/raid1/www/Hosts/bankrupt/TCRAP_Public/230214.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, February 14, 2023, Vol. 26, No. 33
Headlines
A U S T R A L I A
BIG VILLAGE: Case Summary & 30 Largest Unsecured Creditors
BIG VILLAGE: Seeks Cash Collateral Access
DECORE PTY: First Creditors' Meeting Set for Feb. 20
DRUMMOYNE GI: First Creditors' Meeting Set for Feb. 20
LIBERTY FUNDING 2023-1: Moody's Gives (P)B2 Rating to Cl. F Notes
MECRUS PTY: Second Creditors' Meeting Set for Feb. 21
MOORABOOL VALLEY: First Creditors' Meetings Set for Feb. 20
PHANTOM KITCHENS: First Creditors' Meeting Set for Feb. 20
C H I N A
CHINA VANKE: Seeks US$2.2 Billion From Private Shares Sale
RADIANCE HOLDINGS: Moody's Downgrades CFR to B3, Outlook Negative
TD HOLDINGS: Chaoliang Yang Has 7.5% Equity Stake as of Jan. 30
TD HOLDINGS: Katie Ou Has 8% Equity Stake as of Jan. 30
YUNDA HOLDING: Denies Bankruptcy, Outlet Closures Rumor
I N D I A
ADANI GREEN: Moody's Affirms 'Ba3' Rating & Alters Outlook to Neg.
ADI K C: CRISIL Assigns B+ Rating to INR4.7cr Cash Loan
ALFARA'A INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
ALIENS DEVELOPERS: CRISIL Keeps D Debt Ratings in Not Cooperating
ANTARIKSH INFRABUILD: CRISIL Reaffirms B+ Rating on INR5cr Loan
ANUPAM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
ASCON INFRATECH: Ind-Ra Assigns 'BB+' Long Term Issuer Rating
DALAL REALITIES: CRISIL Assigns C Rating to INR15cr Bank Debt
GUHAN TEXTILE: CRISIL Lowers Rating on INR7.75cr Loan to B+
INDICO MOTORS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
IRB INFRASTRUCTURE: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
JULIET APPARELS: CRISIL Lowers Rating on INR18.25cr Loan to B-
KAYNES TECHNOLOGY: CRISIL Keeps D Debt Rating in Not Cooperating
M/S AVIGNA: Ind-Ra Withdraws 'D' Long Term Issuer Rating
MCLEOD RUSSEL: NCLT Admits Insolvency Bid Against Company
MEDNOMIC HEALTHCARE: CRISIL Reaffirms B Rating on INR12.5cr Loan
N. K. BHOJANI: CRISIL Keeps D Debt Ratings in Not Cooperating
OMKAR SPECIALITY: CRISIL Keeps D Debt Ratings in Not Cooperating
PARANI SPINNING: CRISIL Lowers Rating on INR8.50cr Loan to B+
RAI BAHADUR: CRISIL Lowers Long and Short Term Debt Rating to D
RAI BAHADUR: Ind-Ra Corrects January 30, 2023 Rating Release
RCI INDUSTRIES: Ind-Ra Affirms 'D' Long Term Issuer Rating
ROLTAS PAPER: CRISIL Lowers Long and Short Term Debt Rating to D
RR METALMAKERS: CRISIL Reaffirms B Rating on INR6.5cr Cash Loan
SD INFRA: Ind-Ra Assigns B- Long Term Issuer Rating, Outlook Stable
SUPER CROP: CRISIL Lowers Rating on INR12cr Cash Loan to D
UPL ENVIRONMENTAL: CRISIL Reaffirms B Rating on INR0.75cr Loan
M A L A Y S I A
IQZAN HOLDING: Deadline to Submit Plan Extended to March 31
N E W Z E A L A N D
ANDRASSY LIMITED: Court to Hear Wind-Up Petition on March 31
AUCKLAND HARDSCAPES: PKF Corporate Appointed as Liquidators
ELITE LANDSCAPE: Creditors' Proofs of Debt Due on March 14
PARADISE COATINGS: Court to Hear Wind-Up Petition on Feb. 20
WJC BUILDING: Court to Hear Wind-Up Petition on Feb. 17
P A K I S T A N
PAKISTAN: Resume Talks on Unlocking Bailout Funds, Official Says
S I N G A P O R E
CONFLUX FOUNDATION: Court to Hear Wind-Up Petition on Feb. 17
DERMATOLOGY & SURGERY CLINIC: Creditors' Meetings Set for Feb. 24
DERMATOLOGY & SURGERY: Under Judicial Management
LIPPO MALLS: Moody's Lowers CFR to Caa1, Outlook Remains Negative
SHAKTI SHIPPING: Court to Hear Wind-Up Petition on Feb. 17
WING WAI: Court to Hear Wind-Up Petition on Feb. 17
S R I L A N K A
SRILANKAN AIRLINES: Defaults on US$175 Million State-Backed Bond
T H A I L A N D
THAI AIRWAYS: CEO Foresees Early Rehabilitation Exit
X X X X X X X X
[*] BOND PRICING: For the Week Feb. 6, 2023 to Feb. 10, 2023
- - - - -
=================
A U S T R A L I A
=================
BIG VILLAGE: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------
Lead Debtor: Big Village Holding LLC
980 N. Michigan Ave, Suite 1300
Chicago, IL 60611
Business Description: The Debtors are a global advertising,
technology, and data company with
operations in the United States, European
Union, and Australia. The Debtors deliver
their advertising and digital content across
multiple media channels and online
platforms, and facilitate the implementation
of targeted, data-driven advertising
strategies which encompass all of the
technology and intelligence necessary to
execute global advertising campaigns.
Chapter 11 Petition Date: February 8, 2023
Court: United States Bankruptcy Court
District of Delaware
Eleven affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Big Village Holding LLC (Lead Debtor) 23-10174
Big Village Group Holdings, LLC 23-10175
Big Village Group Inc. 23-10176
Big Village Insights, Inc. 23-10178
Big Village Media LLC 23-10179
EMX Digital, Inc. 23-10180
Big Village USA Corporation, Inc. 23-10181
Big Village Agency, LLC 23-10182
Balihoo, Inc. 23-10183
Deep Focus, Inc. 23-10184
Trailer Park Holdings Inc. 23-10185
Judge: Hon. Craig T. Goldblatt
Debtors' Counsel: Michael R. Nestor, Esq.
Joseph M. Barry, Esq.
Matthew B. Lunn, Esq.
Joseph M. Mulvihill, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
1000 North King Street
Rodney Square
Wilmington, Delaware 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
Email: mnestor@ycst.com
jbarry@ycst.com
mlunn@ycst.com
jmulvihill@ycst.com
Debtors'
Claims &
Noticing Agent
and Administrative
Advisor: KROLL RESTRUCTURING ADMINISTRATION, LLC
Debtors'
Restructuring
Advisor: PORTAGE POINT PARTNERS, LLC
300 North LaSalle Street
Suite 1420
Chicago, IL 60654
https://portagepointpartners.com/
Tel: 312.781.7520
Debtors'
Investment
Banker: STEPHENS, INC.
Estimated Assets
(on a consolidated basis): $10 million to $50 million
Estimated Liabilities
(on a consolidated basis): $50 million to $100 million
The petitions were signed by Kasha Cacy as global chief executive
efficer and authorized person.
A full-text copy of Big Village Holding LLC's petition is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/7OX4SCA/Big_Village_Holding_LLC__debke-23-10174__0001.0.pdf?mcid=tGE4TAMA
List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. CPX Interactive, LLC Litigation $6,596,402
Mike Fleischman - CFO
1441 Broadway
18th Floor
New York, NY 10018
Phone: 646-863-8309
Email: mfleischman@cpxi.com
2. Pluto Inc. Trade $4,475,522
AR team
705 N. San Vivente Blvd
Ste 900E
West Hollywood, CA 90069
Phone: 213-284-0873
Email: invoices@pluto.tv
3. Columbia REIT Lease/Rent $2,810,481
Maria Blake, Elizabeth M. Brown
229 West 43rd Street
Lower Level 3
New York, NY 10036
Phone: 212-659-8467
Email: maria.blake@columbia.reit;
ebrown@rosenbergestis.com
4. Yahoo Ad Tech LLC Trade $2,782,198
Collection Department
13031 W Jefferson Blvd.
Building 900
Los Angeles, CA 90066
Phone: 800-305-7664
Email: Collections@yahooinc.om
5. Google Inc-Adwords Trade
$1,681,266
Collection Department
Dept. 33654
P.O. Box 39000
San Francisco, CA 94139
Phone: 650-253-0000
Email: collections-us@google.com
6. Proper Media, LLC Trade $1,175,949
Deamie Felder
4150 Mission Blvd
Suite 220
San Diego, CA 92109-5002
Phone: 484-324-2400
Email: thestaff@tvtropes.org
7. Samsung Electronics America, I Trade $1,146,692
Customer Service
8482 Collection Center Drive
Chicago, IL 60693-0084
Phone: 408-826-7792
Email: ads-invoices@samsung.com;
a.besaw@samsung.com
8. New Performance Professional $977,586
Improvement Pa Services/Fees
Phalgun Yanamandra
One Enterprise Drive
Suite 430
Shelton, CT 06484
Phone: 704-290-4871
Email: pipinvoices@pipartners.com;
pyanamandra@pipartners.com
9. AppMonet Trade $900,249
Invoices
199 Lafayette Street
Suite 3B
New York, NY 10012
Phone: 619-508-0262
Email: accounting@appmonet.com;
bryan.halper@appmonet.com
10. Amazon Web Services, Inc. Trade $891,620
Customer Service
410 Terry Avenue N
Seattle, WA 98109
Phone: 206-266-1000
Email: acmd-aws-ar@amazon.com
11. Xandr Inc. (AppNexus) Trade $829,720
AR team
28 West 23rd Street
4th Floor
New York, NY 10010
Phone: 646-825-6460
Email: billing@appnexus.com
12. Taboola.com Ltd Trade $748,018
Omry Polakiewicz
2 Jabotinsky Street
Ramat Gan 5250501
Israel
Phone: 972-3-696-6966
Email: AR-IL@taboola.com;
omry.p@taboola.com
13. Hulu, LLC Trade $737,094
HULU AR
2500 Broadway
2nd Floor
Santa Monica, CA 90404
Phone: 310-571-4700
Email: Hulu.Ar@Disney.com
14. Google Inc. Trade $635,974
Collection Department
Dept 33654
P O BOX 33654
San Francisco, CA 941396
Phone: 650-253-0000
Email: collections-us@google.com
15. CBS Interactive Inc. Trade $602,079
Tekara Averett
24670 Network Place
Chicago, IL 60673-1246
Phone: 502-992-8032
Email: tekara.averett@cbsinteractive.com
16. Ugam Solutions Pvt. Ltd-WIRE Trade
$577,877
Rashmi Dave
2030 Vallejo Street
Suite 304
San Francisco, CA 94123
Phone: 91 22 6742 8300 ext 1582
Email: accounts.receivable@ugamsolutions.com
17. Ironsource Neon Ltd (TypeA Hol Trade $563,000
Efrat Levin
Azrieli Sarona Tower
Derech Menachem Begin 121
Tel Aviv 6701318
Israel
Phone: (+972) 052-4506856
Email: efrat.levin@typea.group
18. Consumable Trade $514,984
Mark Levin - CEO
9710 Traville Gateway Drive
Suite 267
Rockville, MD 20850
Phone: 301-251-2363
Email: mark@giftconect.com
19. Gannett Co., Inc Trade $441,490
Jaime Wagner
7950 Jones Branch Dr
McLean, VA 22107
Phone: 877-736-7884
Email: cashservices@usatoday.com;
jwagner2@gannett.com
20. Massandra Harbor Lease/Rent $436,954
Hollywood Own
Marcela Granera
200 Pine Avenue
Suite 502
Long Beach, CA 90802
Phone: 323-540-5108
Email: mgranera@tiarna.com
21. MediaVine, Inc. Trade $435,864
Eric Hochberger, Author
160 W. Camino Real
#504
Boca Raton, FL 33432
Phone: 888-705-1246
Email: eric@mediavine.com
22. Philo Inc Trade $430,001
Legal Department
225 Green St
San Francisco, CA 94111
Phone: 914-523-1480
Email: adbill@philo.com
23. Vidazoo Ltd Trade $394,773
Elad Friedman
114 Yigal Alon Street
Tel Aviv 6744320
Israel
Phone: (+972) 544-998253
Email: finance@vidazoo.com;
efriedman@vidazoo.com
24. Content IQ LLC (Boredom Therap Trade $383,784
Morgan Wagman
One World Trade Center
77th Floor Suite A
New York, NY 10007
Phone: 212-685-8000
Email: accountreceivable@contentiq.com
25. National Opinion Research Cent Trade $376,759
Tamara Newell
55 East Monroe Street
20th Floor
Chicago, IL 60603
Phone: 312-759-4001
Email: Newell-Tamara@norc.org
26. Vizio Services, LLC Trade $375,000
Sunny Bang
39 Tesla
Irvine, CA 92618
Phone: 949-777-0744
Email: VIZIO.Accounting@vizio.com
27. GumGum, Inc. Trade $362,372
Kara Petrocelli
1314 7th Street
4th Floor
Santa Monica, CA 90401
Phone: 310-260-9666
Email: accounting@gumgum.com
28. K&L Gates LLP Professional $351,719
Legal Department Services/Fees
599 Lexington Avenue
New York, NY 10022-6030
Phone: 212-536-3900
Email: AccountsReceivableSEA@klgates.com
29. NBC Universal Media LLC CFS Trade $350,000
Judy Swain - Director Digital Media Finance
30 Rockefeller Plaza
New York, NY 10112
Phone: 212-664-5548
Email: Judy.Swain@nbcuni.com
30. Roku, Inc. Trade $348,527
Customer Service
Dept 3118
PO Box 123118
Dallas, TX 75312-3118
Phone: 408-556-9040
Email: dlaccountsreceivable@roku.com
BIG VILLAGE: Seeks Cash Collateral Access
-----------------------------------------
Big Village Holding LLC and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware for authority to use
cash collateral and provide adequate protection.
The Debtor requires the use of cash collateral to preserve and
maximize the value of their assets.
The Debtors' current secured credit facilities were originally
established in 2017. However, they were substantially amended and
restated in 2020 as part of the Debtors' efforts to combat the
effects on their operations and revenue streams from the COVID-19
pandemic.
On November 17, 2020, Debtor Big Village Group, Inc., EMX Digital,
Inc., Big Village Insights, Inc., Big Village Group Holdings, LLC,
and certain subsidiaries party thereto as borrowers, the
prepetition lenders, and BNP Paribas as administrative agent
entered into the Amended and Restated Credit and Guaranty
Agreement, dated as of November 17, 2020.
The Prepetition Credit Agreement provided for a restructuring of
the Debtors' secured debt obligations by, among other things, (a)
amending and restating the First Lien Credit and Guaranty
Agreement, dated as of September 15, 2017, and (b) terminating that
certain Second Lien Credit and Guaranty Agreement, dated as of
September 15, 2017.
As of the Petition Date, the Prepetition Borrowers were indebted to
the Prepetition Secured Parties under the Prepetition Financing
Documents, for (a) an aggregate principal amount of $49.3 million
of 2020 Term Loans, and (b) accrued and unpaid interest, fees and
costs, expenses, charges, indemnities, and all other Obligations
incurred or accrued with respect to the foregoing pursuant to, and
in accordance with, the Prepetition Credit Agreement.
The Debtors and the Prepetition Secured Parties have reached an
agreement on the consensual use of Cash Collateral and Prepetition
Collateral to fund expenses identified in the budget.
As adequate protection for the Prepetition Secured Parties for the
Prepetition Secured Liens, the Agent, will be granted additional
and replacement valid, binding, enforceable, non-avoidable, and
perfected postpetition security interests and liens upon all
present and after-acquired property and assets of the Debtors and
their estates.
The Prepetition Secured Parties and the Agent, for the benefit of
the Prepetition Secured Parties, will be granted an allowed
administrative expense claim with super-priority over all other
administrative expenses and all other claims against the Debtors or
their estates or any kind or nature whatsoever, but in all cases
subject and subordinate to the Carve-Out and the Permitted Prior
Liens.
The Carve-Out means fees and expenses of any statutory committee of
unsecured creditors, appointed pursuant to section 1103 of the
Bankruptcy Code, and the Retained Professionals, including
professionals retained by the Committee that have been approved by
the Court, which upon the Carve-Out Trigger Date, is subject to a
cap of $750,000.
A copy of the motion is available at https://bit.ly/3Xh60Fd from
PacerMonitor.com.
About Big Village Holding LLC
Big Village Holding LLC and its affiliates are a global
advertising, technology, and data company with operations in the
United States, European Union, and Australia. They deliver their
advertising and digital content across multiple media channels and
online platforms, and facilitate the implementation of targeted,
data-driven advertising strategies which encompass all of the
technology and intelligence necessary to execute global
advertising
campaigns.
Big Village Holding LLC and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10174) on February 8, 2023. In the petition signed by Kasha
Cacy, global chief executive officer, the Debtors disclosed up to
$50 million in assets and up to $100 million in liabilities.
Judge Craig T. Goldblatt oversees the case.
The Debtors tapped Young Conaway Stargatt and Taylor, LLP as legal
counsel, Kroll Restructuring Administration, LLC as claims and
noticing agent and administrative advisor, Portage Point Partners,
LLC as restructuring advisor, and Stephens, Inc. as investment
banker.
BNP Paribas, as administrative agent under the Debtors' prepetition
credit agreement, is represented by Mayer Brown LLP's Brian Trust
and Scott Zemser; and Potter Anderson & Corroon LLP's L. Katherine
Good.
DECORE PTY: First Creditors' Meeting Set for Feb. 20
----------------------------------------------------
A first meeting of the creditors in the proceedings of Decore Pty
Ltd, trading as Decore Tiling, will be held on Feb. 20, 2023, at
3:00 p.m. at Level 12, 20 Bridge Street in Sydney and via virtual
technology.
Grahame Ward and Edwin Narayan of Mackay Goodwin were appointed as
administrators of the company on Feb. 8, 2023.
DRUMMOYNE GI: First Creditors' Meeting Set for Feb. 20
------------------------------------------------------
A first meeting of the creditors in the proceedings of Drummoyne GI
Pizza Pty Ltd will be held on Feb. 20, 2023, at 11:00 a.m. via
virtual meeting only.
Bruce Gleeson of Jones Partners Insolvency & Restructuring was
appointed as administrator of the company on Feb. 8, 2023.
LIBERTY FUNDING 2023-1: Moody's Gives (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Liberty Funding Pty Ltd in
respect of Liberty Series 2023-1.
Issuer: Liberty Funding Pty Ltd in respect of Liberty Series
2023-1
AUD150.0 million Class A1a Notes, Assigned (P)Aaa (sf)
AUD300.0 million Class A1b Notes, Assigned (P)Aaa (sf)
AUD95.4 million Class A2 Notes, Assigned (P)Aaa (sf)
AUD21.0 million Class B Notes, Assigned (P)Aa2 (sf)
AUD7.8 million Class C Notes, Assigned (P)A2 (sf)
AUD9.0 million Class D Notes, Assigned (P)Baa2 (sf)
AUD4.8 million Class E Notes, Assigned (P)Ba2 (sf)
AUD4.2 million Class F Notes, Assigned (P)B2 (sf)
The AUD7.8 million Class G Notes are not rated by Moody's.
The transaction is a securitisation of Australian residential
mortgages loans originated and serviced by Liberty Financial Pty
Ltd (Liberty, unrated).
RATINGS RATIONALE
The provisional ratings take into account, among other factors:
Evaluation of the underlying receivables and their expected
performance;
Evaluation of the capital structure and credit enhancement
provided to the notes;
The liquidity facility in the amount of 2.0% of the notes balance
subject to a floor of AUD600,000;
The experience of Liberty as the servicer;
Presence of Perpetual Trustee Company Limited as the back-up
servicer.
Moody's MILAN credit enhancement (MILAN CE) for the collateral pool
is 9.1%, while the expected loss is 1.20%.
MILAN CE represents the loss Moody's expect the portfolio to suffer
in a severe recessionary scenario, and does not take into account
structural features of the transaction. The expected loss
represents a stressed, through-the-cycle loss relative to
Australian historical data.
A key strength of the transaction is the 25% subordination
available to Class A1a and Class A1b Notes. Moody's considers the
relatively high proportion (17%) of loans with scheduled LTV above
80% a credit challenge.
The key transactional features are as follows:
The notes benefit from a guarantee fee reserve available to cover
losses arising from the portfolio and shortfalls in interest
payments on the notes. Unfunded at closing, the reserve will build
up through the trapping of excess spread up to a maximum of
AUD1,800,000, equivalent to 0.30% of the initial invested amount of
the notes.
The notes will be initially repaid sequentially. On and after the
payment date in February 2025, all notes, excluding Class G Notes,
will receive a pro-rata share of principal payments, subject to
certain step down conditions being met. These include, among
others, Class A1a Notes being repaid and no unreimbursed
charge-offs on any notes. The principal paydown will switch back to
sequential pay once the aggregate invested amount of all notes is
less than or equal to 20.0% of the aggregate initial invested
amount of all notes on the issue date, or following the payment
date in February 2027.
The key features of the pool as at the cut-off date are as
follows:
The portfolio has a weighted-average seasoning of 10.5 months.
The portfolio has a scheduled LTV ratio of 68.1%, with a
relatively high proportion of loans with a scheduled LTV ratio
above 80.0% (17.0%) and above 90% (6.6%).
Around 46.8% of the loans in the portfolio were extended to
self-employed borrowers.
Based on Moody's classifications, 24.8% of the loans in the
portfolio were extended on an alternative documentation basis with
further 0.2% on low documentation basis.
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:
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.
MECRUS PTY: Second Creditors' Meeting Set for Feb. 21
-----------------------------------------------------
A second meeting of creditors in the proceedings of Mecrus Pty.
Ltd. has been set for Feb. 21, 2023 at 10:30 a.m. at the offices of
Rodgers Reidy or via Microsoft Teams video teleconferencing.
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 Feb. 20, 2023 at 4:00 p.m.
Shane Justin Cremin of Rodgers Reidy was appointed as administrator
of the company on Jan. 21, 2023.
MOORABOOL VALLEY: First Creditors' Meetings Set for Feb. 20
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Moorabool
Valley Eggs Pty Ltd and Egg Marketing Australia Pty Ltd will be
held on Feb. 20, 2023, at 2:00 p.m. and 3:00 p.m. respectively, at
the offices of Cor Cordis at Level 29, 360 Collins Street in
Melbourne or via online video conference.
Daniel Peter Juratowitch and Bruno Secatore of Cor Cordis were
appointed as administrators of the company on Feb. 8, 2023.
PHANTOM KITCHENS: First Creditors' Meeting Set for Feb. 20
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Phantom
Kitchens Pty Ltd will be held on Feb. 20, 2023, at 11:30 a.m. at
the offices of Kennedy Ryan Advisory at Level 40, 140 William
Street in Melbourne.
Richard Rohrt of Kennedy Ryan Advisory was appointed as
administrator of the company on Feb. 8, 2023.
=========
C H I N A
=========
CHINA VANKE: Seeks US$2.2 Billion From Private Shares Sale
----------------------------------------------------------
South China Morning Post reports that China Vanke intends to raise
up to CNY15 billion (US$2.2 billion) by issuing 1.1 billion shares
to specific investors in the Shenzhen stock market to replenish its
liquidity and fund real estate projects.
The proposal is still pending clearance by shareholders and China's
securities regulator, the report says. The shares are intended for
35 specific investors including securities companies, institutional
insurance investors, and foreign institutional investors, the
developer said in a notice to the Hong Kong stock exchange on Feb.
12.
According to the Post, the property giant, like many of its peers,
has been hit hard by a slump in home sales and Beijing's clampdown
on excessive debt which made borrowing harder for developers. Early
last year Vanke's chairman, Yu Liang, told staff they faced a
battle to survive and declared "We are on our last legs", according
to an internal document seen by the Post.
The Post relates that the announcement came after Vanke obtained
quotas for three onshore medium-term notes totalling CNY33.7
billion on February 2. It plans to issue an initial quantity of
CNY9 billion of onshore bonds and use the proceeds to repay debt
and fund property projects.
Vanke said in the notice that the proposal to issue shares
non-publicly "may increase the ownership interest of the group,
further optimise the capital structure, improve the profitability
and risk resistance of the group, and enhance its core
competitiveness and sustainability," the Post relays.
It described its current gearing ratio - a measure of debt as a
proportion of equity - as "relatively high."
The figure has stood above 77 per cent for the last four years,
peaking at 84.36 per cent in 2019. A gearing ratio of between 60
and 70 per cent is generally considered healthy.
In the first nine months of 2022, its debt amounted to CNY1.43
trillion with a gearing ratio of 77.85 per cent. Its
interest-bearing liabilities came to CNY294 billion, of which 78.7
per cent was long-term liabilities, the Post discloses.
This time, Vanke plans to spend CNY4.5 billion, almost a third of
the proceeds, to replenish its liquidity.
The rest will be used to fund 11 projects already underway in
second-tier cities such as Zhongshan and Guangzhou in southern
Guangdong province, Chongqing and Chengdu in southwestern Sichuan
province, and provincial capitals like Xian and Changchun, the
report notes. Two residential projects in Zhengzhou and Anshan will
receive CNY1.3 billion each.
The Post adds that Vanke said the new funds will help deliver these
projects on time, in the face of high land prices and construction
costs that are crimping its cash flow.
The developer's cash position is at stake. Its net cash from
operating activities fell into negative territory for the first
time in three years in 2022, according to its third quarterly
report for that year, the Post relays.
Its sales plunged in the first nine months of last year, falling in
value by 20 per cent to CNY99.38 billion year on year and by 14.4
per cent in area to 6.47 million square metres, the Post notes.
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
RADIANCE HOLDINGS: Moody's Downgrades CFR to B3, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded Radiance Holdings (Group)
Co. Ltd.'s corporate family rating to B3 from B2 and the company's
senior unsecured rating to Caa1 from B3.
The outlook remains negative.
"The downgrade reflects Radiance's worsening liquidity due to its
weak sales and sizable debt maturities over the next 12-18 months,"
says Alfred Hui, a Moody's Analyst.
"The negative outlook reflects uncertainty over the company's
ability to generate sufficient operating cash flow to support its
operations and address sizable debt obligations amid a challenging
operating environment," adds Hui.
RATINGS RATIONALE
Moody's expects Radiance's contracted sales to fall to around RMB35
billion in 2023. The company's high exposure to second- and
third-tier cities, where economic fundamentals and housing demand
are weaker than those in major cities, would limit the benefit of
government policies to support property sales. Declining contracted
sales will in turn strain the company's operating cash flow and
liquidity. In the first 9 months of 2022, Radiance's contracted
sales declined by 52% year-on-year to RMB35.4 billion, with
contracted sales average selling price also falling 12%
year-on-year to RMB14,914 per square meter.
Moody's assessed Radiance's liquidity will be inadequate over the
next 12-18 months, if the company is unable to raise new external
funding to meet its operating and refinancing needs.
Radiance has sizable debt maturities over the next 12-18 months,
including a USD300 million offshore bond due in March 2024.
Although the company issued an RMB1.2 billion onshore bond with a
guarantee by China Bond Insurance Co., Ltd. in late 2021, the
amount is relatively small compared to its debt maturities over the
next 12-18 months.
Radiance's reported gross margin will likely contract to around 14%
in 2023, from 17.7% in the first half (H1) of 2022 and 19.4% in
2021, as Moody's expects the company to keep prices low to support
contracted sales and cash collection.
Moody's also expects Radiance's financial metrics to deteriorate as
a result of its weakened operations. The company's debt leverage,
as measured by debt/EBITDA, will weaken to around 10x in 2023, from
an estimated 7.0x in 2022. Similarly, its interest-servicing
ability, as measured by EBIT interest coverage, will worsen to 1.4x
from 1.8x over the same period.
Radiance's Caa1 senior unsecured debt rating is one notch lower
than the company's CFR due to structural subordination risk. This
risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over Radiance's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the expected recovery rate for claims
at the holding company will be lower.
In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's weak financial position and
limited flexibility in managing its liquidity position. Moody's has
also considered Radiance's concentrated ownership, given that its
key shareholder, Mr. Lam, and his spouse ultimately held an 84.05%
stake in the company as of the end of 2021.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade is unlikely, given the negative outlook.
However, Moody's could revise the outlook to stable if Radiance
improves its liquidity and access to funding, and strengthens its
sales, profitability and credit metrics, with EBIT/interest
coverage above 1.5x on a sustained basis.
On the other hand, Moody's could downgrade Radiance's ratings if
the company's access to funding and liquidity deteriorate further,
and in turn, increase its refinancing risks.
The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.
Established in 1996, Radiance Holdings (Group) Co. Ltd. is a
Chinese property developer with more than 25 years of experience in
property development. As of June 30, 2022, it had a total land bank
of 29.6 million square meters with coverage of different regions in
China.
TD HOLDINGS: Chaoliang Yang Has 7.5% Equity Stake as of Jan. 30
---------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Chaoliang Yang disclosed that as of Jan. 30, 2023, he
beneficially owns 10,750,000 shares of common stock of TD Holdings,
Inc., representing 7.5% of the shares outstanding. The percentage
was calculated on the basis of the sum of (i) 107,911,081 shares of
common stock of the Issuer issued and outstanding as of Jan. 24,
2023, and (ii) 35,000,000 shares of common stock to be issued
pursuant to the Securities Purchase Agreement.
On Jan. 9, 2023, the Reporting Person entered into that certain
securities purchase agreement with the Issuer. Pursuant to the
Securities Purchase Agreement, Mr. Yang acquired 5,000,000 shares
of common stock, par value $0.001 per share, of the Issuer at a
purchase price of US$1.21 per share on Jan. 30, 2023. Prior to
such purchase, the Reporting Person purchased a total of 5,750,000
shares of Common Stock of the Issuer through private placement
transactions. As of Feb. 3, 2023 (the date of this report), the
Reporting Person holds a total of 10,750,000 shares of Common Stock
of the Issuer.
The Reporting Person used his own cash on hand for the purchase of
all of the shares.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/1556266/000121390023007973/ea172447-13dyang_tdhold.htm
About TD Holdings
Headquartered in Shenzhen, Guangdong, PRC, TD Holdings, Inc. --
visit http://ir.tdglg.com--is a service provider currently
engaging in commodity trading business and supply chain service
business in China. Its commodities trading business primarily
involves purchasing non-ferrous metal product from upstream metal
and mineral suppliers and then selling to downstream customers. Its
supply chain service business primarily has served as a
one-stop commodity supply chain service and digital intelligence
supply chain platform integrating upstream and downstream
enterprises, warehouses, logistics, information, and futures
trading.
TD Holdings reported a net loss of $940,357 for the year ended Dec.
31, 2021, a net loss of $5.95 million for the year ended Dec. 31,
2020, and a net loss of $6.94 million for the year ended Dec. 31,
2019. As of Sept. 30, 2022, the Company had $260.98 million in
total assets, $26.51 million in total liabilities, and $234.47
million in total equity.
TD HOLDINGS: Katie Ou Has 8% Equity Stake as of Jan. 30
-------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Katie Ou disclosed that as of Jan. 30, 2023, she
beneficially owns 11,442,996 shares of common stock of TD Holdings,
Inc., representing 8 percent of the shares outstanding. The
percentage is calculated on the basis of the sum of (i) 107,911,081
shares of common stock of the Issuer issued and outstanding as of
Jan. 24, 2023, and (ii) 35,000,000 shares of common stock to be
issued pursuant to the Securities Purchase Agreement.
On Jan. 9, 2023, Ms. Ou entered into that certain securities
purchase agreement with the Issuer. Pursuant to the Securities
Purchase Agreement, Ms. Ou acquired 9,000,000 shares of common
stock, par value $0.001 per share, of the Issuer at a purchase
price of US$1.21 per share on Jan. 30, 2023. Prior to such
purchase, the Reporting Person purchased a total of 2,442,996
shares of Common Stock of the Issuer through private placement
transactions. As of Feb. 3, 2023 (the date of this report), the
Reporting Person holds a total of 11,442,996 shares of Common Stock
of the Issuer.
The Reporting Person used her own cash on hand for the purchase of
all of the shares.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/1556266/000121390023007976/ea172448-13da2ou_tdhold.htm
About TD Holdings
Headquartered in Shenzhen, Guangdong, PRC, TD Holdings, Inc. --
visit http://ir.tdglg.com--is a service provider currently
engaging in commodity trading business and supply chain service
business in China. Its commodities trading business primarily
involves purchasing non-ferrous metal product from upstream metal
and mineral suppliers and then selling to downstream customers. Its
supply chain service business primarily has served as a
one-stop commodity supply chain service and digital intelligence
supply chain platform integrating upstream and downstream
enterprises, warehouses, logistics, information, and futures
trading.
TD Holdings reported a net loss of $940,357 for the year ended Dec.
31, 2021, a net loss of $5.95 million for the year ended Dec. 31,
2020, and a net loss of $6.94 million for the year ended Dec. 31,
2019. As of Sept. 30, 2022, the Company had $260.98 million in
total assets, $26.51 million in total liabilities, and $234.47
million in total equity.
YUNDA HOLDING: Denies Bankruptcy, Outlet Closures Rumor
-------------------------------------------------------
Yicai Global reports that Yunda Holding has refuted online rumors
claiming it closed over 2,000 outlets in China in the first half of
last year and will go bankrupt.
Yunda opened 100 new outlets in first-tier cities in the past year,
with the number of package delivery and collection terminals
increasing by over 10,000 in the period, the Shanghai-based company
said in a statement on Weibo on Feb. 13, citing the latest
statistics, Yicai Global relays.
According to the report, many people also said online that the
courier's deliveries have been abnormal since last month, and the
situation has worsened after the Spring Festival holiday. Some
claimed that their parcels are late or lost, with others being
unable to track their order.
Outlets have more parcels to deliver after the Spring Festival and
some deliverymen have not yet returned from the holiday, causing
delays in some areas, Yunda noted, adding that it has taken actions
to complete the deliveries soon, Yicai Global relates.
=========
I N D I A
=========
ADANI GREEN: Moody's Affirms 'Ba3' Rating & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on eight Adani
Group companies.
At the same time, Moody's has changed the outlook on four issuers
to negative from stable, while maintaining the stable outlook on
other four companies.
The eight companies affected are:
1. Adani Green Energy Limited (AGEL) - Ba3 ratings affirmed;
outlook changed to negative from stable
2. Adani Green Energy Restricted Group (AGEL RG-1) comprising Adani
Green Energy (UP) Limited; Parampujya Solar Energy Private Limited;
Prayatna Developers Private Limited - Ba2 ratings affirmed; outlook
changed to negative from stable
3. Adani Transmission Step-One Limited (ATSOL) - Baa3 ratings
affirmed; outlook changed to negative from stable
4. Adani Electricity Mumbai Limited (AEML) - Baa3 ratings affirmed;
outlook changed to negative from stable
5. Adani Ports and Special Economic Zone Limited (APSEZ) - Baa3
ratings affirmed; outlook remains stable
6. Adani International Container Terminal Private Ltd (AICTPL) -
Baa3 ratings affirmed; outlook remains stable
7. Adani Green Energy Restricted Group (AGEL RG-2) comprising
Wardha Solar (Maharashtra) Private Limited, Kodangal Solar Parks
Private Limited and Adani Renewable Energy (Rj) Limited - Ba1
ratings affirmed; outlook remains stable
8. Adani Transmission Restricted Group 1 (ATL RG1) comprising
Barmer Power Transmission Service Limited;
Raipur-Rajnandgaon-Warora Transmission Ltd; Sipat Transmission
Limited; Thar Power Transmission Service Limited; Hadoti Power
Transmission Service Limited; Chhattisgarh-WR Transmission Limited
- Baa3 ratings affirmed; outlook remains stable
These rating actions follow the significant and rapid decline in
the market equity values of the Adani Group companies following the
recent release of a report from a short-seller highlighting
governance concerns in the Group.
A List of Affected Credit Ratings is available at
https://bit.ly/3IlHxdS
RATINGS RATIONALE
AFFIRMATION OF RATINGS AND CHANGE IN OUTLOOK TO NEGATIVE FROM
STABLE FOR AGEL, AGEL RG-1, ATSOL and AEML
The affirmation of AGEL's senior secured bond rating reflects its
predictable cash flow backed by long-term power purchase agreements
(PPAs), its large and diversified portfolio of solar and wind
generation projects, and its very high financial leverage.
The change in the outlook to negative on AGEL considers the
company's large capital spending program and dependence on sponsor
support, potentially in the form of subordinated debt or
shareholder loans, which will likely be less certain in the current
environment. The negative outlook also factors in the company's
significant refinancing needs of around $2.7 billion in fiscal year
ending March 2025 (fiscal 2025) and limited headroom in its credit
metrics to manage any material increase in funding costs.
The affirmation of AGEL RG-1's senior secured bond rating considers
its predictable revenues from a diversified set of projects in
India, operating under long-term PPAs with fixed tariffs. The AGEL
RG-1's underlying credit quality also reflects the uneven past
performance of the restricted subsidiaries' projects, and its high
financial leverage.
The change in the outlook on AGEL RG-1 to negative factors in the
refinancing risk associated with $500 million of bonds maturing in
December 2024. Moody's recognizes that the project finance
structure of AGEL RG-1 provides protection from any contagion risk
from the broader Adani Group.
The affirmation of ATSOL's senior secured bond ratings reflects the
company's close credit linkage with its wholly-owned parent, Adani
Transmission Limited (ATL), owing to the parental guarantee
provided by ATL over the rated bonds and the event of default
provisions linked to ATL's solvency. ATL's credit profile, in turn,
reflects the predictable revenue from its diversified portfolio of
quality regulated or contracted transmission and distribution
assets, as well as the group's aggressive growth strategy and the
incremental debt required to fund its capital spending.
The change in the outlook on ATSOL to negative considers the modest
headroom in ATL's credit metrics relative to the minimum tolerance
level under Moody's base case scenario, which limits the group's
ability to withstand a material increase in funding cost or reduced
funding access.
The affirmation of AEML's senior secured bond ratings reflects the
predictable revenue from its integrated utility business in Mumbai,
all of which are regulated. At the same time, the rating
affirmation considers AEML's elevated financial leverage partly due
to its large capital spending in recent years. The change in
outlook to negative reflects the likely reduction in its funding
access and reduced ability to manage any material increase in
funding costs given the limited headroom in its credit metrics
under Moody's base case scenario.
AFFIRMATION OF RATINGS AND STABLE OUTLOOK MAINTAINED FOR APSEZ,
AICTPL, AGEL RG-2 and ATL RG1
The affirmation of APSEZ's issuer ratings considers the company's
strong market position as the largest port developer and operator
in India by cargo volume and its strong liquidity and financial
profile. The stable outlook on the ratings reflects Moody's
expectation that APSEZ would continue to generate relatively steady
cash flow over the next 12-18 months and would be able to realign
its capital spending plans in the event of a liquidity squeeze.
The affirmation of AITCPL's senior secured bond ratings considers
the company's strategic location and access to a large catchment
area that generates strong origin-destination cargo demand. It also
reflects the fully amortizing fixed-cost debt structure that helps
to improve the company's credit profile, its strong operating
history and strong and committed shareholders. The stable outlook
on the ratings reflects the project finance features of the senior
secured bonds including restrictions on debt incurrence and
distributions, and the reserving of cash which supports debt
servicing, which provide a ring fence from any contagion risk from
the broader Adani Group.
The affirmation of AGEL RG-2's ratings considers the group's
predictable revenues from a diversified set of projects in India,
operating under long-term PPAs with fixed tariffs, and the group's
dependence on sovereign-owned entities, such as Solar Energy
Corporation of India, for more than 70% of the offtake from its
power projects. The stable outlook on the ratings reflects the
project finance features of the senior secured bonds including
restrictions on debt incurrence and distributions, the absence of
growth capital spending requirement, the reserving of cash which
supports debt servicing, which provide a ring fence from any
contagion risk from the broader Adani Group.
The affirmation of ATL RG1's ratings factors in the group's
predictable revenues from a portfolio of transmission projects in
India, operating under long-term transmission service agreements
with fixed tariffs, the essential nature of the transmission grid
as part of India's decarbonization plans, and the group's moderate
financial leverage. The stable outlook reflects ATL RG1's full
amortization structure and absence of growth capital spending
requirements, which minimize the need for additional funding from
its shareholders or the capital markets. It further recognizes the
ring-fencing in place to reduce potential contagion risk from the
Adani Group.
The stable outlook on APSEZ, AICTPL, AGEL RG-2 and ATL RG1 further
assumes that there will be no material adverse effect from any
potential regulatory or legal investigations or increase in related
party transactions to provide funding support to other group
entities.
A List of Affected Credit Ratings is available at
https://bit.ly/3lv9ozb
Principal Methodologies and Models Used
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
AGEL, AGEL RG-1, ATSOL and AEML
Given the negative outlook on AGEL, AGEL RG-1, ATSOL and AEML, an
upgrade of the ratings is unlikely in the near term.
However, Moody's could change the rating outlook to stable, if the
entities can demonstrate their access to the capital markets to
meet their growth funding and refinancing requirements; and if
their management can effectively implement timely and effective
countermeasures to preserve the companies' credit metrics including
a reduction in capital spending or financial leverage with support
from the promoter. A revision in the outlook to stable is further
predicated on there being no material increase in related party
transactions to provide funding support to other group entities.
The stable outlook further assumes that there will be no material
adverse effect from any potential regulatory or legal
investigations.
For AGEL, Moody's could downgrade its rating if (1) it becomes
clear that the company is facing challenges in refinancing its
large maturing debt in a timely manner; (2) its credit profile
deteriorates, such that its cash flow from operation pre-working
capital / debt declines below 3% or its interest coverage falls
below 1.25x on a sustained basis, potentially because of weaker
operational performance, a delay in the commissioning of new
projects, aggressive acquisitions and capital spending beyond
Moody's expectations; and (3) support from its shareholders, Adani
Group and TotalEnergies SE (Total, A1 stable), - weakens.
AGEL RG-1's rating could come under downward pressure if it becomes
clear that it is facing challenges in refinancing its maturing debt
in a timely manner; if its funds from operations (FFO)/debt falls
below 5% on a consistent basis; and/or if Moody's assessment of the
credit profile of the off-taker of AGEL RG-1's assets changes.
Moody's could downgrade ATSOL's or AEML's ratings if the companies
face sustained challenges in accessing funding. Moreover, the
ratings could be downgraded if the companies' credit metrics
deteriorate beyond the respective minimum rating tolerance levels,
namely FFO/net debt below 7.5% on a sustained basis for ATL, and
cash flow from operations pre working capital/debt below 9% on a
sustained basis for AEML. Such weakening could stem from
deterioration in the companies' underlying operations, or a
potential increase in related party transactions with ATSOL or AEML
providing funding support to other Adani Group entities.
APSEZ, AICTPL, AGEL RG-2 and ATL RG1
Moody's could upgrade APSEZ's rating if the sovereign rating is
upgraded; the company continues to improve its operating
performance and business mix; and it undertakes permanent leverage
reduction, with its FFO/debt above 22% on a sustained basis.
Conversely, Moody's could downgrade APSEZ's rating if the sovereign
rating is downgraded; or its cargo volumes decline, resulting in
its financial metrics deteriorating beyond the parameters of the
Baa3 rating category. In particular, Moody's would consider
downgrading APSEZ's rating if the company's FFO/debt falls below
14% on a sustained basis and cash interest coverage remains below
2.75x-3.00x. A reinstatement of related-party loans could also
strain the rating.
Moody's could upgrade AICTPL's rating if the sovereign rating is
upgraded, and the company improves its financial profile such that
its average DSCR exceeds 3.0x.
However, Moody's could downgrade AICTPL's senior secured bonds
ratings if India's sovereign rating is downgraded; the company's
average DSCR declines below 1.7x over the next 3-5 years or
FFO/debt falls below 12% on a sustained forward-looking basis; its
ability to retain sufficient cash to meet the last three years'
debt servicing is severely compromised; and/or support from its
shareholders weakens to the extent that it affects its operations.
Moody's could upgrade AGEL RG-2's rating if the sovereign rating is
upgraded and the restricted group's and AGEL's underlying credit
profiles do not significantly deteriorate.
Conversely, Moody's could downgrade AGEL RG-2's bond ratings if the
sovereign rating is downgraded, the company's DSCR deteriorates
toward 1.30x on a sustained basis, and/or Moody's view on the
off-taker credit profile of restricted group assets changes.
An upgrade of ATL RG1's bonds is unlikely in the absence of a
sovereign rating upgrade, because of the restricted subsidiaries'
domestically focused operations.
On the other hand, Moody's will downgrade ATL RG1's rating if the
sovereign rating is downgraded. Furthermore, downward pressure
could develop on the bond ratings if the RG's average DSCR remains
below 1.30x on a consistent basis or there are signs that the
essentiality of the RG's lines as part of the transmission grid has
declined.
ADI K C: CRISIL Assigns B+ Rating to INR4.7cr Cash Loan
-------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' ratings to the
long term bank facilities of ADI K C Paul and Sons (ADIKCPS).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.7 CRISIL B+/Stable (Assigned)
Proposed Long Term
Bank Loan Facility 1.3 CRISIL B+/Stable (Assigned)
The ratings reflect the presence of the firm in a highly fragmented
industry with limited size and working capital-intensive
operations. These weaknesses are partially offset by the extensive
industry experience of the partners and healthy capital structure.
Key Rating Drivers & Detailed Description
Weakness:
* Presence in a highly fragmented industry with limited size:
Business is susceptible to intense competition in the niche
umbrella segment. The firm faces stiff competition from the large
number of unorganised players in India and also from umbrellas
imported from China, which are priced much lower than those made in
India.
* Modest scale of operations: Business is constrained by the small
scale of operations of the firm in the intensely competitive
housewares and specialties industry. The modest scale will
continue to limit its operating flexibility.
* Working capital intensive operations: Gross current assets (GCAs)
were sizeable at 398-854 days over the three fiscals ended 2022.
GCAs were 663 days as on March 31, 2022 driven by large debtor and
inventory levels. The firm is required to extend long credit period
to customers. Furthermore, due to business need, it holds large
work-in-process and inventory.
Strengths:
* Extensive industry experience of the partners: The partners'
experience of more than four decades in the housewares and
specialties industry, their understanding of the dynamics of the
market and healthy relationships with suppliers and customers
should support the business.
* Healthy capital structure: Capital structure has been healthy due
to modest reliance on external funds yielding low total outside
liabilities to adjusted tangible networth (TOL/ANW) ratio for the
three years through fiscal 2022.
Liquidity: Stretched
Expected modest cash accrual range of INR0.06- 0.11 crore per year
is just sufficient against term debt obligation of INR0.05 crore
over the medium term. Bank limit utilisation averaged a high 96.19%
over the twelve months through November 2022. Current ratio was
healthy at 2.54 times on March 31, 2022 and cash and bank balance
moderate at INR4.0 crore. Low gearing and moderate networth support
financial flexibility.
Outlook Stable
CRISIL Ratings believes ADIKCPS will benefit from the extensive
experience of its partners and established relationships with
clients.
Rating Sensitivity factors
Upward factors
* Increase in revenue by 30% and sustenance of operating margin,
leading to cash accrual of more than INR0.06 crore.
* Improvement in working capital cycle.
Downward factors
* Fall in profitability or stretch in working capital cycle
* Decline in scale of operations leading to fall in revenue and
profitability margin, hence resulting in lower-than INR0.01 crore
net cash accrual.
* Large debt-funded capital expenditure weakens capital structure
Increase in working capital requirements weakening its liquidity
and financial risk profiles
Established in 2018. ADIKCPS is owned and managed by Mr Debnath
Paul and Mr Anjan Paul. It manufactures umbrellas and also trades
in umbrella, raincoat, walking stick and bag. It is engaged in job
work for raincoats. Its facility is in Kolkata, West Bengal.
ALFARA'A INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alfara'A
Infraprojects Private Limited (AIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 40 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 106.09 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 249 CRISIL D (Issuer Not
Cooperating)
Cash Credit 41 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 36.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 50.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 75 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 45 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 20 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 30 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letters and emails dated October 21,
2022 and December 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 AIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
AIPL, which was set up in 2011, undertakes civil construction
activities in India. The Alfara'a group has a long track record
of operations in the civil construction industry in the UAE, having
delivered projects both for private as well as government sectors.
ALIENS DEVELOPERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aliens
Developers Private Limited (ADPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.8 CRISIL D (Issuer Not
Cooperating)
Cash Credit 6.3 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.9 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with ADPL for
obtaining information through letters and emails dated October 21,
2022 and December 30, 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 ADPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ADPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ADPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
ADPL, incorporated in 2004, is a Hyderabad-based company that
undertakes residential real estate projects across the city and its
adjacent locations. Mr Hari Challa and Mr Venkata Prasanna Challa
are the promoters.
ANTARIKSH INFRABUILD: CRISIL Reaffirms B+ Rating on INR5cr Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating to the
bank facilities of Antariksh Infrabuild LLP (AIL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL B+/Stable (Reaffirmed)
Term Loan 5 CRISIL B+/Stable (Reaffirmed)
CRISIL Ratings continues to reflect AIL's modest scale of
operations and susceptibility to intense competition in the textile
industry, moderate capital structure and susceptibility to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of the partners in the
textile industry, favourable location of the manufacturing unit,
and the firm's average debt protection metrics.
Analytical Approach
Unsecured loans of INR27 Lakhs as on March 31, 2022 has been
treated as debt.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations amidst intense competition: The firm
has a modest scale of operations as highlighted by estimated
revenues of INR26 crores in fiscal 2023 (Rs 22 crores, a year ago)
Furthermore, it remains subdued because of intense competition that
limits pricing power with suppliers and customer, and limits the
benefits related to economies of scale. The modest scale of
operations will continue to limit operating flexibility.
* Moderate capital structure: The firm has a levered capital
structure due to reliance on the outside borrowings as highlighted
by gearing and TOLANW ratio of 2.23 and 2.44 times respectively as
on March 31, 2022. The capital structure of the firm is expected to
improve over the medium term backed by steady accretion to the
reserves.
* Susceptibility to volatility in raw material prices: The primary
raw material comprises yarn, the prices of which are volatile in
nature. Operating margins has remained in the range of 6% to 20%
over the past four fiscals ended through FY 2022. AIL's revenues
and profitability will remain susceptible to fluctuations in the
prices of raw materials.
Strengths:
* Extensive experience of the partners: Presence of around 18 years
in the fabric manufacturing industry, has enabled the partners to
gain strong understanding of market dynamics and maintain healthy
relationships with customers and suppliers. These factors will help
AIL scale up operations and support the business risk profile over
the medium term.
* Favorable location of the manufacturing unit: AIL has a
manufacturing unit at Bhiwandi (Maharashtra), which is a major
textile processing hub. This facilitates proximity to key raw
materials, thus minimising transit cost, and ensuring timely
execution of orders.
* Average debt protection metrics: The debt protection metrics of
the firm has been average backed by the moderate operating
profitability as highlighted by interest coverage and net cash
accruals to adjusted debt ratio of 2.14 times and 0.09 times
respectively for fiscal 2022, estimated at 3.05 times and 0.19
times respectively for fiscal 2023. Backed by moderate
profitability the debt protection metrics are expected to remain
average over the medium term.
Liquidity: Stretched
Expected cash accruals of over INR1.5 to 2 Crores in fiscal 2024
and 2025, should be sufficient against the term debt obligations of
INR1.6 Crores and INR1.52 crores respectively. Bank limits
utilization average around 92% for the last 12 months ended October
2022. Cash and bank balance stood at INR97 lakhs as on March 31,
2022
Outlook: Stable
CRISIL Ratings believes AIL would benefit over the medium term from
partners' extensive industry experience
Rating Sensitivity factors
Upward factors
* Significant growth in revenue by, and stable operating margin,
leading to higher cash accrual above INR2.5 Crores
* Improvement in financial risk profile leading to total outside
liability to adjusted net worth ratio below 2 times
Downward factors
* Decline in scale of operations and profitability, leading to net
cash accrual of below INR1.5 crore
* Substantial increase in working capital requirement or any large,
debt-funded capex, weakening financial risk profile and liquidity
AIL was formed as a partnership between Mr Laxmichand V. Rathi and
Mrs Rashmi Agarwal in 2013. The firm has a fabric manufacturing
unit in Bhiwandi, Maharashtra. Commercial operations started from
March 2019.
ANUPAM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anupam
Industries Limited (AIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 70 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 55 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 35 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 31 CRISIL D (Issuer Not
Cooperating)
Cash Credit 28 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Corporate Loan 10.42 CRISIL D (Issuer Not
Cooperating)
Corporate Loan 30 CRISIL D (Issuer Not
Cooperating)
Inland/Import 10 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Inland/Import 9 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Inland/Import 11 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Proposed Long Term 11.58 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with AIL for
obtaining information through letters and emails dated October 21,
2022 and December 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 AIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
AIL was set up by JC Patel as a proprietorship concern in Anand
(Gujarat) in 1973; it was reconstituted as a closely public limited
company in 1998. AIL manufactures different types of cranes
(including the electric overhead, gantry, and tower variants),
which are used in the steel, power, construction, ports, and
defence segments. It is one of the largest overhead crane suppliers
in India.
ASCON INFRATECH: Ind-Ra Assigns 'BB+' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ascon Infratech
Private Limited (AIPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR80 mil. Working capital limits assigned with IND BB+/Stable
/IND A4+ rating; and
-- INR420 mil. Non-fund-based limits assigned with IND A4+
rating.
Key Rating Drivers
The ratings reflect AIPL's small scale of operations as indicated
by revenue of INR563 million in FY22 (FY21: INR407.46 million). In
FY22, the revenue improved due to execution of a higher number of
orders. In 7MFY23, AIPL achieved revenue of INR426.68 million. As
of November 2022, AIPL had an unexecuted order book of INR2,911.54
million, majority of which is likely to executed by FY24.
Historically, there have been delays in execution of projects on
account of right of way. Hence, Ind-Ra believes execution of the
current order book could stretch beyond FY24. Ind-Ra expects the
revenue to improve further in the near term on the back of
execution of orders in hand.
The ratings are also constrained by order book concentration as
AIPL executes projects in and around Madhya Pradesh.
The ratings also reflect AIPL's average EBITDA margin of 14.18% in
FY22 (FY21: 20.49%) with a return on capital employed of 12.5% in
FY22 (FY21: 12.6%). The decrease is margins was due to a higher
purchase of raw material and an increase in sub-contracting and
transport charges. Despite the revenue growth, management expects
the EBITDA margin to remain at similar levels in FY23 owing to the
similar nature of projects being executed by the company.
Liquidity Indicator – Stretched: AIPL's average maximum
utilization of the fund-based and the non-fund-based limits was
85.69% and 42.84%, respectively, during the 12 months ended January
2023. The cash flow from operations turned negative to INR76.3
million in FY22 (FY21: INR54.3 million) due to unfavorable changes
in working capital. Furthermore, the free cash flow turned negative
to INR93.9 million in FY22 (FY21: INR 24.44 million) as it incurred
capex of around INR17.6 million (INR29.86 million) for purchase of
machinery. The net working capital cycle elongated to 129 days in
FY22 (FY21: 77 days) due to an increase in the inventory holding
period to 110 days (48 days) and a decrease in the payable period
to 64 days (73 days). The cash and cash equivalents stood at
INR4.59 million at FYE22 (FYE21: INR29.45 million). Furthermore,
AIL does not have any capital market exposure and relies on banks
to meet its funding requirements. AIPL has repayment obligations of
INR34.1 million and INR28.1 million for FY23 and FY24,
respectively.
However, the ratings are supported by AIPL's comfortable credit
metrics. The gross interest coverage (operating EBITDA/gross
interest expense) improved to 3.87x in FY22 (FY21: 3.17 x) due to a
decrease in interest expense, resulting from annual repayment of
term loans. However, the net financial leverage (adjusted net
debt/operating EBITDA) increased to 2.51x in FY22 (FY21: 1.56x) due
to an increase in short-term debt. Ind-Ra expects the credit
metrics to remain comfortable in FY23 due to a likely increase in
EBITDA.
The ratings are also supported by the promoters' more than two
decades of experience in the construction business, leading to
established relationships with its customers and suppliers.
Rating Sensitivities
Negative: Any decline in the scale of operations leading to
deterioration in the credit metrics and/or pressure on the
liquidity profile, will be negative for the ratings.
Positive: An improvement in the scale of operations while
maintaining the credit metrics and an improvement in liquidity
profile and diversification of order book, all on a sustained
basis, will be positive for the ratings.
Company Profile
AIPL was established as a partnership firm in 1985 and was
converted into a private company in March 2010. The company is
involved in the construction of roads, bridges and highways. Its
registered office is in Chhindwara in Madhya Pradesh.
DALAL REALITIES: CRISIL Assigns C Rating to INR15cr Bank Debt
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL C' rating to the long-term
bank facility of Dalal Realities (DR).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 15 CRISIL C (Assigned)
The rating reflects significant project risk associated with its
projects, the initial stage of the project with high offtake risk
and susceptibility to cyclicality in the real estate sector. These
weaknesses are partially offset by the extensive experience of the
partners in the real estate segment.
Key Rating Drivers & Detailed Description
Weaknesses:
* Exposure to risks associated with ongoing projects: DR is a real
estate developer in Ahmedabad, Gujarat. Operating performance will
remain susceptible to flow of advances from customers.
* Planning stage of project with high offtake risk: The firm is
into real estate development in Ahmedabad. The current project is
in the initial stage i.e., under documentation and planning stage
and the management does not have a proper plan in terms of timeline
and concept of the project to be carried out. The locality mostly
consists of residential and commercial complexes. Thus, offtake
risk is expected to remain high as the project is in the planning
stage and land cost is being incurred till date.
* Vulnerability to cyclicality inherent in the real estate
industry: The real estate sector in India is cyclical and affected
by volatile prices, opaque transactions, and a highly fragmented
market structure. Hence, business risk profile will remain
susceptible to risks arising from any industry slowdown.
Strength:
* Extensive experience of the partners: Extensive experience has
enabled the partners to establish a track record of successful
project implementation. The partners have been in the real estate
business for around 10 years and completed one residential project
in Ahmedabad.
Liquidity: Poor
Liquidity is poor for funding the construction of ongoing and
upcoming projects through a mix of customer advances, unsecured
loans, and bank loans. Current project is in the planning stage and
all the sale proceeds of the previous project were completed by end
of December 2022. However, there is no fixed source of income
considering the project that the management wants to carry out.
Moreover, the bank has funded the overdraft limit to client against
the land that has been procured. However, interest servicing is
delayed by 2-25 days in few of the months through November 2022.
Although cash flow from the projects should remain sufficient to
meet term debt obligation, any unforeseen delay in construction
might result in cost overruns, thereby affecting repayment of term
debt. Further, any deferral in receipt of advances from customers
would significantly impact liquidity.
Rating Sensitivity factors
Upward factors
* Timely commencement, with healthy rentals and occupancy
* Interest cover of more than 1.5 times
Capital infusion by the partners which will in turn improve in
financial risk profile
Downward factors
* Delay in commencement of project or large, debt funded capital
expenditure or delay in debt servicing
* Non-infusion of capital by partners which will further impact
financial risk profile and liquidity
DR was set up as partnership firm in January 2016. It is involved
in real estate development such as construction and sale of
residential complexes and flats across Ahmedabad. The firm is
developing a project in Ahmedabad. Mr. Naresh Patel, Mr. Arvind
Patel, Mr. Bharatkumar Patel, Mr. Chhanalal Patel, Mr. Vijaykumar
Patel are the partners in the firm and has extensive experience of
over a 1 decade in real estate industry.
GUHAN TEXTILE: CRISIL Lowers Rating on INR7.75cr Loan to B+
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Guhan Textile Mills Pvt Ltd (GTMPL) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter Of Guarantee 0.13 CRISIL A4 (Downgraded from
'CRISIL A4+ ')
Letter of Credit 3 CRISIL A4 (Downgraded from
'CRISIL A4+ ')
Open Cash Credit 7.75 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Term Loan 7.12 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The downgrade in rating reflects deterioration in the financial
risk profile of the firm, in particular liquidity. The net cash
accruals of the firm were low in fiscal 2022, owing to weak
profitability and. Despite revenue growth, operating margins
decline to 3.62% in fiscal 2023 from 3.65% times in fiscal 2022,
which is attributable to decline in realization. Decline in
operating performance has also resulted in modest financial risk
profile marked by high TOLTNW of 4.80 times as on March 31, 2022.
Improvement in operating performance resulting in better liquidity
and financial profile would remain key rating monitorable over the
medium term.
The rating continues to reflect working capital intensive
operations and weak financial risk profile. These weaknesses are
partially offset by extensive experience of partners and moderate
scale of operation
Analytical Approach
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Guhan Textile Mills Private
Limited (GTMPL) and Parani Spinning Mills Private Limited (PSM).
This is because all these entities, together referred as the Guhan
group, operate in the same industry and have operational and
financial linkages.
USL of around INR24 crore for the group, has been treated as
neither debt nor equity (NDNE) in line with CRISIL's analytical
approach
Key Rating Drivers & Detailed Description
Weaknesses:
* Working capital-intensive operations: Gross current assets were
high at 293 days as on March 31, 2022, on account of receivables
and inventory of 27 days and 263 days, respectively. However,
working capital requirement is partly supported by payables of
around 20 days, it is expected to be remains same over the medium
term
* Weak financial risk profile: Net worth was modest at INR5 crore
as on March 31, 2022, albeit gearing has been high at 2.86 times as
on March 31, 2022. Debt protection metrics remained modest, with
interest coverage and net cash accrual to total debt ratios of 2.39
times and 0.07 times, respectively as on March 31, 2022, driven by
modest operating margin.
Strengths:
* Extensive experience of promoters and proximity to textile hub:
Presence of over two decades in the textile spinning industry has
enabled the promoters to understand domestic market dynamics,
withstanding economic cycles, and establish strong relationship
with customers and suppliers. Moreover, manufacturing facilities
are located in Tirupur, Tamil Nadu, which is one of the major
textile manufacturing and processing hub and gives easy access to a
large clientele
Liquidity: Stretched
Average month end bank limit utilization for the last 12 months
ended on October, 2022 is modest at around 97%. Net cash accruals
are estimated at around INR3 crores in fiscal 2023 and is likely to
remain insufficient against repayment obligations of less than INR4
crore. cash accruals of INR3-4 crores are tightly matched against
the repayment obligations of INR2.5 crores in fiscal 2024 and
fiscal 2025.
Outlook Stable
CRISIL Ratings believes that GTMPL will continue to benefit over
the medium term from the extensive industry experience of its
promoters in cotton hosiery manufacturing Industry.
Rating Sensitivity factors
Upward Factors:
* Strong revenue growth while maintaining EBITDA margin of more
than 6%
* Efficient working capital management and maintenance of moderate
capital structure
* Improvement in liquidity with high cushion in bank limits and
improvement in Net cash accrual against the Repayment
obligation
Downward Factors:
* Major decline in revenues or operating margin leading to net cash
accruals of less than INR3 crore
* Stretch in working capital cycle or significant debt funded
capex
Incorporated in 1992, Guhan Textile Mills Private Limited (GTMPL)
is engaged in the business of manufacturing of Cotton hosiery
combed and slub yarns ranging from 20s to 60s counts. The company
is promoted by Mr. Karuppusamy and family and is based out of
Tirupur, Tamil Nadu.
Parani Spinning Mills Private Limited (PSM) is engaged in the
business of manufacturing of cotton hosiery combed and melange
yarns ranging from 20s to 60s counts, and is based out of Tirupur,
Tamil Nadu.
INDICO MOTORS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Indico Motors
Private Limited's Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.
The instrument-wise rating actions are:
-- INR220 mil. Fund-based limits* maintained in non-cooperating
category and withdrawn; and
-- INR20 mil. Non-fund-based limits** maintained in non-
cooperating category and withdrawn.
*Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn
**Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn
Key Rating Drivers
The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise, despite repeated requests by the agency, and
has not provided information of the past four years audited
financials, latest bank sanction letter and utilization, business
plans and projections for the next three years, information on
corporate governance and management certificate.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.
Company Profile
Founded in 1989 by Sanjay Dubey, Indico Motors manufactures bodies
of heavy commercial vehicles, such as tippers, trailers and tip
trailers.
IRB INFRASTRUCTURE: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating on
IRB Infrastructure Developers Ltd at 'BB+'. The Outlook is Stable.
Fitch has also affirmed the rating on India Toll Roads' US dollar
senior secured notes at 'BB'. The Outlook is Stable.
RATING RATIONALE
The affirmation reflects Fitch's expectation of robust traffic
performance by IRB's diverse portfolio of assets. Traffic volumes
recovered strongly over the past year and have exceeded levels
before the Covid-19 pandemic. The ratings also consider the
company's record in operating and maintaining the group's assets to
a high standard, with expertise provided by the in-house
engineering, procurement, and construction (EPC) business.
Under the Fitch rating case, the group's consolidated debt service
coverage ratio (DSCR) will average 1.47x over the financial year
ending March 2023 (FY23) to FY26.
India Toll Roads is an orphan financing vehicle with no equity or
guarantee linkage to IRB. Fitch rates the debt issued by India Toll
Roads one notch below the credit profile of IRB to account for
risks related to orphan issuance structures.
KEY RATING DRIVERS
Diversified Portfolio, Robust Fundamentals - Revenue Risk (Volume):
High Midrange
IRB wholly owns five projects, with a build-operate-transfer (BOT)
project and a toll-operate-transfer one in operation, while the
rest are under construction. It owns 51% of another
under-construction project. The roads extend nearly 500km in
Maharashtra, Gujarat, Uttar Pradesh, Himachal Pradesh and Tamil
Nadu. They are on or adjacent to key corridors in India's national
highway network. History suggests reasonably robust local and
long-distance traffic fundamentals, with a diversified mix of
users. However, commercial vehicles make up a larger share of
traffic on IRB's roads than at peers, and the roads face some
competition. Fitch assesses the toll rates as low and the wider
portfolio has limited price elasticity.
Through its ownership in IRB Infrastructure Trust (known as Private
InvIT) and IRB InvIT Fund (known as Public InvIT), IRB is also
exposed to traffic risk on 15 build-operate-transfer projects.
Fitch regards the risk profile of these projects as consistent with
IRB's fully owned assets. Most concessions under the two InvIT
funds consist of corridors that form part of the "golden
quadrilateral", the national highway network that connects India's
major industrial, agricultural and cultural centres. The projects
are geographically diversified and cater to a mix of car and
commercial traffic, but are subject to competition from free
alternative routes.
The factor has been assessed as 'High Midrange' under Fitch's
Transportation Infrastructure Rating Criteria, which analyses
volume risk on a five-point scale with six sub-factors. IRB is
assessed as 'Stronger' for strategic importance, diversification
and relative cost to end users, and 'Midrange' for the rest of the
sub-factors.
Formula-Linked Tariff Increases - Revenue Risk (Price): Midrange
IRB's wholly owned concessions permit pre-defined toll-rate
increases that are regulated by the National Highways Authority of
India (NHAI) or Maharashtra State Road Development Corporation. The
concession for the Mumbai-Pune Expressway in Maharashtra provides
for a toll increase of 18% every third year until FY24 and that for
National Highway 48 in the state provides for a 16% rise every
third year until the concession ends in 2031. Tolls under NHAI
concessions comprise base fees and an increase of 3% a year plus
40% of the rise in India's wholesale price index (WPI). We expect
tolls for roads under both authorities to track its WPI
expectations in the long run.
The central government suspended all tolls on national highways for
25 days in 2020 due to the pandemic. The NHAI extended concession
periods by 90 days to compensate toll-road operators. There have
been no other instances of legislative or political interference in
rate adjustments. NHAI's concession agreements with IRB allow the
maturity dates to be extended or shortened based on thresholds
linked to revenue, mitigating the risks of price escalation and
traffic underperformance.
Well-Developed Capital Plan - Infrastructure Development and
Renewal: Stronger
IRB has a well-developed capital and maintenance plan for each road
and undertakes in-house operation and maintenance (O&M) works for
each SPV. The captive EPC business has implemented over 15,000 lane
km of projects to date. IRB's strategy is to use its EPC
capabilities for in-house projects, and it does not bid for
third-party contracts. All EPC and O&M contracts are executed on a
fixed-price, date-certain basis. IRB has not been responsible for
any significant delays or cost overruns to date.
The concession agreements provide for periodic inspections to
monitor performance against objectives, with all assets evaluated
at least "very good" under NHAI's criteria. Capacity is above the
medium-term traffic forecasts of IRB's technical consultant and
capex requirements are met through internal accruals for all
projects. The agreements do not specifically provide for the
recovery of maintenance costs through higher rates, but incorporate
toll increases that provide some protection against rising costs.
The risk is also contractually mitigated, as many O&M agreements
cover the entire concession life.
Largely Amortising Debt - Debt Structure: Midrange
The group's secured borrowings consist of non-convertible
debentures and SPV-level term loans. All the SPV debt and some
holding-company debt are fully amortising, while IRB faces some
residual refinancing risk at the holding-company level, including
from the US dollar notes. The US dollar notes pay a fixed coupon
and the covenant package is adequate, and includes limits on
additional indebtedness and restricted payment conditions on a
consolidated group basis. The notes also benefit from a six-month
interest service reserve account and a dedicated escrow account at
the IRB level.
Structural subordination exists at the holding company as IRB
partly relies on dividends from subsidiaries to service its debt.
However, Fitch believes that the cash flow is fungible, supported
by domestic financing at the subsidiary level with lenient
restrictive covenants. The subsidiaries' domestic debt can also be
refinanced easily, if required. Moreover, the holding company's
EBITDA coverage ratio, including dividends from subsidiaries and
infrastructure investment trust, is comfortable at about 5.5x in
FY24-FY25 in Fitch's rating case. As a result, the structural
subordination does not affect the credit assessment.
PEER GROUP
IRB can be compared with Yuexiu Transportation Infrastructure
Limited (YXT, BBB/Stable), a China-based concession group with a
large portfolio of expressways, including a diverse network in
Guangdong province and central China, with few roads facing
competition. IRB has a stronger volume and price risk assessment.
YXT's price risk is weaker due to a lack of transparency and
predictability in the regulatory framework compared with IRB. IRB's
financial profile is also slightly better than that of YXT. IRB is
rated two notches below YXT as the Indian company is exposed to the
more volatile EPC contracting business.
IRB can also be compared with Vinci S.A. (A-/Stable), a French
concessions and contracting group. Vinci has a global footprint and
a more diversified portfolio of toll roads and airports with a high
level of liquidity. These factors, combined with Vinci's
demonstrated superior access to loan and bond markets, account for
the higher rating relative to IRB in spite of Vinci's higher
leverage. The Fitch rating case for Vinci projects net leverage to
average 3.3x between 2022 and 2025, while IRB's consolidated
average net leverage is forecast at 2.2x between FY23 and FY26.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Sustained deterioration in consolidated DSCR to below 1.25x due to
an increase in costs, traffic underperformance and/or a material
change in IRB's financials and dividend policy.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Consolidated DSCR profile forecast to be consistently in excess of
1.5x under Fitch's rating case.
CREDIT UPDATE
Financial Update: The issuer reported improved financials for
1HFY23 compared with a year earlier period, which was affected by
the pandemic:
- Toll revenues from the Mumbai-Pune and Ahmedabad-Vadodara
projects increased by 28% yoy to INR9.98 billion. Toll collections
have exceeded pre-pandemic levels.
- Construction revenue increased by 4.2% yoy to INR24.1 billion.
- Total revenue rose by 8.2% yoy to INR34.3 billion.
- Consolidated EBITDA climbed by 26% yoy to INR18.9 billion.
Project Sale: During FY23, IRB transferred its Vadodara Kim
Expressway Project to IRB InvIT Fund at an enterprise value of
INR12.97 billion, comprising INR9.55 billion of debt and INR3.42
billion of equity value. The NHAI approved the transfer on 1
November 2022.
Arbitration Update: IRB received INR3.08 billion, the equivalent of
75% of the total compensation of INR.4.19 billion from the NHAI
that was awarded after arbitration. The compensation was for delays
and cost overruns not attributable to IRB in the Pathankot Amritsar
BOT project, which is part of the IRB InvIT Fund and for which IRB
was an EPC contractor.
FINANCIAL ANALYSIS
Fitch's base case is aligned with the sponsor's case, which
assumes, among other things, a blended average traffic growth of
7.8% (FY24-FY25) and 7.3% (FY26-FY30) on the Mumbai-Pune toll road,
the consultant's "most likely" case for the IRB Infrastructure
Trust, a 22% EBITDA margin for the EPC business, and the sponsor's
case for future EPC revenues.
Fitch's rating case incorporates further stress, including the
consultant's "conservative" case for IRB Infrastructure Trust, a
lower EBITDA margin (17%) for the EPC business, and slower traffic
growth for the Mumbai-Pune and Ahmedabad-Vadodara projects.
The Fitch rating case forecasts consolidated DSCR to average 1.72x
between FY23 and FY29, with a profile DSCR that averages 1.47x
between FY23 and FY26.
The Fitch rating-case leverage declines from a peak of 3.1x in FY23
to 1.3x in FY26.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
IRB Infrastructure
Developers Ltd LT IDR BB+ Affirmed BB+
India Toll Roads
IRB Infrastructure
Developers Ltd/
Senior Secured
Debt/1 LT LT BB Affirmed BB
JULIET APPARELS: CRISIL Lowers Rating on INR18.25cr Loan to B-
--------------------------------------------------------------
CRISIL Ratings has revised its ratings on the bank facilities of
Juliet Apparels Private Limited (JAPL) from 'CRISIL
B+/Stable/CRISIL A4' to 'CRISIL D/CRISIL D' and simultaneously
upgraded the ratings to 'CRISIL B-/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.1 CRISIL A4 (Revised from
'CRISIL A4' to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL A4')
Cash Credit 18.25 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable'
to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL B-/Stable')
Inland/Import 2.30 CRISIL A4 (Revised from
Letter of Credit 'CRISIL A4' to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL A4')
Proposed Fund- 0.72 CRISIL B-/Stable (Revised
Based Bank Limits from 'CRISIL B+/Stable'
to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL B-/Stable')
Term Loan 0.81 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable'
to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL B-/Stable')
Term Loan 2.66 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable'
to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL B-/Stable')
Term Loan 0.82 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable'
to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL B-/Stable')
Term Loan 7.51 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable'
to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL B-/Stable')
Term Loan 1.74 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable'
to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL B-/Stable')
Term Loan 1.26 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable'
to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL B-/Stable')
Term Loan 0.31 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable'
to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL B-/Stable')
Term Loan 11.74 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable'
to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL B-/Stable')
Term Loan 2.33 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable'
to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL B-/Stable')
Term Loan 10.39 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable'
to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL B-/Stable')
Term Loan 4.76 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable'
to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL B-/Stable')
Term Loan 1.30 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable'
to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL B-/Stable')
Working Capital
Term Loan 13 CRISIL B-/Stable (Revised
from 'CRISIL B+/Stable'
to 'CRISIL D' and
Simultaneously Upgraded to
'CRISIL B-/Stable')
The ratings revision to CRISIL D/CRISIL D takes into account the
delay in servicing of term debt obligations during fiscal 2022.
However, the rating has been simultaneous upgrade because of timely
servicing of debt obligations for the over 90 days, however
liquidity continues to remain poor with limited cushion in net cash
accruals against debt repayments as well as high bank limit
utilisation.
The rating reflects JAPL's modest scale of operations in a highly
competitive industry, working capital-intensive operations and weak
financial profile. These weaknesses are partially offset by the
extensive experience of the promoters in the textile industry.
Analytical Approach
Unsecured loans of INR 36.98 crore as on March 31, 2022, have been
treated as debt.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale in a highly competitive industry: JAPL's scale of
operations is modest as reflected in revenues of over INR135 crore
in fiscal 2022. The textile industry is highly fragmented and
competitive, which limits pricing flexibility and bargaining power
of the players. Also, the threat from large integrated players in
the form of capacity additions limits growth. Significant ramp up
in the scale of operations remains a key monitorable for the medium
term.
* Working capital-intensive operations: Gross current assets (GCAs)
were 200- 235 days for the three fiscals ended March 31, 2022. GCAs
were 213 days as on March 31, 2022, driven by high debtors of 162
days and inventory of 116 days in fiscal 2022. The company is
required to extend long credit period and holds large
work-in-process and inventory. Working capital cycle is expected to
continue to remain stretched over the medium term.
* Weak financial risk profile: JAPL has a weak financial profile,
as indicated by total outside liabilities to adjusted net worth
(TOLANW) ratio of 3.98 times as on March 31, 2022. Debt protection
metrics have also been weak in the past with interest coverage and
net cash accrual to total debt ratios of 1.81 times and 0.09 times,
respectively, for fiscal 2022. Financial profile is expected to
continue to remain at similar levels because of high reliance on
external debt.
Strengths:
* Extensive industry experience of the promoters: The promoters
have experience of over four decades in the textile industry. This
has given them a strong understanding of the market dynamics and
enabled them to establish long standing relationships with
suppliers and customers. The promoters' extensive industry
experience and established relationships with customers and
suppliers should continue to support the business risk profile over
the medium term.
Liquidity: Poor
Bank limit utilization was high at 99% for the 12 months through
December 2022. Cash accrual is expected to be INR11-12 crore, which
is tightly matched against term debt obligation of INR10-11 crore
annually. Unsecured loans of INR36.98 crore, as on March 31, 2022,
are expected to stay in the business over the medium term and
should continue to support the liquidity.
Outlook: Stable
CRISIL Ratings believes JAPL will continue to benefit from the
extensive experience of its promoters and established relationships
with clients.
Rating Sensitivity factors
Upward factors
* Significant improvement in revenues and profitability increasing
the cushion between net cash accruals to repayment obligations
above 1.2 times
* Improvement in financial risk profile and liquidity
Downward factors
* Sharp decline in revenue by 20% or operating margin leading to
lower than expected net cash accruals thus deteriorating the
liquidity
* Stretch in the working capital cycle
Incorporated in 2000, JAPL manufactures ladies' undergarments,
nightwear, dresses, and western outfits. The company is promoted by
the Trevadia family and is based out of Mumbai, Maharashtra.
KAYNES TECHNOLOGY: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kaynes
Technology India Private Limited (KTIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Non Convertible 17 CRISIL D (ISSUER NOT
Debentures COOPERATING)
CRISIL Ratings has been consistently following up with KTIPL for
obtaining information through letters and emails dated October 21,
2022 and December 30, 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 KTIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KTIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KTIPL continues to be 'CRISIL D Issuer Not Cooperating'.
KTIPL was set up as a sole proprietorship of Mr Ramesh Kanan in
1988, and reconstituted as a private limited company in 2008. The
company is primarily engaged in turnkey manufacturing of printed
circuit board (PCB) assemblies, and also offers end-to-end services
for PCBs. It has seven manufacturing facilities, one design
services facility, and two service centres.
M/S AVIGNA: Ind-Ra Withdraws 'D' Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M/s Avigna
Properties Private Limited's (APPL) Long-Term Issuer Rating of 'IND
D (ISSUER NOT COOPERATING)'.
The instrument-wise rating actions are:
-- INR200 mil. Term loan (Long-term) due on September 2022 is
withdrawn (paid in full).
Key Rating Drivers
Ind-Ra is no longer required to maintain the ratings, as the agency
has received no dues certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for APPL.
Company Profile
Incorporated in 2013, APPL undertakes real estate projects. Its
ongoing project comprises 415 apartments and 452 villas, spread
across more than 1.2 million square feet.
MCLEOD RUSSEL: NCLT Admits Insolvency Bid Against Company
---------------------------------------------------------
Business Standard reports that the National Company Law Tribunal,
Kolkata Bench, on Feb. 10, admitted an application for initiating a
corporate insolvency resolution process (CIRP) against McLeod
Russel India, the country's largest bulk tea producer and part of
the Brij Mohan Khaitan group.
In a filing with the stock exchanges, the company informed that
NCLT, Kolkata Bench, had admitted an application filed by IL&FS
Infrastructure Debt Fund under Section 7 of the Insolvency and
Bankruptcy Code (IBC).
According to the report, McLeod Russel sources said that it would
appeal against the order in the National Company Law Appellate
Tribunal (NCLAT) and indicated that discussions with IL&FS were
also on for a settlement.
"We are engaging with IL&FS and at the same time we will go through
the normal appeal process," the sources added.
IL&FS sought to initiate CIRP against McLeod Russel in connection
with a default in payment in 2019, the report notes. The amount as
on November 12, 2019 was Rs 347.47 crore, of which the principal
amount is about Rs 252.66 crore.
Business Standard relates that the default in payment pertained to
two group companies of McLeod Russel – Babcock Borsig (Rs 150
crore) and Williamson Magor & Company (Rs 99.5 crore); McLeod had
executed a shortfall undertaking in favour of the financial
creditor.
A clause in the undertaking said on a breach by Williamson Magor
and Babcock of its obligation to maintain the required amounts in
the debt service reserve account (DSRA) under the respective
debenture trust deeds, McLeod would have an irrevocable and
unconditional obligation towards the financial creditor to meet any
shortfall.
Business Standard says the tribunal found that a financial debt
exists, which has been defaulted by the McLeod Russel and
accordingly the application of IL&FS Infrastructure Debt Fund for
initiating CIRP against McLeod Russel was admitted and an interim
resolution professional appointed.
This is not the first time that McLeod has been admitted for CIRP.
In August 2021, the NCLT, New Delhi Bench, had admitted an
application by Techno Electric & Engineering Company under Section
7 of the IBC, Business Standard recalls. However, the application
was withdrawn after a settlement.
The CIRP comes at a time when McLeod has entered into exclusive
talks with Carbon Resources for a one-time settlement of its debt
to lenders, the report says. McLeod's bank debt is understood to be
in the range of Rs 1,600 crore.
McLeod Russel India Limited (MRIL), the tea plantation company of
the Kolkata-based B.M. Khaitan Group, was originally incorporated
as Eveready Company India Private Ltd. on May 5, 1998. MRIL was
formed after the demerger of the bulktea business from Eveready
Industries India Ltd. (EIIL) with effect from April 1, 2004. MRIL
has acquired several other companies like Williamson Tea Assam in
FY2006, Doom Dooma Tea Company in FY2007 and Moran Tea in FY2008.
These acquisitions helped MRIL increase the number of tea estates
to 53 in India with 33,723 hectares (Ha) of total land under tea
cultivation.
MEDNOMIC HEALTHCARE: CRISIL Reaffirms B Rating on INR12.5cr Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facility of Mednomic Healthcare Private Limited
(MHPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 12.5 CRISIL B/Stable (Reaffirmed)
The rating continues to reflect the exposure to risks related to
ongoing project, leveraged capital structure and high geographical
concentration in revenue. These weaknesses are partially offset by
the extensive industry experience of the promoter.
Key Rating Drivers & Detailed Description
Weakness:
* Susceptibility to risks related to ongoing project: The company
is scheduled to commence its project in March 2023 on account of
slight delay in construction related work. Demand risk is expected
to be low due to shortage of hospital beds in Guwahati.
Furthermore, there are no major renal science centers in adjoining
districts. However, timely funding and completion and subsequent
stabilization of operations will remain key rating sensitivity
factors.
* Exposure to intense competition: The healthcare segment has many
organized and unorganized players who will continue to pose a
challenge for MHPL.
* Expected leveraged capital structure: Gearing is likely to be
weak and debt protection metrics modest. The project is
aggressively funded at a debt-equity ratio of 1.75 times.
Strengths:
* Longstanding presence of the promoter: Experience of over two
decades of the promoter, his strong understanding of market
dynamics, and healthy relations with patients should continue to
support the business. The hospital is expected to witness healthy
occupancy after commencement.
Liquidity: Stretched
Total project cost of INR22 crore is funded through term loan of
INR12.5 crore and promoter funds of about 8 Cr. Liquidity is
supported by sufficient moratorium of 12 months from the
commencement date; debt repayments commence from January 2024. Even
with 60% occupancy, the hospital will be able to generate accrual
of more than INR1.5 crore against debt repayment of INR0.15 crore
in fiscal 2024.
Outlook Stable
CRISIL Ratings believes MHPL will benefit from the extensive
experience of its promoter.
Rating Sensitivity factors
Upward factors:
* Timely completion of the project with no cost overrun
* Timely ramp-up and stabilisation of operations with revenue of
more than INR24 crore fiscal 2024 onwards and accrual of over
INR1.5 crore
Downward factors:
* Significant delay in commencement of operations with cost
overrun, thereby hampering business risk profile
* Cash accrual of less than INR1 crore, which will not be adequate
to meet debt obligation going forward affecting the liquidity
profile of the company
Established in 2016 by Dr Arup Kumar Nath, MHPL is setting up an
80-bed healthcare facility, Advanced Urology and Kidney Diseases
Hospital, which will specialise in urology, nephrology and
gynaecology.
N. K. BHOJANI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of N. K. Bhojani
Private Limited (NKBPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 19.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 0.75 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4.89 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 6.75 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.68 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.94 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.11 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.10 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.67 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.23 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.82 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.69 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.66 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.08 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.04 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.04 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.05 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NKBPL for
obtaining information through letters and emails dated October 21,
2022 and December 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 NKBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NKBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NKBPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
NKBPL, incorporated in 1996, is promoted and managed by Mr N K
Bhojani. The company manufactures sponge iron, mines iron ore, and
has a dealership contract with Larsen & Toubro Ltd for sale of
spares and for service. Its manufacturing facilities are in Rugudi,
Odisha.
OMKAR SPECIALITY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Omkar
Speciality Chemicals Limited (OSCL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 46 CRISIL D (Issuer Not
Cooperating)
Cash Credit 25 CRISIL D (Issuer Not
Cooperating)
Corporate Loan 50 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 60 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with OSCL for
obtaining information through letters and emails dated October 21,
2022 and December 30, 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 OSCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OSCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OSCL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of OSCL and its erstwhile
subsidiaries, Risichem Research Ltd. (RRL) and Desh Chemicals Pvt.
Ltd. (DCPL) till fiscal 2017. These subsidiaries have been merged
with OSCL, as per the scheme of arrangement sanctioned by National
Company Law Tribunal (NCLT).
OSCL, set up in 1983, manufactures specialty chemicals, organic and
inorganic chemicals, and inorganic intermediates such as iodine,
selenium, molybdenum and their derivatives. The pharmaceutical
industry remains the major end user segment of the company,
accounting for nearly 70-75% of its revenues, with poultry, glass
and water treatment being the other major end user segments. The
company has 6 manufacturing facilities in Badlapur, Maharashtra.
PARANI SPINNING: CRISIL Lowers Rating on INR8.50cr Loan to B+
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Parani Spinning Mills Pvt Ltd (GTMPL) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/stable/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Buyer Credit 0.79 CRISIL B+/Stable (Downgraded
Limit from 'CRISIL BB-/Stable')
Inland/Import 3 CRISIL A4 (Downgraded from
Letter of Credit 'CRISIL A4+ ')
Open Cash Credit 8.50 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Term Loan 5.71 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The downgrade in rating reflects deterioration in the financial
risk profile of the firm, in particular liquidity. The net cash
accruals of the firm were low in fiscal 2022, owing to weak
profitability and. Despite revenue growth, operating margins
decline to 3.62% in fiscal 2023 from 3.65% times in fiscal 2022,
which is attributable to decline in realization. Decline in
operating performance has also resulted in modest financial risk
profile marked by high TOLTNW of 4.80 times as on March 31, 2022.
Improvement in operating performance resulting in better liquidity
and financial profile would remain key rating monitorable over the
medium term.
The rating continues to reflect working capital intensive
operations and weak financial risk profile. These weaknesses are
partially offset by extensive experience of partners and moderate
scale of operation
Analytical Approach
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Guhan Textile Mills Private
Limited (GTMPL) and Parani Spinning Mills Private Limited (PSM).
This is because all these entities, together referred as the Guhan
group, operate in the same industry and have operational and
financial linkages.
USL of around INR24 crore for the group, has been treated as
neither debt nor equity (NDNE) in line with CRISIL's analytical
approach.
Key Rating Drivers & Detailed Description
Weaknesses:
* Working capital-intensive operations: Gross current assets were
high at 293 days as on March 31, 2022, on account of receivables
and inventory of 27 days and 263 days, respectively. However,
working capital requirement is partly supported by payables of
around 20 days, it is expected to be remains same over the medium
term
* Weak financial risk profile: Net worth was modest at INR5 crore
as on March 31, 2022, albeit gearing has been high at 2.86 times as
on March 31, 2022. Debt protection metrics remained modest, with
interest coverage and net cash accrual to total debt ratios of 2.39
times and 0.07 times, respectively as on March 31, 2022, driven by
modest operating margin.
Strengths:
* Extensive experience of promoters and proximity to textile hub:
Presence of over two decades in the textile spinning industry has
enabled the promoters to understand domestic market dynamics,
withstanding economic cycles, and establish strong relationship
with customers and suppliers. Moreover, manufacturing facilities
are located in Tirupur, Tamil Nadu, which is one of the major
textile manufacturing and processing hub and gives easy access to a
large clientele
Liquidity: Stretched
Average month end bank limit utilization for the last 12 months
ended on October, 2022 is modest at around 97%. Net cash accruals
are estimated at around INR3 crores in fiscal 2023 and is likely to
remain insufficient against repayment obligations of less than INR4
crore. cash accruals of INR3-4 crores are tightly matched against
the repayment obligations of INR2.5 crores in fiscal 2024 and
fiscal 2025
Outlook Stable
CRISIL Ratings believes that GTMPL will continue to benefit over
the medium term from the extensive industry experience of its
promoters in cotton hosiery manufacturing Industry.
Rating Sensitivity factors
Upward Factors:
* Strong revenue growth while maintaining EBITDA margin of more
than 6%
* Efficient working capital management and maintenance of moderate
capital structure
* Improvement in liquidity with high cushion in bank limits and
improvement in Net cash accrual against the Repayment
obligation
Downward Factors:
* Major decline in revenues or operating margin leading to net cash
accruals of less than INR3 crore
* Stretch in working capital cycle or significant debt funded
capex
Incorporated in 1992, Guhan Textile Mills Private Limited (GTMPL)
is engaged in the business of manufacturing of Cotton hosiery
combed and slub yarns ranging from 20s to 60s counts. The company
is promoted by Mr. Karuppusamy and family and is based out of
Tirupur, Tamil Nadu.
Parani Spinning Mills Private Limited (PSM) is engaged in the
business of manufacturing of cotton hosiery combed and melange
yarns ranging from 20s to 60s counts, and is based out of Tirupur,
Tamil Nadu.
RAI BAHADUR: CRISIL Lowers Long and Short Term Debt Rating to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Rai Bahadur Narain Singh Sugar Mills Limited (RBNL)
to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL C/CRISIL
A4 Issuer Not Cooperating' due to delays in servicing debt
obligation.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL C ISSUER NOT
COOPERATING')
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with Rai Bahadur
Narain Singh Sugar Mills Limited (RBNL) for obtaining information
through letters and emails dated May 10, 2022 and July 11, 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 RBNL, CRISIL Ratings
failed to receive any information on either the financial
performance or strategic intent of the entity; this restricts the
ability of CRISIL Ratings to take a forward-looking view on the
credit quality of RBNL. CRISIL Ratings believes that the rating
action on RBNL is consistent with 'Assessing Information Adequacy
Risk'.
Based on best-available information, CRISIL Ratings has downgraded
its rating on the long-term bank facilities of RBNL to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL C/CRISIL A4 Issuer
Not Cooperating' due to delays in servicing debt obligation.
RBNL was incorporated in 1932, by Shri Rai Bahadur Narain Singh and
started commercial production on 1934-35. The company has a
manufacturing capacity of 8,400 TCD of sugar with 30 MW of power
(12 MW captive usages).
Status of non cooperation with previous CRA:
RBNL did not cooperate with Credit Analysis & Research Ltd., which
classified it as 'issuer not cooperative' vide release dated
January 29, 2021. The reason provided by Credit Analysis & Research
Ltd. is non-furnishing of information for monitoring of ratings.
RAI BAHADUR: Ind-Ra Corrects January 30, 2023 Rating Release
------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Rai Bahadur Narain
Singh Sugar Mills Limited's (RBNS) rating published on January 30,
2023 to incorporate the financial summary of the company and to
remove the no longer applicable disclosure on the provisional
ratings.
The amended version is as follows:
India Ratings and Research (Ind-Ra) has downgraded Rai Bahadur
Narain Singh Sugar Mills Limited's (RBNS) Long-Term Issuer Rating
to 'IND D' from 'IND BBB'.
The instrument-wise rating actions are:
-- INR516 mil. Term loan (Long-term) due on December 2027
downgraded with IND D rating;
-- INR2.260 bil. Fund-based working capital limits (Long-
term/Short-term) downgraded with IND D rating; and
-- INR244 mil. Proposed term loans (Long-term) downgraded with
Provisional IND D rating.
The downgrade reflects RBNS' delays in debt servicing from May 2022
until August 2022, which were regularized on August 21, 2022 as
per auditor's report.
The curing period is over and Ind-Ra is working on assessing the
ratings. The agency will reassign the ratings once the assessment
is completed.
Rating Sensitivities
Positive: Continued timely servicing of debt until the rating
assessment is completed will lead to reassignment of the ratings.
Company Profile
Incorporated in 1932, RBNS has an integrated sugar plant in
Uttarakhand having a cane crushing capacity of 8,400 tons per day,
distillery capacity of 60 kiloliters per day, and co-generation
capacity of 29.6MW. The company also has a bottling plant with a
capacity of 500 cases per day.
RCI INDUSTRIES: Ind-Ra Affirms 'D' Long Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed RCI Industries &
Technologies Limited's (RCI) Long-Term Issuer Rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise despite requests and follow-ups by the agency.
Thus, the ratings are on the basis of the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR500 mil. Proposed long-term loan affirmed with IND D
(ISSUER NOT COOPERATING) rating;
-- INR1.010 bil. Fund-based limits (long-term) affirmed with
IND D (ISSUER NOT COOPERATING) rating;
-- INR250 mil. Proposed fund-based limits (long-term) affirmed
with IND D (ISSUER NOT COOPERATING) rating; and
-- INR1.090 bil. Non-fund based limits (short-term) affirmed with
IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Key Rating Drivers
The affirmation reflects RCI's continued delays in debt servicing.
The company has been classified as a non-performing asset by its
lenders. Ind-Ra has not been able to ascertain the reason for the
delay, as the issuer has been non-cooperative.
Rating Sensitivities
Positive: Timely debt servicing for at least three consecutive
months would lead to a positive rating action.
Company Profile
Incorporated in 1992, RCI is listed on the BSE Ltd. The company
manufactures copper wires (24,000 million tons (mt) capacity),
copper/brass strips (15,000mt capacity) and Tin solder strips/bars
(1,200mt capacity). Its items include annealed copper wire, bunched
copper wires ropes and copper ingots.
ROLTAS PAPER: CRISIL Lowers Long and Short Term Debt Rating to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Roltas Paper LLP (RPL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Short Term Rating - CRISIL D (Downgraded from
'CRISIL A4+')
The ratings reflect delay by RPL in servicing the equated monthly
installments (of its term loan) in the past month of December owing
to weak liquidity.
The ratings reflect the extensive experience of the partners of RPL
in the paper packaging business and their funding support, and
strategic location of plant ensuring easy access to raw material
and labour. These strengths are partially offset by average
financial risk profile and working capital-intensive operations.
Key Rating Drivers & Detailed Description
Weaknesses:
* Large working capital requirement: With 1.5 years of commercial
operations in fiscal 2022, gross current assets were sizeable at
181 days as on March 31, 2022, because of receivables of 90 days
and inventory of 70 days. This was supported by payables of 120
days as on March 31, 2022. Operations are expected to remain
working capital intensive over the medium term.
* Susceptibility of operating margin to fluctuations in raw
material prices: Operating profitability was 5.57% as on March 31,
2022. However, with stability in business operations and increase
in the prices of key raw material (paper), margin is expected to
further moderate due to partial ability to pass on variations in
raw material prices to customers. Profitability is expected to
remain range-bound over the medium term while also being a key
rating sensitivity factor.
Strengths:
* Extensive experience of the partners: Presence of over a decade
in the paper packing and other diversified businesses through group
entities has enabled the partners to understand industry dynamics
and build good relationships with customers and suppliers, thereby
continuously helping the firm in stabilizing its business
operations.
Liquidity: Poor
Bank limit utilization is high at around 92.25 percent for the past
twelve months ended November 2022. Cash accrual are expected to be
over INR1.7 crore which are insufficient against term debt
obligation of INR1.92 crore over the medium term. Current ratio are
healthy at 1.48 times on March31, 2022. The promoters are likely to
extend support in the form of equity and unsecured loans to meet
its working capital requirements and repayment obligations.
Rating Sensitivity factors
Upward factors:
* Track record of timely servicing of debt and absence of any
irregularity, for at least 3 months
* Significant improvement in liquidity.
RPL was set up in March 2020 by members of Dalsaniya, Moradiya and
Kanjiya families (Dalsaniya and Moradiya families are major
stakeholders) and started commercial operations in December 2020.
The firm manufactures kraft paper in Morbi, Gujarat.
RR METALMAKERS: CRISIL Reaffirms B Rating on INR6.5cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of RR Metalmakers India Ltd
(RRMIL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B/Stable (Reaffirmed)
Inland/Import
Letter of Credit 18.5 CRISIL A4 (Reaffirmed)
The ratings continue to reflect the company's modest scale in the
intensely competitive steel trading industry, volatile operating
margins and below-average financial risk profile. These weaknesses
are partially offset by the extensive experience of the promoters
in the steel trading business.
Analytical Approach
For arriving at its ratings, CRISIL Ratings has revised its
analytical approach and considered RRMIL on standalone basis,
earlier CRISIL Ratings has consolidated the business and financial
risk profiles of RRMIL and its subsidiary RR Life Care Pvt Ltd
(RRLCPL). The analytical approach is revised as there are no
operations in RRLCPL.
Unsecured loans from the promoters of INR 2.5 crores are treated as
debt as there is no track record of sustenance of these funds in
the business.
Key Rating Drivers & Detailed Description
Weakness:
* Intensely competitive steel trading industry and volatile
operating margins: Intense competition from a large number of
players in the steel trading business limits the bargaining power
of RRMIL, leading to modest scale of operations and volatile
operating margins as highlighted with revenue of INR 120-130 crores
and operating margin ranging between (1.35%)-5.67% over last 3
fiscals. The company has booked lower operating margins in fiscal
2022 as the operating margins have dipped from 5.67% in fiscal 2021
to 0.56% in fiscal 2022 on account of fluctuation in the raw
material prices which the company was not able to pass on to its
customers. The company has booked PAT losses.
* Below-average financial risk profile: Networth is modest at
INR5.6 crore as on March 31, 2022 which is expected to remain at
similar level in fiscal 2023 due to low profitability. Modest
capital structure have kept capital structure aggressive, as
reflected in the gearing ratio of 3.61 and total outside
liabilities to adjusted networth (TOLANW) ratio of 8.41 times as on
March 31, 2022, because of high reliance on short-term borrowings.
TOLANW ratio is estimated at similar level in fiscal 2023. Debt
protection metrics remained below average on account of modest
operating margin, indicated by interest coverage ratio of 0.32
times in fiscal 2022. With no major debt funded capex plan over the
medium term, debt protection metrics is expected to improve over
the medium term with interest cover estimated at 1 to 1.2 times in
fiscal 2023
Strengths:
* Extensive experience of the promoters: Mr. Virat Shahhave an
extensive experience of over a two decade, his strong understanding
of local market dynamics, and healthy relationships with suppliers
and customers should continue to support the business.
Liquidity: Stretched
Net cash accruals are expected to be tightly matched with debt
obligation of INR1.25 and INR1.41 crore in fiscals 2024 and 2025,
respectively. Bank limit utilisation averaged 90% over the 12
months through December 2022. Cash and bank balances were moderate
at INR 5.3 crores as on March 31, 2022. Unsecured loans from the
promoters stood at INR 2.5 crores as of March 31, 2022 and they are
willing to infuse funds as unsecured loans as and when required by
the business.
Outlook Stable
CRISIL Ratings believes that the company will continue to benefit
from its the experience of the management in mitigating risks
inherent in the trading business.
Rating Sensitivity factors
Upward factors
* Increase in revenue and operating margin leading to cash accrual
higher than INR 2 crores
* Better financial risk profile
Downward factors
* Stretch in the working capital cycle weakening the liquidity with
100% limit utilisation
* Decline in revenue or operating margin leading to fall in net
cash accrual
RRMIL (earlier Shree Surgovind Tradelink Ltd) was incorporated in
1985 in Ahmedabad and was acquired by Mr Virat Shah and family in
2015. The company trades in steel and iron ore and manufactures
steel pipes.
SD INFRA: Ind-Ra Assigns B- Long Term Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SD Infra (SDI) a
Long-Term Issuer Rating of 'IND B-'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR300 mil. Fund-based working capital limits assigned with
IND B-/Stable/IND A4 rating;
-- INR38.50 mil. Term loans due on November 2026 assigned with
IND B-/Stable rating; and
-- INR600 mil. Non-fund-based limits assigned with IND A4 rating.
Key Rating Drivers
Liquidity Indicator - Poor: SDI's fund-based limits were fully
utilized, with several instances of overutilization up to 18 days,
during the 12 months ended December 2022. SDI availed a temporary
overdraft to the extent of 15% of its sanctioned limits during this
period. The average utilization of the fund-based limits was 102%
and that of the non-fund-based limits was 79.25% during the 12
months ended December. The cash flow from operations remained
negative at INR43.44 million in FY22 (FY21: negative INR64.07
million). Furthermore, the free cash flow remained negative at
INR60.32 million (FY21: negative INR99.68 million), mainly because
SDI had undertaken capex of INR16.88 million for purchasing
equipment and vehicles for order execution. The net working capital
cycle remained elongated and stretched to 192 days in FY22 (FY21:
186 days) due to delay in clearing of bills by the government. The
cash and cash equivalents stood at INR9.76 million at FYE22 (FYE21:
INR6.08 million). The firm has debt payment obligations of INR74.5
million in FY23 and INR89 million in FY24. SDI does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements.
The ratings reflect SDI's small scale of operations, as indicated
by revenue of INR860.89 million in FY22 (FY21: INR782.27 million).
In FY22, the revenue improved due to an increase in the number of
orders executed by the company. During 8MFY23, SDI booked revenue
of INR860 million. It had an unexecuted order book of INR5,746.97
million as of October 2022, to be executed by March 2025, providing
revenue visibility of 3x until FYE24. Ind-Ra expects the revenue to
increase on a yoy basis in FY23, backed by the unexecuted order
book.
The ratings factor in SDI's modest EBITDA margins. The margin fell
to 13.74% in FY22 (FY21: 14.05%) due to an increase in freight
charges and other administration expenses. The ROCE was 10% in FY22
(FY21: 11%). The firm achieved a higher EBITDA margin of 18% during
8MFY23. However, Ind-Ra expects the EBITDA margin to be stable on a
yoy basis in FY23.
The ratings are constrained by the geographical concentration risk,
as SDI's projects are concentrated in Tamil Nadu, Andhra Pradesh
and Karnataka.
The ratings are supported by SDI's comfortable credit metrics. The
interest coverage (operating EBITDA/gross interest expenses)
improved to 3.73x in FY22 (FY21: 3.11x), mainly due to an
improvement in the absolute EBITDA to INR118.26 million (INR109.93
million). The net leverage (total adjusted net debt/operating
EBITDAR), however, deteriorated to 3.93x in FY22 (FY21: 2.78x)
owing to an increase in term loans to INR308.99 million (INR147.14
million) towards the end of the year. In FY23, Ind-Ra expects the
credit metrics to be stable on account of the scheduled repayment
of term loans.
The ratings also benefit from the promoter's experience of over 15
years in the civil construction business. Furthermore, the
promoter, S. Devendiran, has longstanding relationships with
clients that include state government departments and public sector
undertakings through his proprietorship concern that has been in
the civil construction business since 2000.
Rating Sensitivities
Negative: Further deterioration in the liquidity profile and/or
deterioration in the scale of operations and credit metrics will be
negative for the ratings.
Positive: Improvement in the liquidity while maintaining the scale
of operations and the credit metrics will be positive for the
ratings.
Company Profile
Established in 2016, SDI is a partnership firm promoted by S.
Devendiran and three other partners - his brother, AS. Nethaji, and
two sons, Balaji Devendiran and Manjunath Devendiran. It is
involved in the execution of road laying works, upgradation and
maintenance of roads as per tenders issued by the National Highways
Authority of India and state highways departments in the states of
Tamil Nadu, Karnataka and Andhra Pradesh.
SUPER CROP: CRISIL Lowers Rating on INR12cr Cash Loan to D
----------------------------------------------------------
CRISIL Rating has downgraded its rating on the long term bank
facilities of Super Crop Safe Limited (SCSL) to 'CRISIL D' from
'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (Downgraded from
'CRISIL B/Stable')
The rating downgraded reflects delays in servicing of term debt
obligations on account of weak liquidity.
The rating reflects SCSL's average financial risk profile and weak
liquidity. These weaknesses are partially offset by the extensive
industry experience of promoters.
Key Rating Drivers & Detailed Description
Weakness:
* Delays in servicing debt obligation: Weak liquidity has led to
delay in servicing of term debt obligation in past. Furthermore,
bank lines are fully utilised in January 2023.
* Average financial risk profile: The financial risk profile is
constrained by depletion in networth to INR24.73 crore as on March
31, 2022 (INR31.17 crore a year earlier) due to reporting of
losses. The total outside liabilities to tangible networth (TOLTNW)
ratio and gearing were average at 1.32 times and 0.69 times,
respectively, as on March 31, 2022 (1.06 times and 0.51 times,
respectively, a year earlier). Debt protection metrics were weak,
as indicated by negative interest coverage of 2.86 times and
negative net cash accrual to adjusted debt ratio of 0.34 time in
fiscal 2022.
Strength:
* Extensive industry experience of the promoters: The promoters
have an experience of over 3 decades in agro chemical industry.
This has given them an understanding of the dynamics of the market
and enabled them to establish relationships with suppliers and
customers. The elders of late Mr. Nitin Patel and his son remain
fully engaged in business. Also, the company has a diversified
geographical presence in 8 states with around 2250 distributors and
over 121 product licenses.
Liquidity: Poor
Liquidity is poor as reflected in irregularities in debt servicing
by the company.
Rating Sensitivity factors
Upward factors
* Timely repayment of debt obligations continuously for at least 90
days.
* Significant improvement in liquidity on back of substantial
improvement in business risk profile
Incorporated in 1987, SCSL is engaged in the business of
manufacturing agro chemicals which include Insecticides,
Bio-Fertilizers, Weedicides, Fungicides and other chemicals. The
company is promoted by Patel Family and the manufacturing facility
is based out of Ahmedabad, Gujarat. The company was listed on the
Bombay Stock Exchange (BSE) in 1995.
UPL ENVIRONMENTAL: CRISIL Reaffirms B Rating on INR0.75cr Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of UPL Environmental Engineers
Limited (UPLEEL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 11 CRISIL A4 (Reaffirmed)
Cash Credit 0.25 CRISIL B/Stable (Reaffirmed)
Proposed Fund-
Based Bank Limits 0.75 CRISIL B/Stable (Reaffirmed)
The ratings reflect the stretched working capital cycle, modest
scale of operations and moderate networth and subdued debt
protection measures. These weaknesses are partially offset by the
strong track record of successful implementation of waste
management projects.
Analytical Approach
Unsecured loans from the promoter of INR55.63 lakhs outstanding as
on March 31, 2022 has been treated as debt.
Key Rating Drivers & Detailed Description
Weaknesses:
* Large working capital requirement: Gross current assets (GCAs)
are estimated to remain high above 1000 days in fiscal 2023 (6,501
days with INR34 crores over 180 days as on 31 March 2022), led by
stretched receivables. Delays in receipt of payments from
counterparties have led to stretch in GCA days.
* Modest scale of operations: With no new projects undertaken by
the company, operations continue to remain modest as highlighted by
revenues estimated to be around INR4-5 crores in fiscal 2023 (Rs 2
crore a year ago). UPLEEL's scale of operations are expected to
remain modest given that no new major projects will be undertaken
over medium term.
* Moderate networth and subdued debt protection measures: The
networth is estimated at over INR22-24 crore as on March 31,2023
(decrease from over INR28 crore a year ago) due to operating losses
suffered. The debt protection metrics are also expected to continue
to remain subdued in fiscal 2023 due to operating losses. The
improvement in financial risk profile will remain a key monitorable
over the medium term.
Strength:
* Track record of successful implementation of waste management
projects: UPLEEL has been engaged in solid and liquid waste
management for over 20 years, mainly catering to government
entities. It also undertakes projects through associate companies.
Liquidity: Poor
Cash losses has been reported in past few years and expected to
continue. Utilisation of bank limit of INR0.25 crore is unutilised
in the 12 months through December 2022. Need-based funding support
from the management and promoters continue to support liquidity.
Outlook: Stable
UPLEEL will continue to benefit from the promoters' fund support.
Rating Sensitivity factors
Upward factors
* Sustained increase in revenue and operating margin leading to
higher net cash accrual
* Improvement in debtor days to below 180 days
Improvement in financial risk profile with interest cover above 1.5
times.
Downward factors
* Increase in outside liabilities leading to increase in Total
outside liability to total networth (TOL/TNW) to above 2 times
Reduction in fund support from promoters and group companies,
thereby leading to further weakening of liquidity profile
Incorporated in 1994, UPLEEL undertakes turnkey projects for
managing waste water and solid/liquid waste. It also offers
operations and maintenance services for waste management
facilities. Currently the company is being managed by Mr. Santosh
Nair, Mr. Dinesh Patel and Mr. Ashok Sharma.
===============
M A L A Y S I A
===============
IQZAN HOLDING: Deadline to Submit Plan Extended to March 31
-----------------------------------------------------------
theedgemarkets.com reports that Iqzan Holding Bhd said Bursa
Malaysia Securities has granted the PN17 company a further
extension of four months, up to March 31, to submit its
regularisation plan to the relevant authorities.
Iqzan was given the initial extension when it applied for it on
Nov. 29, 2022, the report says.
IQZAN Holding Berhad, formerly known as Ire-Tex Corp Bhd, operates
as a holding company. The Company, through its subsidiaries,
invests in business ventures such as green packaging, environmental
friendly engineering processes, and recycled industrial material
processing, and manufacturing industries. IQZAN Holding serves
customers in Malaysia, Thailand, and Indonesia.
The company slipped into PN17 status after its external auditor
Nexia SSY PLT expressed a disclaimer of opinion on the group's
financial statements for the financial year ended June 30, 2019 in
its annual report issued on Oct. 31, 2019.
=====================
N E W Z E A L A N D
=====================
ANDRASSY LIMITED: Court to Hear Wind-Up Petition on March 31
------------------------------------------------------------
A petition to wind up the operations of Andrassy Limited will be
heard before the High Court at Auckland on March 31, 2023, at 10:45
a.m.
Carters Building Supplies Limited filed the petition against the
company on Dec. 16, 2022.
The Petitioner's solicitor is:
Philip John Morris
Stace Hammond Lawyers
KPMG Building
Level 7, 85 Alexandra Street
Hamilton 3240
AUCKLAND HARDSCAPES: PKF Corporate Appointed as Liquidators
-----------------------------------------------------------
Christopher Carey McCullagh and Stephen Mark Lawrence of PKF
Corporate Recovery & Insolvency on Feb. 8, 2022, were appointed as
liquidators of Auckland Hardscapes, Kerbing Limited and Jacksco
Holdings Limited.
The liquidators may be reached at:
Christopher Carey McCullagh
Stephen Mark Lawrence
PKF Corporate Recover
PO Box 3678
Auckland 1140
ELITE LANDSCAPE: Creditors' Proofs of Debt Due on March 14
----------------------------------------------------------
Creditors of Elite Landscape and Design Limited are required to
file their proofs of debt by March 14, 2023, to be included in the
company's dividend distribution.
The High Court at Wellington appointed Wendy Somerville and Richard
Nacey of PwC as liquidators on Feb. 7, 2023.
PARADISE COATINGS: Court to Hear Wind-Up Petition on Feb. 20
------------------------------------------------------------
A petition to wind up the operations of Paradise Coatings Limited
will be heard before the High Court at Tauranga on Feb. 20, 2023,
at 10:00 a.m.
Tauranga City Council filed the petition against the company on
Dec. 12, 2022.
The Petitioner's solicitor is:
Charlotta Harpur
Rice Speir
Level 14, 23 Customs Street East
Auckland Central
WJC BUILDING: Court to Hear Wind-Up Petition on Feb. 17
-------------------------------------------------------
A petition to wind up the operations of WJC Building Limited will
be heard before the High Court at Auckland on Feb. 17, 2023, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 19, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
===============
P A K I S T A N
===============
PAKISTAN: Resume Talks on Unlocking Bailout Funds, Official Says
----------------------------------------------------------------
Reuters reports that talks between the International Monetary Fund
and Pakistan resumed virtually on Feb. 13, a Pakistani official
said, as the two sides look to reach a deal to unlock funding
critical to keep the cash-strapped south Asian country afloat.
According to Reuters, the two could not reach a deal last week and
a visiting IMF delegation departed Islamabad after 10 days of
talks, but said negotiations would continue. Pakistan is in dire
need of funds as it battles a wrenching economic crisis.
"Duration (of the talks) cannot be confirmed but we intend to wrap
these up at the soonest," Finance Secretary Hamed Yaqoob Sheikh
told Reuters in a text message, confirming that talks were resuming
on Feb. 13.
Reuters relates that talks centre around reaching an agreement on a
reforms agenda under the country's $6.5 billion bailout programme,
which it entered in 2019. An agreement on the ninth review of the
programme would release over $1.1 billion.
Pakistan's international bonds slipped again on Feb. 13 after
having suffered sharp falls on Feb. 10 following news that a deal
with the fund had still to be reached, the report notes.
The dollar-denominated 2025 bond saw the biggest declines, falling
nearly 2 cents in the dollar before clawing back some losses to
trade down 1.4 cents at 48.1 cents by 0900 GMT, Reuters discloses
citing Tradeweb data.
Pakistan's foreign exchange reserves held by the central bank have
fallen to $2.9 billion, barely enough to cover three weeks of
imports. A resumption of the IMF programme would also unlock other
avenues of funding for Pakistan.
An agreement, if reached, would still need to be cleared by the IMF
board, adds Reuters.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
27, 2022, 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-'.
The TCR-AP reported in October 2022, Fitch Ratings has downgraded
Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to 'CCC+' from 'B-'. Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below.
=================
S I N G A P O R E
=================
CONFLUX FOUNDATION: Court to Hear Wind-Up Petition on Feb. 17
-------------------------------------------------------------
A petition to wind up the operations of Conflux Foundation Ltd will
be heard before the High Court of Singapore on Feb. 17, 2023, at
10:00 a.m.
Software X Gmbh filed the petition against the company on Oct. 13,
2022.
The Petitioner's solicitors are:
Allen & Gledhill LLP
1 Marina Boulevard
#28-00, One Marina Boulevard
Singapore 018989
DERMATOLOGY & SURGERY CLINIC: Creditors' Meetings Set for Feb. 24
-----------------------------------------------------------------
Dermatology & Surgery Clinic (Shenton) Pte Ltd and Dermatology &
Surgery Clinic Pte Ltd, which are in provisional liquidation, will
hold a meeting for its creditors on Feb. 24, 2023, at 10:30 a.m.
and 11:30 a.m., respectively, via teleconference.
Agenda of the meeting includes:
a. to receive a statement of the Company’s affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to resolve that Cameron Lindsay Duncan and David Dong-Won
Kim care of KordaMentha Pte Ltd, 16 Collyer Quay, #30-01,
Singapore 049318 be and are hereby appointed jointly and
severally as Liquidators of the Company for the purpose of
such winding up and that their remuneration be based on the
normal scale rates and be paid out of the Company assets;
c. to appoint a Committee of Inspection of not more than five
members, if thought fit;
d. to resolve that the Liquidators be at liberty to open,
maintain and operate any bank account or an account for
monies received by them as Liquidators of the Company, with
such bank as the Liquidators deem fit;
e. to resolve that the Liquidators be authorised to exercise
any of the powers provided by Section 144(1)(b), (c), (d),
(e) and (f) of the Insolvency, Restructuring and Dissolution
Act 2018; and
f. Any other business.
DERMATOLOGY & SURGERY: Under Judicial Management
------------------------------------------------
The High Court of Singapore entered an order on Feb. 8, 2023, to
place Dermatology & Surgery Clinic (Orchard) Pte Ltd under judicial
management.
The company's judicial manager is David Dong-Won Kim.
LIPPO MALLS: Moody's Lowers CFR to Caa1, Outlook Remains Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Lippo Malls Indonesia Retail Trust (LMIRT) to Caa1 from
B3.
Moody's has also downgraded the backed senior unsecured rating on
the bonds issued by LMIRT Capital Pte. Ltd., a wholly-owned
subsidiary of LMIRT, to Caa1 from B3. The bonds are guaranteed by
the trustee of LMIRT.
The outlook on all ratings remains negative.
"The downgrade reflects Moody's view that debt restructuring is
likely to take place over the next 6 -12 months as the trust has no
concrete refinancing plans for its bank loan maturities due
November 2023 and January 2024, as well as its US dollar bond that
will mature in June 2024 amid a tight funding environment," says
Rachel Chua, a Moody's Vice President and Senior Analyst.
"The downgrade also captures Moody's expectation that LMIRT will
trip its bank loan covenants and trigger a cross default on its US
dollar bonds in the event of a depreciation of the Indonesian
rupiah against the Singapore dollar which will result in its
regulatory leverage exceeding 45%," says Chua, who is also Moody's
lead analyst for LMIRT.
RATINGS RATIONALE
LMIRT's weak liquidity and high refinancing needs with looming debt
maturities are a pertinent credit risk, especially amid rising
inflation and higher interest rates weighing on global economic
growth.
The company has a debt maturity wall of around $400 million –
SGD217.5 million of bank loans and $250 million of US dollar bonds
– coming due over the next 12-18 months, with no concrete
refinancing plans in place at this juncture.
The company's access to banking lines is limited, despite the
recent SGD67.5 million bank loan it obtained. The bank loan was a
bridge loan through to November 2023 ahead of the US dollar bond
maturity.
The Caa1 CFR also reflects the company's unsustainable capital
structure and weak financial management.
LMIRT's interest coverage will likely stay weak at around 1.5x-1.6x
through 2023-24 and will worsen if interest rates spike further.
New bank loans in the current environment will likely lead to
weaker interest coverage as well. As of September 30, 2022, only
42.2% of the trust's debt are fixed rate.
Moody's also estimates LMIRT's adjusted leverage, as measured by
adjusted net debt/EBITDA, will improve but remain weak at around
8.0x over 2023-24 as its occupancy rate increases towards 82% in
2023 and 84% in 2024. As of September 30, 2022, its portfolio
occupancy was 80.4%.
LMIRT's debt/deposited asset ratio of 44.6% as of 31 December 2022
was almost at the regulatory limit of 45%. Moody's expects LMIRT
will likely breach the regulatory limit over the next few quarters
if the Indonesian rupiah continues to weaken against the Singapore
dollar, leading to a decline in the asset value of its Indonesian
properties in Singapore dollars.
LMIRT's Caa1 ratings reflect the trust's established presence in
Indonesia, with its portfolio spread across 12 Indonesian cities
that have large catchment populations, targeting the country's
growing middle- to upper middle-income consumers. The rating also
incorporates the trust's degree of independence as a publicly
listed and regulated trust in Singapore, despite the linkages
between LMIRT and its sponsor, Lippo Karawaci Tbk (P.T.) (B3
stable).
The negative outlook reflects LMIRT's heightened refinancing risk
in a tight funding market. It also reflects the continued
uncertainty surrounding the pace of recovery from the pandemic in
an environment of inflation and slower growth.
LMIRT's liquidity is weak. The trust had cash and cash equivalents
of SGD107 million as of September 30, 2022, an undrawn and
committed credit line of SGD23 million, and annual operating cash
flows of around SGD50 million, which are insufficient to address
its capital requirements and the SGD135 million bank loans maturing
in November 2023, SGD82.5 million due in January 2024 and the $250
million US dollar bond due June 2024. The trust will also have to
rely on external funding to address these maturities.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative outlook, an upgrade is unlikely over the next
12-18 months. Nonetheless, Moody's could return the outlook to
stable if LMIRT's credit metrics strengthen on the back of (1) an
improvement in the operating environment or a reduction in debt;
(2) it fully addresses its refinancing needs through 2024.
Further improvement in the ratings would require the trust to
demonstrate a tenable capital structure including interest coverage
of at least 1.5x-2.0x.
On the other hand, Moody's could downgrade LMIRT's ratings if the
trust is unable to meet its interest payments or it fails to
refinance its debt maturing through 2024. An increase in secured
borrowings that result in legal subordination risk for its US
dollar bond holders will also result in a downgrade of the bond
ratings.
The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2022.
Lippo Malls Indonesia Retail Trust (LMIRT) is a real estate
investment trust that has been listed on the Singapore Stock
Exchange since November 2007. As of September 30, 2022, it had a
portfolio of 22 retail malls and seven retail spaces across major
cities in Indonesia, with a total appraised value of around SGD1.78
billion.
SHAKTI SHIPPING: Court to Hear Wind-Up Petition on Feb. 17
----------------------------------------------------------
A petition to wind up the operations of Shakti Shipping and Trading
Pte Ltd will be heard before the High Court of Singapore on Feb.
17, 2023, at 10:00 a.m.
Jade Alliance Pte Ltd filed the petition against the company on
Jan. 25, 2023.
The Petitioner's solicitors are:
Messrs DennisMathiew
7500A Beach Road
#14-324 The Plaza
Singapore 199591
WING WAI: Court to Hear Wind-Up Petition on Feb. 17
---------------------------------------------------
A petition to wind up the operations of Wing Wai Global Pte Ltd
will be heard before the High Court of Singapore on Feb. 17, 2023,
at 10:00 a.m.
=================
S R I L A N K A
=================
SRILANKAN AIRLINES: Defaults on US$175 Million State-Backed Bond
----------------------------------------------------------------
Reuters reports that state-owned SriLankan Airlines has defaulted
on a $175 million bond as it was unable to meet a $6 million
interest payment due in December, its chairperson told Reuters on
Feb. 9, as the country struggles with its worst economic crisis in
decades.
The country of 22 million itself defaulted on loans last year and
is seeking $2.9 billion urgently from the International Monetary
Fund to tide over a severe shortage of dollars to buy essentials,
Reuters says.
"We will follow treasury guidelines on this. We are also engaging
with bondholders," Reuters quotes SriLankan Airlines Chairperson
Ashok Pathirage as saying.
The government-guaranteed unsecured notes are due in 2024.
According to Reuters, President Ranil Wickremesinghe told
parliament on Feb. 8 that Sri Lanka's economy was expected to grow
again from the end of this year and hoped the country would emerge
from the economic crisis by 2026.
About SriLankan Airlines
SriLankan Airlines is the flag carrier of Sri Lanka and a member of
the Oneworld airline alliance. It is currently the largest airline
in Sri Lanka by number of aircraft and destinations and was
launched in 1979 as Air Lanka following the termination of
operations of the original Sri Lankan flag carrier Air Ceylon.
As reported in the Troubled Company Reporter-Asia Pacific on May
31, 2022, Fitch Ratings has affirmed the rating on SriLankan
Airlines Limited's (SLA) USD175 million government-guaranteed 7%
unsecured bonds due June 25, 2024 at 'C'. The affirmation follows
the May 19, 2022 downgrade of Sri Lanka's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'RD' from 'C', and
the downgrade of its foreign-currency bonds issued in international
markets to 'D' from 'C'.
===============
T H A I L A N D
===============
THAI AIRWAYS: CEO Foresees Early Rehabilitation Exit
----------------------------------------------------
Bangkok Post reports that Thai Airways International (THAI) will
exit rehabilitation earlier than planned and resume trading on the
Stock Exchange of Thailand in two years as operating revenue is
rising, said its new chief executive officer.
According to the report, Chai Eamsiri said on Feb. 9 that the cash
flow of the airline had risen to about THB30 billion, compared with
just THB6 billion in 2021, and it was expanding its fleet to meet
the ongoing travel recovery.
"THAI is in the position of continuously increasing its operating
revenue because the volume of air passengers is picking up," the
report quotes Mr. Chai as saying at his first news conference since
being appointed CEO on Feb. 1. With 37 years of experience in the
aviation industry, he previously served as THAI's chief financial
officer.
Revenue will grow by at least 40% this year, he said.
The national carrier entered bankruptcy protection last year to
restructure some THB400 billion worth of debt. It has since
undertaken painful cost cuts, including halving its workforce and
downsizing its fleet by about 40%.
"THAI has followed its recovery plan by reducing expenses and costs
and selling unused assets," Bangkok Post quotes Mr. Chai as saying.
"THAI's crisis has passed and it is entering an era of steadily
generating revenue for sustainable growth."
The airline has resumed flights on 65% of its pre-Covid routes and
its cabin factor was a healthy 85% last year, he added, Bangkok
Post relays.
The airline started to make an operating profit last May, and its
cash flow is at a very good level of about THB30 billion, according
to Bangkok Post.
Given the healthy cash flow, THAI will not need to borrow another
25 billion baht as earlier set out in its recovery plan, he said.
The airline would definitely exit rehabilitation sooner than late
next year as earlier planned, and could resume trading on the SET
in 2025, Mr. Chai said.
The focus now, he said, is firmly on revenue generation and better
returns from cash in hand, the report relays.
He estimated the airline earned about THB90 billion in revenue last
year and believed the figure would rise by 40% this year.
"Thai Airways' earnings will enjoy another year of excellent
growth, with the return of Chinese travellers adding to an already
hot market for air travel," Mr. Chai said, notes the report. "We
have met most conditions in the debt plan quite quickly, and now
begins our long-term growth programme that includes new plane
procurement and fleet modernisation."
THAI currently has 49 planes and aims to expand its fleet to meet
rising air transport demand, Bangkok Post says. It will take
delivery of six rented Airbus A350 jets in April and discuss
leasing three more wide-body planes within this year or early next
year, Mr. Chai said.
Bangkok Post adds that the company is also in talks with plane
makers including Boeing for "long-term" acquisitions of new
aircraft to modernise its fleet, the report added.
THAI is seeking to add about 20 twin-aisle passenger jets,
Bloomberg News reported in December. The talks with Boeing focus on
the 787-9 wide-body aircraft.
About Thai Airways
Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand. The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.
As reported in Troubled Company Reporter-Asia Pacific in May 2020,
Thailand's cabinet approved a plan to restructure troubled Thai
Airways International Pcl's finances through a bankruptcy court,
the Southeast Asian country's prime minister said on May 19, 2020.
The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.
Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.
On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.
Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.
The company's shareholders' equity turned negative at minus THB18.1
billion ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asia.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Feb. 6, 2023 to Feb. 10, 2023
------------------------------------------------------------
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
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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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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