRLINES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on September 12, 2022, retained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Japan Airlines Co. EJR also retained its 'B'
rating on commercial paper issued by the Company.
Headquartered in Shinagawa City, Tokyo, Japan, Japan Airlines Co.
Ltd. provides air transportation services.
KOBE STEEL: Egan-Jones Keeps B+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on September 12, 2022, retained its
'B+' foreign currency and local currency senior unsecured ratings
on debt issued by Kobe Steel, Ltd.
Headquartered in Kobe, Hyogo, Japan, Kobe Steel, Ltd. is a supplier
of aluminum and copper product including core products.
NISSAN MOTOR: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on September 14, 2022, retained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Nissan Motor Co., Ltd.
Headquartered in Yokohama, Kanagawa, Japan, Nissan Motor Co., Ltd.
manufactures and distributes automobiles and related parts.
SAPPORO HOLDINGS: Egan-Jones Keeps B Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on September 12, 2022, retained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Sapporo Holdings Limited. EJR also retained its 'C'
rating on commercial paper issued by the Company.
Headquartered IN Tokyo, Japan, Sapporo Holdings Limited produces
and sells alcoholic and non-alcoholic beverages.
TOKYU CORPORATION: Egan-Jones Keeps BB- Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 16, 2022, retained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by Tokyu Corporation. EJR also retained its 'B'
rating on commercial paper issued by the Company.
Headquartered in Shibuya City, Tokyo, Japan, Tokyu Corporation
provides railway services.
[*] JAPAN: Corporate Bankruptcies Rise for First Time in 3 Years
----------------------------------------------------------------
The Japan Times reports that the number of corporate bankruptcies
in Japan rose 6.9% in the April-September period from a year
earlier to 3,141 for the first increase in three years, according
to a survey by a credit research company.
The rise was attributable to difficulties that companies
experienced in repaying financial aid they had received from the
government in response to the COVID-19 pandemic, Tokyo Shoko
Research said.
According to the report, a Tokyo Shoko Research official said the
company is also seeing rising cases since August of bankruptcies
stemming from high raw material prices sparked by the weakening of
the yen against the U.S dollar and other major currencies.
The total liabilities left by bankrupt companies surged three times
to JPY1.74 trillion in the six-month period, buoyed by Marelli
Holdings, a major auto parts maker that filed for protection with a
court in June under Japan's civil rehabilitation law, the Japan
Times discloses.
By industry, the transport sector posted 162 bankrupt cases, up
42.1% for the first increase in three years, propelled by high fuel
prices.
In contrast, the real estate sector logged 104 cases, down 5.4% and
marking the smallest number in 30 years.
By prefecture, 29, including Hokkaido and Kyoto, saw the number of
bankruptcies increase, while 16, including Osaka and Hiroshima, saw
the number decrease.
The number in two other prefectures, Shizuoka and Nagasaki,
remained flat.
In September alone, the number of bankruptcies in the country was
up 18.6% from a year earlier to 599, according to the research
firm.
The total amount in liabilities were JPY144.87 billion, the Japan
Times relays.
=====================
N E W Z E A L A N D
=====================
ACCOUNTANTS ON CALL: Court to Hear Wind-Up Petition on Oct. 27
--------------------------------------------------------------
A petition to wind up the operations of Accountants On Call Limited
will be heard before the High Court at Auckland on Oct. 27, 2022,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 1, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
ARMSTRONG CONSTRUCTION: Creditors' Proofs of Debt Due on Dec. 9
---------------------------------------------------------------
Creditors of Armstrong Construction Corporation Limited are
required to file their proofs of debt by Dec. 9, 2022, to be
included in the company's dividend distribution.
Larissa Logan and Rhys Cain of EY were appointed joint and several
liquidators of Armstrong Construction on Sept. 9, 2022, by order of
the High Court at Auckland.
The liquidators may be reached at:
EY
2 Takutai Square
Britomart, Auckland
ASTON NORWOOD: Creditors' Proofs of Debt Due on Nov. 21
-------------------------------------------------------
Creditors of Aston Norwood Limited are required to file their
proofs of debt by Nov. 21, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 12, 2022.
The company's liquidator is:
Heath Gair
Palliser Insolvency
PO Box 57124
Mana, Porirua 5247
FUSION EVENTS: Le Race Owner Buys Liquidated Company
----------------------------------------------------
Stuff.co.nz reports that Fusion Events - the liquidated company
behind a number of South Island adventure races - has been bought
by the owner of cycling event Le Race.
Christchurch-based J-Fusion, which traded as Fusion Events, went
into administration in September owing $402,000. The owner blamed
financial pressures around Covid-19, Stuff notes.
Stuff says the firm was 12 weeks from staging The Wild, a gruelling
race through the Otago backcountry which attracted runners from
across the world.
Sheree Stevens, who owns and operates Not Just Events, has bought
Fusion Events' intellectual property and infrastructure, though she
is not responsible for refunding entrance fees for any of the
cancelled events, according to Stuff.
The deal did not include The Wild, which was managed by Fusion
Events.
"I have bought the three ultras [races] in the Catlins, Nelson and
the Craigieburn Range," Stuff quotes Ms. Stevens as saying.
Ms. Stevens, who has been in the events industry for more than 25
years, could not disclose what she paid for Fusion Events but said
the company name would not be used and would be disbanded.
"I made it clear at the beginning I wasn't interested in all the
events but it came as a package," she said.
Ms. Stevens will stage two of the events next year - the Forest Run
in Bottle Lake Christchurch, and the Valley Ultra, which starts at
Castle Hill, Stuff says.
She is still deciding what to do with the Island Ultra in Nelson
but other events, including the Coastal Ultra in the Catlins, will
be mothballed as Stevens feels the market is "swamped".
"I would rather let New Zealand recover from Covid," she said.
"What these guys (Fusion Events) have created is some doubt in some
of our competitors' [runners] minds."
Stuff says Ms. Stevens has also bought the Saint Clair Vineyard
Half Marathon in Marlborough, which went into liquidation in May
2020. She said she "might be known as the woman that bought events
out of liquidation".
It total, runners paid about NZD25,000 to enter the ultra races in
Nelson and Craigieburn Valley, she said.
More than 750 people break out of the starting gate for Le Race, a
100km bike race from Central Christchurch to Akaroa.
"There's about 25k out there which I don't have, that's been spent
by Fusion Events.
"I have to go to the participants and say, 'Hey, I'm the new owner,
I welcome you back'.
"It's about consultation and saying, 'I'm really sorry I haven't
got your money but I will give you a cheaper entry fee, please come
and support me'."
The next Le Race, from Christchurch to Akaroa, will be staged on
Saturday March 18, 2023, adds Stuff.
GBJ GROUP1: Court to Hear Wind-Up Petition on Oct. 27
-----------------------------------------------------
A petition to wind up the operations of GBJ Group1 Limited will be
heard before the High Court at Auckland on Oct. 27, 2022, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 8, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
KLAIR BUILDERS: Court to Hear Wind-Up Petition on Oct. 27
---------------------------------------------------------
A petition to wind up the operations of Klair Builders Limited will
be heard before the High Court at Auckland on Oct. 27, 2022, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 1, 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
=================
BASP INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 28
-------------------------------------------------------------
A petition to wind up the operations of BASP International Pte Ltd
will be heard before the High Court of Singapore on Oct. 28, 2022,
at 10:00 a.m.
Golden Barley International Pte Ltd filed the petition against the
company on Oct. 3, 2022.
The Petitioner's solicitors are:
Coleman Street Chambers LLC
77 High Street
#03-13/14 High Street Plaza
Singapore 179433
CHIAM JOO: Court to Hear Wind-Up Petition on Nov. 4
---------------------------------------------------
A petition to wind up the operations of Chiam Joo Seng Towgay
Growers & Suppliers Pte Ltd will be heard before the High Court of
Singapore on Nov. 4, 2022, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Oct. 12, 2022.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
DESIGN ORIGIN: Court to Hear Wind-Up Petition on Nov. 4
-------------------------------------------------------
A petition to wind up the operations of Design Origin Pte Ltd will
be heard before the High Court of Singapore on Nov. 4, 2022, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Oct. 11, 2022.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
KADDRA PTE: Creditors' Meetings Set for Oct. 26
-----------------------------------------------
Kaddra Pte Ltd. and Sais Pte. Ltd. will hold a meeting for its
creditors on Oct. 26, 2022, at 4:30 p.m. and 6:30 p.m., via video
conference.
Agenda of the meeting includes:
a. to receive a full statement of the Company's affairs
together with a list of its creditors and the estimated
amount of their claims;;
b. to nominate Luke Anthony Furler and Hubert Jen Wei Chang
of Quantuma (Singapore) Pte Limited, jointly and severally,
as Liquidators for the purpose of winding up the affairs and
distributing the assets of the Company;
c. to resolve that the Liquidators be at liberty to open,
maintain, and operate any bank accounts or an account for
monies received by them as Liquidators of the Company, with
such bank as the Liquidators deem fit;
d. to appoint a Committee of Inspection of not more than
5 members, if thought fit;
e. should a Committee of Inspection be formed, to approve the
Liquidators' power pursuant to Section 144(1) of the IRDA;
and
f. any other business.
PHARMATECH RESOURCES: Creditors' Proofs of Debt Due on Nov. 21
--------------------------------------------------------------
Creditors of Pharmatech Resources (FE) Pte. Ltd. and Value3
Advisory Pte. Ltd. are required to file their proofs of debt by
Nov. 21, 2022, to be included in the company's dividend
distribution.
Pharmatech Resources (FE) and Value3 Advisory commenced wind-up
proceedings on Sept. 16, 2022 and Sept. 30, 2022.
The company's liquidators are:
Don M Ho
David Ho Chjuen Meng
c/o DHA+ pac
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
=====================
S O U T H K O R E A
=====================
KDB LIFE: Fitch Affirms 'BB+' LongTerm IDR, Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed KDB Life Insurance Co., Ltd.'s (KDB
Life) Insurer Financial Strength (IFS) Rating of 'BBB-' (Good) and
its Long-Term Issuer Default Rating (IDR) of 'BB+'. The Outlook on
the two ratings remains Negative. Fitch has also affirmed the
company's US dollar subordinated hybrid securities at 'BB'.
Fitch assesses KDB Life's IFS Rating on a standalone basis, without
any uplift to reflect Korea Development Bank's (KDB, AA-/Stable)
majority ownership. KDB Life's IFS Rating reflects the company's
'Moderate' company profile, 'Good' financial performance and
adequate risk-based capital buffer.
KEY RATING DRIVERS
Outlook Remains Negative: The Negative Outlook reflects KDB Life's
high financial leverage and exposure to risky assets. It also
reflects the uncertainty over the insurer's potential ownership
change.
High Financial Leverage: KDB Life continued to maintain a high
financial leverage ratio, which was at 47% at end-1H22, despite an
'Adequate' solvency buffer. The issuance of hybrid and subordinated
securities in 2018 and 2019 raised its leverage position. Fitch
treats Korean hybrid securities as 100% debt for the calculation of
leverage.
'Adequate' Solvency Buffer: The company's capitalisation, based on
Fitch's Prism Model score, remained at the 'Adequate' level at
end-1H22. Its local risk-based capital (RBC) ratio improved
considerably to 199.6% by end-1H22 (end-2021: 168.9%) after
recognition of part of the liability adequacy test (LAT) surplus.
Quota share reinsurance also reduced its required capital, which
helped to improve the RBC ratio. Fitch believes that KDB Life will
maintain its Prism Model score in the 'Adequate' category despite
the impact of interest rate increases on its capital and
liabilities.
High Asset-Risk Exposure: The risky-asset ratio remained high at
378% at end-1H22 (2018: 194%). The insurer started increasing its
allocation to alternative investments in 2018 to improve
risk-adjusted returns. Its alternative investments largely consist
of real-estate projects, followed by government-backed
infrastructure and social overhead capital projects. Fitch expects
KDB Life to gradually shift its investment portfolio towards more
conservative instruments in the near term.
Enhanced Profitability: KDB Life's annualised return on assets
(pretax) and return on equity rose to 0.9% and 20.4%, respectively
in 1H22 (2021: 0.4% and 3.2%, respectively). KDB Life's new
business value (NBV) margin improved considerably to 30% in 1H22
(2021: 12%), after moving to focus on protection and health-type
policies. The company had a strong bottom line, mainly from better
investment income and foreign-exchange gains amid interest rate
hikes and a stronger US dollar. As a result, its fixed-charge
coverage ratio improved to 5.0x in 1H22 (2021: 2.0x).
Mid-Sized Domestic Player: Fitch ranks KDB Life's company profile
as 'Moderate' as a result of a 'Moderate' business profile and
'Moderate/Favourable' corporate governance profile compared with
that of other Korean life insurers. The ranking is underpinned by
its position as mid-sized life insurer in the country, a somewhat
diversified business portfolio and 'Moderate' business risk
profile.
The company has operated for more than 40 years. Its domestic life
insurance market share by premium income was about 2% in 1H22.
Fitch scores KDB Life's company profile at 'bbb' under the agency's
credit-factor scoring guidelines, based on the ranking.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- A significant decline in KDB Life's capitalisation, as measured
by the Prism Model score, falling below the 'Adequate' category;
- A significant deterioration in the leverage position, with the
financial leverage ratio failing to return to below 45% for a
sustained period;
- A prolonged deterioration in profitability, with the
consolidated return on assets (pre-tax) below 0.2% and fixed-
charge coverage ratio consistently below 1.9x;
- A significant decrease in parent Korea Development Bank's (KDB,
AA-/Stable) ownership of KDB Life, or other corporate actions
that may result in a weaker assessment of the parent's support
for the subsidiary.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Ability to improve capital strength, with the Fitch Prism Model
score maintained well into the 'Adequate' category;
- Decrease in the risky-asset ratio to below 220% persistently;
- Improvement in profitability, with a consolidated return on
assets (pre-tax) consistently above 0.5% and a stable NBV margin.
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.
Entity/Debt Rating Prior
----------- ------ -----
KDB Life
Insurance Co.,
Ltd. LT IDR BB+ Affirmed BB+
Ins Fin Str BBB- Affirmed BBB-
subordinated LT BB Affirmed BB
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Oct. 10, 2022 to Oct. 14, 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
HONGHEZHOU DEVELOPMENT IN 5.90 07/12/24 CNY 40.76
HONGHU CITY HONGRUI INVES 6.30 10/13/24 CNY 61.24
HONGHU CITY HONGRUI INVES 6.30 10/13/24 CNY 61.80
HUACHEN ENERGY CO LTD 4.65 12/29/26 USD 48.71
HUAIAN CITY HUAIAN DISTRI 4.63 05/03/23 CNY 20.17
HUAIAN CITY HUAIAN DISTRI 4.63 05/03/23 CNY 20.23
HUAIAN CITY XUYI URBAN AS 5.10 04/15/23 CNY 19.75
HUAIAN CITY XUYI URBAN AS 5.10 04/15/23 CNY 20.02
HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 20.03
HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 20.20
HUAIAN HONGZE DISTRICT UR 4.37 07/18/23 CNY 19.65
HUAIAN HONGZE DISTRICT UR 4.37 07/18/23 CNY 19.65
HUAI'AN INVESTMENT HOLDIN 5.28 08/11/24 CNY 40.00
HUAI'AN INVESTMENT HOLDIN 5.28 08/11/24 CNY 41.49
HUAIAN JINHU TRAFFIC INVE 7.38 08/10/25 CNY 64.81
HUAIAN JINHU TRAFFIC INVE 7.38 08/10/25 CNY 72.00
HUAI'AN NEW CITY INVESTME 5.22 09/20/24 CNY 61.44
HUAIAN QINGPU CITY CONSTR 6.75 09/29/24 CNY 60.58
HUAIAN QINGPU CITY CONSTR 6.75 09/29/24 CNY 62.21
HUAIHUA CITY CONSTRUCTION 4.18 08/31/23 CNY 39.86
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
HUANGSHAN CHENGTOU GROUP 6.74 04/27/25 CNY 62.98
HUANGSHI CIHU HIGH-TECH D 4.97 06/08/23 CNY 19.99
HUANGSHI CIHU HIGH-TECH D 4.97 06/08/23 CNY 20.21
HUANGSHI CIHU HIGH-TECH D 4.50 06/08/23 CNY 20.26
HUANGSHI CIHU HIGH-TECH D 4.50 06/08/23 CNY 23.00
HUANGSHI ZHONGBANG CITY R 5.95 06/02/24 CNY 41.38
HUANGSHI ZHONGBANG CITY R 5.95 06/02/24 CNY 41.97
HUBEI PROVINCIAL COMMUNIC 5.29 06/05/25 CNY 83.05
HUBEI SONGZI JINSONG INVE 6.60 06/21/24 CNY 41.15
HUBEI SONGZI JINSONG INVE 6.60 06/21/24 CNY 41.46
HUBEI SONGZI JINSONG INVE 4.07 05/07/27 CNY 73.66
HUBEI SUPPLY AND MARKETIN 6.70 08/23/24 CNY 58.58
HUBEI SUPPLY AND MARKETIN 6.70 08/23/24 CNY 61.40
HUBEI YILING ECONOMIC DEV 6.45 09/05/24 CNY 60.00
HUBEI YILING ECONOMIC DEV 6.45 09/05/24 CNY 61.18
HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 30.00
HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 30.57
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 20.11
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 20.18
HUNAN DESHAN CONSTRUCTION 6.46 09/14/24 CNY 59.82
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 HONGSHAN CITY CONST 5.68 10/12/24 CNY 61.95
WUHAN QIAOKOU STATE OWNED 3.48 08/29/23 CNY 40.15
WUHAN QIAOKOU STATE OWNED 3.48 08/29/23 CNY 40.20
WUHAN URBAN CONSTRUCTION 4.99 06/15/24 CNY 50.00
WUHU COMMUNICATIONS INVES 4.50 04/28/23 CNY 20.15
WUHU COMMUNICATIONS INVES 4.50 04/28/23 CNY 20.21
WUHU COMMUNICATIONS INVES 3.58 09/23/23 CNY 40.02
WUHU COMMUNICATIONS INVES 3.58 09/23/23 CNY 40.15
WUHU JINGHU CONSTRUCTION 4.37 07/20/23 CNY 20.25
WUHU JINGHU CONSTRUCTION 4.37 07/20/23 CNY 20.35
WUHU JIUJIANG CONSTRUCTIO 3.96 03/21/23 CNY 20.20
WUHU JIUJIANG CONSTRUCTIO 3.96 03/21/23 CNY 20.21
WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 20.07
WUHU XINMA INVESTMENT CO 6.00 04/10/25 CNY 62.63
WUSHENG CITY INVESTMENT C 7.05 11/03/24 CNY 60.00
WUSHENG CITY INVESTMENT C 7.05 11/03/24 CNY 61.68
WUXI EAST SCIENCE & TECHN 5.73 09/14/24 CNY 60.00
WUXI EAST SCIENCE & TECHN 5.73 09/14/24 CNY 61.46
WUXI FOOD SCIENCE PARK DE 5.70 09/28/24 CNY 61.00
WUXI FOOD SCIENCE PARK DE 5.70 09/28/24 CNY 61.72
WUXI HUIKAI ECONOMIC DEVE 4.16 04/08/23 CNY 20.17
WUXI TAIHU NEW CITY DEVEL 4.49 05/03/23 CNY 20.21
WUXI TAIHU NEW CITY DEVEL 4.49 05/03/23 CNY 20.25
WUXI TAIHU NEW CITY DEVEL 3.47 08/29/23 CNY 40.10
WUXI TAIHU NEW CITY DEVEL 3.47 08/29/23 CNY 42.00
WUXI XIDONG NEW TOWN CONS 3.92 11/09/23 CNY 40.33
WUXI XIDONG NEW TOWN CONS 3.92 11/09/23 CNY 40.33
WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48
XIAMEN ZHONGJUN INDUSTRIA 6.50 08/01/23 CNY 63.38
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 20.08
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 20.10
XIAN HIGH-TECH ZONE CAOTA 6.49 04/25/25 CNY 61.00
XIAN HIGH-TECH ZONE CAOTA 6.49 04/25/25 CNY 63.18
XI'AN HI-TECH HOLDING CO 5.87 06/26/25 CNY 62.20
XI'AN HI-TECH HOLDING CO 6.12 12/27/24 CNY 62.38
XI'AN HI-TECH HOLDING CO 6.12 12/27/24 CNY 62.41
XI'AN HI-TECH HOLDING CO 5.87 06/26/25 CNY 62.79
XI'AN PIONEERING PARK DEV 6.20 05/02/24 CNY 40.60
XI'AN PIONEERING PARK DEV 6.20 05/02/24 CNY 40.61
XIANGCHENG LINGWU URBAN D 7.45 11/10/24 CNY 60.00
XIANGCHENG LINGWU URBAN D 7.45 11/10/24 CNY 62.67
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 19.80
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 20.06
XIANGTAN CITY INFRASTRCTU 3.95 08/04/23 CNY 19.32
XIANGTAN CITY INFRASTRCTU 3.60 08/04/23 CNY 19.61
XIANGTAN CITY INFRASTRCTU 3.95 08/04/23 CNY 19.62
XIANGTAN CITY INFRASTRCTU 3.60 08/04/23 CNY 20.01
XIANGTAN JIUHUA ECONOMIC 5.00 07/25/26 CNY 49.67
XIANGTAN JIUHUA ECONOMIC 5.00 07/25/26 CNY 62.23
XIANGXIANG CITY DONGSHAN 6.20 08/03/24 CNY 40.76
XIANGXIANG CITY DONGSHAN 6.20 08/03/24 CNY 41.42
XIANGXIANG ECONOMIC DISTR 5.28 09/09/23 CNY 39.14
XIANGXIANG ECONOMIC DISTR 5.28 09/09/23 CNY 39.32
XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 19.99
XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 20.34
XIANGXIANG URBAN CONSTRUC 7.50 10/27/24 CNY 60.00
XIANGXIANG URBAN CONSTRUC 7.50 10/27/24 CNY 62.68
XIANGYANG CITY HOUSING IN 6.10 12/15/24 CNY 61.00
XIANGYANG CITY HOUSING IN 6.10 12/15/24 CNY 62.67
XIANGYANG CITY XIANGZHOU 5.18 04/28/23 CNY 20.23
XIANGYANG CITY XIANGZHOU 5.18 04/28/23 CNY 20.27
XIANGYANG HIGH TECH STATE 6.25 06/12/24 CNY 41.63
XIANGYANG HIGH TECH STATE 6.25 06/12/24 CNY 41.70
XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 20.03
XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 20.16
XIANGYANG STATE-OWNED CAP 6.10 07/19/24 CNY 40.00
XIANGYANG STATE-OWNED CAP 6.10 07/19/24 CNY 41.35
XIANNING CITY CONSTRUCTIO 5.99 07/27/27 CNY 70.00
XIANNING HIGH-TECH INVEST 6.60 06/01/27 CNY 57.72
XIANNING HIGH-TECH INVEST 6.60 06/01/27 CNY 57.73
XIANTAO CITY CONSTRUCTION 4.59 04/18/23 CNY 20.26
XIANTAO CITY CONSTRUCTION 4.59 04/18/23 CNY 20.28
XIAOCHANG SHUNHE DEVELOPM 4.15 10/17/23 CNY 40.06
XIAOXIAN COUNTY DEVELOPME 4.85 06/22/23 CNY 20.23
XIAOXIAN COUNTY DEVELOPME 4.85 06/22/23 CNY 20.43
XIFENG COUNTY URBAN CONST 8.00 03/14/26 CNY 63.00
XINDONGGANG HOLDING GROUP 5.53 04/27/23 CNY 20.24
XINDONGGANG HOLDING GROUP 5.53 04/27/23 CNY 20.28
XINGAN COUNTY URBAN CONST 5.48 08/03/23 CNY 19.93
XINGAN COUNTY URBAN CONST 5.48 08/03/23 CNY 20.03
XINGAN LEAGUE 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 DISTRICT D 6.00 03/19/25 CNY 62.92
YANCHENG YANDU DISTRICT S 3.67 03/17/23 CNY 19.18
YANCHENG YANDU DISTRICT S 3.67 03/17/23 CNY 20.08
YANGO GROUP CO LTD 6.95 04/24/24 CNY 10.61
YANGO GROUP CO LTD 6.90 01/22/26 CNY 16.74
YANGO GROUP CO LTD 7.30 04/24/25 CNY 16.80
YANGO GROUP CO LTD 7.50 03/22/22 CNY 20.00
YANGO GROUP CO LTD 6.67 10/14/25 CNY 22.00
YANGO GROUP CO LTD 7.00 08/24/24 CNY 22.00
YANGO GROUP CO LTD 6.80 10/28/24 CNY 22.90
YANGO GROUP CO LTD 6.80 07/23/25 CNY 55.50
YANGO GROUP CO LTD 6.92 01/29/25 CNY 55.50
YANGO GROUP CO LTD 6.60 06/23/24 CNY 55.50
YANGO GROUP CO LTD 7.40 03/24/22 CNY 55.50
YANGXIN TOWN CONSTRUCTION 6.50 04/26/24 CNY 40.72
YANGXIN TOWN CONSTRUCTION 6.50 04/26/24 CNY 41.32
YANGZHONG TRANSPORTATION 4.95 04/07/23 CNY 20.19
YANGZHONG TRANSPORTATION 4.95 04/07/23 CNY 20.19
YANGZHONG TRANSPORTATION 4.98 04/07/23 CNY 20.26
YANGZHONG TRANSPORTATION 4.98 04/07/23 CNY 20.29
YANGZHOU ECONOMIC & TECHN 5.28 07/06/24 CNY 41.13
YANGZHOU ECONOMIC & TECHN 5.28 07/06/24 CNY 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 40.63
YINGCHENG CITY PUYANG DEV 6.50 04/14/24 CNY 41.26
YINGKOU BEIHAI NEW CITY D 7.19 07/12/24 CNY 40.32
YINGKOU BEIHAI NEW CITY D 7.19 07/12/24 CNY 41.52
YINGKOU BEIHAI NEW CITY D 7.98 01/25/25 CNY 60.00
YINGKOU BEIHAI NEW CITY D 7.98 01/25/25 CNY 62.99
YINGKOU ECO & TECH DEVELO 5.20 08/05/23 CNY 19.52
YINGKOU ECO & TECH DEVELO 5.20 08/05/23 CNY 20.32
YINGKOU ECO & TECH DEVELO 6.98 04/19/24 CNY 39.67
YINGKOU ECO & TECH DEVELO 6.98 04/19/24 CNY 41.58
YINGKOU LAOBIAN CITY CONS 4.98 03/11/23 CNY 19.59
YINGKOU LAOBIAN CITY CONS 4.98 03/11/23 CNY 19.83
YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 20.09
YINGTAN STATE-OWNED ASSET 7.50 12/12/22 CNY 15.21
YINGTAN STATE-OWNED ASSET 7.50 12/12/22 CNY 15.21
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 19.99
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 20.01
YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 20.10
YIWU CITY CONSTRUCTION IN 5.48 08/18/24 CNY 40.00
YIWU CITY CONSTRUCTION IN 5.48 08/18/24 CNY 61.20
YIXING TUOYE INDUSTRIAL C 5.99 04/13/25 CNY 63.10
YIYANG CITY CONSTRUCTION 6.43 04/24/25 CNY 61.28
YIYANG CITY CONSTRUCTION 6.43 04/24/25 CNY 63.21
YIYANG COUNTY CITY CONSTR 7.50 06/07/25 CNY 60.00
YIYANG COUNTY CITY CONSTR 7.50 06/07/25 CNY 64.46
YIYANG PROVINCE AREA INNO 4.95 10/13/23 CNY 39.03
YIYANG PROVINCE AREA INNO 5.16 11/23/23 CNY 39.70
YIYANG PROVINCE AREA INNO 5.16 11/23/23 CNY 39.97
YIYANG PROVINCE AREA INNO 4.95 10/13/23 CNY 40.24
YIYUAN HONGDING ASSET OPE 7.50 08/17/25 CNY 50.01
YIYUAN HONGDING ASSET OPE 7.50 08/17/25 CNY 64.92
YIZHANG XINGYI CONSTRUCTI 5.49 09/02/24 CNY 54.85
YIZHANG XINGYI CONSTRUCTI 5.49 09/02/24 CNY 55.55
YIZHENG SHI'ERWEI NEW ARE 6.77 08/22/24 CNY 41.15
YONG ZHOU CITY DEVELOPMEN 5.30 07/13/24 CNY 41.10
YONG ZHOU CITY DEVELOPMEN 5.30 07/13/24 CNY 41.21
YONGCHENG COAL & ELECTRIC 7.50 02/02/21 CNY 39.88
YONGXING YINDU INVESTMENT 5.60 03/24/23 CNY 20.04
YONGXING YINDU INVESTMENT 5.60 03/24/23 CNY 20.13
YONGXING YINDU INVESTMENT 6.50 08/14/24 CNY 38.60
YONGXING YINDU INVESTMENT 6.93 07/07/24 CNY 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 39.07
YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 20.14
YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 20.28
YUHUAN CITY CONSTRUCTION 3.72 10/21/23 CNY 39.94
YUHUAN CITY CONSTRUCTION 3.72 10/21/23 CNY 40.26
YUNCHENG SHUIHU CITY CONS 4.54 11/21/23 CNY 40.04
YUNCHENG SHUIHU CITY CONS 4.54 11/21/23 CNY 40.05
YUNCHENG URBAN CONSTRUCTI 6.30 08/29/24 CNY 59.04
YUNCHENG URBAN CONSTRUCTI 6.30 08/29/24 CNY 59.75
YUNYANG RENHE INVESTMENT 7.49 05/04/25 CNY 64.30
YUNYANG RENHE INVESTMENT 7.49 05/04/25 CNY 64.32
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 20.00
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 20.10
ZAOYANG CITY CONSTRUCTION 5.50 03/22/23 CNY 20.26
ZAOYANG CITY CONSTRUCTION 5.50 03/22/23 CNY 20.29
ZHANGJIAGANG ECONOMY DEVE 3.95 03/22/23 CNY 20.00
ZHANGJIAGANG ECONOMY DEVE 3.95 03/22/23 CNY 20.20
ZHANGJIAJIE ECONOMIC DEVE 6.47 07/24/27 CNY 62.50
ZHANGJIAJIE ECONOMIC DEVE 6.47 07/24/27 CNY 64.65
ZHANGQIU STATE OWNED ASSE 3.69 08/09/23 CNY 20.15
ZHANGQIU STATE OWNED ASSE 3.69 08/09/23 CNY 20.25
ZHANGSHU STATE-OWNED ASSE 4.80 06/22/23 CNY 20.29
ZHANGSHU STATE-OWNED ASSE 4.80 06/22/23 CNY 22.67
ZHAODONG DONGSHENG CONSTR 6.50 01/20/24 CNY 40.93
ZHAODONG DONGSHENG CONSTR 6.50 01/20/24 CNY 41.05
ZHAOQING HI-TECH ZONE CON 3.97 08/26/23 CNY 39.92
ZHAOQING HI-TECH ZONE CON 3.97 08/26/23 CNY 40.25
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 20.18
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 20.30
ZHEJIANG HANGZHOU QINGSHA 5.99 06/30/24 CNY 41.42
ZHEJIANG HANGZHOU QINGSHA 5.99 06/30/24 CNY 41.42
ZHEJIANG HUISHENG INVESTM 4.49 03/15/24 CNY 40.00
ZHEJIANG HUISHENG INVESTM 4.49 03/15/24 CNY 40.74
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 20.13
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 20.29
ZHEJIANG TIANTAI STATE-OW 6.50 11/22/24 CNY 60.00
ZHEJIANG TIANTAI STATE-OW 6.50 11/22/24 CNY 62.89
ZHEJIANG WUYI CITY CONSTR 8.00 08/10/25 CNY 60.00
ZHEJIANG WUYI CITY CONSTR 8.00 08/10/25 CNY 63.88
ZHENGZHOU AIRPORT ECONOMY 4.27 07/20/26 CNY 40.16
ZHENGZHOU AIRPORT ECONOMY 4.27 07/20/26 CNY 54.85
ZHENGZHOU GENERAL AVIATIO 5.98 06/27/24 CNY 40.00
ZHENGZHOU GENERAL AVIATIO 5.98 06/27/24 CNY 41.54
ZHENGZHOU GENERAL AVIATIO 5.80 10/18/24 CNY 60.00
ZHENGZHOU GENERAL AVIATIO 5.80 10/18/24 CNY 61.88
ZHENGZHOU MOUZHONG DEVELO 4.59 04/18/23 CNY 20.16
ZHENGZHOU MOUZHONG DEVELO 4.59 04/18/23 CNY 20.16
ZHENJIANG DANTU DISTRICT 5.98 11/06/24 CNY 62.11
ZHENJIANG DANTU DISTRICT 5.98 11/06/24 CNY 62.50
ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 20.06
ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 20.28
ZHENRO REAL ESTATE HOLDIN 5.45 09/14/24 CNY 25.03
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 19.40
ZHIJIANG STATE-OWNED ASSE 4.38 03/28/23 CNY 20.10
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 20.13
ZHIJIANG WANYUN COMMUNICA 7.00 08/29/24 CNY 62.54
ZHONGSHAN TORCH DEVELOPME 5.79 03/23/24 CNY 41.32
ZHONGXIANG CITY CONSTRUCT 6.50 09/01/24 CNY 61.89
ZHONGXIANG CITY CONSTRUCT 6.50 09/01/24 CNY 61.90
ZHOUSHAN CITY INVESTMENT 6.33 04/04/25 CNY 63.20
ZHOUSHAN CITY INVESTMENT 6.33 04/04/25 CNY 63.56
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 25.18
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 25.40
ZHUCHENG ECONOMIC DEVELOP 5.37 07/12/24 CNY 40.46
ZHUCHENG ECONOMIC DEVELOP 5.37 07/12/24 CNY 41.00
ZHUHAI HUIHUA INFRASTRUCT 4.70 06/27/23 CNY 20.20
ZHUHAI HUIHUA INFRASTRUCT 4.70 06/27/23 CNY 20.30
ZHUJI CITY EAST NEW TOWN 3.89 08/26/23 CNY 40.00
ZHUJI CITY EAST NEW TOWN 3.89 08/26/23 CNY 40.31
ZHUJI STATE-OWNED ASSETS 5.23 07/18/24 CNY 41.20
ZHUJI STATE-OWNED ASSETS 5.23 07/18/24 CNY 41.39
ZHUJI STATE-OWNED ASSETS 5.34 06/28/24 CNY 41.43
ZHUJI STATE-OWNED ASSETS 5.34 06/28/24 CNY 42.50
ZHUZHOU GECKOR GROUP CO L 3.78 09/28/23 CNY 39.97
ZHUZHOU GECKOR GROUP CO L 3.78 09/28/23 CNY 40.00
ZHUZHOU HI-TECH AUTO EXPO 4.47 11/03/23 CNY 49.42
ZHUZHOU LUSONG STATE OWNE 7.00 01/30/25 CNY 62.70
ZHUZHOU LVXIANG INVESTMEN 7.09 08/16/24 CNY 33.69
ZHUZHOU LVXIANG INVESTMEN 7.09 08/16/24 CNY 41.44
ZHUZHOU RAILWAY INDUSTRY 7.50 09/25/24 CNY 60.65
ZHUZHOU RECYCLING ECONOMI 4.38 03/24/23 CNY 18.73
ZHUZHOU RECYCLING ECONOMI 4.38 03/24/23 CNY 19.38
ZHUZHOU XIANGJIAN INVESTM 6.40 08/09/24 CNY 40.00
ZHUZHOU XIANGJIAN INVESTM 6.40 08/09/24 CNY 41.13
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 20.01
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 20.04
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 20.00
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 20.01
ZIBO BOSHAN STATE OWNED A 5.63 03/29/24 CNY 40.56
ZIBO BOSHAN STATE OWNED A 5.63 03/29/24 CNY 40.90
ZIBO HIGH TECH CITY INVES 5.28 08/10/24 CNY 41.28
ZIGUI COUNTY CHUYUAN HOLD 7.08 08/14/27 CNY 70.00
ZIXING CHENGCHENG INVESTM 6.18 08/09/24 CNY 40.00
ZIXING CHENGCHENG INVESTM 6.18 08/09/24 CNY 40.70
ZIXING CHENGCHENG INVESTM 6.20 03/16/24 CNY 41.26
ZIXING CHENGCHENG INVESTM 6.20 03/16/24 CNY 41.28
ZIXING CITY DEVELOPMENT I 6.00 05/03/24 CNY 40.84
ZIXING CITY DEVELOPMENT I 6.00 05/03/24 CNY 41.07
ZIXING CITY DEVELOPMENT I 6.30 09/26/24 CNY 60.00
ZIXING CITY DEVELOPMENT I 6.30 09/26/24 CNY 60.91
ZIYANG KAILI INVESTMENT C 8.00 02/14/26 CNY 69.91
ZIYANG WATER INVESTMENT C 3.97 03/17/23 CNY 19.53
ZIYANG WATER INVESTMENT C 3.97 03/17/23 CNY 19.65
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 19.68
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 20.16
ZONGYANG INVESTMENT DEVEL 5.85 04/25/24 CNY 40.00
ZONGYANG INVESTMENT DEVEL 5.85 04/25/24 CNY 41.38
ZUNYI BOZHOU URBAN CONSTR 6.60 07/06/24 CNY 41.20
ZUNYI BOZHOU URBAN CONSTR 6.60 07/06/24 CNY 41.21
ZUNYI BOZHOU URBAN CONSTR 7.85 10/24/24 CNY 54.00
ZUNYI BOZHOU URBAN CONSTR 7.85 10/24/24 CNY 57.67
ZUNYI CITY XIANGJIANG INV 6.99 09/25/24 CNY 61.69
ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 19.39
ZUNYI ECONOMIC DEVELOPMEN 7.48 08/17/24 CNY 40.86
ZUNYI HONGHUAGANG DISTRIC 5.05 06/27/23 CNY 18.65
ZUNYI HONGHUAGANG DISTRIC 5.05 06/27/23 CNY 20.14
ZUNYI HONGHUAGANG DISTRIC 6.98 07/25/24 CNY 36.99
ZUNYI HONGHUAGANG DISTRIC 6.98 07/25/24 CNY 41.46
ZUNYI NEW DISTRICT DEVELO 5.99 04/07/26 CNY 33.68
ZUNYI NEW DISTRICT DEVELO 5.99 04/07/26 CNY 39.38
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 23.80
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 24.60
ZUNYI TRAFFIC TRAVEL INVE 7.70 09/27/27 CNY 63.25
ZUNYI TRAFFIC TRAVEL INVE 7.80 03/07/29 CNY 75.21
ZUNYI URBAN CONSTRUCTION 7.50 05/20/24 CNY 63.19
HONG KONG
---------
AIRPORT AUTHORITY 2.63 02/04/51 USD 69.79
AIRPORT AUTHORITY 2.63 02/04/51 USD 69.88
CHINA SOUTH CITY HOLDINGS 9.00 12/11/24 USD 39.67
CHINA SOUTH CITY HOLDINGS 9.00 10/09/24 USD 40.33
CHINA SOUTH CITY HOLDINGS 9.00 07/20/24 USD 44.32
CHINA SOUTH CITY HOLDINGS 9.00 06/26/24 USD 49.11
CHINA SOUTH CITY HOLDINGS 9.00 04/12/24 USD 54.45
CNAC HK FINBRIDGE CO LTD 3.70 09/22/50 USD 70.76
DR PENG HOLDING HONGKONG 2.50 12/01/25 USD 44.14
GEMDALE EVER PROSPERITY I 4.95 08/12/24 USD 65.30
HAINAN AIRLINES HONG KONG 12.00 10/29/21 USD 2.81
HKCG FINANCE LTD 2.57 06/29/50 HKD 69.16
HKCG FINANCE LTD 2.57 05/26/50 HKD 69.20
HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 18.95
HONG KONG GOVERNMENT INTE 2.38 02/02/51 USD 69.34
HONG KONG GOVERNMENT INTE 2.38 02/02/51 USD 69.61
HONG KONG MORTGAGE CORP L 2.65 07/26/49 HKD 72.86
LAI SUN MTN LTD 5.00 07/28/26 USD 73.26
MTR CORP LTD 2.55 06/24/55 HKD 68.70
MTR CORP LTD 2.88 07/27/46 USD 72.65
VANKE REAL ESTATE HONG KO 3.50 11/12/29 USD 71.55
XIAOMI BEST TIME INTERNAT 4.10 07/14/51 USD 63.29
XIAOMI BEST TIME INTERNAT 4.10 07/14/51 USD 63.34
YANGO JUSTICE INTERNATION 5.30 01/11/22 USD 5.09
YANGO JUSTICE INTERNATION 7.50 04/15/24 USD 5.15
YANGO JUSTICE INTERNATION 10.25 03/18/22 USD 5.76
YANGO JUSTICE INTERNATION 7.50 02/17/25 USD 5.81
YANGO JUSTICE INTERNATION 10.25 09/15/22 USD 5.93
YANGO JUSTICE INTERNATION 7.88 09/04/24 USD 6.09
YANGO JUSTICE INTERNATION 9.25 04/15/23 USD 6.60
YANGO JUSTICE INTERNATION 8.25 11/25/23 USD 6.66
YANGO JUSTICE INTERNATION 10.00 02/12/23 USD 6.75
YANLORD LAND HK CO LTD 5.13 05/20/26 USD 65.58
ZENSUN ENTERPRISES LTD 12.50 09/13/23 USD 54.35
ZENSUN ENTERPRISES LTD 12.50 09/13/22 USD 58.97
ZENSUN ENTERPRISES LTD 12.50 04/23/24 USD 60.01
INDIA
-----
ACME FAZILKA POWER PVT LT 0.01 01/26/46 INR 15.91
ACME MEDAK SOLAR ENERGY P 0.01 08/29/46 INR 15.34
ACME MEDAK SOLAR ENERGY P 0.01 01/26/46 INR 16.12
ACME RANGA REDDY SOLAR PO 0.01 08/31/46 INR 15.11
ACME RANGA REDDY SOLAR PO 0.01 01/26/46 INR 15.90
ADANI RENEWABLE ENERGY RJ 4.63 10/15/39 USD 74.21
ADANI RENEWABLE ENERGY RJ 4.63 10/15/39 USD 74.26
ALAM SUTERA REALTY TBK PT 8.25 11/02/25 USD 55.64
ALAM SUTERA REALTY TBK PT 8.00 05/02/24 USD 64.46
AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 30.09
AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 30.13
AMTEK AUTO LTD 0.10 12/07/28 INR 57.02
ANSR GLOBAL CORP PVT LTD 4.00 02/12/30 INR 73.36
APG HABITAT PVT LTD 1.00 09/09/28 INR 65.21
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 45.09
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 46.44
ASSETS CARE & RECONSTRUCT 1.00 03/30/29 INR 63.12
ASSETS CARE & RECONSTRUCT 2.00 03/31/30 INR 64.59
ASSETS CARE & RECONSTRUCT 2.00 03/30/29 INR 68.16
ASSETS CARE & RECONSTRUCT 2.00 03/30/29 INR 68.16
AUTHBRIDGE RESEARCH SERVI 0.10 12/03/31 INR 43.07
AUTHBRIDGE RESEARCH SERVI 0.10 10/14/31 INR 43.54
AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 61.13
AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 61.62
BIG SHOT INFRA FACILITIES 0.01 05/20/27 INR 67.31
BIG SHOT INFRA FACILITIES 0.01 04/20/27 INR 67.77
BODY CUPID PVT LTD 0.01 03/31/31 INR 50.51
BREEZE CONSTRUCTIONS PVT 0.01 06/29/30 INR 51.01
BRITANNIA INDUSTRIES LTD 5.50 06/03/24 INR 28.34
BRITANNIA INDUSTRIES LTD 8.00 08/26/22 INR 30.00
BROIL SOLAR ENERGY PVT LT 0.01 09/05/31 INR 47.71
CHANDRAJYOTI ESTATE DEVEL 0.01 07/06/30 INR 52.24
CONVERGIA DIGITAL EDUCATI 0.10 09/29/31 INR 55.71
CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 43.89
CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 71.17
DELTA MERLIN DUNIA TEKSTI 2.50 06/26/28 USD 27.96
DLF ASPINWAL HOTELS PVT L 0.01 10/15/30 INR 48.01
DLF EMPORIO RESTAURANTS L 0.01 08/12/30 INR 51.87
DLF EMPORIO RESTAURANTS L 0.01 06/29/30 INR 52.39
DLF HOME DEVELOPERS LTD 0.01 06/29/30 INR 55.05
DLF HOMES PANCHKULA PVT L 0.01 06/29/30 INR 51.01
DLF HOMES SERVICES PVT LT 0.01 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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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