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       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, December 27, 2022, Vol. 25, No. 252

                           Headlines



A U S T R A L I A

A.G. CORP: First Creditors' Meeting Set for Jan. 4
FIRSTMAC MEZZANINE: Moody's Assigns Ba1 Rating to AUD6.2MM E Notes
HOUSE OF WINE: Second Creditors' Meeting Set for Jan. 5
METHOD CONSTRUCTIONS: First Creditors' Meeting Set for Jan. 3
METRO FINANCE 4: Moody's Assigns B2 Rating on Class E Notes

REDZED TRUST 2021-2: Moody's Raises Rating on Class F Notes to Ba2
SC PRIORITY: First Creditors' Meeting Set for Jan. 3
ST BASIL'S: Pushed to the Financial Brink, Latest Report Shows
TIQK PTY: Second Creditors' Meeting Set for Dec. 30
VOYAGE DIGITAL: S&P Places 'B+' LT ICR on CreditWatch Positive

WILLOW: Tech Start-Up Slashes 22% of Workforce


I N D I A

ABC SITES: CRISIL Withdraws B+ Rating on INR25cr Term Loan
ADARSHA AUTO: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable
ANDHRA PRADESH: Ind-Ra Affirms BB Long Term Loan Rating
BAITARANI POWER: Ind-Ra Assigns BB+ Term Loan Rating
COTTON BLOSSOM: CRISIL Lowers Long/Term Debt Rating to D

DIVY ENTERPRISES: CRISIL Assigns B+ Rating to INR2.5cr Loan
DODDANAVAR GLOBAL: Ind-Ra Moves BB+ Loan Rating to Non-Cooperating
FIVE CORE: CRISIL Keeps D Ratings in Not Cooperating Category
GOA SPONGE: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
JOHNS GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating

KCS PRIVATE: CRISIL Withdraws D Rating on INR4.0cr Cash Loan
KINETA GLOBAL: Ind-Ra Affirms B- LT Issuer Rating, Outlook Stable
KRISHNA COTTEX: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan
LAKSHMI ENGINEERING: CRISIL Lowers Rating on INR10cr Loan to D
MAGUS METALS: CRISIL Keeps D Debt Ratings in Not Cooperating

MAHARASHTRA ENG'G: CRISIL Keeps D Debt Ratings in Not Cooperating
MOHANA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
NATIONAL AUTO: CRISIL Lowers Rating INR7.5cr LT Loan to D
PALNADU CHARITABLE: CRISIL Assigns B+ Rating to INR15cr Term Loan
POWER WELFARE: CRISIL Keeps D Debt Rating in Not Cooperating

PVM TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
R. G. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
R.P. SINGH: CRISIL Keeps D Debt Rating in Not Cooperating
RAFFLES GREEN: CRISIL Keeps D Debt Ratings in Not Cooperating
REAL AGROTECH: CRISIL Keeps D Debt Ratings in Not Cooperating

SAIKRUPA COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
SAINATHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
SANTOSH ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
SION CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
SOCIAL CHANGE: CRISIL Hikes Rating on INR14.65cr Loan to B-

SPECTRUM ELECTRICAL: Ind-Ra Affirms BB+ Long Term Issuer Rating
SREI INFRASTRUCTURE: Promoter Likely to Move SC in Insolvency Case
ST. XAVIER'S: CRISIL Keeps D Debt Ratings in Not Cooperating
SUMIT TEXSPIN: CRISIL Withdraws D Rating on INR48.2cr Term Loan
SURBHI INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating

SWASTIK PANELS: CRISIL Keeps D Debt Ratings in Not Cooperating
TIRUPATI SARJAN: CRISIL Withdraws B+ Rating on INR4cr Cash Loan
VENKATESHWARA ENT: CRISIL Keeps D Debt Ratings in Not Cooperating
WOCKHARDT LIMITED: Ind-Ra Cuts Long Term Issuer Rating to BB+
[*] INDIA: Bankrupt Hotel Assets Big Draw With Investors



J A P A N

RAKUTEN GROUP: S&P Downgrades LT ICR to 'BB', Outlook Negative


N E W   Z E A L A N D

BUNNY STREET: Pharmacy Shuts Business After 30 Years
DJF FOODSTORE: Creditors' Proofs of Debt Due on Jan. 24
HIKO HEALTH: Creditors' Proofs of Debt Due on Feb. 28
HILL OF RATH: Creditors' Proofs of Debt Due on Jan. 7
NORTH SHORE: Creditors' Proofs of Debt Due on Jan. 27

SYMON HOWELL: Creditors' Proofs of Debt Due on Feb. 10


P A K I S T A N

PAKISTAN WATER: S&P Lowers LongTerm ICR to 'CCC+', Outlook Stable
PAKISTAN: S&P Downgrades SCRs to 'CCC+/C', Outlook Stable


S I N G A P O R E

AN HE SHIPPING: Creditors' Meetings Set for Jan. 9
AN SHENG SHIPPING: Creditors' Meetings Set for Jan. 10
ANIERA INVESTMENTS: Creditors' Proofs of Debt Due on Jan. 25
HODLNAUT PTE: Court to Hear Judicial Management Bid on Jan. 13
INFINITY HAIRWORKS: Court to Hear Wind-Up Petition on Jan. 6



S O U T H   K O R E A

[*] SOUTH KOREA: Credit Crunch Crisis Looming for Builders


X X X X X X X X

[*] BOND PRICING: For the Week Dec. 19, 2022 to Dec. 23, 2022

                           - - - - -


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

A.G. CORP: First Creditors' Meeting Set for Jan. 4
--------------------------------------------------
A first meeting of the creditors in the proceedings of A.G.
Corporation Pty. Limited and Sydney Car Care Pty Ltd will be held
on Jan. 4, 2023, at 11:00 a.m. via virtual meeting.

Adam Edward Farnsworth of Farnsworth Carson was appointed as
administrator of the company on Dec. 20, 2022.


FIRSTMAC MEZZANINE: Moody's Assigns Ba1 Rating to AUD6.2MM E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to notes issued by Firstmac Mezzanine Pty Ltd.

Issuer: Firstmac Mezzanine Pty Ltd

AUD22.90 million Class A2 Notes, Assigned Aaa (sf)

AUD51.00 million Class B Notes, Assigned Aa2 (sf)

AUD13.00 million Class C Notes, Assigned A2 (sf)

AUD13.00 million Class D Notes, Assigned Baa2 (sf)

AUD6.20 million Class E Notes, Assigned Ba1 (sf)

The transaction is a securitisation backed by a revolving portfolio
of Australian residential mortgage loans originated by Firstmac
Limited (Firstmac, unrated). The transaction has a 2 year revolving
period. The underlying portfolio consists of mortgage loans to
individuals and self-managed super funds (SMSF).

The transaction is a double SPV structure. Firstmac Mortgage
Funding Trust No. 4 Citi Warehouse Series (Firstmac Mortgage
Funding Trust No. 4) will issue Class A1 Notes, Mezzanine Notes and
Seller Notes. It will purchase and hold the ownership of the
underlying portfolio of mortgage loans. The Mezzanine Notes will be
purchased by Firstmac Mezzanine Pty Limited, which will in turn
issue the Class A2 through to Class E Notes.

The Class A1 Notes and Seller Notes are not rated by Moody's. The
Class A1 Notes will rank senior to the notes issued by Firstmac
Mezzanine Pty Ltd. The Seller Notes will provide credit enhancement
to all senior notes, comprised from Class A1, Class A2, Class B,
Class C, Class D and Class E Notes.

Firstmac is a privately-owned non-bank lender that has been
operating for more than 40 years. Firstmac manages a balance sheet
of approximately AUD16.7 billion, including AUD15.5 billion in
residential mortgages, AUD0.5 billion in auto loans and AUD700
million in cash investments. Firstmac has offices in Brisbane,
Sydney and Melbourne.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

The evaluation of the legal structure, capital structure and
credit enhancement provided to the notes;

Pool parameters, eligibility criteria and performance triggers
that protect against adverse changes in portfolio characteristics
during the revolving period;

The evaluation of the underlying receivables and their expected
performance;

The availability of excess spread over the life of the
transaction;

The subordination reserve which traps excess income during the
initial 6 months after closing up to 0.50% of the initial invested
amount of the notes issued at Firstmac Mortgage Funding Trust No. 4
level;

Mezzanine liquidity reserve to cover 3 months of mezzanine notes
interest subject to a floor of AUD250,000.

In Moody's view, the transaction benefits from credit strengths
such as the credit enhancement to the Class A2 notes and the
transaction benefiting from a subordination reserve which traps
excess income during the initial 6 months after closing.

At the same time, Moody's notes that the transaction features some
credit weaknesses. Approximately 24.1% of loans have a scheduled
LTV greater than 80%. A high proportion of investment loans (59.3%)
which are typically riskier than owner-occupied loans. The high
exposuire to SMSF loans (46.5%), SMSF loans give rise to unique
operational and legal risks that differ from those of a traditional
mortgage loan. The receivables portfolio will also revolve for an
initial period of 24 months or until the occurrence of a stop
funding event or an amortisation event, which exposes noteholders
to adverse collateral pool changes.

MAIN MODEL ASSUMPTIONS

In respect of the initial securitised pool, Moody's Aaa MILAN
credit enhancement — representing the loss that Moody's expects
the portfolio to suffer in the event of a severe recession scenario
— is 10.3%. Moody's expected loss for this transaction is 1.2%.

The required credit enhancement for Class A2, B, C, D, and E is
10.20%, 4.20%, 2.70%, 1.20% and 0.5% respectively.

The key transactional features are as follows:

The revolving period continues till a stop funding event or an
amortisation event is triggered. All or some of the principal
collections are used for the acquisition of new receivables during
the revolving period. The initial revolving period is 24 months.

During amortisation, the notes are paid sequentially.

At issuance, the portfolio features are as follows:

The portfolio has 24.1% of loans with a scheduled loan-to-value
(LTV) ratio above 80%.

Around 13.5% of the borrowers are self-employed.

The portfolio has a weighted-average seasoning of 6.6 months, with
60.0% of loans originated in the last six months.

46.5% of the portfolio is extended to SMSF borrowers.

Some of the key portfolio parameters, to be maintained for the pool
as a whole, include:

Receivables with a LVR greater than 80% must not exceed 25% of the
aggregate outstanding balance;

Fixed rate of interest receivables must not exceed the lesser of
AUD5,000,000 or 5% of the swap;

Interest only loans must not exceed 15% of the aggregate
outstanding balance;

Investment loans must not exceed 20% of the aggregate outstanding
balance;

Weighted average LVR of all receivables cannot exceed 72.5%;

Weighted average interest rate of all receivables cannot be less
than 3.5%;

Maximum concentration of receivables that are SMSF loans is 50% of
the aggregate outstanding balance;

Minimum concentration of receivables that are owner occupied loans
is 15% of the aggregate outstanding balance;

Maximum concentration of receivables that to obligors who are
self-employed is 20% of the aggregate outstanding balance;

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include: (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include: (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.


HOUSE OF WINE: Second Creditors' Meeting Set for Jan. 5
-------------------------------------------------------
A second meeting of creditors in the proceedings of The House of
Wine & Food Pty Ltd has been set for Jan. 5, 2023, at 10:30 a.m. in
person at Level 30, 140 William Street in Melbourne and via Zoom.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 4, 2023, at 10:00 a.m.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of the company on Nov. 29, 2022.


METHOD CONSTRUCTIONS: First Creditors' Meeting Set for Jan. 3
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Method
Constructions Australia Pty Ltd will be held on Jan. 3, 2023, at
2:00 p.m. via online meeting only.

Mathew Gollant of CJG Advisory was appointed as administrators of
the company on Dec. 19, 2022.


METRO FINANCE 4: Moody's Assigns B2 Rating on Class E Notes
-----------------------------------------------------------
Moody's Investors Service has assigned the following ratings to
notes issued by Perpetual Corporate Trust Limited as trustee of
Metro Finance Trust No.4 Warehouse Series 1.

Issuer: Perpetual Corporate Trust Limited as trustee of Metro
Finance Trust No.4 Warehouse Series 1

AUD300 million Class A Notes, Assigned Aa1 (sf)

AUD5.4 million Class B Notes, Assigned A2 (sf)

AUD7.7 million Class C Notes, Assigned Baa2 (sf)

AUD6.4 million Class D Notes, Assigned Ba2 (sf)

AUD5.8 million Class E Notes, Assigned B2 (sf)

The AUD11.8 million Class F Notes are not rated by Moody's.

The transaction is a securitisation backed by a revolving portfolio
of Australian prime commercial auto and equipment loans and leases
and novated leases originated by Metro Finance Pty Limited (Metro
Finance, unrated).

Metro Finance was established in 2011 as a commercial
auto/equipment lender. It targets prime borrowers, for small-ticket
auto and equipment assets in low volatility industries. Metro
Finance originates its lending through the commercial auto and
equipment broker and aggregator industry and novated lease
introducers nationally. Significant origination growth began in
2014. Metro also started originating prime consumer auto loans
through broker channels in 2022.

RATINGS RATIONALE

The ratings take into account, among other factors, (1) Moody's
evaluation of the underlying receivables and their expected
performance; (2) the revolving nature of the underlying portfolio;
(3) evaluation of the capital structure and credit enhancement
provided to the notes; (4) availability of excess spread over the
transaction's life; (5) the liquidity reserve sized to cover two
months of required payments subject to a floor of AUD300,000; (6)
the legal structure; (7) Metro's experience as servicer and (8)
presence of AMAL Asset Management Limited as a back-up servicer.

According to Moody's, the transaction benefits from the prime
nature of the underlying borrower and the highly diversified nature
of the portfolio. Key challenges in the transaction include 1) a
substantial portion of the portfolio extended on a streamlined
basis and; 2) a 12-month portfolio replenishment period which
exposes noteholders to possible adverse collateral pool changes.

KEY PORTOLIO AND STRUCTURAL FEATURES

The portfolio consists of prime commercial auto and equipment fixed
rate loans and leases and novated leases extended to obligors
located in Australia.

Key transactional features include a 12-month portfolio
replenishment, the portfolio parameters and stop funding events
which protect noteholders against a deterioration in the quality
and performance of the collateral during the portfolio
replenishment period.

Stop funding events include:

There is a breach of the pool parameters subsisting for 10
consecutive business days;

30 days past due arrears rate is greater than 5.0% on any
determination date;

90 days past due arrears rate is greater than 2.0% on any
determination date;

The average annualised net loss ratio in respect of a
determination date is greater than 2.00%

Pool parameters include:

Vehicle loans must be greater than 70% of the pool balance;

Balloon or residual payments must be less than 35% of the pool
balance;

The top 10 obligors must be less than 4% of the portfolio;

Novated leases must be less than 20% of the portfolio;

The portfolio yield must be greater than portfolio swap rate by at
least 3%.

All notes are variable funding notes which can be redeemed and
redrawn during the transaction revolving period subject to required
note subordination levels being maintained. However Class B, C, D
and E Notes cannot be redeemed below 70% of their facility limit.
The required note subordination for the Class A, Class B, Class C,
Class D and Class E Notes is 11.0%, 9.4%, 7.1%, 5.2% and 3.50%
respectively. When the transaction enters the amortization period
the notes will be repaid on a sequential basis.

Interest rate risk will be addressed by the interest rate swap
provided by Westpac Banking Corporation (Aa3/P-1/Aa2(cr)/P-1(cr)).
The notional balance of the swap will follow a schedule based on
the amortisation of the portfolio, assuming no prepayments. The
swap will be extended and the fixed rate will be adjusted on a
monthly basis to hedge new receivables added to the trust during
the revolving period.

AMAL Asset Management Limited (AMAL, unrated) is the back-up
servicer. If Metro is terminated as servicer, AMAL will take over
the servicing role in accordance with the standby servicing deed
and back-up servicing plan.

MAIN MODEL ASSUMPTIONS

Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 16.0%. Moody's mean default rate
for this transaction is 2.5% and the assumed recovery rate is
35.0%.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 1.30%. The
stress Moody's has applied in determining its mean default rate
reflects (i) the lack of a full economic cycle in the historical
data, (ii) the exposure to balloon loans in the portfolio and (iii)
the revolving nature of the underlying portfolio. It also reflects
the current macroeconomic trends, and other similar transactions
used as a benchmark.

The PCE of 16.00% is broadly in line with other Australian prime
auto and equipment ABS and is based on Moody's assessment of the
pool taking into account (i) historical data variability; (ii)
quantity, quality and relevance of historical performance data; and
(iii) originator quality and servicer quality and (vi) the
revolving nature of the underlying portfolio.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.


REDZED TRUST 2021-2: Moody's Raises Rating on Class F Notes to Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on seven classes
of notes issued by two RedZed Trust Series residential
mortgage-backed securities (RMBS) transactions.

The affected ratings are as follows:

Issuer: RedZed Trust Series 2021-1

Class C Notes, Upgraded to Aaa (sf); previously on Jun 3, 2022
Upgraded to Aa1 (sf)

Class D Notes, Upgraded to Aa1 (sf); previously on Jun 3, 2022
Upgraded to Aa2 (sf)

Class E Notes, Upgraded to A2 (sf); previously on Jun 3, 2022
Upgraded to A3 (sf)

Issuer: RedZed Trust Series 2021-2

Class C Notes, Upgraded to Aa1 (sf); previously on Jun 3, 2022
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Jun 3, 2022
Upgraded to A3 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Jun 3, 2022
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to Ba2 (sf); previously on Aug 10, 2021
Upgraded to B1 (sf)

RATINGS RATIONALE

The upgrades were prompted by (1) the collateral performance to
date, with a moderate level of loans in arrears and no losses, and
(2) an increase in credit enhancement available for the affected
notes.

RedZed Trust Series 2021-1

Following the December 2022 payment date, note subordination
available for Class C, Class D, and Class E Notes has increased to
11.7%, 7.2% and 4.2% respectively from 8.2%, 5.1% and 2.9% at the
last rating action for these notes in June 2022.

As of November 2022, 3.3% of the outstanding pool was 30-plus day
delinquent and 1.6% was 90-plus day delinquent. The portfolio has
incurred no losses since closing.

Based on the observed performance to date and loan attributes,
Moody's has revised its expected loss assumption to 2.0% of the
outstanding pool (equivalent to 0.8% of the original pool) from
1.8% of the outstanding pool as of the last rating action in June
2022.

Moody's has also increased its MILAN CE assumption to 11.6% from
11.2% at the last rating action, based on the current portfolio
characteristics.

RedZed Trust Series 2021-2

Following the December 2022 payment date, note subordination
available for Class C, Class D, and Class E Notes has increased to
8.0%, 4.8% and 2.6% respectively from 5.5%, 3.3% and 1.8% at the
last rating action for these notes in June 2022. Note subordination
available for Class F Notes has increased to 2.0% from 1.1% at
closing.

As of November 2022, 1.2% of the outstanding pool was 30-plus day
delinquent and 0.4% was 90-plus day delinquent. The portfolio has
incurred no losses since closing.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected loss assumption at 1.9% of the
outstanding pool, same as the last rating action in June 2022.
Moody's latest 1.9% expected loss assumption is equivalent to 1.0%
of the original pool.

Moody's has also decreased its MILAN CE assumption to 11.3% from
11.6% at the last rating action in June 2022, based on the current
portfolio characteristics.

The transactions are RMBS originated by RedZed Lending Solutions
Pty Limited (unrated), an Australian non-bank mortgage originator.
The portfolios consist of mortgage loans extended largely to
self-employed borrowers. A portion of the portfolios consist of
loans extended to borrowers with impaired credit histories or made
on an alternative income documentation basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.


SC PRIORITY: First Creditors' Meeting Set for Jan. 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of SC Priority
Labour Hire Pty. Ltd. will be held on Jan. 3, 2023, at 10:00 a.m.
via teleconference only.

Steven Arthur Gladman of Hall Chadwick was appointed as
administrator of the company on Dec. 20, 2022.


ST BASIL'S: Pushed to the Financial Brink, Latest Report Shows
--------------------------------------------------------------
The Age reports that the Melbourne nursing home where 50 residents
died in Australia's deadliest coronavirus outbreak was pushed to
the brink of insolvency during the height of the pandemic.

According to The Age, St Basil's latest financial report lodged
earlier this month, almost a year late, shows the Fawkner home has
not paid rent in years and had to slash staff dramatically after 45
residents died from COVID-19 and another five died from alleged
neglect.

The Age relates that the report also revealed that St Basil's
received AUD2.4 million in federal government JobKeeper payments in
2020 after the deaths caused the home's revenue to plummet.

For the past decade, the home paid the Greek Orthodox Archdiocese
an average annual rent of AUD2.37 million but St Basil's chairman
Bishop Evmenios confirmed to The Age the nursing home's difficult
financial position meant it was still not paying the church to
occupy the site.

"St Basil's has not been required to make any lease payments since
I have been chair," Bishop Evmenios said.

The new financial report, for the financial year ending June 2021,
said the nursing home needed 70 residents at the time to break
even, well above the 59 residents the federal Health Department
confirmed mid-December were currently living there.

The Age says St Basil's auditor William Buck noted there was
"material uncertainty" over the home's ability to continue as a
going concern.

The Age relates that Bishop Evmenios said the home remained solvent
and had not received any loans or other financial assistance,
beyond the rent relief, from the archdiocese in the past 18
months.

The collapse in revenue from residents dying or departing did allow
St Basil's to claim AUD2.4 million in JobKeeper payments from the
federal government. Only those not-for-profit businesses whose
turnover fell, or was likely to fall by 15 per cent or more, could
get JobKeeper.

Bishop Evmenios said St Basil's current staff had worked hard "to
provide the very best care to our residents, both old and new, and
to continue to provide a much-needed aged care facility for our
community".

He said since joining as chairman in September 2020, he had,
together with staff at the home, been "rebuilding a once proud and
exemplary aged care facility".

The financial report was filed with the Australian Charities and
Not-for-profits Commission on December 7 despite being due in
January. Bishop Evmenios said the late filing was "an
administrative oversight," The Age relays.

When the pandemic hit Australia, St Basil's had 117 residents. At
its lowest ebb after the deaths, it was home to just 38 older
people. The facility, on the banks of the Merri Creek, can
accommodate up to 147 residents.

At the time the new report was written, St Basil's employed just
three full-time staff, along with 87 part-timers. Before the deaths
in 2020 and the subsequent resident exodus, the home had 40
full-time staff and 100 part-time workers.

The Greek Orthodox Church has owned the St Basil's property
outright since 1992 but over the past decade charged the nursing
home rent of AUD23.7 million. In 2020, The Age revealed those rents
were almost twice the level of rent the Greek Orthodox Church
should have received, according to independent valuations.

Greek community figure and former Victorian MP Theo Theophanous at
the time labelled the rent "exorbitant".

In its latest financial report, St Basil's admits there is no
"formal written lease" between it and the church, The Age states.

When The Age reported in 2020 how much rent St Basil's had paid the
church, the families of residents who had died reacted angrily.
Many still believe St Basil's should not have reopened following
the deaths.

In its financial report, the directors of St Basil's said the home
faced "several ongoing legal matters" including a class action from
the families of those who had died.

This class action was among the reasons there was "material
uncertainty" at the home's ability to continue, the report, as
cited by The Age, said.

But it was appropriate for the home to continue operating because
the result of the class action against it was not expected for at
least 12 months. St Basil's has set aside AUD2 million to pay
lawyers to represent it in legal cases, including the class action,
The Age notes.


TIQK PTY: Second Creditors' Meeting Set for Dec. 30
---------------------------------------------------
A second meeting of creditors in the proceedings of TIQK Pty Ltd,
TIQK Investments Pty Ltd, and TIQK (Holdings) Pty Ltd has been set
for Dec. 30, 2022, at 9:00 a.m. at Level 9, 60 Pitt St in Sydney
and via virtual facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 28, 2022, at 4:00 p.m.

Michael Hogan and Brendan Copeland of HoganSprowles were appointed
as administrators of the company on Nov. 21, 2022.


VOYAGE DIGITAL: S&P Places 'B+' LT ICR on CreditWatch Positive
--------------------------------------------------------------
S&P Global Ratings placed its 'B+' long-term issuer credit rating
on Voyage Digital (NZ) Ltd., as well as the 'B+' issue ratings on
the company's senior secured debt, on CreditWatch with positive
implications.

S&P said, "We will resolve the CreditWatch placement once the
transaction is completed, estimated in mid-2023 subject to
regulatory approvals, and the company completes the intended debt
reduction. We will also seek clarity regarding the success of the
company's growth strategy, post transaction capital structure,
future capital investment program, and progress in its integration
and synergy initiatives following the recent 2Degrees and Orcon
merger."

The CreditWatch positive placement follows Voyage Digital's
announcement of the NZ$1.076 billion sale of its 2degrees telco
tower assets. As the tower assets are passive in nature and exclude
any strategic parts of the business that may affect the company's
ability to compete in the telco market, we consider the sale will
not adversely affect Voyage's core business. The sale includes a
20-year lease back agreement with Connexa (inclusive of rights of
renewal) for access to 1,124 towers with an additional co-location
commitment of 450 sites over the next 10 years. The sale is subject
to approvals from New Zealand's Overseas Investment Office and
Commerce Commission, which are expected to be completed by
mid-2023.

S&P said, "We expect the prospective debt reduction of
approximately NZ$400 million to the NZ$1.35 billion term loan B
debt to improve our assessment of Voyage's credit metrics. The
impact of the intended debt reduction is somewhat offset by the
creation of a lease liability from the 20-year lease agreement over
the towers that we will add to our adjusted debt level.
Nevertheless, we expect the company's credit metrics to improve
with S&P Global adjusted net debt-to-EBITDA reducing to below 4x.
This is expected to improve our assessment of Voyage's financial
risk profile.

"We will resolve the CreditWatch on, and potentially prior to, the
company completing its debt reduction initiatives from the sale of
its tower assets. The transaction is estimated to be completed in
mid-2023 given the need to obtain regulatory approval. In addition,
we will concurrently seek clarity regarding the success of the
company's growth strategy, post transaction capital structure, and
future capital investment program. The company's successful
execution of its expected integration and synergy initiatives,
following the recent 2Degrees and Orcon merger, will also be
important in supporting our view of the robustness of the company's
business profile and its ability to achieve earnings and cash flow
growth."

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


WILLOW: Tech Start-Up Slashes 22% of Workforce
----------------------------------------------
Eli Green at news.com.au reports that a start-up backed by business
giants has let go 22 per cent of its staff just ahead of
Christmas.

Willow, a property and infrastructure start-up which creates
digital representations of companies' physical assets, announced on
Dec. 23 it has laid off 72 of its employees as well as 27
contractors.

According to news.com.au, the company has blamed the current
economic conditions as the reason behind its decision to let go of
some employees despite being on a "strong growth trajectory".

"However, like many technology companies, we have not been immune
to the impacts of the external environment over the past 12
months," a spokesperson said in a statement.

"As a result, we have made the proactive decision to reduce our
cost base to ensure we can grow sustainably over the medium-long
term."

news.com.au notes that the company's "digital twin" technology
allows for companies to view "real-time data" on how their assets
are performing through the creation of a digital version of that
asset.

"Digital twins will be the standard for smart buildings; up until
now there has been no software to power smart buildings at scale,"
chief executive Joshua Ridley described the technology on
LinkedIn.

"Willow is applicable to new buildings, existing buildings and
scalable to entire portfolios. Willow is at the forefront of this
global category and is best placed to capture the opportunity."

It also announced it was able to raise millions in funding in the
past month.

"Willow successfully completed its latest funding round in December
2022, raising US$28.8 million," news.com.au quotes the spokesperson
as saying.

"We view this raise as a vote of confidence from existing investors
and it emphasises the critical nature of digital twin technology
for built assets. Raising these funds was predicated on Willow
moving to a more profitable model.

Willow announced it would no longer be providing its "digital twin"
technology to some industries.

"Willow will now focus on our core sectors of real estate and smart
facilities and exit its non-core sector of mining," the company
said.




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

ABC SITES: CRISIL Withdraws B+ Rating on INR25cr Term Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
ABC Sites Private Limited (ASPL) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL Rating's policy on withdrawal of its
rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               25       CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with ASPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ASPL. This restricts CRISIL
Ratings ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on ASPL is consistent with Assessing Information Adequacy Risk.
CRISIL Ratings has Continues the ratings on the bank facilities of
ASPL to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2003, ASPL was taken over by the Sharma family in
2007. ASPL is setting up a commercial complex and hotel in
Zirakpur, Mohali (Punjab). The commercial project has been
completed and hotel is expected to commence operations by
end-September 2019.


ADARSHA AUTO: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Adarsha Auto World
Private Limited (AAWPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:  

-- INR572.5 mil. Fund-based working capital limits assigned with
     IND B+/Stable/IND A4 rating; and

-- INR107.7 mil. Term loan due on FY27 assigned with IND B+/
     Stable rating.

Key Rating Drivers

Liquidity Indicator - Poor: AAWPL's average peak utilization of its
sanctioned fund-based working capital of INR 572.5 million, mainly
in the form of inventory funding, stood at 87% over the 12 months
ended September 2022. The company had unencumbered cash and cash
equivalents of INR31.6 million at FYE22 (FYE21: INR32.9 million).
During FY22, AASPL's net-working capital cycle improved to 74 days,
due to a decline in its inventory period to 48 days (59 days). The
cash flow from operations turned positive at INR5.81 million in
FY22 (FY21:  negative INR29.88 million) due to an increase in the
EBITDA during the year. The free cash flow remained negative at
INR72.62 million (FY21: negative INR88.16 million) owing to capital
expenditure of IN78.43 million undertaken by the company. AAWPL has
term loan repayment obligations of around INR47 million and INR42
million for FY23 and FY24, respectively, which are likely to be
serviced through internal accruals. According to the management,
the company's promoters have historically supported AAWPL whenever
it has faced a deficit in liquidity, and they will continue to
provide such support to the company. AAWPL's total debt stood at
INR618 million at FYE22, consisting of term debt of INR136 million
(FYE21: INR160 million) and remaining in the form of inventory
funding.

The ratings reflect AAWPL's medium scale of operations, as
indicated by revenue of INR2,344.12 million in FY22 (FY21:
INR1,964.27 million). The company's revenue grew by19% yoy in FY22
owing to robust sales of Maruti Suzuki India Limited's (MSIL) Nexa
and increased sales of spare parts and accessories (FY22: INR220
million; FY21: INR86 million). The company booked a revenue of
INR1,195 million in 1HFY23. Ind-Ra expects the revenue to grow
15%-20% yoy in FY23, led by increased sales volumes in 2HFY23,
driven by festive demand, and also increased revenue from its sales
of spare parts and services. AAWPL plans to launch a new showroom
and two new workshops in Telangana, which is likely to support the
scaling up of the company's operations over the medium term.

The ratings are constrained by the modest EBITDA margins due to the
nature of the business. The ROCE was 5.2% in FY22 (FY21: 4.9%).
The margins ranged between 2%-3% over FY20-FY22 (FY22: 2.39%; FY21:
2.35%; FY20: 3.29%), primarily on the account of the dealership
model and the revenue being mainly derived from the sales of
vehicles, which yield lower margins than the business of services
and spare parts. Ind-Ra expects the EBITDA margins to remain stable
over the medium term.

The ratings reflect the weak credit metrics due to the modest
margins and high debt levels (FY22: INR618.54 million; FY21:
INR563.99 million). The credit metrics improved in FY22 on account
of an increase in the total EBITDA (including other income) to
INR125.67 million (FY21: INR94.21 million). The net leverage (net
debt/total EBITDA (including other income)) was 4.6x in FY22 (FY21:
5.6x) and the gross interest coverage (total EBITDA including other
income /gross interest) was 1.98x (1.79x), The agency expects the
credit metrics to remain weak-to-moderate over the near term owing
to low EBITDA generation and high debt levels, resulting from the
high utilization of working capital limits for carrying the
inventory of original equipment manufacturers.

The ratings are constrained by client and  geographical
concentration. AAWPL is an exclusive dealer of MSIL's Nexa, and
hence, its performance is directly linked to MSIL's performance.
Although the sales of spares provide some diversification, the
scale is low and also depends on the sales of vehicles.
Furthermore, the company's operations are concentrated entirely in
Telangana, making it vulnerable to any unfavorable changes in
demand within the state.  The ratings also factor in the cyclical
nature of the auto industry and its susceptibility to
macro-economic factors. Furthermore, the dealership business is
intensely competitive.

The ratings are supported by the company's experienced promoter
group. AAWPL is a part of the Adarsha group, headed by B.
Satyanarayana Goud and family. B. Satyanarayana Goud has more than
two decades of experience in dealership operations, and the family
has been in the automobile dealership business for more than three
decades. The group is associated with MSIL, TVS Motors Limited, and
Mahindra & Mahindra Limited (IND AAA / Stable / IND A1+) (tractor
division) through its various other entities. Ind-Ra believes that
the group's and promoter's experience in dealership operations will
help AAWPL expand its operations in a sustainable manner.

Rating Sensitivities

Positive: An improvement in the liquidity position and substantial
increase in the scale of operations while maintaining the interest
coverage above 1.5x could lead to a positive rating action.

Negative: A decline in the scale of operations or any further
stress in the liquidity position or the interest coverage falling
below 1x could lead to a negative rating action.

Company Profile

AAWPL, which started operations in 2016,  is the sole authorized
dealer of MSIL's Nexa in the Karimnagar and Warangal districts in
Telangana and is one of the authorized dealers in Kukatpally
(Hyderabad). It operates four showrooms and three workshops across
Telangana, and has one true value outlet (resale). The company is
managed by B. Satyanarayana Goud and is part of Adarsha group,
which has authorized dealerships of various original equipment
manufacturers, including MSIL, TVS Motors, and Mahindra &
Mahindra.


ANDHRA PRADESH: Ind-Ra Affirms BB Long Term Loan Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken following rating
actions on  Andhra Pradesh State Financial Corporation's (APSFC)
debt instruments:

-- INR640 mil. (reduced from INR1.280 bil.) Series VI – 2013
     bonds INE695F09433 issued on March 20, 2013 coupon rate 9.15%

     due on March 20, 2023 affirmed with IND BB/Stable rating; and

-- INR1.619 bil. Series V – 2012 bonds INE695F09425 issued on
     March 28, 2012 coupon rate 9.68% due on March 28, 2022 is
     withdrawn (paid in full);

-- INR299.50 mil. (reduced from INR499.70 mil.) Long-term loans  
     due on June 2023 affirmed with IND BB/Stable rating.

Key Rating Drivers

Bifurcation Approval from Central Government Pending: The scheme of
reorganization to form separate state finance corporations for
Andhra Pradesh and Telangana, in accordance with the Andhra Pradesh
Reorganization Act 2014, has been approved by the board of
directors and shareholders; however, it is pending approval from
the government of India.

Continued Shrinking of Asset and Core Income: APSFC's interest
income, its core operating income, declined to INR2,541.89 million
in FY22 (FY21: INR2,806.40 million), due to a decline in loans and
advances (earning assets) to INR10,894.27 million (INR12,976.03
million). APSFC reported interest income of INR1,105.90 million in
1HFY23. Ind-Ra expects APSFC to continue to experience lower loans
and advances in the near term, leading to a further shrinking of
asset base and low core income.

Modest Asset Quality: Despite improved recoveries and in-house
collection by the corporation, APSFC's gross non-performing assets
(NPAs) were high at INR1,328.85 million in FY22 (FY21: INR2,092.61
million) as it lends to the micro, small and medium enterprises
(MSME) segment. The gross NPA, as a percentage to gross loans and
advances, remained high at 11.57% (FY21:15.04%). APSFC recorded an
average provisioning coverage of 44.75% over FY18-FY22. APSFC has
written off all doubtful assets since FY16. The bad debt write-offs
were INR830.45 million in FY22 (FY21: INR1,495.62 million). Ind-Ra
believes the gross NPA will remain high in FY23 as APSFC will
continue to lend to MSMEs.

Liquidity Indicator – Adequate: APSFC's structural liquidity
statement indicates a surplus of INR1,662.13 million for the
maturity bucket of less than one year on March 31, 2022. There will
be no negative gaps in the rest of the maturity bucket (up to 10
years) as of March 31, 2022. APSFC's collection from bad debt
recoveries (FY22: INR1,193.48 million), which are not part of the
inflow from assets in the asset-liability management calculation,
will further support the liquidity profile of corporation. APSFC
utilized overdraft facilities in few months only and maximum
utilization was about 19% once in September 2022. APSFC's cash and
bank balance increased to INR2,011.87 million at FYE22 (FYE21:
INR1,303.22 million). Ind-Ra believes the corporation's liquidity
and fund raising capability is likely to remain moderate in FY23
due to the comfortable cash position.   

Low Concentration Risk: APSFC caters to the loan requirements of
MSME customers in rural geographies. The lending exposure of
APSFC's loans and advances was fairly distributed among sectors
over FY18-FY22. The lending exposure to services industry was
highest at 20.75% in FY22, followed by food product industries
(18%), medical loan industries (12.83%) and non-metallic mineral
products industry (12.37%). Ind-Ra believes the lending exposure
will remain fairly distributed among sectors, resulting in low
concentration over FY23-FY24 as well.

Simultaneously, APSFC's wide geographical reach and sanctioned
loans to various constitutions indicate its diversified operating
performance. Furthermore, at FYE22, its top 10 borrowers accounted
for merely 12.83% of the total gross loans and advances, and the
largest borrower group accounted for 1.72% of the total gross loans
and advances. Hence, it faces low concentration risk. However,
APSFC's lending is mainly to small scale industries, thus adding
pressure on its financial performance.

Adequate Capitalization: APSFC's core capital risk-weighted
adequacy ratio improved gradually to 65.70% in FY22 (FY21: 48.80%)
on the back of an improvement in its net worth to INR10,224.20
million (INR8,525.73 million). Furthermore, the net interest
income/average earning assets improved to 17.22% in FY22 (FY21:
14.08%) on account of a 18.02% yoy fall in the average earning
assets; the net interest income declined 0.26% yoy to INR2,055.49
million in FY22. APSFC's debt/equity improved to 0.16x in FY22
(FY21: 0.49x) due to a 63.09% yoy fall in debt to INR2,057.04
million and a 14.38% yoy increase in equity to INR12,887.86 million
due to annual profit generated during the year. Ind-Ra expects the
capitalization to remain comfortable over FY23-FY24 due to a
continued improvement in its net worth.

Rating Sensitivities

Positive: Developments that could, individually or collectively,
lead to a positive rating action include:

- settlement of the bifurcation and restoration of explicit
government support to the corporation;

- APSFC's demonstrated ability to improve the earning assets by 5%
yoy on a sustained basis;

- an improvement in the liquidity profile in conjunction with the
asset-liability management resulting in annual surplus (inflow from
assets less outflow from liabilities), on a sustained basis, in the
short-term bucket;

- the gross NPA ratio reducing below 9% on a sustained basis.

Negative: Developments that could, individually or collectively,
lead to a negative rating action include:

- a fall in the total earning assets and the scale of operations
on a sustained basis;

- sustained asset-liability mismatches in the short-term buckets;

- the debt/equity increasing above 2.0x on a sustained basis.

Company Profile

APSFC is a state financial corporation that was formed in 1956
under the State Financial Corporation Act, 1951.  It provides
various schemes and offers term loans, working capital loans,
bridge loans and special capital assistance mainly to MSMEs.


BAITARANI POWER: Ind-Ra Assigns BB+ Term Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Baitarani Power
Project Private Limited's (BPPPL) rupee term loan (RTL) as
follows:

-- INR3,594.88 bil. RTL due on March 2041 assigned with IND BB+/
     Stable rating.

The rating is anchored by the presence of a long-term fixed-tariff
power purchase agreement (PPA) with Grid  Corporation of Odisha
Limited (GRIDCO; bonds rated at 'IND A-(CE)'/Stable), established
track record of timely payments from the off-takers, an in-house
operation and maintenance (O&M) team and adequate internal
liquidity to mitigate any short-term cash flow mismatches.

Key Rating Drivers

Liquidity Indicator - Adequate: At FYE22, BPPPL had a total cash
and bank balance of INR150.4 million. The company also has a debt
service reserve of INR198.41 million in the form of fixed deposits,
sufficient to cover about six months of debt servicing. The company
has been receiving timely payments from GRIDCO with an average
receivable period less than 7 days.

Long-term PPA Ensures Cash Flow Certainty: BPPPL has a 25-year PPA
with GRIDCO at a fixed tariff of INR5.71 per kWh for the entire
capacity. This ensures cash flow certainty.

Favorable Order on Tariff Redetermination and Pending
Receivables: As per the Appellate Tribunal of Electricity's (APTEL)
order dated October 17, 2022, the tariff determined for the project
shall be made effective from the date of commissioning of the
project, revised from 1 February 2022, leading to payment of
differential tariff revenue for the project by GRIDCO. Furthermore,
the tariff determined for the project shall be revisited by Odisha
Electricity Regulatory Commission by considering all aspects of the
consultant report within a period of four months. Any developments
on the tariff shall be monitored by Ind-Ra on a periodic basis.

Modest Credit Profile: The total revenue increased to INR573.95
million in FY22 (FY21: INR218.68 million) as FY22 was the first
full year of operations. The total EBITDA was INR495 million for
FY22 (FY21: INR187 million). The project had a high net leverage
(net debt/EBITDA) of 7.3x in FY22 (FY21: 16.9x) and debt service
coverage ratio (DSCR) of 1.1x.

In-house O&M: The O&M for the project is being carried out through
in-house teams. Efficient operation of the plant within the
projected costs is of paramount importance to the rating. Any
significant increase in O&M costs from Ind-Ra's estimates will
impact the rating.

Moderate Operational Performance: The annual generation for a 75%
dependable year with 95% machine availability is 101 million units
(about 47%) and the operating performance during FY22 was 53%.
During 7MFY23, the plant load factor declined to 59% (7MFY22: 73%,
last 12-month average: 45%, FY22: 53%) as generation during FY22
was higher due to cyclones and higher rainfall, resulting in better
discharges from the river.

Supply Risk: There is supply risk associated with hydro power
projects, given dependence on rainfall for power generation. Ind-Ra
has considered generation estimates based on discharge data of the
last 10 years and follows the P75 level of generation estimated by
technical consultant during the detailed project  report
preparation stage. While the FY22 generation level of 53%, provides
comfort to the base case estimates, the supply risk for the hydro
project remains.

Moderate Debt Structure; Adequate Tail Period:  As per the sanction
terms of the loan agreement, the repayment period shall be 19
years. The loan agreement also contains a cash sweep clause for 50%
of the surplus cash once in a year, limited to INR20 million each
year. The debt repayment structure is a ballooning payment suiting
hydropower variations in a year. The promoter has also provided an
undertaking to ensure timely repayment of dues in the event of the
cash flow in the trust and retention account is insufficient to
meet the debt servicing obligations. The project has an adequate
tail period of four years, which is fully secured by the firm
offtake agreement. The project also mandates a provision of a debt
service reserve equivalent to two quarters' of interest and
principal repayments.

Moderate Counterparty Risks: There has been a significant
improvement in the receivable and payable period to 71 days in FY22
(FY21: 110 days) and 145 days (237 days), respectively. During
FY21, the government of Odisha transferred its 51% stake in all the
four state-owned distribution companies to Tata Power Company
Limited ('IND AA'/Stable). The takeover of Odisha distribution
companies by Tata Power Company is favorable for GRIDCO on the
liquidity front.

Rating Sensitivities

Positive: Future developments that may, individually or
collectively, lead to a positive rating action are:

-  the project's financial and operational performance, resulting
in the forward-looking average DSCR above 1.25x on a sustained
basis,

- any tariff redetermination by the regulatory commission
improving the forward-looking average DSCR above 1.25x.

Negative: Future developments that could, individually or
collectively, lead to a negative rating action are:

- the project's financial and operational performance, resulting
in the forward-looking DSCR below 1.05x,

- deterioration in the liquidity position, and the liquidity being
insufficient for meeting next six months of debt obligations,

- deterioration in the financial profile of GRIDCO, leading to a
substantial increase in receivables days.

Company Profile

BPPL is a 24MW (8 x 3 MW) small hydro power project in Odisha. It
is a run-of-the river type project utilizing water from the
Baitarani river.



COTTON BLOSSOM: CRISIL Lowers Long/Term Debt Rating to D
--------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Cotton Blossom India Private Limited (GAPPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.  The rating reflects the delay
in servicing of GECL loan repayment obligations in the last 6
months.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating       -         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Short Term Rating      -         CRISIL D (Downgraded from
                                    'CRISIL A4')

The ratings reflect the below-average financial risk profile,
susceptibility of margins to volatility in raw material prices and
working-capital-intensive operations. These weaknesses are
partially offset by the extensive experience of the promoters and
established relationships with customers.

Key rating drivers & detailed description

Weaknesses:

* Below-average financial risk profile: Gearing was high at around
1.8 times as on March 31, 2021. Debt protection metrics have
improved and is moderate supported by better profitability, with
interest coverage and net cash accrual to total debt ratios of 2.90
times and 0.18 time, respectively, for fiscal 2021. Networth is
moderate at INR65.9 crore as on March 31, 2021.

* Susceptibility of margins to volatility in raw material prices:
CBIPL's operating margin has remained fluctuating over the past
five years. The same had declined to 6.0 percent in fiscal 2020
from 8.5 per cent in fiscal 2014, primarily on account of increase
in cost of procurement. However in fiscal 2021 the margins have
significantly improved to 19.0 percent supported by better
realisations on the products and the cost efficiency measures
undertaken. As the operations of CBIPL are integrated with majority
of the processing activities carried in-house and effective
utilisation of its installed capacities, the operating
profitability is expected to remain moderate. Nevertheless, the
operating margin will remain susceptible to volatility in the raw
material prices and foreign currency fluctuations over the medium
term.

* Working-capital-intensive operations: CBIPL's operations are
working capital intensive, driven by large inventory holding, as
reflected in its gross current assets at 339 days as on March 31,
2021. CBIPL's exports are against letter of credit and domestic
sales are either backed by letter of credit or on open credit of
30-60 days. The company, however, has to maintain high inventory of
around three to four months, leading to high working capital
requirements. These large working capital requirements are funded
through extended credit from suppliers and external borrowings.

Strength:

* Extensive experience of the promoters and established
relationships with customers: The promoters have been in the
knitted garment industry for more than 20 years. Over the years,
the management has developed integrated services by setting up
in-house spinning, knitting and dyeing facilities. Longstanding
presence has also enabled the promoters to develop strong
relationships with clients such as C&A, Mothercare, and Primark.

Liquidity: Poor

Liquidity is poor as reflected in delays in repayment of term debt
obligations.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least over 90 days

* Improvement in revenue by over 30% resulting in better than
expected accrual

* Better working capital management leading to improved financial
risk profile, especially liquidity

CRISIL Ratings believes CBIPL will continue to benefit from its
promoters' extensive industry experience and established customer
relationships.


DIVY ENTERPRISES: CRISIL Assigns B+ Rating to INR2.5cr Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Divy Enterprises (DE).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         4         CRISIL A4 (Assigned)

   Cash Credit            2.5      CRISIL B+/Stable (Assigned)

The rating reflects DE's susceptibility to tender-based operations
and modest scale of operations. These weaknesses are partially
offset by its extensive industry experience of the promoters and
healthy debt protection.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
bidding aggressively to get contracts, which restricts the
operating margin to a moderate level. Also, given the cyclicality
inherent in the construction industry, the ability to maintain
profitability margin through operating efficiency becomes
critical.

* Modest scale of operations and operating margins: DEs business
profile is constrained by its scale of operations in the intensely
competitive Civil Construction industry.  DEs scale of operations
will continue limit its operating flexibility. The operating
margins are moderate. CRISIL Ratings believes the profitability of
DE will remain susceptible to fluctuations in raw material prices.

Strength

* Extensive industry experience of the promoters: The promoters
Dashrathbhai Patel and Ishwarbhai Patel have an experience of over
a decade in Civil Construction industry. This has given them an
understanding of the dynamics of the market and enabled them to
establish relationships with suppliers and customers.

* Healthy debt protection:  DEs debt protection measures have been
at comfortable level despite of leverage due to moderately healthy
profitability. The interest coverage and net cash accrual to total
debt (NCATD) ratio are at 3.56 times and 0.20 times for fiscal
2022. DEs debt protection measures are expected to remain at
similar level over medium term.

Liquidity: Stretched

Bank limit utilization is moderate at around 86.7 percent for the
past twelve months ended Sept-22.

Cash accruals are expected to be over INR2.25 crores which are
insufficient against term debt obligation of INR2.40 crores over
the medium term. In addition, it will be act as cushion to the
liquidity of the company. Unsecured loans up to Rs. 66 lakhs is
expected to remain in the business as a support from the promoters.
Current ratio is moderate at 1.01 times on March31, 2022.

Outlook: Stable

CRISIL Ratings believe DE will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factor

* Sustained improvement in margins to 8% and scale, leading to
higher profit.
* Sufficient net cash accrual to meet term debt obligation with
higher cushion.

Downward factor

* Decline in scale of operations leading to fall in revenue by 20%
and lower profitability
* Large debt-funded capital expenditure weakens capital structure

DE was established in 2020, it is located in Gujarat. DE is owned &
managed by Mr. Dashrathbhai Patel and Mr. Ishwarbhai Patel. DE is
engaged in civil construction works such as construction of roads
and bridges for the Government of Gujarat.


DODDANAVAR GLOBAL: Ind-Ra Moves BB+ Loan Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Doddanavar Global
Energy Private Limited's term loan rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR657.67 mil. Term loan due on June 2029 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on June
24, 2022. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

Company Profile

Doddanavar Global Energy has developed and commissioned a 47MW wind
power project at the Belgaum District in Karnataka.


FIVE CORE: CRISIL Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Five Core
Electronics Limited (FCEL) continue to be CRISIL D/CRISIL D Issuer
Not Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting      5.5        CRISIL D (Issuer Not
                                    Cooperating)

   Bill Discounting      32.5       CRISIL D (Issuer Not
                                    Cooperating)

   Bill Discounting      15         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            1         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            3         CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit        15         CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit in     16         CRISIL D (Issuer Not
   Foreign Currency                 Cooperating)

   Packing Credit in      3         CRISIL D (Issuer Not
   Foreign Currency                 Cooperating)

CRISIL Ratings has been consistently following up with FCEL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of FCEL, EMS & Exports (EMS),
Indian Acoustics Pvt Ltd (IAPL), Visual and Acoustics Corp LLP,
Digi Export Ventures Pvt Ltd (Digi), Happy Acoustics Pvt Ltd
(HAPL), 5 Core Acoustics Pvt Ltd (5Core), and Neha Exports (Neha).
This is because all these entities, collectively referred to as the
Five Core group, have a common management, brand, customers,
suppliers, and strong operational synergies. Furthermore, 5Core is
a wholly-owned subsidiary of FCEL.

FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr Amarjit Kalra
and his family manage the operations.

Incorporated in 2002, FCEL is listed on the NSE Emerge platform
since May 2018, and has manufacturing units in Delhi and Bhiwadi,
Rajasthan.

Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur, Uttarakhand. Visual is a limited liability partnership
firm set up in 2008, with a unit in Mundka, Delhi. Neha was set up
as a proprietorship firm in 2009, and has a unit at Daruhera,
Gurugram.

Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are private
limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core, set up in 2012, has a unit in Bhiwadi.


GOA SPONGE: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Goa Sponge and
Power Limited (GSPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR610.00 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR25.00 mil. Non-fund based working capital limit assigned
     with IND A4+ rating; and

-- INR165.00 mil. Term loan due on November 2027 assigned with
     IND BB+/Stable rating.

Key Rating Drivers

Liquidity Indicator - Stretched: GSPL's fund-based limits were
fully utilized with frequent ad hoc limits availed during the 12
months ended October 2022. The cash flow from operations reduced to
INR118.24 million in FY22 (FY21: INR183.07 million, FY20: INR8.55
million), due to a slight decrease in absolute EBITDA and
unfavorable changes in working capital. This, coupled with capex of
INR32.28 million caused the free cash flow stood to reduce to
INR85.96 million in FY22 (FY21: INR144.64 million, FY20: INR3.02
million). However, the net working capital cycle significantly
reduced to 70 days in FY22 (FY21: 131 days, FY20: 137 days) mainly
on account of a reduction in the inventory holding period to 72
days (149 days, 126 days). The company had a low free cash and cash
equivalent of INR3.57 million at FYE22 (FYE21: INR5.32 million,
FYE20: INR4.39 million).

Furthermore, the company had fixed deposits amounting to INR18.83
million at FYE22 retained as margin money against the
non-fund-based limits. It has scheduled long-term debt repayments
of INR38.50 million in FY23 and INR43.40 million in FY24. In
November 2022, GSPL enhanced its fund-based limits by INR150
million. Furthermore, GSPL has major debt-led capex plans of INR350
million over the near-to-medium term, which will be funded through
internal accruals. Ind-Ra expects the liquidity to remain stretched
in the near-to-medium due to the planned capex, despite the
enhanced fund-based limits.

Ongoing Capex: GSPL is undergoing capex to enhance its present
capacity of sponge iron to 1,40,000 metric tons (MT) and mild steel
(MS) billets to 1,25,000MT. The company is also setting up a
rolling mill of 1,25,000MT capacity for manufacturing pipes and
coils.   These are is expected to get operational from September
2023. The total estimated cost of around INR350 million will be
entirely funded through internal accruals. Of the total estimated
capex, the company has incurred about INR125 million till 1HFY23.
Hence, timely completion and stabilization of operations with
obtaining optimum utilization levels remains key rating
monitorable. Furthermore, marketing risk for distribution of MS
pipes and coils remains critical.

Customer Concentration Risk: GSPL's top 10 customers accounted for
around 70.15% of the total revenue in FY22 (FY21: 58.45%). GSPL has
25-30 customers across Goa, Karnataka and Maharashtra.

Inherent Industry Risk: The steel sector is characterized by high
cyclical demand, and volatility in input prices and product
realizations.  

Medium Scale of Operations: GSPL's revenue grew to INR6,563.33
million in FY22 (FY21: INR3,928.12 million, FY20: INR3,774.86
million), mainly due to an increase in realizations as well as new
customer additions. The revenue from sale of MS billets rose 48.22%
yoy to INR4,859.55 million in FY22 due to a 36.26% yoy increase in
sales realization to INR45,091 per MT and an 8.78% yoy increase in
sales volume to107,773MT. The revenue from sale of sponge iron also
surged 137.84% yoy to INR1,432.81 million in FY22 due to a 60.54%
yoy increase in sale volumes to 45,454MT and a 48.15% yoy increase
in sales realization to INR 31,522 per MT. Till 1HFY23, company has
generated revenue amounting to INR3,227.78 million. Ind-Ra expects
the revenue to remain at FY22 level in the near term and to
increase further with operationalization of incremental
capacities.

Modest EBITDA Margin: The company's EBITDA was 2.68% in FY22 (FY21:
4.99%, FY20: 4.57%) with a return on capital employed of 8.0%
(9.1%, 7.2%). The decline in margin was on account of an increase
in cost of goods sold due to increased composition of iron ore in
the input mix. Further, during 1HFY23, the EBITDA margin stood at
2.45%. GSPL caters solely to business-to-business segment as it
presently manufactures MS billets. However, with the successful
implementation of the rolling mill, the company will cater to
business-to-consumer segment for selling of MS pipes and coils.
Therefore, the agency expects the EBITDA margin to improve in the
medium term.

Moderate Credit Metrics: GSPL's interest coverage (EBITDA/gross
interest expense) improved marginally to 2.16x in FY22 (FY21:
2.06x, FY20: 1.59x) on account of a decrease in interest expense.
However, the net leverage (net debt/EBITDA) remained at similar
level at 3.99x in FY22 (FY21: 3.96x, FY20: 4.09x) owing to a
reduction in the total debt to INR705.31 million (INR782.53million,
INR710.27), which was offset by a reduction in the absolute EBITDA
to INR176.07 million (INR196.19 million, INR172.42 million). The
agency expects the credit metrics to remain modest in the
near-to-medium term on account of the enhancement of the fund-based
working capital limits.

Locational Advantage with Semi-Integrated Operations: The company's
manufacturing facilities are located in Sanguem, Goa, which has
proximity to various raw materials namely iron ore, pellets, pig
iron and iron scrap, resulting in competitive prices with low
transportation costs. Further, the company has semi-integrated
operations including a captive power plant and a billet
manufacturing unit supported by backward integrated sponge iron
unit, thereby supporting the overall business profile.

Rating Sensitivities

Negative: A substantial deterioration in the scale of operations
and liquidity position with the interest coverage reducing below
2.0x on a sustained basis, will be negative for the ratings.

Positive: An improvement in the liquidity position and maintaining
of the credit metrics at the current levels will be positive for
the ratings.

Company Profile

Incorporated in 1995, GSPL manufactures sponge iron and MS billets.
It has an integrated steel plant, which includes a sponge iron
unit, a captive power plant unit and a furnace plant. The current
capacity of the sponge iron plant is 90,000MT per annum and that of
MS billet plant is 300MT per day.


JOHNS GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Johns Gold &
Diamonds (JGD) continue to be CRISIL D Issuer Not Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            11        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             2.5      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with JGD for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in the 2015, JGD is a partnership firm between Mr. Sijo John
and Mr. Jesmy Sijo, Which is engaged in jewellery manufacturing and
retailing. The firm started operation from July 2016.


KCS PRIVATE: CRISIL Withdraws D Rating on INR4.0cr Cash Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of KCS Private Limited (KCS), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee       1.88        CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit          4.00        CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Term Loan            1.12        CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with KCS for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KCS was set up in 1971 by Mr Kishore Chandra Sahu as a
proprietorship firm, and reconstituted as a private limited company
in 1991. Based in Rourkela (Odisha), KCS undertakes turnkey
projects involving supplying, fabricating, and erecting electrical
and mechanical components, and also civil construction.


KINETA GLOBAL: Ind-Ra Affirms B- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kineta Global
Limited's (KGL) Long-Term Issuer Rating at 'IND B-'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR380 mil. (reduced from INR400 mil.) Fund-based working
     capital limits affirmed with IND B-/Stable/IND A4 rating.

Key Rating Drivers

The affirmation reflects KGL's continued small scale of operations,
with its revenue improving to INR850.90 million in FY22 (FY21:
INR612.70 million), due to its increased work orders. As of August
2022, KGL had an outstanding order book of INR812.50 million, of
which INR364.77 million is scheduled to be executed in FY23 and
remaining by end-FY24. In 6MFY23, KGL booked revenue of INR383.2
million. For FY23, Ind-Ra expects KGL's revenue to remain at a
similar level as 40% its revenue comes from trading and the 2H sees
higher sales due to increased demand.

KGL's EBITDA margin remained modest at 10.45 % in FY22 (FY21: 13.94
%) with a return on capital employed of 5.3% (5.3%). The moderation
in the margin was due to the shipment of an assignment at lesser
margin. For FY23, Ind-Ra expects the EBITDA margin to remain at the
similar level.

KGL has modest credit metrics, with the gross interest coverage
(operating EBITDA/gross interest expense) of 1.5x in FY22 (FY21:
1.2x) and the net financial leverage (adjusted net debt/operating
EBITDA) of 5.24x (5.34x), on account of an improvement in the
operating EBITDA coupled with a decline in the interest cost due to
a decline in the net debt level. Ind-Ra expects the credit metrics
to improve in FY23, on account of no major debt-led capex.

Liquidity Indicator – Stretched: KGL's net working capital cycle
days remained elongated but reduced to 470 days in FY22 (FY21: 747
days), mainly due to a reduction in inventory days (279 days; 438
days) and average debtor days (191days; 309 days). KGL'S average
maximum utilization of the fund-based limits was 95.29% during the
12 months ended October 2022. The cash flow from operations turned
negative INR88.20 million in FY22 (FY21: INR203.7 million), due to
unfavorable changes in working capital. Furthermore, its free cash
flow deteriorated to negative INR88.9 million in FY22 (FY21:
INR192.1 million), on account of working capital changes. The cash
and cash equivalents stood at INR0.80 million at FYE22 (FYE21:
INR20.30 million). Besides these, INR496.2 million is blocked in
the form of investments in its subsidiary company M/s Kineta
International Pte Ltd, which as per the management, may have payout
after five years. KGL does not have any capital market exposure and
relies on banks to meet its funding requirements.

However, the rating was supported by the partners' more than a
decade of experience in this business, leading to established
relationships with its suppliers and customers.

Rating Sensitivities

Negative: Any substantial decline in the scale of operations
resulting into a deterioration in the credit metrics with interest
coverage ratio falling below 1.1x will lead to a negative rating
action.

Positive: A substantial and sustained improvement in the revenue,
profitability, liquidity and credit metrics, all on a sustained
basis, could be positive for the ratings.

Company Profile

Established in 2006, KGL engages in trading of iron ore, building
materials such as TMT bars, cement and granite. It also provides
engineering, procurement and construction of irrigation projects on
sub-contract basis.


KRISHNA COTTEX: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' on the bank
facilities of Krishna Cottex (KC).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.43      CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Term Loan              0.57      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firms modest scale of
operations in the intensely competitive cotton industry,
susceptibility to volatility in cotton prices and average financial
risk profile. These weaknesses are partially offset by the
partners' extensive experience in cotton ginning industry and
proximity of the unit to Gujarat's cotton-growing belt.

Analytical Approach

Unsecured loans of INR0.75 Crore as on March 31,2022 extended by
partners have been treated as neither debt nor equity as it is
expected to be retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and susceptibility to volatility in
cotton prices: Revenue was modest at INR22.45 crore in fiscal 2022,
Sales are expected to be moderate over the medium term due to large
number of players and limited bargaining power with customers in
the intensely competitive industry. Further, the key raw material,
cotton, is susceptible to price volatility, thus impacting
profitability of players.

* Weak financial risk profile: Financial risk profile is weak, with
ne tworth and gearing at INR3.78 crore and 1.26 times,
respectively, as on March 31, 2022. Interest coverage stood at 3.10
times in fiscal 2022. Net cash accrual to total debt is moderate on
account of low profitability and minimal term debt obligation. Any
significant withdrawals by the partners will remain a key
monitorable

Strengths:

* Extensive experience of the partners in the cotton ginning
industry: The experience of the partners is more than a decade,
understanding of local market dynamics, and established
relationships with customers and suppliers will continue to support
the business risk profile of the firm. CRISIL Ratings believe that
the firm will continue to benefit from the experience of its
partners to scale up its operations.

* Proximity to cotton growing belt: KC's production facility is
close to Gujarat's cotton growing belt, resulting in easy
availability of raw cotton directly from farmers. This leads to
reduction in transportation cost, middlemen cost and ensures
availability of cotton. CRISIL Ratings believe that the firm will
continue to benefit from its strategic location with continuous
supply of raw material, to support steady demand from customers.

Liquidity: Stretched

Bank limit utilization is low at around 50 percent for the past
twelve months ended July,2022.  Cash accruals are expected to be
over INR60 lakhs which are sufficient against term debt obligation
of INR28 lakhs over the medium term. In addition, cushion in bank
lines and unsecured loans from partners and their family will act
as cushion to the liquidity of the company. Current ratio is
healthy at 1.9 times on March 31, 2022.

Outlook Stable

CRISIL Rating believes KC will continue to benefit from the
partners' extensive experience.

Rating Sensitivity factors

Upward factors

* Significant improvement in revenue and profitability leading to
net cash accrual above INR1 crore.
* Improvement in the working capital management and debt protection
metrics

Downward factors

* Weakening of the capital structure on account of capital
withdrawal or increase in debt, with gearing above 2 times
* Further stretch in working capital cycle

Set up as a partnership firm in Amreli, Gujarat, in fiscal 2013 by
Mr Hitesh Paradava and Mr Nilesh Paradava. It is engaged in ginning
and processing of cotton into bales.


LAKSHMI ENGINEERING: CRISIL Lowers Rating on INR10cr Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Lakshmi Engineering and Drilling (LED) to 'CRISIL D' from 'CRISIL
BB-/Stable'. The downgrade reflects delays in servicing of term
debt obligations on account of weak liquidity

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Secured Overdraft       10       CRISIL D (Downgraded from
   Facility                         'CRISIL BB-/Stable')

The rating continues to reflect moderate financial profile and
modest scale of operations and customer concentration in revenue
collection. These weaknesses are partially offset by extensive
experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and customer concentration in revenue
collection: LED's scale of operation is modest, marked by revenue
of INR73.23 crores in fiscal 2022 as against INR49.24 crore in the
previous year. More than 70% of revenue is derived from AIL and
ONGC. Any slowdown in orders from these customers could
significantly constrain business risk profile.

* Modest financial risk profile: LEDs financial risk profile is
modest, marked by net worth of INR 10.74 crores in fiscal 2022.
Gearing was 1.24 times in fiscal 2022. The debt protection metrics
continues to remain modest marked by interest coverage ratio and
net cash accrual to total debt ratio of 1.69 times and 0.07 times,
respectively in fiscal 2022.

Strength:

* Extensive experience of the partners and their healthy
relationships with key customers and suppliers: Benefits from the
partners' experience of up to two decades and their sound
relationships with customers such as Alphageo India Ltd (AIL) and
ONGC Ltd (ONGC) with whom the company has relationship since
inception along with moderate in-hand order book is expected to
continue supporting business risk profile, over the medium term.

Liquidity: Poor

Bank limit utilisation is high at around 95.42 percent for the past
15 months ended October 2022. And the same reflected in the
overdrawls in the cash credit.

Rating Sensitivity factors

Upward factors

* Timely repayment of debt obligations continuously for at least 90
days
* Better working capital management leading to improved financial
risk profile, majorly in liquidity

Vijaywada (Andhra Pradesh)-based LED was established in 2012 as a
partnership between Mr M Chitti Babu, Ms. Padmavathi,Mr.Chandra
Sekhara Rao and their family members. It provides seismic survey
services and undertakes drilling of wells.


MAGUS METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Magus Metals
Private Limited (MMPL) continue to be CRISIL D Issuer Not
Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      2        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Secured Overdraft       8        CRISIL D (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with MMPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1990, MMPL is engaged in recycling and re
processing of non-metallic sludge that is rich in copper, cadmium
and zinc content to manufacture non-ferrous metals like zinc
sulphate, copper sulphate, zinc ingots and cadmium.


MAHARASHTRA ENG'G: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maharashtra
Engineering (ME) continue to be CRISIL D Issuer Not Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.5       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              2.8       CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital        2.7       CRISIL D (Issuer Not
   Demand Loan                      Cooperating)

   Working Capital        3.0       CRISIL D (Issuer Not
   Demand Loan                      Cooperating)

CRISIL Ratings has been consistently following up with ME for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings had earlier combined the
business and financial risk profiles of AAPL, ME, and Axleo
Industries, as the three entities were managed by the same
promoters, had common suppliers and customers, and had considerable
cash flow fungibility. While the shareholding in the entities
remains the same, they now have limited cash flow fungibility.
Hence, CRISIL has now considered each entity's standalone business
and financial risk profiles for arriving at the rating.

ME manufactures tractor components, primary for Mahindra and
Mahindra Ltd. The firm was established in by Mr R S Kamble in
Mumbai.


MOHANA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mohana Cotton
Ginning Private Limited (MCG) continue to be CRISIL D Issuer Not
Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            10        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             5        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               6.5      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MCG for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MCG was set up by Mr A Subramanyam and his friends and relatives in
Guntur, Andhra Pradesh, in 2010. The company gins and presses raw
cotton, and trades in cotton lint.


NATIONAL AUTO: CRISIL Lowers Rating INR7.5cr LT Loan to D
---------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of National Auto Wheels Pvt Ltd (NAWPL) to 'CRISIL D;
Issuer not cooperating' from 'CRISIL B/Stable; Issuer not
cooperating' because of delay in meeting debt obligation by the
company.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Electronic Dealer       5        CRISIL D (ISSUER NOT
   Financing Scheme                 COOPERATING; Downgraded from
   (e-DFS)                          'CRISIL B/Stable ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      7.5      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with National
Auto Wheels Pvt Ltd (NAWPL) through letters and emails, dated
January 31, 2022, March 28, 2022, and December 15, 2022, among
others, apart from telephonic communication, for obtaining
information. However, the issuer has remained non-cooperative.

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

Detailed rationale

Despite repeated attempts to engage with the company's management,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of NAWPL, which restricts the
ability of CRISIL Ratings to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes the rating action
on NAWPL is consistent with 'Assessing Information Adequacy Risk'.

Incorporated in March 2011 by the Nagpal family members, NAWPL is
an authorised dealer for passenger cars of Tata Motors Ltd in Pune,
Maharashtra. The company also offers accessories and spare parts,
service and car finance at its showroom.


PALNADU CHARITABLE: CRISIL Assigns B+ Rating to INR15cr Term Loan
-----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Palnadu Charitable Trust (PCT).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Cash
   Credit Limit           5.5       CRISIL B+/Stable (Assigned)

   Term Loan             15.0       CRISIL B+/Stable (Assigned)

   Term Loan              4.5       CRISIL B+/Stable (Assigned)

The rating reflects the trust's exposure to risks related to its
ongoing project and the expected leveraged capital structure. These
weaknesses are partially offset by the extensive experience of the
trustees in the hospital sector and adoption of the latest
machinery in a steady industry

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to ongoing project: PCT is scheduled to
commence its project in January 2023.   PCT, will be exposed to
intense competition from other players in the segment.   Timely
completion and successful stabilization of its operations at the
new unit will remain a key rating sensitivity factor.

* Moderate Financial profile: PCT is expected to have below average
financial risk profile with moderate gearing 0.76x and TOL/TNW
0.76x as on March 31, 2023 as it is in the initial phase of
operations.

Strength:

* Extensive industry experience of the promoters: The promoters
have an experience of over a decade year in industry. This has
given them an understanding of the dynamics of the market and
enabled them to establish relationships with suppliers and
customers.

Liquidity: Stretched

As PCT is in the initial phase of operations, no major cash flow is
expected from the operations in the initial years and until
breakeven. Hence expecting the liquidity to be under pressure. With
the additional working capital coming in, there will be additional
support for the working capital requirements.

Current ratio is expected to be at 0.12 times on March 31, 2023

Outlook: Stable

PCT will continue to benefit over the medium term from the
trustees' extensive industry experience

Rating Sensitivity factors

Upward factor

* Stabilizes operations at its proposed hospital in time and
reports significant revenue of around INR 45 crore.
* Improvement in financial profile and liquidity

Downward factor

* Faces a considerable delay in the commencement of its
operations.
* Low Cash accruals of around INR 2-3 crore during its initial
phase
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

PCT, established in 2017, is currently setting up a 300-bed
hospital named Palnadu Academy of Medical Sciences in the Pondugula
village of Andhra Pradesh. The hospital is expected to be
commissioned in January 2023. Mr Yarapathineni Mahesh Babu is the
chairperson of the trust.


POWER WELFARE: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Power Welfare
Society (PWS) continues to be CRISIL D Issuer Not Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          30       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PWS for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PWS was set up in 2005 as a non-profit organisation under the
Andhra Pradesh Societies Act, 2001, to build an 853flat residential
complex for its members, at Gachibowli in Hyderabad.


PVM TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PVM
Technologies Private Limited (PVM) continue to be CRISIL D/CRISIL D
Issuer Not Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          4        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             4        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PVM for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1998 by Mr. Bhagwat Singh Lodha, Mr. JS Lodha, Ms.
Vimla Lodha, and Ms. Parmila Lodha, PVM is a Class AA
government-approved contractor that undertakes public water supply
and irrigation projects for Public Health Engineering Department.


R. G. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. G.
International Private Limited (RGIPL) continue to be CRISIL D
Issuer Not Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             55       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit              5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RGIPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of TCAFI and RG International
Pvt Ltd (RGIPL). This is because the two entities, together
referred to as the TC Agro group, are engaged in the same line of
business and have common promoters.

                         About the Group

TC Agro was established as a partnership firm in 1995, with Mr Ram
Gopal Singla and Mr Rajendra Kumar as partners. In 2002, the firm
was reconstituted as a proprietorship concern, with Mr Singla as
the proprietor. The firm mills and sorts basmati rice. Its unit at
Karnal, Haryana, has milling capacity of 14 tonne per hour (tph)
and sorting capacity of 8 tph.

RGIPL was established as a partnership firm in 2007 by Mr Rajesh
Kumar Singla and his two brothers Mr Munish Kumar Singla and Mr
Murari Lal Singla. The firm was reconstituted as a private limited
company on April 1, 2013. The company is engaged in milling &
sorting of basmati rice. Its unit in Karnal has a milling capacity
of 16 tph and sorting capacity of 12 tph.


R.P. SINGH: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of R.P. Singh
Crusher and Construction Company (RSC) continues to be CRISIL D
Issuer Not Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           7.07       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RSC for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RSC was established in 2014 by Mr Raj Pal. The firm trades in stone
aggregate, stone dust, grit, stone crushers, and other such
products, and lays ballast.


RAFFLES GREEN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raffles Green
Pet India Private Limited (RGP) continue to be CRISIL D/CRISIL D
Issuer Not Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        0.95       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           4.00       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.10       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             4.95       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RGP for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2013, RGP is Kadi based company. It is setting up a
unit to manufacture pet flakes by recycling used PET bottles. The
company is promoted by Mr. Jerambhai Chhaganbhai Kalathiya and his
younger brother, Mr. Ankitbhai Mansukhbhai Ajani. The year 2015-16
was the first year for the operations.


REAL AGROTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Real Agrotech
Industries (RAI) continue to be CRISIL D Issuer Not Cooperating.
                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             4        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan          1.33     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RAI for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RAI is a partnership firm set up in 2013 by the Patel family of
Bavla, Gujarat. The firm processes non-basmati rice and trades in
basmati rice.


SAIKRUPA COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saikrupa
Cottons Private Limited (SCPL) continue to be CRISIL D Issuer Not
Cooperating.

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

   Proposed Fund-          0.3      CRISIL D (Issuer Not
   Based Bank Limits                Cooperating)

   Term Loan               5.7      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SCPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SCPL is engaged in ginning and pressing of raw cotton to make
cotton bales. The unit is located at Yavatmal (Maharashtra) with an
installed capacity of producing 200 bales per day. It also has a
seed crushing unit of 300 quintals per day.


SAINATHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Sainatha
Rice Industries (SSRI) continue to be CRISIL D Issuer Not
Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan          4        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSRI for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established as a partnership firm in 2013 and based in Nizamabad
(Telangana), SSRI mills and processes paddy into rice, rice bran,
broken rice, and husk. The firm is promoted by Mr. Ravinder Kuna
and Mrs. Shashikala Kuna. The operations are managed by Mr. Naresh
Kuna.


SANTOSH ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Santosh
Enterprises (SE) continue to be CRISIL D Issuer Not Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting       2         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            2.25      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit/           1.50      CRISIL D (Issuer Not
   Overdraft facility               Cooperating)

   Proposed Working       1.25      CRISIL D (Issuer Not
   Capital Facility                 Cooperating)

CRISIL Ratings has been consistently following up with SE for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1990, SE is promoted Mr Santosh Dalvi. The firm is
engaged in the manufacturing of fabricated structures used by the
windmill industry. It has a manufacturing facility in the Ambad
industrial area of Nasik.


SION CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sion Ceramics
Private Limited (SCPL) continue to be CRISIL D Issuer Not
Cooperating.

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

   Proposed Long Term      3.32     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               6.18     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SCPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2013, SCPL, promoted by Mr Pravin Karshan Patel, Mr
Himalay Narbheram Patel, and Mr Dilip Prabhu Dangroshiya,
manufactures ceramic wall tiles.


SOCIAL CHANGE: CRISIL Hikes Rating on INR14.65cr Loan to B-
-----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Social Change and
Development Trust (SCAD) to 'CRISIL D Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating. Consequently, CRISIL Ratings is migrating the rating on
bank facilities of from 'CRISIL D Issuer Not Cooperating' to
'CRISIL B-/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/           1.5       CRISIL B-/Stable (Migrated
   Overdraft facility               from 'CRISIL D ISSUER NOT
                                    COOPERATING')

   Cash Credit/           2.0       CRISIL B-/Stable (Migrated
   Overdraft facility               from 'CRISIL D ISSUER NOT
                                    COOPERATING')

   Cash Credit/          10.8       CRISIL B-/Stable (Migrated
   Overdraft facility               from 'CRISIL D ISSUER NOT
                                    COOPERATING')

   Cash Credit/          12.75      CRISIL B-/Stable (Migrated
   Overdraft facility               from 'CRISIL D ISSUER NOT
                                    COOPERATING')

   Long Term Loan         0.62      CRISIL B-/Stable (Migrated
                                    from 'CRISIL D ISSUER NOT
                                    COOPERATING')

   Long Term Loan         7.00      CRISIL B-/Stable (Migrated
                                    from 'CRISIL D ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    14.65      CRISIL B-/Stable (Migrated
   Bank Loan Facility               from 'CRISIL D ISSUER NOT
                                    COOPERATING')

The revision in ratings reflect timely track record of serving the
term debt obligation.

The rating reflects SCAD's susceptibility to regulatory changes,
intense competition in the education sector, geographical
concentration in its revenue profile and weak financial risk
profile. However, it benefits from its established market position
in Tamil Nadu.


Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to regulatory changes: Establishment and
operations of educational institutions are regulated by various
governmental and quasi-governmental agencies, such as the
University Grants Commission (UGC), MCI, AICTE, CBSE, universities,
state governments etc. Each body has detailed procedures for
granting permission to set up institutions, and approvals need to
be renewed every three or five years. Any non-compliance will
result in cancellation of affiliation, license etc., leading to
loss of reputation for the college and revenue for the trust.

* Intense competition and Geographical concentration in revenues:
Given the huge number of players in the education sector SCAD is
exposed to intense competition along with exposure to the
regulations. Also SCAD operates out of Tirunelveli (Tamilnadu) and
the entire income is derived from Tirunelveli, where the trust has
to compete with other schools and colleges.

* Weak financial profile: Net worth stood at INR 2.9 crore and
gearing at 20.22 times as on March 31,2022. Debt protection metrics
are subdued as reflected in net cash accruals to total debt (NCATD)
and interest coverage of 0.03 times and 1.27 times respectively for
fiscal 2022.

Strength:

* Established market position in Tamil Nadu: Mr. Cletus Babu has
experience of over two decades in the education sector. Under his
leadership, SCAD has established a strong brand, backed by varied
course offerings.

Liquidity-Stretched

The sanctioned limits of INR27.05 crore were fully utilised over
the past 12 months through November 2022. Cash accrual is expected
at INR3 - 5 crore and will be sufficient to meet term debt
obligation of INR2 crore over the medium term.

Outlook: Stable

CRISIL Ratings believe SCAD will continue to benefit from the
extensive experience of its promoters and their established
presence in the region.

Rating Sensitivity Factors

Upward factors

* Substantially increase its accruals to INR5 crore and strengthen
revenue and occupancy
* Improvement in liquidity profile

Downward factors

* Weakening in liquidity profile
* Decline in occupancy to below 60% leading to decrease in scale of
operations or margins, leading to lower cash accruals

SCAD was set up in 1994 in Tirunelveli (Tamil Nadu) by Dr. Cletus
Babu. The trust operates various institutes offering graduate and
postgraduate courses.


SPECTRUM ELECTRICAL: Ind-Ra Affirms BB+ Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Spectrum
Electrical Industries Limited's (Spectrum) Long-Term Issuer Rating
at 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR10 mil. Non-fund-based limit assigned with IND A4+ rating;
     and

-- INR350 mil. (increased from INR282 mil.) Fund-based limit
     affirmed with IND BB+/Stable/IND A4+ rating; and

-- INR440 mil. (increased from INR360.7 mil.) Long-term loans  
     due on April 2027 affirmed with IND BB+/Stable rating.

Key Rating Drivers

Liquidity Indicator – Poor: The affirmation reflects Spectrum's
continuously poor liquidity position. The company almost fully
utilized its fund-based limits during the 12 months ended September
2022 with an instance of overutilization for two days due to
interest being charged on the last day of the month ended July
2022. The cash flow from operations improved to INR172.81 million
in FY22 (FY21: INR79.39 million) due to a shorter working capital
cycle, leading to the free cash flow improving to negative INR28.86
million (negative INR42.08 million). This was despite capex of
INR201.67 million incurred during the year towards increasing the
installed capacity to meet the likely higher market demand.
Spectrum has a debt repayment of INR114.6 million and INR145.8
million in FY23 and FY24, respectively. The company's elongated net
working capital cycle improved to 124 days in FY22 (FY21: 205 days)
due to a shorter inventory holding period of 135 days (207 days).
The cash and cash equivalents stood at INR22.06 million at FYE22
(FYE21: INR84.65 million). Spectrum is incurring capex of INR320.37
million for increasing plant and machinery and capex of INR91.04
million for installation of a solar plant, making the combined
capex of INR411.41 million. The combined planned capex is likely to
be completed by January 2024.

The ratings also factor in Spectrum's continued medium scale of
operations despite an improvement in the revenue to INR2,513.01
million in FY22 (FY21: INR1,513.06 million), due to an increased
demand for its products, coupled with the company's improved
capacity. During 1HFY23, Spectrum achieved a revenue of INR1,265
million. In FY23, Ind-Ra expects the revenue to improve yoy due to
a sustained demand. Spectrum's plant and machinery capex is likely
to be completed by January 2024. This will further enable Spectrum
to cater to the rising product demand and increase its scale of
operation over the medium term.  

The ratings also reflect Spectrum's absolute EBITDA improving to
INR253.51 million in FY22 (FY21: INR186.42 million), backed by the
substantial revenue growth. However, the EBITDA margin continued to
be modest and declined to 10.09% in FY22 (FY21: 12.32%) due to an
increased cost of goods sold. The return on capital employed
improved to 10.9% in FY22 (FY21: 8.4%). Over the medium term,
Ind-Ra expects the EBITDA margin to marginally improve on account
of the company saving on electricity expense due to the planned
capex of a solar power plant of 2MW to be installed in 4QFY23.

The ratings are, however, supported by Spectrum's continued
comfortable credit metrics with the gross interest coverage
(operating EBITDA/gross interest expense) improving to 3.28x in
FY22 (FY21: 3.19x) and the net financial leverage (adjusted net
debt/operating EBITDA) to 3.18x (3.68x), due to the significant
improvement in the absolute EBITDA. Over the medium term, Ind-Ra
expects the credit metrics to deteriorate marginally due to an
increase in the external borrowing by INR268.2 million for the
upcoming capex plan.

The ratings are also supported by the promoters' more than
two-decade of experience in the electroplating business. This has
facilitated the company to establish strong relationships with
customers as well as suppliers. Spectrum caters to major customers
such as Schneider Electric India Private Limited, Novateur
Electrical & Digital Systems Private Limited, Panasonic Life
Solutions India Private Limited and ABB India Limited and has
fixed agreement contracts with the majority of its customers for a
period of three years. However, Spectrum faces a high customer
concentration risk with the top three customers contributing around
75% to the annual turnover during FY22 (FY21: 73%).

Rating Sensitivities

Negative: A negative rating action could result from a substantial
decline in the scale of operations and EBITDA margin, leading to
deterioration in the liquidity and overall credit metrics with the
net leverage increasing above 4.5x, all on a sustained basis.

Positive: A positive rating action could result from an improvement
in the liquidity while maintaining the scale of operations and
credit metrics on a sustained basis.

Company Profile

Based in Jalgaon, Maharashtra, Spectrum was incorporated in 1995.
The company manufactures electrical press components, electrical
wire accessories, tools, molds & dies, sheet metal fabrication,
irrigation equipment and so on. Spectrum has operational
manufacturing facilities in Jalgaon, Nashik and Hyderabad, and a
proposed facility in Bangalore. Spectrum is listed on the National
Stock Exchange of India Limited.


SREI INFRASTRUCTURE: Promoter Likely to Move SC in Insolvency Case
------------------------------------------------------------------
Livemint.com reports that Srei Infrastructure Finances promoter
company, Adisri Commercial, may challenge the National Company Law
Appellate Tribunal (NCLAT)'s Dec. 22 order upholding an NCLT order
of October 2021, to initiate insolvency proceedings against two
group companies, before the Supreme Court.

Livemint.com relates that Adisri, which has a 60.36% stake in Srei
Group, has challenged a Bombay High Court order of October 2021,
which had also upheld the NCLT verdict, before the apex court.

"The bench finds no merit in application for seeking condonation of
321 days delay in refilling appeals, the same is dismissed. Given
the dismissal of the application for condonation of delay in
refilling the appeal, both memos of appeals are rejected," NCLAT
bench led by Justice Ashok Bhushan and comprising Barun Mitra, said
on Dec. 22, Livemint.com relays.

"The promoters will move the apex court in the matter," a person in
the know said, seeking anonymity, Livemint.com relays. The National
Company Law Tribunal (NCLT) ordered the corporate insolvency
resolution process under section 227 of the Insolvency and
Bankruptcy Code 2016, which allowed the Reserve Bank of India to
supersede the company's board for defaulting on loans under the
financial service providers regulations.

In October 2021, RBI had taken the firm to the NCLT's Kolkata
bench, before initiating insolvency proceedings against two
subsidiaries - Srei Infrastructure Finance, and its subsidiary Srei
Equipment Finance, on issues of governance and defaulting on its
loan repayments. RBI's move was challenged by the promoters before
the High Court, which dismissed the petition challenging RBI's move
to supersede the board of Srei Group's non-banking financial
firms.

"What they forget is they had more than INR8,000 crore of
related-party transactions that created a big hole. In this case,
they have lost crucial litigation amid 16 other litigations that
are underway against the company, which can derail the IBC
process", the person, as cited by Livemint.com, said.

"In the NCLT order, which was challenged in the Bombay High Court,
the promoters alleged that the management acted in collusion with
RBI under the financial service providers rules to take over the
companies," a second person said also seeking anonymity.

The two companies had debt of INR30,000 crore, including INR20,000
crore in bank loans, and the rest through non-convertible
debentures and external commercial borrowings, Livemint.com
discloses.

                            About SREI

Based in India, SREI Infrastructure Finance Ltd. (NSE: SREINFRA) --
https://www.srei.com/ -- is a non-banking financial institution.
The company has three principal lines of business in financing:
infrastructure equipment finance, infrastructure projects finance
and renewable energy product finance. Infrastructure equipment
finance is the largest business division of the Company.

On Oct. 4, 2021, the Reserve Bank of India superseded the board of
directors of Kolkata-based Srei Infrastructure and said that it
will initiate insolvency proceedings with the National Company Law
Tribunal (NCLT), according to The Economic Times.  The RBI cited
governance concerns and defaults by the company and appointed
Rajneesh Sharma, former chief general manager, Bank of Baroda as an
administrator of the company.

The insolvency resolution process against the company started on
Oct. 8, 2021.

The RBI-appointed administrator has admitted claims of around
INR31,868 crore of the total claims received of around INR34, 223
crore from financial creditors to Srei Equipment Finance Ltd
(SEFL), the Hindu BusinessLine disclosed. He had also admitted
claims to the tune of INR257 crore from financial creditors to Srei
Infrastructure Finance.


ST. XAVIER'S: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of St. Xavier's
Educational Trust (SXET) continue to be CRISIL D Issuer Not
Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/          0.85       CRISIL D (Issuer Not
   Overdraft facility               Cooperating)

   Cash Credit/          3          CRISIL D (Issuer Not
   Overdraft facility               Cooperating)

   Cash Credit/          2.25       CRISIL D (Issuer Not
   Overdraft facility               Cooperating)

   Long Term Loan        2.5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Working     21.4        CRISIL D (Issuer Not
   Capital Facility                 Cooperating)

CRISIL Ratings has been consistently following up with SXET for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SXET was set up in 1989, in the Tirunelveli district of by Dr
Cletus Babu. The trust runs various institutes offering graduate
and post-graduate courses in TN.


SUMIT TEXSPIN: CRISIL Withdraws D Rating on INR48.2cr Term Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Sumit Texspin Private Limited (STPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            20        CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Term Loan               8.8      CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Term Loan              48.2      CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with STPL for
obtaining information through letters and emails dated February 26,
2022 and March 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of STPL. This restricts CRISIL
Ratings ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on STPL is consistent with Assessing Information Adequacy Risk.
CRISIL Ratings has Continues the ratings on the bank facilities of
STPL to 'CRISIL D Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
STPL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

STPL, which was incorporated in 2001, is owned and managed by Mr
Satya Narayan Inani and Mr Nirmal Gadia. The company traded only in
fabrics and yarn initially, and purchased a (defunct) spinning and
weaving plant in 2017. STPL is currently engaged in weaving yarn
and fabrics, and also provides weaving and allied textile services
on a job-work basis.


SURBHI INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Surbhi
Industries - Morbi (SI) continue to be CRISIL D Issuer Not
Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              1.8       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SI for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2013, SI is promoted by Mr Manoj Panara, Mr Bipin
Kasundra, and their family members. The firm is engaged in
manufacturing of cotton bales.


SWASTIK PANELS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swastik
Panels Private Limited (SPPL) continue to be CRISIL D/CRISIL D
Issuer Not Cooperating.

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

   Letter of Credit        3        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SPPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2002, SPPL is promoted by Mr Ashok Jain (managing
director). The company manufactures veneer and trades in timber.
Its manufacturing facility is in Jaipur.


TIRUPATI SARJAN: CRISIL Withdraws B+ Rating on INR4cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Tirupati Sarjan Limited (TSL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          6        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit             4        CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with TSL for
obtaining information through letters and emails dated July 12,
2022 and September 28, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TSL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on the bank facilities
of TSL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Analytical Approach

CRISIL Ratings has combined the business and financial risk
profiles of TSL and Tirupati Development (U) Ltd (TDUL). This is
because TSL holds 69% share in TDUL and the companies, collectively
referred to as the Tirupati group, are in the same line of business
(though operating in different geographies) and have significant
operational and financial synergies by virtue of common
management.

Incorporated in 1995, TSL is a civil constructor (mainly undertakes
government contracts) and real estate player in Gujarat. The
company constructs commercial and institutional buildings. In 2007,
TSL established TDUL in Uganda to carry out the civil construction
and real estate business through a joint venture with local
partners.


VENKATESHWARA ENT: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree
Venkateshwara Enterprises (SVE) continue to be CRISIL D/CRISIL D
Issuer Not Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1          CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           4          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      0.5        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      1.5        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      3          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      4.5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Cash         0.5        CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with SVE for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of SVE and its group entity,
Sree Lakshmi Agencies (SLA), collectively known as the SV group, as
both the entities are in the same line of business and have common
promoters.

SLA was established in 1993, as a partnership firm by Mrs. T Jaypal
and her sister, Mrs. Selva Sundari. The firm is the exclusive
distributor of ITC Ltd.'s cigarettes and fast-moving consumer goods
in Tiruvallur, and also trades in pulses, particularly urad dal.
SVE, set up in 2010, is the exclusive distributor of ITC's
cigarettes and fast-moving consumer goods in the Kanchipuram
district of Tamil Nadu. The firm also trades in pulses,
particularly urad dal. Operations are managed by Mr. Raj Kumar and
his brother, Mr. Ramesh Kumar.


WOCKHARDT LIMITED: Ind-Ra Cuts Long Term Issuer Rating to BB+
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Wockhardt
Limited's Long-Term Issuer Rating to 'IND BB+' from 'IND BBB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR1.112 bil. (reduced from INR2,776.30 bil.) Term loans due
     on March 2024 downgraded with IND BB+/Stable rating;

-- INR3.390 bil. (reduced from INR3.540 bil.) Fund-based limits
     downgraded with IND BB+/Stable rating;

-- INR1.712 bil. Non-fund-based limits downgraded with IND A4+
     rating;

-- INR1,737.5 bil. Fund-based/ non-fund-based interchangeable
     limits downgraded with IND BB+/Stable/IND A4+ rating;

-- INR6,443.5^ bil. (USD87.5 mil. reduced from USD165 mil.) Term
     Loans due on December 2021 - January 2022 is withdrawn (fully

     repaid); and

-- INR1,047.5 bil. Proposed working capital facilities is
     withdrawn (the company did not proceed with the instrument as

     envisaged).

^ Reserve Bank of India Reference Rate dated December 13, 2022:
    USD 1= INR82.7154

ANALYTICAL APPROACH: The agency continues to take a consolidated
view of Wockhardt and its 32 subsidiaries (as of March 31, 2022)
while arriving at the ratings, due to the operational and financial
linkages among them.

The downgrade reflects the continued high consolidated debt levels
(including promoter debt) post the completion of an INR7.5 billion
rights issue during FY22 as EBITDA generation remained weak.
Wockhardt reported a weak financial performance during 1HFY23 which
may lead to a yoy lower consolidated EBITDA in FY23. While the
available cash is sufficient to meet the repayment obligations for
2HFY23, the company may not be able to generate the operational
cash required for meeting FY24 debt servicing and other
obligations, leading to heightened dependence on
refinancing/liquidity events (asset monetization/capital raise).

Key Rating Drivers

Subdued Financial Performance during 1HFY23: The consolidated
revenue from operations declined 30% yoy to INR12.0 billion (FY22:
INR32.3 billion) and EBITDA fell to INR270 million during 1HFY23
(1HFY22: INR2.2 billion; FY22: INR2.9 billion), due to the decline
reported in the India and UK businesses. Wockhardt benefitted
during 1HFY22 from the sale of covid vaccines to Astra Zeneca
Pharma Inc. for the UK market. However, the benefits were not
available during 1HFY23, as there was a significant decline in
covid cases in UK and globally. The India business accounted for
26% of the total revenue during 1HFY23 (1HFY22: 20%), revenue from
the US contributed 14% (10%), the EU contributed 41% (57%), and the
emerging markets contributed 20% (14%). According to AIOCD data,
the India business has reported sales growth of 2% yoy during
1HFY23 vs IPM growth of 7% yoy, due to the weak performance of its
key brand WEPOX (used in treatment of anemia).  

During FY22, the total revenue grew 19% yoy to INR32.3 billion in
FY22, led by the supply of covid vaccines products to the UK market
and strong performance from India business. The EBITDA turned
positive INR2.9 billion in FY22 (FY21: negative INR631 million),
due to strong profitability in the vaccine segment. Ind-Ra had
expected offtake of Sputnik vaccine during FY22/1HFY23 which did
not materialize due to geo-political issues.  

Ind-Ra believes Wockhardt's key geographies will witness revenue
growth in FY24, led by new product launches/ price hikes and
vaccine supply agreement with Serum.  

QoQ Improvement in Financial Performance in 2QFY23: Wockhardt has
been working on various cost reduction initiatives including
closure of the US Morton Grove manufacturing facility and transfer
of products to third party manufacturing sites. The company
envisages the annual savings of USD15 million-16 million.
Wockhardt's performance has improved on QoQ basis during 2QFY23
with the company reporting EBITDA of INR430 million (1QFY23: loss
of INR16 million).  

Refinancing Risks during FY24: The overall debt levels have
remained elevated during FY22-1HFY23 (led by additional promoter
loans) and higher than Ind-Ra projections, while the EBITDA
generation has remained weak and capex spend (QIDP molecules,
maintenance capex) continues to pressure the overall cash flows.
The consolidated cash on books stood at INR2.2 billion (including
bank balances) as of September 2022 (March 2022: INR3.9 billion)
while the total debt on books (including promoter loans) was
INR18.5 billion as (INR18.6 billion). The consolidated long-term
bank debt on books reduced to INR6.8 billion (FY22: INR8.5 billion)
while short-term working capital facilities were at INR4.9 billion
(INR4.6 billion) as on 30 September 2022, with additional promoter
loans of over INR6.5 billion (INR5.7 billion). Additionally, the
company has INR3.15 billion of lease liabilities (annual rental
expense of INR0.7 billion) and a liability of USD39 million
(including interest) toward the settlement of a civil investigative
demand with the State of Texas, both to be paid over FY23-FY27, of
this the company paid USD8 million during 1HFY23. The total
liabilities stood at around INR24 billion as of 1HFY23 (FY22: INR25
billion). However, the bank debt reduced to INR11.7 billion at
1HFY23 from INR13.1 billion at FYE22. The company is also in
discussion to raise additional debt to fund the phase-III clinical
trials of its QIDP molecules.

Wockhardt's consolidated annual interest payments (including lease
liabilities & interest on promoter loans) are around INR1.2 billion
and INR3 billion and payment liabilities are INR1.1 billion and
INR2.4 billion for 2HFY23 and FY24, respectively. According to the
management, interest on the promoter loans is being accrued and
deferred and the interest excluding promoter interest shall be
INR0.88 billion and INR1.72 billion in 2HFY23 and FY24,
respectively. The gross EBITDA was INR270 million during 1HFY23
(1HFY22: INR2,168 million; FY22: INR2,980 million). The company
also has committed capex towards QIDP molecules of INR1.5 billion
annually, over the next three years, which the management plans to
fund through external sources.

As of September 2022, 52.8% of the promoter shareholding was
pledged, as per stock exchange filings, implying limited headroom
to borrow against its shares. Also, the promoter stake reduced to
63% during September 2022 from 67% during March 2022.  

EBITDA Improvement - A Key Monitorable: The management expects a
strong improvement in the consolidated EBITDAR during 2HFY23-FY24,
led by product launches in key geographies, improvement in price
realizations, growth in all its key markets, and closure of its US
facility leading to annual savings of USD15 million. The EBITDA was
INR2.9 billion in FY22 (FY21: negative INR631 million), due to
higher profitability in the vaccine segment and strong growth in
the India business. However, the EBITDA declined to INR0.27 billion
in 1HFY23. The management expects the EBITDA to increase
substantially in the near to medium term. Ind-Ra however expects a
gradual trajectory in EBITDA improvement, post factoring in cost
savings from the closure of its US facility.

Monetization of R&D Initiatives – a Key Monitorable: Wockhardt is
developing a new class of patented breakthrough anti-infectives for
combating multi-drug anti-microbial resistance and has received
QIDP approval for six unique drugs from the United States Food and
Drug Administration (USFDA). Of these, three are in various
advanced stages of global clinical trials and two molecules have
completed phase 3 studies and have been approved in India. During
August 2021, its subsidiary, Wockhardt Bio AG, partnered with
China's Jiangxi Jemincare Group Company for supplying Wockhardt's
novel patented antibiotic Nafithromycin in People's Republic of
China, Hong Kong, Macau and Taiwan. The company has completed
global clinical Phase I and II studies with Nafithromycin. It has
received an undisclosed upfront payment and will be eligible for
regulatory-linked milestone payments. Also, Wockhardt continues to
hold the marketing  rights for all other geographies.

Furthermore, Wockhardt would supply the product to Jemincare and
will receive royalties on net sales. The management expects to
monetize / commercialize other molecules over the medium term.
According to Ind-Ra, until the molecules achieve optimum sales, the
R&D costs will continue to exert pressure on the company's cash
flows for which it is raising funds through external sources. The
management expects to incur an additional cost of USD100 million
(reported under capex) during FY23-FY25 as the products are in the
clinical trials stage. The R&D costs towards the filing of generic
products are expensed through the P&L account.  

Liquidity Indicator – Stretched: The average maximum utilization
of the fund-based and non-fund-based limits was over 93% and 20%,
respectively, over the 12 months ended September 2022. The
utilization is likely to remain high over the near-to-medium term.
The consolidated net working capital cycle improved to 87 days in
FY22 (FY21: 138 days), led by lower inventory days of 87 (108 days)
and debtor days of 104 (124).

The annual capex requirement amounts to about INR1.5 billion over
FY23-FY25 (FY22: INR 2.1 billion), with primary spending being
undertaken towards the development of QIDP molecules and
maintenance capex. According to the management, the spend on QIDP
molecules shall be done through external sources.

In FY22, the total debt levels were at INR18.6 billion and absolute
EBITDA rose to INR2.9 billion (FY21: negative INR631 million),
leading to the consolidated net leverage improving to 5x (negative
EBITDA) and the interest coverage (operating EBITDAR/gross interest
expense) increasing to 1.1x (negative EBITDA). Ind-Ra notes
excluding promoter loans the net leverage was at 3x during FY22.
However, the credit metrics stayed weak and Ind-Ra expects it to
remain so in FY23 and FY24, given the refinancing requirement in
the business.

Significant Regulatory Overhang: Seven of Wockhardt's facilities
were under regulatory restrictions by the USFDA at end-August 2021.
Among these, two flagship formulation facilities – one in Waluj
and one in Chikalthana (both in Aurangabad) - have been under
import alerts since 2013. The other facility in Waluj received a
warning letter in 2013. Also, the facilities under the subsidiaries
CP Pharmaceuticals (UK) and Morton Grove Pharmaceuticals, Inc (US)
were issued warning letters in FY17. The company has shut down
Morton Grove Pharmaceuticals, Inc (US) to save cost and migrated
the products to a third-party manufacturing site. Ind-Ra has not
factored in the resolution of USFDA issues while projecting the
financials.

Rating Sensitivities

Positive: A sustained increase in the operating profitability, led
by diversified revenue growth along with an improvement in the
liquidity position, could lead to a rating upgrade.

Negative: Delay in refinancing, leading to deterioration in the
liquidity position, and a slower ramp-up in operations will be
negative for the ratings.

Company Profile

Founded in 1960, Wockhardt has operations in India, the US, the UK,
Ireland, and France. Apart from finished dosage formulations, the
company produces injectables, biopharmaceuticals, orals (tablets
and liquids) and topicals (creams and ointments).


[*] INDIA: Bankrupt Hotel Assets Big Draw With Investors
--------------------------------------------------------
The Economic Times reports that several strategic buyers and
investors are actively scouting for hotel and resort properties,
under bankruptcy administration for loan defaults, as revenge
tourism after Covid lockdowns has made the sector attractive to
those with deep pockets.

Some such prominent properties under the hammer, such as the Westin
Kolkata Rajarhat, have drawn interest from several bidders, ET
says.

Similarly, investors and strategic patrons are additionally
intently observing the decision technique of Viceroy Hotels,
operator of Marriott Hyderabad and Courtyard Marriott Hyderabad,
and Mumbai-based V Hotels, proprietor of Tulip Star, erstwhile
referred to as Centaur Hotel Juhu.

"We are seeing an rising curiosity from a few of our purchasers to
amass hotel assets by the insolvency decision course of," ET quotes
Megha Agarwal, affiliate accomplice at regulation agency ELP, as
saying. "Creditors usually take a haircut under resolution plans,
which would not be the case in a simpliciter acquisition."
Typically, a simplicitor acquisition is such {that a} purchaser is
buying an asset at a premium to the market worth since it isn't
offered beneath any debt discount plan.

According to the report, the hospitality sector was among one of
many worst-hit because of the Covid-19 pandemic, when a number of
hospitality firms, notably the homeowners of single accommodations
or resort properties, had been admitted into the decision course of
for mortgage defaults.

Now, such accommodations are seeing curiosity from two units of
bidders - those that already personal hotel properties and people
prepared to personal such properties in the meanwhile earlier than
they promote to another person, ET relays. Nishith Dhruva, managing
accomplice of regulation agency MDP & Partners, mentioned assets
with all of the required licences and available infrastructure are
preferrred brownfield acquisitions which may be put to make use of
from day one. "Buyers are interested in these assets because the
new owners are getting clean assets, free from any liabilities at a
very competitive price, making the acquisition an attractive
proposition for them," Dhruva mentioned.




=========
J A P A N
=========

RAKUTEN GROUP: S&P Downgrades LT ICR to 'BB', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings has lowered to 'BB' from 'BB+' its long-term
issuer credit and senior unsecured debt ratings on Japan-based
internet services company Rakuten Group Inc. S&P also downgraded
its subordinated bonds to 'B' from 'B+'. S&P lowered the ratings by
one notch and removed them from CreditWatch.

The outlook on the long-term issuer credit rating is negative. S&P
had placed the ratings on CreditWatch with negative implications on
Sept. 5, 2022, on uncertainties over its nondebt financing,
combined with the nonfinancial unit's persistent and deeply
negative FOCF resulting from the mobile business' sluggish
operating performance.

S&P said, "The downgrade reflects our expectation that Rakuten's
nonfinancial unit will continue to book deeply negative FOCF in
fiscal 2023. We base this view on the slow improvement in the
mobile business' operating performance and an increase in the
business' capital expenditures. The downgrade also takes into
account the substantial deterioration we expect in the nonfinancial
unit's finances. Nondebt funds raised by Rakuten in fiscal 2022 to
make up for the unit's negative FOCF will be minimal.

"EBITDA from Rakuten's mobile business (including the mobile
network operator and communications infrastructure businesses) is
likely to turn positive later than we assumed. We now expect it to
turn black on a quarterly basis in the first half of fiscal 2024.
In our previous assumption, we expected this in late fiscal 2023.

"We believe the mobile business' number of paying subscribers will
continue to increase only slowly amid persistent concerns over its
poor network quality. This is despite progress in building its
domestic communications network. We expect subscriptions to exceed
5 million at the end of fiscal 2022 and top 7.4 million by the end
of fiscal 2023 but see some downside risk. Rakuten plans to reduce
costs but has little record of doing so, in our view."

EBITDA from its nonfinancial unit will be slow to recover. It will
likely take until fiscal 2024 for EBITDA to turn positive despite
the continued strong performance of its internet service business.
The business is riding out the weaker demand after a sharp rise in
sales at the height of the pandemic in the domestic retail market.
Rakuten's internet service business has a solid ecosystem centered
on its e-commerce business, a leader in the domestic market.

However, we believe it will take considerable time for the positive
EBITDA from its internet services business to offset the mobile
business' sizable negative EBITDA. S&P expects the nonfinancial
unit to book negative EBITDA of just under ¥80 billion in fiscal
2023.

The nonfinancial unit is likely to continue to book deeply negative
FOCF in fiscal 2023. The FOCF of its internet service business,
which includes the robust domestic e-commerce business, and
dividends from the financial unit are likely still insufficient to
offset the mobile business' negative FOCF.

S&P said, "We expect the nonfinancial unit's FOCF deficit to total
nearly JPY700 billion in fiscal 2022. For the following fiscal
year, we expect negative FOCF of over ¥400 billion. Slow progress
in raising nondebt funds is causing debt to grow substantially.
Also, the unit is likely to book negative EBITDA for three straight
years through fiscal 2022. As such, we lowered our assessment of
Rakuten's financial risk profile to highly leveraged from
aggressive.

"Our base-case scenario doesn't incorporate Rakuten's future
nondebt financing into our assessment of Rakuten's credit quality.
We expect the company to continue raising nondebt funds to fill the
large hole in FOCF, but prospects are uncertain. The timing and
amount of such fundraising is unclear, and it is unclear whether
the company can swiftly raise enough funds from capital markets
amid growing concerns over the global economy. Since the latter
half of 2021, Rakuten has announced measures, such as plans to
begin preparing to list subsidiaries Rakuten Bank Ltd. and Rakuten
Securities Holdings Inc. So far, all it has accomplished is raising
funds by selling stocks in Rakuten Securities. The amount, though,
was only ¥80 billion.

"Rakuten's liquidity is likely to worsen in the next year or so.
Its nonfinancial unit's FOCF will likely remain substantially
negative. Also, Rakuten's means to offset the deficit and repay
debt will continue to rely heavily on fundraising. As such, we now
assess its liquidity as less than adequate, down from our previous
assessment of adequate.

"That said, we think two factors continue to underpin the
nonfinancial unit's liquidity. One, Rakuten has ¥150 billion in
unused committed credit lines on the back of good relationship with
major financial institutions. Two, it can somewhat reduce growth
investments in its mobile business in times of greater financial
stress. Also, the company maintains a variety of financing options,
and has a record of issuing corporate bonds in domestic and
overseas markets.

"The support that the financial unit offers to overall
creditworthiness--a factor underpinning our rating on Rakuten--is
gradually waning. Rakuten uses part of the stable operating cash
flow from the unit to develop the nonfinancial unit's business and
repay its debt. However, the operating cash flow that Rakuten uses
for these ends falls far short of the nonfinancial unit's growing
deficit.

"Our long-term issuer credit rating on Rakuten is a weighted
average of the lower credit quality of the highly leveraged
nonfinancial unit (stand-alone credit quality of 'b+') and the
higher credit quality of the financial unit, which has stable
profitability. The negative outlook more strongly reflects the
growing risk in Rakuten's mobile business.

"The negative outlook reflects our view of an at least one-in-three
chance that the nonfinancial unit's performance and finances will
fall short of our assumptions in fiscal 2023. This may occur if the
mobile business is slow to acquire customers or reduce costs."

S&P may considers a downgrade if it sees a heightened likelihood of
both of the following scenarios.

-- The nonfinancial unit's EBITDA and FOCF in fiscal 2023 becoming
substantially weaker than S&P currently assumes, owing to, for
example, slow improvement in the mobile business' performance;
and,

-- Fundraising in fiscal 2023 relying heavily on debt.

S&P may consider revising the outlook to stable if it sees a
heightened likelihood of either of the following scenarios.

-- Capital expenditures in the nonfinancial unit shrinking in line
with S&P's assumptions for fiscal 2023 and thereafter and Rakuten
raising a considerable amount of nondebt funds in fiscal 2023,
thereby curbing growth in debt; or,

-- EBITDA from the nonfinancial unit turning positive in the
coming 12 to 18 months.

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Rakuten. The company
has a high-risk appetite for its industry. Our view reflects its
strong pursuit of growth, as seen in its huge investment in
entering the full-line mobile network operator business in Japan.
It makes such strategic investments under the leadership of Hiroshi
Mikitani, the group's founder, chairman, and largest shareholder.
Environmental and social factors have an overall neutral influence
on our rating analysis."

Ratings Score Snapshot

-- Issuer credit rating: BB/Negative/--

-- Business risk: Satisfactory

-- Country risk: Low risk

-- Industry risk: Intermediate risk

-- Competitive position: Satisfactory

-- Financial risk: Highly leveraged

-- Cash flow/Leverage: Highly leveraged

-- Anchor: b+

Modifiers:

-- Diversification/Portfolio effect: Neutral (no impact)

-- Capital structure: Neutral (no impact)

-- Financial policy: Neutral (no impact)

-- Liquidity: Less than adequate (no impact)

-- Management and governance: Fair (no impact)

-- Comparable rating analysis: Neutral (no impact)

-- Stand-alone credit profile: b+

-- Group credit profile: bb




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

BUNNY STREET: Pharmacy Shuts Business After 30 Years
----------------------------------------------------
Aimee Shaw at Stuff.co.nz reports that veteran pharmacist Trevor
Izzett is one of thousands of qualified staff leaving the stretched
and under-funded pharmacy sector after a long and trying three
years.

Stuff relates that Mr. Izzett and his wife, Leigh Izzett, owners of
Wellington CBD's Bunny Street City Pharmacies, closed their last
retail shop on Dec. 23 after almost 30 years in the industry.

Mr. Izzett - the only trained pharmacist servicing the store - said
he had run out of steam.

"I was definitely feeling burnout. I could have afforded to wait
for the building to fill up again but I just didn't have the
energy. Just treading water; I couldn't push the business forward
because there were no people to push it forward with," Stuff quotes
Mr. Izzett as saying.

He said the move to close the popular shop had come as a shock to
some of its customers, many of whom had dealt with on a weekly or
monthly basis for the past 12 years. One customer burst into tears
when she found out the store would close.

Mr. Izzett said he might have decided to continue with the shop if
he could have secured another full-time pharmacist to manage his
workload. But this had proven impossible, the report relays.

"The thought of having to keep doing what I have done for the past
three years with very little time off, I just couldn't cope."

Instead, he will leave the industry to focus on his small concrete
art firm SlabArt, which turns concrete slabs in residential
properties into works of art.

The Izzett family opened their first pharmacy 27 years ago in their
late 20s.

They purchased the Featherston St pharmacy in 1995 before expanding
to open a second on The Terrace in 2008, and opened the Bunny St
pharmacy in the Asteron Building 12 years ago, according to Stuff.

But in March 2020, they closed The Terrace pharmacy, having
previously merged the Bunny St and Featherston St pharmacies in
2014 due to earthquake damage.

They had not seen a return to business as usual since the Covid-19
pandemic because of a lack of people working in the city. The
building the Bunny St business is located in remains empty due to
earthquake strengthening, which has had a serious impact on sales
and foot traffic.

"The footfall in town is really down. Most people are only working
two or three days if they're in town now and most people are
working from home; it has significantly affected us," the report
quotes Mr. Izzett as saying.

Trade was down over 60% in front of the shop, although
prescriptions not that much. "It is quiet."

Mr. Izzett said he was sad to wind up his career and pharmacy
business, but took pride in his ability to serve and help the
community for so long, Stuff adds.


DJF FOODSTORE: Creditors' Proofs of Debt Due on Jan. 24
-------------------------------------------------------
Creditors of DJF Foodstore Limited and DJF Foodstore 2 Limited are
required to file their proofs of debt by Jan. 24, 2023, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 21, 2022.

The company's liquidators are:

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


HIKO HEALTH: Creditors' Proofs of Debt Due on Feb. 28
-----------------------------------------------------
Creditors of Hiko Health and Fitness Limited and H.I.K.O Charitable
Trust are required to file their proofs of debt by Feb. 28, 2023,
to be included in the company's dividend distribution.

The High Court at Wellington appointed Heath Gair of Palliser
Insolvency as liquidators on Dec. 15, 2022.


HILL OF RATH: Creditors' Proofs of Debt Due on Jan. 7
-----------------------------------------------------
Creditors of Hill of Rath Limited are required to file their proofs
of debt by Jan. 7, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 5, 2022.

The company's liquidator is David Thomas.


NORTH SHORE: Creditors' Proofs of Debt Due on Jan. 27
-----------------------------------------------------
Creditors of North Shore Cosmopolitan Club Incorporated are
required to file their proofs of debt by Jan. 27, 2023, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 15, 2017.

The company's liquidator is:

          Bryan Williams
          BWA Insolvency Limited
          PO Box 609
          Kumeu 0841


SYMON HOWELL: Creditors' Proofs of Debt Due on Feb. 10
------------------------------------------------------
Creditors of Symon Howell Interiors Limited are required to file
their proofs of debt by Feb. 10, 2023, to be included in the
company's dividend distribution.

The High Court at Auckland appointed Craig Sanson and Malcolm
Hollis of PwC as liquidators on Dec. 15, 2022.




===============
P A K I S T A N
===============

PAKISTAN WATER: S&P Lowers LongTerm ICR to 'CCC+', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Pakistan Water and Power Development Authority (WAPDA) to 'CCC+'
from 'B-'. At the same time, S&P lowered its long-term issue rating
on the company's senior unsecured notes to 'CCC+' from 'B-'.

The stable outlook on WAPDA mirrors the outlook on the sovereign
ratings on Pakistan.

S&P believes WAPDA's creditworthiness will remain closely tied with
that of the government of Pakistan. A significant portion of the
company's debt is from the government, guaranteed by the state, or
directly borrowed by the government before it is on-lent to WAPDA.

The government closely oversees the operations of WAPDA. It also
defines the company's strategies, including its investments and
borrowings. In addition, the government appoints the company's
chairman and key management team.

Given that the credit position of the sovereign has weakened, there
could be heightened risk of negative government intervention. S&P
will closely monitor the avenues of government support and assess
the possibility of any negative government intervention.

In S&P's view, WAPDA has an extremely high likelihood of receiving
timely and sufficient extraordinary support from the Pakistani
government. This is given the company's strategic importance to,
and integral ties with, the state.

Timely receipt of government grants is crucial for WAPDA to execute
its large capital expenditure plan in a timely manner. The company
will also likely maintain its ability to defer interest payments on
government-relent loans to preserve liquidity.

These avenues of government support are crucial to preserving
WAPDA's credit profile, given that the company has been operating
with revenue under-recoveries under the current tariff framework in
Pakistan.

The stable outlook on WAPDA mirrors that on the sovereign ratings
on Pakistan.

S&P may lower the ratings on WAPDA if:

-- S&P lowers the sovereign ratings on Pakistan;

-- S&P believes the risk of negative government intervention has
heightened; or

-- S&P believes WAPDA will default without a potential positive
development, with specific default scenarios envisioned for the
next 12 months.

S&P may raise the ratings on WAPDA if it raises the sovereign
ratings on Pakistan. S&P does not expect to rate WAPDA above the
sovereign ratings. This is due to the company's large exposure to
the local economy and regulations.

ESG credit indicators: E-2, S-3, G-5


PAKISTAN: S&P Downgrades SCRs to 'CCC+/C', Outlook Stable
---------------------------------------------------------
S&P Global Ratings lowered its long-term sovereign credit rating on
Pakistan to 'CCC+' from 'B-', and the short-term rating to 'C' from
'B'. The outlook on the long-term rating is stable. S&P also
lowered its long-term issue rating on Pakistan's senior unsecured
notes to 'CCC+' from 'B-'.

Outlook

The stable outlook reflects the balance of further risks to
Pakistan's external liquidity position and fiscal performance over
the next 12 months against the prospect of additional support from
multilateral and bilateral partners.

Downside scenario

S&P said, "We could lower our ratings if Pakistan's external
indicators deteriorate rapidly or fiscal deficits widen to exceed
the domestic banking system's financing capacity. One potential
indication of domestic financing stress would be further increases
in the government's interest burden, which we estimate will exceed
40% of government revenues in 2023."

Upside scenario

Conversely, S&P may raise its ratings if Pakistan's external and
fiscal positions improve materially from current levels. Evidence
of improvement could include a sustained rise in foreign exchange
reserves, as well as a stabilization of Pakistan's debt service
costs relative to revenues and a lengthening of debt maturities.

Rationale

S&P said, "We lowered the ratings to reflect a continued weakening
of Pakistan's external, fiscal, and economic metrics. Given high
gross external financing needs, and limited foreign exchange
reserves, Pakistan's balance of payments outlook remains vulnerable
to energy price developments and the availability and timing of
foreign support. We expect the ratio of debt to GDP and budgetary
deficits to remain elevated, with more than 40% of government
receipts used to finance interest payments, thereby reducing the
government's capacity to finance investment and social support."

Severe flooding during the summer of 2022 has imposed additional
hardships on households and business, further constraining growth.

Institutional and economic profile: Economic conditions are
materially weaker following severe floods earlier this year

Pakistan's fiscal year 2023 (year ending June 2023) economic growth
will be much slower than we previously anticipated.
In addition to the impact of severe weather in August and
September, tighter domestic monetary conditions and elevated
inflation will also weigh on economic activity.
The Pakistan government's policy reform efforts will face difficult
macroeconomic and political challenges, and popular pressure
against plans to phase out social support measures.
Pakistan's economy faces a weaker outlook in fiscal 2023 following
the floods. Simultaneously, domestic demand is grappling with
rising prices, particularly for staple goods. Consumer price index
(CPI) inflation has surged to more than 20% year on year at the
national level, and will remain elevated for the rest of this
fiscal year.

After successfully completing the seventh and eighth reviews under
the IMF's Extended Funding Facility (EFF) program, the Pakistan
government is facing fresh challenges in meeting the performance
requirements for subsequent reviews. Disbursements under the EFF,
which began in July 2019, amount to approximately US$4.0 billion so
far, including a US$1.2 billion allocation in August 2022.

The current inflationary environment, coupled with a material
slowdown in economic activity and, in some cases, severe
humanitarian needs related to the floods, complicates the
implementation of measures to consolidate the government's wide
fiscal deficit. It will be more difficult for the government to
achieve a primary fiscal balance surplus, and boost its stock of
foreign exchange reserves, than it was in earlier in 2022.

With its tenure set to end by August 2023 or earlier, the
government has limited time to implement meaningful economic
reforms, especially those that may imperil electoral support for
coalition members. S&P expects political uncertainty to remain
elevated over the coming quarters, with continued pressure from the
opposition to hold early elections.

The ratings on Pakistan remain constrained by a narrow tax base and
elevated domestic and external security risks. The country's
security situation has gradually improved over recent years, but
ongoing vulnerabilities weaken the government's effectiveness and
weigh on the business climate. Occasional tensions with India, and
Pakistan's extended land border with Afghanistan, pose challenges
to Pakistan's long-term economic outlook.

The Pakistani rupee's recent depreciation against the U.S. dollar
has also contributed to a continued stagnation in the country's
nominal GDP per capita. Coupled with lower real GDP growth
expectations, we forecast GDP per capita will stabilize just above
US$1,500 by fiscal 2025.

Flexibility and performance profile: Fiscal and external accounts
face mounting pressure from steep inflation and rising interest
rates

-- S&P projects Pakistan's current account deficit will narrow to
3.3% of GDP in 2023 versus 4.7% of GDP this year, but improvement
is highly contingent on energy and food prices, as well as the
continued imposition of administrative measures on imports.

S&P estimates that Pakistan's usable foreign exchange reserves will
remain low, at around one month of current account payments.
Higher debt-servicing costs are exerting pressure on the
government's fiscal position. With revenues of just over 12% of
GDP, the government's capacity to raise taxes is among the weakest
of all rated sovereigns.

Pakistan's fiscal and external positions will face continued
pressure from high inflation and interest rates, as well as
difficult market conditions, which are set to continue over the
next 12 months. We forecast the general government's fiscal deficit
will remain elevated at 6.5% of GDP in the current fiscal year,
versus 7.9% of GDP in fiscal 2022. Weaker economic growth
conditions this year will constrain revenue growth, even as the
government maintains efforts to rein in its expenditure bill. The
willingness and ability of of policymakers to stay the course on
tight expenditure settings while making continued enhancements to
the country's revenue program will be critical to meeting ambitious
targets in the IMF's EFF agreement.

S&P forecasts Pakistan's average annual change in net general
government debt will be 7.8% of GDP from fiscal 2023 through to
fiscal 2025. This reflects its expectations of gradually smaller
shortfalls, in combination with a continued depreciation of the
Pakistani rupee.

These trends will keep Pakistan's net debt stock high at about 71%
of GDP. Of the government's gross debt stock, approximately 27% of
GDP is external debt, and S&P estimates that slightly less than 40%
of the total debt stock is denominated in foreign currency.

Pakistan's elevated interest expense relative to fiscal revenue is
an additional constraint on our assessment of the government's debt
burden. S&P anticipate rising interest rates and a weaker rupee
will keep this ratio highly elevated, at more than 45% of revenues,
over the next few years. This interest burden level poses risks to
the sustainability of the government's debt stock.

Financial support from bilateral creditors, including the United
Arab Emirates, the People's Bank of China (PBoC), and Saudi Arabia,
remains critical to Pakistan's ability to meet high external
financing needs. We estimate total support from these three
partners at US$13.6 billion, and add this sum to the government's
total stock of debt. Additional support from bilateral partners
could increasingly depend on Pakistan's ability to maintain its EFF
program with the IMF.

Combined support from Pakistan's international partners, including
multilateral institutions, remains crucial in the country meeting
its external financing needs over the coming years.

Pakistan's external data provision is timely and generally of good
quality. The current account deficit has declined over recent
months following a shortfall of 4.7% of GDP in fiscal 2022.
However, this narrowing is partially the product of import
compression, related to a much weaker economy and administrative
measures to tighten the generation of credit facilities for
imports.

Despite our expectation for a moderation of the full-year deficit
to about 3.3% of GDP, Pakistan's overall balance of payments
deficit and continued debt maturities will place sustained downward
pressure on its foreign exchange reserves, absent considerable new
funding.

Gross external financing needs, as well as net external
indebtedness, will remain at critical levels over the next one to
two years, reflecting Pakistan's weak external balance sheet and
enduring liquidity stress.

Pakistan's foreign exchange reserves depend heavily on the renewal
of existing bilateral credit and commercial loan facilities, as
well as on the potential extension of new ones. Despite sizable
disbursements from the Asian Development Bank, the Asian
Infrastructure Investment Bank, and the IMF over recent months,
liquid foreign exchange reserves held by the State Bank of Pakistan
(SBP) continue to decline, and stood at a multi-year low of about
US$6.7 billion as of Dec. 9, 2022.

Additional aid from either multilateral institutions or bilateral
partners would further add to Pakistan's substantial net external
debt position. We forecast this net external debt position will
reach 175% of current account receipts by the end of this fiscal
year.

Pakistan is experiencing rapid inflation, with the national CPI
rising by 26.6% year on year in October. The central bank has
responded by aggressively tightening monetary policy, including a
cumulative 625 basis points (bps) hike to its policy rate since
December 2021, in order to tamp down inflationary pressure and lean
against continued depreciation of the rupee.

S&P said, "We expect inflation to remain elevated into 2023, before
beginning to moderate in the second half of that calendar year.
Nevertheless, Pakistan's higher interest rates will continue to
squeeze the government's debt-servicing costs over the next two to
three years, given its large stock of local currency-denominated
debt.

Pakistan's banking system is modest by international standards
(though larger than that of other sovereigns in the 'CCC'
category). Total bank assets comprise about 52% of GDP. S&P Global
Ratings does not publish a Banking Industry Country Risk Assessment
on Pakistan. S&P said, "However, despite the banking system's large
exposure to the sovereign, it is, in our opinion, stable, liquid,
and adequately capitalized. Combining our view of Pakistan's
government-related entities and its financial system, we assess the
country's contingent fiscal risks as limited. That said, at more
than 20% of total system assets, Pakistan's banking system bears an
outsized exposure to the sovereign."

Earlier this year, Pakistan amended the SBP Act, which affords
additional independence to the central bank, in line with IMF
program objectives. S&P believes the SBP's autonomy and performance
have strengthened since the establishment of a monetary policy
committee for rate-setting in January 2016.

S&P understands that under the IMF's EFF program for Pakistan, the
SBP will no longer provide net financing to the central government.
This has strengthened the SBP's capacity to focus on fighting
inflation. In keeping with this objective, the SBP's interest rate
corridor strengthens the monetary transmission mechanism by better
targeting of short-term market interest rates, in our view.

The central bank has allowed the rupee to float more freely with
market forces over the past two years. While recent currency
depreciation against the U.S. dollar will push up external
debt-servicing costs, a more flexible exchange rate will also
mitigate the risk of currency-driven structural imbalances
accumulating over the long term.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  DOWNGRADED  
                                           TO    FROM
  PAKISTAN

  Transfer & Convertibility Assessment    CCC+     B-

  Senior Unsecured                        CCC+     B-

  Short-Term Debt                         C        B

  DOWNGRADED; OUTLOOK ACTION  
                                           TO    FROM
  PAKISTAN

  Sovereign Credit Rating        CCC+/Stable/C   B-/Negative/B




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

AN HE SHIPPING: Creditors' Meetings Set for Jan. 9
--------------------------------------------------
An He Shipping Pte Ltd, An Hua Shipping Pte. Ltd and An Kang
Shipping Pte. Ltd. will hold a meeting for its creditors on Jan. 9,
2023, at 9:30 a.m., 10:00 a.m., and 10:30 a.m. respectively.

Agenda of the meeting includes:

     a. to receive a full statement of the Company’s affairs
        together with a list of creditors and the estimated amount

        of their claims;

     b. to appoint liquidators;

     c. to be authorised to appoint solicitors to (i) assist the
        liquidators in the liquidators’ duties; and/or (ii) to
        bring or defend any action or legal proceeding in the name

        and on behalf of the Company.

Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton
Singapore were appointed provisional liquidators of the company on
Dec. 12, 2022.


AN SHENG SHIPPING: Creditors' Meetings Set for Jan. 10
------------------------------------------------------
An Sheng Shipping Pte. Ltd. and An Ya Shipping Pte Ltd will hold a
meeting for its creditors on Jan. 10, 2023, at 9:30 a.m. and
10:00 a.m., respectively.

Agenda of the meeting includes:

     a. to receive a full statement of the Company’s affairs
        together with a list of creditors and the estimated amount

        of their claims;

     b. to appoint liquidators;

     c. to be authorised to appoint solicitors to (i) assist the
        liquidators in the liquidators’ duties; and/or (ii) to
        bring or defend any action or legal proceeding in the name

        and on behalf of the Company.

Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton
Singapore were appointed provisional liquidators of the company on
Dec. 12, 2022.


ANIERA INVESTMENTS: Creditors' Proofs of Debt Due on Jan. 25
------------------------------------------------------------
Creditors of Aniera Investments Private Limited are required to
file their proofs of debt by Jan. 25, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 20, 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


HODLNAUT PTE: Court to Hear Judicial Management Bid on Jan. 13
--------------------------------------------------------------
A petition to place the operations of Hodlnaut Pte Ltd under
Judicial Management will be heard before the High Court of
Singapore on Jan. 13, 2022, at 10:00 a.m.

The application to place the company under Judicial Management was
filed on Aug. 13, 2022.

Tam Chee Chong of Kairos Corporate Advisory Pte. Ltd. has been
nominated as the Judicial Manager.


INFINITY HAIRWORKS: Court to Hear Wind-Up Petition on Jan. 6
------------------------------------------------------------
A petition to wind up the operations of Infinity Hairworks Pte.
Ltd. will be heard before the High Court of Singapore on Jan. 6,
2023, at 10:00 a.m.

Milano Central Pte. Ltd filed the petition against the company on
Dec. 15, 2022.

The Petitioner's solicitors are:

          Tan Peng Chin LLC
          50 Raffles Place
          #27-01, Singapore Land Tower
          Singapore 048623




=====================
S O U T H   K O R E A
=====================

[*] SOUTH KOREA: Credit Crunch Crisis Looming for Builders
----------------------------------------------------------
Lee Kyung-min at The Korea Times reports that the local
construction industry is bracing for a series of bankruptcies at
builders in a much-dreaded chain reaction prompted and exacerbated
by widespread project financing (PF) failures over the past few
months, industry watchers said on Dec. 25. PF is the financing of
long-term infrastructure, industrial projects and public services
using limited recourse financing schemes. The debt and equity used
to finance the relatively high-risk projects are paid back from the
cash flow generated by the project, rather than from collaterals
put up before the projects.

At the center of the concern is the default of a local developer of
Legoland in October, which was guaranteed and operated by the
municipal government of Gangwon Province, The Korea Times says. The
unexpected failure to refinance the maturing debt of about KRW205
billion (US$159 million) led to a rapid tightening of borrowing
conditions for mid- to small-sized construction firms, already
devastated by post-pandemic, inflation-countering sharp key rate
hikes.

Further compounding the predicament are soaring prices of key
global commodities, and a two-week walkout by unionized truckers
that incurred at least KRW4 trillion in economic damages, the
report states.

According to The Korea Times, experts said the harsh business and
consumer sentiment should be able to find a breakthrough, as
enabled by eased real estate and related financial market
regulations to induce a soft landing of the country's key growth
drivers.

The Korea Times, citing the Construction Association of Korea,
relays that five large construction firms have defaulted on their
loans since January. Three were in Busan and two were in South
Gyeongsang Province.

Data from Korea Information Service for Construction, a land
ministry-affiliated web data provider, showed 180 builders have
closed down in the second half of this year, up more than 30
percent from a year earlier, the report discloses.

Among them are Dongwon Construction, a mid-sized construction
company in Changwon, South Gyeongsang Province, with reported
annual sales of KRW50 billion last year. The 18th-largest firm in
the province and the 388th nationally, the builder with over two
decades of experience defaulted after failing to pay a combined
KRW2.2 billion in accounts receivables last month.

The worst has yet to come, The Korea Times notes.

According to the report, the Construction and Economy Research
Institute of Korea said 31 out of 233 construction sites operated
by 40 builders said in October that their projects were being
delayed or had been suspended.

Two-thirds of the respondents attributed difficulties in PF to the
project delays. It was followed by stagnant construction costs and
raw input materials supply disruptions.

More than 66 percent said the business conditions will not turn
around in the next month or two, the report adds.




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

[*] BOND PRICING: For the Week Dec. 19, 2022 to Dec. 23, 2022
-------------------------------------------------------------
Issuer                   Coupon     Maturity    Currency    Price
------                   ------     --------    --------    -----

  AUSTRALIA
  ---------

ACN 113 874 712 PTY LTD     13.25     02/15/18      USD      0.26
ACN 113 874 712 PTY LTD     13.25     02/15/18      USD      0.26
APA INFRASTRUCTURE LTD      1.25      03/15/33      EUR      74.00
APA INFRASTRUCTURE LTD      2.50      03/15/36      GBP      67.70
AUSNET SERVICES HOLDINGS    2.57      08/07/35      AUD      69.57
AUSNET SERVICES HOLDINGS    2.57      08/07/35      AUD      69.22
AUSNET SERVICES HOLDINGS    3.16      08/07/40      AUD      65.80
AUSTRALIA & NEW ZEALAND B   1.86      02/28/44      EUR      75.24
AUSTRALIA & NEW ZEALAND B   2.57      11/25/35      USD      73.99
AUSTRALIA & NEW ZEALAND B   2.57      11/25/35      USD      73.95
AUSTRALIA & NEW ZEALAND B   3.40      12/20/39      AUD      67.07
AUSTRALIA & NEW ZEALAND B   1.23      02/18/50      EUR      64.51
AUSTRALIA & NEW ZEALAND B   3.00      12/17/40      AUD      61.91
AUSTRALIA & NEW ZEALAND B   2.92      12/22/40      AUD      60.17
AUSTRALIA GOVERNMENT BOND   1.75      06/21/51      AUD      65.72
CLIME CAPITAL LTD/FUND      5.25      11/30/25      AUD      0.98
COMMONWEALTH BANK OF AUST   3.10      11/30/41      AUD      74.73
COMMONWEALTH BANK OF AUST   1.34      05/17/49      EUR      73.72
COMMONWEALTH BANK OF AUST   3.66      09/23/34      AUD      72.76
COMMONWEALTH BANK OF AUST   3.00      03/20/35      AUD      71.90
COMMONWEALTH BANK OF AUST   3.30      05/28/35      AUD      71.83
COMMONWEALTH BANK OF AUST   1.01      07/19/44      EUR      71.25
COMMONWEALTH BANK OF AUST   3.31      03/11/41      USD      69.79
COMMONWEALTH BANK OF AUST   3.31      03/11/41      USD      69.78
COMMONWEALTH BANK OF AUST   0.69      11/15/39      EUR      68.73
COMMONWEALTH BANK OF AUST   2.71      10/29/49      AUD      66.84
COMMONWEALTH BANK OF AUST   2.70      09/18/49      AUD      66.62
COMMONWEALTH BANK OF AUST   2.66      11/26/49      AUD      66.18
COMMONWEALTH BANK OF AUST   2.60      09/27/49      AUD      65.17
COMMONWEALTH BANK OF AUST   0.48      07/30/43      EUR      65.15
COMMONWEALTH BANK OF AUST   0.48      07/29/41      EUR      64.05
COMMONWEALTH BANK OF AUST   3.00      12/10/40      AUD      63.87
COMMONWEALTH BANK OF AUST   2.45      10/18/49      AUD      63.22
COMMONWEALTH BANK OF AUST   3.20      08/27/40      AUD      62.96
COMMONWEALTH BANK OF AUST   3.30      09/24/41      AUD      61.79
COMMONWEALTH BANK OF AUST   3.30      08/26/50      AUD      61.57
COMMONWEALTH BANK OF AUST   3.12      08/27/41      AUD      59.72
COMMONWEALTH BANK OF AUST   1.90      03/12/50      AUD      54.68
EDITH COWAN UNIVERSITY      3.40      07/15/41      AUD      69.50
EXCHANGE TRADED AUSTRALIA   1.75      06/21/51      AUD      65.41
FLAGSHIP INVESTMENTS LTD    5.50      10/01/26      AUD      2.56
GENERAL PROPERTY TRUST      2.21      12/04/35      HKD      72.77
GLENNON SMALL COS LTD       5.60      09/30/30      AUD      8.55
GLOBAL MASTERS FUND LTD/F   5.50      11/24/26      AUD      3.10
MACQUARIE BANK LTD          3.05      03/03/36      USD      73.31
MACQUARIE BANK LTD          3.05      03/03/36      USD      73.23
MACQUARIE GROUP LTD         2.67      10/27/36      USD      72.38
MACQUARIE GROUP LTD         2.60      10/08/36      USD      71.81
MACQUARIE GROUP LTD         2.50      09/24/36      USD      70.95
MACQUARIE GROUP LTD         2.22      06/26/39      SEK      54.39
MACQUARIE UNIVERSITY        3.05      05/20/40      AUD      74.33
MACQUARIE UNIVERSITY        3.10      11/22/44      AUD      69.98
MOSAIC BRANDS LTD           8.00      09/30/24      AUD      0.85
NATIONAL AUSTRALIA BANK L   3.30      06/09/35      AUD      73.94
NATIONAL AUSTRALIA BANK L   4.10      02/24/42      AUD      73.31
NATIONAL AUSTRALIA BANK L   2.76      01/21/40      AUD      73.02
NATIONAL AUSTRALIA BANK L   2.64      12/16/39      AUD      72.25
NATIONAL AUSTRALIA BANK L   2.68      01/22/40      AUD      72.23
NATIONAL AUSTRALIA BANK L   2.60      01/28/40      AUD      71.21
NATIONAL AUSTRALIA BANK L   3.71      11/25/41      AUD      70.47
NATIONAL AUSTRALIA BANK L   2.48      12/05/39      AUD      70.01
NATIONAL AUSTRALIA BANK L   3.37      05/25/46      USD      69.60
NATIONAL AUSTRALIA BANK L   3.40      06/30/40      AUD      68.22
NATIONAL AUSTRALIA BANK L   3.35      07/17/40      AUD      67.94
NATIONAL AUSTRALIA BANK L   3.35      07/24/40      AUD      64.19
NATIONAL AUSTRALIA BANK L   2.65      01/14/41      USD      62.83
NATIONAL AUSTRALIA BANK L   2.65      01/14/41      USD      62.74
NEW SOUTH WALES TREASURY    2.25      11/20/40      AUD      71.12
NEW SOUTH WALES TREASURY    2.25      05/07/41      AUD      70.63
NEW SOUTH WALES TREASURY    2.25      05/20/42      AUD      69.00
NEW SOUTH WALES TREASURY    2.45      08/24/50      AUD      65.81
NEW SOUTH WALES TREASURY    0.61      02/24/50      EUR      64.25
QUEENSLAND TREASURY CORP    2.25      04/16/40      AUD      71.97
QUEENSLAND TREASURY CORP    2.25      11/20/41      AUD      70.19
QUEENSLAND TREASURY CORP    2.25      10/28/50      AUD      63.00
QUEENSLAND TREASURY CORP    0.69      06/01/50      EUR      60.65
RIO TINTO FINANCE USA LTD   2.75      11/02/51      USD      71.22
SOUTH AUSTRALIAN GOVERNME   2.00      05/23/36      AUD      73.98
SOUTH AUSTRALIAN GOVERNME   2.25      05/24/40      AUD      70.08
STOCKLAND TRUST MANAGEMEN   2.62      03/19/36      HKD      72.98
TASMANIAN PUBLIC FINANCE    1.75      01/22/36      AUD      72.24
TASMANIAN PUBLIC FINANCE    2.35      08/23/41      AUD      69.53
TREASURY CORP OF VICTORIA   2.00      11/20/37      AUD      71.83
TREASURY CORP OF VICTORIA   2.25      11/20/40      AUD      70.55
TREASURY CORP OF VICTORIA   2.25      11/20/41      AUD      69.20
TREASURY CORP OF VICTORIA   2.25      11/20/42      AUD      68.16
TREASURY CORP OF VICTORIA   2.40      08/18/50      AUD      64.51
TREASURY CORP OF VICTORIA   0.60      02/24/50      EUR      61.66
VIRGIN AUSTRALIA HOLDINGS   7.88      10/15/21      USD      0.56
VIRGIN AUSTRALIA HOLDINGS   8.13      11/15/24      USD      0.51
VIRGIN AUSTRALIA HOLDINGS   8.13      11/15/24      USD      0.51
VIRGIN AUSTRALIA HOLDINGS   8.00      11/26/24      AUD      0.38
VIRGIN AUSTRALIA HOLDINGS   8.08      03/05/24      AUD      0.37
VIRGIN AUSTRALIA HOLDINGS   8.25      05/30/23      AUD      0.37
VIRGIN AUSTRALIA HOLDINGS   7.88      10/15/21      USD      0.27
WESTERN AUSTRALIAN TREASU   2.25      07/23/41      AUD      71.03
WESTPAC BANKING CORP        0.38      09/22/36      EUR      69.87
WESTPAC BANKING CORP        2.35      02/27/40      AUD      68.68
WESTPAC BANKING CORP        3.13      11/18/41      USD      68.59
WESTPAC BANKING CORP        2.96      11/16/40      USD      67.70


   CHINA
   -----

AKESU DISTRICT GREEN INDU   4.09      03/11/23      CNY      20.03
AKESU DISTRICT GREEN INDU   4.09      03/11/23      CNY      19.95
AKESU TEXTILE CITY DEVELO   7.50      06/21/24      CNY      41.00
AKESU TEXTILE CITY DEVELO   7.50      06/21/24      CNY      40.99
ALETAI CITY JUJIN URBAN C   7.73      10/26/24      CNY      51.87
ALTAY PREFECTURE STATE-OW   4.85      01/22/23      CNY      20.05
ALTAY PREFECTURE STATE-OW   4.85      01/22/23      CNY      20.00
ANHUI DANGTU ECO DEVELOPM   6.00      09/11/24      CNY      40.77
ANHUI DANGTU ECO DEVELOPM   6.00      09/11/24      CNY      40.00
ANHUI HUAAN FOREIGN ECONO   7.30      07/13/21      CNY      70.01
ANHUI HUAINING URBAN & RU   5.80      08/28/24      CNY      40.77
ANHUI HUAINING URBAN & RU   5.80      08/28/24      CNY      40.00
ANHUI JIANGNAN INDUSTRIAL   4.76      07/08/23      CNY      19.93
ANHUI JIANGNAN INDUSTRIAL   4.76      07/08/23      CNY      19.91
ANHUI LANGCHUAN HOLDING G   6.13      12/11/24      CNY      41.65
ANHUI LANGCHUAN HOLDING G   6.13      12/11/24      CNY      41.21
ANHUI LEXING CITY CONSTRU   6.05      11/01/24      CNY      41.15
ANJI CONSTRUCTION INVESTM   7.20      05/02/25      CNY      63.06
ANJI CONSTRUCTION INVESTM   7.49      09/25/25      CNY      62.91
ANJI CONSTRUCTION INVESTM   7.20      05/02/25      CNY      61.85
ANJI CONSTRUCTION INVESTM   7.49      09/25/25      CNY      60.00
ANJI COUNTY INDUSTRY INVE   7.00      11/19/25      CNY      62.10
ANJI COUNTY INDUSTRY INVE   7.00      11/19/25      CNY      60.00
ANJI NORTHWEST DEVELOPMEN   5.90      07/18/23      CNY      20.12
ANJI NORTHWEST DEVELOPMEN   5.90      07/18/23      CNY      19.93
ANLU CONSTRUCTION DEVELOP   5.45      06/15/23      CNY      20.12
ANNING DEVELOPMENT INVEST   8.80      09/11/25      CNY      63.87
ANNING DEVELOPMENT INVEST   8.00      12/04/25      CNY      63.49
ANNING DEVELOPMENT INVEST   8.00      12/04/25      CNY      60.00
ANNING DEVELOPMENT INVEST   8.80      09/11/25      CNY      55.50
ANQING ECONOMIC&TECHNOLOG   4.09      03/09/23      CNY      20.01
ANQING ECONOMIC&TECHNOLOG   4.09      03/09/23      CNY      19.98
ANQING WANJIANG HIGH TECH   6.50      08/02/24      CNY      40.34
ANQING WANJIANG HIGH TECH   6.50      08/02/24      CNY      40.00
ANQIU HUAAN STATE OWNED A   7.00      09/14/24      CNY      39.81
ANQIU HUAAN STATE OWNED A   7.00      09/14/24      CNY      38.00
ANSHUN CITY CONSTRUCTION    7.30      09/15/24      CNY      41.14
ANSHUN CITY XIXIU INDUSTR   8.00      01/29/26      CNY      69.30
ANSHUN CITY XIXIU INDUSTR   8.00      01/29/26      CNY      68.00
ANSHUN CITY XIXIU INDUSTR   7.90      11/15/25      CNY      63.27
ANSHUN CITY XIXIU INDUSTR   7.90      11/15/25      CNY      50.00
ANSHUN STATE-RUN ASSETS M   4.48      07/18/23      CNY      19.96
ANSHUN STATE-RUN ASSETS M   4.48      07/18/23      CNY      19.83
ANSHUN TRANSPORTATION DEV   7.50      10/31/24      CNY      38.23
ANSHUN TRANSPORTATION DEV   7.50      10/31/24      CNY      35.50
ANSHUN XIXIU CITY INVESTM   4.70      11/22/23      CNY      19.97
ANSHUN XIXIU CITY INVESTM   4.70      11/22/23      CNY      17.54
ANYUE XINGAN CITY DEVELOP   7.50      01/30/25      CNY      61.62
ANYUE XINGAN CITY DEVELOP   7.50      01/30/25      CNY      61.61
AOYUAN CORP GROUP LTD       5.65      08/06/25      CNY      59.71
AOYUAN CORP GROUP LTD       6.60      09/03/23      CNY      38.00
AOYUAN CORP GROUP LTD       5.50      03/03/25      CNY      25.50
BAOJI INVESTMENT GROUP CO   5.05      04/18/24      CNY      40.24
BAOTOU AFFORDABLE HOUSING   5.25      07/27/24      CNY      40.80
BAOTOU AFFORDABLE HOUSING   5.31      08/10/24      CNY      40.22
BAOTOU AFFORDABLE HOUSING   5.25      07/27/24      CNY      40.18
BAOTOU QINSHAN HOUSING DE   7.90      12/26/23      CNY      45.33
BAOYING CITY CONSTRUCTION   4.50      03/24/23      CNY      20.05
BAOYING CITY CONSTRUCTION   4.50      03/24/23      CNY      19.98
BAOYING COUNTY DEVELOPMEN   5.49      10/17/24      CNY      41.70
BAOYING COUNTY DEVELOPMEN   5.49      10/17/24      CNY      40.71
BAOYING COUNTY DEVELOPMEN   5.45      08/21/24      CNY      40.60
BAZHOU GUOHUI CONSTRUCTIO   6.08      06/19/24      CNY      40.73
BAZHOU GUOHUI CONSTRUCTIO   6.08      06/19/24      CNY      40.49
BEIPIAO CITY CONSTRUCTION   6.70      03/25/23      CNY      20.11
BEIPIAO CITY CONSTRUCTION   6.70      03/25/23      CNY      20.11
BENGBU ECONOMIC DEVELOPME   6.45      07/13/24      CNY      40.34
BENGBU ECONOMIC DEVELOPME   6.45      07/13/24      CNY      40.00
BENGBU URBAN INVESTMENT H   5.80      04/13/24      CNY      40.39
BENGBU URBAN INVESTMENT H   5.80      04/13/24      CNY      40.38
BIJIE CITY ANFANG CONSTRU   7.80      01/18/26      CNY      69.00
BIJIE CONSTRUCTION INVEST   5.55      08/03/24      CNY      40.09
BIJIE CONSTRUCTION INVEST   5.78      07/06/24      CNY      38.76
BIJIE DEXI CONSTRUCTION D   4.60      11/17/23      CNY      19.64
BIJIE DEXI CONSTRUCTION D   5.10      12/05/23      CNY      19.60
BIJIE DEXI CONSTRUCTION D   4.60      11/17/23      CNY      19.52
BIJIE DEXI CONSTRUCTION D   5.10      12/05/23      CNY      19.18
BIJIE QIXINGGUAN DISTRICT   8.05      08/16/25      CNY      55.33
BIJIE QIXINGGUAN DISTRICT   7.60      09/08/24      CNY      41.22
BIJIE TIANHE URBAN CONSTR   8.05      12/03/25      CNY      63.54
BIJIE XINTAI INVESTMENT C   7.80      11/01/24      CNY      36.00
BIJIE XINTAI INVESTMENT C   7.80      11/01/24      CNY      35.49
BINZHOU ZHANHUA DISTRICT    4.93      11/29/23      CNY      20.09
BINZHOU ZHANHUA DISTRICT    4.93      11/29/23      CNY      19.83
BOZHOU URBAN CONSTRUCTION   4.78      04/14/23      CNY      20.07
BOZHOU URBAN CONSTRUCTION   4.78      04/14/23      CNY      19.98
BRILLIANCE AUTO GROUP HOL   5.80      06/17/24      CNY      60.78
BRILLIANCE AUTO GROUP HOL   5.80      11/05/23      CNY      59.80
BRILLIANCE AUTO GROUP HOL   6.30      09/14/23      CNY      56.93
BRILLIANCE AUTO GROUP HOL   5.40      09/14/23      CNY      55.80
BRILLIANCE AUTO GROUP HOL   5.80      03/20/24      CNY      54.80
CEFC SHANGHAI INTERNATION   4.98      12/10/20      CNY      61.29
CEFC SHANGHAI INTERNATION   4.08      09/09/21      CNY      60.00
CHANG DE DING LI INDUSTRY   6.10      07/20/24      CNY      40.23
CHANG DE DING LI INDUSTRY   6.10      07/20/24      CNY      40.09
CHANG DE DING LI INDUSTRY   4.30      03/10/23      CNY      20.00
CHANG DE DING LI INDUSTRY   4.30      03/10/23      CNY      19.96
CHANGDE DE YUAN SHANTY TO   5.33      09/13/23      CNY      9.81
CHANGDE DINGCHENG JIANGNA   7.58      10/19/25      CNY      61.24
CHANGDE DINGCHENG JIANGNA   7.58      10/19/25      CNY      60.00
CHANGDE URBAN CONSTRUCTIO   3.59      01/12/23      CNY      20.05
CHANGDE URBAN CONSTRUCTIO   3.59      01/12/23      CNY      20.02
CHANGGE JINCAI PUBLIC ASS   7.10      04/19/24      CNY      39.99
CHANGGE JINCAI PUBLIC ASS   7.10      04/19/24      CNY      39.77
CHANGJI URBAN CONSTRUCTIO   4.24      11/18/23      CNY      19.96
CHANGJI URBAN CONSTRUCTIO   4.24      11/18/23      CNY      19.50
CHANGLE COUNTY NEWTOWN DE   5.18      12/16/22      CNY      20.41
CHANGLE COUNTY NEWTOWN DE   5.18      12/16/22      CNY      19.99
CHANGSHA CHENGBEI INVESTM   6.95      06/06/25      CNY      64.90
CHANGSHA CHENGBEI INVESTM   6.95      06/06/25      CNY      62.22
CHANGSHA CHENGBEI INVESTM   7.00      10/26/25      CNY      60.00
CHANGSHA ECONOMIC & TECHN   4.78      03/03/24      CNY      41.26
CHANGSHA ECONOMIC & TECHN   4.78      03/03/24      CNY      40.11
CHANGSHA FURONG CITY DEVE   3.88      01/26/23      CNY      24.60
CHANGSHA FURONG CITY DEVE   3.88      01/26/23      CNY      20.00
CHANGSHA JINZHOU NEW CITY   6.60      08/24/24      CNY      40.91
CHANGSHA JINZHOU NEW CITY   6.60      08/24/24      CNY      40.00
CHANGSHA METRO GROUP CO L   4.10      12/21/25      CNY      61.47
CHANGSHA METRO GROUP CO L   4.10      12/21/25      CNY      60.55
CHANGSHA METRO GROUP CO L   5.97      04/03/25      CNY      47.56
CHANGSHA METRO GROUP CO L   5.97      04/03/25      CNY      46.41
CHANGSHA METRO GROUP CO L   5.40      07/14/25      CNY      46.31
CHANGSHA METRO GROUP CO L   5.40      07/14/25      CNY      45.00
CHANGSHA METRO GROUP CO L   6.20      04/23/23      CNY      15.11
CHANGSHA TIANXIN CITY CON   3.43      08/08/23      CNY      20.15
CHANGSHA TIANXIN CITY CON   3.43      08/08/23      CNY      19.84
CHANGSHA WANGYUAN DEVELOP   5.73      07/12/27      CNY      73.11
CHANGSHA WANGYUAN DEVELOP   5.73      07/12/27      CNY      72.15
CHANGSHA YUHUA JINGKAI DE   4.17      09/06/23      CNY      19.94
CHANGSHA YUHUA JINGKAI DE   4.17      09/06/23      CNY      19.92
CHANGSHA YUHUA URBAN CONS   3.80      01/28/23      CNY      20.15
CHANGSHA YUHUA URBAN CONS   3.80      01/28/23      CNY      19.99
CHANGXING SOUTHERN TAIHU    6.50      11/30/25      CNY      61.75
CHANGXING SOUTHERN TAIHU    6.50      11/30/25      CNY      60.00
CHANGZHOU JINTAN COMMUNIC   7.10      12/21/24      CNY      61.00
CHANGZHOU JINTAN COMMUNIC   7.10      12/21/24      CNY      60.00
CHANGZHOU JINTAN COMMUNIC   6.50      11/07/24      CNY      40.67
CHANGZHOU JINTAN COMMUNIC   6.50      11/07/24      CNY      40.00
CHANGZHOU XINGANG ECONOMI   3.42      10/20/23      CNY      19.91
CHANGZHOU XINGANG ECONOMI   3.42      10/20/23      CNY      19.82
CHANGZHOU ZHONGLOU ECONOM   3.64      10/26/23      CNY      19.94
CHANGZHOU ZHONGLOU ECONOM   3.64      10/26/23      CNY      19.85
CHAOHU URBAN TOWN CONSTRU   5.67      05/03/25      CNY      62.60
CHAOHU URBAN TOWN CONSTRU   5.67      05/03/25      CNY      61.20
CHENGDU FINANCIAL CITY IN   5.99      10/23/25      CNY      61.44
CHENGDU FINANCIAL CITY IN   5.99      10/23/25      CNY      60.00
CHENGDU GARDEN WATER CITY   8.00      06/13/25      CNY      60.00
CHENGDU GARDEN WATER CITY   8.00      06/13/25      CNY      59.19
CHENGDU GARDEN WATER CITY   7.50      09/11/24      CNY      39.73
CHENGDU GARDEN WATER CITY   7.50      09/11/24      CNY      39.47
CHENGDU GARDEN WATER CITY   6.15      05/03/23      CNY      19.95
CHENGDU GARDEN WATER CITY   6.15      05/03/23      CNY      19.84
CHENGDU LIN JIANG GARDEN    7.00      08/27/25      CNY      62.02
CHENGDU LIN JIANG GARDEN    6.75      08/02/24      CNY      39.88
CHENGDU XINGJIN ECOLOGICA   3.65      10/13/23      CNY      19.97
CHENGDU XINGJIN ECOLOGICA   3.65      10/13/23      CNY      19.83
CHENGDU XINGSHU INVESTMEN   6.78      08/21/24      CNY      40.73
CHENGDU XINGSHU INVESTMEN   6.78      08/21/24      CNY      40.00
CHENGDU XINJIN COUNTY IND   7.30      10/23/24      CNY      41.23
CHENGDU XINJIN COUNTY IND   7.30      10/23/24      CNY      40.00
CHENGDU XINJIN COUNTY STA   6.40      07/05/24      CNY      40.59
CHENGDU XINJIN COUNTY STA   6.28      08/03/24      CNY      40.57
CHENGDU XINJIN COUNTY STA   6.28      08/03/24      CNY      40.00
CHENGDU XINJIN COUNTY STA   6.40      07/05/24      CNY      39.55
CHENGDU XINKAIYUAN URBAN    5.29      04/27/23      CNY      20.03
CHENGDU XINKAIYUAN URBAN    5.29      04/27/23      CNY      19.93
CHENZHOU BAIFU INVESTMENT   4.96      03/22/26      CNY      60.00
CHENZHOU BAIFU INVESTMENT   4.96      03/22/26      CNY      55.06
CHENZHOU FUCHENG HIGH TEC   4.73      01/22/23      CNY      20.10
CHENZHOU FUCHENG HIGH TEC   4.73      01/22/23      CNY      20.00
CHENZHOU WENLV INDUSTRY C   5.34      11/28/23      CNY      19.56
CHENZHOU XINTIAN INVESTME   5.38      03/08/26      CNY      58.00
CHENZHOU XINTIAN INVESTME   5.38      03/08/26      CNY      55.22
CHENZHOU XINTIAN INVESTME   6.00      07/26/24      CNY      40.00
CHENZHOU XINTIAN INVESTME   6.00      07/26/24      CNY      38.14
CHIBI LANTIAN URBAN CONST   6.95      11/22/25      CNY      62.30
CHIBI LANTIAN URBAN CONST   6.95      11/22/25      CNY      60.00
CHIBI LANTIAN URBAN CONST   4.38      08/10/23      CNY      20.00
CHIBI LANTIAN URBAN CONST   4.38      08/10/23      CNY      19.94
CHINA COMMUNICATION TECHN   7.00      07/19/20      CNY      5.00
CHINA FORTUNE LAND DEVELO   5.00      05/30/22      CNY      68.15
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 GOVERNMENT INTERNAT   2.50      10/26/51      USD      72.31
CHINA GOVERNMENT INTERNAT   2.50      10/26/51      USD      72.28
CHINA GOVERNMENT INTERNAT   1.00      11/12/39      EUR      72.07
CHINA GOVERNMENT INTERNAT   2.25      10/21/50      USD      68.68
CHINA GOVERNMENT INTERNAT   2.25      10/21/50      USD      68.63
CHINA GRAND AUTOMOTIVE SE   9.13      01/30/24      USD      60.08
CHINA SECURITY CO LTD       4.45      11/11/19      CNY      31.00
CHISHUI CITY CONSTRUCTION   8.50      01/18/26      CNY      72.00
CHONGQIN BAIYAN INVESTMEN   5.75      05/03/23      CNY      20.05
CHONGQIN BAIYAN INVESTMEN   5.75      05/03/23      CNY      20.00
CHONGQIN XINLIANG INVESTM   4.76      08/26/23      CNY      19.89
CHONGQIN XINLIANG INVESTM   4.76      08/26/23      CNY      19.83
CHONGQING BAYUAN CONSTRUC   4.99      08/16/23      CNY      19.82
CHONGQING BISHAN DISTRICT   4.93      03/29/23      CNY      20.08
CHONGQING BISHAN DISTRICT   4.93      03/29/23      CNY      19.99
CHONGQING DAZU YONGSHENG    6.48      07/24/24      CNY      40.65
CHONGQING DAZU YONGSHENG    6.48      07/24/24      CNY      40.65
CHONGQING ECO&TECH DEVELO   3.95      04/13/23      CNY      20.00
CHONGQING ECO&TECH DEVELO   3.95      04/13/23      CNY      19.98
CHONGQING HECHUAN CITY CO   3.95      09/06/23      CNY      19.98
CHONGQING HECHUAN CITY CO   3.95      09/06/23      CNY      19.93
CHONGQING HONGYE INDUSTRY   6.30      08/02/24      CNY      40.59
CHONGQING HONGYE INDUSTRY   6.30      08/02/24      CNY      40.16
CHONGQING HONGYE INDUSTRY   6.45      11/27/24      CNY      40.11
CHONGQING JIANGJIN DISTRI   6.40      09/13/24      CNY      40.64
CHONGQING JIANGJIN DISTRI   6.40      09/13/24      CNY      40.00
CHONGQING JIANGLAI INDUST   7.50      10/26/25      CNY      63.30
CHONGQING JIANGLAI INDUST   7.50      10/26/25      CNY      60.00
CHONGQING JIN TONG INDUST   6.50      08/01/24      CNY      40.69
CHONGQING JIN TONG INDUST   4.44      11/16/23      CNY      19.92
CHONGQING JIN TONG INDUST   4.44      11/16/23      CNY      18.94
CHONGQING JINYUN ASSET MA   4.50      12/31/22      CNY      20.09
CHONGQING JINYUN ASSET MA   4.50      12/31/22      CNY      20.01
CHONGQING KAIQIAN INVESTM   4.64      03/21/23      CNY      19.99
CHONGQING KAIQIAN INVESTM   4.64      03/21/23      CNY      19.97
CHONGQING LAND PROPERTIES   3.36      03/21/23      CNY      19.95
CHONGQING LAND PROPERTIES   3.36      03/21/23      CNY      19.95
CHONGQING LIANGJIANG NEW    4.28      02/28/24      CNY      71.40
CHONGQING LIANGJIANG NEW    4.28      02/28/24      CNY      70.54
CHONGQING LIANGSHAN CONST   6.30      10/16/24      CNY      40.76
CHONGQING LIANGSHAN CONST   6.30      10/16/24      CNY      40.76
CHONGQING MAIRUI URBAN CO   4.95      04/21/23      CNY      20.04
CHONGQING MAIRUI URBAN CO   4.95      04/21/23      CNY      20.03
CHONGQING NANCHUAN CITY C   4.20      07/11/23      CNY      19.96
CHONGQING NANCHUAN CITY C   4.20      07/11/23      CNY      19.92
CHONGQING QIJIANG EAST NE   4.00      09/05/23      CNY      19.87
CHONGQING QIJIANG EAST NE   4.00      09/05/23      CNY      19.76
CHONGQING SHUANGFU CONSTR   6.37      10/13/24      CNY      40.09
CHONGQING SHUANGFU CONSTR   6.37      10/13/24      CNY      40.00
CHONGQING TONGLIANG JINLO   6.80      02/11/25      CNY      61.21
CHONGQING TONGLIANG JINLO   6.80      02/11/25      CNY      60.00
CHONGQING TONGNAN DISTRIC   4.99      12/31/22      CNY      19.99
CHONGQING TONGNAN DISTRIC   4.99      12/31/22      CNY      19.66
CHONGQING WANSHENG ECO &    7.50      03/27/25      CNY      62.13
CHONGQING WANSHENG ECO &    7.50      03/27/25      CNY      62.00
CHONGQING WANSHENG ECO &    7.09      05/03/25      CNY      61.78
CHONGQING WANSHENG ECO &    7.09      05/03/25      CNY      61.12
CHONGQING WANSHENG ECO DE   6.60      02/17/27      CNY      71.43
CHONGQING WULONG DISTRICT   6.80      12/28/24      CNY      60.00
CHONGQING WULONG DISTRICT   6.80      12/28/24      CNY      59.68
CHONGQING WULONG DISTRICT   6.80      09/21/24      CNY      40.94
CHONGQING WULONG DISTRICT   6.80      09/21/24      CNY      40.00
CHONGQING XINGRONG HOLDIN   4.86      03/31/23      CNY      20.00
CHONGQING XINGRONG HOLDIN   4.86      03/31/23      CNY      18.50
CHONGQING YINGDI INDUSTRI   7.00      11/07/24      CNY      40.31
CHONGQING YINGDI INDUSTRI   7.00      11/07/24      CNY      40.00
CHONGQING YUDIAN STATE-OW   8.00      11/30/25      CNY      63.05
CHONGQING YUZHONG STATE-O   6.90      02/08/25      CNY      61.64
CHONGQING YUZHONG STATE-O   6.90      02/08/25      CNY      61.00
CHONGREN URBAN CONSTRUCTI   7.00      03/08/25      CNY      61.54
CHUN'AN XINANJIANG DEVELO   3.84      11/04/23      CNY      20.02
CHUN'AN XINANJIANG DEVELO   3.84      11/04/23      CNY      19.83
CHUYING AGRO-PASTORA GROU   8.80      06/26/19      CNY      20.00
CHUZHOU CITY NANQIAO DIST   5.95      10/23/24      CNY      40.77
CHUZHOU CITY NANQIAO DIST   5.95      10/23/24      CNY      40.00
CIFI GROUP CO LTD           3.80      05/29/25      CNY      65.50
CIFI GROUP CO LTD           3.90      09/14/25      CNY      57.50
CIFI GROUP CO LTD           4.75      03/14/26      CNY      50.07
CIFI GROUP CO LTD           4.40      03/12/26      CNY      47.00
CIFI GROUP CO LTD           4.20      07/22/26      CNY      45.50
CIFI GROUP CO LTD           4.50      05/29/25      CNY      41.02
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      40.18
CIXI STATE OWNED ASSET IN   4.90      04/07/24      CNY      40.16
COUNTRY GARDEN REAL ESTAT   4.98      11/20/23      CNY      80.00
COUNTRY GARDEN REAL ESTAT   4.80      03/12/26      CNY      73.20
COUNTRY GARDEN REAL ESTAT   4.80      06/15/26      CNY      71.32
COUNTRY GARDEN REAL ESTAT   4.50      05/24/25      CNY      60.84
DAFANG COUNTY CONSTRUCTIO   6.00      09/26/23      CNY      20.23
DAFANG COUNTY CONSTRUCTIO   6.00      09/26/23      CNY      19.48
DALI HAIDONG DEVELOPMENT    6.01      01/25/23      CNY      20.04
DALI HAIDONG DEVELOPMENT    6.01      01/25/23      CNY      19.55
DALIAN SHITAI CITY CONSTR   4.50      02/01/23      CNY      20.00
DALIAN SHITAI CITY CONSTR   4.50      02/01/23      CNY      19.75
DANGTU COUNTY CONSTRUCTIO   7.47      09/06/25      CNY      62.85
DANGTU COUNTY CONSTRUCTIO   7.47      09/06/25      CNY      60.00
DANGYANG XINYUAN INVESTME   4.97      03/29/23      CNY      20.04
DANGYANG XINYUAN INVESTME   4.97      03/29/23      CNY      19.95
DANYANG INVESTMENT GROUP    5.49      07/18/24      CNY      40.53
DANYANG INVESTMENT GROUP    3.99      01/25/23      CNY      19.99
DASHIQIAO URBAN CONSTRUCT   7.59      08/14/24      CNY      41.16
DASHIQIAO URBAN CONSTRUCT   7.59      08/14/24      CNY      41.16
DAWA COUNTY LINGANG ECO N   5.99      10/19/24      CNY      40.55
DAYE ZHENHENG CITY DEVELO   7.20      12/03/25      CNY      67.51
DAYE ZHENHENG CITY DEVELO   7.20      12/03/25      CNY      62.59
DAYE ZHENHENG CITY DEVELO   4.50      03/28/23      CNY      19.83
DAYE ZHENHENG CITY DEVELO   4.50      03/28/23      CNY      19.77
DAYE ZHENHENG CITY DEVELO   4.05      08/31/23      CNY      19.50
DAYE ZHENHENG CITY DEVELO   4.05      08/31/23      CNY      19.42
DAZHOU INVESTMENT CO LTD    6.50      04/07/27      CNY      73.13
DAZHOU INVESTMENT CO LTD    6.50      04/07/27      CNY      72.10
DAZHOU INVESTMENT CO LTD    3.99      11/04/26      CNY      59.49
DAZHOU INVESTMENT CO LTD    3.99      11/04/26      CNY      59.20
DEQING CONSTRUCTION INVES   3.60      11/11/23      CNY      19.83
DEXING INVESTMENT HOLDING   5.99      03/21/23      CNY      25.90
DEXING INVESTMENT HOLDING   5.99      03/21/23      CNY      20.04
DINGYUAN URBAN RURAL DEVE   7.00      06/27/25      CNY      62.29
DINGYUAN URBAN RURAL DEVE   7.00      06/27/25      CNY      60.00
DINGYUAN URBAN RURAL DEVE   5.80      12/06/24      CNY      40.80
DINGYUAN URBAN RURAL DEVE   5.80      12/06/24      CNY      40.00
DONGTAI STATE-OWNED ASSET   3.04      11/16/23      CNY      20.03
DONGZHI COUNTY CITY OPERA   4.88      06/20/23      CNY      20.04
DONGZHI COUNTY CITY OPERA   4.88      06/20/23      CNY      19.98
DUJIANGYAN NEW CITY CONST   7.80      10/11/25      CNY      62.97
DUJIANGYAN NEW CITY CONST   7.80      05/02/25      CNY      62.25
DUJIANGYAN NEW CITY CONST   7.80      05/02/25      CNY      60.00
DUJIANGYAN NEW CITY CONST   7.80      10/11/25      CNY      57.50
DUJIANGYAN NEW CITY CONST   6.90      10/19/24      CNY      41.03
DUNYUN STATE-OWNED ASSETS   6.60      12/28/22      CNY      19.92
ENSHI URBAN CONSTRUCTION    3.84      11/01/23      CNY      19.74
ENSHI URBAN CONSTRUCTION    3.84      11/01/23      CNY      19.73
EVERGRANDE REAL ESTATE GR   5.80      10/19/25      CNY      70.00
EVERGRANDE REAL ESTATE GR   6.80      05/06/24      CNY      35.69
EVERGRANDE REAL ESTATE GR   5.90      05/26/23      CNY      35.00
EVERGRANDE REAL ESTATE GR   6.27      05/06/23      CNY      30.00
EVERGRANDE REAL ESTATE GR   7.00      04/27/26      CNY      27.68
EVERGRANDE REAL ESTATE GR   6.98      01/08/23      CNY      27.00
EVERGRANDE REAL ESTATE GR   6.98      01/08/23      CNY      8.38
EZHOU CITY CONSTRUCTION I   6.10      07/27/27      CNY      71.29
FANGCHENG GANGSHI WENLV G   7.95      10/11/25      CNY      62.43
FANGCHENG GANGSHI WENLV G   7.95      10/11/25      CNY      60.00
FANTASIA GROUP CHINA CO L   7.50      12/17/23      CNY      74.00
FANTASIA GROUP CHINA CO L   7.80      11/29/24      CNY      44.83
FEICHENG CITY ASSETS MANA   4.04      03/23/23      CNY      19.95
FEICHENG CITY ASSETS MANA   4.04      03/23/23      CNY      19.95
FEIXI COUNTY URBAN & RURA   4.45      06/03/23      CNY      27.50
FEIXI COUNTY URBAN & RURA   4.45      06/03/23      CNY      20.11
FENG COUNTY ECONOMIC DEVE   5.18      06/21/23      CNY      20.03
FENG COUNTY ECONOMIC DEVE   5.18      06/21/23      CNY      19.77
FENGCHENG CITY MODERN IND   5.76      12/17/22      CNY      20.00
FENGCHENG CITY MODERN IND   5.76      12/17/22      CNY      19.99
FENGDU COUNTY STATE-OWNED   6.38      09/05/24      CNY      40.36
FENGDU COUNTY STATE-OWNED   6.38      09/05/24      CNY      40.00
FENGHUANG MINGCHENG CONST   6.50      03/23/24      CNY      40.45
FENGTAI HUAXING CITY DEVE   5.60      03/13/24      CNY      40.35
FENGTAI HUAXING CITY DEVE   5.60      03/13/24      CNY      40.27
FENGYANG COUNTY ECONOMY D   6.00      11/16/24      CNY      42.00
FENGYANG COUNTY ECONOMY D   6.00      11/16/24      CNY      41.10
FENYI CITY CONSTRUCTION I   4.54      08/22/23      CNY      19.92
FENYI CITY CONSTRUCTION I   4.54      08/22/23      CNY      19.88
FUJIAN FUSHENG GROUP CO L   7.90      11/19/21      CNY      60.00
FUJIAN JINJIANG URBAN CON   3.35      08/24/23      CNY      20.05
FUJIAN ZHANGZHOU CITY INV   5.73      10/31/25      CNY      61.84
FUJIAN ZHANGZHOU CITY INV   5.73      10/31/25      CNY      60.00
FUNING URBAN INVESTMENT D   6.00      03/14/24      CNY      41.01
FUNING URBAN INVESTMENT D   6.00      03/14/24      CNY      40.49
FUYANG ANJU INVESTMENT MA   5.48      05/02/23      CNY      60.28
FUZHOU CHANGLE DISTRICT S   4.50      04/11/23      CNY      20.07
FUZHOU CHANGLE DISTRICT S   4.50      04/11/23      CNY      19.98
FUZHOU DEVELOPMENT ZONE S   3.53      08/25/23      CNY      19.90
FUZHOU DEVELOPMENT ZONE S   3.53      08/25/23      CNY      19.90
FUZHOU DONGXIANG INVESTME   6.20      03/20/24      CNY      40.52
FUZHOU DONGXIANG INVESTME   6.20      03/20/24      CNY      40.20
FUZHOU LINCHUAN URBAN CON   6.50      12/25/24      CNY      60.75
FUZHOU LINCHUAN URBAN CON   5.68      07/05/23      CNY      20.05
FUZHOU LINCHUAN URBAN CON   5.68      07/05/23      CNY      20.02
FUZHOU MUNICIPAL STATE OW   5.70      10/30/24      CNY      41.12
FUZHOU MUNICIPAL STATE OW   5.70      10/30/24      CNY      40.00
GANSU PROVINCIAL HIGHWAY    6.20      03/28/23      CNY      40.24
GANZHOU DEVELOPMENT INVES   8.10      12/11/23      CNY      40.94
GANZHOU NANKANG DISTRICT    8.00      10/29/25      CNY      63.30
GANZHOU NANKANG DISTRICT    8.00      09/27/25      CNY      60.24
GANZHOU NANKANG DISTRICT    8.00      10/29/25      CNY      60.00
GANZHOU NANKANG DISTRICT    8.00      09/27/25      CNY      60.00
GANZHOU ZHANGGONG CONSTRU   7.80      10/16/25      CNY      62.68
GANZHOU ZHANGGONG CONSTRU   7.80      10/16/25      CNY      61.60
GAOMI CITY CONSTRUCTION I   5.95      09/18/24      CNY      40.00
GAOMI CITY CONSTRUCTION I   5.95      09/18/24      CNY      39.10
GAOMI STATE-OWNED ASSETS    4.69      01/26/23      CNY      19.99
GAOMI STATE-OWNED ASSETS    4.69      01/26/23      CNY      19.89
GAOQING LU QING ASSET MAN   7.50      09/27/24      CNY      41.55
GAOQING LU QING ASSET MAN   7.50      09/27/24      CNY      39.97
GAOYOU CITY ECONOMY DEVEL   5.26      07/13/24      CNY      40.46
GAOYOU CITY ECONOMY DEVEL   3.65      09/02/23      CNY      20.00
GAOYOU CITY ECONOMY DEVEL   3.65      09/02/23      CNY      19.92
GLP CHINA HOLDINGS LTD      4.00      07/02/24      CNY      75.00
GLP CHINA HOLDINGS LTD      2.95      03/29/26      USD      71.00
GOME APPLIANCE CO LTD       7.80      12/21/24      CNY      37.00
GONG'AN COUNTY CITY CONST   4.30      08/30/23      CNY      19.92
GONG'AN COUNTY CITY CONST   4.30      08/30/23      CNY      19.85
GONGQINGCHENG FINANCIAL M   5.85      03/25/23      CNY      20.06
GONGQINGCHENG FINANCIAL M   5.85      03/25/23      CNY      20.05
GUANGAN ECONOMIC & TECHNO   5.16      04/14/23      CNY      20.01
GUANGAN ECONOMIC & TECHNO   5.16      04/14/23      CNY      19.97
GUANGAN TRANSPORTATION IN   5.39      12/01/23      CNY      20.10
GUANGAN XINHONG INVESTMEN   7.18      08/28/24      CNY      40.82
GUANGDE CITY STATE-OWNED    5.37      07/18/24      CNY      40.90
GUANGDE CITY STATE-OWNED    5.37      07/18/24      CNY      40.42
GUANGDONG HUIZHOU COMMUNI   4.95      12/27/23      CNY      40.38
GUANGDONG HUIZHOU COMMUNI   4.95      12/27/23      CNY      40.03
GUANGDONG HUIZHOU COMMUNI   4.16      05/17/23      CNY      20.06
GUANGDONG HUIZHOU COMMUNI   4.16      05/17/23      CNY      19.95
GUANGSHUI CITY DEVELOPMEN   6.19      03/01/24      CNY      40.45
GUANGSHUI CITY DEVELOPMEN   6.19      03/01/24      CNY      40.44
GUANGXI BAISE BAI DONG IN   7.90      06/29/25      CNY      62.56
GUANGXI BAISE BAI DONG IN   7.90      06/29/25      CNY      60.00
GUANGXI CHONGZUO URBAN CO   8.50      09/26/25      CNY      62.02
GUANGXI CHONGZUO URBAN CO   8.50      09/26/25      CNY      60.00
GUANGXI LIUZHOU DONGCHENG   6.50      07/24/24      CNY      46.23
GUANGXI LIUZHOU INVESTMEN   4.28      03/08/23      CNY      19.48
GUANGXI NINGMING HUINING    8.50      12/07/25      CNY      80.81
GUANGXI TIANDONG COUNTY L   7.50      06/04/27      CNY      50.00
GUANGYUAN CITY DEVELOPMEN   7.50      10/25/27      CNY      57.10
GUANGYUAN YUANQU CONSTRUC   4.48      03/10/23      CNY      19.98
GUANGYUAN YUANQU CONSTRUC   4.48      03/10/23      CNY      19.94
GUANGZHOU FINELAND REAL E   13.60     07/27/23      USD      45.00
GUANGZHOU HEJING HOLDING    6.19      11/12/25      CNY      75.00
GUANGZHOU HEJING HOLDING    6.00      10/12/25      CNY      58.00
GUANGZHOU HUANTOU NANSHA    6.38      11/18/24      CNY      30.58
GUANGZHOU HUANTOU NANSHA    6.38      11/18/24      CNY      30.35
GUANGZHOU METRO GROUP CO    6.45      04/02/24      CNY      30.65
GUANGZHOU METRO GROUP CO    6.05      06/03/24      CNY      30.45
GUANGZHOU METRO GROUP CO    6.45      04/02/24      CNY      30.00
GUANGZHOU PANYU INFORMATI   4.50      09/08/26      CNY      59.75
GUANGZHOU PANYU INFORMATI   4.50      09/08/26      CNY      59.74
GUANGZHOU R&F PROPERTIES    6.70      04/07/23      CNY      59.06
GUANGZHOU R&F PROPERTIES    6.48      05/09/24      CNY      40.00
GUANGZHOU R&F PROPERTIES    7.00      01/03/23      CNY      28.00
GUANGZHOU TIMES HOLDING G   5.24      05/27/25      CNY      28.60
GUANGZHOU TIMES HOLDING G   5.10      03/30/25      CNY      28.20
GUANGZHOU TIMES HOLDING G   5.94      07/17/25      CNY      28.20
GUANGZHOU TIMES HOLDING G   5.00      02/24/25      CNY      28.10
GUCHENG CONSTRUCTION INVE   7.88      04/27/25      CNY      62.39
GUCHENG CONSTRUCTION INVE   7.88      04/27/25      CNY      60.00
GUIXI STATE OWNED HOLDING   4.18      08/18/23      CNY      19.99
GUIXI STATE OWNED HOLDING   4.18      08/18/23      CNY      19.85
GUIYANG BAIYUN INDUSTRY D   8.30      03/21/25      CNY      60.86
GUIYANG BAIYUN INDUSTRY D   8.30      03/21/25      CNY      60.00
GUIYANG BAIYUN URBAN CONS   4.75      09/13/26      CNY      59.75
GUIYANG BAIYUN URBAN CONS   4.75      09/13/26      CNY      56.65
GUIYANG BAIYUN URBAN CONS   7.28      09/25/24      CNY      40.07
GUIYANG BAIYUN URBAN CONS   7.28      09/25/24      CNY      40.00
GUIYANG BAIYUN URBAN CONS   6.48      07/17/24      CNY      40.00
GUIYANG BAIYUN URBAN CONS   6.48      07/17/24      CNY      38.30
GUIYANG CITY CONSTRUCTION   4.37      03/25/26      CNY      57.48
GUIYANG CITY CONSTRUCTION   4.37      03/25/26      CNY      56.91
GUIYANG CITY CONSTRUCTION   4.00      11/14/26      CNY      55.41
GUIYANG CITY CONSTRUCTION   4.00      11/14/26      CNY      55.40
GUIYANG ECONOMIC DEVELOPM   7.50      04/30/26      CNY      70.40
GUIYANG ECONOMIC DEVELOPM   7.90      10/29/25      CNY      63.19
GUIYANG ECONOMIC DEVELOPM   6.35      09/21/24      CNY      38.07
GUIYANG GUANSHANHU DISTRI   6.49      06/22/24      CNY      40.60
GUIYANG GUANSHANHU DISTRI   6.49      06/22/24      CNY      38.25
GUIYANG GUANSHANHU DISTRI   4.48      03/09/23      CNY      19.98
GUIYANG GUANSHANHU DISTRI   4.87      01/28/23      CNY      19.92
GUIYANG GUANSHANHU DISTRI   4.87      01/28/23      CNY      19.90
GUIYANG GUANSHANHU DISTRI   4.48      03/09/23      CNY      19.80
GUIYANG GUANSHANHU INVEST   8.20      04/30/24      CNY      72.15
GUIYANG GUANSHANHU INVEST   7.50      12/25/22      CNY      40.03
GUIYANG INVESTMENT HOLDIN   4.46      11/17/26      CNY      55.96
GUIYANG INVESTMENT HOLDIN   4.46      11/17/26      CNY      54.19
GUIYANG URBAN CONSTRUCTIO   5.98      07/21/24      CNY      40.16
GUIYANG URBAN CONSTRUCTIO   5.98      07/21/24      CNY      40.00
GUIYANG YUNYAN GUIZHONG R   6.80      11/17/24      CNY      41.04
GUIYANG YUNYAN GUIZHONG R   6.80      11/17/24      CNY      40.00
GUIZHOU EAST LAKE CITY CO   8.00      12/07/25      CNY      63.47
GUIZHOU EAST LAKE CITY CO   8.00      12/07/25      CNY      54.26
GUIZHOU EAST LAKE CITY CO   5.18      01/06/23      CNY      19.96
GUIZHOU HONGCAI INVESTMEN   6.00      06/07/23      CNY      10.05
GUIZHOU HONGCAI INVESTMEN   6.00      06/07/23      CNY      9.64
GUIZHOU HONGGUO ECONOMIC    7.80      02/08/25      CNY      60.05
GUIZHOU HONGGUO ECONOMIC    7.80      02/08/25      CNY      53.00
GUIZHOU HONGGUO ECONOMIC    7.80      11/24/24      CNY      40.37
GUIZHOU HONGGUO ECONOMIC    7.80      11/24/24      CNY      30.00
GUIZHOU KAILI KAIYUAN CIT   7.28      08/29/24      CNY      41.09
GUIZHOU KAILI KAIYUAN CIT   7.30      05/26/24      CNY      40.85
GUIZHOU KAILI KAIYUAN CIT   7.30      05/26/24      CNY      39.95
GUIZHOU KAILI KAIYUAN CIT   7.28      08/29/24      CNY      36.20
GUIZHOU LIUPANSHUI PANDEN   7.30      07/24/24      CNY      41.07
GUIZHOU LIUPANSHUI PANDEN   7.30      07/24/24      CNY      36.01
GUIZHOU RAILWAY INVESTMEN   7.50      04/23/24      CNY      30.56
GUIZHOU SHUICHENG CITY IN   4.98      11/22/23      CNY      20.01
GUIZHOU SHUICHENG CITY IN   4.98      11/22/23      CNY      19.04
GUIZHOU SHUICHENG ECONOMI   7.50      10/26/25      CNY      62.78
GUIZHOU SHUICHENG ECONOMI   7.50      10/26/25      CNY      19.50
GUIZHOU SHUICHENG WATER I   8.00      11/27/25      CNY      52.62
GUIZHOU SHUICHENG WATER I   8.00      11/27/25      CNY      49.01
GUIZHOU XINDONGGUAN CIVIL   7.70      09/05/24      CNY      41.29
GUIZHOU ZHONGSHAN DEVELOP   6.46      11/22/27      CNY      73.13
GUIZHOU ZHONGSHAN DEVELOP   6.46      11/22/27      CNY      70.00
GULIN STATE-OWNED ASSETS    5.96      07/24/24      CNY      44.51
GULIN STATE-OWNED ASSETS    5.96      07/24/24      CNY      40.55
GULIN STATE-OWNED ASSETS    4.18      08/04/23      CNY      19.92
GULIN STATE-OWNED ASSETS    4.18      08/04/23      CNY      19.64
GUOSHENG FINANCIAL HOLDIN   6.30      12/21/22      CNY      6.70
HAIAN DEVELOPMENT ZONE CO   4.47      11/16/23      CNY      20.02
HAIAN DEVELOPMENT ZONE CO   4.47      11/16/23      CNY      19.96
HAIAN ECONOMIC TECHNOLOGY   5.45      04/13/23      CNY      20.09
HAIAN ECONOMIC TECHNOLOGY   5.45      04/13/23      CNY      20.04
HAIAN URBAN DEMOLITION &    7.74      05/02/25      CNY      61.54
HAIKOU MEILAN INTERNATION   5.25      09/06/19      USD      16.14
HAINAN AIRLINES HOLDING C   6.20      05/24/21      CNY      51.00
HAINING CITY DEVELOPMENT    5.47      11/13/25      CNY      61.47
HAINING CITY DEVELOPMENT    5.47      11/13/25      CNY      60.00
HAINING CITY JIANSHAN DIS   6.98      09/10/25      CNY      65.00
HAINING CITY JIANSHAN DIS   6.98      09/10/25      CNY      63.11
HAINING CITY JIANSHAN DIS   6.15      11/15/25      CNY      60.15
HAINING CITY JIANSHAN DIS   6.15      11/15/25      CNY      60.00
HAIYAN COUNTY STATE-OWNED   5.80      06/12/24      CNY      40.65
HAMI JIANHUI STATE-OWNED-   3.90      09/21/23      CNY      19.76
HANCHENG CITY INVESTMENT    4.69      12/05/23      CNY      19.96
HANCHENG CITY INVESTMENT    4.69      12/05/23      CNY      19.89
HANCHUAN CITY HANRONG INV   4.25      07/18/23      CNY      19.93
HANCHUAN CITY HANRONG INV   4.25      07/18/23      CNY      19.83
HANGZHOU CANAL COMPREHENS   3.40      10/17/23      CNY      20.03
HANGZHOU CANAL COMPREHENS   3.40      10/17/23      CNY      19.94
HANGZHOU FUYANG DEVELOPME   4.76      01/27/23      CNY      20.05
HANGZHOU FUYANG DEVELOPME   4.76      01/27/23      CNY      20.04
HANGZHOU GONGSHU DISTRICT   3.80      03/14/23      CNY      19.99
HANGZHOU GONGSHU DISTRICT   3.80      03/14/23      CNY      19.97
HANGZHOU LIANGZHU CULTURA   6.30      08/23/25      CNY      62.00
HANGZHOU LIANGZHU CULTURA   6.30      08/23/25      CNY      61.98
HANGZHOU LINPING TOURISM    5.57      10/31/25      CNY      61.25
HANGZHOU LINPING TOURISM    5.57      10/31/25      CNY      61.24
HANGZHOU METRO GROUP CO L   5.97      09/17/24      CNY      30.89
HANGZHOU QIANJIANG CBD IN   5.64      03/19/25      CNY      62.56
HANGZHOU QIANJIANG CBD IN   5.64      03/19/25      CNY      61.33
HANGZHOU WEST LAKE INVEST   4.30      04/25/23      CNY      20.03
HANGZHOU WEST LAKE INVEST   4.30      04/25/23      CNY      20.00
HANGZHOU XIAOSHAN QIANJIA   4.00      03/22/23      CNY      20.02
HANGZHOU XIAOSHAN QIANJIA   4.00      03/22/23      CNY      19.99
HANJIANG STATE-OWNED-ASSE   5.40      04/21/24      CNY      40.79
HANJIANG STATE-OWNED-ASSE   5.40      04/21/24      CNY      40.50
HANSHAN CITY CONSTRUCTION   6.20      08/30/24      CNY      40.66
HANSHAN CITY CONSTRUCTION   6.20      08/30/24      CNY      40.00
HARBIN CITY CONSTRUCTION    6.04      03/19/25      CNY      60.88
HARBIN CITY CONSTRUCTION    6.04      03/19/25      CNY      60.00
HARBIN HELI INVESTMENT HO   5.49      12/10/25      CNY      61.15
HECHI STATE-OWNED CAPITAL   4.37      11/04/23      CNY      19.98
HECHI STATE-OWNED CAPITAL   4.37      11/04/23      CNY      19.98
HEFEI CONSTRUCTION INVEST   7.20      04/29/24      CNY      31.20
HEFEI CONSTRUCTION INVEST   7.20      04/29/24      CNY      30.87
HEFEI XINCHENG STATE-OWNE   4.13      07/15/23      CNY      20.01
HEFEI XINCHENG STATE-OWNE   4.13      07/15/23      CNY      19.93
HEGANG URBAN CONSTRUCTION   6.90      12/18/24      CNY      61.20
HEGANG URBAN CONSTRUCTION   6.90      12/18/24      CNY      61.19
HENAN AIRPORT INVESTMENT    4.27      07/20/26      CNY      39.98
HENAN AIRPORT INVESTMENT    4.27      07/20/26      CNY      39.96
HENGDONG URBAN & RURAL CO   6.60      12/27/23      CNY      40.33
HENGDONG URBAN & RURAL CO   6.60      12/27/23      CNY      40.19
HENGYANG BINJIANG NEW DIS   5.47      07/27/24      CNY      41.22
HENGYANG BINJIANG NEW DIS   5.47      07/27/24      CNY      40.68
HENGYANG CITY AND URBAN C   7.80      12/14/24      CNY      60.17
HENGYANG CITY AND URBAN C   7.80      12/14/24      CNY      60.16
HENGYANG CITY AND URBAN C   7.50      09/22/24      CNY      40.02
HENGYANG CITY AND URBAN C   7.50      09/22/24      CNY      40.01
HENGYANG COMMUNICATION CO   6.98      02/02/23      CNY      50.21
HENGYANG COMMUNICATION CO   4.28      01/21/23      CNY      20.01
HENGYANG COMMUNICATION CO   4.28      01/21/23      CNY      20.00
HESHAN PUBLIC ASSET MANAG   5.08      12/07/23      CNY      40.31
HESHAN PUBLIC ASSET MANAG   5.08      12/07/23      CNY      20.08
HESHAN PUBLIC ASSET MANAG   4.08      09/28/23      CNY      20.08
HESHAN PUBLIC ASSET MANAG   4.08      09/28/23      CNY      19.88
HETIAN YUXIN STATE-OWNED    4.65      03/28/23      CNY      19.99
HETIAN YUXIN STATE-OWNED    4.65      03/28/23      CNY      19.97
HONGAN URBAN DEVELOPMENT    7.50      12/04/24      CNY      62.16
HONGAN URBAN DEVELOPMENT    7.50      12/04/24      CNY      40.00
HONGHEZHOU DEVELOPMENT IN   5.90      07/12/24      CNY      40.53
HONGHEZHOU DEVELOPMENT IN   5.90      07/12/24      CNY      38.30
HONGHU CITY HONGRUI INVES   6.30      10/13/24      CNY      40.94
HONGHU CITY HONGRUI INVES   6.30      10/13/24      CNY      40.93
HUACHEN ENERGY CO LTD       4.65      12/29/26      USD      48.13
HUAIAN CITY HUAIAN DISTRI   4.63      05/03/23      CNY      20.17
HUAIAN CITY HUAIAN DISTRI   4.63      05/03/23      CNY      20.03
HUAIAN CITY XUYI URBAN AS   5.10      04/15/23      CNY      20.01
HUAIAN CITY XUYI URBAN AS   5.10      04/15/23      CNY      19.97
HUAIAN HONGRI TRANSPORTAT   5.09      04/20/23      CNY      20.01
HUAIAN HONGRI TRANSPORTAT   5.09      04/20/23      CNY      19.94
HUAIAN HONGZE DISTRICT UR   4.37      07/18/23      CNY      19.90
HUAIAN HONGZE DISTRICT UR   4.37      07/18/23      CNY      19.83
HUAI'AN INVESTMENT HOLDIN   5.28      08/11/24      CNY      40.33
HUAI'AN INVESTMENT HOLDIN   5.28      08/11/24      CNY      40.00
HUAIAN JINHU TRAFFIC INVE   7.38      08/10/25      CNY      72.00
HUAIAN JINHU TRAFFIC INVE   7.38      08/10/25      CNY      62.37
HUAI'AN NEW CITY INVESTME   5.22      09/20/24      CNY      41.45
HUAI'AN NEW CITY INVESTME   5.22      09/20/24      CNY      40.48
HUAIAN QINGPU CITY CONSTR   6.75      09/29/24      CNY      40.90
HUAIAN QINGPU CITY CONSTR   6.75      09/29/24      CNY      39.55
HUAIHUA CITY CONSTRUCTION   4.18      08/31/23      CNY      19.78
HUAIHUA CITY CONSTRUCTION   4.18      08/31/23      CNY      19.76
HUAIHUA ECONOMIC DEVELOPM   5.77      08/07/24      CNY      40.34
HUAIHUA ECONOMIC DEVELOPM   5.77      08/07/24      CNY      39.99
HUAIHUA TRANSPORTATION CO   4.96      04/12/23      CNY      19.98
HUAIHUA TRANSPORTATION CO   4.96      04/12/23      CNY      19.94
HUAINAN INDUSTRY DEVELOPM   5.69      10/25/24      CNY      41.78
HUAINAN INDUSTRY DEVELOPM   5.69      10/25/24      CNY      40.66
HUAINAN SHAN NAN DEVELOPM   6.53      08/24/24      CNY      40.60
HUAINAN SHAN NAN DEVELOPM   6.53      08/24/24      CNY      40.00
HUAINAN URBAN CONSTRUCTIO   7.50      03/20/25      CNY      62.44
HUAINAN URBAN CONSTRUCTIO   7.50      03/20/25      CNY      60.00
HUAINAN URBAN CONSTRUCTIO   5.74      09/04/24      CNY      40.92
HUAINAN URBAN CONSTRUCTIO   5.74      09/04/24      CNY      40.68
HUANGGANG CITY CONSTRUCTI   4.08      01/18/23      CNY      20.18
HUANGGANG CITY CONSTRUCTI   4.08      01/18/23      CNY      20.03
HUANGMEI COUNTY URBAN DEV   6.68      10/18/24      CNY      40.55
HUANGMEI COUNTY URBAN DEV   6.80      10/09/24      CNY      40.06
HUANGMEI COUNTY URBAN DEV   6.68      10/18/24      CNY      40.00
HUANGMEI COUNTY URBAN DEV   6.80      10/09/24      CNY      40.00
HUANGSHAN CHENGTOU GROUP    6.74      04/27/25      CNY      61.68
HUANGSHAN CHENGTOU GROUP    6.74      04/27/25      CNY      60.00
HUANGSHI CIHU HIGH-TECH D   4.50      06/08/23      CNY      23.00
HUANGSHI CIHU HIGH-TECH D   4.97      06/08/23      CNY      20.01
HUANGSHI CIHU HIGH-TECH D   4.50      06/08/23      CNY      19.96
HUANGSHI CIHU HIGH-TECH D   4.97      06/08/23      CNY      19.94
HUANGSHI ZHONGBANG CITY R   5.95      06/02/24      CNY      41.67
HUANGSHI ZHONGBANG CITY R   5.95      06/02/24      CNY      40.43
HUBEI PROVINCIAL COMMUNIC   5.29      06/05/25      CNY      60.81
HUBEI SONGZI JINSONG INVE   6.60      06/21/24      CNY      40.64
HUBEI SONGZI JINSONG INVE   6.60      06/21/24      CNY      40.63
HUBEI SUPPLY AND MARKETIN   6.70      08/23/24      CNY      40.80
HUBEI SUPPLY AND MARKETIN   6.70      08/23/24      CNY      39.88
HUBEI YILING ECONOMIC DEV   6.45      09/05/24      CNY      40.37
HUBEI YILING ECONOMIC DEV   6.45      09/05/24      CNY      40.00
HULUDAO INVESTMENT GROUP    7.50      10/18/23      CNY      15.24
HULUDAO INVESTMENT GROUP    7.50      10/18/23      CNY      15.19
HUNAN CHUZHISHENG HOLDING   5.60      12/18/22      CNY      20.00
HUNAN CHUZHISHENG HOLDING   5.60      12/18/22      CNY      20.00
HUNAN DESHAN CONSTRUCTION   6.46      09/14/24      CNY      40.73
HUNAN DESHAN CONSTRUCTION   6.46      09/14/24      CNY      39.56
HUNAN JINYANG INVESTMENT    4.39      04/06/23      CNY      20.02
HUNAN JINYANG INVESTMENT    4.37      01/19/23      CNY      20.01
HUNAN JINYANG INVESTMENT    4.37      01/19/23      CNY      19.98
HUNAN JINYANG INVESTMENT    4.39      04/06/23      CNY      19.93
HUNAN LINGANG DEVELOPMENT   4.24      07/21/23      CNY      19.83
HUNAN LINGANG DEVELOPMENT   4.24      07/21/23      CNY      19.80
HUNAN LINGANG DEVELOPMENT   3.94      10/26/23      CNY      19.74
HUNAN LINGANG DEVELOPMENT   3.94      10/26/23      CNY      19.69
HUNAN LOUDI ECONOMIC & TE   4.89      03/30/23      CNY      20.00
HUNAN LOUDI ECONOMIC & TE   4.89      03/30/23      CNY      19.74
HUNAN PROVINCIAL RAILWAY    6.09      04/30/25      CNY      46.49
HUNAN PROVINCIAL RAILWAY    6.09      04/30/25      CNY      45.00
HUNAN SENTE INDUSTRIAL IN   6.90      11/28/24      CNY      41.09
HUNAN SENTE INDUSTRIAL IN   6.90      11/28/24      CNY      20.00
HUNAN SHAODONG ECO-INDUST   6.58      12/13/23      CNY      40.33
HUNAN SHAODONG ECO-INDUST   6.58      12/13/23      CNY      20.30
HUNAN TIANYI RONGTONG CHU   8.00      10/24/25      CNY      64.60
HUNAN TIANYI RONGTONG CHU   8.00      10/24/25      CNY      63.23
HUNAN TIANYI RONGTONG CHU   7.50      09/17/25      CNY      62.54
HUNAN TIANYI RONGTONG CHU   7.50      09/17/25      CNY      60.00
HUNAN TIER GROUP CO LTD     4.20      03/17/23      CNY      19.72
HUNAN TIER GROUP CO LTD     4.20      03/17/23      CNY      19.69
HUNAN YOUZHOU INVESTMENT    4.80      07/07/23      CNY      20.00
HUNAN YOUZHOU INVESTMENT    4.80      07/07/23      CNY      20.00
HUNAN ZHIGU INVESTMENT DE   5.80      07/28/24      CNY      40.34
HUNAN ZHIGU INVESTMENT DE   5.80      07/28/24      CNY      40.00
HUZHOU CITY INVESTMENT DE   6.39      09/25/25      CNY      62.63
HUZHOU NEW CITY INVESTMEN   6.60      05/28/23      CNY      71.11
HUZHOU NEW CITY INVESTMEN   7.20      01/21/23      CNY      71.06
HUZHOU NEW CITY INVESTMEN   7.50      11/23/24      CNY      41.69
HUZHOU NEW CITY INVESTMEN   7.50      11/23/24      CNY      40.50
HUZHOU WUXING NANTAIHU CO   7.90      09/20/25      CNY      61.94
JIAHE ZHUDU DEVELOPMENT G   7.50      03/13/25      CNY      61.28
JIAHE ZHUDU DEVELOPMENT G   7.50      03/13/25      CNY      60.00
JIAHE ZHUDU DEVELOPMENT G   6.50      05/25/24      CNY      40.60
JIAHE ZHUDU DEVELOPMENT G   6.50      05/25/24      CNY      40.40
JIAN CITY JINGANGSHAN DEV   4.87      01/27/23      CNY      20.00
JIAN CITY JINGANGSHAN DEV   4.87      01/27/23      CNY      19.94
JIANAN INVESTMENT HOLDING   3.50      09/05/23      CNY      20.10
JIANAN INVESTMENT HOLDING   3.85      09/05/23      CNY      20.07
JIANAN INVESTMENT HOLDING   4.30      03/08/23      CNY      20.04
JIANAN INVESTMENT HOLDING   4.30      03/08/23      CNY      19.97
JIANAN INVESTMENT HOLDING   3.85      09/05/23      CNY      19.92
JIANAN INVESTMENT HOLDING   3.50      09/05/23      CNY      19.86
JIANDE STATE-OWNED ASSETS   6.69      11/20/24      CNY      41.00
JIANGSU BEIGU INDUSTRIAL    5.80      06/20/23      CNY      20.09
JIANGSU BEIGU INDUSTRIAL    5.80      06/20/23      CNY      20.07
JIANGSU DAHANG LINGANG IN   5.18      09/22/23      CNY      20.06
JIANGSU DAHANG LINGANG IN   5.18      09/22/23      CNY      20.05
JIANGSU GAOCHUN ECONOMIC    5.66      06/26/24      CNY      40.53
JIANGSU GAOCHUN ECONOMIC    6.08      08/14/24      CNY      40.48
JIANGSU GAOCHUN ECONOMIC    5.66      06/26/24      CNY      40.42
JIANGSU GAOCHUN ECONOMIC    6.08      08/14/24      CNY      39.57
JIANGSU GAOCHUN ECONOMIC    3.67      09/23/23      CNY      20.02
JIANGSU GAOCHUN ECONOMIC    3.92      11/23/23      CNY      19.99
JIANGSU GAOCHUN ECONOMIC    3.67      09/23/23      CNY      19.89
JIANGSU GAOCHUN ECONOMIC    3.92      11/23/23      CNY      19.88
JIANGSU HAIYI HOLDING GRO   5.98      09/11/25      CNY      66.48
JIANGSU HAIYI HOLDING GRO   5.98      09/11/25      CNY      61.07
JIANGSU HAIZHOU DEVELOPME   4.67      06/06/23      CNY      19.89
JIANGSU HAIZHOU DEVELOPME   4.67      06/06/23      CNY      19.80
JIANGSU HAIZHOUWAN DEVELO   4.89      03/29/23      CNY      15.00
JIANGSU HANRUI INVESTMENT   4.63      04/15/23      CNY      20.02
JIANGSU HANRUI INVESTMENT   4.63      04/15/23      CNY      20.00
JIANGSU HANRUI INVESTMENT   5.00      08/31/23      CNY      19.88
JIANGSU HANRUI INVESTMENT   5.00      08/31/23      CNY      19.87
JIANGSU HONGZE LAKE SHENZ   6.50      08/01/24      CNY      40.04
JIANGSU JINHUI GROUP CO L   5.16      07/14/24      CNY      41.50
JIANGSU JINHUI GROUP CO L   5.16      07/14/24      CNY      40.54
JIANGSU JINTAN GUOFA INTE   4.60      08/22/23      CNY      19.98
JIANGSU JINTAN GUOFA INTE   4.60      08/22/23      CNY      19.93
JIANGSU KAIYUAN INVESTMEN   7.08      08/03/24      CNY      40.93
JIANGSU KAIYUAN INVESTMEN   7.08      08/03/24      CNY      38.62
JIANGSU LIYANG HIGH-TECH    5.70      08/30/24      CNY      41.60
JIANGSU LIYANG HIGH-TECH    5.70      08/30/24      CNY      40.46
JIANGSU QISHENG GROUP CO    4.00      03/18/23      CNY      19.99
JIANGSU RUNCHENG ASSET OP   5.65      04/19/24      CNY      40.46
JIANGSU YANGKOU PORT CONS   7.60      08/17/25      CNY      62.85
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   7.38      04/03/25      CNY      62.21
JIANGSU YINGZHOU DEVELOPM   4.33      09/21/23      CNY      19.77
JIANGSU YINGZHOU DEVELOPM   4.33      09/21/23      CNY      19.52
JIANGSU YIXING ENVIRONMEN   4.08      09/14/23      CNY      20.02
JIANGSU YIXING ENVIRONMEN   4.08      09/14/23      CNY      19.89
JIANGSU ZHONGAN CONSTRUCT   5.65      03/24/24      CNY      41.70
JIANGSU ZHONGAN CONSTRUCT   5.65      03/24/24      CNY      40.61
JIANGSU ZHUFU INDUSTRIAL    4.47      07/20/23      CNY      19.81
JIANGSU ZHUFU INDUSTRIAL    4.47      07/20/23      CNY      18.41
JIANGXI HEJI INVESTMENT C   5.09      12/17/22      CNY      20.01
JIANGXI HEJI INVESTMENT C   5.09      12/17/22      CNY      19.99
JIANGXI HUANGGANGSHAN INV   7.90      10/08/25      CNY      63.61
JIANGXI HUANGGANGSHAN INV   7.90      10/08/25      CNY      61.63
JIANGXI HUKOU SHIZHONG DE   6.80      12/01/24      CNY      41.12
JIANGXI HUKOU SHIZHONG DE   6.80      12/01/24      CNY      41.05
JIANGXI JIHU DEVELOPMENT    7.50      04/10/25      CNY      61.95
JIANGXI JIHU DEVELOPMENT    6.80      02/07/25      CNY      61.27
JIANGXI JIHU DEVELOPMENT    7.50      04/10/25      CNY      60.00
JIANGXI JIHU DEVELOPMENT    6.80      02/07/25      CNY      60.00
JIANGXI LONGHU MOUNTAIN T   4.35      03/16/23      CNY      19.98
JIANGXI LONGHU MOUNTAIN T   4.35      03/16/23      CNY      19.94
JIANGXI PINGXIANG CHANGSH   6.00      08/11/24      CNY      40.44
JIANGXI PINGXIANG CHANGSH   6.00      08/11/24      CNY      40.00
JIANGXI XIUSHUI CITY INVE   7.40      12/08/24      CNY      60.69
JIANLI FENGYUAN CITY INVE   6.78      04/28/24      CNY      40.60
JIANLI FENGYUAN CITY INVE   6.78      04/28/24      CNY      40.59
JIANYANG DEVELOPMENT HOLD   3.93      11/10/23      CNY      19.72
JIANYANG DEVELOPMENT HOLD   3.93      11/10/23      CNY      19.60
JIANYANG MODERN INDUSTRY    6.00      04/24/24      CNY      40.38
JIANYANG MODERN INDUSTRY    6.00      04/24/24      CNY      40.33
JIAXING JIAXIU DEVELOPMEN   5.60      09/25/24      CNY      41.80
JIAXING JIAXIU DEVELOPMEN   5.60      09/25/24      CNY      40.85
JIAXING XIANGJIADANG DEVE   6.40      04/19/25      CNY      61.41
JIAXING XIANGJIADANG DEVE   6.40      04/19/25      CNY      60.00
JIAXING XIANGJIADANG DEVE   4.13      07/20/23      CNY      20.06
JIAXING XIANGJIADANG DEVE   3.87      09/21/23      CNY      19.97
JIAXING XIANGJIADANG DEVE   4.13      07/20/23      CNY      19.91
JIAXING XIANGJIADANG DEVE   3.87      09/21/23      CNY      19.90
JIAXING XIUHU DEVELOPMENT   6.80      04/16/25      CNY      61.68
JIAXING XIUHU DEVELOPMENT   6.80      04/16/25      CNY      60.00
JIAYU COUNTY URBAN TOWN C   6.50      01/19/24      CNY      40.37
JIAYU COUNTY URBAN TOWN C   5.70      03/23/24      CNY      40.24
JIAYU COUNTY URBAN TOWN C   6.50      01/19/24      CNY      40.11
JIAYU COUNTY URBAN TOWN C   5.70      03/23/24      CNY      39.89
JIAYU COUNTY URBAN TOWN C   5.70      01/19/23      CNY      20.03
JIAYU COUNTY URBAN TOWN C   5.70      01/19/23      CNY      20.01
JILIN CITY CONSTRUCTION H   3.80      01/27/23      CNY      19.98
JILIN ECONOMIC AND TECHNO   6.20      04/29/23      CNY      20.10
JILIN ECONOMIC AND TECHNO   6.20      04/29/23      CNY      20.10
JIN HUA RONG SHENG INVEST   6.85      12/27/24      CNY      61.16
JIN HUA RONG SHENG INVEST   6.85      12/27/24      CNY      60.00
JINGDEZHEN CERAMIC CULTUR   7.50      08/27/25      CNY      62.44
JINGDEZHEN CERAMIC CULTUR   7.50      08/27/25      CNY      61.65
JINGJIANG BINJIANG XINCHE   5.37      07/25/24      CNY      40.41
JINGJIANG BINJIANG XINCHE   5.37      07/25/24      CNY      40.00
JINGMEN DONGBAO DISTRICT    7.30      03/23/25      CNY      62.12
JINGMEN DONGBAO DISTRICT    7.30      03/23/25      CNY      60.00
JINGMEN HIGH-TECH DEVELOP   4.15      07/28/23      CNY      19.85
JINGMEN HIGH-TECH DEVELOP   4.15      07/28/23      CNY      19.85
JINGSHAN JINGCHENG INVEST   7.00      02/07/25      CNY      61.74
JINGSHAN JINGCHENG INVEST   7.00      02/07/25      CNY      60.00
JINGSHAN JINGCHENG INVEST   4.38      08/29/23      CNY      20.01
JINGSHAN JINGCHENG INVEST   4.38      08/29/23      CNY      19.87
JINGXIAN STATED-OWNED ASS   6.80      02/09/25      CNY      60.99
JINGXIAN STATED-OWNED ASS   6.80      02/09/25      CNY      60.00
JINGZHOU DEVELOPMENT ZONE   4.87      09/23/26      CNY      57.98
JINGZHOU DEVELOPMENT ZONE   4.87      09/23/26      CNY      57.62
JINGZHOU URBAN CONSTRUCTI   5.68      07/20/24      CNY      41.70
JINGZHOU URBAN CONSTRUCTI   5.68      07/20/24      CNY      40.48
JINGZHOU URBAN CONSTRUCTI   3.97      03/10/23      CNY      20.03
JINGZHOU URBAN CONSTRUCTI   3.97      03/10/23      CNY      19.97
JINING CITY SHIZHONG DIST   3.52      09/14/23      CNY      19.89
JINING CITY SHIZHONG DIST   3.52      09/14/23      CNY      19.80
JINING HIGH TECH URBAN CO   5.88      04/25/23      CNY      40.27
JINING NEW CITY DEVELOPME   7.60      03/23/25      CNY      60.00
JINING NEW CITY DEVELOPME   7.60      03/23/25      CNY      59.92
JINING PORT & SHIPPING LI   7.00      06/01/25      CNY      67.93
JINING PORT & SHIPPING LI   7.00      11/27/24      CNY      41.17
JINKE PROPERTIES GROUP CO   6.30      02/20/25      CNY      33.00
JINKE PROPERTIES GROUP CO   6.30      06/24/25      CNY      31.00
JINKE PROPERTIES GROUP CO   6.30      03/04/25      CNY      31.00
JINKE PROPERTIES GROUP CO   6.20      01/28/25      CNY      30.50
JINKE PROPERTIES GROUP CO   5.00      05/28/24      CNY      30.00
JINKE PROPERTIES GROUP CO   6.00      07/08/23      CNY      29.10
JINKE PROPERTIES GROUP CO   6.85      05/28/24      USD      17.00
JINSHA COUNTY CONSTRUCTIO   6.01      09/05/23      CNY      20.16
JINSHA COUNTY CONSTRUCTIO   6.01      09/05/23      CNY      19.52
JINTANG MODERN AGRICULTUR   5.49      07/14/23      CNY      20.09
JINTANG MODERN AGRICULTUR   5.49      07/14/23      CNY      20.09
JINXIAN COUNTY CITY CONST   6.20      07/24/24      CNY      40.49
JINZHAI URBAN DEVELOPMENT   5.90      04/25/23      CNY      20.06
JINZHAI URBAN DEVELOPMENT   5.90      04/25/23      CNY      20.06
JINZHOU CIHANG GROUP CO L   9.00      04/05/20      CNY      33.63
JISHOU HUATAI STATE OWNED   6.50      06/21/24      CNY      40.82
JISHOU HUATAI STATE OWNED   6.50      06/21/24      CNY      40.80
JISHOU HUATAI STATE OWNED   6.45      09/11/24      CNY      40.22
JISHOU HUATAI STATE OWNED   6.45      09/11/24      CNY      40.00
JIUJIANG LIANXI DISTRICT    4.58      03/30/23      CNY      20.03
JIUJIANG LIANXI DISTRICT    4.58      03/30/23      CNY      19.98
JUNAN COUNTY URBAN CONSTR   7.50      09/26/24      CNY      41.27
JUNAN COUNTY URBAN CONSTR   7.50      09/26/24      CNY      38.00
JURONG URBAN CONSTRUCTION   6.89      09/18/24      CNY      44.84
JURONG URBAN CONSTRUCTION   6.89      09/18/24      CNY      41.00
JURONG URBAN CONSTRUCTION   6.80      11/06/24      CNY      40.95
JURONG URBAN CONSTRUCTION   6.80      11/06/24      CNY      40.00
KAIDI ECOLOGICAL AND ENVI   8.50      11/21/18      CNY      72.46
KAIDI ECOLOGICAL AND ENVI   7.00      12/15/19      CNY      10.00
KAIDI ECOLOGICAL AND ENVI   6.10      09/07/19      CNY      2.92
KAIFENG DEVELOPMENT INVES   6.10      09/08/27      CNY      72.20
KAIFENG DEVELOPMENT INVES   6.10      09/08/27      CNY      70.00
KAIFU CITY DEVELOPMENT CO   4.20      01/21/23      CNY      20.18
KAIFU CITY DEVELOPMENT CO   4.20      01/21/23      CNY      19.99
KAIFU CITY DEVELOPMENT CO   3.73      08/22/23      CNY      19.94
KAIFU CITY DEVELOPMENT CO   3.73      08/22/23      CNY      19.84
KAILI GUIZHOU TOWN CONSTR   5.29      12/17/22      CNY      20.00
KAILI GUIZHOU TOWN CONSTR   5.29      12/17/22      CNY      19.99
KAILI GUIZHOU TOWN CONSTR   4.20      10/13/23      CNY      19.44
KAILI GUIZHOU TOWN CONSTR   4.20      10/13/23      CNY      18.87
KANGMEI PHARMACEUTICAL CO   6.33      01/27/22      CNY      36.69
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
KUNMING DIANCHI INVESTMEN   5.75      07/24/24      CNY      37.50
KUNMING DIANCHI INVESTMEN   5.75      07/24/24      CNY      35.32
KUNSHAN CITY CONSTRUCTION   5.70      04/24/25      CNY      61.21
KUNSHAN YINQIAO HOLDING G   5.50      10/18/24      CNY      44.10
KUNSHAN YINQIAO HOLDING G   5.50      10/18/24      CNY      41.08
LAI AN URBAN INFRASTRUCTU   6.50      04/18/25      CNY      61.59
LAOHEKOU CITY CONSTRUCTIO   6.49      08/16/24      CNY      40.00
LAOHEKOU CITY CONSTRUCTIO   6.49      08/16/24      CNY      39.83
LEPING STATE-OWNED ASSETS   3.70      10/20/23      CNY      19.99
LEPING STATE-OWNED ASSETS   3.70      10/20/23      CNY      19.86
LEQING CITY STATE OWNED I   6.79      12/14/24      CNY      61.49
LEQING CITY STATE OWNED I   6.79      12/14/24      CNY      60.00
LIANYUNGANG HENGCHI INDUS   7.40      10/27/24      CNY      40.00
LIANYUNGANG HENGCHI INDUS   7.45      09/22/24      CNY      39.70
LIANYUNGANG HENGCHI INDUS   7.45      09/22/24      CNY      39.41
LIANYUNGANG HENGCHI INDUS   7.40      10/27/24      CNY      39.41
LIAOCHENG ANTAI URBAN RUR   5.16      04/11/23      CNY      20.01
LIAOCHENG ANTAI URBAN RUR   4.58      04/11/23      CNY      19.98
LIAOCHENG ANTAI URBAN RUR   4.58      04/11/23      CNY      19.98
LIAOCHENG ANTAI URBAN RUR   5.16      04/11/23      CNY      19.82
LIAOCHENG XINGYE HOLDINGS   5.20      04/13/23      CNY      19.76
LIAOCHENG XINGYE HOLDINGS   5.20      04/13/23      CNY      19.76
LIAONING GUANLONG CONSTRU   4.70      11/10/23      CNY      19.98
LIAONING GUANLONG CONSTRU   4.70      11/10/23      CNY      19.78
LILING HIGH-TECH INDUSTRI   4.93      01/19/23      CNY      19.98
LINFEN YAODU DISTRICT INV   7.50      09/19/25      CNY      63.13
LINQU YISHAN INDUSTRIAL C   7.20      11/23/24      CNY      40.07
LINQU YISHAN INDUSTRIAL C   7.20      11/23/24      CNY      40.00
LINWU SHUNFA URBAN CONSTR   7.00      08/23/24      CNY      40.18
LINWU SHUNFA URBAN CONSTR   7.00      08/23/24      CNY      40.00
LINYI CITY DEVELOPMENT GR   3.85      11/22/23      CNY      20.10
LINYI CITY DEVELOPMENT GR   3.85      11/22/23      CNY      19.83
LINYI COUNTY CITY DEVELOP   7.78      03/21/25      CNY      61.40
LINYI COUNTY CITY DEVELOP   7.78      03/21/25      CNY      60.00
LINYI ZHENDONG CONSTRUCTI   7.50      12/06/25      CNY      62.92
LINYI ZHENDONG CONSTRUCTI   7.50      12/06/25      CNY      60.00
LINYI ZHENDONG CONSTRUCTI   7.50      11/26/25      CNY      60.00
LINYI ZHENDONG CONSTRUCTI   7.50      11/26/25      CNY      59.24
LIUPANSHUI CITY TRAFFIC I   5.98      05/02/24      CNY      39.50
LIUPANSHUI DEVELOPMENT IN   3.74      01/20/23      CNY      20.00
LIUPANSHUI DEVELOPMENT IN   3.74      01/20/23      CNY      19.97
LIUPANSHUI MINSHENG INVES   5.08      01/29/23      CNY      19.76
LIUYANG MODERN MANUFACTUR   5.88      08/10/24      CNY      42.26
LIUYANG MODERN MANUFACTUR   5.88      08/10/24      CNY      40.69
LIUYANG MODERN MANUFACTUR   5.75      05/02/24      CNY      40.50
LIUYANG MODERN MANUFACTUR   5.75      05/02/24      CNY      40.39
LIUYANG MODERN MANUFACTUR   4.72      01/19/23      CNY      19.99
LIUYANG MODERN MANUFACTUR   4.72      01/19/23      CNY      19.98
LIUYANG URBAN CONSTRUCTIO   4.45      05/24/23      CNY      20.11
LIUYANG URBAN CONSTRUCTIO   4.45      05/24/23      CNY      19.97
LIUZHI SPECIAL DISTRICT W   7.00      11/16/24      CNY      41.12
LIUZHI SPECIAL DISTRICT W   7.00      11/16/24      CNY      40.00
LIUZHOU CITY INVESTMENT C   7.18      12/31/22      CNY      15.02
LIUZHOU CITY INVESTMENT C   7.18      12/31/22      CNY      14.90
LIUZHOU DONGTONG INVESTME   4.45      07/22/23      CNY      19.39
LIUZHOU DONGTONG INVESTME   4.45      07/22/23      CNY      19.19
LIUZHOU LONGJIAN INVESTME   7.00      09/21/27      CNY      70.00
LIUZHOU LONGJIAN INVESTME   7.00      09/21/27      CNY      62.96
LIUZHOU LONGJIAN INVESTME   8.28      04/30/24      CNY      29.86
LIUZHOU LONGJIAN INVESTME   8.28      04/30/24      CNY      28.80
LONGCHANG DEVELOPMENT CON   7.09      10/31/24      CNY      40.64
LONGCHANG DEVELOPMENT CON   7.09      10/31/24      CNY      40.00
LONGYAN RAILWAY CONSTRUCT   4.98      04/13/23      CNY      20.00
LONGYAN RAILWAY CONSTRUCT   4.98      04/13/23      CNY      19.99
LOUDI TIDU INVESTMENT DEV   4.83      01/20/23      CNY      20.00
LOUDI TIDU INVESTMENT DEV   4.83      01/20/23      CNY      19.99
LOUDI WANBAO NEW DISTRICT   5.13      02/01/23      CNY      20.00
LOUDI WANBAO NEW DISTRICT   4.42      08/01/23      CNY      19.95
LOUDI WANBAO NEW DISTRICT   4.42      08/01/23      CNY      19.94
LOUDI WANBAO NEW DISTRICT   5.13      02/01/23      CNY      19.94
LU'AN JIN'AN DISTRICT URB   5.95      07/24/24      CNY      40.51
LUJIANG CITY CONSTRUCTION   5.89      05/02/25      CNY      61.34
LUOYANG CITY COUNTRY CONS   4.28      04/26/23      CNY      20.10
LUOYANG CITY COUNTRY CONS   4.28      04/26/23      CNY      20.00
LUOYANG XIYUAN STATE-OWNE   7.50      11/15/25      CNY      66.50
LUOYANG XIYUAN STATE-OWNE   7.50      11/15/25      CNY      59.62
LUXI URBAN CONSTRUCTION I   6.80      10/27/24      CNY      40.33
LUXI URBAN CONSTRUCTION I   6.80      10/27/24      CNY      40.00
LUZHOU FUYANG INVESTMENT    5.00      08/11/23      CNY      19.98
LUZHOU FUYANG INVESTMENT    5.00      08/11/23      CNY      19.97
LUZHOU HUIXING INVESTMENT   6.28      10/19/24      CNY      41.16
LUZHOU HUIXING INVESTMENT   6.28      10/19/24      CNY      40.24
LUZHOU INDUSTRIAL DEVELOP   7.20      04/12/25      CNY      60.51
LUZHOU INDUSTRIAL DEVELOP   7.20      04/12/25      CNY      60.00
LUZHOU LIN GANG INVESTMEN   7.10      02/07/25      CNY      61.35
LUZHOU LIN GANG INVESTMEN   7.10      02/07/25      CNY      60.30
LUZHOU LIN GANG INVESTMEN   7.00      12/01/24      CNY      41.13
LUZHOU LIN GANG INVESTMEN   7.00      12/01/24      CNY      40.00
LUZHOU XINGLU INVESTMENT    6.41      04/23/25      CNY      46.20
LUZHOU XINGLU INVESTMENT    6.41      04/23/25      CNY      45.00
LUZHOU XINGYANG INVESTMEN   4.87      01/28/23      CNY      20.00
LUZHOU XINGYANG INVESTMEN   4.87      01/28/23      CNY      19.99
MA'ANSHAN CIHU HIGH TECHN   3.90      11/28/23      CNY      20.04
MAANSHAN NINGBO INVESTMEN   7.80      11/29/25      CNY      63.21
MAANSHAN NINGBO INVESTMEN   7.80      11/29/25      CNY      60.00
MAANSHAN NINGBO INVESTMEN   7.50      04/18/26      CNY      32.00
MAANSHAN SOUTHERN INDUSTR   4.53      07/25/23      CNY      19.98
MAANSHAN SOUTHERN INDUSTR   4.43      09/02/23      CNY      19.96
MAANSHAN SOUTHERN INDUSTR   4.53      07/25/23      CNY      19.96
MAANSHAN SOUTHERN INDUSTR   4.43      09/02/23      CNY      19.94
MAANSHAN YUSHAN CITY DEVE   5.85      09/22/24      CNY      40.46
MAANSHAN YUSHAN CITY DEVE   5.85      09/22/24      CNY      40.46
MAANSHAN YUSHAN CITY DEVE   5.62      07/31/24      CNY      40.30
MAANSHAN YUSHAN CITY DEVE   5.62      07/31/24      CNY      40.30
MA'ANSHAN ZHENGPU HARBOR    6.80      03/19/25      CNY      61.65
MA'ANSHAN ZHENGPU HARBOR    6.80      03/19/25      CNY      60.00
MA'ANSHAN ZHENGPU HARBOR    6.00      10/13/24      CNY      44.26
MA'ANSHAN ZHENGPU HARBOR    6.00      10/13/24      CNY      40.75
MEISHAN CITY DONGPO DEVEL   8.08      08/16/25      CNY      62.98
MEISHAN CITY DONGPO DEVEL   8.08      08/16/25      CNY      60.00
MEISHAN CITY DONGPO DEVEL   5.90      06/30/23      CNY      20.10
MEISHAN CITY DONGPO DEVEL   5.90      06/30/23      CNY      20.02
MEISHAN HONGDA CONSTRUCTI   4.18      03/28/23      CNY      19.91
MEISHAN HONGDA CONSTRUCTI   4.18      03/28/23      CNY      19.90
MEISHAN MINDONG DEVELOPME   6.78      08/08/24      CNY      40.17
MEISHAN MINDONG DEVELOPME   6.78      08/08/24      CNY      40.17
MEIZHOU MEI COUNTY DISTRI   5.00      12/30/22      CNY      20.01
MEIZHOU MEI COUNTY DISTRI   5.00      12/30/22      CNY      20.00
MENGCHENG COUNTY URBAN DE   5.60      09/21/24      CNY      40.51
MENGZHOU INVESTMENT AND D   8.00      11/06/25      CNY      63.35
MENGZHOU INVESTMENT AND D   8.00      09/03/25      CNY      63.01
MENGZHOU INVESTMENT AND D   8.00      11/06/25      CNY      60.00
MENGZHOU INVESTMENT AND D   8.00      09/03/25      CNY      60.00
MENGZI CITY DEVELOPMENT I   7.65      09/25/24      CNY      41.31
MENGZI CITY DEVELOPMENT I   7.65      09/25/24      CNY      41.31
MIANYANG ANZHOU INVESTMEN   8.10      05/04/25      CNY      62.52
MIANYANG ANZHOU INVESTMEN   8.10      11/22/25      CNY      62.42
MIANYANG ANZHOU INVESTMEN   8.10      11/22/25      CNY      60.00
MIANYANG ANZHOU INVESTMEN   8.10      05/04/25      CNY      59.00
MIANYANG HONGDA ASSET INV   7.20      09/29/24      CNY      41.16
MIANYANG HONGDA ASSET INV   7.20      09/29/24      CNY      40.00
MIANYANG HUIDONG INVESTME   8.10      04/28/25      CNY      62.91
MIANYANG HUIDONG INVESTME   8.10      02/10/25      CNY      61.65
MILE AGRICULTURAL INVESTM   8.00      10/25/25      CNY      59.88
MILE AGRICULTURAL INVESTM   8.00      10/25/25      CNY      59.00
MINGGUANG YUELONG INVESTM   6.54      05/03/25      CNY      61.28
MUDANJIANG LONGSHENG INVE   7.50      09/27/25      CNY      62.65
MUNICIPALITY OF SHENZHEN    3.31      01/14/27      CNY      75.00
MUNICIPALITY OF SHENZHEN    3.31      01/14/27      CNY      75.00
MUNICIPALITY OF SHENZHEN    2.80      05/19/27      CNY      74.69
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    3.37      03/29/26      CNY      71.90
MUNICIPALITY OF SHENZHEN    3.50      06/18/29      CNY      71.26
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      70.00
MUNICIPALITY OF SHENZHEN    3.50      06/18/29      CNY      70.00
MUNICIPALITY OF SHENZHEN    3.34      06/18/24      CNY      67.10
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    3.27      03/29/24      CNY      65.28
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    3.15      01/14/25      CNY      62.67
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    3.37      03/29/26      CNY      55.20
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      50.43
MUNICIPALITY OF SHENZHEN    3.37      03/29/26      CNY      50.00
MUNICIPALITY OF SHENZHEN    3.37      03/29/26      CNY      50.00
NANCHANG CITY CONSTRUCTIO   3.58      09/12/26      CNY      70.90
NANCHANG CITY CONSTRUCTIO   3.58      09/12/26      CNY      69.94
NANCHANG ECONOMY TECHNOLO   3.83      09/22/23      CNY      19.95
NANCHANG ECONOMY TECHNOLO   3.83      09/22/23      CNY      19.90
NANCHONG JIALING DEVELOPM   7.98      05/23/25      CNY      62.53
NANCHONG JIALING DEVELOPM   7.98      05/23/25      CNY      60.00
NANCHONG JIALING DEVELOPM   7.80      12/12/24      CNY      41.68
NANCHONG JIALING DEVELOPM   7.80      12/12/24      CNY      40.00
NANJING BAIXIA STATE-OWNE   3.98      03/29/23      CNY      20.03
NANJING BAIXIA STATE-OWNE   3.98      03/29/23      CNY      19.98
NANJING BINJIANG INVESTME   5.77      11/30/25      CNY      61.42
NANJING BINJIANG INVESTME   5.77      11/30/25      CNY      60.00
NANJING JIANGBEI NEW DIST   6.90      06/15/25      CNY      65.88
NANJING JIANGBEI NEW DIST   6.90      06/15/25      CNY      62.56
NANJING JIANGBEI NEW DIST   6.00      12/06/24      CNY      41.03
NANJING JIANGBEI NEW DIST   6.00      12/06/24      CNY      40.00
NANJING JIANGBEI NEW TOWN   5.59      09/26/24      CNY      42.50
NANJING JIANGBEI NEW TOWN   5.59      09/26/24      CNY      40.49
NANJING JIANGNING ECONOMI   7.94      04/14/24      CNY      31.24
NANJING JIANGNING URBAN C   3.48      11/11/23      CNY      19.88
NANJING JIANGNING URBAN C   3.48      11/11/23      CNY      19.81
NANJING JIANYE SCIENCE &    4.37      06/24/23      CNY      20.12
NANJING JIANYE SCIENCE &    4.37      06/24/23      CNY      19.99
NANJING LISHUI ECONOMIC A   3.41      11/09/23      CNY      19.85
NANJING LISHUI URBAN CONS   5.40      07/31/25      CNY      63.87
NANJING LISHUI URBAN CONS   5.40      07/31/25      CNY      60.55
NANJING LISHUI URBAN CONS   4.97      04/28/23      CNY      20.05
NANJING LISHUI URBAN CONS   4.97      04/28/23      CNY      20.02
NANJING METRO GROUP CO LT   4.22      11/28/23      CNY      40.63
NANJING METRO GROUP CO LT   4.22      11/28/23      CNY      40.30
NANJING METRO GROUP CO LT   3.29      08/29/23      CNY      20.03
NANJING METRO GROUP CO LT   3.29      08/29/23      CNY      20.00
NANJING PUKOU COMMUNICATI   5.46      07/19/24      CNY      40.42
NANJING QIXIA STATE-OWNED   4.10      06/24/23      CNY      19.99
NANJING QIXIA STATE-OWNED   4.10      06/24/23      CNY      19.94
NANJING STATE OWNED ASSET   5.60      03/06/23      CNY      15.04
NANLING COUNTY CONSTRUCTI   6.20      09/06/24      CNY      40.10
NANLING COUNTY CONSTRUCTI   6.20      09/06/24      CNY      40.00
NANNING HI-TECH INDUSTRIA   4.28      03/25/23      CNY      20.00
NANNING HI-TECH INDUSTRIA   3.82      10/20/23      CNY      19.83
NANNING HI-TECH INDUSTRIA   3.82      10/20/23      CNY      19.80
NANNING HI-TECH INDUSTRIA   4.28      03/25/23      CNY      15.20
NANTONG CITY TONGZHOU DIS   4.88      04/10/24      CNY      40.48
NANTONG CITY TONGZHOU DIS   3.75      07/07/23      CNY      19.95
NANTONG KAIYUAN INVESTMEN   7.25      11/29/24      CNY      40.92
NANTONG KAIYUAN INVESTMEN   7.25      11/29/24      CNY      40.90
NANTONG SHIBEI HI-TECH DE   5.98      08/07/24      CNY      40.54
NANTONG SHIBEI HI-TECH DE   5.98      08/07/24      CNY      40.44
NANTONG YUNTONG PORT DEVE   6.13      08/10/24      CNY      41.00
NANTONG YUNTONG PORT DEVE   6.13      08/10/24      CNY      40.68
NANYANG HI-TECH DEVELOPME   6.45      04/29/23      CNY      20.13
NANYANG HI-TECH DEVELOPME   6.45      04/29/23      CNY      20.04
NANZHANG COUNTY CONSTRUCT   6.00      01/20/24      CNY      40.36
NANZHANG COUNTY CONSTRUCT   6.58      10/25/24      CNY      40.00
NANZHANG COUNTY CONSTRUCT   6.00      01/20/24      CNY      39.99
NANZHANG COUNTY CONSTRUCT   6.58      10/25/24      CNY      39.90
NEIJIANG CITY XINGYUAN IN   4.28      08/16/23      CNY      19.93
NEIJIANG CITY XINGYUAN IN   4.28      08/16/23      CNY      19.92
NEIJIANG STATE-OWNED ASSE   6.20      04/12/23      CNY      20.12
NEIJIANG STATE-OWNED ASSE   6.20      04/12/23      CNY      20.01
NEIJINAG CONSTRUCTION ENG   5.03      12/25/22      CNY      20.00
NEIJINAG CONSTRUCTION ENG   5.03      12/25/22      CNY      16.36
NEOGLORY HOLDING GROUP CO   8.10      11/23/18      CNY      72.00
NEOGLORY HOLDING GROUP CO   8.00      09/25/20      CNY      60.00
NEOGLORY HOLDING GROUP CO   8.00      10/22/20      CNY      56.00
NINGGUO CITY STATE OWNED    7.14      08/07/24      CNY      40.80
NINGGUO CITY STATE OWNED    7.14      08/07/24      CNY      40.62
NINGXIA SHENG YAN INDUSTR   7.50      09/27/23      CNY      42.45
NINGXIANG CITY CONSTRUCTI   6.00      06/02/26      CNY      60.86
NINGXIANG ECONOMIC TECHNO   3.87      01/27/23      CNY      19.97
NINGXIANG STATE-OWNED ASS   4.89      06/03/23      CNY      20.03
NINGXIANG STATE-OWNED ASS   4.89      06/03/23      CNY      20.00
NINGXIANG STATE-OWNED ASS   3.88      11/02/23      CNY      19.90
NINGXIANG STATE-OWNED ASS   3.88      11/02/23      CNY      19.84
ONE BELT ONE ROAD JIANGSU   4.70      07/15/23      CNY      20.07
ONE BELT ONE ROAD JIANGSU   4.70      07/15/23      CNY      20.07
PANJIN WATER GROUP CO LTD   5.18      10/28/23      CNY      19.32
PEIXIAN ECONOMIC DEVELOPM   6.20      10/24/25      CNY      62.78
PEIXIAN STATE-OWNED ASSET   5.98      07/19/24      CNY      41.34
PEIXIAN STATE-OWNED ASSET   5.98      07/19/24      CNY      40.00
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      62.83
PENGSHAN DEVELOPMENT HOLD   7.98      05/03/25      CNY      61.59
PENGSHAN DEVELOPMENT HOLD   7.00      09/05/24      CNY      40.60
PENGSHAN DEVELOPMENT HOLD   7.00      09/05/24      CNY      40.00
PENGZE CITY DEVELOPMENT I   7.60      08/31/25      CNY      62.61
PENGZE CITY DEVELOPMENT I   7.00      04/19/25      CNY      61.59
PENGZE CITY DEVELOPMENT I   7.60      08/31/25      CNY      61.34
PENGZE CITY DEVELOPMENT I   7.00      04/19/25      CNY      60.00
PENGZHOU STATE-PENGZHOU S   3.95      10/20/23      CNY      19.54
PINGDU STATE-OWNED ASSET    6.05      07/11/25      CNY      63.40
PINGDU STATE-OWNED ASSET    6.05      07/11/25      CNY      61.43
PINGHU CITY INVESTMENT DE   5.13      04/29/23      CNY      20.08
PINGHU CITY INVESTMENT DE   5.13      04/29/23      CNY      20.01
PINGJIANG COUNTY WATER SU   6.64      06/27/26      CNY      59.02
PINGXIANG CHANGXING INVES   5.26      04/11/23      CNY      20.02
PINGXIANG CHANGXING INVES   5.26      04/11/23      CNY      19.89
PINGXIANG HUIFENG INVESTM   5.79      09/21/24      CNY      40.48
PINGXIANG HUIFENG INVESTM   5.79      09/21/24      CNY      40.41
PINGYANG STATE-OWNED ASSE   6.90      08/24/27      CNY      74.08
PINGYANG STATE-OWNED ASSE   6.90      08/24/27      CNY      70.00
PINGYANG STATE-OWNED ASSE   4.97      01/08/23      CNY      20.00
PINGYANG STATE-OWNED ASSE   4.97      01/08/23      CNY      20.00
PIZHOU ECONOMIC DEVELOPME   6.66      09/19/24      CNY      47.00
PIZHOU ECONOMIC DEVELOPME   6.66      09/19/24      CNY      40.56
POYANG INVESTMENT & DEVEL   6.53      08/08/24      CNY      40.32
POYANG INVESTMENT & DEVEL   6.53      08/08/24      CNY      40.00
PROVINCE OF HEBEI CHINA     3.22      09/19/24      CNY      70.50
PROVINCE OF HEBEI CHINA     3.22      09/19/24      CNY      70.50
PROVINCE OF HEBEI CHINA     3.17      08/22/24      CNY      70.43
PROVINCE OF HEBEI CHINA     3.17      08/22/24      CNY      70.43
PROVINCE OF HEBEI CHINA     3.17      08/22/24      CNY      70.43
PROVINCE OF HEBEI CHINA     3.17      08/22/24      CNY      70.43
PROVINCE OF HEBEI CHINA     3.22      09/19/24      CNY      70.00
PROVINCE OF HEBEI CHINA     3.22      09/19/24      CNY      70.00
PROVINCE OF HEBEI CHINA     3.22      09/19/24      CNY      70.00
PROVINCE OF HEBEI CHINA     3.22      09/19/24      CNY      70.00
PROVINCE OF HEBEI CHINA     3.17      08/22/24      CNY      70.00
PROVINCE OF HEBEI CHINA     3.17      08/22/24      CNY      70.00
PROVINCE OF HEBEI CHINA     3.17      08/22/24      CNY      70.00
PROVINCE OF HEBEI CHINA     3.17      08/22/24      CNY      70.00
PROVINCE OF HEBEI CHINA     3.17      08/22/24      CNY      70.00
PROVINCE OF HEBEI CHINA     3.17      08/22/24      CNY      70.00
PROVINCE OF HEBEI CHINA     3.17      08/22/24      CNY      70.00
PROVINCE OF HEBEI CHINA     3.17      08/22/24      CNY      70.00
PUCHENG INVESTMENT DEVELO   6.57      08/10/24      CNY      40.61
PUCHENG INVESTMENT DEVELO   6.57      08/10/24      CNY      40.00
PUDING YELANG STATE-OWNED   8.00      03/13/25      CNY      65.00
PUDING YELANG STATE-OWNED   8.00      03/13/25      CNY      55.87
PUDING YELANG STATE-OWNED   7.79      11/13/24      CNY      41.36
PUYANG INVESTMENT GROUP C   5.18      08/17/24      CNY      40.36
PUYANG INVESTMENT GROUP C   5.18      08/17/24      CNY      40.36
QIANDONGNAN TRANSPORTATIO   5.79      12/21/22      CNY      20.00
QIANDONGNAN TRANSPORTATIO   5.79      12/21/22      CNY      19.97
QIANDONGNANZHOU KAIHONG C   5.30      09/22/26      CNY      48.86
QIANDONGNANZHOU KAIHONG C   5.30      09/22/26      CNY      47.12
QIANJIANG URBAN CONSTRUCT   5.19      12/21/22      CNY      20.01
QIANJIANG URBAN CONSTRUCT   5.19      12/21/22      CNY      20.00
QIANNAN AUTONOMOUS PREFEC   6.99      04/19/24      CNY      38.89
QIANNAN AUTONOMOUS PREFEC   6.99      04/19/24      CNY      38.89
QIANNAN AUTONOMOUS PREFEC   6.98      07/06/24      CNY      38.66
QIANNAN AUTONOMOUS PREFEC   6.98      07/06/24      CNY      38.65
QIANNANZHOU INVESTMENT CO   8.00      01/02/26      CNY      69.80
QIANNANZHOU INVESTMENT CO   6.77      07/28/24      CNY      40.77
QIANSHAN CITY QIANRUN INV   6.98      01/19/25      CNY      61.66
QIANSHAN CITY QIANRUN INV   6.98      01/19/25      CNY      60.00
QIANXINAN AUTONOMOUS REGI   5.90      06/22/23      CNY      20.10
QIANXINAN AUTONOMOUS REGI   5.90      06/22/23      CNY      19.82
QICHUN COUNTY CONSTRUCTIO   4.96      10/18/23      CNY      20.08
QICHUN COUNTY CONSTRUCTIO   4.96      10/18/23      CNY      19.97
QIDONG STATE-OWNED ASSET    4.00      03/09/23      CNY      20.19
QIDONG STATE-OWNED ASSET    4.00      03/09/23      CNY      19.98
QIDONG URBAN CONSTRUCTION   5.25      08/16/24      CNY      41.00
QIDONG URBAN CONSTRUCTION   5.25      08/16/24      CNY      40.48
QIHE CITY OPERATION CONST   5.10      03/07/23      CNY      20.01
QIHE CITY OPERATION CONST   5.10      03/07/23      CNY      19.83
QINGDAO CHANGYANG INVESTM   3.73      09/12/23      CNY      19.79
QINGDAO CHANGYANG INVESTM   3.73      09/12/23      CNY      19.70
QINGDAO CHINA PROSPERITY    6.08      11/05/25      CNY      61.72
QINGDAO CONSON DEVELOPMEN   6.40      12/12/22      CNY      15.07
QINGDAO CONSON DEVELOPMEN   6.40      12/12/22      CNY      15.00
QINGDAO HAIFA STATE-OWNED   6.28      04/04/25      CNY      65.25
QINGDAO HAIFA STATE-OWNED   6.28      04/04/25      CNY      61.41
QINGDAO HAIFA STATE-OWNED   4.26      06/06/23      CNY      20.09
QINGDAO HAIFA STATE-OWNED   4.26      06/06/23      CNY      19.95
QINGDAO JIMO DISTRICT URB   6.27      10/15/25      CNY      61.68
QINGDAO JIMO DISTRICT URB   6.27      10/15/25      CNY      60.00
QINGDAO JIMO DISTRICT URB   5.35      07/10/24      CNY      41.20
QINGDAO JIMO DISTRICT URB   5.35      07/10/24      CNY      40.34
QINGDAO OCEAN INVESTMENT    4.36      05/12/23      CNY      20.06
QINGDAO OCEAN INVESTMENT    4.36      05/12/23      CNY      19.95
QINGDAO SHAOHAI INVESTMEN   6.47      10/31/24      CNY      61.08
QINGDAO SHAOHAI INVESTMEN   6.47      10/31/24      CNY      40.82
QINGHAI PROVINCIAL INVEST   7.25      02/22/20      USD      28.90
QINGHAI PROVINCIAL INVEST   7.88      03/22/21      USD      20.02
QINGHAI PROVINCIAL INVEST   6.40      07/10/21      USD      20.02
QINGZHOU CITY CONSTRUCTIO   6.40      07/10/24      CNY      40.00
QINGZHOU CITY CONSTRUCTIO   6.80      08/25/24      CNY      38.94
QINGZHOU CITY CONSTRUCTIO   6.40      07/10/24      CNY      38.45
QINGZHOU CITY CONSTRUCTIO   6.80      08/25/24      CNY      38.00
QINHUANGDAO CITY DEVELOPM   4.69      04/14/23      CNY      20.08
QINHUANGDAO CITY DEVELOPM   4.69      04/14/23      CNY      19.97
QINHUANGDAO DEVELOPMENT Z   4.07      08/26/23      CNY      19.90
QINHUANGDAO DEVELOPMENT Z   4.07      08/26/23      CNY      19.89
QUANJIAO URBAN INFRASTRUC   5.10      05/18/23      CNY      20.06
QUANJIAO URBAN INFRASTRUC   5.10      05/18/23      CNY      20.04
QUJING ECO TECH DEVELOPME   5.75      06/01/23      CNY      20.08
QUJING ECO TECH DEVELOPME   5.75      06/01/23      CNY      20.08
RED STAR MACALLINE HOLDIN   6.50      11/07/24      CNY      29.05
RENHUAI CITY DEVELOPMENT    5.12      04/14/23      CNY      20.04
RENHUAI CITY DEVELOPMENT    5.12      04/14/23      CNY      19.79
RENHUAI WATER INVESTMENT    7.98      07/26/25      CNY      62.75
RENHUAI WATER INVESTMENT    7.98      02/24/25      CNY      58.82
RENSHOU DEVELOPMENT OF IN   6.42      12/22/22      CNY      20.01
RENSHOU DEVELOPMENT OF IN   6.42      12/22/22      CNY      20.00
REWARD SCIENCE AND TECHNO   6.40      03/03/22      CNY      70.00
REWARD SCIENCE AND TECHNO   5.53      07/05/21      CNY      29.10
RONGCHENG ECONOMIC DEVELO   5.75      04/24/25      CNY      62.79
RONGCHENG ECONOMIC DEVELO   5.75      04/24/25      CNY      61.10
RONGQIAO GROUP CO LTD       6.50      06/03/23      CNY      64.00
RONGXIN FUJIAN INVESTMENT   6.78      07/03/24      CNY      72.80
RONGXIN FUJIAN INVESTMENT   6.45      07/03/23      CNY      67.50
RONGXIN FUJIAN INVESTMENT   5.60      07/27/23      CNY      33.00
RONGXIN FUJIAN INVESTMENT   5.42      08/19/24      CNY      31.00
RUCHENG COUNTY URBAN CONS   5.69      02/23/24      CNY      50.44
RUCHENG COUNTY URBAN CONS   5.69      02/23/24      CNY      50.43
RUDONG COUNTY JINXIN TRAN   3.80      07/26/23      CNY      20.00
RUDONG COUNTY JINXIN TRAN   4.57      07/26/23      CNY      19.98
RUDONG COUNTY JINXIN TRAN   3.80      07/26/23      CNY      19.94
RUDONG COUNTY JINXIN TRAN   4.57      07/26/23      CNY      19.92
RUDONG COUNTY KAITAI CITY   4.57      01/08/23      CNY      20.01
RUDONG NEW WORLD INVESTME   4.37      07/18/23      CNY      19.99
RUDONG NEW WORLD INVESTME   4.37      07/18/23      CNY      19.88
RUGAO ECONOMIC & TRADE DE   3.95      03/24/23      CNY      20.04
RUGAO ECONOMIC & TRADE DE   3.95      03/24/23      CNY      19.97
RUGAO TRAFFIC INDUSTRY GR   3.74      03/23/23      CNY      20.00
RUGAO TRAFFIC INDUSTRY GR   3.74      03/23/23      CNY      19.98
RUIAN STATE OWNED ASSET I   4.56      01/27/23      CNY      20.00
RUIAN STATE OWNED ASSET I   4.56      01/27/23      CNY      19.99
RUICHANG CITY INVESTMENT    5.50      06/17/23      CNY      20.06
RUICHANG CITY INVESTMENT    5.68      03/25/23      CNY      20.02
RUIJIN URBAN DEVELOPMENT    4.13      09/06/23      CNY      19.99
RUIJIN URBAN DEVELOPMENT    4.13      09/06/23      CNY      19.79
RUSHAN INDUSTRIAL INVESTM   7.40      06/07/25      CNY      64.24
RUSHAN INDUSTRIAL INVESTM   7.40      06/07/25      CNY      62.36
RUZHOU CITY XINYUAN INVES   4.43      09/26/23      CNY      19.94
RUZHOU CITY XINYUAN INVES   4.43      09/26/23      CNY      19.34
SANMING INVESTMENT DEVELO   5.10      04/17/24      CNY      41.00
SANMING INVESTMENT DEVELO   5.10      04/17/24      CNY      40.26
SANMING TRANSPORTATION CO   3.68      03/29/23      CNY      19.95
SHAANXI XIXIAN NEW AREA A   5.10      06/06/23      CNY      19.91
SHAANXI XIXIAN NEW AREA A   5.10      06/06/23      CNY      19.86
SHAANXI XIXIAN NEW AREA F   7.10      08/23/24      CNY      40.98
SHAANXI XIXIAN NEW AREA F   7.10      08/23/24      CNY      39.79
SHAANXI XIXIAN NEW AREA J   6.67      08/23/24      CNY      43.20
SHAANXI XIXIAN NEW AREA J   6.67      08/23/24      CNY      40.79
SHANDONG RUYI TECHNOLOGY    7.90      09/18/23      CNY      52.10
SHANGHAI MUNICIPAL INVEST   4.80      11/05/24      CNY      30.49
SHANGHAI MUNICIPAL INVEST   4.80      11/05/24      CNY      30.00
SHANGHAI POWERLONG INDUST   6.60      01/11/26      CNY      43.00
SHANGHAI POWERLONG INDUST   6.50      08/27/23      CNY      34.00
SHANGHAI SHIMAO CO LTD      3.70      04/26/23      CNY      60.00
SHANGHAI SHIMAO CO LTD      4.15      05/22/23      CNY      47.70
SHANGHAI SHIMAO CO LTD      3.76      07/07/24      CNY      34.16
SHANGHAI SHIMAO CO LTD      4.24      10/21/23      CNY      34.00
SHANGHAI SHIMAO CO LTD      3.60      03/05/23      CNY      31.07
SHANGHAI SHIMAO CO LTD      3.99      09/01/24      CNY      28.56
SHANGHAI SHIMAO CO LTD      5.50      05/06/23      CNY      26.50
SHANGHAI SHIMAO CO LTD      5.15      03/16/23      CNY      26.50
SHANGHAI SHIMAO CO LTD      4.12      01/09/23      CNY      26.50
SHANGHAI SHIMAO CO LTD      3.94      09/24/24      CNY      24.00
SHANGHAI SHIMAO JIANSHE C   4.30      09/19/24      CNY      29.99
SHANGHAI SHIMAO JIANSHE C   3.20      05/11/25      CNY      26.30
SHANGHAI SHIMAO JIANSHE C   3.23      03/25/25      CNY      26.00
SHANGHAI SHIMAO JIANSHE C   3.90      03/25/27      CNY      21.91
SHANGHAI SHIMAO JIANSHE C   3.90      08/27/25      CNY      21.59
SHANGHAI SHIMAO JIANSHE C   4.30      11/11/24      CNY      17.00
SHANGHAI SHIMAO JIANSHE C   4.15      10/16/24      CNY      15.95
SHANGHAI SHIMAO JIANSHE C   4.80      11/11/26      CNY      14.50
SHANGHAI URBAN CONSTRUCTI   3.50      01/06/23      CNY      20.07
SHANGHAI URBAN CONSTRUCTI   3.50      01/06/23      CNY      20.00
SHANGLI INVESTMENT CO       7.50      06/01/25      CNY      62.14
SHANGLI INVESTMENT CO       7.50      06/01/25      CNY      59.72
SHANGRAO CITY STATE-OWNED   4.65      01/29/23      CNY      20.03
SHANGRAO CITY STATE-OWNED   4.65      01/29/23      CNY      19.99
SHANGRAO GUANGXIN URBAN C   7.95      07/24/25      CNY      60.96
SHANGRAO GUANGXIN URBAN C   7.95      07/24/25      CNY      60.83
SHANTOU INVESTMENT HOLDIN   7.99      03/04/24      CNY      31.10
SHANTOU INVESTMENT HOLDIN   7.99      03/04/24      CNY      30.73
SHANWEI INVESTMENT HOLDIN   5.68      11/09/24      CNY      42.15
SHANWEI INVESTMENT HOLDIN   5.68      11/09/24      CNY      40.71
SHAODONG NEW AREA DEVELOP   7.10      04/19/24      CNY      40.72
SHAODONG NEW AREA DEVELOP   7.10      04/19/24      CNY      40.72
SHAOGUAN URBAN INVESTMENT   3.67      10/25/24      CNY      39.47
SHAOGUAN URBAN INVESTMENT   3.67      10/25/24      CNY      39.45
SHAOSHAN HI-TECH CONSTRUC   8.00      05/02/25      CNY      61.04
SHAOSHAN HI-TECH CONSTRUC   8.00      05/02/25      CNY      60.86
SHAOXING KEQIAO CITY CONS   5.74      08/03/24      CNY      40.54
SHAOXING KEQIAO CITY CONS   5.74      08/03/24      CNY      40.00
SHAOXING KEQIAO CITY CONS   3.64      09/19/23      CNY      20.05
SHAOXING KEQIAO CITY CONS   3.64      09/19/23      CNY      19.85
SHAOXING KEYAN CONSTRUCTI   5.88      12/04/25      CNY      65.00
SHAOXING KEYAN CONSTRUCTI   5.88      12/04/25      CNY      61.95
SHAOXING SHANGYU ECONOMIC   4.76      04/11/23      CNY      20.07
SHAOXING SHANGYU ECONOMIC   4.76      04/11/23      CNY      20.04
SHAOYANG BAOQING INDUSTRI   5.78      07/04/26      CNY      54.23
SHAOYANG CITY CONSTRUCTIO   5.98      09/01/24      CNY      40.58
SHAOYANG CITY CONSTRUCTIO   5.98      09/01/24      CNY      40.00
SHAOYANG DULIANG INVESTME   5.50      04/13/23      CNY      20.04
SHAOYANG DULIANG INVESTME   5.50      04/13/23      CNY      19.87
SHAOYANG SAISHUANGQING CO   8.00      11/28/25      CNY      63.51
SHAOYANG SAISHUANGQING CO   7.20      03/26/25      CNY      60.96
SHAOYANG SAISHUANGQING CO   8.00      11/28/25      CNY      60.00
SHAOYANG SAISHUANGQING CO   7.20      03/26/25      CNY      60.00
SHEHONG STATE OWNED ASSET   7.50      08/22/25      CNY      62.97
SHEHONG STATE OWNED ASSET   7.60      10/25/25      CNY      61.90
SHEHONG STATE OWNED ASSET   7.30      12/14/24      CNY      61.69
SHEHONG STATE OWNED ASSET   7.60      10/22/25      CNY      60.12
SHEHONG STATE OWNED ASSET   7.60      10/25/25      CNY      60.00
SHEHONG STATE OWNED ASSET   7.60      10/22/25      CNY      60.00
SHEHONG STATE OWNED ASSET   7.50      08/22/25      CNY      60.00
SHEHONG STATE OWNED ASSET   7.30      12/14/24      CNY      60.00
SHENGZHOU INVESTMENT HOLD   5.35      07/20/24      CNY      40.41
SHENWU ENVIRONMENTAL TECH   9.00      03/14/19      CNY      1.50
SHENZHEN LOGAN HOLDINGS C   5.50      06/19/23      CNY      29.00
SHENZHEN LOGAN HOLDINGS C   4.90      03/25/25      CNY      21.07
SHENZHEN LOGAN HOLDINGS C   4.69      07/24/25      CNY      20.50
SHENZHEN LOGAN HOLDINGS C   4.80      06/24/25      CNY      19.90
SHENZHEN LOGAN HOLDINGS C   4.70      08/23/25      CNY      19.50
SHENZHEN LOGAN HOLDINGS C   4.80      09/14/25      CNY      19.00
SHENZHEN LOGAN HOLDINGS C   5.09      11/18/24      CNY      19.00
SHENZHEN LOGAN HOLDINGS C   4.80      01/08/25      CNY      18.50
SHENZHEN METRO GROUP CO L   6.75      01/24/24      CNY      30.42
SHENZHEN METRO GROUP CO L   5.40      03/25/23      CNY      15.05
SHENZHEN METRO GROUP CO L   5.40      03/25/23      CNY      15.00
SHEYANG URBAN CONSTRUCTIO   7.80      11/27/24      CNY      41.61
SHEYANG URBAN CONSTRUCTIO   7.80      11/27/24      CNY      40.44
SHIFANG CITY NATIONAL OWN   8.00      12/05/25      CNY      63.44
SHIFANG CITY NATIONAL OWN   8.00      12/05/25      CNY      60.00
SHIJIAZHUANG HUTUO NEW DI   5.28      12/24/25      CNY      45.61
SHIJIAZHUANG HUTUO NEW DI   5.28      12/24/25      CNY      45.00
SHINSUN REAL ESTATE GROUP   7.70      03/02/23      CNY      55.03
SHISHOU BOYA CITY CONSTRU   6.98      06/15/24      CNY      40.78
SHIYAN ECO DEVELOPMENT ZO   3.98      08/05/23      CNY      19.90
SHIYAN ECO DEVELOPMENT ZO   3.98      08/05/23      CNY      19.84
SHIYAN HANJIANG STAR CONS   6.40      07/10/24      CNY      40.52
SHIYAN STATE-OWNED CAPITA   4.88      01/11/26      CNY      60.24
SHIYAN STATE-OWNED CAPITA   4.88      01/11/26      CNY      60.13
SHIZHU TUJIA HONGSHENG EC   7.00      11/13/24      CNY      41.15
SHIZHU TUJIA HONGSHENG EC   7.00      11/13/24      CNY      32.00
SHOU COUNTY STATE-OWNED A   6.20      10/13/24      CNY      40.23
SHOU COUNTY STATE-OWNED A   6.20      10/13/24      CNY      40.00
SHOUGUANG HUINONG NEW RUR   6.50      10/16/27      CNY      75.45
SHUCHENG COUNTY URBAN CON   5.50      04/29/23      CNY      20.11
SHUCHENG COUNTY URBAN CON   5.50      04/29/23      CNY      20.09
SHUOZHOU INVESTMENT CONST   7.50      10/23/25      CNY      82.81
SHUOZHOU INVESTMENT CONST   7.50      10/23/25      CNY      62.75
SICHUAN CHENG'A DEVELOPME   7.25      01/28/24      CNY      70.37
SICHUAN CHENG'A DEVELOPME   7.50      11/29/24      CNY      41.57
SICHUAN CHENG'A DEVELOPME   7.50      11/06/24      CNY      41.54
SICHUAN CHENG'A DEVELOPME   7.50      11/29/24      CNY      40.00
SICHUAN CHENG'A DEVELOPME   7.50      11/06/24      CNY      40.00
SICHUAN COAL GASIFICATION   7.00      04/18/23      CNY      20.14
SICHUAN COAL INDUSTRY GRO   7.70      01/09/18      CNY      45.00
SICHUAN JINCAI JINXIN INV   7.08      07/31/24      CNY      40.92
SICHUAN JINCAI JINXIN INV   7.08      07/31/24      CNY      40.92
SICHUAN LANGUANG DEVELOPM   7.50      07/23/22      CNY      42.00
SICHUAN LANGUANG DEVELOPM   7.40      09/14/21      CNY      30.45
SICHUAN LANGUANG DEVELOPM   7.15      03/16/23      CNY      24.00
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   7.00      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 LANGZHONG FAMOUS    5.60      04/19/23      CNY      20.05
SICHUAN LANGZHONG FAMOUS    5.60      04/19/23      CNY      19.98
SICHUAN LONGYANG TIANFU N   5.45      05/27/23      CNY      20.08
SICHUAN LONGYANG TIANFU N   5.45      05/27/23      CNY      19.98
SICHUAN NAXING INDUSTRIAL   4.68      03/31/23      CNY      20.03
SICHUAN NAXING INDUSTRIAL   4.68      03/31/23      CNY      19.82
SICHUAN QINBA NEWCITY INV   6.91      07/25/24      CNY      40.84
SICHUAN QINBA NEWCITY INV   6.68      07/07/24      CNY      40.00
SICHUAN QINBA NEWCITY INV   6.91      07/25/24      CNY      39.80
SICHUAN QINBA NEWCITY INV   6.68      07/07/24      CNY      39.41
SICHUAN RENSHOU XINLONG W   7.00      06/27/24      CNY      40.84
SIHUI STATE OWNED ASSETS    4.59      01/14/23      CNY      20.00
SIHUI STATE OWNED ASSETS    4.59      01/14/23      CNY      19.99
SINO-OCEAN CAPITAL          5.30      09/09/23      CNY      45.00
SINO-OCEAN CAPITAL          5.30      06/10/24      CNY      30.00
SINO-OCEAN HOLDING GROUP    4.60      01/21/24      CNY      64.80
SINO-OCEAN HOLDING GROUP    4.59      03/20/26      CNY      62.05
SINO-OCEAN HOLDING GROUP    4.20      05/12/26      CNY      60.00
SINO-OCEAN HOLDING GROUP    4.76      10/19/25      CNY      53.10
SINO-OCEAN HOLDING GROUP    4.06      09/27/26      CNY      52.77
SINO-OCEAN HOLDING GROUP    5.00      08/19/25      CNY      52.00
SIXIAN CITY CONSCTRUCTION   6.50      04/16/25      CNY      61.59
SIXIAN CITY CONSCTRUCTION   6.50      04/16/25      CNY      60.00
SIYANG COUNTY MINKANG RUR   7.40      07/31/24      CNY      41.08
SIYANG COUNTY MINKANG RUR   7.40      07/31/24      CNY      41.07
SIYANG COUNTY MINKANG RUR   4.94      01/21/23      CNY      20.56
SIYANG COUNTY MINKANG RUR   4.94      01/21/23      CNY      20.01
SIYANG JIADING INDUSTRIAL   7.50      04/27/25      CNY      62.03
SIYANG JIADING INDUSTRIAL   7.50      04/27/25      CNY      62.02
SUINING COUNTY RUNQI INVE   6.78      11/02/24      CNY      41.30
SUINING COUNTY RUNQI INVE   6.78      11/02/24      CNY      41.07
SUINING FUYUAN INDUSTRY C   5.34      12/02/23      CNY      20.09
SUINING FUYUAN INDUSTRY C   5.34      12/02/23      CNY      19.59
SUINING KAIDA INVESTMENT    4.89      04/08/23      CNY      19.80
SUINING KAIDA INVESTMENT    4.89      04/08/23      CNY      19.78
SUINING ROUGANG INVESTMEN   6.80      08/02/24      CNY      40.76
SUINING ROUGANG INVESTMEN   6.80      08/02/24      CNY      40.76
SUINING ROUGANG INVESTMEN   5.65      01/24/24      CNY      40.14
SUINING TIANTAI INDUSTRIA   6.80      11/01/24      CNY      51.24
SUINING TIANTAI INDUSTRIA   6.80      11/01/24      CNY      50.00
SUINING TIANTAI INDUSTRIA   5.98      03/28/24      CNY      40.30
SUINING TIANTAI INDUSTRIA   5.98      03/28/24      CNY      40.29
SUIZHOU DEVELOPMENT INVES   5.97      09/15/24      CNY      41.02
SUIZHOU DEVELOPMENT INVES   5.70      04/07/24      CNY      40.80
SUIZHOU DEVELOPMENT INVES   5.70      04/07/24      CNY      40.22
SUIZHOU DEVELOPMENT INVES   5.97      09/15/24      CNY      40.00
SUIZHOU HIGH-TECH INDUSTR   4.47      03/25/23      CNY      19.98
SUIZHOU HIGH-TECH INDUSTR   4.47      03/25/23      CNY      19.95
SUNAC REAL ESTATE GROUP C   4.78      09/30/23      CNY      35.55
SUNAC REAL ESTATE GROUP C   6.80      08/16/24      CNY      28.00
SUNAC REAL ESTATE GROUP C   6.48      09/11/23      CNY      15.33
SUNAC REAL ESTATE GROUP C   5.60      05/27/25      CNY      15.02
SUNAC REAL ESTATE GROUP C   6.80      01/19/25      CNY      15.00
SUNAC REAL ESTATE GROUP C   7.00      04/02/25      CNY      14.97
SUNING APPLIANCE GROUP CO   7.30      05/10/23      CNY      49.31
SUNING APPLIANCE GROUP CO   7.30      01/29/23      CNY      48.43
SUNING APPLIANCE GROUP CO   7.30      06/16/23      CNY      43.36
SUNING APPLIANCE GROUP CO   7.30      06/28/23      CNY      21.60
SUNSHINE KAIDI NEW ENERGY   6.80      06/02/21      CNY      1.00
SUQIAN CITY CONSTRUCTION    6.44      12/26/24      CNY      61.17
SUQIAN CITY CONSTRUCTION    6.44      12/26/24      CNY      61.14
SUQIAN CITY CONSTRUCTION    5.30      07/11/24      CNY      40.32
SUQIAN CITY CONSTRUCTION    5.30      07/11/24      CNY      40.32
SUQIAN ECONOMIC DEVELOPME   5.40      04/20/24      CNY      41.88
SUQIAN ECONOMIC DEVELOPME   5.40      04/20/24      CNY      40.43
SUQIAN HI-TECH DEVELOPMEN   6.49      10/17/25      CNY      62.16
SUQIAN HI-TECH DEVELOPMEN   6.49      10/17/25      CNY      60.00
SUQIAN HI-TECH DEVELOPMEN   6.97      07/20/25      CNY      60.00
SUQIAN HUBIN XINCHENG INV   6.93      08/25/24      CNY      40.91
SUQIAN HUBIN XINCHENG INV   6.85      08/02/24      CNY      40.82
SUQIAN YUFENG ASSET MANAG   5.50      04/21/24      CNY      44.26
SUQIAN YUFENG ASSET MANAG   5.50      04/21/24      CNY      40.19
SUZHOU CITY CONSTRUCTION    3.89      03/24/23      CNY      20.01
SUZHOU CITY CONSTRUCTION    3.89      03/24/23      CNY      19.96
SUZHOU CITY HENGCHENG CON   4.40      03/01/23      CNY      20.01
SUZHOU CITY HENGCHENG CON   4.40      03/01/23      CNY      19.97
SUZHOU GAOXIN TOURISM IND   5.20      10/27/23      CNY      50.99
SUZHOU MAANSHAN INVESTMEN   6.10      08/03/24      CNY      40.75
SUZHOU MAANSHAN INVESTMEN   6.10      08/03/24      CNY      40.48
SUZHOU MUDU URBAN RURAL I   4.94      04/16/24      CNY      71.70
SUZHOU MUDU URBAN RURAL I   4.94      04/16/24      CNY      70.56
SUZHOU NEW & HIGH-TECH IN   4.18      03/23/23      CNY      19.96
SUZHOU NEW & HIGH-TECH IN   4.18      03/23/23      CNY      19.95
SUZHOU NEW AREA CONSTRUCT   5.98      08/04/24      CNY      40.33
SUZHOU NEW AREA CONSTRUCT   5.98      08/04/24      CNY      40.00
SUZHOU WUZHONG CITY CONST   6.50      02/01/25      CNY      61.15
SUZHOU WUZHONG CITY CONST   6.50      02/01/25      CNY      60.00
SUZHOU WUZHONG CITY CONST   5.90      11/06/24      CNY      40.68
SUZHOU WUZHONG CITY CONST   5.90      11/06/24      CNY      40.00
SUZHOU WUZHONG GUOTAI DEV   6.40      08/23/27      CNY      74.13
SUZHOU WUZHONG GUOTAI DEV   6.40      08/23/27      CNY      70.00
TAHOE GROUP CO LTD          7.50      10/10/20      CNY      29.60
TAHOE GROUP CO LTD          7.50      08/15/20      CNY      29.00
TAHOE GROUP CO LTD          8.50      08/02/21      CNY      25.00
TAHOE GROUP CO LTD          6.00      05/25/21      CNY      10.00
TAHOE GROUP CO LTD          7.20      05/25/21      CNY      5.00
TAIAN TAISHAN HOLDINGS CO   5.50      04/26/23      CNY      20.05
TAIAN TAISHAN HOLDINGS CO   5.50      04/26/23      CNY      20.05
TAIHE STATE OWN ASSET INV   5.87      08/07/24      CNY      43.35
TAIHE STATE OWN ASSET INV   5.87      08/07/24      CNY      40.81
TAIXING XINGHUANG INVESTM   8.50      11/15/25      CNY      63.96
TAIXING XINGHUANG INVESTM   8.50      11/15/25      CNY      61.08
TAIZHOU CITY CONSTRUCTION   6.92      10/16/23      CNY      15.34
TAIZHOU CITY HUANGYAN DIS   6.22      09/14/24      CNY      41.50
TAIZHOU CITY HUANGYAN DIS   6.10      08/01/24      CNY      41.13
TAIZHOU CITY HUANGYAN DIS   6.22      09/14/24      CNY      41.07
TAIZHOU CITY HUANGYAN DIS   6.10      08/01/24      CNY      41.02
TAIZHOU FENGCHENGHE CONST   5.48      11/07/25      CNY      63.20
TAIZHOU FENGCHENGHE CONST   7.90      12/29/24      CNY      61.93
TAIZHOU FENGCHENGHE CONST   5.48      11/07/25      CNY      61.23
TAIZHOU FENGCHENGHE CONST   7.90      12/29/24      CNY      60.00
TAIZHOU GAOGANG HI-TECH D   5.54      06/22/24      CNY      40.54
TAIZHOU HAILING CITY DEVE   4.60      12/14/22      CNY      20.17
TAIZHOU HAILING CITY DEVE   4.60      12/14/22      CNY      20.01
TAIZHOU JINDONG URBAN CON   5.10      06/02/23      CNY      20.04
TAIZHOU JINDONG URBAN CON   5.10      06/02/23      CNY      19.96
TAIZHOU XINTAI GROUP CO L   4.07      03/23/23      CNY      20.02
TAIZHOU XINTAI GROUP CO L   4.07      03/23/23      CNY      19.95
TANGSHAN FINANCIAL HOLDIN   7.60      05/16/25      CNY      56.72
TAOYUAN COUNTY ECONOMIC D   8.20      09/06/25      CNY      63.65
TAOYUAN COUNTY ECONOMIC D   8.20      09/06/25      CNY      60.00
TAOYUAN COUNTY ECONOMIC D   7.00      12/08/24      CNY      40.43
TAOYUAN COUNTY ECONOMIC D   7.00      12/08/24      CNY      40.00
TEMPUS GROUP CO LTD         7.50      06/07/20      CNY      12.00
TIANGUANG ZHONGMAO CO LTD   6.00      10/27/21      CNY      16.88
TIANJIN BOHAI STATE-OWNED   4.10      04/18/26      CNY      59.56
TIANJIN BOHAI STATE-OWNED   3.82      04/18/23      CNY      19.96
TIANJIN BOHAI STATE-OWNED   3.82      04/18/23      CNY      19.70
TIANJIN DONGFANG CAIXIN I   6.00      07/09/25      CNY      61.38
TIANJIN INFRASTRUCTURE CO   5.70      02/26/23      CNY      15.04
TIANJIN INFRASTRUCTURE CO   5.70      02/26/23      CNY      15.00
TIANJIN METRO GROUP CO LT   4.27      10/16/25      CNY      49.00
TIANJIN METRO GROUP CO LT   4.27      10/16/25      CNY      44.83
TIANJIN NINGHE INVESTMENT   5.50      04/22/23      CNY      20.05
TIANJIN NINGHE INVESTMENT   5.50      04/22/23      CNY      19.89
TIANJIN RAILWAY CONSTRUCT   5.58      04/13/25      CNY      44.77
TIANJIN REAL ESTATE GROUP   4.50      09/29/20      USD      73.82
TIANJIN REAL ESTATE GROUP   7.70      03/16/21      CNY      21.49
TIANJIN STATE-OWNED CAPIT   0.15      12/17/26      USD      22.04
TIANJIN STATE-OWNED CAPIT   1.60      12/17/39      USD      21.08
TIANJIN STATE-OWNED CAPIT   1.55      12/17/29      USD      20.00
TIANMEN CITY CONSTRUCTION   3.98      11/15/23      CNY      19.84
TIANMEN CITY CONSTRUCTION   3.98      11/15/23      CNY      19.66
TONGCHENG CITY CONSTRUCTI   7.50      07/23/25      CNY      62.38
TONGCHENG CITY CONSTRUCTI   6.60      12/18/24      CNY      60.34
TONGCHENG CITY CONSTRUCTI   7.50      07/23/25      CNY      60.00
TONGCHENG CITY CONSTRUCTI   6.60      12/18/24      CNY      60.00
TONGLING CONSTRUCTION INV   5.80      08/16/24      CNY      42.07
TONGLING CONSTRUCTION INV   5.77      07/31/24      CNY      40.91
TONGLING CONSTRUCTION INV   5.80      08/16/24      CNY      40.70
TONGLING CONSTRUCTION INV   5.77      07/31/24      CNY      40.00
TONGLING CONSTRUCTION INV   4.12      03/14/23      CNY      20.03
TONGLING CONSTRUCTION INV   4.12      03/14/23      CNY      20.00
TONGLING STATE-OWNED CAPI   7.00      11/14/24      CNY      70.82
TONGXIANG CHONGDE INVESTM   7.88      11/29/25      CNY      63.35
TONGXIANG CHONGDE INVESTM   7.88      11/29/25      CNY      60.00
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
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
TUNGHSU GROUP CO LTD        8.18      10/25/21      CNY      22.00
TUNGHSU OPTOELECTRONIC TE   6.80      05/19/20      CNY      15.00
URUMQI ECO TECH DEVELOPME   7.50      10/19/25      CNY      60.88
URUMQI ECO TECH DEVELOPME   7.50      10/19/25      CNY      60.00
WANGCHENG ECONOMIC DEVELO   3.75      07/13/23      CNY      20.23
WANGCHENG ECONOMIC DEVELO   3.75      07/13/23      CNY      19.91
WEICHI HOLDING GROUP CO L   7.20      04/13/25      CNY      61.69
WEICHI HOLDING GROUP CO L   7.20      04/13/25      CNY      60.00
WEICHI HOLDING GROUP CO L   6.18      07/24/24      CNY      40.49
WEICHI HOLDING GROUP CO L   6.18      07/24/24      CNY      40.00
WEIFANG BINHAI INVESTMENT   6.50      04/26/26      CNY      64.70
WEIFANG BINHAI INVESTMENT   7.00      09/12/26      CNY      64.18
WEIFANG GONGXIN STATE-OWN   5.00      07/13/26      CNY      58.44
WEIFANG GONGXIN STATE-OWN   5.00      07/13/26      CNY      57.87
WEIHAI CENTRAL CITY STATE   6.05      11/02/24      CNY      40.00
WEIHAI CENTRAL CITY STATE   6.05      11/02/24      CNY      39.98
WEIHAI CITY SHUANGDAO BAY   5.32      04/28/24      CNY      40.38
WEIHAI ECONOMIC TECHNOLOG   5.80      08/23/24      CNY      40.44
WEIHAI ECONOMIC TECHNOLOG   5.80      08/23/24      CNY      40.00
WEIHAI LANCHUANG CONSTRUC   7.70      10/11/25      CNY      58.00
WEIHAI LANCHUANG CONSTRUC   4.80      12/17/22      CNY      19.99
WEIHAI LANCHUANG CONSTRUC   4.80      12/17/22      CNY      19.39
WEIHAI URBAN CONSTRUCTION   3.33      03/02/23      CNY      20.05
WEIHAI URBAN CONSTRUCTION   3.33      03/02/23      CNY      19.95
WEIHAI WENDENG DISTRICT B   3.64      10/26/23      CNY      19.82
WEIHAI WENDENG DISTRICT B   3.64      10/26/23      CNY      19.63
WEIHAI WENDENG URBAN PROP   7.70      05/02/28      CNY      74.43
WEIHAI WENDENG URBAN PROP   4.80      05/26/23      CNY      19.99
WEIHAI WENDENG URBAN PROP   4.80      05/26/23      CNY      19.60
WENDENG GOLDEN BEACH INVE   3.97      03/21/23      CNY      19.94
WENDENG GOLDEN BEACH INVE   3.97      03/21/23      CNY      19.87
WENLING CITY STATE OWNED    5.43      11/12/25      CNY      63.20
WENLING CITY STATE OWNED    5.73      04/19/25      CNY      62.80
WENLING CITY STATE OWNED    5.43      11/12/25      CNY      61.29
WENLING CITY STATE OWNED    5.73      04/19/25      CNY      61.03
WENS FOODSTUFFS GROUP CO    3.26      10/29/30      USD      71.31
WENSHAN URBAN CONSTRUCTIO   4.50      09/13/23      CNY      19.95
WENSHAN URBAN CONSTRUCTIO   4.50      09/13/23      CNY      19.14
WENZHOU CITY CONSTRUCTION   5.00      04/26/23      CNY      20.17
WENZHOU CITY CONSTRUCTION   5.00      04/26/23      CNY      20.03
WENZHOU CITY CONSTRUCTION   4.05      01/25/23      CNY      20.02
WENZHOU CITY CONSTRUCTION   4.05      01/25/23      CNY      19.99
WENZHOU GANGCHENG DEVELOP   5.19      03/29/23      CNY      20.06
WENZHOU GANGCHENG DEVELOP   5.19      03/29/23      CNY      20.00
WENZHOU HIGH-TECH INDUSTR   5.90      09/18/24      CNY      41.50
WENZHOU HIGH-TECH INDUSTR   5.90      09/18/24      CNY      40.42
WENZHOU MINKE INDUSTRIAL    6.44      07/18/24      CNY      40.47
WENZHOU MINKE INDUSTRIAL    6.44      07/18/24      CNY      40.00
WENZHOU OUHAI NEW CITY CO   3.98      10/26/23      CNY      19.89
WENZHOU OUHAI NEW CITY CO   3.98      10/26/23      CNY      19.82
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      40.52
WUHAN HIGH-TECH HOLDING G   5.60      09/14/27      CNY      72.79
WUHAN HIGH-TECH HOLDING G   5.60      09/14/27      CNY      71.89
WUHAN HONGSHAN CITY CONST   5.68      10/12/24      CNY      40.73
WUHAN HONGSHAN CITY CONST   5.68      08/10/24      CNY      40.66
WUHAN HONGSHAN CITY CONST   5.68      10/12/24      CNY      40.63
WUHAN HONGSHAN CITY CONST   5.68      08/10/24      CNY      40.59
WUHAN QIAOKOU STATE OWNED   3.48      08/29/23      CNY      19.90
WUHAN URBAN CONSTRUCTION    4.99      06/15/24      CNY      50.00
WUHU COMMUNICATIONS INVES   4.50      04/28/23      CNY      20.07
WUHU COMMUNICATIONS INVES   3.58      09/23/23      CNY      20.05
WUHU COMMUNICATIONS INVES   4.50      04/28/23      CNY      19.98
WUHU COMMUNICATIONS INVES   3.58      09/23/23      CNY      19.82
WUHU JINGHU CONSTRUCTION    4.37      07/20/23      CNY      20.07
WUHU JINGHU CONSTRUCTION    4.37      07/20/23      CNY      19.95
WUHU JIUJIANG CONSTRUCTIO   3.96      03/21/23      CNY      20.17
WUHU JIUJIANG CONSTRUCTIO   3.96      03/21/23      CNY      19.96
WUSHENG CITY INVESTMENT C   7.05      11/03/24      CNY      41.12
WUSHENG CITY INVESTMENT C   7.05      11/03/24      CNY      40.00
WUSU CITY XINGRONG CONSTR   7.50      10/25/25      CNY      63.47
WUSU CITY XINGRONG CONSTR   7.50      10/25/25      CNY      60.00
WUXI EAST SCIENCE & TECHN   5.73      09/14/24      CNY      40.75
WUXI EAST SCIENCE & TECHN   5.73      09/14/24      CNY      40.00
WUXI FOOD SCIENCE PARK DE   5.70      09/28/24      CNY      41.30
WUXI FOOD SCIENCE PARK DE   5.70      09/28/24      CNY      40.66
WUXI HUIJI INDUSTRY DEVEL   5.27      12/07/25      CNY      63.05
WUXI HUIJI INDUSTRY DEVEL   5.27      12/07/25      CNY      60.98
WUXI HUIKAI ECONOMIC DEVE   4.16      04/08/23      CNY      19.95
WUXI HUIKAI ECONOMIC DEVE   4.16      04/08/23      CNY      19.83
WUXI TAIHU NEW CITY DEVEL   3.47      08/29/23      CNY      23.00
WUXI TAIHU NEW CITY DEVEL   4.49      05/03/23      CNY      20.10
WUXI TAIHU NEW CITY DEVEL   3.47      08/29/23      CNY      19.89
WUXI XIDONG NEW TOWN CONS   3.92      11/09/23      CNY      20.04
WUXI XIDONG NEW TOWN CONS   3.92      11/09/23      CNY      19.88
WUYANG CONSTRUCTION GROUP   7.80      09/11/20      CNY      32.48
XIAMEN ZHONGJUN INDUSTRIA   5.50      07/01/24      CNY      65.00
XIAN FENGDONG DEVELOPMENT   4.67      01/08/23      CNY      20.01
XIAN FENGDONG DEVELOPMENT   4.67      01/08/23      CNY      19.99
XIAN HIGH-TECH ZONE CAOTA   6.49      04/25/25      CNY      61.69
XI'AN HI-TECH HOLDING CO    5.87      06/26/25      CNY      62.50
XI'AN HI-TECH HOLDING CO    6.12      12/27/24      CNY      60.59
XI'AN HI-TECH HOLDING CO    5.87      06/26/25      CNY      60.55
XI'AN HI-TECH HOLDING CO    6.12      12/27/24      CNY      60.45
XI'AN PIONEERING PARK DEV   6.20      05/02/24      CNY      40.50
XI'AN PIONEERING PARK DEV   6.20      05/02/24      CNY      40.49
XIANGCHENG LINGWU URBAN D   7.45      11/10/24      CNY      40.34
XIANGCHENG LINGWU URBAN D   7.45      11/10/24      CNY      40.00
XIANGSHUI GUANJIANG HOLDI   4.98      12/24/22      CNY      19.99
XIANGSHUI GUANJIANG HOLDI   4.98      12/24/22      CNY      19.80
XIANGTAN CITY INFRASTRCTU   3.60      08/04/23      CNY      19.90
XIANGTAN CITY INFRASTRCTU   3.95      08/04/23      CNY      19.89
XIANGTAN CITY INFRASTRCTU   3.95      08/04/23      CNY      19.89
XIANGTAN JIUHUA ECONOMIC    5.00      07/25/26      CNY      60.07
XIANGTAN JIUHUA ECONOMIC    5.00      07/25/26      CNY      52.06
XIANGXIANG CITY DONGSHAN    6.20      08/03/24      CNY      40.57
XIANGXIANG CITY DONGSHAN    6.20      08/03/24      CNY      40.33
XIANGXIANG ECONOMIC DISTR   5.28      09/09/23      CNY      19.34
XIANGXIANG ECONOMIC DISTR   5.28      09/09/23      CNY      19.25
XIANGXIANG URBAN CONSTRUC   7.50      10/27/24      CNY      41.60
XIANGXIANG URBAN CONSTRUC   7.50      10/27/24      CNY      40.00
XIANGXIANG URBAN CONSTRUC   5.84      05/18/23      CNY      20.06
XIANGXIANG URBAN CONSTRUC   5.84      05/18/23      CNY      19.95
XIANGYANG CITY HOUSING IN   6.10      12/15/24      CNY      61.33
XIANGYANG CITY HOUSING IN   6.10      12/15/24      CNY      61.00
XIANGYANG CITY XIANGZHOU    5.18      04/28/23      CNY      20.04
XIANGYANG CITY XIANGZHOU    5.18      04/28/23      CNY      20.02
XIANGYANG HIGH TECH STATE   6.25      06/12/24      CNY      40.78
XIANGYANG HIGH TECH STATE   6.25      06/12/24      CNY      40.72
XIANGYANG STATE-OWNED CAP   6.10      07/19/24      CNY      40.34
XIANGYANG STATE-OWNED CAP   6.10      07/19/24      CNY      40.00
XIANGYANG STATE-OWNED CAP   4.62      01/25/23      CNY      19.98
XIANGYANG STATE-OWNED CAP   4.62      01/25/23      CNY      19.98
XIANNING CITY CONSTRUCTIO   5.99      07/27/27      CNY      71.84
XIANNING CITY CONSTRUCTIO   5.99      07/27/27      CNY      70.00
XIANNING HIGH-TECH INVEST   6.60      06/01/27      CNY      56.57
XIANNING HIGH-TECH INVEST   6.60      06/01/27      CNY      56.56
XIANTAO CITY CONSTRUCTION   4.59      04/18/23      CNY      20.10
XIANTAO CITY CONSTRUCTION   4.59      04/18/23      CNY      19.99
XIAOCHANG SHUNHE DEVELOPM   4.15      10/17/23      CNY      19.78
XIAOGAN URBAN CONSTRUCTIO   6.35      11/10/27      CNY      73.70
XIAOGAN URBAN CONSTRUCTIO   6.35      11/10/27      CNY      70.00
XIAOXIAN COUNTY DEVELOPME   4.85      06/22/23      CNY      20.10
XIAOXIAN COUNTY DEVELOPME   4.85      06/22/23      CNY      19.99
XINDONGGANG HOLDING GROUP   5.53      04/27/23      CNY      20.04
XINDONGGANG HOLDING GROUP   5.53      04/27/23      CNY      20.00
XINFENG COUNTY URBAN CONS   7.80      12/05/25      CNY      61.21
XINFENG COUNTY URBAN CONS   7.80      12/05/25      CNY      60.00
XINGAN COUNTY URBAN CONST   5.48      08/03/23      CNY      20.08
XINGAN COUNTY URBAN CONST   5.48      08/03/23      CNY      19.77
XINGAN LEAGUE URBAN DEVEL   6.18      12/21/22      CNY      14.17
XINGAN LEAGUE URBAN DEVEL   6.18      12/21/22      CNY      14.14
XINGYI XINHENG URBAN CONS   8.00      11/21/25      CNY      63.44
XINGYI XINHENG URBAN CONS   7.90      01/31/25      CNY      61.92
XINGYI XINHENG URBAN CONS   7.90      01/31/25      CNY      60.00
XINGYI XINHENG URBAN CONS   8.00      11/21/25      CNY      57.92
XINGYI XINHENG URBAN CONS   5.40      12/16/22      CNY      19.98
XINJIANG UYGUR AR HAMI CI   6.55      10/27/24      CNY      41.30
XINJIANG UYGUR AR HAMI CI   6.55      10/27/24      CNY      40.00
XINMI CAIYUAN CITY CONSTR   4.35      02/28/23      CNY      19.98
XINMI CAIYUAN CITY CONSTR   4.35      02/28/23      CNY      19.97
XINYI CITY INVESTMENT & D   4.30      01/19/23      CNY      20.00
XINYI CITY INVESTMENT & D   4.30      01/19/23      CNY      19.96
XINYI ECONOMIC DEVELOPMEN   6.66      09/27/24      CNY      39.54
XINYI ECONOMIC DEVELOPMEN   6.66      09/27/24      CNY      34.50
XINYI URBAN TRANSPORTATIO   5.35      04/24/24      CNY      42.57
XINYI URBAN TRANSPORTATIO   5.35      04/24/24      CNY      40.69
XIPING COUNTY INDUSTRIAL    7.50      12/26/24      CNY      60.71
XIPING COUNTY INDUSTRIAL    7.50      12/26/24      CNY      60.00
XISHUI COUNTY FENGZHU INV   6.52      07/28/24      CNY      42.50
XISHUI COUNTY FENGZHU INV   6.52      07/28/24      CNY      40.20
XIUSHAN HUAXING ENTERPRIS   7.50      09/25/25      CNY      62.66
XIUSHAN HUAXING ENTERPRIS   7.50      09/25/25      CNY      62.66
XIWANG GROUP CO LTD         7.80      12/03/22      CNY      49.94
XUANCHENG STATE-OWNED ASS   4.12      04/07/23      CNY      20.07
XUANCHENG STATE-OWNED ASS   4.12      04/07/23      CNY      19.98
XUCHANG GENERAL INVESTMEN   5.74      08/17/24      CNY      40.16
XUZHOU CITY JIAWANG CONST   4.00      03/23/23      CNY      20.39
XUZHOU CITY JIAWANG CONST   4.00      03/23/23      CNY      20.02
XUZHOU HI-TECH INDUSTRIAL   3.78      11/11/23      CNY      19.89
XUZHOU HI-TECH INDUSTRIAL   3.78      11/11/23      CNY      19.83
YAN'AN NEW CITY CONSTRUCT   5.60      04/21/24      CNY      40.30
YAN'AN NEW CITY CONSTRUCT   5.60      04/21/24      CNY      40.21
YANCHENG GUANDONG ECONOMI   6.42      05/16/24      CNY      40.80
YANCHENG GUANDONG ECONOMI   6.42      05/16/24      CNY      40.73
YANCHENG HIGH-TECH ZONE I   3.90      12/14/22      CNY      20.00
YANCHENG HIGH-TECH ZONE I   3.90      12/14/22      CNY      20.00
YANCHENG SOUTH DISTRICT D   6.00      03/19/25      CNY      61.22
YANCHENG YANDU DISTRICT S   3.67      03/17/23      CNY      19.91
YANCHENG YANDU DISTRICT S   3.67      03/17/23      CNY      19.18
YANGO GROUP CO LTD          7.30      04/24/25      CNY      24.19
YANGO GROUP CO LTD          7.00      08/24/24      CNY      18.00
YANGO GROUP CO LTD          6.90      01/22/26      CNY      17.99
YANGO GROUP CO LTD          6.95      04/24/24      CNY      17.99
YANGO GROUP CO LTD          6.67      10/14/25      CNY      17.95
YANGO JUSTICE INTERNATION   5.30      01/11/22      USD      3.55
YANGO JUSTICE INTERNATION   10.25     03/18/22      USD      3.18
YANGO JUSTICE INTERNATION   7.88      09/04/24      USD      2.79
YANGO JUSTICE INTERNATION   9.25      04/15/23      USD      1.55
YANGO JUSTICE INTERNATION   10.00     02/12/23      USD      1.55
YANGO JUSTICE INTERNATION   7.50      02/17/25      USD      1.47
YANGO JUSTICE INTERNATION   7.50      04/15/24      USD      1.47
YANGO JUSTICE INTERNATION   10.25     09/15/22      USD      1.33
YANGO JUSTICE INTERNATION   8.25      11/25/23      USD      1.28
YANGXIN TOWN CONSTRUCTION   6.50      04/26/24      CNY      40.67
YANGXIN TOWN CONSTRUCTION   6.50      04/26/24      CNY      40.36
YANGZHONG TRANSPORTATION    4.98      04/07/23      CNY      20.04
YANGZHONG TRANSPORTATION    4.98      04/07/23      CNY      20.02
YANGZHONG TRANSPORTATION    4.95      04/07/23      CNY      19.98
YANGZHONG TRANSPORTATION    4.95      04/07/23      CNY      19.93
YANGZHOU ECONOMIC & TECHN   5.28      07/06/24      CNY      42.40
YANGZHOU ECONOMIC & TECHN   5.28      07/06/24      CNY      40.34
YANGZHOU GUANGLING NEW CI   3.62      09/07/23      CNY      24.50
YANGZHOU GUANGLING NEW CI   3.62      09/07/23      CNY      19.95
YANGZHOU NEW MATERIAL INV   6.80      10/09/24      CNY      40.95
YANGZHOU NEW MATERIAL INV   6.80      10/09/24      CNY      40.00
YI CHENG CONSTRUCTION INV   5.44      04/27/23      CNY      20.04
YI ZHENG CITY DEVELOPMENT   4.63      01/08/23      CNY      20.00
YI ZHENG CITY DEVELOPMENT   4.63      01/08/23      CNY      19.99
YIBIN NANXI CAIYUAN STATE   8.10      07/24/25      CNY      62.02
YIBIN NANXI CAIYUAN STATE   8.10      11/28/25      CNY      61.36
YIBIN NANXI CAIYUAN STATE   8.10      11/28/25      CNY      60.00
YIBIN NANXI CAIYUAN STATE   8.10      07/24/25      CNY      60.00
YICHANG CHUANGYUAN HOLDIN   7.80      11/06/25      CNY      62.72
YICHANG HIGH-TECH INVESTM   6.10      05/18/24      CNY      40.56
YICHANG HIGH-TECH INVESTM   6.10      05/18/24      CNY      40.44
YICHANG HIGH-TECH INVESTM   4.80      12/15/22      CNY      20.01
YICHANG HIGH-TECH INVESTM   4.80      12/15/22      CNY      20.00
YICHANG HIGH-TECH INVESTM   3.74      07/21/23      CNY      19.98
YICHANG HIGH-TECH INVESTM   3.74      07/21/23      CNY      19.86
YICHANG WUJIA NEW CITY IN   6.50      04/20/24      CNY      40.53
YICHANG WUJIA NEW CITY IN   6.50      04/20/24      CNY      40.47
YIHUA LIFESTYLE TECHNOLOG   6.88      07/16/20      CNY      35.90
YIHUA LIFESTYLE TECHNOLOG   6.88      07/23/20      CNY      35.00
YINGCHENG CITY PUYANG DEV   6.50      04/14/24      CNY      40.51
YINGCHENG CITY PUYANG DEV   6.50      04/14/24      CNY      40.28
YINGKOU BEIHAI NEW CITY D   7.98      01/25/25      CNY      61.92
YINGKOU BEIHAI NEW CITY D   7.98      01/25/25      CNY      60.00
YINGKOU BEIHAI NEW CITY D   7.19      07/12/24      CNY      40.89
YINGKOU BEIHAI NEW CITY D   7.19      07/12/24      CNY      40.11
YINGKOU ECO & TECH DEVELO   6.98      04/19/24      CNY      40.42
YINGKOU ECO & TECH DEVELO   6.98      04/19/24      CNY      40.41
YINGKOU ECO & TECH DEVELO   5.20      08/05/23      CNY      19.95
YINGKOU ECO & TECH DEVELO   5.20      08/05/23      CNY      19.92
YINGKOU LAOBIAN CITY CONS   4.98      03/11/23      CNY      20.00
YINGKOU LAOBIAN CITY CONS   4.98      03/11/23      CNY      20.00
YINGTAN STATE-OWNED ASSET   7.50      12/12/22      CNY      15.00
YINGTAN STATE-OWNED ASSET   7.50      12/12/22      CNY      15.00
YIWU CITY CONSTRUCTION IN   5.48      08/18/24      CNY      40.80
YIWU CITY CONSTRUCTION IN   5.48      08/18/24      CNY      40.00
YIXING TUOYE INDUSTRIAL C   5.99      04/13/25      CNY      61.19
YIYANG COUNTY CITY CONSTR   7.50      06/07/25      CNY      62.62
YIYANG COUNTY CITY CONSTR   7.90      11/05/25      CNY      62.01
YIYANG COUNTY CITY CONSTR   7.90      11/05/25      CNY      61.96
YIYANG COUNTY CITY CONSTR   7.50      06/07/25      CNY      60.00
YIYANG PROVINCE AREA INNO   5.16      11/23/23      CNY      19.82
YIYANG PROVINCE AREA INNO   4.95      10/13/23      CNY      19.69
YIYANG PROVINCE AREA INNO   4.95      10/13/23      CNY      19.61
YIYANG PROVINCE AREA INNO   5.16      11/23/23      CNY      19.60
YIYANG URBAN CONSTRUCTION   6.43      04/24/25      CNY      61.58
YIYANG URBAN CONSTRUCTION   6.43      04/24/25      CNY      61.28
YIYUAN HONGDING ASSET OPE   7.50      08/17/25      CNY      61.83
YIYUAN HONGDING ASSET OPE   7.50      08/17/25      CNY      61.49
YIZHANG XINGYI CONSTRUCTI   5.49      09/02/24      CNY      40.30
YIZHANG XINGYI CONSTRUCTI   5.49      09/02/24      CNY      40.30
YIZHENG SHI'ERWEI NEW ARE   6.77      08/22/24      CNY      40.47
YONG ZHOU CITY DEVELOPMEN   5.30      07/13/24      CNY      40.38
YONG ZHOU CITY DEVELOPMEN   5.30      07/13/24      CNY      39.78
YONGAN STATE-OWNED ASSET    8.50      11/26/25      CNY      61.97
YONGAN STATE-OWNED ASSET    8.50      11/26/25      CNY      60.00
YONGCHENG COAL & ELECTRIC   7.50      02/02/21      CNY      39.88
YONGXING YINDU INVESTMENT   6.93      07/07/24      CNY      40.64
YONGXING YINDU INVESTMENT   6.50      08/14/24      CNY      40.04
YONGXING YINDU INVESTMENT   6.93      07/07/24      CNY      40.00
YONGXING YINDU INVESTMENT   6.50      08/14/24      CNY      38.60
YONGXING YINDU INVESTMENT   5.60      03/24/23      CNY      20.03
YONGXING YINDU INVESTMENT   5.60      03/24/23      CNY      20.02
YONGXIU CITY CONSTRUCTION   7.50      05/02/25      CNY      62.04
YONGXIU CITY CONSTRUCTION   7.80      08/27/25      CNY      61.53
YONGXIU CITY CONSTRUCTION   7.80      08/27/25      CNY      61.09
YONGXIU CITY CONSTRUCTION   7.50      05/02/25      CNY      60.00
YOUYANG COUNTY TAOHUAYUAN   7.50      09/28/25      CNY      62.66
YOUYANG COUNTY TAOHUAYUAN   7.50      09/28/25      CNY      57.00
YUANAN COUNTY QIFENG CITY   5.50      05/27/23      CNY      20.10
YUANAN COUNTY QIFENG CITY   5.50      05/27/23      CNY      20.10
YUANLING CHENZHOU INVESTM   6.50      11/30/24      CNY      40.89
YUANLING CHENZHOU INVESTM   6.50      09/20/24      CNY      40.76
YUANLING CHENZHOU INVESTM   6.50      11/30/24      CNY      40.00
YUANLING CHENZHOU INVESTM   6.50      09/20/24      CNY      40.00
YUDU ZHENXING INVESTMENT    7.50      05/03/25      CNY      60.95
YUDU ZHENXING INVESTMENT    7.50      05/03/25      CNY      60.49
YUEYANG HUIHUA URBAN INVE   5.96      07/26/24      CNY      40.55
YUEYANG HUIHUA URBAN INVE   5.96      07/26/24      CNY      40.26
YUEYANG HUIHUA URBAN INVE   5.78      04/18/24      CNY      40.17
YUEYANG HUIHUA URBAN INVE   5.78      04/18/24      CNY      40.11
YUEYANG URBAN CONSTRUCTIO   4.80      01/27/26      CNY      60.90
YUEYANG URBAN CONSTRUCTIO   4.80      01/27/26      CNY      60.57
YUEYANG YUNXI CITY CONSTR   6.00      07/08/23      CNY      19.84
YUEYANG YUNXI CITY CONSTR   5.18      11/21/23      CNY      19.49
YUHUAN CITY CONSTRUCTION    5.10      05/03/23      CNY      20.02
YUHUAN CITY CONSTRUCTION    5.10      05/03/23      CNY      20.01
YUHUAN CITY CONSTRUCTION    3.72      10/21/23      CNY      19.89
YUHUAN CITY CONSTRUCTION    3.72      10/21/23      CNY      19.79
YUHUAN COUNTY STATE-OWNED   6.45      11/23/25      CNY      63.34
YUNCHENG SHUIHU CITY CONS   4.54      11/21/23      CNY      19.94
YUNCHENG SHUIHU CITY CONS   4.54      11/21/23      CNY      19.18
YUNCHENG URBAN CONSTRUCTI   6.30      08/29/24      CNY      40.15
YUNCHENG URBAN CONSTRUCTI   6.30      08/29/24      CNY      39.04
YUNYANG RENHE INVESTMENT    7.49      05/04/25      CNY      62.46
YUNYANG RENHE INVESTMENT    7.49      05/04/25      CNY      60.62
YUZHOU GENERAL INVESTMENT   4.68      01/19/23      CNY      20.00
YUZHOU GENERAL INVESTMENT   4.68      01/19/23      CNY      20.00
ZAOYANG CITY CONSTRUCTION   5.50      03/22/23      CNY      20.09
ZAOYANG CITY CONSTRUCTION   5.50      03/22/23      CNY      20.00
ZHANGJIAGANG ECONOMY DEVE   3.95      03/22/23      CNY      20.03
ZHANGJIAGANG ECONOMY DEVE   3.95      03/22/23      CNY      20.00
ZHANGJIAJIE ECONOMIC DEVE   6.47      07/24/27      CNY      64.07
ZHANGJIAJIE ECONOMIC DEVE   6.47      07/24/27      CNY      62.50
ZHANGQIU STATE OWNED ASSE   3.69      08/09/23      CNY      19.86
ZHANGQIU STATE OWNED ASSE   3.69      08/09/23      CNY      19.85
ZHANGSHU STATE-OWNED ASSE   4.80      06/22/23      CNY      22.67
ZHANGSHU STATE-OWNED ASSE   4.80      06/22/23      CNY      20.04
ZHAODONG DONGSHENG CONSTR   6.50      01/20/24      CNY      40.39
ZHAODONG DONGSHENG CONSTR   6.50      01/20/24      CNY      39.80
ZHAOQING HI-TECH ZONE CON   3.97      08/26/23      CNY      40.25
ZHAOQING HI-TECH ZONE CON   3.97      08/26/23      CNY      19.88
ZHEJIANG BINHAI NEW AREA    4.65      12/23/22      CNY      20.30
ZHEJIANG BINHAI NEW AREA    4.65      12/23/22      CNY      20.01
ZHEJIANG HANGZHOU QINGSHA   5.99      06/30/24      CNY      40.64
ZHEJIANG HANGZHOU QINGSHA   5.99      06/30/24      CNY      40.63
ZHEJIANG HUISHENG INVESTM   4.49      03/15/24      CNY      39.93
ZHEJIANG HUISHENG INVESTM   4.49      03/15/24      CNY      39.88
ZHEJIANG HUZHOU NANXUN EC   7.80      08/21/25      CNY      67.00
ZHEJIANG OUHAI CONSTRUCTI   4.83      01/21/23      CNY      20.00
ZHEJIANG TIANTAI STATE-OW   6.50      11/22/24      CNY      62.54
ZHEJIANG TIANTAI STATE-OW   6.50      11/22/24      CNY      40.00
ZHEJIANG WUYI CITY CONSTR   8.00      08/10/25      CNY      62.81
ZHEJIANG WUYI CITY CONSTR   8.00      08/10/25      CNY      60.00
ZHENGZHOU GENERAL AVIATIO   5.98      06/27/24      CNY      41.14
ZHENGZHOU GENERAL AVIATIO   5.80      10/18/24      CNY      40.64
ZHENGZHOU GENERAL AVIATIO   5.80      10/18/24      CNY      40.00
ZHENGZHOU GENERAL AVIATIO   5.98      06/27/24      CNY      40.00
ZHENGZHOU MOUZHONG DEVELO   4.59      04/18/23      CNY      20.00
ZHENGZHOU MOUZHONG DEVELO   4.59      04/18/23      CNY      19.99
ZHENJIANG DANTU DISTRICT    5.98      11/06/24      CNY      42.50
ZHENJIANG DANTU DISTRICT    5.98      11/06/24      CNY      41.11
ZHENJIANG NEW AREA URBAN    5.31      07/14/23      CNY      19.95
ZHENJIANG NEW AREA URBAN    5.31      07/14/23      CNY      19.95
ZHENRO REAL ESTATE HOLDIN   5.45      09/14/24      CNY      25.40
ZHIJIANG STATE-OWNED ASSE   4.78      01/11/23      CNY      20.01
ZHIJIANG STATE-OWNED ASSE   4.78      01/11/23      CNY      20.00
ZHIJIANG STATE-OWNED ASSE   4.38      03/28/23      CNY      19.99
ZHIJIANG WANYUN COMMUNICA   7.00      08/29/24      CNY      46.13
ZHONGSHAN TORCH DEVELOPME   5.79      03/23/24      CNY      40.37
ZHONGXIANG CITY CONSTRUCT   6.50      09/01/24      CNY      40.88
ZHONGXIANG CITY CONSTRUCT   6.50      09/01/24      CNY      40.47
ZHOUSHAN CITY INVESTMENT    5.94      10/22/25      CNY      65.32
ZHOUSHAN CITY INVESTMENT    6.33      04/04/25      CNY      63.20
ZHOUSHAN CITY INVESTMENT    5.94      10/22/25      CNY      62.00
ZHOUSHAN CITY INVESTMENT    6.33      04/04/25      CNY      61.75
ZHOUSHAN ISLANDS NEW DIST   7.00      09/25/26      CNY      73.16
ZHOUSHAN ISLANDS NEW DIST   7.00      09/25/26      CNY      70.00
ZHUCHENG ECONOMIC DEVELOP   5.37      07/12/24      CNY      40.46
ZHUCHENG ECONOMIC DEVELOP   5.37      07/12/24      CNY      40.18
ZHUHAI HUIHUA INFRASTRUCT   4.70      06/27/23      CNY      20.05
ZHUHAI HUIHUA INFRASTRUCT   4.70      06/27/23      CNY      19.99
ZHUJI CITY EAST NEW TOWN    3.89      08/26/23      CNY      20.02
ZHUJI CITY EAST NEW TOWN    3.89      08/26/23      CNY      19.89
ZHUJI STATE-OWNED ASSETS    5.34      06/28/24      CNY      42.50
ZHUJI STATE-OWNED ASSETS    5.23      07/18/24      CNY      40.88
ZHUJI STATE-OWNED ASSETS    5.34      06/28/24      CNY      40.46
ZHUZHOU GECKOR GROUP CO L   3.78      09/28/23      CNY      19.76
ZHUZHOU GECKOR GROUP CO L   3.78      09/28/23      CNY      19.66
ZHUZHOU HI-TECH AUTO EXPO   4.47      11/03/23      CNY      24.25
ZHUZHOU LUSONG STATE OWNE   7.00      01/30/25      CNY      61.56
ZHUZHOU LVXIANG INVESTMEN   7.09      08/16/24      CNY      40.19
ZHUZHOU RAILWAY INDUSTRY    7.50      09/25/24      CNY      40.36
ZHUZHOU RECYCLING ECONOMI   4.38      03/24/23      CNY      19.97
ZHUZHOU RECYCLING ECONOMI   4.38      03/24/23      CNY      19.63
ZHUZHOU XIANGJIAN INVESTM   6.40      08/09/24      CNY      40.16
ZHUZHOU XIANGJIAN INVESTM   6.40      08/09/24      CNY      40.00
ZIBO BOSHAN STATE OWNED A   5.63      03/29/24      CNY      39.89
ZIBO BOSHAN STATE OWNED A   5.63      03/29/24      CNY      39.88
ZIBO HIGH TECH CITY INVES   5.28      08/10/24      CNY      44.80
ZIBO HIGH TECH CITY INVES   5.28      08/10/24      CNY      40.78
ZIGUI COUNTY CHUYUAN HOLD   7.08      08/14/27      CNY      73.88
ZIGUI COUNTY CHUYUAN HOLD   7.08      08/14/27      CNY      70.00
ZIXING CHENGCHENG INVESTM   6.20      03/16/24      CNY      40.50
ZIXING CHENGCHENG INVESTM   6.18      08/09/24      CNY      40.28
ZIXING CHENGCHENG INVESTM   6.20      03/16/24      CNY      40.05
ZIXING CHENGCHENG INVESTM   6.18      08/09/24      CNY      40.00
ZIXING CITY DEVELOPMENT I   6.30      09/26/24      CNY      40.56
ZIXING CITY DEVELOPMENT I   6.00      05/03/24      CNY      40.36
ZIXING CITY DEVELOPMENT I   6.00      05/03/24      CNY      40.26
ZIXING CITY DEVELOPMENT I   6.30      09/26/24      CNY      40.00
ZIYANG KAILI INVESTMENT C   8.00      02/14/26      CNY      71.01
ZIYANG WATER INVESTMENT C   3.97      03/17/23      CNY      19.74
ZIYANG WATER INVESTMENT C   3.97      03/17/23      CNY      19.71
ZIZHONG COUNTY XINGZI INV   5.97      01/18/23      CNY      20.03
ZIZHONG COUNTY XINGZI INV   5.97      01/18/23      CNY      19.68
ZONGYANG INVESTMENT DEVEL   5.85      04/25/24      CNY      40.62
ZONGYANG INVESTMENT DEVEL   5.85      04/25/24      CNY      40.00
ZUNYI BOZHOU URBAN CONSTR   6.60      07/06/24      CNY      40.67
ZUNYI BOZHOU URBAN CONSTR   6.60      07/06/24      CNY      40.66
ZUNYI BOZHOU URBAN CONSTR   7.85      10/24/24      CNY      39.76
ZUNYI CITY XIANGJIANG INV   6.99      09/25/24      CNY      41.00
ZUNYI CITY XIANGJIANG INV   6.99      09/25/24      CNY      35.00
ZUNYI ECONOMIC DEVELOPMEN   7.48      08/17/24      CNY      41.15
ZUNYI ECONOMIC DEVELOPMEN   4.87      01/22/23      CNY      20.00
ZUNYI ECONOMIC DEVELOPMEN   4.87      01/22/23      CNY      18.10
ZUNYI HONGHUAGANG DISTRIC   6.98      07/25/24      CNY      37.08
ZUNYI HONGHUAGANG DISTRIC   6.98      07/25/24      CNY      37.07
ZUNYI HONGHUAGANG DISTRIC   5.05      06/27/23      CNY      19.75
ZUNYI HONGHUAGANG DISTRIC   5.05      06/27/23      CNY      19.01
ZUNYI NEW DISTRICT DEVELO   5.99      04/07/26      CNY      39.73
ZUNYI NEW DISTRICT DEVELO   5.99      04/07/26      CNY      35.00
ZUNYI ROAD & BRIDGE CONST   6.10      04/27/23      CNY      25.10
ZUNYI ROAD & BRIDGE CONST   6.10      04/27/23      CNY      22.20
ZUNYI TRAFFIC TRAVEL INVE   7.70      09/27/27      CNY      54.62
ZUNYI TRAFFIC TRAVEL INVE   7.70      09/27/27      CNY      53.00
ZUNYI URBAN CONSTRUCTION    7.50      05/20/24      CNY      67.80


   HONG KONG
   ---------

AIA GROUP LTD               3.20      09/16/40      USD      74.16
AIA GROUP LTD               3.20      09/16/40      USD      74.14
AIRPORT AUTHORITY           2.63      02/04/51      USD      68.22
AIRPORT AUTHORITY           2.63      02/04/51      USD      67.45
CHINA SOUTH CITY HOLDINGS   9.00      10/09/24      USD      59.25
CHINA SOUTH CITY HOLDINGS   9.00      12/11/24      USD      58.92
CHINA SOUTH CITY HOLDINGS   9.00      04/12/24      USD      53.72
CHINA SOUTH CITY HOLDINGS   9.00      07/20/24      USD      31.20
CHINA SOUTH CITY HOLDINGS   9.00      06/26/24      USD      28.00
CNAC HK FINBRIDGE CO LTD    3.70      09/22/50      USD      65.01
DR PENG HOLDING HONGKONG    2.50      12/01/25      USD      43.31
HAINAN AIRLINES HONG KONG   12.00     10/29/21      USD      2.51
HKCG FINANCE LTD            2.94      10/18/49      HKD      67.64
HKCG FINANCE LTD            2.94      10/28/49      HKD      67.59
HKCG FINANCE LTD            2.57      05/26/50      HKD      61.83
HKCG FINANCE LTD            2.57      06/29/50      HKD      61.77
HNA GROUP INTERNATIONAL C   6.25      10/05/21      USD      5.00
HONG KONG GOVERNMENT INTE   2.38      02/02/51      USD      66.46
HONG KONG GOVERNMENT INTE   2.38      02/02/51      USD      66.31
HONG KONG GOVERNMENT INTE   1.00      11/24/41      EUR      63.87
HONG KONG MORTGAGE CORP L   3.15      03/19/49      HKD      74.40
HONG KONG MORTGAGE CORP L   2.98      04/02/49      HKD      71.87
HONG KONG MORTGAGE CORP L   2.65      07/26/49      HKD      67.53
HONGKONG IDEAL INVESTMENT   14.75     10/08/22      USD      3.66
LAI SUN MTN LTD             5.00      07/28/26      USD      64.68
MTR CORP LTD                2.88      07/27/46      USD      69.18
MTR CORP LTD                2.55      06/24/55      HKD      66.53
PINGAN REAL ESTATE CAPITA   3.45      07/29/26      USD      65.78
WESTWOOD GROUP HOLDINGS L   3.80      01/20/31      USD      63.91
XIAOMI BEST TIME INTERNAT   2.88      07/14/31      USD      73.13
XIAOMI BEST TIME INTERNAT   2.88      07/14/31      USD      72.64
XIAOMI BEST TIME INTERNAT   4.10      07/14/51      USD      60.64
XIAOMI BEST TIME INTERNAT   4.10      07/14/51      USD      60.32
ZENSUN ENTERPRISES LTD      12.50     09/13/23      USD      55.03
ZENSUN ENTERPRISES LTD      12.50     04/23/24      USD      55.02


   INDONESIA
   ---------

ALAM SUTERA REALTY TBK PT   11.00     11/02/25      USD      65.38
BERAU COAL ENERGY TBK PT    2.00      10/15/28      USD      25.00
BERAU COAL ENERGY TBK PT    2.00      10/15/28      USD      25.00
DAVOMAS INTERNATIONAL FIN   11.00     12/08/14      USD      0.84
DAVOMAS INTERNATIONAL FIN   11.00     12/08/14      USD      0.84
DAVOMAS INTERNATIONAL FIN   11.00     05/09/11      USD      0.84
DAVOMAS INTERNATIONAL FIN   11.00     05/09/11      USD      0.84
DELTA MERLIN DUNIA TEKSTI   2.50      06/26/28      USD      27.90
INDOFOOD CBP SUKSES MAKMU   4.75      06/09/51      USD      74.81
INDOFOOD CBP SUKSES MAKMU   4.81      04/27/52      USD      74.03
INDONESIA GOVERNMENT INTE   1.10      03/12/33      EUR      73.57
INDONESIA GOVERNMENT INTE   1.30      03/23/34      EUR      72.76
INDONESIA GOVERNMENT INTE   3.05      03/12/51      USD      72.74
INDONESIA GOVERNMENT INTE   3.20      09/23/61      USD      69.95
INDONESIA GOVERNMENT INTE   3.35      03/12/71      USD      68.92
PERTAMINA PERSERO PT        4.15      02/25/60      USD      73.65
PERTAMINA PERSERO PT        4.15      02/25/60      USD      73.60
PERUSAHAAN PERSEROAN PERS   4.38      02/05/50      USD      74.98
PERUSAHAAN PERSEROAN PERS   4.38      02/05/50      USD      74.77
PERUSAHAAN PERSEROAN PERS   1.88      11/05/31      EUR      72.45
PERUSAHAAN PERSEROAN PERS   4.00      06/30/50      USD      72.43
PERUSAHAAN PERSEROAN PERS   4.00      06/30/50      USD      72.26
PERUSAHAAN PERSEROAN PERS   1.88      11/05/31      EUR      72.13
SRI REJEKI ISMAN TBK PT     7.25      01/16/25      USD      4.13
SRI REJEKI ISMAN TBK PT     7.25      01/16/25      USD      1.92


   INDIA
   -----

ACME RANGA REDDY SOLAR PO   0.01      01/26/46      INR      17.48
ACME RANGA REDDY SOLAR PO   0.01      08/31/46      INR      16.69
ADANI ELECTRICITY MUMBAI    3.87      07/22/31      USD      72.22
ADANI ELECTRICITY MUMBAI    3.87      07/22/31      USD      72.09
ADANI PORTS & SPECIAL ECO   3.10      02/02/31      USD      74.36
ADANI PORTS & SPECIAL ECO   3.10      02/02/31      USD      74.34
ADANI PORTS & SPECIAL ECO   5.00      08/02/41      USD      74.08
ADANI PORTS & SPECIAL ECO   5.00      08/02/41      USD      74.01
ADANI RENEWABLE ENERGY RJ   4.63      10/15/39      USD      74.82
ADANI RENEWABLE ENERGY RJ   4.63      10/15/39      USD      74.75
ALANKRIT ESTATES LTD        0.01      10/20/32      INR      46.62
AMPSOLAR SOLUTION PVT LTD   0.01      10/27/37      INR      31.29
AMPSOLAR SOLUTION PVT LTD   0.01      11/03/37      INR      31.25
AMTEK AUTO LTD              0.10      12/07/28      INR      58.26
ANSR GLOBAL CORP PVT LTD    4.00      02/12/30      INR      73.25
APG HABITAT PVT LTD         1.00      09/09/28      INR      65.89
APG INTELLI HOMES PVT LTD   1.25      02/04/35      INR      47.50
APG INTELLI HOMES PVT LTD   1.25      02/04/35      INR      46.89
ASSETS CARE & RECONSTRUCT   2.00      03/30/29      INR      68.37
ASSETS CARE & RECONSTRUCT   2.00      03/30/29      INR      68.37
ASSETS CARE & RECONSTRUCT   2.00      03/31/30      INR      65.08
ASSETS CARE & RECONSTRUCT   1.00      03/30/29      INR      63.54
ASSETS CARE & RECONSTRUCT   2.05      04/30/31      INR      62.16
AUTHBRIDGE RESEARCH SERVI   0.10      10/14/31      INR      44.80
AUTHBRIDGE RESEARCH SERVI   0.10      12/03/31      INR      44.33
AUTOMOTIVE EXCHANGE PVT L   4.00      06/01/30      INR      61.99
AUTOMOTIVE EXCHANGE PVT L   4.00      10/11/30      INR      61.57
BIG SHOT INFRA FACILITIES   0.01      04/20/27      INR      67.15
BIG SHOT INFRA FACILITIES   0.01      05/20/27      INR      66.68
BIG SHOT INFRA FACILITIES   0.01      07/18/27      INR      65.77
BODY CUPID PVT LTD          0.01      03/31/31      INR      51.85
BREEZE CONSTRUCTIONS PVT    0.01      06/29/30      INR      52.15
BRITANNIA INDUSTRIES LTD    5.50      06/03/24      INR      28.24
BROIL SOLAR ENERGY PVT LT   0.01      09/05/31      INR      48.94
CHANDRAJYOTI ESTATE DEVEL   0.01      07/06/30      INR      53.46
CONVERGIA DIGITAL EDUCATI   0.10      09/29/31      INR      56.52
CROPIN TECHNOLOGY SOLUTIO   0.01      02/27/27      INR      73.35
CROPIN TECHNOLOGY SOLUTIO   0.01      09/25/27      INR      70.87
CROPIN TECHNOLOGY SOLUTIO   0.01      12/20/30      INR      59.80
CROPIN TECHNOLOGY SOLUTIO   0.01      01/12/31      INR      59.62
CUMULUS TRADING CO PVT LT   0.01      01/23/30      INR      72.95
CUMULUS TRADING CO PVT LT   0.01      05/21/32      INR      45.21
DLF ASPINWAL HOTELS PVT L   0.01      10/15/30      INR      49.23
DLF HOME DEVELOPERS LTD     0.01      06/29/30      INR      56.33
DLF HOMES PANCHKULA PVT L   0.01      06/29/30      INR      52.16
DLF HOMES SERVICES PVT LT   0.01      06/29/30      INR      52.15
DLF LANDS INDIA PVT LTD     0.01      09/29/31      INR      48.15
DLF MIDTOWN PVT LTD         0.01      12/11/27      INR      66.47
DLF PROPERTY DEVELOPERS L   0.01      06/29/30      INR      53.90
DLF PROPERTY DEVELOPERS L   0.01      08/12/30      INR      53.40
DLF REAL ESTATE BUILDERS    0.01      06/23/30      INR      53.53
DLF RECREATIONAL FOUNDATI   0.01      10/15/30      INR      49.23
DLF RESIDENTIAL BUILDERS    0.01      06/23/30      INR      52.24
DLF RESIDENTIAL DEVELOPER   0.01      06/28/30      INR      54.01
DLF RESIDENTIAL DEVELOPER   0.01      06/28/30      INR      54.01
DLF SOUTHERN TOWNS PVT LT   0.01      07/09/30      INR      57.26
DLF URBAN PVT LTD           0.01      12/11/27      INR      67.37
DOMUS REAL ESTATE PVT LTD   0.01      07/11/30      INR      53.50
EDEL LAND LTD               0.01      03/26/31      INR      52.45
EDEL LAND LTD               0.01      12/28/31      INR      49.55
EDEL LAND LTD               0.01      03/30/32      INR      48.62
EDELWEISS ASSET RECONSTRU   2.00      11/20/27      INR      74.99
EDELWEISS ASSET RECONSTRU   2.00      10/07/28      INR      71.52
EDELWEISS ASSET RECONSTRU   2.00      01/15/29      INR      70.50
EDELWEISS ASSET RECONSTRU   2.00      03/28/29      INR      69.79
EDELWEISS ASSET RECONSTRU   2.00      07/22/29      INR      68.67
EDELWEISS INVESTMENT ADVI   0.01      05/31/29      INR      58.29
EDELWEISS RURAL & CORPORA   0.01      03/25/31      INR      53.32
ELP SOLAR ONE PVT LTD       0.25      02/27/31      INR      52.07
ESSAR POWER TRANSMISSION    3.00      03/31/43      INR      47.99
ESSAR POWER TRANSMISSION    3.00      03/31/43      INR      47.99
FUTURE RETAIL LTD           5.60      01/22/25      USD      1.54
FUTURE RETAIL LTD           5.60      01/22/25      USD      1.49
GALLERIA PROPERTY MANAGEM   0.01      12/30/31      INR      47.80
GAMMA GAANA LTD             0.01      07/31/31      INR      48.77
GOLD PLUS GLASS INDUSTRY    0.10      03/03/29      INR      59.89
GOLD PLUS GLASS INDUSTRY    0.10      03/03/29      INR      59.89
GREEN URJA PVT LTD          0.01      02/14/30      INR      55.24
HCL INFOTECH LTD            0.10      03/31/36      INR      35.44
HITODI INFRASTRUCTURE LTD   0.01      06/30/27      INR      65.93
IBROX AVIATION AND TRADIN   0.01      12/15/27      INR      62.66
INDIABULLS HOUSING FINANC   4.50      09/28/26      USD      72.00
JAIPRAKASH ASSOCIATES LTD   5.75      09/08/17      USD      55.13
JAIPRAKASH POWER VENTURES   7.00      05/15/17      USD      6.19
JCT LTD                     2.50      04/08/11      USD      25.75
JSM CORP PVT LTD            0.01      08/31/36      INR      33.00
JTPM ATSALI LTD             0.01      12/28/28      INR      61.45
JTPM ATSALI LTD             0.01      08/29/48      INR      13.93
JUNO MONETA TECHNOLOGIES    0.01      05/18/26      INR      74.45
KANAKADURGA FINANCE LTD     0.01      04/15/36      INR      31.67
KIRTIMAAN BUILDERS LTD      0.01      10/20/32      INR      46.62
KUSHALS RETAIL PVT LTD      1.00      05/13/29      INR      59.83
L&T FINANCE LTD             6.25      12/03/24      INR      68.80
LITMUS WORLD MARKETING TE   0.01      03/31/28      INR      68.76
LOCON SOLUTIONS PVT LTD     0.01      07/22/30      INR      51.32
LOK SUVIDHA FINANCE LTD     0.01      11/30/31      INR      44.58
MAHATVA PLASTIC PRODUCTS    0.01      03/29/27      INR      68.93
MAHATVA PLASTIC PRODUCTS    0.01      05/03/27      INR      68.38
MAHATVA PLASTIC PRODUCTS    0.01      05/19/27      INR      68.14
MAKAAN.COM PVT LTD          0.01      07/22/30      INR      51.84
MANJRI DEVELOPERS PVT LTD   0.01      08/05/39      INR      25.66
MARIS POWER SUPPLY CO PVT   2.00      04/18/28      INR      72.89
MAXIMUS ARC LTD             0.01      04/08/26      INR      73.32
MAXIMUS ARC LTD             0.01      10/07/26      INR      70.15
MELOSA BUILDERS & DEVELOP   0.01      06/29/30      INR      52.15
MENS BUILDCON PVT LTD       0.01      06/29/30      INR      52.15
METALITE FUEL INDUSTRIES    0.01      03/31/35      INR      37.90
METALITE FUEL INDUSTRIES    0.01      06/18/36      INR      34.52
MUDIT CEMENT PVT LTD        0.01      03/28/27      INR      67.90
MYTRAH AADHYA POWER PVT L   0.01      07/05/35      INR      36.55
MYTRAH ADVAITH POWER PVT    0.01      07/13/36      INR      33.82
MYTRAH AKSHAYA ENERGY PVT   0.01      07/13/36      INR      33.82
NANI VIRANI WIND ENERGY P   2.00      06/30/39      INR      45.57
NEEMUCH SOLAR POWER PVT L   0.01      01/26/46      INR      17.75
NEEMUCH SOLAR POWER PVT L   0.01      08/29/46      INR      16.96
NHAVA SHEVA INTERNATIONAL   0.01      04/14/27      INR      69.57
NSL KRISHNAVENI SUGARS LT   0.01      12/23/31      INR      45.39
ORIGAMI CELLULO PVT LTD     0.01      11/14/36      INR      32.91
PALIWAL REAL ESTATE LTD     0.01      09/09/31      INR      47.55
PIRAMAL CAPITAL & HOUSING   8.50      04/18/23      INR      34.25
PRAKASH INDUSTRIES LTD      5.25      04/30/15      USD      22.63
PRIDHVI ASSET RECONSTRUCT   0.01      06/07/26      INR      73.55
PRUDENT ARC LTD             0.01      09/02/31      INR      48.60
PRUDENT ARC LTD             0.01      10/04/31      INR      48.02
PRUDENT ARC LTD             0.01      03/30/32      INR      46.27
PUNJAB INFRASTRUCTURE DEV   0.40      10/15/27      INR      71.84
PUNJAB INFRASTRUCTURE DEV   0.40      10/15/28      INR      66.95
PUNJAB INFRASTRUCTURE DEV   0.40      10/15/29      INR      62.42
PUNJAB INFRASTRUCTURE DEV   0.40      10/15/30      INR      58.19
PUNJAB INFRASTRUCTURE DEV   0.40      10/15/31      INR      54.27
PUNJAB INFRASTRUCTURE DEV   0.40      10/15/32      INR      50.61
PUNJAB INFRASTRUCTURE DEV   0.40      10/15/33      INR      47.22
PURVANCHAL SOLAR POWER PV   0.01      01/26/46      INR      17.75
PURVANCHAL SOLAR POWER PV   0.01      08/29/46      INR      16.96
PYRAMID SAIMIRA THEATRE L   1.75      07/04/12      USD      0.26
R L FINE CHEM PVT LTD       0.10      08/19/36      INR      33.36
RAMANI ICECREAM CO LTD      0.01      12/29/35      INR      35.72
RANKGURU TECHNOLOGY SOLUT   0.01      02/11/27      INR      66.91
RANKGURU TECHNOLOGY SOLUT   0.01      03/31/27      INR      66.15
REDKITE CAPITAL PVT LTD     2.50      03/30/29      INR      72.20
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      3.63
RELIANCE INDUSTRIES LTD     3.63      01/12/52      USD      70.23
RELIANCE INDUSTRIES LTD     3.63      01/12/52      USD      69.97
RELIANCE INDUSTRIES LTD     3.75      01/12/62      USD      68.85
RELIANCE INDUSTRIES LTD     3.75      01/12/62      USD      68.71
RENEW FAZILKA SOLAR POWER   0.01      01/26/46      INR      17.48
RENEW MEDAK POWER PVT LTD   0.01      01/26/46      INR      17.75
RENEW MEDAK POWER PVT LTD   0.01      08/29/46      INR      16.96
REWANCHAL SOLAR POWER PVT   0.01      01/26/46      INR      17.75
REWANCHAL SOLAR POWER PVT   0.01      08/29/46      INR      16.96
RIVERIA COMMERCIAL DEVELO   0.01      07/08/31      INR      47.54
RMZ ONE PARAMOUNT PVT LTD   0.10      03/24/29      INR      57.99
SAHIB FINLEASE LTD          1.00      10/29/29      INR      61.39
SAKET HOLIDAYS RESORTS PV   0.01      06/29/30      INR      53.37
SANJWIN CONSULTING SOLUTI   0.01      06/01/28      INR      61.55
SHERISHA ROOFTOP SOLAR SP   0.01      08/12/31      INR      47.42
SHIVAJI MARG MAINTENANCE    0.01      06/28/30      INR      52.99
SHREE UTTAM STEEL & POWER   0.10      07/12/32      INR      46.02
SINTEX INDUSTRIES LTD       3.50      05/25/22      USD      25.38
SKIPPER PLASTICS LTD        1.00      08/16/32      INR      51.41
STPL HORTICULTURE PVT LTD   0.01      03/31/31      INR      58.84
SUNWORLD SOLAR POWER PVT    0.01      01/26/46      INR      17.75
SUNWORLD SOLAR POWER PVT    0.01      08/31/46      INR      16.96
SURBHI INVESTMENTS & TRAD   2.50      10/21/28      INR      73.16
SUTARA ROADS & INFRA LTD    0.01      08/31/30      INR      58.76
SUZLON ENERGY LTD           0.01      06/26/30      INR      48.75
SUZLON ENERGY LTD           5.75      07/16/19      USD      20.81
SUZLON ENERGY LTD           5.75      07/16/19      USD      20.81
SVOGL OIL GAS & ENERGY LT   5.00      08/17/15      USD      0.61
TATA SMARTFOODZ LTD         0.01      04/18/26      INR      74.98
TATA SMARTFOODZ LTD         0.01      06/28/26      INR      73.78
TATA SMARTFOODZ LTD         0.01      08/19/26      INR      72.91
TN URJA PVT LTD             0.10      02/22/36      INR      36.58
UJAGAR ESTATES LTD          0.01      10/20/32      INR      46.62
VENTO ENERGY INFRA PVT LT   0.01      09/20/39      INR      26.36
VIKRANT FORGE PVT LTD       2.00      03/25/33      INR      57.50
WATSUN INFRABUILD PVT LTD   4.00      10/16/37      INR      65.98
YBRANT ENGINEERING & CONS   0.01      05/07/31      INR      51.02
YOGINDERA POWERS LTD        0.01      01/24/42      INR      39.18


   JAPAN
   -----

AVANSTRATE INC              0.25      10/29/32      JPY      9.75
CITY OF KOBE JAPAN          0.30      06/18/49      JPY      74.64
DEVELOPMENT BANK OF JAPAN   0.56      11/14/34      EUR      73.71
DEVELOPMENT BANK OF JAPAN   0.57      06/24/60      JPY      73.18
DEVELOPMENT BANK OF JAPAN   0.95      04/15/71      JPY      71.04
DEVELOPMENT BANK OF JAPAN   0.48      12/16/59      JPY      70.80
DEVELOPMENT BANK OF JAPAN   0.89      07/16/70      JPY      68.83
EAST JAPAN RAILWAY CO       0.49      07/23/49      JPY      74.76
EAST JAPAN RAILWAY CO       0.90      07/20/60      JPY      74.61
EAST JAPAN RAILWAY CO       0.77      09/15/34      EUR      74.34
EAST JAPAN RAILWAY CO       1.21      07/15/71      JPY      74.08
EAST JAPAN RAILWAY CO       0.83      04/22/60      JPY      72.94
EAST JAPAN RAILWAY CO       1.18      12/17/71      JPY      72.93
EAST JAPAN RAILWAY CO       1.15      12/18/70      JPY      72.68
EAST JAPAN RAILWAY CO       1.14      04/15/71      JPY      72.17
EAST JAPAN RAILWAY CO       0.77      12/23/59      JPY      71.56
EAST JAPAN RAILWAY CO       1.10      09/15/39      EUR      70.40
EAST JAPAN RAILWAY CO       0.99      04/22/70      JPY      68.22
EAST JAPAN RAILWAY CO       0.50      07/28/56      JPY      67.47
EAST JAPAN RAILWAY CO       0.81      07/23/69      JPY      63.21
HIS CO LTD                  0.58      02/19/27      JPY      63.46
JAPAN EXPRESSWAY HOLDING    0.45      09/17/49      JPY      74.88
JAPAN EXPRESSWAY HOLDING    0.94      03/17/56      JPY      74.69
JAPAN EXPRESSWAY HOLDING    0.18      06/20/46      JPY      74.69
JAPAN EXPRESSWAY HOLDING    0.78      03/19/53      JPY      74.54
JAPAN EXPRESSWAY HOLDING    1.02      03/19/58      JPY      74.01
JAPAN EXPRESSWAY HOLDING    0.96      03/19/57      JPY      73.69
JAPAN EXPRESSWAY HOLDING    0.65      03/17/56      JPY      73.42
JAPAN EXPRESSWAY HOLDING    0.84      03/19/55      JPY      73.20
JAPAN EXPRESSWAY HOLDING    0.57      08/31/60      JPY      73.17
JAPAN EXPRESSWAY HOLDING    0.48      08/31/56      JPY      73.08
JAPAN EXPRESSWAY HOLDING    0.97      03/19/60      JPY      72.80
JAPAN EXPRESSWAY HOLDING    0.54      06/30/60      JPY      72.24
JAPAN EXPRESSWAY HOLDING    0.71      03/19/54      JPY      71.98
JAPAN EXPRESSWAY HOLDING    0.29      06/18/49      JPY      71.71
JAPAN EXPRESSWAY HOLDING    0.75      03/19/54      JPY      71.20
JAPAN EXPRESSWAY HOLDING    0.94      03/19/60      JPY      70.76
JAPAN EXPRESSWAY HOLDING    0.44      03/19/54      JPY      70.73
JAPAN EXPRESSWAY HOLDING    0.46      06/30/59      JPY      70.65
JAPAN EXPRESSWAY HOLDING    0.63      03/19/59      JPY      70.34
JAPAN EXPRESSWAY HOLDING    0.84      03/19/58      JPY      70.23
JAPAN EXPRESSWAY HOLDING    0.88      03/19/59      JPY      70.20
JAPAN EXPRESSWAY HOLDING    0.44      10/31/59      JPY      69.92
JAPAN EXPRESSWAY HOLDING    0.43      02/27/60      JPY      69.43
JAPAN EXPRESSWAY HOLDING    0.30      06/30/56      JPY      68.39
JAPAN EXPRESSWAY HOLDING    0.83      03/19/59      JPY      67.74
JAPAN EXPRESSWAY HOLDING    0.35      08/29/59      JPY      67.42
JAPAN FINANCE ORGANIZATIO   0.50      05/29/51      JPY      74.67
JAPAN FINANCE ORGANIZATIO   0.75      09/28/60      JPY      74.14
JAPAN FINANCE ORGANIZATIO   0.54      10/31/53      JPY      73.31
JAPAN FINANCE ORGANIZATIO   0.53      10/28/53      JPY      73.04
JAPAN FINANCE ORGANIZATIO   0.53      10/24/53      JPY      73.03
JAPAN FINANCE ORGANIZATIO   0.58      03/26/55      JPY      72.89
JAPAN FINANCE ORGANIZATIO   0.65      01/28/60      JPY      71.55
JAPAN FINANCE ORGANIZATIO   0.63      04/28/60      JPY      70.75
JAPAN FINANCE ORGANIZATIO   0.63      04/23/60      JPY      70.74
JAPAN FINANCE ORGANIZATIO   0.63      04/30/60      JPY      70.69
JAPAN FINANCE ORGANIZATIO   0.63      04/28/60      JPY      70.62
JAPAN FINANCE ORGANIZATIO   0.49      07/28/56      JPY      69.52
JAPAN FINANCE ORGANIZATIO   2.00      11/27/35      AUD      66.06
JAPAN FINANCE ORGANIZATIO   1.88      10/15/35      AUD      65.14
JAPAN GOVERNMENT FORTY YE   0.50      03/20/59      JPY      73.00
JAPAN GOVERNMENT FORTY YE   0.50      03/20/60      JPY      72.49
JAPAN GOVERNMENT FORTY YE   0.40      03/20/56      JPY      72.33
JAPAN HOUSING FINANCE AGE   0.77      03/19/60      JPY      74.36
KYOTO PREFECTURE            0.30      06/18/49      JPY      74.64
MITSUBISHI ESTATE CO LTD    0.79      06/27/56      JPY      70.95
MITSUBISHI ESTATE CO LTD    1.13      04/18/69      JPY      70.33
MITSUI FUDOSAN CO LTD       1.03      03/17/70      JPY      66.00
MIZUHO SECURITIES CO LTD    2.16      02/01/36      USD      69.02
MIZUHO SECURITIES CO LTD    2.05      12/21/35      USD      68.26
MIZUHO SECURITIES CO LTD    2.02      12/10/35      USD      68.04
NIPPON PROLOGIS REIT INC    1.00      04/15/50      JPY      73.53
OSAKA GAS CO LTD            0.82      06/06/59      JPY      73.05
OSAKA GAS CO LTD            0.40      09/03/49      JPY      72.61
OSAKA GAS CO LTD            0.55      09/05/58      JPY      66.48
OSAKA GAS CO LTD            0.70      09/05/69      JPY      59.55
SOFTBANK GROUP CORP         3.38      07/06/29      EUR      74.44
SOFTBANK GROUP CORP         3.88      07/06/32      EUR      68.49
SUMITOMO MITSUI FINANCIAL   3.05      01/14/42      USD      73.27
SUMITOMO MITSUI FINANCIAL   2.93      09/17/41      USD      69.73
SUMITOMO MITSUI FINANCIAL   2.30      01/12/41      USD      65.84
TAKEDA PHARMACEUTICAL CO    3.18      07/09/50      USD      73.51
TAKEDA PHARMACEUTICAL CO    3.38      07/09/60      USD      72.40
TKJP CORP                   0.58      03/26/21      JPY      2.02
TKJP CORP                   0.85      03/06/19      JPY      2.02
TKJP CORP                   1.02      12/15/17      JPY      0.50
TOHO GAS CO LTD             0.86      04/18/59      JPY      74.33
TOKYO GAS CO LTD            0.88      05/23/59      JPY      74.82
TOKYO GAS CO LTD            0.83      05/28/60      JPY      73.31
TOKYO GAS CO LTD            0.69      12/25/57      JPY      71.17
TOKYO GAS CO LTD            1.09      09/10/70      JPY      70.92
TOKYO GAS CO LTD            0.99      05/28/70      JPY      68.27
TOKYO GAS CO LTD            0.53      09/12/59      JPY      65.25
TOKYO METRO CO LTD          0.91      09/17/60      JPY      74.64
TOKYO METRO CO LTD          0.77      06/27/59      JPY      71.94
TOKYO METRO CO LTD          1.13      01/22/71      JPY      71.87
TOKYO METRO CO LTD          1.09      06/12/70      JPY      70.92
TOKYO METRO CO LTD          1.07      09/18/70      JPY      70.31
TOKYO METRO CO LTD          0.94      01/31/70      JPY      66.63
UNIZO HOLDINGS CO LTD       0.85      05/26/23      JPY      41.17
UNIZO HOLDINGS CO LTD       0.80      11/29/23      JPY      38.45
UNIZO HOLDINGS CO LTD       0.89      05/29/24      JPY      31.04
UNIZO HOLDINGS CO LTD       1.10      11/28/24      JPY      29.03
UNIZO HOLDINGS CO LTD       0.99      11/27/26      JPY      26.99
UNIZO HOLDINGS CO LTD       1.20      05/28/27      JPY      23.71
UNIZO HOLDINGS CO LTD       1.50      11/26/27      JPY      23.58
URBAN RENAISSANCE AGENCY    0.75      03/19/60      JPY      74.01
URBAN RENAISSANCE AGENCY    0.32      06/18/49      JPY      73.36
URBAN RENAISSANCE AGENCY    0.69      03/19/59      JPY      72.42
URBAN RENAISSANCE AGENCY    1.00      06/19/71      JPY      72.26
URBAN RENAISSANCE AGENCY    0.68      03/19/59      JPY      72.15
URBAN RENAISSANCE AGENCY    0.43      03/19/59      JPY      65.49
WEST JAPAN RAILWAY CO       0.86      05/21/60      JPY      73.63
WEST JAPAN RAILWAY CO       0.40      08/27/49      JPY      72.75
WEST JAPAN RAILWAY CO       1.13      04/22/71      JPY      71.80
WEST JAPAN RAILWAY CO       1.10      08/27/70      JPY      71.28
WEST JAPAN RAILWAY CO       1.03      05/21/70      JPY      69.27


   KOREA
   -----

BUSAN PORT AUTHORITY        1.65      09/06/36      KRW      72.95
BUSAN PORT AUTHORITY        1.85      03/20/40      KRW      70.99
BUSAN PORT AUTHORITY        2.40      10/15/51      KRW      70.39
BUSAN PORT AUTHORITY        2.39      10/08/51      KRW      70.24
BUSAN PORT AUTHORITY        1.65      08/21/40      KRW      68.19
CITIBANK KOREA INC          2.33      08/01/36      KRW      63.05
CJ CGV CO LTD               1.00      06/08/51      KRW      27.11
CJ CGV CO LTD               0.50      07/21/52      KRW      26.04
EXPORT-IMPORT BANK OF KOR   4.73      10/18/32      KRW      73.95
EXPORT-IMPORT BANK OF KOR   2.63      04/25/52      EUR      73.95
EXPORT-IMPORT BANK OF KOR   2.50      06/29/41      USD      73.11
EXPORT-IMPORT BANK OF KOR   2.65      04/07/36      AUD      72.71
EXPORT-IMPORT BANK OF KOR   2.70      12/22/36      AUD      70.91
EXPORT-IMPORT BANK OF KOR   2.51      12/06/49      AUD      56.09
GS CALTEX CORP              2.26      03/03/36      KRW      73.28
HANA BANK                   1.86      08/23/39      KRW      75.05
HANA BANK                   1.80      08/26/40      KRW      74.29
HANA BANK                   1.78      08/23/39      KRW      74.19
HEUNGKUK FIRE & MARINE IN   5.70      12/29/46      KRW      35.74
KOREA DEVELOPMENT BANK/TH   2.55      02/27/49      KRW      76.27
KOREA DEVELOPMENT BANK/TH   1.71      08/09/39      KRW      75.70
KOREA DEVELOPMENT BANK/TH   1.85      09/15/40      KRW      75.41
KOREA DEVELOPMENT BANK/TH   2.50      03/19/49      KRW      75.27
KOREA DEVELOPMENT BANK/TH   2.57      04/01/36      AUD      74.89
KOREA DEVELOPMENT BANK/TH   2.97      10/21/51      KRW      74.49
KOREA DEVELOPMENT BANK/TH   3.24      11/30/41      AUD      73.61
KOREA DEVELOPMENT BANK/TH   2.42      02/15/49      KRW      73.54
KOREA DEVELOPMENT BANK/TH   2.55      09/30/36      AUD      73.48
KOREA DEVELOPMENT BANK/TH   2.75      10/07/51      KRW      73.26
KOREA DEVELOPMENT BANK/TH   3.19      11/26/41      AUD      73.02
KOREA DEVELOPMENT BANK/TH   2.42      05/20/49      KRW      72.78
KOREA DEVELOPMENT BANK/TH   2.40      05/20/49      KRW      71.09
KOREA DEVELOPMENT BANK/TH   2.30      10/11/46      KRW      70.81
KOREA DEVELOPMENT BANK/TH   2.63      07/02/51      KRW      70.41
KOREA DEVELOPMENT BANK/TH   2.78      10/18/41      AUD      69.03
KOREA DEVELOPMENT BANK/TH   2.37      09/29/46      KRW      68.66
KOREA DEVELOPMENT BANK/TH   2.12      06/21/49      KRW      67.35
KOREA DEVELOPMENT BANK/TH   2.30      08/30/51      KRW      67.26
KOREA DEVELOPMENT BANK/TH   2.30      08/30/51      KRW      67.26
KOREA DEVELOPMENT BANK/TH   2.14      06/21/49      KRW      67.23
KOREA DEVELOPMENT BANK/TH   2.55      09/28/41      AUD      66.06
KOREA DEVELOPMENT BANK/TH   2.50      09/28/41      AUD      65.57
KOREA DEVELOPMENT BANK/TH   1.91      09/18/50      KRW      65.43
KOREA DEVELOPMENT BANK/TH   1.86      10/19/50      KRW      64.47
KOREA DEVELOPMENT BANK/TH   2.00      07/31/49      KRW      64.25
KOREA DEVELOPMENT BANK/TH   2.00      08/01/49      KRW      64.05
KOREA DEVELOPMENT BANK/TH   2.00      08/01/49      KRW      64.05
KOREA DEVELOPMENT BANK/TH   1.85      09/24/49      KRW      63.78
KOREA DISTRICT HEATING CO   1.98      04/26/39      KRW      73.35
KOREA DISTRICT HEATING CO   1.88      11/06/39      KRW      71.60
KOREA EAST-WEST POWER CO    2.62      11/03/41      KRW      70.36
KOREA EAST-WEST POWER CO    2.30      11/05/38      KRW      69.88
KOREA EAST-WEST POWER CO    2.56      11/22/41      KRW      69.37
KOREA EAST-WEST POWER CO    2.18      03/07/39      KRW      67.88
KOREA EAST-WEST POWER CO    2.52      11/22/51      KRW      61.45
KOREA EAST-WEST POWER CO    1.78      11/24/40      KRW      61.19
KOREA EAST-WEST POWER CO    1.70      07/16/40      KRW      60.89
KOREA EAST-WEST POWER CO    1.47      10/07/39      KRW      59.45
KOREA EAST-WEST POWER CO    2.23      11/05/48      KRW      59.36
KOREA EAST-WEST POWER CO    2.16      03/07/49      KRW      57.95
KOREA EAST-WEST POWER CO    1.70      07/16/50      KRW      50.30
KOREA EAST-WEST POWER CO    1.42      10/07/49      KRW      46.91
KOREA ELECTRIC POWER CORP   2.30      10/29/48      KRW      68.16
KOREA ELECTRIC POWER CORP   1.71      10/24/49      KRW      58.37
KOREA EXPRESSWAY CORP       2.58      01/21/52      KRW      74.34
KOREA EXPRESSWAY CORP       2.54      12/08/47      KRW      74.04
KOREA EXPRESSWAY CORP       2.15      03/26/41      KRW      73.86
KOREA EXPRESSWAY CORP       2.59      10/28/51      KRW      73.83
KOREA EXPRESSWAY CORP       2.15      04/15/41      KRW      73.62
KOREA EXPRESSWAY CORP       2.07      07/23/41      KRW      72.78
KOREA EXPRESSWAY CORP       2.35      03/17/47      KRW      72.37
KOREA EXPRESSWAY CORP       1.54      07/20/36      KRW      72.35
KOREA EXPRESSWAY CORP       2.31      06/21/47      KRW      72.05
KOREA EXPRESSWAY CORP       2.35      09/21/47      KRW      71.88
KOREA EXPRESSWAY CORP       2.30      02/17/47      KRW      71.81
KOREA EXPRESSWAY CORP       2.43      11/19/51      KRW      70.94
KOREA EXPRESSWAY CORP       2.30      09/14/48      KRW      70.89
KOREA EXPRESSWAY CORP       2.35      12/16/51      KRW      70.68
KOREA EXPRESSWAY CORP       2.40      11/11/51      KRW      70.55
KOREA EXPRESSWAY CORP       2.39      10/14/51      KRW      70.52
KOREA EXPRESSWAY CORP       1.78      04/02/40      KRW      70.15
KOREA EXPRESSWAY CORP       1.73      04/24/40      KRW      69.31
KOREA EXPRESSWAY CORP       2.28      04/08/51      KRW      69.03
KOREA EXPRESSWAY CORP       1.73      11/05/40      KRW      68.84
KOREA EXPRESSWAY CORP       2.30      12/03/51      KRW      68.77
KOREA EXPRESSWAY CORP       2.20      11/22/48      KRW      68.56
KOREA EXPRESSWAY CORP       1.63      06/18/40      KRW      68.49
KOREA EXPRESSWAY CORP       2.20      06/17/51      KRW      68.26
KOREA EXPRESSWAY CORP       2.15      02/22/49      KRW      68.22
KOREA EXPRESSWAY CORP       2.14      03/08/49      KRW      68.04
KOREA EXPRESSWAY CORP       2.13      03/19/49      KRW      67.77
KOREA EXPRESSWAY CORP       2.18      03/11/51      KRW      67.61
KOREA EXPRESSWAY CORP       2.01      05/25/46      KRW      67.55
KOREA EXPRESSWAY CORP       1.58      05/21/40      KRW      67.26
KOREA EXPRESSWAY CORP       2.14      07/09/51      KRW      67.15
KOREA EXPRESSWAY CORP       2.10      09/09/51      KRW      65.83
KOREA EXPRESSWAY CORP       1.90      11/10/46      KRW      65.54
KOREA EXPRESSWAY CORP       2.00      12/07/48      KRW      65.47
KOREA EXPRESSWAY CORP       1.98      04/25/49      KRW      65.14
KOREA EXPRESSWAY CORP       2.04      08/13/51      KRW      65.07
KOREA EXPRESSWAY CORP       1.96      04/11/49      KRW      64.99
KOREA EXPRESSWAY CORP       1.85      10/24/46      KRW      64.97
KOREA EXPRESSWAY CORP       1.86      12/23/50      KRW      62.69
KOREA EXPRESSWAY CORP       1.79      05/30/49      KRW      61.81
KOREA EXPRESSWAY CORP       1.57      08/26/46      KRW      61.28
KOREA EXPRESSWAY CORP       1.81      11/12/50      KRW      61.23
KOREA EXPRESSWAY CORP       1.71      04/09/50      KRW      60.26
KOREA EXPRESSWAY CORP       1.71      10/29/50      KRW      59.65
KOREA EXPRESSWAY CORP       1.52      03/12/50      KRW      57.61
KOREA EXPRESSWAY CORP       1.47      09/25/49      KRW      56.71
KOREA EXPRESSWAY CORP       1.32      08/22/49      KRW      54.65
KOREA GAS CORP              1.77      06/22/36      KRW      74.29
KOREA GAS CORP              1.80      08/22/44      KRW      70.41
KOREA GAS CORP              1.70      11/28/39      KRW      69.19
KOREA GAS CORP              1.66      02/20/40      KRW      68.40
KOREA GAS CORP              1.60      10/17/39      KRW      68.19
KOREA HYDRO & NUCLEAR POW   2.60      11/03/41      KRW      71.05
KOREA HYDRO & NUCLEAR POW   2.49      10/14/41      KRW      69.86
KOREA HYDRO & NUCLEAR POW   2.88      05/11/48      KRW      69.74
KOREA HYDRO & NUCLEAR POW   3.02      03/11/52      KRW      69.61
KOREA HYDRO & NUCLEAR POW   2.97      02/17/52      KRW      69.06
KOREA HYDRO & NUCLEAR POW   2.81      06/05/48      KRW      68.49
KOREA HYDRO & NUCLEAR POW   2.31      06/29/41      KRW      68.06
KOREA HYDRO & NUCLEAR POW   2.47      10/17/47      KRW      64.54
KOREA HYDRO & NUCLEAR POW   1.81      06/05/39      KRW      64.30
KOREA HYDRO & NUCLEAR POW   2.41      09/18/47      KRW      63.90
KOREA HYDRO & NUCLEAR POW   2.59      11/03/51      KRW      63.49
KOREA HYDRO & NUCLEAR POW   1.80      04/02/40      KRW      63.44
KOREA HYDRO & NUCLEAR POW   1.81      04/28/40      KRW      63.34
KOREA HYDRO & NUCLEAR POW   1.76      11/27/39      KRW      63.14
KOREA HYDRO & NUCLEAR POW   1.80      11/23/40      KRW      62.33
KOREA HYDRO & NUCLEAR POW   1.59      10/16/39      KRW      61.61
KOREA HYDRO & NUCLEAR POW   2.45      10/14/51      KRW      61.57
KOREA HYDRO & NUCLEAR POW   1.63      06/15/40      KRW      61.20
KOREA HYDRO & NUCLEAR POW   2.25      10/26/48      KRW      60.48
KOREA HYDRO & NUCLEAR POW   1.57      05/25/40      KRW      60.30
KOREA HYDRO & NUCLEAR POW   2.31      06/29/51      KRW      59.68
KOREA HYDRO & NUCLEAR POW   1.82      06/05/49      KRW      53.47
KOREA HYDRO & NUCLEAR POW   1.83      04/28/50      KRW      53.14
KOREA HYDRO & NUCLEAR POW   1.80      04/02/50      KRW      52.87
KOREA HYDRO & NUCLEAR POW   1.78      11/23/50      KRW      51.78
KOREA HYDRO & NUCLEAR POW   1.70      11/27/49      KRW      51.44
KOREA HYDRO & NUCLEAR POW   1.66      06/15/50      KRW      50.66
KOREA HYDRO & NUCLEAR POW   1.58      10/16/49      KRW      49.90
KOREA HYDRO & NUCLEAR POW   1.59      05/25/50      KRW      49.32
KOREA LAND & HOUSING CORP   3.00      11/04/51      KRW      73.85
KOREA LAND & HOUSING CORP   2.36      01/26/46      KRW      73.65
KOREA LAND & HOUSING CORP   2.45      08/29/48      KRW      73.12
KOREA LAND & HOUSING CORP   2.08      02/23/41      KRW      73.02
KOREA LAND & HOUSING CORP   1.60      09/28/36      KRW      72.25
KOREA LAND & HOUSING CORP   2.32      06/16/47      KRW      72.03
KOREA LAND & HOUSING CORP   2.31      01/18/47      KRW      72.01
KOREA LAND & HOUSING CORP   1.57      09/08/36      KRW      71.74
KOREA LAND & HOUSING CORP   2.29      06/22/47      KRW      71.60
KOREA LAND & HOUSING CORP   1.89      01/22/41      KRW      70.81
KOREA LAND & HOUSING CORP   2.37      10/20/51      KRW      70.18
KOREA LAND & HOUSING CORP   2.33      05/25/51      KRW      69.49
KOREA LAND & HOUSING CORP   1.68      07/02/40      KRW      68.69
KOREA LAND & HOUSING CORP   1.66      08/27/40      KRW      68.10
KOREA LAND & HOUSING CORP   1.61      06/10/40      KRW      67.48
KOREA LAND & HOUSING CORP   2.15      03/05/51      KRW      67.11
KOREA LAND & HOUSING CORP   2.15      09/15/51      KRW      66.74
KOREA LAND & HOUSING CORP   1.83      10/19/46      KRW      64.45
KOREA LAND & HOUSING CORP   1.97      01/29/51      KRW      64.37
KOREA LAND & HOUSING CORP   1.87      05/24/49      KRW      63.13
KOREA LAND & HOUSING CORP   1.61      07/19/46      KRW      62.05
KOREA LAND & HOUSING CORP   1.62      07/27/46      KRW      62.04
KOREA LAND & HOUSING CORP   1.74      01/22/50      KRW      61.52
KOREA LAND & HOUSING CORP   1.78      04/08/50      KRW      61.48
KOREA LAND & HOUSING CORP   1.78      04/29/50      KRW      61.29
KOREA LAND & HOUSING CORP   2.17      10/30/68      KRW      60.56
KOREA LAND & HOUSING CORP   1.70      06/13/49      KRW      60.44
KOREA LAND & HOUSING CORP   1.67      07/07/50      KRW      59.87
KOREA LAND & HOUSING CORP   1.66      09/18/50      KRW      59.31
KOREA LAND & HOUSING CORP   1.65      08/27/50      KRW      59.28
KOREA LAND & HOUSING CORP   1.54      03/09/50      KRW      57.89
KOREA LAND & HOUSING CORP   1.57      05/27/50      KRW      57.62
KOREA LAND & HOUSING CORP   1.28      08/23/49      KRW      54.01
KOREA MIDLAND POWER CO LT   2.70      07/09/38      KRW      74.81
KOREA MIDLAND POWER CO LT   2.47      08/03/37      KRW      73.21
KOREA MIDLAND POWER CO LT   2.83      01/17/42      KRW      72.78
KOREA MIDLAND POWER CO LT   2.30      09/10/38      KRW      69.81
KOREA MIDLAND POWER CO LT   2.24      10/31/38      KRW      69.27
KOREA MIDLAND POWER CO LT   3.01      02/17/52      KRW      68.83
KOREA MIDLAND POWER CO LT   2.19      02/08/39      KRW      68.31
KOREA MIDLAND POWER CO LT   2.87      01/24/52      KRW      66.89
KOREA MIDLAND POWER CO LT   1.96      05/21/39      KRW      65.27
KOREA MIDLAND POWER CO LT   1.92      10/30/39      KRW      64.36
KOREA MIDLAND POWER CO LT   1.75      06/18/39      KRW      63.15
KOREA MIDLAND POWER CO LT   1.66      06/18/40      KRW      60.65
KOREA MIDLAND POWER CO LT   1.59      03/18/40      KRW      60.27
KOREA MIDLAND POWER CO LT   1.64      07/21/40      KRW      60.11
KOREA MIDLAND POWER CO LT   1.66      08/25/40      KRW      60.10
KOREA MIDLAND POWER CO LT   2.26      09/10/48      KRW      59.68
KOREA MIDLAND POWER CO LT   1.53      02/25/40      KRW      59.35
KOREA MIDLAND POWER CO LT   2.17      10/31/48      KRW      58.56
KOREA MIDLAND POWER CO LT   2.17      02/08/49      KRW      58.21
KOREA MIDLAND POWER CO LT   1.99      03/26/49      KRW      55.83
KOREA MIDLAND POWER CO LT   1.95      05/21/49      KRW      54.74
KOREA MIDLAND POWER CO LT   1.86      11/13/49      KRW      53.04
KOREA MIDLAND POWER CO LT   1.72      06/18/49      KRW      51.61
KOREA MIDLAND POWER CO LT   1.69      06/18/50      KRW      50.36
KOREA MIDLAND POWER CO LT   1.53      02/25/50      KRW      47.91
KOREA MINE REHABILITATION   2.06      04/03/40      KRW      72.23
KOREA MINE REHABILITATION   3.20      07/15/40      USD      70.87
KOREA MINE REHABILITATION   1.90      07/13/40      KRW      69.95
KOREA MINE REHABILITATION   3.01      02/26/40      AUD      65.91
KOREA MINE REHABILITATION   2.07      01/06/51      KRW      64.00
KOREA MINE REHABILITATION   1.93      07/15/50      KRW      62.02
KOREA OCEAN BUSINESS CORP   2.01      03/28/49      KRW      65.84
KOREA OCEAN BUSINESS CORP   1.70      04/16/50      KRW      60.12
KOREA OCEAN BUSINESS CORP   1.67      06/16/50      KRW      59.67
KOREA OCEAN BUSINESS CORP   1.69      10/27/50      KRW      59.42
KOREA OCEAN BUSINESS CORP   1.63      12/11/49      KRW      59.20
KOREA OCEAN BUSINESS CORP   1.59      05/22/50      KRW      58.15
KOREA OCEAN BUSINESS CORP   1.50      09/27/49      KRW      57.37
KOREA OVERSEAS INFRASTRUC   1.76      10/28/50      KRW      60.27
KOREA RAIL NETWORK AUTHOR   2.52      05/19/47      KRW      74.18
KOREA RAIL NETWORK AUTHOR   2.42      08/07/47      KRW      73.38
KOREA RAIL NETWORK AUTHOR   2.56      10/26/51      KRW      73.34
KOREA RAIL NETWORK AUTHOR   2.43      04/06/47      KRW      73.16
KOREA RAIL NETWORK AUTHOR   2.55      11/04/51      KRW      73.11
KOREA RAIL NETWORK AUTHOR   2.43      04/20/47      KRW      73.09
KOREA RAIL NETWORK AUTHOR   2.41      06/08/47      KRW      72.39
KOREA RAIL NETWORK AUTHOR   2.35      03/20/47      KRW      72.20
KOREA RAIL NETWORK AUTHOR   2.31      02/14/47      KRW      71.93
KOREA RAIL NETWORK AUTHOR   2.41      11/17/51      KRW      70.61
KOREA RAIL NETWORK AUTHOR   2.28      09/12/48      KRW      70.43
KOREA RAIL NETWORK AUTHOR   2.36      10/08/51      KRW      70.42
KOREA RAIL NETWORK AUTHOR   2.13      04/04/46      KRW      69.66
KOREA RAIL NETWORK AUTHOR   2.20      11/13/48      KRW      68.70
KOREA RAIL NETWORK AUTHOR   1.65      06/24/40      KRW      68.65
KOREA RAIL NETWORK AUTHOR   2.15      07/13/51      KRW      67.41
KOREA RAIL NETWORK AUTHOR   2.10      03/25/51      KRW      66.29
KOREA RAIL NETWORK AUTHOR   1.90      06/13/46      KRW      65.77
KOREA RAIL NETWORK AUTHOR   2.03      08/06/51      KRW      65.18
KOREA RAIL NETWORK AUTHOR   1.93      05/16/49      KRW      64.17
KOREA RAIL NETWORK AUTHOR   1.72      06/28/46      KRW      63.94
KOREA RAIL NETWORK AUTHOR   1.85      11/05/49      KRW      62.82
KOREA RAIL NETWORK AUTHOR   1.75      11/20/49      KRW      61.22
KOREA RAIL NETWORK AUTHOR   1.76      04/23/50      KRW      61.07
KOREA RAIL NETWORK AUTHOR   1.65      02/03/50      KRW      60.06
KOREA RAIL NETWORK AUTHOR   1.64      02/19/50      KRW      59.72
KOREA RAIL NETWORK AUTHOR   1.59      05/21/50      KRW      58.16
KOREA RAIL NETWORK AUTHOR   1.51      10/11/49      KRW      57.50
KOREA RAIL NETWORK AUTHOR   1.46      09/27/49      KRW      56.80
KOREA RAILROAD CORP         2.49      04/12/47      KRW      73.84
KOREA RAILROAD CORP         2.43      03/07/47      KRW      73.55
KOREA RAILROAD CORP         2.40      03/03/47      KRW      72.97
KOREA RAILROAD CORP         2.40      03/21/47      KRW      72.74
KOREA RAILROAD CORP         2.38      07/20/47      KRW      72.58
KOREA RAILROAD CORP         2.39      11/23/46      KRW      72.43
KOREA RAILROAD CORP         1.57      08/09/36      KRW      72.28
KOREA RAILROAD CORP         2.38      09/19/47      KRW      72.27
KOREA RAILROAD CORP         2.38      09/12/47      KRW      72.15
KOREA RAILROAD CORP         2.51      11/05/51      KRW      72.06
KOREA RAILROAD CORP         1.56      08/26/36      KRW      72.02
KOREA RAILROAD CORP         2.35      12/06/46      KRW      71.85
KOREA RAILROAD CORP         2.13      03/13/49      KRW      67.49
KOREA RAILROAD CORP         2.19      04/14/51      KRW      67.21
KOREA RAILROAD CORP         1.94      11/03/46      KRW      66.10
KOREA RAILROAD CORP         2.00      04/05/49      KRW      65.30
KOREA RAILROAD CORP         2.01      04/24/49      KRW      65.26
KOREA RAILROAD CORP         2.04      07/22/51      KRW      65.11
KOREA RAILROAD CORP         1.88      10/27/46      KRW      65.11
KOREA RAILROAD CORP         1.67      04/14/50      KRW      59.52
KOREA RAILROAD CORP         1.59      07/18/49      KRW      59.03
KOREA RAILROAD CORP         1.61      08/12/50      KRW      58.27
KOREA RAILROAD CORP         1.56      03/18/50      KRW      57.94
KOREA RAILROAD CORP         1.47      09/19/49      KRW      56.60
KOREA RAILROAD CORP         1.44      07/26/49      KRW      56.48
KOREA RAILROAD CORP         1.31      08/29/49      KRW      54.24
KOREA SMES AND STARTUPS A   1.84      11/14/39      KRW      71.21
KOREA SMES AND STARTUPS A   1.78      03/20/40      KRW      70.27
KOREA SMES AND STARTUPS A   1.76      09/03/40      KRW      69.21
KOREA SMES AND STARTUPS A   1.64      10/16/40      KRW      67.83
KOREA SMES AND STARTUPS A   1.31      08/09/39      KRW      65.14
KOREA SMES AND STARTUPS A   1.87      03/24/50      KRW      63.32
KOREA SOUTH-EAST POWER CO   2.64      07/26/38      KRW      73.95
KOREA SOUTH-EAST POWER CO   3.13      03/28/52      KRW      71.00
KOREA SOUTH-EAST POWER CO   2.32      11/09/38      KRW      70.02
KOREA SOUTH-EAST POWER CO   2.77      04/12/48      KRW      67.72
KOREA SOUTH-EAST POWER CO   2.60      07/26/48      KRW      65.02
KOREA SOUTH-EAST POWER CO   1.97      01/26/41      KRW      63.35
KOREA SOUTH-EAST POWER CO   1.68      06/26/39      KRW      62.32
KOREA SOUTH-EAST POWER CO   2.47      11/09/51      KRW      60.80
KOREA SOUTH-EAST POWER CO   1.63      06/11/40      KRW      59.96
KOREA SOUTH-EAST POWER CO   2.19      11/09/48      KRW      58.77
KOREA SOUTH-EAST POWER CO   1.96      01/26/51      KRW      53.73
KOREA SOUTH-EAST POWER CO   1.69      06/26/49      KRW      51.15
KOREA SOUTH-EAST POWER CO   1.65      06/11/50      KRW      49.31
KOREA SOUTHERN POWER CO L   2.57      07/07/37      KRW      74.44
KOREA SOUTHERN POWER CO L   2.50      06/16/37      KRW      73.91
KOREA SOUTHERN POWER CO L   2.60      06/03/41      KRW      71.76
KOREA SOUTHERN POWER CO L   2.66      11/04/41      KRW      70.73
KOREA SOUTHERN POWER CO L   2.38      07/28/41      KRW      67.58
KOREA SOUTHERN POWER CO L   1.84      11/20/39      KRW      63.32
KOREA SOUTHERN POWER CO L   2.59      11/04/51      KRW      62.67
KOREA SOUTHERN POWER CO L   2.43      09/28/48      KRW      62.65
KOREA SOUTHERN POWER CO L   1.67      12/19/39      KRW      61.48
KOREA SOUTHERN POWER CO L   1.66      06/18/40      KRW      60.65
KOREA SOUTHERN POWER CO L   1.66      06/25/40      KRW      60.65
KOREA SOUTHERN POWER CO L   1.33      08/13/39      KRW      57.96
KOREA SOUTHERN POWER CO L   1.80      11/20/49      KRW      52.19
KOREA SOUTHERN POWER CO L   1.68      06/25/50      KRW      50.11
KOREA SOUTHERN POWER CO L   1.63      12/19/49      KRW      49.88
KOREA SOUTHERN POWER CO L   1.29      08/13/49      KRW      44.93
KOREA STUDENT AID FOUNDAT   1.69      10/25/36      KRW      73.17
KOREA STUDENT AID FOUNDAT   1.63      09/22/36      KRW      72.88
KOREA STUDENT AID FOUNDAT   1.52      08/25/36      KRW      71.96
KOREA STUDENT AID FOUNDAT   1.52      08/24/36      KRW      71.95
KOREA STUDENT AID FOUNDAT   1.54      09/28/36      KRW      71.81
KOREA STUDENT AID FOUNDAT   1.88      03/25/40      KRW      71.70
KOREA STUDENT AID FOUNDAT   1.41      09/06/39      KRW      66.59
KOREA TREASURY BOND         1.50      09/10/40      KRW      74.36
KOREA TREASURY BOND         1.88      03/10/51      KRW      70.92
KOREA TREASURY BOND         1.13      09/10/39      KRW      70.47
KOREA TREASURY BOND         2.00      09/10/68      KRW      67.07
KOREA TREASURY BOND         1.50      03/10/50      KRW      65.85
KOREA TREASURY BOND         1.63      09/10/70      KRW      57.60
KOREA TREASURY BOND         1.50      09/10/66      KRW      56.37
KOREA WATER RESOURCES COR   2.37      12/18/43      KRW      75.00
KOREA WATER RESOURCES COR   1.76      10/18/36      KRW      73.79
KOREA WATER RESOURCES COR   1.56      08/24/35      KRW      73.52
KOREA WATER RESOURCES COR   2.39      03/24/47      KRW      73.14
KOREA WATER RESOURCES COR   2.41      12/13/46      KRW      72.98
KOREA WATER RESOURCES COR   2.30      02/09/47      KRW      72.05
KOREA WATER RESOURCES COR   1.74      06/14/39      KRW      70.96
KOREA WATER RESOURCES COR   2.94      03/13/48      KRW      70.49
KOREA WATER RESOURCES COR   2.56      05/26/51      KRW      67.75
KOREA WATER RESOURCES COR   1.97      12/20/48      KRW      66.08
KOREA WATER RESOURCES COR   1.83      06/24/46      KRW      65.89
KOREA WATER RESOURCES COR   1.82      06/22/46      KRW      65.67
KOREA WATER RESOURCES COR   1.71      01/10/50      KRW      61.19
KOREA WATER RESOURCES COR   1.68      07/01/49      KRW      60.88
KOREA WATER RESOURCES COR   1.63      07/16/49      KRW      60.13
KOREA WATER RESOURCES COR   1.63      10/21/49      KRW      59.39
KOREA WATER RESOURCES COR   1.54      03/13/50      KRW      57.99
KOREA WESTERN POWER CO LT   2.47      06/23/37      KRW      73.54
KOREA WESTERN POWER CO LT   2.47      07/21/37      KRW      73.28
KOREA WESTERN POWER CO LT   2.51      09/05/37      KRW      73.27
KOREA WESTERN POWER CO LT   2.78      01/24/42      KRW      72.24
KOREA WESTERN POWER CO LT   3.20      03/28/52      KRW      72.08
KOREA WESTERN POWER CO LT   2.27      09/14/38      KRW      70.05
KOREA WESTERN POWER CO LT   2.25      11/01/38      KRW      69.33
KOREA WESTERN POWER CO LT   2.50      11/10/41      KRW      68.82
KOREA WESTERN POWER CO LT   2.81      04/20/48      KRW      68.25
KOREA WESTERN POWER CO LT   2.46      09/28/47      KRW      63.83
KOREA WESTERN POWER CO LT   1.69      06/23/40      KRW      61.02
KOREA WESTERN POWER CO LT   1.68      08/27/40      KRW      60.33
KOREA WESTERN POWER CO LT   2.25      09/14/48      KRW      60.04
KOREA WESTERN POWER CO LT   1.59      05/28/40      KRW      59.61
KOREA WESTERN POWER CO LT   2.20      11/01/48      KRW      58.99
KOREA WESTERN POWER CO LT   1.88      12/22/50      KRW      52.74
KOREA WESTERN POWER CO LT   1.76      11/05/50      KRW      50.77
KOREA WESTERN POWER CO LT   1.68      08/27/50      KRW      49.70
KOREA WESTERN POWER CO LT   1.62      05/28/50      KRW      48.93
KT CORP                     2.21      01/14/39      KRW      69.84
KT CORP                     1.98      01/25/41      KRW      64.49
KT CORP                     1.67      10/11/39      KRW      62.74
KT CORP                     1.71      06/15/40      KRW      62.36
LG CHEM LTD                 2.22      02/19/36      KRW      73.26
LG ELECTRONICS INC          2.22      02/25/35      KRW      73.82
LG ELECTRONICS INC          2.83      02/09/41      KRW      71.15
LG ELECTRONICS INC          2.66      07/06/40      KRW      68.85
LG UPLUS CORP               2.14      07/02/34      KRW      74.33
LG UPLUS CORP               3.01      01/26/42      KRW      74.04
LG UPLUS CORP               2.94      11/01/41      KRW      73.39
LG UPLUS CORP               2.06      01/21/35      KRW      72.53
LG UPLUS CORP               2.10      02/02/36      KRW      71.16
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
SANUPKIBAN SINBO SECURITI   3.40      02/16/51      KRW      75.28
SANUPKIBANSINBO BUSAN-GIM   1.81      10/01/34      KRW      72.21
SANUPKIBANSINBO BUSAN-GIM   1.83      10/01/36      KRW      68.95
SANUPKIBANSINBO BUSAN-GIM   1.85      10/01/38      KRW      66.01
SANUPKIBANSINBO BUSAN-GIM   1.87      10/01/40      KRW      63.38
SANUPKIBANSINBO BUSAN-GIM   1.89      09/17/41      KRW      62.39
SEOUL METROPOLITAN CITY B   1.85      10/30/49      KRW      70.88
SEOUL METROPOLITAN CITY B   1.69      11/22/49      KRW      67.93
SHINHAN BANK CO LTD         1.80      08/29/39      KRW      70.77
SINBO SECURITIZATION SPEC   5.00      01/29/23      KRW      75.00
SK HYNIX INC                2.38      01/19/31      USD      74.55
SK HYNIX INC                2.38      01/19/31      USD      73.96
SK TELECOM CO LTD           2.24      03/04/36      KRW      73.21
SK TELECOM CO LTD           2.44      09/17/38      KRW      72.43
SK TELECOM CO LTD           2.68      10/28/41      KRW      71.69
SK TELECOM CO LTD           2.23      03/06/39      KRW      69.07
SK TELECOM CO LTD           1.87      01/14/40      KRW      64.08
SK TELECOM CO LTD           1.81      10/22/39      KRW      63.72
SK TELECOM CO LTD           1.89      01/15/41      KRW      63.10
SK TELECOM CO LTD           1.76      10/19/40      KRW      61.80
SK TELECOM CO LTD           1.52      07/29/39      KRW      60.78
SK TELECOM CO LTD           1.56      07/29/49      KRW      49.64


  SRI LANKA
  ---------

SRI LANKA GOVERNMENT BOND   18.00     05/01/27      LKR      74.91
SRI LANKA GOVERNMENT BOND   18.00     01/15/28      LKR      72.42
SRI LANKA GOVERNMENT BOND   10.25     03/15/25      LKR      71.68
SRI LANKA GOVERNMENT BOND   6.00      12/01/24      LKR      69.14
SRI LANKA GOVERNMENT BOND   11.00     08/01/25      LKR      68.89
SRI LANKA GOVERNMENT BOND   9.00      05/01/25      LKR      68.45
SRI LANKA GOVERNMENT BOND   18.00     05/15/31      LKR      68.21
SRI LANKA GOVERNMENT BOND   10.35     10/15/25      LKR      66.86
SRI LANKA GOVERNMENT BOND   18.00     07/01/32      LKR      65.85
SRI LANKA GOVERNMENT BOND   11.00     06/01/26      LKR      63.61
SRI LANKA GOVERNMENT BOND   11.50     08/01/26      LKR      63.16
SRI LANKA GOVERNMENT BOND   9.00      02/01/26      LKR      61.82
SRI LANKA GOVERNMENT BOND   11.40     01/15/27      LKR      61.57
SRI LANKA GOVERNMENT BOND   11.75     06/15/27      LKR      60.55
SRI LANKA GOVERNMENT BOND   13.50     01/01/44      LKR      60.22
SRI LANKA GOVERNMENT BOND   13.50     06/01/44      LKR      60.18
SRI LANKA GOVERNMENT BOND   13.00     01/01/29      LKR      59.48
SRI LANKA GOVERNMENT BOND   13.00     05/01/29      LKR      58.70
SRI LANKA GOVERNMENT BOND   6.75      01/15/26      LKR      57.79
SRI LANKA GOVERNMENT BOND   11.25     12/15/27      LKR      57.08
SRI LANKA GOVERNMENT BOND   11.50     09/01/28      LKR      56.54
SRI LANKA GOVERNMENT BOND   10.75     03/15/28      LKR      56.16
SRI LANKA GOVERNMENT BOND   12.50     03/01/45      LKR      56.07
SRI LANKA GOVERNMENT BOND   10.30     10/15/27      LKR      55.31
SRI LANKA GOVERNMENT BOND   12.00     01/01/41      LKR      54.13
SRI LANKA GOVERNMENT BOND   5.35      03/01/26      LKR      53.70
SRI LANKA GOVERNMENT BOND   13.25     01/01/34      LKR      52.46
SRI LANKA GOVERNMENT BOND   13.25     07/01/33      LKR      51.65
SRI LANKA GOVERNMENT BOND   11.00     05/15/30      LKR      50.89
SRI LANKA GOVERNMENT BOND   9.00      05/01/28      LKR      50.76
SRI LANKA GOVERNMENT BOND   12.00     12/01/31      LKR      50.39
SRI LANKA GOVERNMENT BOND   11.25     03/15/31      LKR      50.26
SRI LANKA GOVERNMENT BOND   9.00      07/01/28      LKR      49.87
SRI LANKA GOVERNMENT BOND   7.80      08/15/27      LKR      49.73
SRI LANKA GOVERNMENT BOND   11.50     03/15/35      LKR      47.42
SRI LANKA GOVERNMENT BOND   11.20     01/15/33      LKR      45.19
SRILANKAN AIRLINES LTD      7.00      06/25/24      USD      44.79
SRI LANKA GOVERNMENT BOND   10.50     08/15/39      LKR      41.88
SRI LANKA GOVERNMENT BOND   10.25     09/15/34      LKR      41.68
SRI LANKA GOVERNMENT BOND   9.00      06/01/43      LKR      40.62
SRI LANKA GOVERNMENT BOND   9.00      10/01/32      LKR      38.87
SRI LANKA GOVERNMENT BOND   9.00      06/01/33      LKR      37.25
SRI LANKA GOVERNMENT BOND   9.00      11/01/33      LKR      36.98
SRI LANKA GOVERNMENT BOND   8.00      01/01/32      LKR      36.64
SRI LANKA GOVERNMENT INTE   6.13      06/03/25      USD      30.97
SRI LANKA GOVERNMENT INTE   6.13      06/03/25      USD      30.96
SRI LANKA GOVERNMENT INTE   6.85      11/03/25      USD      30.21
SRI LANKA GOVERNMENT INTE   6.85      11/03/25      USD      30.19
SRI LANKA GOVERNMENT INTE   5.88      07/25/22      USD      30.08
SRI LANKA GOVERNMENT INTE   6.83      07/18/26      USD      30.06
SRI LANKA GOVERNMENT INTE   6.83      07/18/26      USD      30.05
SRI LANKA GOVERNMENT INTE   5.88      07/25/22      USD      30.04
SRI LANKA GOVERNMENT INTE   5.75      04/18/23      USD      29.82
SRI LANKA GOVERNMENT INTE   5.75      04/18/23      USD      29.45
SRI LANKA GOVERNMENT INTE   6.75      04/18/28      USD      29.33
SRI LANKA GOVERNMENT INTE   6.85      03/14/24      USD      29.32
SRI LANKA GOVERNMENT INTE   6.20      05/11/27      USD      29.30
SRI LANKA GOVERNMENT INTE   6.35      06/28/24      USD      29.29
SRI LANKA GOVERNMENT INTE   7.55      03/28/30      USD      29.29
SRI LANKA GOVERNMENT INTE   6.35      06/28/24      USD      29.21
SRI LANKA GOVERNMENT INTE   7.85      03/14/29      USD      29.21
SRI LANKA GOVERNMENT INTE   6.85      03/14/24      USD      29.20
SRI LANKA GOVERNMENT INTE   7.55      03/28/30      USD      29.12
SRI LANKA GOVERNMENT INTE   6.75      04/18/28      USD      29.11
SRI LANKA GOVERNMENT INTE   6.20      05/11/27      USD      29.11
SRI LANKA GOVERNMENT INTE   7.85      03/14/29      USD      29.04


  MALAYSIA
  --------

AXIATA SPV5 LABUAN LTD      3.06      08/19/50      USD      69.49
BERJAYA CORP BHD            2.00      05/29/26      MYR      0.23
CAPITAL A BHD               8.00      12/29/28      MYR      0.67
HUME CEMENT INDUSTRIES BH   5.00      05/29/24      MYR      1.27
MALAYAN FLOUR MILLS BHD     5.00      01/24/24      MYR      1.66
MEX I CAPITAL BHD           2.60      01/23/34      MYR      74.25
MEX I CAPITAL BHD           2.60      01/22/35      MYR      71.29
MEX I CAPITAL BHD           2.60      01/21/36      MYR      69.28
MEX I CAPITAL BHD           2.60      01/21/37      MYR      69.05
MEX I CAPITAL BHD           2.60      01/21/39      MYR      65.88
MEX I CAPITAL BHD           2.60      01/21/38      MYR      65.32
MEX I CAPITAL BHD           2.60      01/23/40      MYR      61.55
MEX I CAPITAL BHD           0.10      07/21/42      MYR      30.32
PENGURUSAN AIR SPV BHD      1.00      09/28/35      MYR      62.61
PENGURUSAN AIR SPV BHD      1.00      11/05/35      MYR      62.33
PENGURUSAN AIR SPV BHD      1.00      02/05/36      MYR      62.11
PENGURUSAN AIR SPV BHD      1.00      11/11/36      MYR      59.87
PETRONAS CAPITAL LTD        3.40      04/28/61      USD      74.01
PETRONAS CAPITAL LTD        3.40      04/28/61      USD      73.71
PMB TECHNOLOGY BHD          3.00      07/12/23      MYR      19.80
SCANWOLF CORP BHD           3.00      08/04/26      MYR      0.28
SD INTERNATIONAL SUKUK II   7.00      03/12/25      USD      1.89
SD INTERNATIONAL SUKUK LT   6.30      05/09/22      USD      5.15
YB VENTURES BHD             0.10      09/05/26      MYR      0.04


  NEW ZEALAND
  -----------

AUCKLAND COUNCIL            2.95      09/28/50      NZD      58.95
HOUSING NEW ZEALAND LTD     1.53      09/10/35      NZD      69.05
NEW ZEALAND GOVERNMENT BO   1.75      05/15/41      NZD      67.38
NEW ZEALAND LOCAL GOVERNM   2.00      04/15/37      NZD      68.17


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICATIONS    15.00     07/15/06      USD      17.25
GLOBE TELECOM INC           3.00      07/23/35      USD      70.45
PHILIPPINE GOVERNMENT BON   4.63      09/09/40      PHP      73.78
PHILIPPINE GOVERNMENT INT   2.95      05/05/45      USD      73.25
PHILIPPINE GOVERNMENT INT   2.65      12/10/45      USD      68.83
PHILIPPINE GOVERNMENT INT   1.75      04/28/41      EUR      68.58
PLDT INC                    3.45      06/23/50      USD      66.66


   SINGAPORE
   ---------

APL REALTY HOLDINGS PTE L   5.95      06/02/24      USD      45.09
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      0.29
BAKRIE TELECOM PTE LTD      11.50     05/07/15      USD      0.29
BLD INVESTMENTS PTE LTD     8.63      03/23/15      USD      6.75
DBS BANK LTD                1.83      04/12/49      EUR      72.05
DBS BANK LTD                1.55      06/07/49      EUR      71.04
DBS BANK LTD                1.42      06/28/49      EUR      66.74
DBS BANK LTD                2.95      10/28/51      AUD      66.22
DBS BANK LTD                1.41      01/23/50      EUR      65.45
DBS BANK LTD                1.15      01/22/50      EUR      63.33
DBS BANK LTD                1.22      02/18/50      EUR      62.90
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      2.17
GOLDEN LEGACY PTE LTD       6.88      03/27/24      USD      1.95
HOUSING & DEVELOPMENT BOA   1.30      12/03/35      SGD      74.54
INDO INFRASTRUCTURE GROUP   2.00      07/30/10      USD      1.00
ITNL OFFSHORE PTE LTD       7.50      01/18/21      CNY      18.76
JGC VENTURES PTE LTD        3.00      06/30/25      USD      41.22
LMIRT CAPITAL PTE LTD       7.25      06/19/24      USD      69.72
LMIRT CAPITAL PTE LTD       7.50      02/09/26      USD      59.84
MICLYN EXPRESS OFFSHORE P   8.75      11/25/18      USD      0.68
MODERNLAND OVERSEAS PTE L   3.00      04/30/27      USD      43.00
MODERNLAND OVERSEAS PTE L   3.00      04/30/27      USD      41.69
NATIONAL ENVIRONMENT AGEN   2.50      09/15/51      SGD      70.57
NOMURA INTERNATIONAL FUND   1.82      05/29/35      EUR      74.62
NOMURA INTERNATIONAL FUND   3.74      04/20/40      USD      74.42
NOMURA INTERNATIONAL FUND   2.45      03/02/31      AUD      74.14
NOMURA INTERNATIONAL FUND   6.25      04/21/37      USD      71.58
NOMURA INTERNATIONAL FUND   6.02      07/20/37      USD      69.35
NOMURA INTERNATIONAL FUND   3.65      06/18/39      AUD      69.05
NOMURA INTERNATIONAL FUND   2.60      06/14/39      KRW      68.17
NOMURA INTERNATIONAL FUND   5.65      11/28/36      USD      67.67
NOMURA INTERNATIONAL FUND   19.50     08/28/28      TRY      67.40
NOMURA INTERNATIONAL FUND   2.31      01/06/36      AUD      63.69
NOMURA INTERNATIONAL FUND   2.31      12/03/35      AUD      63.50
NOMURA INTERNATIONAL FUND   7.65      10/04/37      AUD      62.81
NOMURA INTERNATIONAL FUND   3.17      10/30/44      AUD      60.78
NOMURA INTERNATIONAL FUND   1.38      07/31/44      EUR      60.47
NOMURA INTERNATIONAL FUND   3.90      06/18/50      USD      60.27
NOMURA INTERNATIONAL FUND   2.60      06/14/44      KRW      59.70
NT RIG HOLDCO PTE LTD       7.50      12/31/23      USD      0.25
ORO NEGRO DRILLING PTE LT   7.50      01/24/19      USD      0.41
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         5.55      10/10/16      SGD      12.25
SWIBER HOLDINGS LTD         7.75      09/18/17      CNY      6.13
SWIBER HOLDINGS LTD         7.13      04/18/17      SGD      6.13
TEMASEK FINANCIAL I LTD     2.38      08/02/41      USD      74.86
TEMASEK FINANCIAL I LTD     2.38      08/02/41      USD      74.19
TEMASEK FINANCIAL I LTD     1.25      11/20/49      EUR      73.12
TEMASEK FINANCIAL I LTD     2.75      08/02/61      USD      70.95
TEMASEK FINANCIAL I LTD     2.75      08/02/61      USD      70.92
TEMASEK FINANCIAL I LTD     2.80      08/17/71      SGD      68.86
TEMASEK FINANCIAL I LTD     2.25      04/06/51      USD      67.32
TEMASEK FINANCIAL I LTD     2.25      04/06/51      USD      66.29
TEMASEK FINANCIAL I LTD     2.50      10/06/70      USD      65.15
TEMASEK FINANCIAL I LTD     2.50      10/06/70      USD      64.68
THETA CAPITAL PTE LTD       6.75      10/31/26      USD      64.95


   THAILAND
   --------

G STEEL PCL                 3.00      10/04/15      USD      0.80
GC TREASURY CENTER CO LTD   4.30      03/18/51      USD      73.03
GC TREASURY CENTER CO LTD   4.30      03/18/51      USD      73.00
MDX PCL                     4.75      09/17/03      USD      22.88
PTT TREASURY CENTER CO LT   3.70      07/16/70      USD      65.59
PTT TREASURY CENTER CO LT   3.70      07/16/70      USD      65.48
PTTEP TREASURY CENTER CO    3.90      12/06/59      USD      70.89
PTTEP TREASURY CENTER CO    3.90      12/06/59      USD      70.78
THAILAND GOVERNMENT BOND    1.88      06/17/49      THB      67.76
THAILAND GOVERNMENT BOND    2.50      06/17/71      THB      63.45
THAIOIL TREASURY CENTER C   3.75      06/18/50      USD      66.50
THAIOIL TREASURY CENTER C   3.75      06/18/50      USD      66.32
THAIOIL TREASURY CENTER C   3.50      10/17/49      USD      64.04
THAIOIL TREASURY CENTER C   3.50      10/17/49      USD      63.76


   TAIWAN
   ------

TAIWAN GOVERNMENT BOND      0.38      11/27/50      TWD      72.63
TAIWAN SEMICONDUCTOR MANU   3.10      09/23/51      USD      74.03
TAIWAN SEMICONDUCTOR MANU   2.70      09/22/60      USD      63.06


   VIETNAM
   -------

BIM LAND JSC                7.38      05/07/26      USD      59.30
NO VA LAND INVESTMENT GRO   5.25      07/16/26      USD      42.59
VIETNAM BANK FOR SOCIAL P   2.50      07/13/36      VND      74.39
VIETNAM BANK FOR SOCIAL P   2.50      08/10/36      VND      74.28
VIETNAM BANK FOR SOCIAL P   2.50      08/17/36      VND      74.26
VIETNAM GOVERNMENT BOND     2.40      01/14/36      VND      74.28
VIETNAM GOVERNMENT BOND     2.50      04/15/36      VND      74.04
VIETNAM GOVERNMENT BOND     2.40      06/10/36      VND      73.73
VIETNAM GOVERNMENT BOND     2.50      05/12/37      VND      73.28
VIETNAM GOVERNMENT BOND     2.30      08/12/36      VND      72.46
VIETNAM GOVERNMENT BOND     2.30      11/25/36      VND      72.07
VIETNAM GOVERNMENT BOND     2.20      09/09/36      VND      72.01
VIETNAM GOVERNMENT BOND     2.30      01/06/37      VND      71.86
VIETNAM GOVERNMENT BOND     2.80      01/14/41      VND      71.52
VIETNAM GOVERNMENT BOND     2.70      11/25/41      VND      69.24
VIETNAM GOVERNMENT BOND     2.70      01/06/42      VND      69.12
VIETNAM GOVERNMENT BOND     3.20      10/15/50      VND      67.58
VIETNAM GOVERNMENT BOND     3.10      01/14/51      VND      67.54
VIETNAM GOVERNMENT BOND     2.90      08/26/51      VND      64.28
VIETNAM GOVERNMENT BOND     2.90      01/13/52      VND      63.62
VINPEARL JSC                3.25      09/21/26      USD      73.43



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2022.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***