/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/230418.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, April 18, 2023, Vol. 26, No. 78 Headlines A U S T R A L I A ALICE MCCALL: Finc'l. Controller Stole AUD340,000+ From Company BWX LIMITED: Irene Falcone Won't Buy Nourished Life Back From BWX DORE'S ELECT-AIR: Second Creditors' Meeting Set for April 20 GOH THAI: First Creditors' Meeting Set for April 20 IGM CONCRETE: First Creditors' Meeting Set for April 20 ONLINE HIRE: First Creditors' Meeting Set for April 20 PORTER DAVIS: Hundreds of Homes to be Completed After Deal Struck REDZED TRUST 2023-1: Fitch Gives 'Bsf' Final Rating on Cl. F Notes THAIFOON PTY: First Creditors' Meeting Set for April 20 C H I N A CHINA EVERGRANDE: EV Unit Struggling to Survive FOSUN INT'L: Moody's Withdraws B2 Corporate Family Rating KUNMING INDUSTRIAL: Fitch Cuts LongTerm IDRs to 'BB-', On Watch Neg I N D I A AADITRI CONTSRUCTIONS: Insolvency Resolution Process Case Summary AARADHANA REALTIES: Insolvency Resolution Process Case Summary ABHIJEET INTEGRATED: Insolvency Resolution Process Case Summary AGRASEN TRADE: Insolvency Resolution Process Case Summary ARMANIA AGRO: ICRA Withdraws B Rating on INR7.0cr Cash Loan BATHSHA MARINE: CARE Keeps D Debt Ratings in Not Cooperating CHIRAYU CHARITABLE: ICRA Keeps B+ Debt Ratings in Not Cooperating CONSORT BUILDERS: ICRA Withdraws B+ Rating on INR20.25cr LT Loan DEOGIRI INFRASTRUCTURE: Insolvency Resolution Process Case Summary DUBLIN PROMOTERS: Insolvency Resolution Process Case Summary EVERSMILE PROPERTIES: Ind-Ra Gives BB+ NonConvertible Debt Rating EXCLUSIVE STEEL: CARE Cuts Rating on INR11.50cr LT/ST Loan to B GAYATRI INFRA : Insolvency Resolution Process Case Summary GOAL CLOSURES: CARE Lowers Rating on INR29.60cr LT Loan to D GOLDEN AMOON: Ind-Ra Assigns B LT Issuer Rating, Outlook Stable GRACE JEWELS: CARE Keeps B Debt Rating in Not Cooperating HARIG CRANKSHAFTS : Insolvency Resolution Process Case Summary HARIOM AQUA: Ind-Ra Affirms BB+ Long Term Issuer Rating HNPE KNOWLEDGE: CARE Keeps B Debt Rating in Not Cooperating HOLY HEIGHTS: Insolvency Resolution Process Case Summary INDUS BUSINESS: Insolvency Resolution Process Case Summary INFLUX MART: Insolvency Resolution Process Case Summary JAHANGIR BIRI: CARE Keeps D Debt Rating in Not Cooperating KAKADE ESTATE: Insolvency Resolution Process Case Summary KRUSHNA COTEX: CARE Keeps B- Debt Rating in Not Cooperating KUMAR SINEW: Ind-Ra Assigns D Long Term Issuer Rating L&T HALOL: ICRA Withdraws D Rating on INR577.37cr Term Loan MAHA ARVIND: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable MALLUR SIDDESWARA : Insolvency Resolution Process Case Summary MANTRI DEVELOPERS: Insolvency Resolution Process Case Summary MCNALLY BHARAT: CARE Keeps D Debt Rating in Not Cooperating MD DEVELOPMENT: Insolvency Resolution Process Case Summary MDD MEDICAL: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating METRO HOSPITAL: ICRA Keeps B+ Debt Rating in Not Cooperating MULTITEX FILTRATION: Ind-Ra Cuts Bank Loan Rating to BB MURLIDHAR INDUSTRIES: Ind-Ra Moves BB+ Rating to Non-Cooperating N. S. ENGINEERING: Insolvency Resolution Process Case Summary NARAYAN AGRO: Ind-Ra Keeps 'C' Issuer Rating in Non-Cooperating NASIK MERCHANTS: Ind-Ra Assigns BB Long Term Issuer Rating NAVDURGA ADVISORY: Insolvency Resolution Process Case Summary NORTH EAST: CARE Lowers Rating on INR15cr LT Loan to B OPTIONS LAWNS: CARE Keeps D Debt Rating in Not Cooperating PARAS COMMERCIAL: Insolvency Resolution Process Case Summary PASUPATI SPINNING: Ind-Ra Hikes Long Term Issuer Rating to BB PC SNEHAL: Ind-Ra Keeps BB LT Issuer Rating in NonCooperating PRASAD PROPERTIES: Liquidation Process Case Summary R V PLASTIC: Ind-Ra Moves BB- LT Issuer Rating to Non-Cooperating RAJESH ESTATES: Insolvency Resolution Process Case Summary RAJNIGANDHA SUPPLIERS: Insolvency Resolution Process Case Summary RELIANCE POWER: ICRA Keeps D Debt Ratings in Not Cooperating RENEW POWER: Moody's Affirms 'Ba2' CFR, Outlook Stable SAILEELA PROCESSORS: ICRA Withdraws B+ Rating on INR15cr Loan SHANMUGA MODERN: Insolvency Resolution Process Case Summary STAR GRANITO: CARE Lowers Rating on INR4.25cr LT Loan to B SUDEEP PLASTICS: Insolvency Resolution Process Case Summary SWASTIK INFRALOGIC: Ind-Ra Keeps B+ Rating in Non-Cooperating TRINITY GLOBAL: ICRA Assigns B+ Rating to INR20cr LT Loan TULIP MARKETING: CARE Keeps B Debt Rating in Not Cooperating VEEKAY PVC: CARE Lowers Rating on INR11.01cr LT Loan to B- VEERABHADRESHWAR COTTON: CARE Keeps B Rating in Not Cooperating VELAMMAL EDUCATIONAL: Ind-Ra Cuts Bank Loan Rating to 'D' VIRTUE INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating WEEI BOO: Insolvency Resolution Process Case Summary ZENOVA BIO: Ind-Ra Hikes Long Term Issuer Rating to BB- N E W Z E A L A N D ALL IN 1 ELECTRICAL: Creditors' Proofs of Debt Due on May 5 ATTITUDE BUILDING: Creditors' Proofs of Debt Due on May 11 AYH HOMES: Creditors' Proofs of Debt Due on May 5 FIRST INVESTMENT: Court to Hear Wind-Up Petition on April 20 GO TO COLLECTION: Emerges From Voluntary Administration KBS CONSTRUCTION: Court to Hear Wind-Up Petition on April 21 SANDERS MANUFACTURING: Goes Into Liquidation P H I L I P P I N E S PALM TREE: Depositors Have Until April 24 to File Claims S I N G A P O R E AQUAWORLD TROPICAL: Commences Wind-Up Proceedings BTI ENGINEERS: Court to Hear Wind-Up Petition on April 21 KREUZ SUBSEA: Creditors' Meetings Set for April 26 ORCHARD CAR: Creditors' Meetings Set for April 21 ORCHID 1 INVESTMENTS: Creditors' Proofs of Debt Due on May 15 ROFFEY PARK: Creditors' Proofs of Debt Due on May 15 S O U T H K O R E A TERRAFORM LABS: Do Kwon Sent US$7MM to Lawyers Before Terra Crash X X X X X X X X [*] BOND PRICING: For the Week April 10, 2022 to April 14, 2022 - - - - - ================= A U S T R A L I A ================= ALICE MCCALL: Finc'l. Controller Stole AUD340,000+ From Company --------------------------------------------------------------- Daily Mail reports that the former financial controller of the now liquidated Australian fashion brand Alice McCall has been accused of stealing more than AUD340,000 from the company. Maurice Egbert, 52, is facing three charges after police accused him of making 290 payments from the firm to his own bank account in less than three years. According to the report, police claim Mr. Egbert used false invoices to suppliers to disguise the payments made from Alice McCall, which once had 14 stores in Sydney, Melbourne and Brisbane. At the time of his alleged theft, the firm was accumulating the huge debts that eventually brought it down. The Australian fashion label went into liquidation in February owing more than AUD1 million to its creditors. Daily Mail says the alleged payments were uncovered when the company's general manager Brett Robbins reviewed its expenses in April 2022, police claim. Court documents alleged Mr. Robbins saw Alice McCall's spending on stock was far higher than expected and that those suppliers were not actually being used by the company. An internal investigation allegedly revealed the money had been paid to three bank accounts belonging to Mr. Egbert, police allege in the documents. Court documents allege part of Mr. Egbert's job was to pay suppliers using an online portal connected to the company's bank accounts, Daily Mail relates. Ms. McCall, Mr. Robbins and the firm's head of operations questioned Egbert about the payments on May 5, 2022. According to Daily Mail, Mr. Egbert allegedly told them he used the money to 'support a gambling addiction' and was 'paying someone off', the Daily Telegraph reported. Mr. Egbert was charged by the South Sydney Proactive Crime team in December and faced Downing Centre Local Court on February 13. His lawyer Omar Juweinat told the court the police claims would need to be closely scrutinised. 'The facts are somewhat complicated and will require an analysis of the banking records together with the material available to the liquidators to determine whether the quantum is properly established,' he said. Alice McCall suffered financially with Covid-19 pandemic lockdowns and went into administration in November 2020, Daily Mail recalls. Its financial position failed to improve and the company was subsequently put into liquidation with reported debts of AUD1.1 million. More than half of that, AUD677,000, was owed to the Australian Taxation Office, the report notes. When her fashion brand was liquidated Ms McCall said: 'It is time to close the doors, making space for a new chapter in my life. 'I want to say thank you and acknowledge all the people that have worn, supported and loved the brand,' she wrote on social media. Mr. Egbert is due to return to court in May, adds Daily Mail. BWX LIMITED: Irene Falcone Won't Buy Nourished Life Back From BWX ----------------------------------------------------------------- Brisbane Times reports that entrepreneur Irene Falcone has ruled out buying beauty e-commerce platform Nourished Life, which she founded in 2011, back from collapsed cosmetics empire BWX, which has listed Nourished Life and another online retailer for sale. According to the report, Ms. Falcone founded Nourished Life as a blog before it became an online marketplace dedicated to natural and clean beauty products, and sold it to BWX in 2017 for AUD20 million. However, the troubled parent company is now seeking buyers for Nourished Life and eco-friendly marketplace Flora & Fauna in a move that will swiftly shrink its stable of brands, while it also scrambles to offload its stake in celebrity cosmetic lines Go-To Skincare and Purely Byron, Brisbane Times says. But Ms. Falcone said BWX had done such a poor job of operating Nourished Life that she would not consider repurchasing the platform, a move that would have echoed make-up mogul Zoe Foster Blake's pole position to buy Go-To Skincare back at a bargain-basement price. "When you shopped at Nourished Life, you knew every single ingredient was clean, checked, had complied with this amazing matrix of ingredients policies. Since I left, I've seen ... a whole bunch of rubbish there," the report quotes Ms. Falcone as saying. "Why would I pay money for it?" "I wouldn't want to buy it back for that reason. It's just tarnished now." KPMG's David Hardy, Gayle Dickerson, James Stewart and James Dampney have been appointed as receivers and managers handling the day-to-day operations of Nourished Life and Flora & Fauna, together known as BWX Digital. They are now eliciting "urgent expressions of interest to acquire or recapitalise" the platforms' assets and operations, according to the report. "BWX Digital comprises Nourished Life and Flora & Fauna, two of Australia's leading e-commerce platforms operating multi-category portfolios of eco-friendly, natural and organic, toxin-free, health, wellbeing and lifestyle products," KPMG said in a statement. Brisbane Times says the sale of the e-commerce platforms marks the third and fourth business that BWX, itself in voluntary administration, is offloading following the high-profile and likely return of Go-To to Zoe Foster Blake, and the collapse of Elsa Pataky-founded cosmetics line Purely Byron in March. BWX owns 47% of Purely Byron, which has appointed administrators to find a new owner. BWX's remaining brands are Sukin, Andalou and Mineral Fusion, the first two of which are sold through pharmacy and supermarket retailers Priceline, Woolworths and Coles, the report discloses. "BWX Digital is also in voluntary administration, meaning interested parties can consider a sale as a going concern, a recapitalisation or restructuring of the business through a Deed of Company Arrangement [DOCA]," KPMG's statement said. Spanning skincare, make-up, eco-friendly home and baby products, food, health and pet merchandise, Nourished Life and Flora & Fauna sell a combined 590 brands and nearly 13,000 products, and together made net sales of AUD32.5 million in the 2022 financial year, Brisbane Times notes. The brands have a combined 115,000 customers considered "active" and 337,000 loyalty program members. According to the report, the two sites appear to have ceased trading – customers have been barred from making purchases and the checkout process has been blocked. "We're sorry but our checkout page is currently unavailable. We are working to get it back up and running as quickly as possible," says a banner on Nourished Life's website. "If you need anything else from us, please contact our lovely customer care team." The Flora & Fauna website permits users to add items to their shopping cart, but posts a similar message when attempting to check out. "Checkout currently unavailable," users are told. "In the meantime, please feel free to continue browsing our website and adding items to your cart or wishlist. Rest assured that your items will be waiting for you when our checkout page is back online. "Keep an eye on the main page for updates. We appreciate your patience and understanding during this time, and we hope you have a lovely day!" Some social media users have posted comments under Nourished Life's latest Instagram post querying when the checkout process will recommence. While KPMG have been appointed manager and receivers of the two platforms, representing secured creditors, FTI Consulting have been appointed by the BWX board as administrators, Brisbane Times states. BWX Limited manufactures body, hair and skin care products. The Company produces and distributes moisturizers, oils, lotions, scrubs, creams and other related products. DORE'S ELECT-AIR: Second Creditors' Meeting Set for April 20 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Dore's Elect-Air Pty. Limited has been set for April 20, 2023 at 10:00 a.m. at the offices of PricewaterhouseCoopers at One International Towers, Watermans Quay in Barangaroo. 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 April 19, 2023 at 4:00 p.m. Andrew Scott and Daniel Walley of PricewaterhouseCoopers were appointed as administrators of the company on March 21, 2023. GOH THAI: First Creditors' Meeting Set for April 20 --------------------------------------------------- A first meeting of the creditors in the proceedings of Goh Thai Personnel Pty Ltd will be held on April 20, 2023, at 10:30 a.m. via virtual meeting only. Christopher Damien Darin of Worrells was appointed as administrator of the company on April 6, 2023. IGM CONCRETE: First Creditors' Meeting Set for April 20 ------------------------------------------------------- A first meeting of the creditors in the proceedings of IGM Concrete & Stone Pty Ltd will be held on April 20, 2023, at 11:00 a.m. via teleconference. Jason Tang of Cor Cordis was appointed as administrator of the company on April 10, 2023. ONLINE HIRE: First Creditors' Meeting Set for April 20 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Online Hire Pty Ltd will be held on April 20, 2023, at 10:00 a.m. via teleconference only. Steven Arthur Gladman of Hall Chadwick was appointed as administrator of the company on April 8, 2023. PORTER DAVIS: Hundreds of Homes to be Completed After Deal Struck ----------------------------------------------------------------- The Sydney Morning Herald reports that liquidators for the collapsed home building giant Porter Davis have confirmed that up to 375 homes will be built across Melbourne after they inked an agreement to sell the company's multiple-dwelling business to Nostra Property Group (NPG). Under the deal, NPG will complete up to 126 townhouses at different stages of construction, with the ability to start construction on up to 169 more that were sold off the plan, SMH relates. Separately, NPG will support a further 80 Porter Davis customers whose homes are yet to be started. According to SMH, Grant Thornton liquidator Said Jahani said the agreement would also offer ongoing employment to some Porter Davis workers, with "a number of jobs preserved". In the announcement on April 17, the liquidators said at least 16 Porter Davis staff would be offered positions with NPG, and the company would also immediately recruit for new roles. SMH relates that the agreement comes after Porter Davis, the country's 12th-largest home builder, collapsed in March, leaving 1,700 unfinished homes across Victoria and Queensland when it was unable to find a last-minute buyer or financial backer to cover a funding shortfall estimated at up to AUD20 million. A further 779 customers who had signed a contract and paid a deposit were also affected, while 410 staff were made redundant after liquidators were appointed the same day, the report notes. Those liquidators warned in April that some new customers could lose thousands of dollars from deposits because they were not insured. NPG's agreement does not apply to those people who paid deposits with no insurance. Porter Davis was one of two companies that entered administration on the same day, as it struggled under the weight of fixed-price contracts, SMH states. It joined a growing list of major builders suffering from rising costs of products and labour, as well as less funding appetite from banks and investors, and a slowing market. Founded in 2006, Melbourne-based NPG is a residential home builder specialising in townhouse developments and freestanding dwellings. SMH adds that the liquidators said NPG's ability to be agile throughout changing market conditions such as the impact of the pandemic, rising costs of materials across the construction industry and competitive market conditions allowed it to present a solid position and provide comfort that it is ready to expand and scale. Said Jahani, Matt Byrnes and Cameron Crichton of Grant Thornton Australia were appointed liquidators of Porter Davis Homes (PDH) on March 31, 2023. REDZED TRUST 2023-1: Fitch Gives 'Bsf' Final Rating on Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has assigned final ratings to RedZed Trust STC Series 2023-1's mortgage-backed pass-through floating-rate bonds. The issuance consisted of notes backed by a pool of first-ranking Australian conforming and non-conforming residential full- and low-documentation mortgage loans and small ticket commercial (STC) loans originated by RedZed Lending Solutions Pty Limited. The notes were issued by Perpetual Trustee Company Limited in its capacity as trustee of RedZed Trust STC Series 2023-1. This is a separate and distinct series created under a master trust deed. Entity/Debt Rating ----------- ------ RedZed Trust STC Series 2023-1 A AU3FN0076642 LT AAAsf New Rating B AU3FN0076659 LT AAsf New Rating C AU3FN0076667 LT Asf New Rating D AU3FN0076675 LT BBBsf New Rating E AU3FN0076683 LT BBsf New Rating F AU3FN0076691 LT Bsf New Rating G1 LT NRsf New Rating G2 LT NRsf New Rating TRANSACTION SUMMARY The collateral pool totalled AUD400 million and consisted of 592 obligors with a weighted-average (WA) unindexed current loan/value ratio (LVR) of 66.3% and a WA current indexed LVR of 70.1% at the 31 January 2023 cut-off date. KEY RATING DRIVERS Sufficient Credit Enhancement: The class A, B, C, D, E and F notes benefit from credit enhancement of 16.0%, 10.8%, 6.6%, 4.4%, 2.6% and 1.2%, respectively. The transaction is backed by 79.4% residential and 20.6% STC loans. The combined 'AAAsf' portfolio loss is 12.8% (residential 8.4% and STC 29.9%), compared with 6.9% for the previous residential-only RedZed transaction, RedZed Trust Series 2022-3. The increase in residential portfolio loss is due to higher WA current and WA indexed scheduled LVRs and, under Fitch's methodology, a higher proportion of non-conforming loans. The remaining difference was due to 20.6% of the transaction being backed by STC loans. Structure Supports STC Borrower Credit Risk: For the STC portion of the pool, historical data analysis was performed to derive a one-year probability of default (PD) assumption of 1.1%, based on the annual average historical 90 days past due associated with the underlying portfolio. Fitch added the default probability assumption to its proprietary Portfolio Credit Model (PCM), which also considers other key variables, such as portfolio amortisation profile, concentration and industry distribution. Empirical data show that not all loans that become 90 days past due will end up in foreclosure. Fitch has analysed RedZed's STC portfolio's cure rate for loans that had entered 90 days past due and concluded that around 50% of these loans had cured. In line with the SME Balance Sheet Securitisation Rating Criteria, Fitch has capped the base expected cure rate assumption at 40% and is tiered for higher rating scenarios. The cure rates are then applied to the PD from PCM. The mean default probability for the STC portfolio after the application of cure rate reduces to 14.3%. STC Recovery Rate Lower than for Residential: For the STC portion of the pool, Fitch applied collateral and unsecured haircuts in line with the SME Balance Sheet Securitisation Rating Criteria. The 'AAAsf' WA recovery rate for the STC portion came to 41.7%, lower than the 'AAAsf' rate for the residential portion of 55.1%. Exposure to Obligor Concentration: Its PCM modelling, which stresses default probability, correlation and recovery assumptions for large groups of obligors, found that the pool's largest obligor and the top-10 obligors account for 3.6% and 24.1%, respectively, of the STC asset balance. Limited Liquidity Risk: Fitch's payment interruption risk is mitigated by a liquidity facility sized at 1.5% of the invested note balance, excluding class G, with a floor of AUD600,000. Other structural features include retention amounts that redirect excess available income to repay note principal in reverse sequential order (excluding class G) with a limit of AUD500,000, and post-call amortisation amounts that redirect after-tax excess income to repay note principal through the principal priority of payments waterfall. Low Operational and Servicing Risk: RedZed was established in 2006 and is an experienced specialist lender for self-employed borrowers. Fitch undertooks an operational review and found that the operations of the originator and servicer were comparable with that of the market. Tight Labour Market to Support Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market, despite increasing interest rates. GDP growth during 2022 was 2.7% and unemployment was 3.5% in March 2023. Fitch expects GDP growth to slow to 1.5% in 2023, with unemployment reaching 4.2%, reflecting high inflation combined with a slowdown in consumer spending. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: A downgrade could stem from portfolio composition migrating towards STC loans, as the STC loans attract a higher portfolio loss than residential loans. Portfolio migration may occur if residential loans were to have a higher prepayment rate, increasing the concentration of STC loans. Transaction performance may also be affected by changes in market conditions and the economic environment. Downgrade Sensitivities Unanticipated deterioration in the frequency of defaults and recoveries could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Note: A / B / C / D / E / F Final Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Increase defaults by 15%: AA+sf / AA-sf / A-sf / BBBsf / BBsf / Bsf Increase defaults by 30%: AA+sf / A+sf / BBB+sf / BBB-sf / BBsf / below Bsf Reduce recoveries by 15%: AA+sf / AA-sf / BBB+sf / BBB-sf / below Bsf / below Bsf Reduce recoveries by 30%: AA+sf / A+sf / BBBsf / BBsf / below Bsf / below Bsf Increase defaults by 15% and reduce recoveries by 15%: AA+sf / A+sf / BBB+sf / BB+sf / below Bsf / below Bsf Increase defaults by 30% and reduce recoveries by 30%: AA-sf / A-sf / BB+sf / B+sf / below Bsf / below Bsf Factors that could, individually or collectively, lead to positive rating action/upgrade: An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The class A notes are at the highest level on Fitch's scale and cannot be upgraded. As such, upgrade sensitivity scenarios are not relevant. Sensitivity stress results for the remaining rated notes are as follows. Note: B / C / D / E / F Final Rating: AAsf / Asf / BBBsf / BBsf / Bsf Reduce defaults by 15% and increase recoveries by 15%: AA+sf / A+sf / BBB+sf / BBB-sf / BB+sf CRITERIA VARIATION The transaction features a threshold rate mechanism. This is a common feature in Australian RMBS and is therefore contemplated under the APAC Residential Mortgage Rating Criteria. However, 20.6% of the pool consisted of STC loans that were analysed under the SME Balance Sheet Securitisation Rating Criteria, which do not contemplate the concept of a threshold rate and, instead, WA margin compression is generally modelled. Fitch has applied the threshold rate for both the residential and STC portions of the pool, given the similar characteristics between both loan types and Fitch's view that the servicer will have the legal ability to increase interest rates to meet required payments. The similarities include: variable rate loan products, pricing of loans based on the applicable standard variable rate constructed by RedZed, which is not linked to any particular index, and RedZed's contractually documented ability to reprice loans at its discretion. Fitch has cash flow modelled the threshold rate with a maximum increase to asset margins of 2.0%, consistent with the APAC Residential Mortgage Rating Criteria. The impact of the variation was a one-notch higher in the assigned rating for class A and a two-notch higher in the assigned rating for class D and E. DATA ADEQUACY Prior to the transaction closing, Fitch sought to receive a third-party assessment of the asset portfolio information, but none was available for this transaction. As part of its ongoing monitoring, Fitch reviewed a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. THAIFOON PTY: First Creditors' Meeting Set for April 20 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Thaifoon Pty Ltd will be held on April 20, 2023, at 11:00 a.m. via virtual meeting only. Christopher Damien Darin of Worrells was appointed as administrator of the company on April 6, 2023. ========= C H I N A ========= CHINA EVERGRANDE: EV Unit Struggling to Survive ----------------------------------------------- Bloomberg News reports that China Evergrande New Energy Vehicle Group Ltd.'s billionaire founder vowed to overtake Tesla Inc. as the world's biggest maker of electric cars within three to five years back in early 2019. Four years later, the company's stock has gone from boom to bust and it's struggling to survive. Bloomberg relates that Evergrande NEV, the brainchild of Hui Ka Yan - the tycoon behind beleaguered property developer China Evergrande Group, is seeking a lifeline after last month warning it would need to stop production at its Tianjin factory unless new funds were secured. However its overtures are getting a lukewarm reception, according to people familiar with the discussions, as some of Evergrande NEV's terms deter would-be investors. With output effectively paralyzed and Evergrande NEV yet to mass produce vehicles, most prospective investors are eyeing up the company for its carmaking license, a core asset as China seeks to limit the number of new entrants into the overcrowded EV space. But concern red tape could complicate the transfer of that license is discouraging some parties, the people said, asking not to be identified because the negotiations are private, Bloomberg relays. According to Bloomberg, Evergrande NEV's wish that at least some of the management team that have been involved in car production stay on also doesn't sit well with several potential new investors, the people said, with those investors preferring to start with a clean slate and not inherit legacy staff, particularly if they're aspiring EV makers of their own. Evergrande NEV's woes underscore how difficult it is to manufacture cars at scale, even when a company has many billions of dollars behind it. After years of grand proclamations, the automaker has only delivered 900 units of its much-delayed flagship model. It said in an exchange filing last month that it's looking for financing of more than CNY29 billion ($4.2 billion) however gave no details on when or where it could raise those funds. Even with a fresh capital injection, Evergrande NEV said it would still have cumulative negative cash flow of CNY5 billion to CNY7 billion from 2023 to 2026. The EV maker's own struggles haven't been helped by the disastrous track record of its parent. Evergrande, the world's most indebted property developer, recently laid out details of a multi-billion dollar restructuring plan that calls for offshore creditors to swap their debt for new securities, 15 months after Evergrande first defaulted on its public dollar bonds. At the same time, China's electric car market is becoming increasingly cutthroat. Models from new companies like Nio Inc., Xpeng Inc. and Li Auto Inc. have flooded into the arena, adding to existing offerings from more established players like Tesla and China's BYD Co., which is now the world's second-largest maker of electric cars after Elon Musk's pioneer. That, combined with recent lackluster consumer demand after Covid, has sparked a huge price war in China, with discounts north of 15% on some electric car variants not uncommon. Evergrande NEV secured its carmaking license in 2019 by virtue of its acquisition of a stake in National Electric Vehicle Sweden AB, a Swedish electric vehicle company and owner of Saab Automobile assets. Officials in China are now stepping up scrutiny over those sorts of licenses after hundreds of companies rushed into the sector, lured by state subsidies and tax breaks for EVs and ultimately leaving a trail of bankruptcies and deserted factories. As a result, any change in ownership or transfer of the licenses is tightly controlled, a factor weighing on investors' minds, the people familiar with the matter said. Any transfer of the carmaking license would also need approval from Beijing, which requires recipients to prove their financial and technological capabilities and show they meet stringent sales track record requirements. While officials from Guangdong province, where Evergrande is headquartered, would be open to having new investors come in to help resume production at Evergrande NEV's Nansha factory in Guangzhou, the fact that the license is registered in Tianjin, the northeastern city where Evergrande NEV's plant is located, may complicate the situation, the people added. Any new investors would first need to recover at least 80% of the Tianjin facility's production capacity, around 40,000 cars a year, which takes time and money, they said. Keeping Evergrande NEV above water is also crucial to China Evergrande Group creditors, who were offered the ability to convert part of their soured debt to equity instruments that are linked to Evergrande NEV, according to a restructuring proposal released in March. Those equity instruments include mandatory convertible bonds that would be converted to shares in the electric car unit at HK$3.84 two years after the effective restructuring date. The conversion price is 20% higher than the HK$3.20 last trading price of Evergrande NEV, meaning its future prospects will also make a crucial difference to creditors' recovery prospects. With Evergrande NEV's debt amounting to about CNY7.5 billion, fresh investors are also weighing whether there would ultimately be any financial gains for them, the people, as cited by Bloomberg, said. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at the end of June 2021. Once China's biggest developer by sales, Evergrande fell into distress as cash dried up and the group overstretched itself on borrowings and ventures into car manufacturing. Evergrande hired outside financial advisers Houlihan Lokey and Admiralty Harbour Capital in September 2021 to engage with creditors soon after it ran into a liquidity squeeze. It has since worked with more advisers in the past two months by turning to China International Capital Corp, BOCI Asia and Zhong Lun Law Firm on its debt workout plan. As reported in the Troubled Company Reporter-Asia Pacific in October 2022, Moody's Investors Service has withdrawn China Evergrande Group's (Evergrande) corporate family rating and senior unsecured ratings, the CFRs of Hengda Real Estate Group Company Limited and Tianji Holding Limited, and Scenery Journey Limited's backed senior unsecured ratings. FOSUN INT'L: Moody's Withdraws B2 Corporate Family Rating --------------------------------------------------------- Moody's Investors Service has withdrawn Fosun International Limited's B2 corporate family rating and the B2 backed senior unsecured ratings on the bonds issued by Fortune Star (BVI) Limited. The bonds are unconditionally and irrevocably guaranteed by Fosun. Prior to the withdrawal, the rating outlook was negative. RATINGS RATIONALE Moody's has decided to withdraw the ratings because it believes it has insufficient or otherwise inadequate information to support the maintenance of the ratings. COMPANY PROFILE Fosun International Limited (Fosun) is an investment holding company with diversified businesses spanning four broad categories: (1) integrated finance (Wealth); (2) tourism, leisure and consumer (Happiness); (3) pharmaceuticals, medical services and health products (Health); and (4) resources, environment, technology and intelligent manufacturing (Intelligent Manufacturing). Fosun is headquartered in Shanghai and listed on the Hong Kong Stock Exchange in 2007. KUNMING INDUSTRIAL: Fitch Cuts LongTerm IDRs to 'BB-', On Watch Neg ------------------------------------------------------------------- Fitch Ratings has downgraded Kunming Industrial Development & Investment Co. Ltd.'s (KIDI) Long-Term Local- and Foreign-Currency Issuer Default Ratings (IDRs) to 'BB-' from 'BB'. All of KIDI's ratings have been placed on Rating Watch Negative (RWN). The downgrade reflects its revised assessment of the financial implications of default to 'Moderate' from ' Strong', and support record to 'Moderate' from 'Strong', under its rating criteria, leading to a lower government-related entity (GRE) score. The RWN reflects decreasing financial flexibility over KIDI's refinancing of concentrated debt maturities in 2023 and uncertainty around the timing and amount of government's mobilisation of fiscal and financial resources. These may lead to a reassessment of its GRE scores, which reflects the likelihood of government support under its Government-Related Entities Rating Criteria, and ultimately KIDI's IDRs. Fitch is monitoring KIDI's access to funding, liquidity and financial flexibility, and should KIDI fail to stabilise the situation, its rating could be downgraded. Fitch is also assessing the government's support, control and supervision over KIDI's financial performance and funding structure. Fitch expects to resolve the RWN once Fitch have greater clarity on KIDI's detailed refinancing plan and financial profile performance and the government's support. This RWN is expected be resolved within six months. KEY RATING DRIVERS Status, Ownership and Control: 'Very Strong' KIDI is a limited liability company that is majority owned by the Kunming State-owned Assets Supervision and Administration Commission (SASAC), a city government department in Kunming, the capital of Yunnan province. Kunming SASAC has direct control and oversight of the company's board and monitors its strategic planning and finances. All major corporate events require government approval. The company is required to report its operational and financial results to the government regularly. Support Track Record: 'Moderate' Its assessment of this attribute was lowered to 'Moderate' from 'Strong', as the government's fiscal support did not improve KIDI's financial profile, which has deteriorated to a weaker level for an extended period. Fitch thinks the government will continue to support KIDI to ensure the timely repayment of debt, especially public bonds, as the company is a major GRE of the city. However, there is also a lack of clarity around the timing and amount of fiscal and financial resources the municipal government will mobilise. The company continued to receive government financial support in 2021 and 2022, including CNY165 million in 2021 and CNY44.5 million in 9M22. This support was 32%, on average, of the company's pretax profit. KIDI also received in 2021 cash capital injections of CNY260 million and asset injections of CNY170 million, and in 9M22 cash capital injections of CNY700 million. In addition, KIDI received government special bond funds of CNY1.3 billion in 2021. Socio-Political Implications of Default: 'Moderate' Fitch believes KIDI plays a key role in promoting industries and urban development within the Kunming municipality. Hence, a default could disrupt the city's economic development. However, Kunming has more than one GRE, which means that the government can appoint another GRE or a private company to provide some of KIDI's services in the short to medium term, if necessary. Financial Implications of Default: 'Moderate' The 'Moderate' assessment - lowered from 'Strong' - reflects its view that KIDI is likely to experience less consistent levels of multilateral funding, a decrease in the size of market borrowings and reduced financing capacity for its policy role, on account of its more limited access to onshore and offshore bond markets. The reduction in bond market access is evident particularly from a duration mismatch and rising funding costs. Fitch believes these factors result in lower implications for the availability and cost of finance for the government and other public entities should KIDI default. A default by KIDI would still have 'Moderate' implications, as the company is one of the largest GREs by total assets in the municipality. KIDI has funding from multilateral channels, including banks, and is a regular domestic issuer and has also issued in the international debt-capital markets. Standalone Credit Profile The Standalone Credit Profile (SCP) has been lowered to 'b-' from 'b'. This mainly reflects a 'Weaker' assessment of the company's liquidity profile and asymmetric risk consideration on debt structure and contingent liabilities. Revenue Defensibility 'Weaker' Fitch assesses KIDI's revenue defensibility as 'Weaker' under its Public Sector, Revenue-Supported Entities Rating Criteria, because it is exposed to the economic cycle and has low price-bargaining power. Operating Risk 'Midrange' Fitch assesses KIDI's operating risk as 'Midrange', based on its predictable costs and adequate supply of operating resources. Financial Profile 'Weaker' Fitch assesses the financial profile as 'Weaker'. Net debt/EBITDA was 53.1x at end-2021, and Fitch estimates the ratio to have increased to more than 55x by end-2022 and it is likely to remain above 55x through 2026. Derivation Summary KIDI's ratings are assessed using a top-down approach under Fitch's GRE Rating Criteria, reflecting the Kunming municipality's control and ownership, the government's support record as well as the socio-political and financial impact on the government from a KIDI default. KIDI's IDRs were derived from the four factors under its GRE criteria. The SCP of 'b-' was derived from the Public Sector, Revenue-Supported Entities Rating Criteria. Liquidity and Debt Structure The company had around CNY34.7 billion interest-bearing debt at end-2022, based on preliminary and unaudited data. Around 38% of the total debt was bonds, followed by 22% of bank loans. Other financing accounted for around 40% of the total debt. More than CNY22.5 billion of the debt will mature in 2023. The cash balance was around CNY2.4 billion at end-2022, and the company reported an unused credit facility of CNY23.8 billion. KIDI's relatively low cash level (covers 10.7% of short-term debt) means its debt repayment will largely rely on refinancing, especially onshore bonds. However, continued deterioration in the credit profile may restrict KIDI's availability of credit facilities and access to capital markets to enable refinancing of maturing debt. Issuer Profile The majority municipal-owned KIDI, established in 2005, promotes domestic industry investment and development in Kunming, and engages mainly in primary land and industrial park development, industrial and financial investment, commodity trading and civil-use explosives production. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: - Weaker assessment of the socio-political and financial implications of default, a weaker support record or a dilution in the government's shareholding may trigger negative rating action. - Deterioration of the financial profile which lead to KIDI unable to fulfil its debt obligation. Factors that could, individually or collectively, lead to positive rating action/upgrade: - Positive rating action is unlikely in the short term, as the rating is on RWN. The RWN would be resolved subject to Fitch's unchanged view of the likelihood of government support, which would be reflected in a stabilization in KIDI's financial profile and removal of liquidity concerns related to its upcoming debt maturities. 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 ----------- ------ ----- Kunming Industrial Development & Investment Co. Ltd. LT IDR BB- Downgrade BB LC LT IDR BB- Downgrade BB ========= I N D I A ========= AADITRI CONTSRUCTIONS: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Aaditri Constructions Private Limited ONE BKC, A Wing 1401, Plot No. C-66, G Block, Bandra Kurla Complex, Bandra (East), Mumbai Bandra Suburban 400051 Insolvency Commencement Date: March 28, 2023 Estimated date of closure of insolvency resolution process: September 27, 2023 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Jayesh Natvarlal Sanghrajka 405-407, Hind Rajasthan Building, Dadar East, Mumbai - 400014 Email: jayesh@jsandco.in Email: cirp.aaditri@gmail.com 1. Ip Hemant Mehta 2. Ip Manish Jaju 3. Ip Yatin Shah Last date for submission of claims: April 14, 2023 AARADHANA REALTIES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Aaradhana Realties Limited Registered Office: 202, United Business Park, Wagle Industrial Park, Wagle Industrial Estate, Thane (West) - 400605 Principal Office: A S K Building, 1st Floor, Room No. 2, Old No. 44, New No. 57 CP Ramaswamy Road Abhiramapuram, Chennai - 600018 Insolvency Commencement Date: March 31, 2023 Estimated date of closure of insolvency resolution process: : September 27, 2023 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Atul Mehta 20 1-206, 2nd Floor, Shiv Smriti Chambers, Above Corporation Bank, Worli, Mumbai Maharashtra- 400018 Email: atul@mehta-mehta.com Email: cirpaaradhana@gmail.com Last date for submission of claims: April 14, 2023 ABHIJEET INTEGRATED: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Abhijeet Integrated Steel Limited Plot No. 06, SI ARRA Degaul Avenue Durgapur Bardhaman Insolvency Commencement Date: March 31, 2023 Estimated date of closure of insolvency resolution process: September 27, 2023 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Kamalesh Kumar Singhania Bajarang Kunj, Room No. 412 & 413, 2B, Grant Lane, 4th Floor, Kolkata – 700012 Email: info@avipgroup.co.in Email: cirp.abhijeetintegratedsteel@gmail.com Last date for submission of claims: April 14, 2023 AGRASEN TRADE: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Agrasen Trade Merchants Private Limited C-SH-23 Nirmal Nagar CHS Ltd, Mira Bhaindar Road, Sai Baba Nagar, Mira Road East Thane - 401107 Insolvency Commencement Date: March 31, 2023 Estimated date of closure of insolvency resolution process: September 27, 2023 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Hitesh Kothari Office No. 208, BSE Building, Dalal Street, Mumbai Fort - 400001 Email: hiteshkotharics@gmail.com 1A, Satya Apartment, Opp. Kandivali MTNL Building, S. V, Road, Kandivali (W), Mumbai - 400 067 Email: cirp.agrasentrade@gmail.com Last date for submission of claims: April 14, 2023 ARMANIA AGRO: ICRA Withdraws B Rating on INR7.0cr Cash Loan ----------------------------------------------------------- ICRA has withdrawn the Long-term ratings assigned to Armania Agro Industries at the request of the company and based on the No objection Certificate (NOC) received from Banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 1.78 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Long Term- 0.35 [ICRA]B(Stable); ISSUER NOT Unallocated COOPERATING; Withdrawn Established in 2008 as a partnership firm, Armania Agro Industries (AAI) is involved in the business of grain sorting/processing with the use of optical sortex machines. Its manufacturing facility, located in Himmatnagar region of Gujarat, is equipped with a processing capacity of 51000 MT per annum. The promoters of the firm have extensive experience in trading business of agro commodities through their erstwhile entity Prakash Trading Company. The firm also has an associate concern, 'Armania Agro Foods' which is engaged in Sharbati wheat processing business at its manufacturing facility in Madhya Pradesh. BATHSHA MARINE: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Bathsha Marine Exports Private Limited (BMEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.17 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 9.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 21, 2022, placed the rating(s) of BMEPL under the 'issuer non-cooperating' category as BMEPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. BMEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 7, 2023, January 17, 2023, January 27, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Placo Enterprises Private Limited was incorporated in the year 1997 and later the name was changed to Placo Plastics Private Limited. During 2003, the company name was changed to current nomenclature Bathsha Marine Exports Private Limited (BMEPL). Initially the company was engaged in storage of sea food. However, from May 2016, the company commenced processing, packing and export of shrimp and various fish to the places like Vietnam, Portugal, Australia, Kuwait and Korea. The product profile of the company includes black tiger, Vannamei, white shrimp, Cuttle Fish, Indian Mackeral, Yellow Fin Tuna and Ribbon Fish. The company is 100% Export Oriented Unit (EOU). BMEPL procures fish and shrimp from local fisher men i.e., Kerala and other places like Nellore and Andhra Pradesh. The plant has the certification from 'Hazard Analysis Critical Control Point (HACCP) and British Retail Consortium (BRC). The processing and storage facilities of BMEPL are approved by the Marine Products Export Development Authority (MPEDA). CHIRAYU CHARITABLE: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has retained the long-term ratings of Chirayu Charitable Foundation in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 83.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 9.50 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based- COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. CCF was established in 2001 and is a registered society, operating a medical college, a nursing college and a hospital at Bhopal in Madhya Pradesh, under the names of 'Chirayu Medical College & Hospital' and 'Chirayu College of Nursing'. The trust is managed by Dr. Ajay Goenka, who is the managing trustee and dean of the college. The society started with a 200- bed multispeciality hospital, which increased to 990 beds in FY2017. It started out as the 'Chirayu Medical College & Hospital (CMCH)' in Bhopal in 2011, with Oncology and Cardiac as the only two super speciality departments; and subsequently diversified into various other specialities. In August 2016, the trust started its new cancer unit with 60 dedicated beds at CMCH. The trust currently has 196 in-house consultants in different specialties such as oncology, cardiac, radiology and pathology. The trust also operates an institute for diploma in general nursing and midwifery courses. CCF started its school of nursing in 2013. The colleges have close to 3,418 students enrolled in all its different courses. CONSORT BUILDERS: ICRA Withdraws B+ Rating on INR20.25cr LT Loan ---------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Consort Builders Private Limited at the request of the company and based on the No Objection Certificate/Closure Certificate received from the banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key Financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 1.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Withdrawn Others Long Term- 20.25 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based- COOPERATING; Withdrawn Others Long Term- 8.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit CBPL was incorporated in 2004 by Mr. Darshan Lal. The company is engaged in construction activities including civil structures, plumbing and electrical works with prime focus on execution of industrial and commercial projects. The company operates in Punjab, Himachal and Delhi for easier administration and optimum use of capital and infrastructure base. CBPL reported a net profit of INR3.38 crore on an operating income of INR102.83 crore in FY2016, as compared to a net profit of INR2.52 crore on revenue receipts of INR64.22 crore in the previous year. CBPL, on provisional basis, has reported an operating income of INR98.69 crore in 9MFY2017. DEOGIRI INFRASTRUCTURE: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: Deogiri Infastructure Private Limited Office No. 105, First Floor, Siddharth Arcade, Opp. MDTC Railway Station Road, Aurangabad - 431005 Insolvency Commencement Date: March 29, 2023 Estimated date of closure of insolvency resolution process: September 25, 2023 Court: National Company Law Tribunal, Mumbai Bench V Insolvency Professional: Shailesh Desai 708, Raheja Centre, Nariman Point, Mumbai - 400021, Maharashtra Email: ip10362.desai@gmail.com Email: cirpdeogiri@gmail.com Last date for submission of claims: April 17, 2023 DUBLIN PROMOTERS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Dublin Promoters Private Limited C-98, SIPCOT Industrial Complex, Harbour Express Road, Tuticorin, Thoothukudi Tamil Nadu - 628008 Insolvency Commencement Date: March 31, 2023 Estimated date of closure of insolvency resolution process: September 26, 2023 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Prakul Thadi Flat No. 1405, J Block, Rainbow Vistas, Green Hills Road, Moosapet, Hyderabad, Telangana - 500018 Email: prakulthadi@hotmail.com D.No. 470/12, HIG-1, Block-5, APHB, Baghlingampally, New Nallakunta, Hyderabad - 500044 Email: cirp.dublinpromoters@gmail.com Last date for submission of claims: April 17, 2023 EVERSMILE PROPERTIES: Ind-Ra Gives BB+ NonConvertible Debt Rating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Eversmile Properties Private Limited's (EPPL) proposed non-convertible debentures (NCDs) as follows: -- INR1.80 bil. Proposed NCDs assigned with IND BB+/Stable rating. Key Rating Drivers Fragmented Shareholding Structure: Three promoter groups - Kalpataru Properties Limited (30%), Dalmia group (33.3%) and Dynamix group (33.3%)- hold about 97% stake in EPPL; the remaining 3.3% is owned by the Gandhi family. Two of the promoters - Kalpataru and Dynamix (through KG Enterprises) - are entitled to a combined project management fee of 12%. Furthermore, the promoters have not provided corporate or personal guarantees for the proposed NCDs. Project Concentration Risk: EPPL is reliant on cash flows from a single residential real estate project, Shrishti Namah, in Mira Road, Mumbai. Any unfavorable developments related to the project or volatility in its cash flows would impact the company's performance. Vulnerability to Real Estate Industry Cycle: The real estate industry is susceptible to economic cycles and is exposed to consumer discretionary spending and volatility in commodity prices. Any decline in consumer spending and rise in commodity prices could have an adverse impact on the project. Project Progress: The total development potential of the project is 17,42,012 square feet (sf). EPPL has launched a total area of 771,361sf for development. As of December 2022, about 53% of the project had been sold, and the project had achieved sales value of INR6,686 million, of which INR3,104 million had been collected. The total construction cost of the launched area is INR6,810 million (excluding finance cost and project management fees), of which INR1,120 million had been incurred as of December 2022. The pending construction cost was INR5,690 million as of December 2022, against committed receivables of INR3,582 million, and INR300 million out of the total amount to be raised from the proposed NCDs and receivables that would be realized from the unsold area of 361,453 sf. As of December 2022, the prevailing rate for the project was above INR16,200 per sf. Project Funding and Terms of Proposed NCDs: The company is planning to raise INR1,800 million of debt through NCDs. As per the terms, Kotak Investment Advisors Limited (KIAL) would subscribe to the NCDs. Out of the INR1,800 million that is being raised through NCDs, about INR1,500 million would be used towards general corporate purposes and the remaining INR300 million would be used towards project development cost. KIAL would take charge on the entire potential development area of 17,42,012sf. The tenor of the proposed NCDs is five years, including 10 quarters of moratorium. For the proposed NCDs, there is an interest moratorium for the first four quarters, and the accrued interest shall be paid over the subsequent four quarters over and above the regular interest servicing. The NCDs would be secured by first and exclusive charge on the mortgage of land and development rights of the project. All the project cash flows would be escrowed to KIAL. Additionally, the issuer would pledge 100% of its shares and provide post-dated cheques and demand promissory note. As per the distribution mechanism, the cash flows would be first used towards servicing of interest and principal of the proposed NCDs, then the creation of a debt service reserve account equivalent to three months of debt obligations, payment towards project management fees, meeting project development cost, and as per the company, the balance would be used towards early redemption of NCDs with the prior approval of lender. Liquidity Indicator - Adequate: EPPL's cash and cash equivalents stood at about INR91.8 million at 9MFYE23 (FYE22: INR82 million). The company had loans of about INR312 million from related parties at FYE22. There was no bank debt on EPPL's books as on 31 December 2022. For the proposed NCDs, there is an interest moratorium for the first four quarters, and the accrued interest shall be paid over the subsequent four quarters over and above the regular interest servicing. Additionally, repayment of the principal would start after the 11th quarter of the first closing date. The repayments would be made in 10 quarters of equal instalments. Rating Sensitivities Negative: Any delay in construction, decline in sales velocity, or deterioration in liquidity or the net debt to net working capital being above 1.2x on a sustained basis could result in a downgrade. Positive: Robust construction progress and improvement in sales velocity and a committed funding that can lead to the project achieving financial closure and net debt to net working capital being below 1x on a sustained basis could result in an upgrade. ESG Issues ESG Factors Minimally Relevant to Rating: Unless otherwise disclosed in this section, the ESG issues are credit neutral or have only a minimal credit impact on EPPL, due to either their nature or the way in which they are being managed by the entity. Company Profile EPPL is a real estate development company that is executing a project - Shrishti Namah - at Mira Road, Mumbai. The project is scheduled to be developed in several phases. EXCLUSIVE STEEL: CARE Cuts Rating on INR11.50cr LT/ST Loan to B --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Exclusive Steel & Casting Limited (ESCL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/Short 11.50 CARE B; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable/CARE A4 Short Term Bank 6.30 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 3, 2022, placed the rating(s) of ESCL under the 'issuer non-cooperating' category as ESCL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. ESCL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 17, 2023, January 27, 2023, February 6, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of ESCL have been revised on account of non-availability of requisite information. The ratings also factored in decline in scale of operations, profitability as well as weak debt coverage indicators during FY22 compare to FY21. Mehsana (Gujarat) based ESCL was incorporated by Mr. Ratanlal Jain in January 2008 as a private limited company and subsequently got converted into closely held public limited company in September 2017. The company is engaged into manufacturing of steel and casting products such as stainless-steel ingots, flats, coils circles and utensils. The company operates with an installed capacity of 7,200 metric tonnes per annum (MTPA). GAYATRI INFRA : Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Gayatri Infra Planner Private Limited Shop No. 46, Municipal Market Connaught Place Delhi - 11001 Insolvency Commencement Date: March 28, 2023 Estimated date of closure of insolvency resolution process: September 24, 2023 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Nilesh Sharma C-10, Lower Ground Floor, Lajpat Nagar-III, New Delhi - 110024 Email: nilesh.sharma@rrrinsolvency.com Email: gayatriinfra.cirp@gmail.com Mr. Rajeev Dhingra Mr. Yogender Pal Singhal Mr. Devvart Rana Last date for submission of claims: April 11, 2023 GOAL CLOSURES: CARE Lowers Rating on INR29.60cr LT Loan to D ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Goal Closures (GC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 29.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Short Term Bank 5.19 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE A4 Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 25, 2022, placed the rating(s) of GC under the 'issuer non-cooperating' category as GC had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. GC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 10, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of GC have been revised on account of delays in debt servicing recognized from publicly available information. M/s. Goal Closures (GC), a partnership firm based in Coimbatore, was established in March 2007 by Ms. R. Vichitra and Ms. R. Latha. In March 2016, the partnership was reconstituted and the present partners of the firm are Ms. R. Vichitra and Mr. V. Ponnusamy. The firm is engaged in the manufacturing of Aluminium ROPP (Roll-On-Pilfer-Proof) caps which finds its applications in the pharmaceutical, distilleries and other allied industries. The firm has its registered office located in Coimbatore, Tamil Nadu and operates as a monopoly in Tamil Nadu for aluminum caps and closures in pharmaceutical sector. GOLDEN AMOON: Ind-Ra Assigns B LT Issuer Rating, Outlook Stable --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Golden Amoon Retreats a Long-Term Issuer Rating of 'IND B'. The Outlook is Stable. The instrument-wise rating action is: -- INR250 mil. Term loan due on July 2030 assigned with IND B/ Stable rating. Key Rating Drivers The ratings reflect GAR's small scale of operations, as indicated by revenue of INR26.48 million in FY22 (FY21: INR7.61million). The revenue increased in FY22 as the average occupancy improved to 35%-40% (FY21: 20%-25%) owing to normalization of business operations post the second wave of covid. GAR was able to achieve revenue of INR80 million in 9MFY23 itself, owing to continued improvement in the occupancy levels, led by the company's tie-up with Royal Orchid Hotels in May 2022. Ind-Ra expects the revenue to be higher on a yoy basis in FY23, and expects it to improve further in FY24, backed by the annual, renewable agreement with Royal Orchid. Liquidity Indicator - Poor: GAR does not have any capital market exposure and relies on a single bank and financial institutions to meet its funding requirements. The cash flow from operations remained negative at INR72.86 million in FY22 (FY21: negative INR184.89 million). The free cash flow remained negative at INR72.99 million in FY22 (FY21: negative INR189.59 million). The net working capital cycle stood at six days in FY22 (FY21: negative 271 days). The cash and cash equivalents stood at INR45.33 million at FYE22 (FYE21: INR3.04 million). GAR has debt obligations of INR47.5 million and INR43.4 million in FY24 and FY25, respectively. The ratings factor in GAR's modest EBITDA margins. After having incurred an EBITDA loss of INR3.38 million in FY21, the company reported an EBTIDA profit of INR7.65 million in FY22, with an EBITDA margin of 28.89%, owing to the lifting of pandemic-led restrictions. The ROCE was 1.6% in FY22 (FY21: negative ROCE). Ind-Ra expects the EBITDA margin to have been stable in FY23, and believes it would remain at similar levels in FY24. The ratings also reflect GAR's modest credit metrics, as reflected by the interest coverage (operating EBITDA/gross interest expenses) of 0.24x in FY22 and the net leverage (total adjusted net debt/operating EBITDAR) of 33.55x. The metrics are likely to have deteriorated in FY23 owing to the undertaking of capex of INR50 million, which was funded through unsecured loan from the promoters. Ind-Ra expects the credit metrics to improve in the medium term on account of an increase in the absolute EBITDA, backed by revenue growth. The ratings, however, are supported by the promoters' experience of nearly five years in the hotels business, which has helped the company establish strong relationships with customers as well as suppliers. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics and liquidity profile, could lead to a negative rating action. Positive: A significant increase in the scale of operations, along with an improvement in the overall credit metrics, with the net leverage falling below 6x, and an improvement in liquidity profile, all on a sustained basis, could lead to a positive rating action. Company Profile GAR, which was founded by Ramesh Babu in 2017, is a four-star resort in Bangalore. The resort has 21 villas, one restro-bar, 75 rooms, and four convention halls. GRACE JEWELS: CARE Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Grace Jewels Private Limited (GJPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.50 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 17, 2022, placed the rating(s) of GJPL under the 'issuer non-cooperating' category as GJPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. GJPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 3, 2023, January 13, 2023, January 23, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Grace Jewels Private Limited (GJPL) was incorporated as a private limited company in 2004 by Mr. Vikas Golechcha and Mrs. Vidya Golechha. The company is engaged in the business of manufacturing of gold, diamond and colour stone studded jewellery. Mr. Vikash Golechha and his wife Mrs. Vidya Golechha are the directors who manage the business for more than a decade. The company deals mainly in 24 carat gold jewellery and diamonds of all shapes, sizes and cents. GJPL has its processing unit with an annual installed capacity of 60 kg of jewellery in Mumbai, Maharashtra. HARIG CRANKSHAFTS : Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Harig Crankshafts Limited C-49, Noida Phase-II, Gautam Buddha Nagar Uttar Pradesh-201305 Insolvency Commencement Date: March 31, 2023 Estimated date of closure of insolvency resolution process: : September 27, 2023 Court: National Company Law Tribunal, Allahabad Bench Insolvency Professional: Mr. Saurabh Chawla A-2/101, 2nd Floor, Rajouri Garden-West, Delhi-110027 Email: saurabh445@gmail.com 409, 4th Floor, Ansal Bhawan, 16 K G Marg, Connaught Place, New Delhi-110001 Email: hairgcrankshafts.insolvency@gmail.com Tel: 011-45101111/40078344 Last date for submission of claims: April 14, 2023 HARIOM AQUA: Ind-Ra Affirms BB+ Long Term Issuer Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Hariom Aqua Culture Private Limited's (HAPL) Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR305 mil. (increased from INR215 mil.) Fund-based working capital limit affirmed with IND BB+/Stable/IND A4+ rating; and -- INR25 mil. Term loan due on November 5, 2025 assigned with IND BB+/Stable rating. Key Rating Drivers The affirmation reflects HAPL's continued healthy EBITDA margin even as it deteriorated to 4.00% in FY22 (FY21: 4.26%) due to a reduction in the selling price of shrimps, the main product of the company. The return on capital employed improved to 16.7% in FY22 (FY21: 15.2%). Ind-Ra expects the EBITDA margin to have marginally declined in FY23 due to the non-improvement in the selling price of shrimp; the trend is likely to continue in FY24. The ratings also reflect HAPL's moderate credit metrics with the gross interest coverage (operating EBITDA/gross interest expense) improving to 2.66x in FY22 (FY21: 2.14x) and the net financial leverage (adjusted net debt/operating EBITDA) to 3.07x (4.26x) due to an increase in the absolute EBITDA to INR60 million (INR47.17 million) and a reduction in the utilization of the fund-based working capital limits. In FY23, Ind-Ra expects the credit metrics to have deteriorated due to an increase in the interest expense due to the increased utilization of the fund-based facility; in FY24 too, the credit metrics are likely to deteriorate due to the company's planned capex through the term loan. The ratings further reflect HAPL's continued medium scale of operations, despite an improvement in the revenue to INR1,501.28 million in FY22 (FY21: INR1,107.71 million) due to the regularization of exports post the lifting of the COVID-19 restrictions. According to the provisional financials for FY23, HAPL's revenue was INR1,350 million. In FY24, Ind-Ra expects the revenue to remain at similar level. Liquidity Indicator – Stretched: HAPL's average maximum utilization of the fund-based limits was 85% during the 12 months ended February 2023. HAPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The cash and cash equivalents stood at INR1.42 million at FYE22 (FYE21: INR2.82 million). The cash flow from operations turned positive at INR32.92 million in FY22 (FY21: negative INR64.42 million) due to favorable changes in the working capital. Furthermore, the free cash flow turned positive at INR14.97 million in FY22 (FY21: negative INR68.43 million). The moderate net working capital cycle improved to 53 days in FY22 (FY21: 74 days) with a reduction in the debtors and inventory days. The ratings, however, continue to be supported by HAPL's promoters' over three decades of experience in the aquaculture industry. Rating Sensitivities Negative: Deterioration in the revenue or the operating profitability margins, leading to the net leverage exceeding 3.5x and deterioration in the liquidity position, all on a sustained basis, will be negative for the ratings. Positive: A substantial increase in the revenue and operating profitability margins, leading to an improvement in the credit metrics, all on a sustained basis, will be positive for the ratings. Company Profile Incorporated in January 2010 by Suresh Patel and Hitesh Patel, HAPL is engaged in shrimp farming and trading of products related to farming such as feeds, seeds, probiotics and aerator. HNPE KNOWLEDGE: CARE Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of HNPE Knowledge Private Limited (HKPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/Short 8.00 CARE B; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 3, 2022, placed the rating(s) of HKPL under the 'issuer non-cooperating' category as HKPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. HKPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 20, 2022, December 30, 2022, April 5, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). HNPE Knowledge Private Limited (Formerly known as H.N. Profiles and Engineering Private Limited (HNPEPL)) was incorporated in the year 2010 as a private limited company and is managed by Mr. Tejas Shah and Navin Shah who are having more than two decades of experience in the business. HNPE is in the business of processing (cutting and shaping) and wholesale trading of steel plates, sheets and structures of different measurements as per the requirement of clients. Company purchases steel sheet from distributors and importers and sells it to infrastructure project companies, real estate players, machine manufacturers. Company has its registered office and processing plant in Rabale, Navi Mumbai. HOLY HEIGHTS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Holy Heights Infastructures Private Limited 198/1 Rajpur Road Dhakpatti, Dehradum Uttarakhand 248001 Insolvency Commencement Date: February 22, 2023 Estimated date of closure of insolvency resolution process: : August 21, 2023 Court: National Company Law Tribunal, Allahabad Bench Insolvency Professional: Mr. Manoj Kumar C-0305, ATS Advantage, Indrapuram, Ghaziabad - 201014 Email: manojjain264@gmail.com Osrik Resolution Private Limited 908, D Mall, Netaji Subhash Place, Pitampura, Delhi 110034 Email: cirp.hhipl@gmail.com 1. Sumit Sharma 2. Surinder Babbar 3. Saurab Sharma Last date for submission of claims: April 14, 2023 INDUS BUSINESS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Indus Business Systems Limited Plot No. 520, Road No. 27, Jubilee Hills, Hyderabad, TG-500033 India Insolvency Commencement Date: March 23, 2023 Estimated date of closure of insolvency resolution process: September 19, 2023 Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Naidi Jaipal Reddy Flat No. 201, Plot No 428, Brindavanam, Street No. 9, Kakateeya Hills, Madhapur Hyderabad, Telangana, 500081 Email: JP@JRACS.IN Phone: 040-4346 1122 Last date for submission of claims: April 10, 2023 INFLUX MART: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Influx Mart Limited City Survey No. 47/9B, F.P. No. 70/9, Near Abhinav High School, Off. Law College Road, Erandawane Pune MH 411004 India Insolvency Commencement Date: March 29, 2023 Estimated date of closure of insolvency resolution process: : September 25, 2023 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Udaykumar Bhaskar Bhat 8-304, Goldville, Dange Chowk, AundhRavet Road, Thergaon Pune - 4l1033 Email: Udaybhat2805@gmail.com Email: cirp.influxmart@gmail.com Last date for submission of claims: April 13, 2023 JAHANGIR BIRI: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jahangir Biri Factory Private Limited (JBFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 4, 2022, placed the rating(s) of JBFPL under the 'issuer non-cooperating' category as JBFPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. JBFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 21, 2022, December 31, 2022, January 10, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Jahangir Biri Factory Private Limited (JBFPL) was initially established as a proprietorship firm 'Jahangir Biri Factory' in 1995 by Mr. Altab Hossain. Subsequently it was converted into partnership firm in 1997 and finally it was converted into private limited company in April 1999 and its name changed to the current one i.e. JBFPL. Since its inception, the company has been engaged in bidi manufacturing at its plant located in the district of Murshidabad, West Bengal. The company mainly sells its products under three brands - 102 Howrah Deluxe Biri, 103 Rubi Biri and 102 Howarh Biri. JBFPL sells its products through both distributors and direct selling primarily in the state of Delhi, Uttar Pradesh, Punjab, Haryana, Rajasthan, Assam and Himachal Pradesh and the company is having five distributors and 60 sales men across country. KAKADE ESTATE: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Kakade Estate Developers Private Limited Kakade Capital Plot No. 1205, Shirole Road, Shivaji Nagar Pune 411004 Insolvency Commencement Date: March 29, 2023 Estimated date of closure of insolvency resolution process: September 25, 2023 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Jayesh Natvarlal Sanghrajka Jayesh Sanghrajka & Co. LLP 405-407, Hind Rajasthan Building, Dadar East, Mumbai - 400014 Email: jayesh@jsandco.in Email: cirp.kedpl@gmail.com Last date for submission of claims: April 12, 2023 KRUSHNA COTEX: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Krushna Cotex Private Limited (KCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.68 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 21, 2022, placed the rating(s) of KCPL under the 'issuer non-cooperating' category as KCPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. KCPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 7, 2023, January 17, 2023, January 27, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated in 2007, Krushna Cotex Private Limited (KCPL) is engaged in the manufacturing of terry towels with plant located at Shirpur, Maharashtra. KCPL's plant is established under the "Group Work Shed Scheme" (Scheme of Integrated Textile Park (SITP) of Ministry of Textile, the Government of India) promoted by Deesan Infrastructure Private Limited (part of Deesan group). GWSS consist of several SSI units within it out of which around 18 SSI units have installed capacity of 30 looms with capacity to manufacture around 300 tonnes of yarn will provide job work services only to KCPL. KUMAR SINEW: Ind-Ra Assigns D Long Term Issuer Rating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Kumar Sinew Developers Private Limited (KSDPL) a Long-Term Issuer Rating of 'IND D'. The instrument-wise rating action is: -- INR1,794.00 bil. Non-convertible debentures (NCDs) INE994K07038 issued on March 17, 2016 coupon rate 14.80% due on April 30, 2023 assigned with IND D rating. Key Rating Drivers KSDPL has issued the rated, listed NCDs. These were originally scheduled as per the debenture trust deed dated March 17, 2016 to commence redemption of principal from June 2018 in the form of eight equal instalments by March 2020. However, due to default in regular interest payments on account of the gestation period of Slum Rehabilitation Authority project which was not originally envisaged, NCDs were restructured basis a debenture trust deed dated April 18, 2018 under the instruction of the sole debenture holder by a registered document. Under an arrangement entered into between the debenture holder, the debenture trustee, KSDPL and immediate parent company (nominee of KUL UDPL) KUL Urban Development Bengaluru Private Limited (KUL UDBPL), KUL UDBPL agreed to acquire the entire NCDs held by the original debenture holder prior to December 27, 2022. Until December 27, 2022, KUL UDBPL has acquired only 955 debentures, while the remaining 839 debentures could not be acquired since the above-mentioned ISIN was suspended for trading due to procedural reasons by BSE Ltd on December 22, 2022. However, the entire amount to transfer the remaining 839 debentures has been deposited by KUL UDBPL in an escrow account. Since KSDPL could not repay the remaining 839 debentures by March 24, 2023, the original debenture holder further extended until April 30, 2023 on March 24, 2023. The rating assigned is on account of the curing period not covered since the last extension date. Rating Sensitivities Positive: Timely debt servicing for three consecutive months as per the restructuring and settlement agreement will result in a rating upgrade. ESG Issues ESG Factors Minimally Relevant to Rating: Unless otherwise disclosed in this section, the ESG issues are credit neutral or have only a minimal credit impact on KSDPL, due to either their nature or the way in which they are being managed by the entity. Company Profile KSDPL is a real estate development special purpose entity with a focus on residential, retail and commercial development in Pune and Mumbai. L&T HALOL: ICRA Withdraws D Rating on INR577.37cr Term Loan ----------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of L&T Halol Shamlaji Tollway Limited at the request of the company and based on the No Due Certificates/Closure Certificate received from the bankers. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key Financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 577.37 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan L&T-HSTL, a special purpose vehicle (SPV), was incorporated in September 2008 as a 100% subsidiary of L&T Infrastructure Development Projects Ltd. (L&T IDPL). The SPV has carried out the four-laning of 173.06 km of SH-5 from Halol to Shamlaji in Gujarat. The project was awarded by GSRDCL on build operate transfer (BOT) basis with a concession period of 20 years commencing from September 2009. The commercial operation date (COD) of the project, achieved in April 2012, was delayed by three months vis-à-vis the scheduled COD (December 2011). The project road is a part of SH-5 in Gujarat, which starts at Vapi (border of Maharashtra), runs through the eastern part of Gujarat and finally ends atShamlaji (border of Gujarat. With Rajasthan). The road is called Eastern State Highway. The total project cost of INR1,305 crore was funded by equity of INR261 crore and debt of INR1,044 crore in a debt: equity ratio of 4:1. MAHA ARVIND: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Maha Arvind Roadways Private Limited's (MARPL) rupee term loan (RTL) as follows: -- INR537.6 mil. RTL due on May 2030 assigned with IND BB/Stable rating. Analytical Approach: Ind-Ra has taken a standalone view of MARPL to arrive at the rating because of the restricted payment conditions and waterfall arrangement, as per the financing documents. Any contribution by the sponsor, Sri Avantika Contractors (I) Limited (SACIL) in the form of unsecured loans would be subordinated to the senior debt and any interest/principal payable on the same from the project cash flows shall be made only after complying with the restricted payment conditions. The rating reflects the strong characteristics of hybrid annuity model (HAM)-based road projects, i.e., at least 80% of the right-of-way to the project stretch, inflation-linked construction grants and operational annuities, inflation indexed operations and maintenance (O&M) payments, and interest payments linked to the bank rate to be received from Public Works Department (PWD), the government of Maharashtra (GoM). The timely receipt of balance grants and annuity remains crucial, and shall be a key rating monitorable. Key Rating Drivers Modest Counterparty Risk: The GoM, through PWD, is engaged in the development of state highways under the Maharashtra Road Improvement Programme. The concessionaire has received four milestone grants from PWD with a slight delay and is eligible to receive the fifth instalment as the project achieved physical progress of 90% at end-March 2023. The delay was on account of funding issues at PWD due to the impact of COVID-19; however, the management is confident of receiving the balance grant as well as the annuity from the authority in a timely manner. In the interim, the sponsor has been supporting the project, as and when required. Any delay in the receipt of grant shall be compensated by the way of interest on outstanding grant as per the concession agreement. The timely receipt of the grant and annuity payments from PWD, as per the agreed terms in the concession agreement, remains a key rating sensitivity. Moderate Debt Structure: The debt is structured to be amortized in eight years, leaving a tail period of three annuity payments (one and a half years), which provides a reasonable comfort to the lender. The debt structure also mandates the creation of a one quarter of debt service reserve account (DSRA) of interest obligation and one principal instalment to be created. The semi-annual debt instalment falls due in the same month of receipt of annuities from PWD, thereby leaving no cushion to the lender. The financial covenants stipulate to maintain a minimum debt service coverage ratio (DSCR) of 1.15x and a maximum debt/equity of 3:1 throughout the loan tenure. Ind-Ra takes comfort from the sponsor support undertaking provided by SACIL to fund the shortfall in debt obligations. The sponsor-injected funds in the form of non-convertible debentures, optionally-convertible debentures and/or unsecured loans are fully subordinated to the RTL and have not been considered as additional debt in Ind-Ra's analysis. Any change in the above understanding shall be a credit negative. Modest Revenue Risk Profile: The rating reflects the visibility of semi-annual annuities to be received from the principal secretary, PWD, after the achievement of provisional commercial operations date. The GoM provides 60% of the payment during the construction phase, and the balance would be paid in annuities. MARPL will have three revenue streams adjusted for the Price Index Multiple during its operational period namely: i) 40% of inflation-adjusted bid project cost of INR 1920 million spread over a period of 10 years from the commercial operations date (COD), ii) interest on annuity on a reducing balance basis after deducting received annuities at bank rate plus 300bp, and iii) O&M payments based on the O&M bid quote of INR40.5 million. The Price Index Multiple comprises of 70% Wholesale Price Index and 30% Consumer Price Index. While the annuity payments are subject to variations in the inflation index, deductions for the non-conformance to the lane availability norms and underperformance, and maintenance requirements are relatively straightforward. The hybrid annuity model and the strong project execution capabilities of the sponsor should benefit the project. However, the timely receipt of annuity during the operational period will remain a key rating monitorable. Modest O&M Risk: MARPL envisages signing of a fixed-price O&M contract with SACIL for taking up O&M and major maintenance works few months before the COD at costs within the estimates of the base case. The duration of the O&M contract shall be for the entire concession period. The project's O&M and major maintenance costs are comparable with those of Ind-Ra-rated peers. Thus, Ind-Ra does not expect any major O&M risk. The agency further takes comfort from the presence of the sponsor undertaking to support any shortfall in O&M expenses. Limited Construction Risk: The project has achieved physical progress of around 90% till date. The balance work is in progress with around 1.4 km of stretch falling under the railways area where a rail over bridge is expected to be constructed over a railway line by Maha Rail Infrastructure Cooperation Ltd. The concessionaire is awaiting a confirmation from the authority on the said construction of the rail over bridge. The balance work also includes i) road furniture and safety provisions, ii) 1.5km of asphalt layer work is under progress, and iii) 600 meters of grade improvement work. The appointed date for the project was declared on July 20, 2019 with the original scheduled commercial operations date (SCOD) being 730 days from the appointed date. The extended SCOD was April 4, 2023; however, the management has represented that the project completion is expected by mid-June 2023, which will be within the cure period of 90 days from the extended SCOD. Any delay in achieving the SCOD beyond cure period will result in a negative rating action. Moderate Sponsor Capabilities: SACIL has an extensive industry experience in construction of roads and highways, airport runways and terminals, irrigation and pipeline, and building and civil works. As per the provisional financial statement for FY22, SACIL reported operating revenue of INR5,241.9 million (FY21: INR3,263.4 million) and an EBITDA of INR 367.9 million (FY21:INR263.3 million). At FYE22, SACIL's debt stood at INR1,157.2 million (FYE21: INR247.2 million) while the net cash and cash equivalents was INR164.0 million (INR117.5 million). SACIL, under the joint venture arrangement with Bekem Infra Projects Private Limited, has been awarded two other HAM projects by the National Highways Authority of India ('IND AAA'/Stable) in Andhra Pradesh. SACIL's equity commitment for these projects is INR420 million during FY24-FY25, for which there is a reasonable visibility to meet the same. Sponsor Support Undertaking: SACIL has provided sponsor undertakings to arrange funds for any cost and time overrun, a shortfall/delay in meeting routine O&M and major maintenance expenses, a shortfall in debt obligations or maintenance of a stipulated DSRA, maintaining a minimum DSCR of 1.15x and a shortfall in respect of lenders dues in case of termination of the concession agreement. Liquidity Indicator – Adequate: The estimated total project cost of INR1,920 million is to be funded by debt of INR537.6 million and equity of INR230.4 million. SACIL has infused the entire equity commitment in MARPL. The entire project is proposed to be of flexible pavement/bituminous road for main carriage way of 53.36km. Apart from this, the first six months' interest and O&M costs are part of the project cost to manage liquidity needs until the receipt of the first annuity. The principal repayment will commence from the COD or six months from the COD, whichever is earlier, thereby there is no cushion between receipt of annuity payment and the loan repayment in case of the timely completion of the construction. The project's average DSCR is 1.44x, as per Ind-Ra's base case. Rating Sensitivities Positive: Achievement of the COD within the authority-approved timelines and the receipt of the first annuity payment on or before the scheduled date without any deductions will lead to a positive rating action. Negative: Future developments that could, individually or collectively, lead to a negative rating action are: -- non-achievement of the COD as per the timelines approved by the authority, -- non-creation of the DSRA as stipulated by the financing documents, -- significant delays or deductions in annuities resulting in weakening of average DSCR below 1.20x, -- deterioration in the credit profile of the sponsor or PWD, GoM. Company Profile The GoM, through PWD, has entrusted MARPL with the improvement, maintenance and management of State Highway151 PN-43- improvements to top Wadgaon, Shigaon, Aashta, Tasgaon, Bhivghat, Atpadi, Dighanchi Road. The project was awarded under hybrid annuity mode by PWD on September 15, 2018 for a concession period (operational years) of 10 years. The concession agreement for the project was signed on 22 February 2019 and the financial closure was achieved on 20 July 2019. MALLUR SIDDESWARA : Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Mallur Siddeswara Spinning Mills Private Limited Attayampatti Road, Attanur Post, Rasipuram Taluk, Namakkal - 636301, Tamil Nadu, India Insolvency Commencement Date: March 31, 2023 Estimated date of closure of insolvency resolution process: October 1, 2023 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Mr. P. Eswaramoorthy No, 44, 5th Street, Ramalingajothi Nagar Near Corporation Office, Nanjundapuram Road, Ramanathapuram, Coimbatore - 641045, Tamil Nadu, India Email: eswarfcs@gmail.com Email: mssmpl.cirp@gmail.com Tel. No: 0422-2322333, 3500466 Last date for submission of claims: April 18, 2023 MANTRI DEVELOPERS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Mantri Developers Private Limited #41, Vittal Mallya Road, Bangalore-560001, Karnataka Insolvency Commencement Date: March 28, 2023 Estimated date of closure of insolvency resolution process: September 24, 2023 (180 Days) Court: National Company Law Tribunal, Bengaluru Bench Insolvency Professional: Ahsan Ahmad C-108, 3rd Floor, Sector-2, Noida-201301, UP Email: absan_123ahmad@yahoo.co.in Ground Floor, No 8, 'VK Commerce', 3rd Main, Rajajinagar Industrial Estate, Bengaluru - 560010 Email: cirp.mantridevelopers@gmail.com Ms.Devika Sathyanarayana Mr. Thirupal Gorige Mr. T Narayana Swamy Last date for submission of claims: April 11, 2023 MCNALLY BHARAT: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of McNally Bharat Engg Co Limited (MBECL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cumulative 43.50 CARE D; ISSUER NOT COOPERATING; Redeemable Rating continues to remain Preference under ISSUER NOT COOPERATING Shares category Detailed rationale and key rating drivers CARE had, vide its press release dated January 27, 2022, continued the ratings of MBECL under the 'issuer non-cooperating' category as MBECL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MBECL continues to be non-cooperative despite repeated requests for submission of information through phone calls and letters/emails dated March 01, 2023 and March 16, 2023 among others. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. Detailed description of the key rating drivers At the time of last rating on January 27, 2022, the following were the rating strengths and weaknesses (updated for the information available from stock exchange fillings): Key Rating Weaknesses: * Delays in debt servicing by the company: The liquidity position of the company continues to be stressed due to losses incurred and stretched operating cycle. This has led to continued delays in servicing of debt obligations. The operating cycle has been stretched due to high collection period. MBECL is currently under corporate insolvency resolution process (CIRP). * High overall gearing ratio: The capital structure of MBECL is highly leveraged due to erosion of net worth resulting from continuing losses and high debt level. MBECL, incorporated in 1961, based in Kolkata, is engaged in engineering turnkey project execution. It belongs to the B. M. Khaitan group. MBECL has completed large number of turnkey projects in different areas of its operations like bulk material handling, ash handling, port handling, mineral beneficiation plant, water management, road construction and maintenance, structural fabrication, erection, piping, utilities, etc. MD DEVELOPMENT: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: MD Development Private Limited F 89, Prime Mall, Irla Society Road, Vile Parle (West) Mumbai Mumbai City MH 400056 India Insolvency Commencement Date: March 24, 2023 Estimated date of closure of insolvency resolution process: September 20, 2023 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Sandeep Kumar Agrawal 523, Pocket-E, Mayur Vihar Phase-2, New Delhi, National Capital Territory Of Delhi, 110091 Email: ipsandeepagrawal@gmail.com Email: cirp.mddevelopment@gmail.com Last date for submission of claims: April 7, 2023 MDD MEDICAL: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated M.D.D. Medical Systems (India) Private Limited's (MDD) Long-Term Issuer Rating of 'IND BB+' to the non-cooperative category and has simultaneously withdraw it. The instrument-wise rating actions are: -- INR270 mil. Non-fund-based working capital limit* migrated to non-cooperating category and withdrawn; and -- INR20 mil. Fund-based working capital limit^ migrated to non- cooperating category and withdrawn. *Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn ^ Migrated to 'IND BB+ (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Key Rating Drivers Ind-Ra has migrated the ratings to the non-cooperating category because the issuer did not participate in the rating exercise despite requests and follow-ups by the agency and has not provided information pertaining to interim financials, sanctioned bank facilities, statements and utilization levels, business plans and projections for the next three years and information on corporate governance. 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. Ind-Ra will no longer provide analytical and rating coverage for MDD. Company Profile Incorporated in 2003 by SC Verma and Rajan Verma, Gurugram-based MDD provides technological solutions to government and semi-government hospitals. The company supplies medical equipment and undertakes installation, testing and maintenance of such equipment across pan India. METRO HOSPITAL: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has retained the long-term ratings of Metro Hospital and Cancer Research Centre in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Metro Hospital & Cancer Research Centre (Hospital) is multispecialty hospital located in Jabalpur, Madhya Pradesh. The hospital is a unit of Satya Sai Cancer Society (the society) which commenced operations in 2007 to create awareness about the cancer disease. The society also operates a medical institute known as Balashree Institute of Paramedical Sciences. Mr. Saurabh Baderia and his brother Mr. Rajiv Baderia manage the society. The hospital is situated in the Jabalpur, Madhya Pradesh and spread in an area of 50,000 sq.ft. The hospital is specializes in oncology and cardiology.The hospital has 130 bedded capacities. The hospital is empanelled with CGHS, CSMA, ESI, and other PSUs. The hospital also has tie-ups with insurance companies such as Bajaj Allianz, Aviva Life Insurance, Apollo Munich Health Insurance, ICICI Lombard etc. MULTITEX FILTRATION: Ind-Ra Cuts Bank Loan Rating to BB ------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Multitex Filtration Engineers Limited's (MFEL) bank facilities' ratings to 'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'. The detailed rating actions are: -- INR164 mil. Fund-based working capital limit downgraded with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR680 mil. Non-fund-based working capital limit downgraded with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on August 19, 2021. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Key Rating Drivers The downgrade is in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. As per the guidelines, if an issuer has an investment grade rating outstanding while being noncooperative for more than six months with Ind-Ra, then Ind-Ra will necessarily downgrade such rating to the non-investment grade, while maintaining the Issuer Not Cooperating status. The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)' might not reflect MFEL's credit strength as the company has been non-cooperative with the agency since September 15, 2022. Therefore, investors and other users are advised to take appropriate caution while using these ratings. Company Profile MFEL was originally incorporated in 1982, as a private limited company and reconstituted into a public limited company in 2001. It is engaged in designing and manufacturing filters, separators and allied products. The company has its head office and four manufacturing units in Delhi. MURLIDHAR INDUSTRIES: Ind-Ra Moves BB+ Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Shri Murlidhar Industries Private Limited's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR850 mil. Fund-based working capital limits migrated to non- cooperating category with IND BB+ (ISSUER NOT COOPERATING)/ IND A4+ (ISSUER NOT COOPERATING) rating; -- INR6 mil. Non-fund-based working capital limits migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR4 mil. Term loans due on Mar-2022 migrated to non- cooperating category with IND BB+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING. The ratings were last reviewed on February 17, 2022. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Company Profile Established in 1974, Shri Murlidhar Industries is engaged in the extraction and refining of oil from ground nut and mustard seeds. The company also manufactures roasted peanuts, kernels, mustard oil, and ready-to-eat meals. N. S. ENGINEERING: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: N.S Engineering Projects Private Limited Daskhin Jhapardaha ONGC Road, Domjur, Howrah - 711405, West Bengal, India Insolvency Commencement Date: March 31, 2023 Estimated date of closure of insolvency resolution process: September 26, 2023 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Anil Anchalia 16B Robert Street, 2nd Floor, Kolkata - 700012 Email: anilanchalia@yahoo.com Email: nsepl.cirp@gmail.com Last date for submission of claims: April 14, 2023 NARAYAN AGRO: Ind-Ra Keeps 'C' Issuer Rating in Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Narayan Agro Foods Limited's (NAFL) Long-Term Issuer Rating of 'IND C (ISSUER NOT COOPERATING)' in the non-cooperating category and has simultaneously withdrawn the same. The instrument-wise rating action is: -- INR70 mil. Fund-based working capital limit* maintained in non-cooperating category and withdrawn. *Maintained in 'IND C (ISSUER NOT COOPERATING)' before being withdrawn Key Rating Drivers Ind-Ra has maintained the ratings in the non-cooperating category as NAFL did not participate in the rating exercise despite requests by the agency and has not provided information pertaining to the full-year financial performance in FY22, sanctioned bank facilities and utilization, business plan and projections for the next three years, and information on corporate governance. 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. Ind-Ra will no longer provide analytical and rating coverage for the company. Company Profile NAFL produces dairy products at its plant in Kotkapura (Punjab). NASIK MERCHANTS: Ind-Ra Assigns BB Long Term Issuer Rating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned The Nasik Merchants Co-operative Bank Ltd (NAMCO) a Long-term Issuer Rating of 'IND BB' with a Stable Outlook. The rating is constrained by NAMCO's geographic concentration, limited structural ability to bring in additional equity capital and liquidity if required, weak asset quality and evolving governance and risk structures compared to mainstream commercial banks. The rating however is supported by the vintage of the bank, its adequate liquidity, capital adequacy and granular deposit profile. Key Rating Drivers Geographic Concentration: NAMCO has 60 branches in Nashik, carrying 90% of the bank's deposits and 87% of the bank's advances. While Ind-Ra understands the limitations of the bank's scope of operations and concentration, these kind of operations with regional concentration present a risk. The bank has a token presence outside of Maharashtra in Gujarat through 20 additional branches, and its asset quality had significantly suffered outside of Maharashtra during FY14-FY19 for which the bank had to take a material hit to its capital. Form Makes Raising Capital Difficult: Raising additional capital is challenging for the bank, given that it is a co-operative and raises capital from members. Incremental capital comes from adding more members or increasing existing members' borrowing (which may lead to higher onboarding of risk). Given the corporate governance and risk structures are evolving, the asset quality of the bank could deteriorate under stress scenarios. NAMCO's return on assets (RoA) was about 1% for FY22 and it has a consistent policy of paying dividends. The RoA implies that the bank would consume capital and internal accruals would not be enough to fund the target growth of 10% yoy in FY24. Weak Asset Quality: NAMCO's GNPA at 9.83% in 1HFY23 (FY22: 5.0%) was among the highest in the Ind-Ra rated bank universe. In fact, it had reached a peak GNPA of 30% at end-September 2019. The bank was then under an Reserve Bank of India (RBI) appointed administrator and it wrote-off most of its bad debts by utilizing its reserves; it continues to make recovery efforts on the assets that slipped in that period. The bank's overdue portfolio is about 18% (1-90 dpd); this includes about eight funded exposures to real estate. Ind-Ra expects this to be a key source of slippages over the next 12 months. The bank's funded outstanding exposure is 8% of the total loans and could increase, given the sum of all sanctions is about INR890 million. This too is a portfolio that could become difficult to manage under the dual impact of inflation and increasing interest rates. The bank has initiated internal projects to implement a scorecard-based assessment for some products. Evolving Governance and Risk Structures: NAMCO's board consists of 23 members who are elected by the members of the co-operative. Generally co-operative banks operate with thin structures where board sub-committee's role in loan sanctions is significant. These banks generally are dominant in particular regions and therefore, are ripe for unwarranted influences to flow in the system if they do not have strong governance structures and processes with minimum scope for deviations. The RBI cancels the licenses of several co-operative banks almost every year including urban co-operative banks unless the above requirement is met. NAMCO is attempting to strengthen these factors over the mid – long term. The bank is also setting-up risk-based pricing mechanisms for some products to start with and attempting to establish sectoral and single borrower limits. The bank has also reduced its group borrowings; it has a single group and its other corporate exposures are to individual companies as per the bank's disclosures. Vintage Bank: NAMCO is over a 60-year-old mercantile multi-state co-operative bank. It offers basic products on loan side for business (mostly secured) and gold loans. Liquidity Indicator - Adequate: The bank's loan to deposit ratio was below 50% at end-1HFY23 (FY22:46.6%); it carries excess Statutory Liquidity Ratio of over INR3 billion. The bank had an asset liability mismatch gap (excess of short-term liabilities over short-term assets over a period of one year) of 8% at end-September 2022. Almost the entire investment book has a maturity period of beyond one year, and a substantial chunk of it (beyond mandatory SLR) is available for liquidity-related payments, if needed. Adequate Capitalization; Granular Deposit Profile: The bank's common equity tier 1 ratio at end-1HFY23 was over 30% (FY22: 31.7%). NAMCO's deposit profile is also reasonable with current and savings account deposits of about 40%, comprising mostly granular deposits. All these factors put together indicate that the ALM gap is manageable and so would be liquidity requirements. Rating Sensitivities Positive: Substantial ramp-up of the franchise along with a material improvement in the deposit profile, concentration metrics, consistent improvements in the asset quality metrics and the governance and risk structures and sustained profitability could lead to a positive rating action. Negative: A material decline in the capital levels, and deterioration in the liquidity position or asset quality hereon could lead to a negative rating action. Company Profile NAMCO is a more than 60-year-old urban mercantile co-operative bank with a total of 80 branches. At end-September 2022, the bank had a deposit base of INR17.78 billion and advances of INR8.7 billion. NAVDURGA ADVISORY: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Navdurga Advisory Private Limited 103, Mangalam Icon, Cement Road, 186, Shivaji Nagar, Nagpur - 440010 Insolvency Commencement Date: March 28, 2023 Estimated date of closure of insolvency resolution process: September 24, 2023 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Dilipkumar Natvarlal Jagad 803/804, Ashok Heights, Opp Saraswati Apartment, Nikalas Wadi Road, Near Bhuta School, Old Nagar X Road, Gundavali, Andheri East, Mumbai City, Maharashtra - 400069 Email: dilipjagad@hotmail.com Email: navdurga.irp@gmail.com Last date for submission of claims: April 12, 2023 NORTH EAST: CARE Lowers Rating on INR15cr LT Loan to B ------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of North East Onco Care Limited (NEOCL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 28, 2022, placed the rating(s) of NEOCL under the 'issuer non-cooperating' category as NEOCL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. NEOCL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 4, 2023, April 5, 2023 and April 6, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of NEOCL have been revised on account of non-availability of requisite information. The ratings also consider small scale of operation with increase in overall debt during FY22. North East Onco Care Ltd. (NEOCL) was incorporated on October 28, 2003. It is an Assam-based company engaged in healthcare business for cancer treatment with around 75 bed capacity as on October 31, 2020. It is the first comprehensive Cancer care center of its kind in North East India under private sector. The Company has been operating as a state of art cancer hospital and research center for almost 10 years now as a brand name "North East Cancer Hospital and Research Institute". The institute is recognized by UICC (Union for International Cancer Control), Geneva. The company is managed by a six-board member headed by Mr. Ganesh Tamuli, Chairman (60 years), Dr. Munindra Narayan Baruah (aged - 59 years), MD and Dr. Pranab Malla Baruah (68 years), Whole time Director, Dr. Munindra Narayan Baruah is a qualified (MS, FICS) and renowned doctor in the field of Head & Neck Oncology. OPTIONS LAWNS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Options Lawns Private Limited (OLPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.72 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 22, 2022, placed the rating(s) of OLPL under the 'issuer non-cooperating' category as OLPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. OLPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 5, 2023, February 15, 2023, February 25, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Jabalpur- based (Madhya Pradesh), Options Lawns Private Limited (OLPL) was incorporated on April 01, 2016 by Mr Rajneesh Verma. The company is held by Six Sigma Ventures Limited (erstwhile 'Riqueza Capital Investments Limited', a Mauritius based company) along with Mr Rajneesh Verma and Ms. Sakshi Verma. OLPL was incorporated with a purpose to operate a resort in an area of 14000 sq. ft. on Bedhaghat Road, Jabalpur with 52 rooms, 3 banquet halls, 1 garden restaurant, pub, camping site, spa, wellness centre etc. PARAS COMMERCIAL: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Paras Commercial Centre Private Limited Gala No. 17/1 Meghlal Industrial Estate Devidayal Road, Mulund West, Mumbai - 400080 Insolvency Commencement Date: March 24, 2023 Estimated date of closure of insolvency resolution process: September 20, 2023 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Avinash Ambikaprasad Shukla Level 3, Padma Palace, Plot No. 79, Sector 28, Vashi, Navi Mumbai, Maharashtra, 400703 Email: avinashshukla1708@gmail.com Waterfall Insolvency Professionals Pvt. Ltd. 1221, Maker Chamber V, Nariman Point, Mumbai - 400021 Email: ip.pccpl@gmail.com Last date for submission of claims: April 10, 2023 PASUPATI SPINNING: Ind-Ra Hikes Long Term Issuer Rating to BB ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Pasupati Spinning & Weaving Mills Limited's (PSWML) Long-Term Issuer Rating to 'IND BB' from 'IND B+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR345.15 mil. (decreased from INR345.3 mil.) Fund-based limit upgraded with IND BB/Stable rating; -- INR69.7 mil. (increased from INR59.5 mil.) Non-fund-based limits upgraded with IND A4+ rating; -- INR24.34 mil. (reduced from INR51.3 mil.) Term loan due on March 31, 2027 upgraded with IND BB/Stable rating; and -- INR75.92 mil. (reduced from INR92.5 mil.) Working capital term loan due on October 31, 2026 upgraded with IND BB/Stable rating. The upgrade reflects the improvement in PSWML's revenue, profitability and credit metrics in FY22 and the likelihood of the same having improved further in FY23. Key Rating Drivers PSWML's revenue increased to INR1017.44 million in FY22 (FY21: INR664.37 million), supported by the overall economic recovery from the impact of the pandemic. The scale of operations continued to be medium. Ind-Ra expects the revenue to have increased on a yoy basis in FY23, given that the company booked revenue of INR1,258.4 million in 11MFY23 itself, driven by a rise in domestic demand. Ind-Ra expects the revenue to continue to grow in the medium term, supported by an improvement in overall efficiency at its Kala Amb unit in Himachal Pradesh, as company plans to replace a portion of their existing machines with new machinery. Furthermore, after having incurred a loss in FY21, PSWML turned profitable at the EBITDA level in FY22, recording an EBITDA margin of a modest 5.51%, led by better absorption of fixed cost due to the revenue growth. The ROCE was 2.4% in FY22 (FY21: negative ROCE). Ind-Ra expects the absolute EBTIDA to have increased in FY23, supported by revenue growth. The margins are likely to have been stable in FY23, and might improve from FY24 owing to improved efficiency resulting from the capex being undertaken by PSWML. PSWML's credit metrics remained weak but improved in FY22 due to the improvement in the absolute EBITDA to INR56.04 million (FY21: loss of INR0.57 million). The net leverage (total adjusted net debt/operating EBITDA) was 9.32xin FY22 , the interest coverage (operating EBITDA/gross interest expense) was 1.58x. Ind-Ra expects the credit metrics to have improved further in FY23, due to a likely increase in the operating profits. PSWML has planned a capex of about INR80 million for the purchase of machinery in FY24. The capex would be funded by term loans INR42.5 million and the remaining from internal accruals/unsecured loans from promoters. This is likely to impact the metrics in the near-to-medium term. Liquidity Indicator - Stretched: The net working capital cycle remained elongated in FY22; however, despite a fall in creditor days to 54 days in FY22 (FY21: 102 days), the net working capital cycle improved to 386 days (452 days) owing to a decrease in the inventory holding period to 328 days (398 days) and receivable period to 112 days (156 days). PSWML's average maximum utilization of the fund-based and non-fund-based limits was about 87.5% and 38.61%, respectively, for the 12 months ended January 2023. The cash flow from operations turned negative at INR96.48 million in FY22 (FY21: INR1.07 million), on account of unfavorable changes in the working capital. The free cashflow from operations remained negative at INR121.6 million in FY22 (FY21: negative INR3.6 million). Ind-Ra expects the cash flow from operations to have improved in FY23 due to likely higher absolute EBITDA. At FYE22, PSWML had a cash balance of INR10.42 million (FY21: INR19 million), against the total debt of INR532.74 million (INR482.14 million). The debt repayment obligations for FY24 and FY25 are around INR35.8 million and INR41 million, respectively. The ratings, however, are supported by PSWML's promoters' experience of over four decades in the textile industry. Rating Sensitivities Negative: A decline in the scale of operation, leading to a deterioration in the credit metrics and/or any weakening of the liquidity position, all on a sustained basis, will be negative for the ratings. Positive: An increase in the scale of operation, along with an improvement in the overall credit metrics, with the net leverage reducing below 4.5x, all on a sustained basis, would lead to a positive rating action. Company Profile Incorporated in 1979 by Shri Ramesh Kumar Jain, PSWML manufactures cotton/synthetic/blended yarn, knitted fabrics and readymade garments at its unit in Haryana, and polyester grey and dyed sewing thread in Himachal Pradesh. PC SNEHAL: Ind-Ra Keeps BB LT Issuer Rating in NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained P.C. Snehal Construction Private Limited's Long-Term Issuer Rating of 'IND BB' in the non-cooperating category and simultaneously withdrawn it. The instrument-wise rating actions are: -- INR135 mil. Fund-based working capital limit* maintained at the non-cooperating category and withdrawn; and -- INR810.5 mil. Non-fund-based working capital limit** maintained at the non-cooperating category and withdrawn *Maintained at 'IND BB (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn **Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Key Rating Drivers Ind-Ra has maintained the ratings in the non-cooperating category because the issuer did not participate in the rating exercise, despite requests by the agency and has not provided information pertaining to the latest full-year financial performance, sanctioned bank facilities and utilization, business plans and projections for the next three years, and information on corporate governance. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the rated facilities' lender. This is consistent with the Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for P.C. Snehal Construction. Company Profile Incorporated in 1977 as P.C. Snehal Construction Co., the firm was reconstituted as a private limited entity and renamed P.C. Snehal Construction Private Limited in June 2017. It undertakes civil construction works related to water supply and sewage and other construction works for governments. PRASAD PROPERTIES: Liquidation Process Case Summary --------------------------------------------------- Debtor: Prasad Properties and Investments Private Limited No. 2 Sarangapari Street, T. Nagar, Medras Chennai - 600017 Liquidation Commencement Date: March 23, 2023 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Sripriya Kumar No. 224A (New 346/1) (Next to National Public School), Avvai Shanmugam Salai, Gopalapuram, Chennai, Tamil Nadu, 600086 Email: sasripriyad@gmail.com Email: sripriya@spkain&patpl.liq@gmail.com Last date for submission of claims: April 22, 2023 R V PLASTIC: Ind-Ra Moves BB- LT Issuer Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated R V Plastic Limited's (RVPL) Long-Term Issuer Rating of 'IND BB-' to the non-cooperating category and has simultaneously withdrawn it. The Outlook is Stable. The instrument-wise rating actions are: -- INR240 mil. Fund-based limits* migrated to non-cooperating category and withdrawn; -- INR80 mil. Non-fund-based limits** migrated to non-cooperating category and withdrawn; and -- INR52.80 mil. Term loan*** due on March 2026 migrated to non- cooperating category and withdrawn. *Migrated to 'IND BB- (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn ** Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn *** Migrated to 'IND BB- (ISSUER NOT COOPERATING)' before being withdrawn Key Rating Drivers Ind-Ra has migrated the ratings to the non-cooperating category because the issuer did not participate in the rating exercise, despite requests by the agency and has not provided information pertaining to the sanctioned bank facilities and utilization, business plans and projections for the next three years, and information on corporate governance. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the rated facilities' lender. This is consistent Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for RVPL. Company Profile Incorporated on January 25, 1995, RVPL is engaged in trading of plastic granules. The company's registered office is located in New Delhi and head office in Faridabad (Haryana). RAJESH ESTATES: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Rajesh Estates and Nirman Private Limited Registered Office: 139, Nagindas Master Road, 2nd Floor, Seksaria Chambers, Fort, Mumbai 400 023 Head Office/ Corporate Office R.B House, Off Andheri Kurla Road, MIDC Cross Road "B", J.B. Nagar Junction, Andheri (E), Mumbai 400 059 Insolvency Commencement Date: March 24, 2023 Estimated date of closure of insolvency resolution process: September 20, 2023 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Divyesh Desai Moore Singh Advisors LLP B2-402, Marathon Innova, 4th Floor, Off Ganpatrao Kadam Marg, Lower Parel, Mumbai, Maharashtra, 400013 Email: divyeshdesai@singico.com Email: cirp.renpl@gmail.com Mr. Anil Kashi Drolia B-906, Park Side-1, Raheja Estate, Kulupwadi, Near National Park Borivali (East), Mumbai - 400066 Email: anidrolia.ip@gmail.com Mr. Alok Kumar Murarka Unique Estate, B-503, Beverly Park, Near v Power Gym, Mira Road - East 401107 Email: ipalok.murarka@gmail.com Mr. Nitin Om Kothari 5A-301, Alica Nagar, Lokhandwala Township, Kandivali (East) Email: cakotharico@gmail.com Last date for submission of claims: April 11, 2023 RAJNIGANDHA SUPPLIERS: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Rajnigandha Suppliers Private Limited Plot No-59, Gulmohar Park Nagpur 441108, Maharashtra India Insolvency Commencement Date: March 29, 2023 Estimated date of closure of insolvency resolution process: : September 26, 2023 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Arun Bagaria 701, Stanford Building, Junction of S.V Road and C D Burfiwala Marg, Andheri (W), Mumbai-400058 Email: arun@bagariaco.com Last date for submission of claims: April 13, 2023 RELIANCE POWER: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the rating for the borrowings of Reliance Power Limited in the Issuer Not Co-operating category. The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 795.00 [ICRA]D ISSUER NOT COOPERATING, Debenture (NCD) rating continues to remain under Issuer Not Co-operating category Long-term– 1200.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 49.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long/Short-term 245.00 [ICRA]D/[ICRA]D ISSUER NOT non-fund based COOPERATING, rating continues letter of credit to remain under Issuer Not Cooperating category ICRA had earlier placed the rating on ISSUER NOT COOPERATING due to NDS non-submission. The company has now submitted the debt servicing declaration for the period January 2023 to March 2023, confirming delays in the servicing of its debt obligations. However, the company remains non-cooperative on fee. The rating is based on the limited cooperation from the entity since the time it was rated in November 2020. As a part of its process and in accordance with its rating agreement with Reliance Power Limited (R-Power), ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite cooperation and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, the company's rating continues to be in the Issuer Not Cooperating category on fee. The rating factors in the continuing delays in debt servicing by R-Power to the lenders. R-Power is engaged with its lenders for the resolution of its debt issues. R-Power, a part of the Reliance Group, promoted by Mr. Anil D Ambani, is the primary vehicle for investments in the power generation sector. The company came out with an IPO in February 2008 and raised INR11,560 crore for funding the equity contribution for some of the identified projects. As on date, the company's generation capacity stood at 5,945 MW, including 5,760 MW of thermal capacity and 185 MW of renewable energy-based capacity. Its operational projects include the Rosa project at Shahajahnapur, Uttar Pradesh (1,200 MW); Butibori project in Nagpur, Maharashtra (600 MW), UMPP at Sasan (3,960 MW); solar PV project at Dhursar, Rajasthan (40 MW); concentrated solar power project at Pokhran, Rajasthan (100 MW); and a wind project at Vashpet, Maharashtra (45 MW). RENEW POWER: Moody's Affirms 'Ba2' CFR, Outlook Stable ------------------------------------------------------ Moody's Investors Service has affirmed ReNew Power Private Limited's (RPPL) Ba2 corporate family rating. At the same time, Moody's has affirmed the Ba3 ratings on bonds issued by RPPL and its restricted groups. These include: (1) bonds issued by RPPL on a standalone basis (HoldCo bonds): USD450 million senior secured bond issued by RPPL due Mar 2027; and USD400 million senior secured bond issued by India Clean Energy Holdings (ICEH) due April 2027, proceeds from which were on-lent to the HoldCo on a senior unsecured basis. (2) bonds issued to fund restricted groups (RG bonds) comprising RPPL operating subsidiaries: USD585 million backed senior secured bond issued by ReNew Wind Energy (AP 2) Private Limited due July 2028, as part of RPPL restricted group 5 (RPPL RG5); and (3) bonds issued by special purpose financing vehicles with no ownership linkage to RPPL, the proceeds from which were used to purchase INR-denominated non-convertible debentures (NCDs) issued by RPPL restricted groups: USD325 million senior secured bond issued by India Green Energy Holdings (IGEH) due April 2024 (RPPL RG3); and USD460 million senior secured bond issued by India Green Power Holdings (IGPH) due February 2027 (RPPL RG4). RPPL guarantees the USD bond issued by RPPL RG5, as well as the INR NCDs issued by RPPL RG3 to IGEH and RPPL RG4 to IGPH, respectively. At the same time, Moody's has assigned a first-time Ba3 rating to the proposed US dollar senior secured bonds to be issued by Diamond II Limited (DIL). The outlooks on the ratings are stable. DIL plans to on-lend the proceeds from the proposed USD bond to certain RPPL operating subsidiaries, RPPL and ReNew Energy Global PLC (RNW), RPPL's Nasdaq-listed parent. In turn, RNW, RPPL and these RPPL subsidiaries will use the funds to repay existing debt and to fund general corporate purposes including capital expenditure. RNW will provide a parent guarantee to the proposed DIL bond. RPPL plans to hedge the USD bond proceeds that will be on lend to group entities based in India. The USD coupon payments will be hedged using swaps whilst a mix of swaps and call spread options will be used for the principal payments. The call spread options will only offer protection up to a predefined USD-INR exchange rate, usually the prevailing forward rate at the time of hedging. "The rating affirmations reflect Moody's view that the likelihood of shareholder support for RPPL has increased following Canada Pension Plan Investment Board's (CPPIB, Aaa stable) acquisition of additional equity stakes in RNW, owing to CPPIB's very strong financial profile and Moody's expectation that it will remain supportive of RPPL's growth initiatives. The increased likelihood of support, in turn, helps keep RPPL's credit profile within its Ba2 rating, despite an expected weakening in its credit metrics over the next 12-18 months under Moody's base case scenario, because of an expanding pipeline of new projects," says Spencer Ng, a Moody's Vice President and Senior Credit Officer. RATINGS RATIONALE RPPL's Ba2 CFR reflects (1) the group's predictable cash flow, backed by its large and diversified portfolio of solar, wind and hydro power projects with long-term power purchase agreements (PPAs); (2) its high financial leverage that will likely remain elevated due to the group's growth appetite; and (3) the likely support from its two largest shareholders – CPPIB and Abu Dhabi Investment Authority (ADIA) - to meet its growth funding needs and liquidity, if required. Following the completion of CPPIB's acquisition of the additional stake in RNW in March 2023, CPPIB now holds a 51% economic interest in the group. Since its initial investment in RPPL in January 2018, CPPIB has invested over $1 billion - in addition to the capital infusion - to acquire its majority economic stake in RPPL, although its voting stake is only 31% since some of its shares are non-voting. CPPIB has a track record of supporting RPPL's growth initiatives, having infused USD350 million of primary equity. Moody's will continue to refine its view of support for RPPL as a further track record of financial or operational support is established or if there are further changes to shareholders' voting or economic stakes. Moody's assessment of RPPL's financial profile is based on RNW's consolidated financial profile, given a RNW undertaking to ensure that RPPL will provide the funding necessary to service the proposed DIL bond, including the proceeds that will be on-lent to RNW. Under Moody's base case scenario, RNW's consolidated cash flow from operations pre-working capital (CFO pre-WC)/debt will dip below the minimum tolerance level of 3.5% in fiscal 2024, which ends March 2024, owing to planned capital spending that will peak that fiscal year, but will likely recover to between 3.5% and 4% in the following years as development projects are commissioned. The financial projections incorporate the additional debt needed for the existing committee pipeline and additional growth projects, but do not include any capital investments for any green hydrogen development due to the uncertainty over the final capital required and timing of the investments. The projections further assumed a depreciation of the Indian rupee, given the group's residual exposure under its currency hedging strategy, and generation output based on P-90 levels with further downward adjustments to reflect actual performance where appropriate. RPPL's operating cash flows are stable, benefiting from its long-term PPAs with central government-owned or state government-owned utilities, with predefined tariffs for the duration of the contract. However, underperformance in its wind generation portfolio over the past two fiscal years has reduced its operating revenue, which will likely persist into fiscal 2023. Sustained weakness in generation output could exert further pressure on its financial profile. Beyond the next 2-3 years, RPPL's financial profile will likely be driven by its growth plans, including green hydrogen developments that could require significant upfront investment and a long development time frame, as well as the success of its capital recycling initiatives, which would help reduce the group's financial leverage over time. Despite having a sizable cash balance and deposit as of the end of March 2023, RPPL will require additional debt facilities for its planned capital expenditure over the next 12 months. RPPL has a track record of accessing capital markets, evidenced by its successful refinancing of a USD525 million bond with domestic funding and the $1 billion funding raised for its "round-the-clock" project at competitive costs in 2022. Moody's expects RPPL's shareholders to be supportive of the group's growth funding and liquidity. The Ba3 rating assigned to DIL's proposed notes considers (1) RPPL's Ba2 CFR, given DIL's reliance on cash payments from RPPL to support its own USD bond servicing obligations in addition to any operating cashflow from pledged assets; and (2) DIL bondholders' subordinated claim to cash flow, behind the secured lenders of RPPL and its operating subsidiaries except for the assets that have been pledged as collateral, which is partly offset by the diversity of RPPL's project portfolio. The proposed bond structure is of higher complexity as the on-lending of the bond proceeds to group entities will be through several different instruments, such as optionally convertible debentures and external commercial borrowings. The terms and conditions of such instruments will only be finalized post financial close and could be changed over time, although the documents will further stipulate that certain provisions relating to cross default and requirement of security cover must be included and cannot be modified. Moody's considers the complexity to be manageable at the Ba3 rating level, taking into account the proposed bond undertakings and covenants which are designed to (1) establish a close default linkage between DIL and RPPL, and (2) give access to a minimum level of securities to support recovery for the bondholders upon default. Under the draft bond documentation, RNW needs to ensure that the bond will be secured by collaterals with value equivalent to the bond principal, of which 60% will have to be in the form of operating assets and cash collaterals. Management has identified a portfolio of operating projects that may be posted, but the remaining collateral to be pledged to meet the 100% coverage requirement will only be known post financial close. The actual collateral posting requirement will also be driven by the valuation of the collateral, to be undertaken by RNW in good faith. RNW, as the parent guarantor to the proposed bond, will also undertake to ensure that RPPL will provide the required funding to DIL and RNW to meet their bond obligations. Given the importance of the bond covenant and undertaking, the Ba3 rating on the DIL bond is predicated on Moody's review of the final financing documents with no material changes and legal confirmation over the enforceability of proposed terms and conditions. The Ba3 rating on the ICEH bond reflects similar subordination considerations, given that proceeds from the bond were on-lent to RPPL on a senior unsecured basis. The Ba3 rating assigned to RPPL RG5's senior secured bonds primarily reflects the benefit of RPPL's parental guarantee of the USD bond. Moody's assessment of the guarantee's benefits considers RPPL's Ba2 CFR; bondholders' subordinated claim to cash flow and assets compared with that of the secured lenders of RPPL and its other subsidiaries; and the scale of RPPL's asset portfolio, which underpins its ability to provide financial support if required. The Ba3 ratings assigned to IGEH's and IGPH's senior secured bonds reflect a similar benefit from an RPPL guarantee, although the guarantees are provided to the INR-denominated NCDs issued by the restricted groups. RATIONALE FOR STABLE OUTLOOK The stable outlook on the ratings reflects RPPL's good access to liquidity and stable cash flows underpinned by its long-term PPAs, as well as Moody's assumption that the group can successfully deliver its committed projects over the next 12-18 months without significant delays or cost overruns. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade RPPL's CFR, if there is a sustained and material improvement in the group's business and shareholder profile or financial position. Financial metrics supportive of an upgrade would be consolidated (CFO pre-WC)/debt rising above 8% on a sustained basis. Moody's could upgrade the bond ratings if RPPL's CFR is upgraded or if there is a change in Moody's view relating to subordination risks faced by the bondholders. On the other hand, Moody's could downgrade RPPL's CFR if (1) consolidated (CFO pre-WC)/debt remains below 3.5%, which could result from underperformance in its operations or an increase in capital expenditure beyond the level assumed in Moody's base case; (2) support from CPPIB and ADIA weakens; or (3) the credit quality of its off-takers materially deteriorates. Moody's could also downgrade the bond ratings if RPPL's CFR is downgraded. Moreover, Moody's could downgrade the rating on the proposed DIL bond if there is any weakness in the default linkages between DIL and RPPL, or the bondholders' ability to access and enforce on the security. The principal methodology used in rating ReNew Power Private Limited, India Clean Energy Holdings, and Diamond II Limited was Unregulated Utilities and Unregulated Power Companies published in May 2017. ReNew Power Private Limited (RPPL) is a leading renewable energy company based in India. It has an operating capacity of close to 7.7 gigawatts (GW) and is developing another 5.6 GW of capacity. Around 93% of the company's equity interest is held by its listed parent, ReNew Energy Global PLC (RNW). The remaining equity is held by its management and the Canada Pension Plan Investment Board (CPPIB). ICEH and DIL are wholly-owned subsidiaries of RNW, RPPL's listed parent company. It was established to facilitate the issuance of the rated USD bond and the on-lending of the proceeds to other entities within the RNW group. IGEH and IGPH are special purpose vehicles formed to facilitate USD bond issuances, the proceeds from which were used to subscribe to INR-denominated NCDs issued by restricted groups formed by RPPL operating subsidiaries. ReNew Wind Energy (AP 2) Private Limited is part of a restricted group -- along with nine other RPPL subsidiaries -- formed for the purpose of a USD bond issuance. SAILEELA PROCESSORS: ICRA Withdraws B+ Rating on INR15cr Loan ------------------------------------------------------------- ICRA has withdrawn the Long-term ratings assigned to Saileela Processors Private Limited (Formerly Known as Suzuki Synthetics Private Limited) at the request of the company and based on the No Objection Certificate (NOC) received from Banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 11.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Incorporated in 1988, Saileela Processors Private Limited (SPPL) (former Suzuki Synthetics Private Limited) primarily undertakes processing of fabrics on job work basis. The company was initially engaged in textile trading till 1998. The company purchased a processing house in 2000 in Gudda Tehsil in Bhilwara. Currently, SSPL's processing plant is located in Bhilwara Rajasthan, and has an installed processing capacity for about 490 lac meters fabric per annum (6 stenters; textile fabric finishing machine used for drying, shrinking, chemical finishing and adjusting fabric width). In September 2016, due to financial and operational issues, the Saileela Group had taken over Suzuki Synthetics Private Limited and the name of the company has changed to Saileela Processors Private Limited (SPPL) wef January 2017. SHANMUGA MODERN: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Shree Shanmuga Modern Rice Mills Private Limited Deshihalli, K.G.F Road, Bangarpet KA 563114 India Insolvency Commencement Date: March 17, 2023 Estimated date of closure of insolvency resolution process: September 13, 2023 Court: National Company Law Tribunal, Bengaluru Bench Insolvency Professional: Kanekal Chandrasekhar No 6, "Shree" 9th Cross, Bhuvaneshwari Nagar. Hebbalkempapura. H.A. Farm Post. Bengaluru-560024 Email: kanekal.chandru@gmail.com Email: shanmugacirp@gmail.com Last date for submission of claims: April 6, 2023 STAR GRANITO: CARE Lowers Rating on INR4.25cr LT Loan to B ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Star Granito (SG), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.25 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 28, 2022, placed the rating(s) of SG under the 'issuer non-cooperating' category as SG had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SG continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 14, 2023, January 24, 2023, February 3, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SG have been revised on account of non-availability of requisite information. Star Granito (STG) based out at Kishangarh-Rajasthan was formed on April 18, 2017 as a partnership concern by Jain family. STG is engaged in trading, processing and cutting of marbles and granites. The firm purchases rawmaterial directly from Udaipur and Pali and sells its products all over India and exports its products through third party. The manufacturing unit of the firm is situated at Kishangarh and operating at an installed capacity of 1,000 Tonnes per Month (TPM) of Marble and 1,500 TPM of granite slabs as on March 31, 2021. SUDEEP PLASTICS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Sudeep Plastics Private Limited Registered Office: 603, Akshay Co-op Hsg Soc Ltd G Road Opp Swimming Pool Kandivali West Mumbai 400067 Head Office: 705, Agarwal B2B Centre, D'monte lane, Next to Malad Industrial Estate, Near Silver Oaks Hotel, Kanchpada, Malad (West), Mumbai 400064 Office: Office no. 3, United Co-op Hsg Soc, Bhamsa Apt, Chincoli Bunder Road, Bhandarwada, Malad (West), Mumbai 400064 Factory 1: Plot no. 2226 & 2227, C-1 Type, Near Nalanda Hotel, GIDC, Umargaon, Dist Valsad, Gujarat 396171 Factory 2: Plot no. 239/A, Near Union Bank, GIDC Umargaon, Dist Valsad, Gujarat 396171 Insolvency Commencement Date: March 30, 2023 Estimated date of closure of insolvency resolution process: September 26, 2023 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Anagha Anasingaraju c/o KANJMAG & CO, Company Secretaries, 1-2, Aishwarya Sankul, 17 G.A. Kulkarni Path, Opp. Joshi's Railway Museum, Kothrud, Pune - 411038 E-mail: rp.anagha@kanjcs.com E-mail: sudeepplastics.cirp@gmail.com Last date for submission of claims: April 17, 2023 SWASTIK INFRALOGIC: Ind-Ra Keeps B+ Rating in Non-Cooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Swastik Infra-Logic (India) Private Limited's Long-Term Issuer Rating in the non-cooperating category and simultaneously withdrawn it. The instrument-wise rating actions are: -- INR135 mil. Fund-based working capital limit* maintained in non-cooperating category and withdrawn; and -- INR475 mil. Non-fund-based working capital limit** maintained in non-cooperating category and withdrawn. *Maintained at IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) before being withdrawn ** Maintained at IND A4 (ISSUER NOT COOPERATING) before being withdrawn Key Rating Drivers Ind-Ra has migrated the ratings in the non-cooperating category as the issuer did not participate in the rating exercise, despite requests by the agency and has not provided information pertaining to the sanctioned bank facilities and utilization, business plans and projections for the next three years, and information on corporate governance. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the rated facilities' lender. This is consistent with the Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for Swastik Infra-Logic (India). Company Profile Incorporated in 2009, Navi Mumbai, Maharashtra-based Swastik Infra-Logic (India) is engaged in civil construction and trading of ready-mix-concrete materials and aggregates. TRINITY GLOBAL: ICRA Assigns B+ Rating to INR20cr LT Loan --------------------------------------------------------- ICRA has assigned rating to the bank facilities of Trinity Global Enterprises Limited's (Trinity Global), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 20.00 [ICRA]B+ (Stable); assigned bank facilities– Unallocated Rationale The assigned rating factors in Trinity Global modest scale of operations. It provides intercorporate loans to Group companies (started lending to its Group companies in January 2011) and reported assets under management (AUM) of INR7.31 crore as on December 31, 2022. The rating also factors in the company's lack of experience in its planned operations, wherein it will lend to farmers under a business correspondent (BC) arrangement and to retail and corporate borrowers under its on-book operations. Trinity Global is in the process of tying up the BC arrangement and setting up a team for third-party lending operations. Its progress on the same will remain a monitorable. The rating also factors in the weak profitability profile with reported profit after tax of INR0.20 crore in 9M FY2023 (INR0.14 crore in FY2022), translating into a return on average managed assets (RoMA) of 1.95% and return on net worth (RoNW) of 2.73% (1.03% and 1.46%, respectively, in FY2022). The rating, however, takes into consideration the experience of the promoters and their established association with the target segment (farmers), given the operations in the agriculture segment in the Group entities. ICRA also notes that Trinity Global has been able to maintain robust asset quality indicators with nil gross non-performing assets (GNPAs) and nil net NPAs (NNPAs) in its Group lending business so far. Its borrowing profile comprises deposits from Group companies and its ability to raise funds from external lenders is yet to be established. The rating also draws comfort from the adequate capitalisation profile. Going forward, Trinity Global would need to raise funds (both debt and equity) to start and grow its planned business. The company's ability to improve its scale of operations, while maintaining control on its asset quality, would be a key monitorable. The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion that the company will be able to maintain a steady credit profile, while expanding its scale of operations and improving its profitability. Key rating drivers and their description Credit strengths * Adequate capitalization profile: Given its current scale of operations, Trinity Global is adequately capitalized with a net worth of INR10.05 crore as on December 31, 2022 (INR9.85 crore as on March 31, 2022) and an on-book gearing of 0.30 times as on December 31, 2022 (0.33 times as on March 31, 2022). However, ICRA notes that the company has an investment of INR4.0 crore in its subsidiary. Considering its envisaged growth plans for building a BC book, the managed gearing is expected to increase. * Promoters' established association with target segment of Group entities: Although Trinity Global is involved in lending to group companies, the promoters have a connect with farmers though the services provided to them by the Group entities. Some of the Group entities provide services to farmers like spraying of fertilizers and pesticides through drones on their farmlands. ICRA expects that the company will benefit in the planned business from this established association with the farmers. Credit challenges * Lack of track record and experience of management in the planned business: ICRA acknowledges the management's plans to start lending to farmers under the BC arrangement and to retail and corporate borrowers under its on-book operations. As the company has been providing loans to the Group since origination, the management lacks experience in the planned business. However, ICRA notes that Trinity Global plans to set up a different team to oversee this business and enter into a BC arrangement for farm lending. The company's progress on the same will remain a monitorable. * Modest scale of operations: The company's scale of operations remains modest with its AUM at INR7.32 crore as on December 31, 2022 (INR7.25 crore as on March 31, 2022). This is funded by the inter-corporate deposits (ICDs) from Group entities and promoters' equity. Going forward, Trinity Global's ability to start and grow the planned operations will remain important from a credit perspective. * Weak profitability: The company's profitability indicators are weak due to high operating expenses. It reported a profit after tax of INR0.20 crore in 9M FY2023 (INR0.14 crore in FY2022), translating into RoMA of 1.95% and RoNW of 2.73% (1.03% and 1.46%, respectively, in FY2022). Also, as the entire lending is within the Group and there is no case of default, Trinity Global has not created any provisions. As a result, the credit cost has remained nil. Liquidity position: Stretched Trinity Global's liquidity position is stretched. It had a cash and bank balance of INR0.03 crore against ICDs of INR2.98 crore as on December 31, 2022. However, it has lent INR7.31 crore to Group companies, which is receivable on demand and can be redeemed to repay the ICDs. Rating sensitivities Positive factors – A healthy growth in the scale of operations along with the ability to maintain good asset quality and profitability indicators and a prudent capitalisation structure on a sustained basis could lead to a rating upgrade. Negative factors – Inability to expand its scale of operations, deterioration in the asset quality indicators, resulting in pressure on the profitability indicators, and inability to maintain a prudent capitalisation profile could lead to a rating downgrade. Trinity Global is a non-deposit taking non-banking financial company registered with the Reserve Bank of India (RBI). It received a certificate of registration from the RBI in January 2011. Trinity Global provides inter-Group loans and accepts inter-Group deposits. Going forward, the company plans to enter third-party lending operations. Trinity Global reported a profit after tax (PAT) of INR0.20 crore in 9M FY2023 on AUM of INR7.31 crore as on December 31, 2022 against a PAT of INR0.14 crore in FY2022 on AUM of INR7.25 crore as on March 31, 2022. TULIP MARKETING: CARE Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Tulip Marketing (TM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 4, 2022, placed the rating(s) of TM under the 'issuer non-cooperating' category as TM had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. TM continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 18, 2023, January 28, 2023, February 8, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of TM have been revised on account of non-availability of requisite information. Tulip Marketing (TM) is a partnership firm was established on May 02, 2013 by Mr. Bhavya Dave and Mr. Sadik Sayed. TM is primarily engaged in trading of mobile handsets and accessories in the retail market through to various stores spread across western suburb of Mumbai. TM is an authorized distributor of Karbon, Vivo India which covers area like Kandivali, Borivali and Dahisar, Micromax India covers area like Andheri, Goregaon and Jogeshwari.TM has its corporate office and warehouse located at Borivali, Mumbai spread over 700 sq. feet. VEEKAY PVC: CARE Lowers Rating on INR11.01cr LT Loan to B- ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Veekay PVC Profiles (VPP), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.01 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 28, 2022, placed the rating(s) of VPP under the 'issuer non-cooperating' category as VPP had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. VPP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 14, 2023, January 24, 2023, February 3, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Veekay PVC Profiles (VPP) was established in the year 2001 as partnership firm by Mr. Valerian Lobo and his wife Mrs. Flavia Kanthi Lobo. The firm is engaged in processing of raw cashew nut into cashew kernels with installed capacity of 6000 kilograms per day at Udupi District, Karnataka. The process involves steam roasting, shell cutting, peeling and grading. The firm majorly procures raw material (raw cashew nuts) from African countries like Benin, Togo, Ivory Coast, and Tanzania etc. The firm imports 100% of the raw cashew nut (85% of total purchases) owing to better quality and relatively lower prices as compared to the domestic market. The firm is also engaged in trading of cashew kernels. The firm purchases the cashew kernels for trading from the local traders in Karnataka. The firm sells the processed cashew kernels in Bangalore, Mangalore, Mumbai, Delhi and Punjab. The firm also generates income from sale of by-products cashew shells, cashew husk and rejections. The firm exports 40% of cashew kernels in international market places like Dubai and Singapore. VEERABHADRESHWAR COTTON: CARE Keeps B Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Veerabhadreshwar Cotton Industries Private Limited (SVCIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.75 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.25 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 14, 2022, placed the rating(s) of SVCIPL under the 'issuer non-cooperating' category as SVCIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SVCIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 4, 2023, April 5, 2023 and April 6, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Dharwad based, Shree Veerabhadreshwar Cotton Industries Private Limited (SVCIPL) incorporated in July 29, 2020 as a Private Limited company promoted by Mr. Maheshwar Ishwarappa Angadi, Mr. Iranna Ishwarappa Angadi, Mr. Ramesh Ishwarappa Angadi and Ms. Anasuya Angadi. The company is engaged in the cotton ginning and pressing activity. VELAMMAL EDUCATIONAL: Ind-Ra Cuts Bank Loan Rating to 'D' --------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Velammal (Madurai) Educational Trust's (VMET) bank facility rating to 'IND D' from 'IND BB' and has simultaneously migrated it to the non-cooperating category. The Outlook was Stable. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR1,000.00 bil. Fund-based working capital limit (Long-term) downgraded and migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; -- INR466.32 mil. Bank loans (Long-term) downgraded and migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR1,733.68 bil.Proposed bank loans (Long-term) downgraded and migrated to non-cooperating category 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 downgrade reflects VMET's delays in debt service obligations based on information available from public sources. Ind-Ra has not been able to ascertain the reason for the delay, as the issuer has been non-cooperative. Company Profile Established in 1993, VMET is a public charitable trust registered under Section 12A of the Income Tax Act. VMET is promoted by M. V. Muthuramalingam (chairman and managing trustee) and is a part of the Velammal group. It manages a medical college with a 2,100-bed hospital, a nursing college, an allied health sciences college and a trade center in Madurai, Tamil Nadu. Apart from VMET, Velammal Group has three other trusts named, Velammal Educational Trust, Veeramakali Memorial Welfare Trust and Velammal (Chennai) Educational Trust. VIRTUE INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Virtue Industries (VI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated February 2, 2022, placed the rating(s) of VI under the 'issuer non-cooperating' category as VI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. VI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 19, 2022, December 29, 2022, April 7, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Krishna District (Andhra Pradesh) based, Virtue Industries was established in the year 2016 as a partnership firm by Munsunuru family. The firm is engaged in the manufacturing and sale of construction aggregates (in the range of 0mm to 40mm) to the construction industry. The blue-metals are acquired from Virtue's group associate "Sri Sai Ganesh Stone Crusher" (SSGSC). The various types of aggregates manufactured are sold to domestic infrastructure and construction companies. The firm has an installed capacity of 350 TPH (Tons Per Hour) as on December 27th 2017 located at Krishna District, Andhra Pradesh. WEEI BOO: Insolvency Resolution Process Case Summary ---------------------------------------------------- Debtor: Weei Boo India Enterprises Pvt. Ltd 13, Pothigai Nagar, Solipayam Road, 15- Velampayam Tirupur- 641 652 Insolvency Commencement Date: April 9, 2021 Estimated date of closure of insolvency resolution process: September 5, 2021 (180 Days) Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: S.S Ravichandran No. 24, Ganga Nagar 1st street, II Floor, Avinashi Road, Tirupur- 641 602 Email: ssribc@gmail.com Last date for submission of claims: April 22, 2021 ZENOVA BIO: Ind-Ra Hikes Long Term Issuer Rating to BB- ------------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Zenova Bio Nutrition Private Limited's (ZBNPL) Long-Term Issuer Rating to 'IND BB-' from 'IND B+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR39 mil. (reduced from INR40 mil.) Fund-based working capital limits upgraded with IND BB-/Stable/IND A4+ rating; -- INR1.41 mil. (reduced from INR1.9 mil.) Term loans due on March 2025 upgraded with IND BB-/Stable rating; and -- INR3.52 mil. (reduced from INR6.1 mil.) Working capital demand loan upgraded with IND BB-/Stable rating. The upgrade reflects an improvement in ZBNPL's financial performance and liquidity position over FY22-11MFY23. Key Rating Drivers ZBNPL's credit metrics improved with the gross interest coverage (operating EBITDA/gross interest expense) improving to 6.9x in FY22 (FY21: 3.6x) and the net leverage (adjusted net debt/operating EBITDA) reducing to 4.06x (4.07x), due to an increase in absolute EBITDA. Ind-Ra expects the credit metrics to improve in the short term, due to a likely increase in its absolute EBITDA and a decline in the debt servicing following the absence of any debt-led capex plans. The ratings reflect an improvement in ZBNPL's modest EBITDA margin to 10.37% in FY22 (FY21: 8.24%), mainly due to an increase in the contribution of B2C sales in the total revenue. The return on capital employed improved to 6.6% in FY22 (FY21: 5.4%). Ind-Ra expects the EBITDA margin to improve in FY23 and FY24 with the improvement in its revenue from the B2C segment and an increase in its exports. Liquidity Indicator – Stretched: The ratings factor in an improvement in its liquidity. ZBNPL enhanced its working capital limits to INR39 million in FY22 (FY21: INR20 million). Its average maximum utilization of the fund-based limits was 89.16% during the 12 months ended February 2023. The cash flow from operations turned negative to INR12.20 million in FY22 (FY21: INR12.10 million), due to an adverse change in its working capital, leading to the free cash flow turning negative at INR14 million (INR11.80 million). ZBNPL's net working capital cycle deteriorated to 126 days in FY22 (FY21: 58 days), due to an increase in debtor days to 68 days in FY22 (FY21: 30 days) and inventory days to 97 days (77 days). The cash and cash equivalents remained at INR0.40 million at FYE22 (FYE21: INR0.40 million). The company had repayment obligations of INR2.21 million in FY23 and has scheduled payment obligations of INR2.72 million in FY24. ZBNPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. ZBNPL continued to have a small scale of operations with its revenue declining to INR178.40 million in FY22 (FY21: INR186.80 million), due to the entry of new competitors in the market, leading to a decline in sales from existing customers. However, the company has started focusing on the B2C segment FY23 onwards. During 11MFY23, ZBNPL's revenue stood at INR160 million, and the agency expects its revenue to have reached INR180 million in FY23. Over the medium term, Ind-Ra expects the revenue to improve as the company increases its business reach and exports. ZBNPL's promoters have over two decades of experience in manufacturing nutrition products, leading to established relationships with the company's customers and suppliers. Rating Sensitivities Positive: A substantial improvement in the scale of operations and the liquidity profile, on a sustained basis, while maintaining the credit metrics with the net leverage sustaining below 4.4x, will be positive for the ratings. Negative: A decline in the revenue and profitability, leading to a deterioration in the credit metrics and the liquidity profile, on a sustained basis, will be negative for the ratings. Company Profile ZBNPL was incorporated in April 2010 and set up a plant to manufacture medicinal nutraceutical products in Telangana in the form of powder as well as compressed biscuits and nutrition supplements that support different stages of health of patients. ===================== N E W Z E A L A N D ===================== ALL IN 1 ELECTRICAL: Creditors' Proofs of Debt Due on May 5 ----------------------------------------------------------- Creditors of All In 1 Electrical Services Limited are required to file their proofs of debt by May 5, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 29, 2023. The company's liquidators are: Andrew Marchel Oorschot Ashton Wheelans Chartered Accountants PO Box 13042 Christchurch ATTITUDE BUILDING: Creditors' Proofs of Debt Due on May 11 ---------------------------------------------------------- Creditors of Attitude Building Services Limited and Cube Living Limited are required to file their proofs of debt by May 11, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 11, 2023. The company's liquidators are: Kevyn Botes i-Business Recovery Limited PO Box 302612 North Harbour Auckland AYH HOMES: Creditors' Proofs of Debt Due on May 5 ------------------------------------------------- Creditors of Ayh Homes Limited are required to file their proofs of debt by May 5, 2023, to be included in the company's dividend distribution. The High Court at Auckland appointed Adam Botterill and Damien Grant of Waterstone Insolvency as liquidators of the company on April 4, 2023. FIRST INVESTMENT: Court to Hear Wind-Up Petition on April 20 ------------------------------------------------------------ A petition to wind up the operations of First Investment Group Limited will be heard before the High Court at Auckland on April 20, 2023, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 23, 2022. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 GO TO COLLECTION: Emerges From Voluntary Administration ------------------------------------------------------- The New Zealand Herald reports that Go To Collection, the company behind the Madam Woo national restaurant chain, has defied the odds, emerging from voluntary administration to continue trading. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 30, 2023, NZ Herald said creditors of a restaurant chain that includes Madam Woo, Rata and Hawker & Roll have overwhelmingly voted in favor of a restructuring arrangement that will move the business out of administration. According to the Herald, PwC administrator Malcolm Hollis said 96% of Go To Collection creditors voted in favour of the company's proposed deed of company arrangement (DOCA). The Herald reported in mid-January that an accepted DOCA would return the company back to its owners and put it in a financial position to repay creditors, at least in part. On Nov. 24, 2022, Malcolm Hollis and John Fisk of PwC were appointed by the directors of Go To Collection, a hospitality group that operates the Rata, Madam Woo and Hawker & Roll restaurants in Queenstown, Auckland, Hamilton and Tauranga. KBS CONSTRUCTION: Court to Hear Wind-Up Petition on April 21 ------------------------------------------------------------ A petition to wind up the operations of KBS Construction Limited will be heard before the High Court at Auckland on April 21, 2023, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 14, 2023. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 SANDERS MANUFACTURING: Goes Into Liquidation -------------------------------------------- The New Zealand Herald reports that modular cabin building company Sanders Manufacturing has gone into liquidation owing close to NZD1 million - the second business led by director Charles Innes to collapse and leave customers badly out of pocket in recent months. ===================== P H I L I P P I N E S ===================== PALM TREE: Depositors Have Until April 24 to File Claims -------------------------------------------------------- The Philippine Deposit Insurance Corporation (PDIC) announced that depositors of the closed Palm Tree Bank, Inc. (A Rural Bank) have until April 24, 2023, to file their deposit insurance claims. Based on the latest PDIC data, deposit insurance claims for 1,030 deposit accounts with aggregate insured deposits amounting to PHP6.2 million have yet to be filed by depositors. Data also showed that as of March 15, 2023, PDIC had paid depositors of the closed Palm Tree Bank, Inc. (A Rural Bank) the total amount of PHP13.0 million, corresponding to 60% of the bank's total insured deposits amounting to PHP21.6 million. Depositors are advised to file their claims either online via e-mail at pad@pdic.gov.ph or through postal mail or courier addressed to the PDIC Public Assistance Department, Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1231. Claims may also be filed personally at the PDIC's Public Assistance Center in Makati City located at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. For visits to the PAC, clients are highly encouraged to request for an appointment, observe health protocols and present their vaccination cards. To make an appointment, depositors may call the Public Assistance Hotline at (02) 8841-4141 or at Toll Free number 1-800-1-888-7342 or 1-800-1-888-PDIC, send an e-mail to pad@pdic.gov.ph, or send a private message to PDIC's official Facebook page, www.facebook.com/OfficialPDIC. When filing claims through e-mail, scanned copies or photo images of the signed and accomplished Claim Form, evidence of deposit (i.e., first page of the savings passbook with account name/number and last page with account balance, or the front and back portion of the certificate of time deposit, etc.), and one valid photo-bearing ID with the depositor's signature should be attached to the e-mail. For claims filed personally or via postal mail or courier service, depositors are advised to submit the accomplished, signed and notarized Claim Form, original Savings Passbook and/or Certificate of Time Deposit and photocopy of one (1) valid photo-bearing ID with depositor's signature. The depositors are further advised that additional documents and/or original copy of documents submitted via e-mail may be required by PDIC, as necessary, in the course of evaluation and processing of claims. The Claim Form can be downloaded from the PDIC website at http://www.pdic.gov.ph/files/New_PDIC_Claim_Form.pdf.The Claim Form is free and there is no fee for filing deposit insurance claims. Depositors who are below 18 years old should mail or submit either a photocopy of their Birth Certificate issued by the Philippine Statistics Authority (PSA) or a duly certified copy issued by the Local Civil Registrar. Representatives of claimants are required to mail or submit an original copy of a notarized Special Power of Attorney of the depositor or parent of a minor depositor. The Special Power of Attorney template may be downloaded from the PDIC website at http://www.pdic.gov.ph/files/spa_claims.pdf. Under the PDIC Charter, depositors are given two years from bank takeover to file deposit insurance claims with the PDIC. Palm Tree Bank, Inc. (A Rural Bank) was taken over by the PDIC on April 23, 2021 after it was ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas on April 22, 2021. Depositors who have outstanding loans or payables to the bank will be referred to the duly designated Loans Officer prior to the settlement of their deposit insurance claims. For more information, depositors may call the PDIC Public Assistance Hotline at (02) 8841-4141, or the Toll-free hotline 1-800-1-888-PDIC or 1-800-1-888-7342 during office hours. Depositors may also send an e-mail to the PDIC Public Assistance Department at pad@pdic.gov.ph or private message at the official PDIC Facebook page, www.facebook.com/OfficialPDIC. ================= S I N G A P O R E ================= AQUAWORLD TROPICAL: Commences Wind-Up Proceedings ------------------------------------------------- Members of Aquaworld Tropical Fish Pte Ltd, on April 6, 2023, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Tan Wei Cheong Christina Khoo Deloitte & Touche LLP 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 BTI ENGINEERS: Court to Hear Wind-Up Petition on April 21 --------------------------------------------------------- A petition to wind up the operations of BTI Engineers Pte Ltd will be heard before the High Court of Singapore on April 21, 2023, at 10:00 a.m. United Machinery & Trading Pte Ltd filed the petition against the company on March 28, 2023. The Petitioner's solicitors are: Fervent Chambers LLC 13 Stamford Road #02-11 Singapore 178905 KREUZ SUBSEA: Creditors' Meetings Set for April 26 -------------------------------------------------- Kreuz Subsea Pte. Ltd. and Kreuz Subsea Technologies Pte Ltd will hold a meeting for its creditors on April 26, 2022, at 3:00 p.m., and 4:30 p.m., respectively, via Zoom. Agenda of the meeting includes: a. to nominate liquidator(s) or to confirm members' nomination of liquidator(s); b. to receive a full statement of the Company's affairs together with a list of its creditors and the estimated amount of their claims; c. to consider and if thought fit, appoint a Committee of Inspection for the purpose of such winding up; and d. to consider any other matters which may be brought before the meeting. ORCHARD CAR: Creditors' Meetings Set for April 21 ------------------------------------------------- Orchard Car Rental Pte Ltd, which is in compulsory liquidation, will hold a meeting for its creditors on April 21, 2023, at 3:30 p.m., via Zoom. Agenda of the meeting includes: a. to appoint Committee of Inspection Members to fill vacancies pursuant to Section 278(1) and 278(5) of the Companies Act, Cap 50; b. to provide an update on the status of liquidation; and d. to consider any other matter which may properly be brought before the meeting. ORCHID 1 INVESTMENTS: Creditors' Proofs of Debt Due on May 15 ------------------------------------------------------------- Creditors of Orchid 1 Investments Pte. Ltd. are required to file their proofs of debt by May 15, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 11, 2023. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin Yeo Li Sze c/o 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ROFFEY PARK: Creditors' Proofs of Debt Due on May 15 ---------------------------------------------------- Creditors of Roffey Park Asia Pacific Pte. Ltd. are required to file their proofs of debt by May 15, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 6, 2023. The company's liquidators are: Victor Goh Khor Boon Hong C/o Baker Tilly 600 North Bridge Road #05-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== TERRAFORM LABS: Do Kwon Sent US$7MM to Lawyers Before Terra Crash ----------------------------------------------------------------- Cointelegraph reports that South Korean prosecutors confirmed that Terraform Labs CEO Do Kwon sent KRW9 billion (US$7 billion) to Kim & Chang - a top South Korean law firm - right before the spectacular collapse of the Terra ecosystem. Kwon's decision to send millions to the law firm was flagged by prosecutors as a deliberate move, which allegedly reaffirmed his awareness of the impending collapse and anticipated expected legal problems, as reported by KBS News, Cointelegraph relays. While trying to tie in Kwon's ill intent in prepaying the law firm, prosecutors believe that the information will help in the ongoing fraud case. In addition, Kim & Chang's lawyers visited Montenegro to meet with Kwon and Terraform's former chief financial officer, Han Chang-joon. Previously, Kwon was arrested at Podgorica airport in Montenegro after trying to fly to Dubai using fake documents, recalls Cointelegraph. Following his arrest, both United States and South Korean authorities have sought Kwon's extradition. However, the court is yet to decide. On April 7, it was revealed that South Korean prosecutors suspected Kwon of converting illicit funds from Terra LUNA to Bitcoin BTC, Cointelegraph notes. The prosecutors requested Binance to halt all withdrawal requests linked to Kwon. In total, prosecutors identified KRW414.5 billion (US$314.2 million) in illicit assets associated with Terraform Labs co-founder Kwon and his associates, out of which about KRW91.4 billion ($69 million) is reportedly directly linked to Kwon, Cointelegraph discloses. "We provided Korean LE authorities with the requested assistance. Since we cannot comment on ongoing LE investigations, for any further comment, please reach out to the prosecutors," said a Binance spokesperson, speaking to Cointelegraph about the matter. Based in Seoul, Korea, Terraform Labs Pte. Ltd. operates a price-stable cryptocurrency. The Company seeks to power the next-generation payment network and grow the real GDP of the blockchain economy. Terraform labs provides financial infrastructure for the next generation of decentralized application. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week April 10, 2022 to April 14, 2022 --------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ACN 113 874 712 PTY LT 13.25 02/15/18 USD 0.20 ACN 113 874 712 PTY LT 13.25 02/15/18 USD 0.20 APA INFRASTRUCTURE LTD 2.50 03/15/36 GBP 67.93 APA INFRASTRUCTURE LTD 1.25 03/15/33 EUR 73.36 AUSNET SERVICES HOLDIN 3.16 08/07/40 AUD 69.17 AUSNET SERVICES HOLDIN 2.57 08/07/35 AUD 71.37 AUSNET SERVICES HOLDIN 2.57 08/07/35 AUD 71.74 AUSTRALIA & NEW ZEALAN 1.23 02/18/50 EUR 57.40 AUSTRALIA & NEW ZEALAN 2.92 12/22/40 AUD 57.52 AUSTRALIA & NEW ZEALAN 3.00 12/17/40 AUD 58.93 AUSTRALIA & NEW ZEALAN 3.40 12/20/39 AUD 65.53 AUSTRALIA & NEW ZEALAN 1.86 02/28/44 EUR 69.63 AUSTRALIA & NEW ZEALAN 1.92 03/18/44 EUR 70.47 AUSTRALIA & NEW ZEALAN 3.74 09/26/47 USD 71.13 AUSTRALIA & NEW ZEALAN 2.20 12/21/48 EUR 72.57 AUSTRALIA & NEW ZEALAN 1.65 07/21/31 USD 74.69 AUSTRALIA GOVERNMENT B 1.75 06/21/51 AUD 63.18 CLIME CAPITAL LTD/FUND 5.25 11/30/25 AUD 0.97 COMMONWEALTH BANK OF A 1.90 03/12/50 AUD 46.13 COMMONWEALTH BANK OF A 3.30 08/26/50 AUD 50.23 COMMONWEALTH BANK OF A 2.45 10/18/49 AUD 54.24 COMMONWEALTH BANK OF A 2.60 09/27/49 AUD 56.14 COMMONWEALTH BANK OF A 0.48 07/30/43 EUR 56.90 COMMONWEALTH BANK OF A 2.66 11/26/49 AUD 57.00 COMMONWEALTH BANK OF A 3.12 08/27/41 AUD 57.18 COMMONWEALTH BANK OF A 2.70 09/18/49 AUD 57.51 COMMONWEALTH BANK OF A 2.71 10/29/49 AUD 57.66 COMMONWEALTH BANK OF A 0.48 07/29/41 EUR 58.90 COMMONWEALTH BANK OF A 3.30 09/24/41 AUD 58.91 COMMONWEALTH BANK OF A 3.00 12/10/40 AUD 60.59 COMMONWEALTH BANK OF A 3.20 08/27/40 AUD 61.63 COMMONWEALTH BANK OF A 1.01 07/19/44 EUR 62.71 COMMONWEALTH BANK OF A 0.69 11/15/39 EUR 64.07 COMMONWEALTH BANK OF A 1.34 05/17/49 EUR 64.49 COMMONWEALTH BANK OF A 3.10 11/30/41 AUD 69.82 COMMONWEALTH BANK OF A 3.31 03/11/41 USD 70.41 COMMONWEALTH BANK OF A 3.31 03/11/41 USD 70.43 COMMONWEALTH BANK OF A 1.92 03/07/44 EUR 70.75 COMMONWEALTH BANK OF A 1.52 02/15/44 EUR 70.75 COMMONWEALTH BANK OF A 1.20 05/16/39 EUR 70.88 COMMONWEALTH BANK OF A 2.05 07/24/48 EUR 71.09 COMMONWEALTH BANK OF A 3.00 03/20/35 AUD 72.08 COMMONWEALTH BANK OF A 1.00 07/27/36 EUR 72.33 COMMONWEALTH BANK OF A 3.30 05/28/35 AUD 72.72 COMMONWEALTH BANK OF A 1.60 03/28/43 EUR 72.80 COMMONWEALTH BANK OF A 2.26 04/26/48 EUR 73.19 COMMONWEALTH BANK OF A 1.80 02/28/39 EUR 73.44 COMMONWEALTH BANK OF A 1.41 03/14/39 EUR 73.61 COMMONWEALTH BANK OF A 2.09 08/03/48 EUR 73.89 COMMONWEALTH BANK OF A 3.66 09/23/34 AUD 73.89 EDITH COWAN UNIVERSITY 3.40 07/15/41 AUD 70.68 EXCHANGE TRADED AUSTRA 1.75 06/21/51 AUD 63.50 FLAGSHIP INVESTMENTS L 5.50 10/01/26 AUD 2.60 GLENNON SMALL COS LTD 5.60 09/30/30 AUD 9.50 GLOBAL MASTERS FUND LT 5.50 11/24/26 AUD 2.91 MACQUARIE GROUP LTD 2.22 06/26/39 SEK 51.84 MACQUARIE GROUP LTD 2.50 09/24/36 USD 64.80 MACQUARIE GROUP LTD 2.60 10/08/36 USD 65.62 MACQUARIE GROUP LTD 2.67 10/27/36 USD 66.12 MACQUARIE UNIVERSITY 3.10 11/22/44 AUD 69.98 MOSAIC BRANDS LTD 8.00 09/30/24 AUD 0.96 NATIONAL AUSTRALIA BAN 3.35 07/24/40 AUD 62.43 NATIONAL AUSTRALIA BAN 2.65 01/14/41 USD 63.95 NATIONAL AUSTRALIA BAN 2.65 01/14/41 USD 63.99 NATIONAL AUSTRALIA BAN 2.48 12/05/39 AUD 66.00 NATIONAL AUSTRALIA BAN 3.40 06/30/40 AUD 66.71 NATIONAL AUSTRALIA BAN 3.35 07/17/40 AUD 66.86 NATIONAL AUSTRALIA BAN 2.60 01/28/40 AUD 67.06 NATIONAL AUSTRALIA BAN 3.71 11/25/41 AUD 67.33 NATIONAL AUSTRALIA BAN 2.68 01/22/40 AUD 68.07 NATIONAL AUSTRALIA BAN 2.64 12/16/39 AUD 68.14 NATIONAL AUSTRALIA BAN 2.76 01/21/40 AUD 68.84 NATIONAL AUSTRALIA BAN 3.37 05/25/46 USD 70.51 NATIONAL AUSTRALIA BAN 4.10 02/24/42 AUD 71.24 NEW SOUTH WALES TREASU 0.61 02/24/50 EUR 58.03 NEW SOUTH WALES TREASU 2.45 08/24/50 AUD 62.60 NEW SOUTH WALES TREASU 2.25 05/20/42 AUD 66.95 NEW SOUTH WALES TREASU 2.25 05/07/41 AUD 68.67 NEW SOUTH WALES TREASU 2.25 11/20/40 AUD 69.47 QUEENSLAND TREASURY CO 0.69 06/01/50 EUR 52.29 QUEENSLAND TREASURY CO 2.25 10/28/50 AUD 60.00 QUEENSLAND TREASURY CO 2.25 11/20/41 AUD 68.42 QUEENSLAND TREASURY CO 2.25 04/16/40 AUD 70.45 RIO TINTO FINANCE USA 2.75 11/02/51 USD 68.62 SOUTH AUSTRALIAN GOVER 2.25 05/24/40 AUD 68.70 TASMANIAN PUBLIC FINAN 2.35 08/23/41 AUD 68.22 TASMANIAN PUBLIC FINAN 1.75 01/22/36 AUD 73.71 TREASURY CORP OF VICTO 0.60 02/24/50 EUR 53.21 TREASURY CORP OF VICTO 2.40 08/18/50 AUD 61.95 TREASURY CORP OF VICTO 2.25 11/20/42 AUD 66.35 TREASURY CORP OF VICTO 2.25 11/20/41 AUD 66.88 TREASURY CORP OF VICTO 2.25 11/20/40 AUD 68.92 TREASURY CORP OF VICTO 2.00 11/20/37 AUD 72.73 TRUSTEE FOR APMF POOLE 6.50 09/30/26 AUD 74.01 VIRGIN AUSTRALIA HOLDI 8.00 11/26/24 AUD 0.37 VIRGIN AUSTRALIA HOLDI 8.08 03/05/24 AUD 0.41 VIRGIN AUSTRALIA HOLDI 8.13 11/15/24 USD 0.46 VIRGIN AUSTRALIA HOLDI 8.13 11/15/24 USD 0.46 VIRGIN AUSTRALIA HOLDI 7.88 10/15/21 USD 0.48 VIRGIN AUSTRALIA HOLDI 7.88 10/15/21 USD 0.48 VIRGIN AUSTRALIA HOLDI 8.25 05/30/23 AUD 1.29 WESFARMERS LTD 0.95 10/21/33 EUR 74.15 WESTERN AUSTRALIAN TRE 2.25 07/23/41 AUD 69.45 WESTPAC BANKING CORP 2.35 02/27/40 AUD 63.71 WESTPAC BANKING CORP 0.38 09/22/36 EUR 65.98 WESTPAC BANKING CORP 2.96 11/16/40 USD 67.51 WESTPAC BANKING CORP 3.13 11/18/41 USD 68.73 WESTPAC BANKING CORP 5.00 03/02/48 AUD 70.66 WESTPAC BANKING CORP 1.25 04/05/39 EUR 71.98 CHINA ----- AKESU TEXTILE CITY DEV 7.50 06/21/24 CNY 40.23 AKESU TEXTILE CITY DEV 7.50 06/21/24 CNY 40.24 ALETAI CITY JUJIN URBA 7.73 10/26/24 CNY 51.53 ANHUI DANGTU ECO DEVEL 6.00 09/11/24 CNY 40.00 ANHUI DANGTU ECO DEVEL 6.00 09/11/24 CNY 40.91 ANHUI HUAAN FOREIGN EC 7.30 07/13/21 CNY 70.01 ANHUI HUAINING URBAN & 5.80 08/28/24 CNY 40.00 ANHUI HUAINING URBAN & 5.80 08/28/24 CNY 40.43 ANHUI JIANGNAN INDUSTR 4.76 07/08/23 CNY 19.97 ANHUI JIANGNAN INDUSTR 4.76 07/08/23 CNY 20.01 ANHUI LANGCHUAN HOLDIN 6.13 12/11/24 CNY 40.60 ANHUI LANGCHUAN HOLDIN 6.13 12/11/24 CNY 41.21 ANHUI LEXING CITY CONS 6.05 11/01/24 CNY 40.98 ANJI COUNTY INDUSTRY I 7.00 11/19/25 CNY 60.00 ANJI COUNTY INDUSTRY I 7.00 11/19/25 CNY 62.58 ANJI COUNTY URBAN DEVE 7.49 09/25/25 CNY 60.00 ANJI COUNTY URBAN DEVE 7.20 05/02/25 CNY 61.76 ANJI COUNTY URBAN DEVE 7.49 09/25/25 CNY 62.62 ANJI COUNTY URBAN DEVE 7.20 05/02/25 CNY 63.06 ANJI NORTHWEST DEVELOP 5.90 07/18/23 CNY 20.07 ANJI NORTHWEST DEVELOP 5.90 07/18/23 CNY 20.09 ANLU CONSTRUCTION DEVE 5.45 06/15/23 CNY 20.04 ANNING DEVELOPMENT INV 8.80 09/11/25 CNY 56.50 ANNING DEVELOPMENT INV 8.00 12/04/25 CNY 56.64 ANNING DEVELOPMENT INV 8.00 12/04/25 CNY 60.00 ANNING DEVELOPMENT INV 8.80 09/11/25 CNY 63.32 ANQING WANJIANG HIGH T 6.50 08/02/24 CNY 40.00 ANQING WANJIANG HIGH T 6.50 08/02/24 CNY 40.14 ANQIU HUAAN STATE OWNE 7.00 09/14/24 CNY 37.52 ANQIU HUAAN STATE OWNE 7.00 09/14/24 CNY 40.18 ANSHUN CITY CONSTRUCTI 7.30 09/15/24 CNY 37.80 ANSHUN CITY CONSTRUCTI 7.30 09/15/24 CNY 40.93 ANSHUN CITY XIXIU INDU 7.90 11/15/25 CNY 50.00 ANSHUN CITY XIXIU INDU 8.00 01/29/26 CNY 53.10 ANSHUN CITY XIXIU INDU 8.00 01/29/26 CNY 56.84 ANSHUN CITY XIXIU INDU 7.90 11/15/25 CNY 62.93 ANSHUN STATE-RUN ASSET 4.48 07/18/23 CNY 19.99 ANSHUN STATE-RUN ASSET 4.48 07/18/23 CNY 20.00 ANSHUN TRANSPORTATION 7.50 10/31/24 CNY 40.17 ANSHUN XIXIU CITY INVE 4.70 11/22/23 CNY 19.06 ANSHUN XIXIU CITY INVE 4.70 11/22/23 CNY 19.16 ANYUE XINGAN CITY DEVE 7.50 01/30/25 CNY 41.37 ANYUE XINGAN CITY DEVE 7.50 01/30/25 CNY 41.37 AOYUAN CORP GROUP LTD 5.50 03/03/25 CNY 25.50 AOYUAN CORP GROUP LTD 6.60 09/03/23 CNY 38.00 AOYUAN CORP GROUP LTD 5.65 08/06/25 CNY 59.71 BAOJI INVESTMENT GROUP 5.05 04/18/24 CNY 40.34 BAOTOU AFFORDABLE HOUS 5.25 07/27/24 CNY 40.46 BAOTOU AFFORDABLE HOUS 5.31 08/10/24 CNY 40.51 BAOTOU AFFORDABLE HOUS 5.31 08/10/24 CNY 40.60 BAOTOU QINSHAN HOUSING 7.90 12/26/23 CNY 10.23 BAOYING COUNTY DEVELOP 5.45 08/21/24 CNY 40.65 BAOYING COUNTY DEVELOP 5.49 10/17/24 CNY 40.79 BAZHOU GUOHUI CONSTRUC 6.08 06/19/24 CNY 40.54 BAZHOU GUOHUI CONSTRUC 6.08 06/19/24 CNY 40.66 BENGBU ECONOMIC DEVELO 6.45 07/13/24 CNY 40.00 BENGBU ECONOMIC DEVELO 6.45 07/13/24 CNY 40.20 BENGBU URBAN INVESTMEN 5.80 04/13/24 CNY 20.41 BENGBU URBAN INVESTMEN 5.80 04/13/24 CNY 20.42 BIJIE CITY ANFANG CONS 7.80 01/18/26 CNY 53.50 BIJIE CITY ANFANG CONS 7.80 01/18/26 CNY 58.09 BIJIE CONSTRUCTION INV 5.55 08/03/24 CNY 39.30 BIJIE CONSTRUCTION INV 5.78 07/06/24 CNY 39.40 BIJIE CONSTRUCTION INV 5.78 07/06/24 CNY 40.15 BIJIE CONSTRUCTION INV 5.55 08/03/24 CNY 40.24 BIJIE DEXI CONSTRUCTIO 5.10 12/05/23 CNY 19.27 BIJIE DEXI CONSTRUCTIO 4.60 11/17/23 CNY 19.97 BIJIE DEXI CONSTRUCTIO 4.60 11/17/23 CNY 19.98 BIJIE DEXI CONSTRUCTIO 5.10 12/05/23 CNY 20.03 BIJIE QIXINGGUAN DISTR 7.60 09/08/24 CNY 37.90 BIJIE QIXINGGUAN DISTR 7.60 09/08/24 CNY 40.98 BIJIE QIXINGGUAN DISTR 8.05 08/16/25 CNY 55.00 BIJIE QIXINGGUAN DISTR 8.05 08/16/25 CNY 56.44 BIJIE TIANHE URBAN CON 8.05 12/03/25 CNY 54.40 BIJIE TIANHE URBAN CON 8.05 12/03/25 CNY 63.14 BIJIE XINTAI INVESTMEN 7.80 11/01/24 CNY 41.26 BINZHOU ZHANHUA DISTRI 4.93 11/29/23 CNY 19.98 BINZHOU ZHANHUA DISTRI 4.93 11/29/23 CNY 20.14 BRILLIANCE AUTO GROUP 5.80 03/20/24 CNY 54.80 BRILLIANCE AUTO GROUP 5.40 09/14/23 CNY 55.80 BRILLIANCE AUTO GROUP 6.30 09/14/23 CNY 56.93 BRILLIANCE AUTO GROUP 5.80 11/05/23 CNY 59.80 BRILLIANCE AUTO GROUP 5.80 06/17/24 CNY 60.78 CEFC SHANGHAI INTERNAT 4.08 09/09/21 CNY 60.00 CEFC SHANGHAI INTERNAT 4.98 12/10/20 CNY 61.29 CHANG DE DING LI INDUS 6.10 07/20/24 CNY 40.17 CHANG DE DING LI INDUS 6.10 07/20/24 CNY 40.23 CHANGDE DE YUAN SHANTY 5.33 09/13/23 CNY 9.97 CHANGDE DINGCHENG JIAN 7.58 10/19/25 CNY 60.00 CHANGDE DINGCHENG JIAN 6.98 01/22/26 CNY 60.50 CHANGDE DINGCHENG JIAN 6.98 01/22/26 CNY 61.77 CHANGDE DINGCHENG JIAN 7.58 10/19/25 CNY 62.50 CHANGGE JINCAI PUBLIC 7.10 04/19/24 CNY 39.95 CHANGGE JINCAI PUBLIC 7.10 04/19/24 CNY 40.49 CHANGJI URBAN CONSTRUC 4.24 11/18/23 CNY 19.91 CHANGJI URBAN CONSTRUC 4.24 11/18/23 CNY 20.06 CHANGSHA CHENGBEI INVE 7.00 10/26/25 CNY 60.00 CHANGSHA CHENGBEI INVE 6.95 06/06/25 CNY 62.00 CHANGSHA CHENGBEI INVE 6.95 06/06/25 CNY 62.29 CHANGSHA ECONOMIC & TE 4.78 03/03/24 CNY 20.22 CHANGSHA ECONOMIC & TE 4.78 03/03/24 CNY 21.26 CHANGSHA JINXIA NEW CI 7.00 02/14/26 CNY 61.02 CHANGSHA JINXIA NEW CI 7.00 02/14/26 CNY 62.68 CHANGSHA JINZHOU NEW C 6.60 08/24/24 CNY 40.00 CHANGSHA JINZHOU NEW C 6.60 08/24/24 CNY 40.90 CHANGSHA METRO GROUP C 6.20 04/23/23 CNY 15.00 CHANGSHA METRO GROUP C 6.20 04/23/23 CNY 15.01 CHANGSHA METRO GROUP C 5.97 04/03/25 CNY 31.18 CHANGSHA METRO GROUP C 5.40 07/14/25 CNY 45.00 CHANGSHA METRO GROUP C 4.10 12/21/25 CNY 45.72 CHANGSHA METRO GROUP C 5.40 07/14/25 CNY 46.21 CHANGSHA METRO GROUP C 4.10 12/21/25 CNY 46.47 CHANGSHA TIANXIN CITY 3.43 08/08/23 CNY 20.03 CHANGSHA TIANXIN CITY 3.43 08/08/23 CNY 20.15 CHANGSHA WANGYUAN DEVE 5.73 07/12/27 CNY 73.16 CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 20.00 CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 20.07 CHANGXING SOUTHERN TAI 6.50 11/30/25 CNY 60.00 CHANGXING SOUTHERN TAI 6.50 11/30/25 CNY 61.60 CHANGZHOU JINTAN COMMU 6.50 11/07/24 CNY 40.00 CHANGZHOU JINTAN COMMU 7.10 12/21/24 CNY 40.00 CHANGZHOU JINTAN COMMU 6.50 11/07/24 CNY 40.58 CHANGZHOU JINTAN COMMU 7.10 12/21/24 CNY 40.84 CHANGZHOU XINGANG ECON 3.42 10/20/23 CNY 19.90 CHANGZHOU XINGANG ECON 3.42 10/20/23 CNY 20.02 CHANGZHOU ZHONGLOU ECO 3.64 10/26/23 CNY 20.01 CHANGZHOU ZHONGLOU ECO 3.64 10/26/23 CNY 20.07 CHAOHU URBAN TOWN CONS 5.67 05/03/25 CNY 60.70 CHAOHU URBAN TOWN CONS 5.67 05/03/25 CNY 61.26 CHENGDU ECONOMIC&TECHN 7.49 01/15/25 CNY 51.92 CHENGDU GARDEN WATER C 6.15 05/03/23 CNY 20.00 CHENGDU GARDEN WATER C 6.15 05/03/23 CNY 20.01 CHENGDU GARDEN WATER C 7.50 09/11/24 CNY 39.45 CHENGDU GARDEN WATER C 7.50 09/11/24 CNY 40.96 CHENGDU GARDEN WATER C 8.00 06/13/25 CNY 58.85 CHENGDU GARDEN WATER C 8.00 06/13/25 CNY 60.00 CHENGDU JIAOZI PARK FI 5.99 10/23/25 CNY 60.00 CHENGDU JIAOZI PARK FI 5.99 10/23/25 CNY 61.29 CHENGDU LIN JIANG GARD 6.75 08/02/24 CNY 40.40 CHENGDU LIN JIANG GARD 7.00 08/27/25 CNY 61.81 CHENGDU XINGCHENGJIAN 5.15 12/18/24 CNY 60.94 CHENGDU XINGJIN ECOLOG 3.65 10/13/23 CNY 19.92 CHENGDU XINGJIN ECOLOG 3.65 10/13/23 CNY 20.06 CHENGDU XINGSHU INVEST 6.78 08/21/24 CNY 40.54 CHENGDU XINGSHU INVEST 6.78 08/21/24 CNY 41.32 CHENGDU XINJIN COUNTY 7.30 10/23/24 CNY 40.00 CHENGDU XINJIN COUNTY 7.30 10/23/24 CNY 41.04 CHENGDU XINJIN COUNTY 6.28 08/03/24 CNY 39.79 CHENGDU XINJIN COUNTY 6.28 08/03/24 CNY 40.00 CHENGDU XINJIN COUNTY 6.40 07/05/24 CNY 40.08 CHENGDU XINJIN COUNTY 6.40 07/05/24 CNY 40.49 CHENGDU XINKAIYUAN URB 5.29 04/27/23 CNY 20.00 CHENGDU XINKAIYUAN URB 5.29 04/27/23 CNY 20.01 CHENZHOU BAIFU INVESTM 4.96 03/22/26 CNY 43.55 CHENZHOU BAIFU INVESTM 4.96 03/22/26 CNY 45.21 CHENZHOU WENLV INDUSTR 5.34 11/28/23 CNY 19.98 CHENZHOU XINTIAN INVES 6.00 07/26/24 CNY 38.71 CHENZHOU XINTIAN INVES 6.00 07/26/24 CNY 40.00 CHENZHOU XINTIAN INVES 5.38 03/08/26 CNY 43.77 CHENZHOU XINTIAN INVES 5.38 03/08/26 CNY 44.74 CHIBI LANTIAN URBAN CO 4.38 08/10/23 CNY 19.97 CHIBI LANTIAN URBAN CO 4.38 08/10/23 CNY 20.04 CHIBI LANTIAN URBAN CO 6.95 11/22/25 CNY 60.00 CHIBI LANTIAN URBAN CO 6.95 11/22/25 CNY 62.70 CHINA COMMUNICATION TE 7.00 07/19/20 CNY 5.00 CHINA FORTUNE LAND DEV 7.40 03/24/21 CNY 25.13 CHINA FORTUNE LAND DEV 7.20 04/18/21 CNY 25.13 CHINA FORTUNE LAND DEV 5.60 09/10/21 CNY 25.13 CHINA FORTUNE LAND DEV 5.80 05/23/22 CNY 25.13 CHINA FORTUNE LAND DEV 5.00 05/30/22 CNY 68.15 CHINA GOVERNMENT INTER 2.25 10/21/50 USD 67.18 CHINA GOVERNMENT INTER 2.25 10/21/50 USD 67.21 CHINA GOVERNMENT INTER 1.00 11/12/39 EUR 68.50 CHINA GOVERNMENT INTER 0.63 11/25/35 EUR 69.72 CHINA GOVERNMENT INTER 2.50 10/26/51 USD 70.19 CHINA GOVERNMENT INTER 2.50 10/26/51 USD 70.31 CHINA GOVERNMENT INTER 0.63 11/17/33 EUR 74.02 CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00 CHISHUI CITY CONSTRUCT 8.50 01/18/26 CNY 63.84 CHONGQIN BAIYAN INVEST 5.75 05/03/23 CNY 20.01 CHONGQIN BAIYAN INVEST 5.75 05/03/23 CNY 20.02 CHONGQIN XINLIANG INVE 4.76 08/26/23 CNY 19.94 CHONGQIN XINLIANG INVE 4.76 08/26/23 CNY 20.00 CHONGQING BAYUAN CONST 4.99 08/16/23 CNY 19.95 CHONGQING DAZU YONGSHE 6.48 07/24/24 CNY 40.54 CHONGQING DAZU YONGSHE 6.48 07/24/24 CNY 40.54 CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 19.99 CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 20.01 CHONGQING HONGYE INDUS 6.30 08/02/24 CNY 40.44 CHONGQING HONGYE INDUS 6.30 08/02/24 CNY 40.49 CHONGQING HONGYE INDUS 6.45 11/27/24 CNY 40.68 CHONGQING JIANGJIN DIS 6.40 09/13/24 CNY 40.00 CHONGQING JIANGJIN DIS 6.40 09/13/24 CNY 40.73 CHONGQING JIANGLAI IND 7.50 10/26/25 CNY 60.00 CHONGQING JIANGLAI IND 7.50 10/26/25 CNY 63.42 CHONGQING JIN TONG IND 4.44 11/16/23 CNY 19.89 CHONGQING JIN TONG IND 4.44 11/16/23 CNY 19.99 CHONGQING JIN TONG IND 6.50 08/01/24 CNY 38.80 CHONGQING JIN TONG IND 6.50 08/01/24 CNY 40.57 CHONGQING LIANGJIANG N 4.28 02/28/24 CNY 40.40 CHONGQING LIANGJIANG N 4.28 02/28/24 CNY 40.46 CHONGQING LIANGJIANG N 3.93 12/13/24 CNY 70.40 CHONGQING LIANGJIANG N 3.93 12/13/24 CNY 70.74 CHONGQING LIANGSHAN CO 6.30 10/16/24 CNY 40.66 CHONGQING LIANGSHAN CO 6.30 10/16/24 CNY 40.88 CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 20.00 CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 20.00 CHONGQING NANCHUAN CIT 4.20 07/11/23 CNY 19.96 CHONGQING NANCHUAN CIT 4.20 07/11/23 CNY 20.00 CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 19.87 CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 19.95 CHONGQING SHUANGFU CON 6.37 10/13/24 CNY 40.00 CHONGQING SHUANGFU CON 6.37 10/13/24 CNY 40.55 CHONGQING THREE GORGES 7.80 03/01/26 CNY 60.00 CHONGQING THREE GORGES 7.80 03/01/26 CNY 63.34 CHONGQING TONGLIANG JI 6.80 02/11/25 CNY 40.00 CHONGQING TONGLIANG JI 6.80 02/11/25 CNY 41.08 CHONGQING WANSHENG ECO 7.50 03/27/25 CNY 42.00 CHONGQING WANSHENG ECO 7.50 03/27/25 CNY 42.11 CHONGQING WANSHENG ECO 7.09 05/03/25 CNY 61.12 CHONGQING WANSHENG ECO 7.09 05/03/25 CNY 62.06 CHONGQING WANSHENG ECO 6.60 02/17/27 CNY 61.01 CHONGQING WULONG DISTR 6.80 09/21/24 CNY 39.79 CHONGQING WULONG DISTR 6.80 09/21/24 CNY 39.90 CHONGQING WULONG DISTR 6.80 12/28/24 CNY 40.00 CHONGQING WULONG DISTR 6.80 12/28/24 CNY 40.32 CHONGQING YINGDI INDUS 7.00 11/07/24 CNY 40.00 CHONGQING YINGDI INDUS 7.00 11/07/24 CNY 40.02 CHONGQING YUDIAN STATE 8.00 11/30/25 CNY 60.69 CHONGQING YUZHONG STAT 6.90 02/08/25 CNY 41.84 CHONGQING YUZHONG STAT 5.43 04/17/26 CNY 61.97 CHONGREN URBAN CONSTRU 7.00 03/08/25 CNY 41.29 CHUN'AN XINANJIANG DEV 3.84 11/04/23 CNY 19.93 CHUN'AN XINANJIANG DEV 3.84 11/04/23 CNY 20.05 CHUYING AGRO-PASTORA G 8.80 06/26/19 CNY 2.40 CHUZHOU CITY NANQIAO D 5.95 10/23/24 CNY 40.00 CHUZHOU CITY NANQIAO D 5.95 10/23/24 CNY 41.05 CIFI GROUP CO LTD 4.50 05/29/25 CNY 27.01 CIFI GROUP CO LTD 4.20 07/22/26 CNY 28.00 CIFI GROUP CO LTD 4.40 03/12/26 CNY 29.91 CIFI GROUP CO LTD 4.23 10/26/25 CNY 30.21 CIFI GROUP CO LTD 3.90 09/14/25 CNY 30.80 CIFI GROUP CO LTD 5.50 06/27/26 CNY 31.00 CIFI GROUP CO LTD 3.80 05/29/25 CNY 37.00 CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25 CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25 CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25 CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25 CIXI STATE OWNED ASSET 4.90 04/07/24 CNY 20.27 CIXI STATE OWNED ASSET 4.90 04/07/24 CNY 20.27 DAFANG COUNTY CONSTRUC 6.00 09/26/23 CNY 20.13 DAFANG COUNTY CONSTRUC 6.00 09/26/23 CNY 20.20 DALI URBAN DEVELOPMENT 8.00 12/25/25 CNY 60.00 DALI URBAN DEVELOPMENT 8.00 12/25/25 CNY 61.20 DANGTU COUNTY CONSTRUC 7.47 09/06/25 CNY 60.00 DANGTU COUNTY CONSTRUC 7.47 09/06/25 CNY 62.89 DANYANG INVESTMENT GRO 5.49 07/18/24 CNY 40.67 DASHIQIAO URBAN CONSTR 7.59 08/14/24 CNY 40.92 DASHIQIAO URBAN CONSTR 7.59 08/14/24 CNY 40.92 DAWA COUNTY CITY CONST 7.80 01/30/26 CNY 58.80 DAWA COUNTY CITY CONST 7.80 01/30/26 CNY 63.23 DAWA COUNTY LINGANG EC 5.99 10/19/24 CNY 40.51 DAWA COUNTY LINGANG EC 5.99 10/19/24 CNY 40.51 DAYE ZHENHENG CITY DEV 4.05 08/31/23 CNY 19.78 DAYE ZHENHENG CITY DEV 4.05 08/31/23 CNY 19.82 DAYE ZHENHENG CITY DEV 7.20 12/03/25 CNY 61.33 DAYE ZHENHENG CITY DEV 7.20 12/03/25 CNY 67.51 DAZHOU INVESTMENT CO L 3.99 11/04/26 CNY 59.61 DAZHOU INVESTMENT CO L 3.99 11/04/26 CNY 59.96 DAZHOU INVESTMENT CO L 6.50 04/07/27 CNY 62.71 DAZHOU INVESTMENT CO L 6.50 04/07/27 CNY 63.58 DEQING CONSTRUCTION IN 3.60 11/11/23 CNY 19.90 DEQING CONSTRUCTION IN 3.60 11/11/23 CNY 19.99 DING NAN CITY CONSTRUC 7.80 04/08/26 CNY 60.00 DING NAN CITY CONSTRUC 7.80 04/08/26 CNY 62.82 DINGYUAN URBAN RURAL D 5.80 12/06/24 CNY 40.00 DINGYUAN URBAN RURAL D 5.80 12/06/24 CNY 40.96 DINGYUAN URBAN RURAL D 7.00 06/27/25 CNY 60.00 DINGYUAN URBAN RURAL D 7.00 06/27/25 CNY 62.35 DONGTAI HUIMIN URBAN C 5.37 03/08/26 CNY 61.01 DONGTAI HUIMIN URBAN C 5.37 03/08/26 CNY 61.65 DONGTAI STATE-OWNED AS 3.04 11/16/23 CNY 20.07 DONGZHI COUNTY CITY OP 4.88 06/20/23 CNY 20.01 DONGZHI COUNTY CITY OP 4.88 06/20/23 CNY 20.02 DUJIANGYAN NEW CITY CO 6.90 10/19/24 CNY 39.20 DUJIANGYAN NEW CITY CO 6.90 10/19/24 CNY 40.86 DUJIANGYAN NEW CITY CO 7.80 10/11/25 CNY 58.00 DUJIANGYAN NEW CITY CO 7.80 05/02/25 CNY 60.00 DUJIANGYAN NEW CITY CO 7.80 05/02/25 CNY 61.85 DUJIANGYAN NEW CITY CO 7.80 10/11/25 CNY 62.62 EMEISHAN HUIYUAN PARKI 6.50 03/28/27 CNY 71.65 ENSHI URBAN CONSTRUCTI 3.84 11/01/23 CNY 19.91 ENSHI URBAN CONSTRUCTI 3.84 11/01/23 CNY 19.95 EVERGRANDE REAL ESTATE 6.98 07/08/23 CNY 27.00 EVERGRANDE REAL ESTATE 7.00 04/27/26 CNY 27.68 EVERGRANDE REAL ESTATE 6.27 05/06/23 CNY 30.00 EVERGRANDE REAL ESTATE 5.90 05/26/23 CNY 35.00 EVERGRANDE REAL ESTATE 6.80 05/06/24 CNY 35.69 EVERGRANDE REAL ESTATE 5.80 10/19/25 CNY 70.00 EZHOU CITY CONSTRUCTIO 6.10 07/27/27 CNY 72.51 FANGCHENG GANGSHI WENL 7.95 10/11/25 CNY 60.00 FANGCHENG GANGSHI WENL 7.93 12/25/25 CNY 60.00 FANGCHENG GANGSHI WENL 7.93 12/25/25 CNY 62.65 FANGCHENG GANGSHI WENL 7.95 10/11/25 CNY 62.81 FANTASIA GROUP CHINA C 7.80 11/29/24 CNY 44.83 FANTASIA GROUP CHINA C 7.50 12/17/23 CNY 74.00 FEIXI COUNTY URBAN & R 4.45 06/03/23 CNY 20.04 FEIXI COUNTY URBAN & R 4.45 06/03/23 CNY 27.50 FENG COUNTY ECONOMIC D 5.18 06/21/23 CNY 19.98 FENG COUNTY ECONOMIC D 5.18 06/21/23 CNY 20.02 FENGDU COUNTY STATE-OW 6.38 09/05/24 CNY 40.00 FENGDU COUNTY STATE-OW 6.38 09/05/24 CNY 40.42 FENGHUANG MINGCHENG CO 6.50 03/23/24 CNY 20.16 FENGTAI HUAXING CITY D 5.60 03/13/24 CNY 20.34 FENGTAI HUAXING CITY D 5.60 03/13/24 CNY 20.38 FENGYANG COUNTY ECONOM 6.00 11/16/24 CNY 41.13 FENGYANG COUNTY ECONOM 6.00 11/16/24 CNY 42.00 FENYI CITY CONSTRUCTIO 4.54 08/22/23 CNY 19.98 FENYI CITY CONSTRUCTIO 4.54 08/22/23 CNY 19.99 FUJIAN FUSHENG GROUP C 7.90 11/19/21 CNY 60.00 FUJIAN FUSHENG GROUP C 7.90 12/17/21 CNY 70.99 FUJIAN JINJIANG INDUST 4.00 02/19/25 CNY 69.90 FUJIAN JINJIANG INDUST 4.00 02/19/25 CNY 70.22 FUJIAN JINJIANG URBAN 3.35 08/24/23 CNY 19.01 FUJIAN JINJIANG URBAN 3.35 08/24/23 CNY 19.96 FUJIAN ZHANGZHOU CITY 5.73 10/31/25 CNY 60.00 FUJIAN ZHANGZHOU CITY 5.73 10/31/25 CNY 62.23 FUNING URBAN INVESTMEN 6.00 03/14/24 CNY 20.48 FUNING URBAN INVESTMEN 6.00 03/14/24 CNY 20.49 FUYANG ANJU INVESTMENT 5.48 05/02/23 CNY 60.05 FUZHOU CITY CONSTRUCTI 5.65 03/22/28 CNY 71.50 FUZHOU DEVELOPMENT ZON 3.53 08/25/23 CNY 20.00 FUZHOU DEVELOPMENT ZON 3.53 08/25/23 CNY 20.00 FUZHOU DONGXIANG INVES 6.20 03/20/24 CNY 20.45 FUZHOU DONGXIANG INVES 6.20 03/20/24 CNY 20.48 FUZHOU LINCHUAN URBAN 5.68 07/05/23 CNY 20.04 FUZHOU LINCHUAN URBAN 5.68 07/05/23 CNY 20.05 FUZHOU LINCHUAN URBAN 6.50 12/25/24 CNY 40.55 FUZHOU LINCHUAN URBAN 8.00 02/26/26 CNY 62.16 FUZHOU MUNICIPAL STATE 5.70 10/30/24 CNY 40.00 FUZHOU MUNICIPAL STATE 5.70 10/30/24 CNY 40.84 GANZHOU DEVELOPMENT IN 8.10 12/11/23 CNY 20.67 GANZHOU NANKANG DISTRI 8.00 09/27/25 CNY 60.00 GANZHOU NANKANG DISTRI 8.00 10/29/25 CNY 60.00 GANZHOU NANKANG DISTRI 8.00 01/23/26 CNY 60.00 GANZHOU NANKANG DISTRI 8.00 01/23/26 CNY 60.34 GANZHOU NANKANG DISTRI 8.00 09/27/25 CNY 60.78 GANZHOU NANKANG DISTRI 8.00 10/29/25 CNY 62.93 GANZHOU ZHANGGONG CONS 7.80 10/16/25 CNY 61.47 GANZHOU ZHANGGONG CONS 7.80 10/16/25 CNY 62.68 GAOMI CITY CONSTRUCTIO 5.95 09/18/24 CNY 38.40 GAOMI CITY CONSTRUCTIO 5.95 09/18/24 CNY 38.93 GAOQING LU QING ASSET 7.50 09/27/24 CNY 40.39 GAOQING LU QING ASSET 7.50 09/27/24 CNY 41.44 GAOYOU CITY ECONOMY DE 3.65 09/02/23 CNY 20.00 GAOYOU CITY ECONOMY DE 3.65 09/02/23 CNY 20.05 GAOYOU CITY ECONOMY DE 5.26 07/13/24 CNY 40.51 GLP CHINA HOLDINGS LTD 2.95 03/29/26 USD 72.94 GOME APPLIANCE CO LTD 7.80 12/21/24 CNY 37.00 GONG'AN COUNTY CITY CO 4.30 08/30/23 CNY 19.98 GONG'AN COUNTY CITY CO 4.30 08/30/23 CNY 20.04 GUANGAN TRANSPORTATION 5.39 12/01/23 CNY 20.10 GUANGAN XINHONG INVEST 7.18 08/28/24 CNY 40.00 GUANGAN XINHONG INVEST 7.18 08/28/24 CNY 40.72 GUANGDE CITY STATE-OWN 5.37 07/18/24 CNY 40.27 GUANGDONG HUIZHOU COMM 4.16 05/17/23 CNY 20.00 GUANGDONG HUIZHOU COMM 4.16 05/17/23 CNY 20.01 GUANGDONG HUIZHOU COMM 4.95 12/27/23 CNY 20.07 GUANGDONG HUIZHOU COMM 4.95 12/27/23 CNY 20.17 GUANGSHUI CITY DEVELOP 6.19 03/01/24 CNY 20.42 GUANGSHUI CITY DEVELOP 6.19 03/01/24 CNY 20.42 GUANGXI BAISE BAI DONG 7.90 06/29/25 CNY 60.00 GUANGXI BAISE BAI DONG 7.60 12/24/25 CNY 60.00 GUANGXI BAISE BAI DONG 7.60 12/24/25 CNY 60.16 GUANGXI BAISE BAI DONG 7.90 06/29/25 CNY 60.62 GUANGXI BAISE BAI DONG 7.59 01/08/26 CNY 61.30 GUANGXI BAISE BAI DONG 7.59 01/08/26 CNY 62.91 GUANGXI CHONGZUO URBAN 8.50 09/26/25 CNY 60.00 GUANGXI CHONGZUO URBAN 8.50 09/26/25 CNY 61.83 GUANGXI LIUZHOU DONGCH 6.50 07/24/24 CNY 47.83 GUANGXI LIUZHOU DONGCH 6.50 07/24/24 CNY 48.26 GUANGXI NINGMING HUINI 8.50 12/07/25 CNY 60.30 GUANGXI TIANDONG COUNT 7.50 06/04/27 CNY 50.00 GUANGYUAN CITY DEVELOP 7.50 10/25/27 CNY 55.87 GUANGZHOU FINELAND REA 13.60 07/27/23 USD 15.62 GUANGZHOU HEJING HOLDI 6.00 10/12/25 CNY 58.00 GUANGZHOU HEJING HOLDI 6.19 11/12/25 CNY 75.00 GUANGZHOU HUANTOU NANS 6.38 11/18/24 CNY 30.59 GUANGZHOU HUANTOU NANS 6.38 11/18/24 CNY 30.85 GUANGZHOU METRO GROUP 6.45 04/02/24 CNY 15.00 GUANGZHOU METRO GROUP 6.45 04/02/24 CNY 15.39 GUANGZHOU METRO GROUP 6.05 06/03/24 CNY 30.44 GUANGZHOU METRO GROUP 6.05 06/03/24 CNY 30.60 GUANGZHOU PANYU INFORM 4.50 09/08/26 CNY 59.78 GUANGZHOU PANYU INFORM 4.50 09/08/26 CNY 60.27 GUANGZHOU R&F PROPERTI 7.00 09/16/26 CNY 28.00 GUANGZHOU R&F PROPERTI 7.00 09/16/26 CNY 30.80 GUANGZHOU R&F PROPERTI 6.70 09/16/25 CNY 40.00 GUANGZHOU R&F PROPERTI 6.70 09/16/25 CNY 59.06 GUANGZHOU TIANJIAN REA 6.60 03/28/26 CNY 61.00 GUANGZHOU TIMES HOLDIN 5.94 07/17/25 CNY 34.64 GUANGZHOU TIMES HOLDIN 5.10 03/30/25 CNY 34.78 GUANGZHOU TIMES HOLDIN 5.24 05/27/25 CNY 34.86 GUANGZHOU TIMES HOLDIN 5.00 02/24/25 CNY 35.55 GUCHENG CONSTRUCTION I 7.88 04/27/25 CNY 58.28 GUCHENG CONSTRUCTION I 7.88 04/27/25 CNY 61.97 GUIXI STATE OWNED HOLD 4.18 08/18/23 CNY 19.93 GUIXI STATE OWNED HOLD 4.18 08/18/23 CNY 19.96 GUIYANG BAIYUN INDUSTR 8.30 03/21/25 CNY 40.00 GUIYANG BAIYUN INDUSTR 8.30 03/21/25 CNY 41.82 GUIYANG BAIYUN INDUSTR 7.50 03/06/26 CNY 60.00 GUIYANG BAIYUN INDUSTR 7.50 03/06/26 CNY 63.07 GUIYANG BAIYUN URBAN C 6.48 07/17/24 CNY 40.00 GUIYANG BAIYUN URBAN C 7.28 09/25/24 CNY 40.00 GUIYANG BAIYUN URBAN C 6.48 07/17/24 CNY 40.51 GUIYANG BAIYUN URBAN C 7.28 09/25/24 CNY 40.93 GUIYANG BAIYUN URBAN C 4.75 09/13/26 CNY 60.00 GUIYANG BAIYUN URBAN C 4.75 09/13/26 CNY 60.01 GUIYANG CITY CONSTRUCT 4.37 03/25/26 CNY 42.86 GUIYANG CITY CONSTRUCT 4.37 03/25/26 CNY 43.15 GUIYANG CITY CONSTRUCT 4.00 11/14/26 CNY 56.77 GUIYANG CITY CONSTRUCT 4.00 11/14/26 CNY 56.87 GUIYANG ECONOMIC DEVEL 6.35 09/21/24 CNY 38.63 GUIYANG ECONOMIC DEVEL 7.90 10/29/25 CNY 62.83 GUIYANG ECONOMIC DEVEL 7.50 04/30/26 CNY 74.40 GUIYANG GUANSHANHU DIS 6.49 06/22/24 CNY 39.72 GUIYANG GUANSHANHU DIS 6.49 06/22/24 CNY 39.73 GUIYANG GUANSHANHU INV 8.20 04/30/24 CNY 71.54 GUIYANG INVESTMENT HOL 4.46 11/17/26 CNY 55.58 GUIYANG INVESTMENT HOL 4.46 11/17/26 CNY 56.51 GUIYANG URBAN CONSTRUC 5.98 07/21/24 CNY 40.00 GUIYANG URBAN CONSTRUC 5.98 07/21/24 CNY 40.36 GUIYANG YUNYAN GUIZHON 6.80 11/17/24 CNY 40.00 GUIYANG YUNYAN GUIZHON 6.80 11/17/24 CNY 40.47 GUIZHOU CHANGSHUN COUN 8.50 03/19/26 CNY 60.00 GUIZHOU CHANGSHUN COUN 8.50 03/19/26 CNY 64.25 GUIZHOU EAST LAKE CITY 8.00 12/07/25 CNY 58.52 GUIZHOU EAST LAKE CITY 8.00 12/07/25 CNY 63.14 GUIZHOU HONGCAI INVEST 6.00 06/07/23 CNY 9.97 GUIZHOU HONGCAI INVEST 6.00 06/07/23 CNY 10.02 GUIZHOU HONGCAI INVEST 7.30 06/03/26 CNY 72.67 GUIZHOU HONGCAI INVEST 7.30 06/03/26 CNY 73.50 GUIZHOU HONGGUO ECONOM 7.80 11/24/24 CNY 30.00 GUIZHOU HONGGUO ECONOM 7.80 02/08/25 CNY 38.00 GUIZHOU HONGGUO ECONOM 7.80 02/08/25 CNY 40.05 GUIZHOU HONGGUO ECONOM 7.80 11/24/24 CNY 40.96 GUIZHOU KAILI KAIYUAN 7.30 05/26/24 CNY 40.40 GUIZHOU KAILI KAIYUAN 7.30 05/26/24 CNY 40.63 GUIZHOU KAILI KAIYUAN 7.28 08/29/24 CNY 40.88 GUIZHOU LIUPANSHUI PAN 7.30 07/24/24 CNY 38.00 GUIZHOU LIUPANSHUI PAN 7.30 07/24/24 CNY 39.77 GUIZHOU RAILWAY INVEST 7.50 04/23/24 CNY 29.90 GUIZHOU RAILWAY INVEST 7.50 04/23/24 CNY 30.42 GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 19.95 GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 20.05 GUIZHOU SHUICHENG ECON 7.50 10/26/25 CNY 19.50 GUIZHOU SHUICHENG ECON 7.50 10/26/25 CNY 62.49 GUIZHOU SHUICHENG WATE 8.00 11/27/25 CNY 54.60 GUIZHOU SHUICHENG WATE 8.00 11/27/25 CNY 59.20 GUIZHOU XINDONGGUAN CI 7.70 09/05/24 CNY 36.55 GUIZHOU XINDONGGUAN CI 7.70 09/05/24 CNY 41.03 GUIZHOU ZHONGSHAN DEVE 6.46 11/22/27 CNY 66.39 GUIZHOU ZHONGSHAN DEVE 6.46 11/22/27 CNY 70.00 GULIN STATE-OWNED ASSE 4.18 08/04/23 CNY 19.94 GULIN STATE-OWNED ASSE 4.18 08/04/23 CNY 19.98 GULIN STATE-OWNED ASSE 5.96 07/24/24 CNY 40.44 GULIN STATE-OWNED ASSE 5.96 07/24/24 CNY 44.51 HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 20.01 HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 20.01 HAIAN URBAN DEMOLITION 5.37 12/21/25 CNY 61.56 HAIAN URBAN DEMOLITION 7.74 05/02/25 CNY 61.71 HAIAN URBAN DEMOLITION 8.00 12/21/25 CNY 63.17 HAIKOU MEILAN INTERNAT 5.25 09/06/19 USD 16.24 HAINAN AIRLINES HOLDIN 6.20 05/24/21 CNY 51.00 HAINING ASSET MANAGEME 3.40 08/16/23 CNY 40.07 HAINING CITY DEVELOPME 5.47 11/13/25 CNY 60.00 HAINING CITY DEVELOPME 5.47 11/13/25 CNY 62.08 HAINING CITY JIANSHAN 6.15 11/15/25 CNY 60.00 HAINING CITY JIANSHAN 6.98 09/10/25 CNY 61.50 HAINING CITY JIANSHAN 6.15 11/15/25 CNY 62.35 HAINING CITY JIANSHAN 6.98 09/10/25 CNY 62.76 HAIYAN COUNTY STATE-OW 5.80 06/12/24 CNY 40.60 HAMI JIANHUI STATE-OWN 3.90 09/21/23 CNY 19.92 HANCHENG CITY INVESTME 4.69 12/05/23 CNY 19.80 HANCHENG CITY INVESTME 4.69 12/05/23 CNY 20.02 HANCHUAN CITY HANRONG 4.25 07/18/23 CNY 19.98 HANCHUAN CITY HANRONG 4.25 07/18/23 CNY 19.99 HANGZHOU CANAL COMPREH 3.40 10/17/23 CNY 19.95 HANGZHOU CANAL COMPREH 3.40 10/17/23 CNY 19.97 HANGZHOU LIANGZHU CULT 6.30 08/23/25 CNY 62.49 HANGZHOU LINPING TOURI 5.57 10/31/25 CNY 61.73 HANGZHOU LINPING TOURI 5.57 10/31/25 CNY 61.73 HANGZHOU METRO GROUP C 5.97 09/17/24 CNY 30.72 HANGZHOU QIANJIANG CBD 5.64 03/19/25 CNY 41.45 HANGZHOU QIANJIANG CBD 5.64 03/19/25 CNY 41.55 HANGZHOU WEST LAKE INV 4.30 04/25/23 CNY 20.00 HANGZHOU WEST LAKE INV 4.30 04/25/23 CNY 20.01 HANJIANG STATE-OWNED-A 5.40 04/21/24 CNY 40.36 HANJIANG STATE-OWNED-A 5.40 04/21/24 CNY 40.36 HANJIANG STATE-OWNED-A 5.38 04/10/26 CNY 61.30 HANJIANG STATE-OWNED-A 5.38 04/10/26 CNY 82.34 HANSHAN CITY CONSTRUCT 6.20 08/30/24 CNY 40.00 HANSHAN CITY CONSTRUCT 6.20 08/30/24 CNY 40.63 HARBIN CITY CONSTRUCTI 6.04 03/19/25 CNY 40.00 HARBIN CITY CONSTRUCTI 6.04 03/19/25 CNY 40.81 HARBIN HELI INVESTMENT 5.49 12/10/25 CNY 61.27 HARBIN HELI INVESTMENT 5.49 12/10/25 CNY 61.79 HECHI STATE-OWNED CAPI 4.37 11/04/23 CNY 20.06 HECHI STATE-OWNED CAPI 4.37 11/04/23 CNY 20.06 HEFEI CONSTRUCTION INV 7.20 04/29/24 CNY 30.57 HEFEI CONSTRUCTION INV 7.20 04/29/24 CNY 30.70 HEFEI XINCHENG STATE-O 4.13 07/15/23 CNY 20.01 HEFEI XINCHENG STATE-O 4.13 07/15/23 CNY 20.06 HEGANG URBAN CONSTRUCT 6.90 12/18/24 CNY 41.04 HEGANG URBAN CONSTRUCT 6.90 12/18/24 CNY 41.04 HENAN AIRPORT INVESTME 4.27 07/20/26 CNY 38.87 HENAN AIRPORT INVESTME 4.27 07/20/26 CNY 40.22 HENGDONG URBAN & RURAL 6.60 12/27/23 CNY 20.29 HENGDONG URBAN & RURAL 6.60 12/27/23 CNY 20.29 HENGYANG BINJIANG NEW 5.47 07/27/24 CNY 40.50 HENGYANG CITY AND URBA 7.50 09/22/24 CNY 40.70 HENGYANG CITY AND URBA 7.50 09/22/24 CNY 41.02 HENGYANG CITY AND URBA 7.80 12/14/24 CNY 41.39 HENGYANG CITY AND URBA 7.80 12/14/24 CNY 41.39 HESHAN PUBLIC ASSET MA 4.08 09/28/23 CNY 19.96 HESHAN PUBLIC ASSET MA 4.08 09/28/23 CNY 20.07 HESHAN PUBLIC ASSET MA 5.08 12/07/23 CNY 20.17 HESHAN PUBLIC ASSET MA 5.08 12/07/23 CNY 20.23 HONGAN URBAN DEVELOPME 7.50 12/04/24 CNY 40.00 HONGAN URBAN DEVELOPME 7.50 12/04/24 CNY 41.05 HONGHEZHOU DEVELOPMENT 5.90 07/12/24 CNY 39.45 HONGHEZHOU DEVELOPMENT 5.90 07/12/24 CNY 40.64 HONGHU CITY HONGRUI IN 6.30 10/13/24 CNY 41.00 HONGHU CITY HONGRUI IN 6.30 10/13/24 CNY 41.00 HUACHEN ENERGY CO LTD 4.65 12/29/26 USD 47.92 HUAIAN CITY HUAIAN DIS 4.63 05/03/23 CNY 19.93 HUAIAN CITY HUAIAN DIS 4.63 05/03/23 CNY 20.01 HUAIAN HONGRI TRANSPOR 5.09 04/20/23 CNY 19.99 HUAIAN HONGRI TRANSPOR 5.09 04/20/23 CNY 20.01 HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 19.98 HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 20.01 HUAI'AN INVESTMENT HOL 5.28 08/11/24 CNY 40.00 HUAI'AN INVESTMENT HOL 5.28 08/11/24 CNY 40.63 HUAIAN JINHU TRAFFIC I 7.38 08/10/25 CNY 61.87 HUAIAN JINHU TRAFFIC I 7.38 08/10/25 CNY 72.00 HUAI'AN NEW CITY INVES 5.22 09/20/24 CNY 40.69 HUAIAN NEW URBANIZATIO 5.98 12/20/24 CNY 71.36 HUAIAN QINGPU CITY CON 6.75 09/29/24 CNY 40.24 HUAIAN QINGPU CITY CON 6.75 09/29/24 CNY 40.76 HUAIHUA CITY CONSTRUCT 4.18 08/31/23 CNY 19.90 HUAIHUA CITY CONSTRUCT 4.18 08/31/23 CNY 19.97 HUAIHUA ECONOMIC DEVEL 5.77 08/07/24 CNY 40.30 HUAIHUA ECONOMIC DEVEL 5.77 08/07/24 CNY 40.42 HUAINAN INDUSTRY DEVEL 5.69 10/25/24 CNY 40.87 HUAINAN INDUSTRY DEVEL 5.69 10/25/24 CNY 41.78 HUAINAN SHAN NAN DEVEL 6.53 08/24/24 CNY 40.21 HUAINAN SHAN NAN DEVEL 6.53 08/24/24 CNY 40.36 HUAINAN SHAN NAN DEVEL 7.94 04/01/26 CNY 60.00 HUAINAN URBAN CONSTRUC 7.50 03/20/25 CNY 40.00 HUAINAN URBAN CONSTRUC 5.74 09/04/24 CNY 40.73 HUAINAN URBAN CONSTRUC 5.74 09/04/24 CNY 40.92 HUAINAN URBAN CONSTRUC 7.50 03/20/25 CNY 42.05 HUAINAN URBAN CONSTRUC 7.02 03/22/26 CNY 62.86 HUAINAN URBAN CONSTRUC 7.58 02/12/26 CNY 63.64 HUAIYUAN URBAN INVESTM 5.17 01/23/26 CNY 61.47 HUANGMEI COUNTY URBAN 6.80 10/09/24 CNY 40.00 HUANGMEI COUNTY URBAN 6.68 10/18/24 CNY 40.00 HUANGMEI COUNTY URBAN 6.80 10/09/24 CNY 40.61 HUANGMEI COUNTY URBAN 6.68 10/18/24 CNY 40.72 HUANGSHAN CHENGTOU GRO 6.74 04/27/25 CNY 60.00 HUANGSHAN CHENGTOU GRO 6.74 04/27/25 CNY 61.85 HUANGSHI CIHU HIGH-TEC 4.50 06/08/23 CNY 19.98 HUANGSHI CIHU HIGH-TEC 4.97 06/08/23 CNY 20.01 HUANGSHI CIHU HIGH-TEC 4.97 06/08/23 CNY 20.01 HUANGSHI CIHU HIGH-TEC 4.50 06/08/23 CNY 20.02 HUANGSHI ZHONGBANG CIT 5.95 06/02/24 CNY 40.51 HUANGSHI ZHONGBANG CIT 5.95 06/02/24 CNY 41.50 HUBEI DAYE LAKE HIGH-T 7.50 04/01/26 CNY 59.35 HUBEI DAYE LAKE HIGH-T 6.98 01/30/26 CNY 60.00 HUBEI DAYE LAKE HIGH-T 6.98 01/30/26 CNY 60.39 HUBEI DAYE LAKE HIGH-T 7.50 04/01/26 CNY 68.00 HUBEI JIAKANG CONSTRUC 7.80 12/19/25 CNY 62.98 HUBEI PROVINCIAL COMMU 5.29 06/05/25 CNY 61.38 HUBEI SONGZI JINSONG I 6.60 06/21/24 CNY 40.30 HUBEI SONGZI JINSONG I 6.60 06/21/24 CNY 40.43 HUBEI SUPPLY AND MARKE 6.70 08/23/24 CNY 40.41 HUBEI SUPPLY AND MARKE 6.70 08/23/24 CNY 40.67 HUBEI YILING ECONOMIC 6.45 09/05/24 CNY 40.00 HUBEI YILING ECONOMIC 6.45 09/05/24 CNY 40.40 HUBEI YILING ECONOMIC 7.50 03/28/26 CNY 60.00 HUBEI YILING ECONOMIC 7.50 03/28/26 CNY 61.67 HULUDAO INVESTMENT GRO 7.50 10/18/23 CNY 15.07 HUNAN CHUZHISHENG HOLD 7.50 03/27/26 CNY 60.00 HUNAN CHUZHISHENG HOLD 7.50 03/27/26 CNY 64.32 HUNAN DESHAN CONSTRUCT 6.46 09/14/24 CNY 39.67 HUNAN DESHAN CONSTRUCT 6.46 09/14/24 CNY 40.63 HUNAN LINGANG DEVELOPM 3.94 10/26/23 CNY 19.80 HUNAN LINGANG DEVELOPM 3.94 10/26/23 CNY 19.93 HUNAN LINGANG DEVELOPM 4.24 07/21/23 CNY 19.96 HUNAN LINGANG DEVELOPM 4.24 07/21/23 CNY 19.97 HUNAN MEISHAN RESOURCE 8.00 03/21/26 CNY 60.00 HUNAN MEISHAN RESOURCE 8.00 03/21/26 CNY 64.54 HUNAN PROVINCIAL RAILW 6.09 04/30/25 CNY 45.00 HUNAN PROVINCIAL RAILW 6.09 04/30/25 CNY 46.13 HUNAN SENTE INDUSTRIAL 6.90 11/28/24 CNY 20.00 HUNAN SENTE INDUSTRIAL 6.90 11/28/24 CNY 40.94 HUNAN SHAODONG ECO-IND 6.58 12/13/23 CNY 20.24 HUNAN SHAODONG ECO-IND 6.58 12/13/23 CNY 20.27 HUNAN TIANYI RONGTONG 7.50 09/17/25 CNY 60.00 HUNAN TIANYI RONGTONG 7.50 09/17/25 CNY 62.27 HUNAN TIANYI RONGTONG 8.00 10/24/25 CNY 62.29 HUNAN TIANYI RONGTONG 8.00 10/24/25 CNY 62.87 HUNAN XUANDA CONSTRUCT 7.50 01/23/26 CNY 60.00 HUNAN XUANDA CONSTRUCT 7.50 01/24/26 CNY 60.00 HUNAN XUANDA CONSTRUCT 7.50 01/23/26 CNY 61.25 HUNAN XUANDA CONSTRUCT 7.50 01/24/26 CNY 61.97 HUNAN YOUZHOU INVESTME 4.80 07/07/23 CNY 20.01 HUNAN YOUZHOU INVESTME 4.80 07/07/23 CNY 20.01 HUNAN ZHIGU INVESTMENT 5.80 07/28/24 CNY 40.00 HUNAN ZHIGU INVESTMENT 5.80 07/28/24 CNY 40.65 HUZHOU CITY INVESTMENT 6.39 09/25/25 CNY 62.80 HUZHOU NEW CITY INVEST 6.00 03/26/24 CNY 38.85 HUZHOU NEW CITY INVEST 7.50 11/23/24 CNY 41.24 HUZHOU NEW CITY INVEST 7.50 11/23/24 CNY 41.50 HUZHOU NEW CITY INVEST 6.60 05/28/23 CNY 70.20 HUZHOU WUXING NANTAIHU 7.90 09/20/25 CNY 62.20 JIAHE ZHUDU DEVELOPMEN 7.50 03/13/25 CNY 40.00 JIAHE ZHUDU DEVELOPMEN 6.50 05/25/24 CNY 40.34 JIAHE ZHUDU DEVELOPMEN 6.50 05/25/24 CNY 40.45 JIAHE ZHUDU DEVELOPMEN 7.50 03/13/25 CNY 41.50 JIANAN INVESTMENT HOLD 3.50 09/05/23 CNY 19.97 JIANAN INVESTMENT HOLD 3.85 09/05/23 CNY 19.97 JIANAN INVESTMENT HOLD 3.50 09/05/23 CNY 20.02 JIANAN INVESTMENT HOLD 3.85 09/05/23 CNY 20.02 JIANDE CITY CONSTRUCTI 7.43 01/03/26 CNY 62.65 JIANDE CITY CONSTRUCTI 7.43 01/03/26 CNY 62.86 JIANDE STATE-OWNED ASS 6.69 11/20/24 CNY 41.40 JIANGSU BEIGU INDUSTRI 5.80 06/20/23 CNY 20.07 JIANGSU BEIGU INDUSTRI 5.80 06/20/23 CNY 20.09 JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 19.99 JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 20.06 JIANGSU GAOCHUN ECONOM 3.67 09/23/23 CNY 19.97 JIANGSU GAOCHUN ECONOM 3.92 11/23/23 CNY 20.01 JIANGSU GAOCHUN ECONOM 3.67 09/23/23 CNY 20.05 JIANGSU GAOCHUN ECONOM 3.92 11/23/23 CNY 20.09 JIANGSU GAOCHUN ECONOM 6.08 08/14/24 CNY 39.57 JIANGSU GAOCHUN ECONOM 5.66 06/26/24 CNY 40.47 JIANGSU GAOCHUN ECONOM 5.66 06/26/24 CNY 40.52 JIANGSU GAOCHUN ECONOM 6.08 08/14/24 CNY 40.69 JIANGSU HAIRUN CITY DE 5.20 04/02/26 CNY 60.50 JIANGSU HAIRUN CITY DE 5.20 04/02/26 CNY 61.64 JIANGSU HAIYI HOLDING 5.98 09/11/25 CNY 61.93 JIANGSU HAIYI HOLDING 5.98 09/11/25 CNY 66.48 JIANGSU HAIZHOU DEVELO 4.67 06/06/23 CNY 19.81 JIANGSU HAIZHOU DEVELO 4.67 06/06/23 CNY 20.02 JIANGSU HAIZHOUWAN DEV 7.30 02/15/26 CNY 58.70 JIANGSU HAIZHOUWAN DEV 5.18 12/13/25 CNY 61.40 JIANGSU HAIZHOUWAN DEV 7.30 02/15/26 CNY 62.79 JIANGSU HANRUI INVESTM 5.00 08/31/23 CNY 20.00 JIANGSU HANRUI INVESTM 5.00 08/31/23 CNY 20.03 JIANGSU HONGZE LAKE SH 6.50 08/01/24 CNY 40.22 JIANGSU JINHUI GROUP C 5.16 07/14/24 CNY 40.47 JIANGSU JINHUI GROUP C 5.16 07/14/24 CNY 40.64 JIANGSU JINTAN GUOFA I 4.60 08/22/23 CNY 20.02 JIANGSU JINTAN GUOFA I 4.60 08/22/23 CNY 20.09 JIANGSU KAIYUAN INVEST 7.08 08/03/24 CNY 38.62 JIANGSU KAIYUAN INVEST 7.08 08/03/24 CNY 40.75 JIANGSU LIYANG HIGH-TE 5.70 08/30/24 CNY 40.74 JIANGSU LIYANG HIGH-TE 5.70 08/30/24 CNY 41.60 JIANGSU RUNCHENG ASSET 5.65 04/19/24 CNY 40.46 JIANGSU RUNCHENG ASSET 5.65 04/19/24 CNY 40.56 JIANGSU TAODU URBAN DE 5.99 04/13/25 CNY 41.56 JIANGSU WUZHONG ECONOM 5.26 12/25/25 CNY 60.00 JIANGSU WUZHONG ECONOM 5.26 12/25/25 CNY 61.61 JIANGSU XIANXING CONST 5.37 12/20/25 CNY 60.74 JIANGSU XIANXING CONST 5.37 12/20/25 CNY 61.58 JIANGSU YANGKOU PORT C 7.38 04/03/25 CNY 41.76 JIANGSU YANGKOU PORT C 7.38 04/03/25 CNY 42.50 JIANGSU YANGKOU PORT C 7.60 08/17/25 CNY 62.50 JIANGSU YANGKOU PORT C 7.60 08/17/25 CNY 63.05 JIANGSU YINGZHOU DEVEL 4.33 09/21/23 CNY 19.81 JIANGSU YINGZHOU DEVEL 4.33 09/21/23 CNY 19.85 JIANGSU YIXING ENVIRON 4.08 09/14/23 CNY 19.96 JIANGSU YIXING ENVIRON 4.08 09/14/23 CNY 20.09 JIANGSU ZHONGAN CONSTR 5.65 03/24/24 CNY 20.18 JIANGSU ZHONGAN CONSTR 5.65 03/24/24 CNY 20.48 JIANGSU ZHONGNAN CONST 7.30 03/17/25 CNY 71.98 JIANGSU ZHUFU INDUSTRI 4.47 07/20/23 CNY 18.41 JIANGSU ZHUFU INDUSTRI 4.47 07/20/23 CNY 20.04 JIANGXI HUANGGANGSHAN 7.90 10/08/25 CNY 60.67 JIANGXI HUANGGANGSHAN 7.48 04/12/26 CNY 62.59 JIANGXI HUANGGANGSHAN 7.90 10/08/25 CNY 63.66 JIANGXI HUANGGANGSHAN 7.90 01/25/26 CNY 63.92 JIANGXI HUKOU SHIZHONG 6.80 12/01/24 CNY 40.97 JIANGXI HUKOU SHIZHONG 6.80 12/01/24 CNY 41.05 JIANGXI JIHU DEVELOPME 6.80 02/07/25 CNY 40.00 JIANGXI JIHU DEVELOPME 7.50 04/10/25 CNY 40.00 JIANGXI JIHU DEVELOPME 6.80 02/07/25 CNY 41.10 JIANGXI JIHU DEVELOPME 7.50 04/10/25 CNY 41.28 JIANGXI PINGXIANG CHAN 6.00 08/11/24 CNY 40.00 JIANGXI PINGXIANG CHAN 6.00 08/11/24 CNY 40.30 JIANGXI XIUSHUI CITY I 7.40 12/08/24 CNY 40.68 JIANLI FENGYUAN CITY I 6.78 04/28/24 CNY 40.38 JIANLI FENGYUAN CITY I 6.78 04/28/24 CNY 40.44 JIANLI FENGYUAN CITY I 7.50 01/14/26 CNY 60.00 JIANLI FENGYUAN CITY I 7.50 01/14/26 CNY 61.75 JIANYANG DEVELOPMENT H 3.93 11/10/23 CNY 19.82 JIANYANG DEVELOPMENT H 3.93 11/10/23 CNY 19.84 JIANYANG DEVELOPMENT H 6.17 03/12/26 CNY 62.03 JIANYANG DEVELOPMENT H 6.17 03/12/26 CNY 63.50 JIANYANG MODERN INDUST 6.00 04/24/24 CNY 40.22 JIANYANG MODERN INDUST 6.00 04/24/24 CNY 40.23 JIAXING JIAXIU DEVELOP 5.60 09/25/24 CNY 40.83 JIAXING JIAXIU DEVELOP 5.60 09/25/24 CNY 41.80 JIAXING XIANGJIADANG D 3.87 09/21/23 CNY 19.94 JIAXING XIANGJIADANG D 4.13 07/20/23 CNY 19.99 JIAXING XIANGJIADANG D 3.87 09/21/23 CNY 19.99 JIAXING XIANGJIADANG D 4.13 07/20/23 CNY 20.01 JIAXING XIANGJIADANG D 6.40 04/19/25 CNY 60.00 JIAXING XIANGJIADANG D 6.40 04/19/25 CNY 61.40 JIAXING XIUHU DEVELOPM 6.80 04/16/25 CNY 41.23 JIAXING XIUHU DEVELOPM 6.80 04/16/25 CNY 60.00 JIAYU COUNTY URBAN TOW 5.70 03/23/24 CNY 20.16 JIAYU COUNTY URBAN TOW 5.70 03/23/24 CNY 20.21 JIAYU COUNTY URBAN TOW 6.50 01/19/24 CNY 20.29 JIAYU COUNTY URBAN TOW 6.50 01/19/24 CNY 20.31 JILIN ECONOMIC AND TEC 6.20 04/29/23 CNY 20.01 JILIN ECONOMIC AND TEC 6.20 04/29/23 CNY 20.01 JIN HUA RONG SHENG INV 6.85 12/27/24 CNY 40.00 JIN HUA RONG SHENG INV 6.85 12/27/24 CNY 41.39 JINGDEZHEN CERAMIC CUL 7.50 08/27/25 CNY 61.06 JINGDEZHEN CERAMIC CUL 7.50 08/27/25 CNY 62.16 JINGDEZHEN CITY CONSTR 7.49 01/08/26 CNY 60.00 JINGDEZHEN CITY CONSTR 7.49 01/08/26 CNY 60.23 JINGGANGSHAN STATE-OWN 7.00 04/01/26 CNY 60.00 JINGGANGSHAN STATE-OWN 7.00 04/01/26 CNY 60.94 JINGJIANG BINJIANG XIN 5.37 07/25/24 CNY 40.14 JINGJIANG BINJIANG XIN 5.37 07/25/24 CNY 40.52 JINGMEN DONGBAO DISTRI 7.30 03/23/25 CNY 40.00 JINGMEN DONGBAO DISTRI 7.30 03/23/25 CNY 41.68 JINGMEN HIGH-TECH DEVE 4.15 07/28/23 CNY 19.98 JINGMEN HIGH-TECH DEVE 4.15 07/28/23 CNY 20.03 JINGSHAN JINGCHENG INV 4.38 08/29/23 CNY 19.96 JINGSHAN JINGCHENG INV 4.38 08/29/23 CNY 20.06 JINGSHAN JINGCHENG INV 7.00 02/07/25 CNY 40.00 JINGSHAN JINGCHENG INV 7.00 02/07/25 CNY 40.63 JINGXIAN STATED-OWNED 6.80 02/09/25 CNY 40.00 JINGXIAN STATED-OWNED 6.80 02/09/25 CNY 41.00 JINGZHOU DEVELOPMENT Z 4.87 09/23/26 CNY 58.37 JINGZHOU DEVELOPMENT Z 4.87 09/23/26 CNY 58.67 JINGZHOU JINGZHOU DIST 7.20 02/01/26 CNY 61.87 JINGZHOU JINGZHOU DIST 7.20 02/01/26 CNY 62.50 JINGZHOU URBAN CONSTRU 5.68 07/20/24 CNY 40.75 JINGZHOU URBAN CONSTRU 5.68 07/20/24 CNY 41.70 JINING CITY SHIZHONG D 3.52 09/14/23 CNY 19.95 JINING HIGH TECH URBAN 5.88 04/25/23 CNY 40.01 JINING NEW CITY DEVELO 7.60 03/23/25 CNY 40.00 JINING NEW CITY DEVELO 7.60 03/23/25 CNY 41.41 JINING PORT & SHIPPING 7.00 11/27/24 CNY 41.00 JINING PORT & SHIPPING 7.00 06/01/25 CNY 67.68 JINKE PROPERTIES GROUP 6.30 03/04/25 CNY 10.00 JINKE PROPERTIES GROUP 6.85 05/28/24 USD 14.59 JINKE PROPERTIES GROUP 5.48 08/25/23 CNY 14.76 JINKE PROPERTIES GROUP 5.00 05/28/24 CNY 30.00 JINKE PROPERTIES GROUP 6.00 07/08/23 CNY 30.77 JINKE PROPERTIES GROUP 6.20 01/28/25 CNY 31.90 JINKE PROPERTIES GROUP 6.30 06/24/25 CNY 32.40 JINKE PROPERTIES GROUP 6.30 02/20/25 CNY 35.00 JINSHA COUNTY CONSTRUC 6.01 09/05/23 CNY 19.97 JINSHA COUNTY CONSTRUC 6.01 09/05/23 CNY 20.11 JINTANG MODERN AGRICUL 5.49 07/14/23 CNY 19.97 JINTANG MODERN AGRICUL 5.49 07/14/23 CNY 20.05 JINXIAN COUNTY CITY CO 6.20 07/24/24 CNY 40.74 JINXIANG COUNTY CITY C 7.50 03/20/26 CNY 56.54 JINXIANG COUNTY CITY C 7.50 03/20/26 CNY 63.22 JINZHAI URBAN DEVELOPM 5.90 04/25/23 CNY 20.01 JINZHAI URBAN DEVELOPM 5.90 04/25/23 CNY 20.01 JINZHOU CIHANG GROUP C 9.00 04/05/20 CNY 33.63 JISHOU HUATAI STATE OW 6.45 09/11/24 CNY 40.00 JISHOU HUATAI STATE OW 6.50 06/21/24 CNY 40.15 JISHOU HUATAI STATE OW 6.45 09/11/24 CNY 40.71 JISHOU HUATAI STATE OW 6.50 06/21/24 CNY 40.76 JUNAN COUNTY URBAN CON 7.50 09/26/24 CNY 39.85 JUNAN COUNTY URBAN CON 7.50 09/26/24 CNY 41.03 JURONG URBAN CONSTRUCT 6.80 11/06/24 CNY 40.00 JURONG URBAN CONSTRUCT 6.89 09/18/24 CNY 40.77 JURONG URBAN CONSTRUCT 6.80 11/06/24 CNY 40.82 JURONG URBAN CONSTRUCT 6.89 09/18/24 CNY 44.84 KAIDI ECOLOGICAL AND E 6.10 09/07/19 CNY 2.92 KAIDI ECOLOGICAL AND E 7.00 12/15/19 CNY 10.00 KAIDI ECOLOGICAL AND E 8.50 11/21/18 CNY 72.46 KAIFENG DEVELOPMENT IN 6.10 09/08/27 CNY 70.00 KAIFENG DEVELOPMENT IN 6.10 09/08/27 CNY 72.30 KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 19.97 KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 20.01 KAILI GUIZHOU TOWN CON 4.20 10/13/23 CNY 19.72 KAILI GUIZHOU TOWN CON 4.20 10/13/23 CNY 19.86 KANGMEI PHARMACEUTICAL 6.28 03/20/21 CNY 20.50 KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 20.50 KANGMEI PHARMACEUTICAL 5.50 04/20/21 CNY 20.50 KANGMEI PHARMACEUTICAL 7.00 06/21/21 CNY 20.50 KANGMEI PHARMACEUTICAL 6.80 06/28/21 CNY 20.50 KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 20.50 KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 20.50 KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 20.50 KANGMEI PHARMACEUTICAL 6.33 01/27/22 CNY 36.69 KUNMING AIRPORT INVEST 7.50 01/28/26 CNY 60.00 KUNMING DIANCHI INVEST 5.75 07/24/24 CNY 38.14 KUNMING DIANCHI INVEST 5.75 07/24/24 CNY 38.67 KUNSHAN CITY CONSTRUCT 5.70 04/24/25 CNY 61.50 KUNSHAN YINQIAO HOLDIN 5.50 10/18/24 CNY 40.92 KUNSHAN YINQIAO HOLDIN 5.50 10/18/24 CNY 44.10 LAI AN URBAN INFRASTRU 6.50 04/18/25 CNY 61.12 LAI AN URBAN INFRASTRU 6.50 04/18/25 CNY 61.60 LANLING COUNTY STATE-O 7.45 03/28/26 CNY 60.00 LANLING COUNTY STATE-O 7.45 03/28/26 CNY 61.96 LAOHEKOU CITY CONSTRUC 6.49 08/16/24 CNY 39.58 LAOHEKOU CITY CONSTRUC 6.49 08/16/24 CNY 40.00 LEPING STATE-OWNED ASS 3.70 10/20/23 CNY 19.96 LEPING STATE-OWNED ASS 3.70 10/20/23 CNY 20.03 LEQING CITY STATE OWNE 6.79 12/14/24 CNY 41.58 LETING INVESTMENT GROU 7.50 04/11/26 CNY 56.45 LETING INVESTMENT GROU 7.50 04/11/26 CNY 61.38 LIANYUNGANG HENGCHI IN 7.45 09/22/24 CNY 39.66 LIANYUNGANG HENGCHI IN 7.45 09/22/24 CNY 39.80 LIANYUNGANG HENGCHI IN 7.40 10/27/24 CNY 40.00 LIANYUNGANG HENGCHI IN 7.40 10/27/24 CNY 40.44 LIANYUNGANG XIANGYUN I 7.03 03/04/26 CNY 59.33 LIANYUNGANG XIANGYUN I 7.03 03/04/26 CNY 60.00 LIAONING GUANLONG CONS 4.70 11/10/23 CNY 20.00 LIAONING GUANLONG CONS 4.70 11/10/23 CNY 20.02 LIJIN CITY CONSTRUCTIO 7.50 12/20/25 CNY 60.00 LIJIN CITY CONSTRUCTIO 7.50 12/20/25 CNY 61.22 LINFEN YAODU DISTRICT 7.50 09/19/25 CNY 63.20 LINQU YISHAN INDUSTRIA 7.20 11/23/24 CNY 37.70 LINQU YISHAN INDUSTRIA 7.20 11/23/24 CNY 40.97 LINWU SHUNFA URBAN CON 7.00 08/23/24 CNY 40.00 LINWU SHUNFA URBAN CON 7.00 08/23/24 CNY 40.44 LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 19.94 LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 19.97 LINYI COUNTY CITY DEVE 7.78 03/21/25 CNY 40.00 LINYI COUNTY CITY DEVE 7.78 03/21/25 CNY 41.27 LINYI ZHENDONG CONSTRU 7.50 11/26/25 CNY 60.00 LINYI ZHENDONG CONSTRU 7.50 11/26/25 CNY 60.00 LINYI ZHENDONG CONSTRU 7.50 12/06/25 CNY 60.00 LINYI ZHENDONG CONSTRU 7.50 12/06/25 CNY 62.64 LIUPANSHUI CITY TRAFFI 5.98 05/02/24 CNY 39.53 LIUPANSHUI CITY TRAFFI 5.98 05/02/24 CNY 39.72 LIUYANG MODERN MANUFAC 5.75 05/02/24 CNY 40.31 LIUYANG MODERN MANUFAC 5.75 05/02/24 CNY 40.40 LIUYANG MODERN MANUFAC 5.88 08/10/24 CNY 40.60 LIUYANG MODERN MANUFAC 5.88 08/10/24 CNY 40.70 LIUYANG URBAN CONSTRUC 4.45 05/24/23 CNY 20.00 LIUYANG URBAN CONSTRUC 4.45 05/24/23 CNY 20.01 LIUZHI SPECIAL DISTRIC 7.00 11/16/24 CNY 39.76 LIUZHI SPECIAL DISTRIC 7.00 11/16/24 CNY 40.00 LIUZHOU DONGTONG INVES 4.45 07/22/23 CNY 19.73 LIUZHOU DONGTONG INVES 4.45 07/22/23 CNY 19.89 LIUZHOU LONGJIAN INVES 8.28 04/30/24 CNY 29.88 LIUZHOU LONGJIAN INVES 8.28 04/30/24 CNY 29.97 LIUZHOU LONGJIAN INVES 7.00 09/21/27 CNY 61.50 LIUZHOU LONGJIAN INVES 7.00 09/21/27 CNY 64.34 LONGCHANG DEVELOPMENT 7.09 10/31/24 CNY 40.00 LONGCHANG DEVELOPMENT 7.09 10/31/24 CNY 41.13 LOUDI WANBAO NEW DISTR 4.42 08/01/23 CNY 19.99 LOUDI WANBAO NEW DISTR 4.42 08/01/23 CNY 19.99 LU'AN JIN'AN DISTRICT 5.95 07/24/24 CNY 40.80 LUANCHUAN COUNTY TIANY 8.50 01/23/26 CNY 60.00 LUANCHUAN COUNTY TIANY 8.50 01/23/26 CNY 61.91 LUJIANG CITY CONSTRUCT 5.89 05/02/25 CNY 60.00 LUJIANG CITY CONSTRUCT 5.89 05/02/25 CNY 60.74 LUOHE ECONOMIC DEVELOP 7.50 12/18/25 CNY 62.66 LUOHE ECONOMIC DEVELOP 7.50 12/18/25 CNY 62.66 LUOYANG CITY COUNTRY C 4.28 04/26/23 CNY 20.01 LUOYANG CITY COUNTRY C 4.28 04/26/23 CNY 20.07 LUOYANG SHENGSHI URBAN 7.06 04/11/26 CNY 60.00 LUOYANG SHENGSHI URBAN 7.06 04/11/26 CNY 62.72 LUOYANG XIYUAN STATE-O 7.50 11/15/25 CNY 61.51 LUOYANG XIYUAN STATE-O 7.80 01/29/26 CNY 61.94 LUOYANG XIYUAN STATE-O 7.50 11/15/25 CNY 66.50 LUXI URBAN CONSTRUCTIO 6.80 10/27/24 CNY 40.00 LUXI URBAN CONSTRUCTIO 6.80 10/27/24 CNY 40.50 LUZHOU FUYANG INVESTME 5.00 08/11/23 CNY 19.97 LUZHOU FUYANG INVESTME 5.00 08/11/23 CNY 20.09 LUZHOU HUIXING INVESTM 6.28 10/19/24 CNY 40.53 LUZHOU HUIXING INVESTM 6.28 10/19/24 CNY 41.16 LUZHOU INDUSTRIAL DEVE 7.20 04/12/25 CNY 40.00 LUZHOU INDUSTRIAL DEVE 7.20 04/12/25 CNY 40.30 LUZHOU LIN GANG INVEST 7.00 12/01/24 CNY 40.00 LUZHOU LIN GANG INVEST 7.00 12/01/24 CNY 40.55 LUZHOU LIN GANG INVEST 7.10 02/07/25 CNY 40.84 LUZHOU LIN GANG INVEST 7.10 02/07/25 CNY 41.15 LUZHOU XINGLU INVESTME 6.41 04/23/25 CNY 45.00 LUZHOU XINGLU INVESTME 6.41 04/23/25 CNY 46.44 MA'ANSHAN CIHU HIGH TE 3.90 11/28/23 CNY 20.00 MA'ANSHAN CIHU HIGH TE 3.90 11/28/23 CNY 20.02 MAANSHAN NINGBO INVEST 7.50 04/18/26 CNY 32.00 MAANSHAN NINGBO INVEST 7.80 11/29/25 CNY 60.00 MAANSHAN NINGBO INVEST 7.80 11/29/25 CNY 62.88 MAANSHAN SOUTHERN INDU 4.43 09/02/23 CNY 19.96 MAANSHAN SOUTHERN INDU 4.53 07/25/23 CNY 20.00 MAANSHAN SOUTHERN INDU 4.43 09/02/23 CNY 20.03 MAANSHAN SOUTHERN INDU 4.53 07/25/23 CNY 20.04 MAANSHAN YUSHAN CITY D 5.62 07/31/24 CNY 40.29 MAANSHAN YUSHAN CITY D 5.62 07/31/24 CNY 40.30 MAANSHAN YUSHAN CITY D 5.85 09/22/24 CNY 40.43 MAANSHAN YUSHAN CITY D 5.85 09/22/24 CNY 40.43 MA'ANSHAN ZHENGPU HARB 6.80 03/19/25 CNY 40.00 MA'ANSHAN ZHENGPU HARB 6.00 10/13/24 CNY 40.50 MA'ANSHAN ZHENGPU HARB 6.80 03/19/25 CNY 41.72 MA'ANSHAN ZHENGPU HARB 6.00 10/13/24 CNY 44.26 MEISHAN CITY DONGPO DE 5.90 06/30/23 CNY 20.03 MEISHAN CITY DONGPO DE 5.90 06/30/23 CNY 20.04 MEISHAN CITY DONGPO DE 8.08 08/16/25 CNY 60.00 MEISHAN CITY DONGPO DE 8.00 01/03/26 CNY 60.00 MEISHAN CITY DONGPO DE 8.08 08/16/25 CNY 62.58 MEISHAN CITY DONGPO DE 8.00 01/03/26 CNY 63.25 MEISHAN MINDONG DEVELO 6.78 08/08/24 CNY 40.21 MEISHAN MINDONG DEVELO 6.78 08/08/24 CNY 40.22 MENGCHENG COUNTY URBAN 5.60 09/21/24 CNY 40.63 MENGZHOU INVESTMENT AN 8.00 09/03/25 CNY 60.00 MENGZHOU INVESTMENT AN 8.00 11/06/25 CNY 60.00 MENGZHOU INVESTMENT AN 8.00 09/03/25 CNY 62.61 MENGZHOU INVESTMENT AN 8.00 11/06/25 CNY 62.96 MENGZI CITY DEVELOPMEN 7.65 09/25/24 CNY 41.07 MENGZI CITY DEVELOPMEN 7.65 09/25/24 CNY 41.07 MENGZI CITY DEVELOPMEN 8.00 03/25/26 CNY 57.90 MENGZI CITY DEVELOPMEN 8.00 03/25/26 CNY 63.69 MIAN YANG ECONOMIC DEV 8.20 03/15/26 CNY 60.00 MIAN YANG ECONOMIC DEV 8.20 03/15/26 CNY 62.60 MIANYANG ANZHOU INVEST 8.10 05/04/25 CNY 60.00 MIANYANG ANZHOU INVEST 8.10 11/22/25 CNY 60.00 MIANYANG ANZHOU INVEST 8.10 05/04/25 CNY 60.80 MIANYANG ANZHOU INVEST 8.10 11/22/25 CNY 63.00 MIANYANG HONGDA ASSET 7.20 09/29/24 CNY 40.00 MIANYANG HONGDA ASSET 7.20 09/29/24 CNY 40.95 MIANYANG HUIDONG INVES 8.10 02/10/25 CNY 40.82 MIANYANG HUIDONG INVES 8.10 04/28/25 CNY 62.96 MIANZHU CITY JINSHEN I 7.87 12/18/25 CNY 61.57 MIANZHU CITY JINSHEN I 7.87 12/18/25 CNY 63.07 MILE AGRICULTURAL INVE 7.60 02/27/26 CNY 55.82 MILE AGRICULTURAL INVE 8.00 10/25/25 CNY 59.00 MILE AGRICULTURAL INVE 8.00 10/25/25 CNY 60.60 MILE AGRICULTURAL INVE 7.60 02/27/26 CNY 63.11 MINGGUANG YUELONG INVE 6.54 05/03/25 CNY 61.13 MUDANJIANG LONGSHENG I 7.50 09/27/25 CNY 62.36 MUNICIPALITY OF SHENZH 3.27 03/29/24 CNY 30.00 MUNICIPALITY OF SHENZH 3.27 03/29/24 CNY 30.00 MUNICIPALITY OF SHENZH 3.27 03/29/24 CNY 30.22 MUNICIPALITY OF SHENZH 3.15 01/14/25 CNY 33.33 MUNICIPALITY OF SHENZH 3.15 01/14/25 CNY 33.33 MUNICIPALITY OF SHENZH 3.15 01/14/25 CNY 33.56 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 37.50 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 37.50 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 37.90 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 39.32 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 39.32 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 39.74 MUNICIPALITY OF SHENZH 3.31 01/14/27 CNY 50.00 MUNICIPALITY OF SHENZH 3.31 01/14/27 CNY 50.00 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 50.42 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 50.42 MUNICIPALITY OF SHENZH 3.31 01/14/27 CNY 50.61 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 50.97 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 60.00 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 60.00 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 60.74 MUNICIPALITY OF SHENZH 3.34 06/18/24 CNY 66.66 MUNICIPALITY OF SHENZH 3.34 06/18/24 CNY 66.66 MUNICIPALITY OF SHENZH 3.34 06/18/24 CNY 67.04 MUNICIPALITY OF SHENZH 2.84 04/03/30 CNY 69.61 MUNICIPALITY OF SHENZH 3.50 06/18/29 CNY 70.00 MUNICIPALITY OF SHENZH 3.50 06/18/29 CNY 70.00 MUNICIPALITY OF SHENZH 3.37 01/14/30 CNY 70.00 MUNICIPALITY OF SHENZH 3.37 01/14/30 CNY 70.00 MUNICIPALITY OF SHENZH 2.84 04/03/30 CNY 70.00 MUNICIPALITY OF SHENZH 2.84 04/03/30 CNY 70.00 MUNICIPALITY OF SHENZH 3.37 01/14/30 CNY 71.23 MUNICIPALITY OF SHENZH 3.50 06/18/29 CNY 71.24 MUNICIPALITY OF SHENZH 2.80 05/19/27 CNY 74.00 MUNICIPALITY OF SHENZH 2.80 05/19/27 CNY 74.00 MUNICIPALITY OF SHENZH 2.80 05/19/27 CNY 74.03 NANCHANG CITY CONSTRUC 3.58 09/12/26 CNY 70.50 NANCHANG CITY CONSTRUC 3.58 09/12/26 CNY 70.62 NANCHANG ECONOMY TECHN 3.83 09/22/23 CNY 19.99 NANCHANG ECONOMY TECHN 3.83 09/22/23 CNY 20.02 NANCHONG JIALING DEVEL 7.80 12/12/24 CNY 40.00 NANCHONG JIALING DEVEL 7.80 12/12/24 CNY 41.17 NANCHONG JIALING DEVEL 7.98 05/23/25 CNY 60.00 NANCHONG JIALING DEVEL 7.98 05/23/25 CNY 60.50 NANJING BINJIANG INVES 5.77 11/30/25 CNY 60.00 NANJING BINJIANG INVES 5.77 11/30/25 CNY 62.07 NANJING JIANGBEI NEW D 6.00 12/06/24 CNY 40.00 NANJING JIANGBEI NEW D 6.00 12/06/24 CNY 41.26 NANJING JIANGBEI NEW D 6.90 06/15/25 CNY 62.35 NANJING JIANGBEI NEW D 6.90 06/15/25 CNY 65.88 NANJING JIANGBEI NEW T 5.59 09/26/24 CNY 40.84 NANJING JIANGBEI NEW T 5.59 09/26/24 CNY 42.50 NANJING JIANGNING ECON 7.94 04/14/24 CNY 30.73 NANJING JIANGNING URBA 3.48 11/11/23 CNY 19.98 NANJING JIANGNING URBA 3.48 11/11/23 CNY 20.07 NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 20.02 NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 20.07 NANJING LISHUI ECONOMI 3.41 11/09/23 CNY 19.96 NANJING LISHUI URBAN C 4.97 04/28/23 CNY 20.00 NANJING LISHUI URBAN C 4.97 04/28/23 CNY 20.00 NANJING LISHUI URBAN C 5.40 07/31/25 CNY 60.96 NANJING LISHUI URBAN C 5.40 07/31/25 CNY 63.87 NANJING METRO GROUP CO 3.29 08/29/23 CNY 20.05 NANJING METRO GROUP CO 3.29 08/29/23 CNY 20.05 NANJING METRO GROUP CO 4.22 11/28/23 CNY 40.30 NANJING METRO GROUP CO 4.22 11/28/23 CNY 40.36 NANJING PUKOU COMMUNIC 5.46 07/19/24 CNY 40.68 NANJING QIXIA STATE-OW 4.10 06/24/23 CNY 20.01 NANJING QIXIA STATE-OW 4.10 06/24/23 CNY 20.05 NANLING COUNTY CONSTRU 6.20 09/06/24 CNY 40.00 NANLING COUNTY CONSTRU 6.20 09/06/24 CNY 40.35 NANNING HI-TECH INDUST 3.82 10/20/23 CNY 19.88 NANNING HI-TECH INDUST 3.82 10/20/23 CNY 19.89 NANPING CITY WUYI NEW 7.19 03/21/26 CNY 61.10 NANPING CITY WUYI NEW 7.19 03/21/26 CNY 62.59 NANTONG CITY TONGZHOU 4.88 04/10/24 CNY 19.80 NANTONG CITY TONGZHOU 3.75 07/07/23 CNY 20.03 NANTONG CITY TONGZHOU 3.75 07/07/23 CNY 20.06 NANTONG CITY TONGZHOU 4.88 04/10/24 CNY 20.30 NANTONG KAIYUAN INVEST 7.25 11/29/24 CNY 41.06 NANTONG KAIYUAN INVEST 7.25 11/29/24 CNY 41.18 NANTONG SHIBEI HI-TECH 5.98 08/07/24 CNY 40.53 NANTONG SHIBEI HI-TECH 5.98 08/07/24 CNY 40.73 NANTONG YUNTONG PORT D 6.13 08/10/24 CNY 40.52 NANYANG HI-TECH DEVELO 6.45 04/29/23 CNY 20.00 NANYANG HI-TECH DEVELO 6.45 04/29/23 CNY 20.01 NANZHANG COUNTY CONSTR 6.00 01/20/24 CNY 20.32 NANZHANG COUNTY CONSTR 6.00 01/20/24 CNY 20.36 NANZHANG COUNTY CONSTR 6.58 10/25/24 CNY 40.00 NANZHANG COUNTY CONSTR 6.58 10/25/24 CNY 40.87 NEIJIANG XINGYUAN INDU 4.28 08/16/23 CNY 19.98 NEIJIANG XINGYUAN INDU 4.28 08/16/23 CNY 19.99 NEOGLORY HOLDING GROUP 8.00 10/22/20 CNY 56.00 NEOGLORY HOLDING GROUP 8.00 09/25/20 CNY 60.00 NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 72.00 NINGGUO CITY STATE OWN 7.14 08/07/24 CNY 40.80 NINGGUO CITY STATE OWN 7.14 08/07/24 CNY 40.83 NINGXIA SHENG YAN INDU 7.50 09/27/23 CNY 42.45 NINGXIANG CITY CONSTRU 6.00 06/02/26 CNY 62.18 NINGXIANG STATE-OWNED 3.88 11/02/23 CNY 19.93 NINGXIANG STATE-OWNED 4.89 06/03/23 CNY 20.00 NINGXIANG STATE-OWNED 3.88 11/02/23 CNY 20.03 NINGXIANG STATE-OWNED 4.89 06/03/23 CNY 20.04 ONE BELT ONE ROAD JIAN 4.70 07/15/23 CNY 20.03 ONE BELT ONE ROAD JIAN 4.70 07/15/23 CNY 20.06 PANJIN CITY SHUANGTAIZ 8.50 01/29/26 CNY 63.84 PANJIN CITY SHUANGTAIZ 8.50 01/29/26 CNY 63.84 PANJIN CITY SHUANGTAIZ 8.70 12/20/25 CNY 63.85 PANJIN CITY SHUANGTAIZ 8.70 12/20/25 CNY 63.86 PANJIN WATER GROUP CO 5.18 10/28/23 CNY 19.49 PEIXIAN ECONOMIC DEVEL 6.20 10/24/25 CNY 61.76 PEIXIAN ECONOMIC DEVEL 6.20 10/24/25 CNY 62.29 PEIXIAN STATE-OWNED AS 5.98 07/19/24 CNY 40.00 PEIXIAN STATE-OWNED AS 5.98 07/19/24 CNY 40.44 PEKING UNIVERSITY FOUN 6.20 05/31/20 CNY 11.00 PEKING UNIVERSITY FOUN 6.15 07/23/20 CNY 11.00 PEKING UNIVERSITY FOUN 6.30 09/12/20 CNY 11.00 PEKING UNIVERSITY FOUN 4.80 07/26/21 CNY 11.00 PEKING UNIVERSITY FOUN 6.10 08/22/21 CNY 11.00 PEKING UNIVERSITY FOUN 5.99 11/02/21 CNY 11.00 PEKING UNIVERSITY FOUN 5.80 01/28/22 CNY 11.00 PEKING UNIVERSITY FOUN 6.68 08/09/23 CNY 11.00 PEKING UNIVERSITY FOUN 6.50 11/16/23 CNY 11.00 PEKING UNIVERSITY FOUN 6.30 03/04/24 CNY 11.00 PENGSHAN DEVELOPMENT H 7.00 09/05/24 CNY 40.00 PENGSHAN DEVELOPMENT H 7.00 09/05/24 CNY 40.53 PENGSHAN DEVELOPMENT H 7.98 05/03/25 CNY 58.31 PENGSHAN DEVELOPMENT H 7.98 05/03/25 CNY 61.57 PENGZE CITY DEVELOPMEN 7.00 04/19/25 CNY 60.00 PENGZE CITY DEVELOPMEN 7.00 04/19/25 CNY 61.29 PENGZE CITY DEVELOPMEN 7.60 08/31/25 CNY 61.36 PENGZE CITY DEVELOPMEN 7.60 08/31/25 CNY 62.21 PENGZHOU INDUSTRY INVE 3.95 10/20/23 CNY 19.76 PINGDU STATE-OWNED ASS 6.05 07/11/25 CNY 60.00 PINGDU STATE-OWNED ASS 6.05 07/11/25 CNY 61.66 PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 20.00 PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 20.00 PINGJIANG COUNTY WATER 6.64 06/27/26 CNY 59.10 PINGLIANG CHENGXIANG C 7.80 03/29/26 CNY 59.27 PINGLIANG CHENGXIANG C 7.80 03/29/26 CNY 63.51 PINGXIANG HUIFENG INVE 5.79 09/21/24 CNY 40.41 PINGXIANG HUIFENG INVE 5.79 09/21/24 CNY 40.48 PINGYANG STATE-OWNED A 6.90 08/24/27 CNY 70.00 PINGYANG STATE-OWNED A 6.90 08/24/27 CNY 74.15 PIZHOU ECONOMIC DEVELO 6.66 09/19/24 CNY 40.44 PIZHOU ECONOMIC DEVELO 6.66 09/19/24 CNY 47.00 POYANG INVESTMENT & DE 6.53 08/08/24 CNY 40.00 POYANG INVESTMENT & DE 6.53 08/08/24 CNY 40.35 PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00 PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00 PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00 PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00 PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00 PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00 PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00 PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.00 PROVINCE OF HEBEI CHIN 3.22 09/19/24 CNY 70.00 PROVINCE OF HEBEI CHIN 3.22 09/19/24 CNY 70.00 PROVINCE OF HEBEI CHIN 3.22 09/19/24 CNY 70.00 PROVINCE OF HEBEI CHIN 3.22 09/19/24 CNY 70.00 PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00 PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00 PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00 PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00 PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00 PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00 PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00 PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.00 PROVINCE OF HEBEI CHIN 2.84 03/04/25 CNY 70.00 PROVINCE OF HEBEI CHIN 2.84 03/04/25 CNY 70.00 PROVINCE OF HEBEI CHIN 2.84 03/04/25 CNY 70.00 PROVINCE OF HEBEI CHIN 2.84 03/04/25 CNY 70.00 PROVINCE OF HEBEI CHIN 2.66 04/01/25 CNY 70.00 PROVINCE OF HEBEI CHIN 2.66 04/01/25 CNY 70.00 PROVINCE OF HEBEI CHIN 2.66 04/01/25 CNY 70.07 PROVINCE OF HEBEI CHIN 2.84 03/04/25 CNY 70.26 PROVINCE OF HEBEI CHIN 2.84 03/04/25 CNY 70.29 PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.42 PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.42 PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.42 PROVINCE OF HEBEI CHIN 3.17 08/22/24 CNY 70.42 PROVINCE OF HEBEI CHIN 3.22 09/19/24 CNY 70.48 PROVINCE OF HEBEI CHIN 3.22 09/19/24 CNY 70.48 PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.56 PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.56 PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.56 PROVINCE OF HEBEI CHIN 3.17 01/10/25 CNY 70.66 PUCHENG INVESTMENT DEV 6.57 08/10/24 CNY 40.00 PUCHENG INVESTMENT DEV 6.57 08/10/24 CNY 40.45 PUDING YELANG STATE-OW 7.79 11/13/24 CNY 41.71 PUDING YELANG STATE-OW 8.00 03/13/25 CNY 41.81 PUDING YELANG STATE-OW 8.00 03/13/25 CNY 45.00 PUER CITY SI MAO GUO T 7.50 03/14/26 CNY 60.00 PUER CITY SI MAO GUO T 7.50 03/14/26 CNY 63.08 PUYANG INVESTMENT GROU 5.18 08/17/24 CNY 40.51 PUYANG INVESTMENT GROU 5.18 08/17/24 CNY 40.51 QIANDONGNANZHOU KAIHON 5.30 09/22/26 CNY 58.20 QIANDONGNANZHOU KAIHON 5.30 09/22/26 CNY 58.90 QIANJIANG URBAN CONSTR 5.67 01/16/26 CNY 61.60 QIANJIANG URBAN CONSTR 5.67 01/16/26 CNY 61.86 QIANNAN AUTONOMOUS PRE 6.99 04/19/24 CNY 40.46 QIANNAN AUTONOMOUS PRE 6.99 04/19/24 CNY 40.46 QIANNAN AUTONOMOUS PRE 6.98 07/06/24 CNY 40.64 QIANNAN AUTONOMOUS PRE 6.98 07/06/24 CNY 40.64 QIANNANZHOU INVESTMENT 6.77 07/28/24 CNY 38.00 QIANNANZHOU INVESTMENT 6.77 07/28/24 CNY 40.63 QIANNANZHOU INVESTMENT 8.00 01/02/26 CNY 53.50 QIANNANZHOU INVESTMENT 8.00 01/02/26 CNY 63.28 QIANSHAN CITY QIANRUN 6.98 01/19/25 CNY 40.00 QIANSHAN CITY QIANRUN 6.98 01/19/25 CNY 41.65 QIANXINAN AUTONOMOUS R 5.90 06/22/23 CNY 20.01 QIANXINAN AUTONOMOUS R 5.90 06/22/23 CNY 20.05 QICHUN COUNTY CONSTRUC 4.96 10/18/23 CNY 20.11 QICHUN COUNTY CONSTRUC 4.96 10/18/23 CNY 20.12 QIDONG URBAN CONSTRUCT 5.25 08/16/24 CNY 39.50 QIDONG URBAN CONSTRUCT 5.25 08/16/24 CNY 40.63 QINGDAO CHANGYANG INVE 3.73 09/12/23 CNY 19.88 QINGDAO CHANGYANG INVE 3.73 09/12/23 CNY 19.89 QINGDAO CHINA PROSPERI 6.08 11/05/25 CNY 62.25 QINGDAO HAIFA STATE-OW 4.26 06/06/23 CNY 20.01 QINGDAO HAIFA STATE-OW 4.26 06/06/23 CNY 20.03 QINGDAO HAIFA STATE-OW 6.28 04/04/25 CNY 41.45 QINGDAO HAIFA STATE-OW 6.28 04/04/25 CNY 45.25 QINGDAO JIMO DISTRICT 5.35 07/10/24 CNY 40.42 QINGDAO JIMO DISTRICT 5.35 07/10/24 CNY 40.45 QINGDAO JIMO DISTRICT 6.27 10/15/25 CNY 60.00 QINGDAO JIMO DISTRICT 6.27 10/15/25 CNY 61.46 QINGDAO OCEAN INVESTME 4.36 05/12/23 CNY 20.00 QINGDAO OCEAN INVESTME 4.36 05/12/23 CNY 20.02 QINGDAO SHAOHAI INVEST 6.47 10/31/24 CNY 40.28 QINGDAO SHAOHAI INVEST 6.47 10/31/24 CNY 40.72 QINGHAI PROVINCIAL INV 6.40 07/10/21 USD 20.00 QINGHAI PROVINCIAL INV 7.25 02/22/20 USD 20.55 QINGHAI PROVINCIAL INV 7.88 03/22/21 USD 20.66 QINGZHEN CITY CONSTRUC 7.50 03/18/26 CNY 61.26 QINGZHEN CITY CONSTRUC 7.50 03/18/26 CNY 63.02 QINGZHOU CITY CONSTRUC 6.80 08/25/24 CNY 38.50 QINGZHOU CITY CONSTRUC 6.40 07/10/24 CNY 39.24 QINGZHOU CITY CONSTRUC 6.40 07/10/24 CNY 40.00 QINGZHOU CITY CONSTRUC 6.80 08/25/24 CNY 40.60 QINGZHOU HONGYUAN PUBL 7.60 06/17/27 CNY 74.95 QINHUANGDAO DEVELOPMEN 4.07 08/26/23 CNY 19.97 QINHUANGDAO DEVELOPMEN 4.07 08/26/23 CNY 19.97 QUANJIAO URBAN INFRAST 5.10 05/18/23 CNY 20.01 QUANJIAO URBAN INFRAST 5.10 05/18/23 CNY 20.02 QUJING CITY QILIN DIST 8.50 01/21/26 CNY 56.42 QUJING CITY QILIN DIST 8.50 01/21/26 CNY 60.00 QUJING ECO TECH DEVELO 5.75 06/01/23 CNY 19.97 QUJING ECO TECH DEVELO 5.75 06/01/23 CNY 20.03 RED STAR MACALLINE HOL 6.50 11/07/23 CNY 29.05 RED STAR MACALLINE HOL 7.00 12/23/25 CNY 52.75 RENHUAI WATER INVESTME 7.98 02/24/25 CNY 40.73 RENHUAI WATER INVESTME 8.00 12/26/25 CNY 58.01 RENHUAI WATER INVESTME 7.98 07/26/25 CNY 62.38 REWARD SCIENCE AND TEC 5.53 07/05/21 CNY 29.10 REWARD SCIENCE AND TEC 6.40 03/03/22 CNY 70.00 RONGCHENG ECONOMIC DEV 5.75 04/24/25 CNY 60.50 RONGCHENG ECONOMIC DEV 5.75 04/24/25 CNY 61.47 RONGQIAO GROUP CO LTD 6.50 06/03/23 CNY 64.00 RONGXIN FUJIAN INVESTM 6.50 07/06/26 CNY 24.00 RONGXIN FUJIAN INVESTM 5.42 08/19/24 CNY 31.00 RONGXIN FUJIAN INVESTM 5.60 07/27/23 CNY 33.00 RONGXIN FUJIAN INVESTM 6.45 07/03/23 CNY 67.50 RONGXIN FUJIAN INVESTM 6.78 07/03/24 CNY 72.80 RUCHENG COUNTY URBAN C 5.69 02/23/24 CNY 25.45 RUCHENG COUNTY URBAN C 5.69 02/23/24 CNY 25.45 RUCHENG SHUNXING INVES 7.50 01/07/26 CNY 60.00 RUCHENG SHUNXING INVES 7.50 01/07/26 CNY 63.54 RUDONG COUNTY JINXIN T 4.57 07/26/23 CNY 20.00 RUDONG COUNTY JINXIN T 3.80 07/26/23 CNY 20.02 RUDONG COUNTY JINXIN T 3.80 07/26/23 CNY 20.03 RUDONG COUNTY JINXIN T 4.57 07/26/23 CNY 20.05 RUDONG NEW WORLD INVES 4.37 07/18/23 CNY 20.00 RUDONG NEW WORLD INVES 4.37 07/18/23 CNY 20.05 RUICHANG CITY INVESTME 5.50 06/17/23 CNY 19.98 RUIJIN URBAN DEVELOPME 4.13 09/06/23 CNY 19.95 RUIJIN URBAN DEVELOPME 4.13 09/06/23 CNY 19.95 RUILI RENLONG INVESTME 8.00 09/20/26 CNY 74.80 RUSHAN INDUSTRIAL INVE 7.40 06/07/25 CNY 61.21 RUSHAN INDUSTRIAL INVE 7.40 06/07/25 CNY 64.24 RUZHOU CITY XINYUAN IN 4.43 09/26/23 CNY 19.75 RUZHOU CITY XINYUAN IN 4.43 09/26/23 CNY 20.00 SANMING INVESTMENT DEV 5.10 04/17/24 CNY 20.29 SANMING INVESTMENT DEV 5.10 04/17/24 CNY 40.30 SHAANXI ANKANG HIGH TE 6.85 03/28/26 CNY 60.00 SHAANXI ANKANG HIGH TE 6.85 03/28/26 CNY 62.45 SHAANXI XIXIAN NEW ARE 5.10 06/06/23 CNY 20.00 SHAANXI XIXIAN NEW ARE 5.10 06/06/23 CNY 20.04 SHAANXI XIXIAN NEW ARE 7.10 08/23/24 CNY 40.36 SHAANXI XIXIAN NEW ARE 7.10 08/23/24 CNY 40.79 SHAANXI XIXIAN NEW ARE 6.67 08/23/24 CNY 40.00 SHAANXI XIXIAN NEW ARE 6.67 08/23/24 CNY 40.66 SHANDONG HONGHE HOLDIN 7.50 01/29/26 CNY 62.10 SHANDONG OCEAN CULTURE 7.50 03/28/26 CNY 63.12 SHANDONG RENCHENG RONG 7.50 01/23/26 CNY 59.08 SHANDONG RUYI TECHNOLO 7.90 09/18/23 CNY 52.10 SHANDONG TAIFENG HOLDI 7.99 12/16/23 CNY 50.08 SHANDONG URBAN CAPITAL 7.50 04/12/26 CNY 54.58 SHANDONG URBAN CAPITAL 7.50 04/12/26 CNY 61.90 SHANGHAI MUNICIPAL INV 4.80 11/05/24 CNY 30.31 SHANGHAI MUNICIPAL INV 4.80 11/05/24 CNY 30.39 SHANGHAI POWERLONG IND 6.50 08/27/23 CNY 58.05 SHANGHAI POWERLONG IND 6.60 01/11/24 CNY 59.08 SHANGHAI POWERLONG IND 6.50 08/07/23 CNY 63.50 SHANGHAI POWERLONG IND 5.70 06/10/26 CNY 65.00 SHANGHAI SHIMAO CO LTD 5.15 03/16/24 CNY 19.49 SHANGHAI SHIMAO CO LTD 3.94 12/28/26 CNY 24.00 SHANGHAI SHIMAO CO LTD 5.50 05/06/23 CNY 26.50 SHANGHAI SHIMAO CO LTD 4.24 10/21/23 CNY 26.50 SHANGHAI SHIMAO CO LTD 4.12 01/09/24 CNY 26.50 SHANGHAI SHIMAO CO LTD 3.99 12/28/26 CNY 28.56 SHANGHAI SHIMAO CO LTD 3.60 12/28/26 CNY 31.07 SHANGHAI SHIMAO CO LTD 3.76 12/28/26 CNY 34.16 SHANGHAI SHIMAO CO LTD 4.15 12/28/26 CNY 47.70 SHANGHAI SHIMAO JIANSH 4.80 11/11/26 CNY 14.50 SHANGHAI SHIMAO JIANSH 4.15 10/16/24 CNY 15.95 SHANGHAI SHIMAO JIANSH 4.30 11/11/24 CNY 17.00 SHANGHAI SHIMAO JIANSH 3.90 08/27/25 CNY 21.59 SHANGHAI SHIMAO JIANSH 3.90 03/25/27 CNY 26.00 SHANGHAI SHIMAO JIANSH 3.20 05/11/25 CNY 26.27 SHANGHAI SHIMAO JIANSH 3.23 03/25/25 CNY 28.00 SHANGHAI SHIMAO JIANSH 4.30 09/19/24 CNY 29.99 SHANGLI INVESTMENT CO 7.50 06/01/25 CNY 60.07 SHANGLI INVESTMENT CO 7.80 01/22/26 CNY 60.49 SHANGLI INVESTMENT CO 7.80 01/22/26 CNY 61.53 SHANGLI INVESTMENT CO 7.50 06/01/25 CNY 61.83 SHANGQIU GUCHENG PROTE 5.08 05/22/23 CNY 40.03 SHANGRAO CITY CONSTRUC 5.45 12/26/25 CNY 60.48 SHANGRAO GUANGXIN URBA 7.95 07/24/25 CNY 61.38 SHANGRAO GUANGXIN URBA 7.95 07/24/25 CNY 61.44 SHANTOU INVESTMENT HOL 7.99 03/04/24 CNY 15.50 SHANTOU INVESTMENT HOL 7.99 03/04/24 CNY 15.54 SHANWEI INVESTMENT HOL 5.68 11/09/24 CNY 40.85 SHANWEI INVESTMENT HOL 5.68 11/09/24 CNY 40.97 SHAODONG NEW AREA DEVE 7.10 04/19/24 CNY 40.49 SHAODONG NEW AREA DEVE 7.10 04/19/24 CNY 40.49 SHAOGUAN URBAN INVESTM 3.67 10/25/24 CNY 40.10 SHAOGUAN URBAN INVESTM 3.67 10/25/24 CNY 40.13 SHAOSHAN HI-TECH CONST 8.00 05/02/25 CNY 60.86 SHAOSHAN HI-TECH CONST 8.00 05/02/25 CNY 60.91 SHAOXING KEQIAO CITY C 3.64 09/19/23 CNY 19.97 SHAOXING KEQIAO CITY C 3.64 09/19/23 CNY 19.98 SHAOXING KEQIAO CITY C 5.74 08/03/24 CNY 40.00 SHAOXING KEQIAO CITY C 5.74 08/03/24 CNY 40.71 SHAOXING KEYAN CONSTRU 5.88 12/04/25 CNY 61.99 SHAOYANG BAOQING INDUS 5.78 07/04/26 CNY 56.50 SHAOYANG CITY CONSTRUC 5.98 09/01/24 CNY 40.00 SHAOYANG CITY CONSTRUC 5.98 09/01/24 CNY 40.36 SHAOYANG SAISHUANGQING 7.20 03/26/25 CNY 40.00 SHAOYANG SAISHUANGQING 7.20 03/26/25 CNY 41.60 SHAOYANG SAISHUANGQING 8.00 11/28/25 CNY 60.00 SHAOYANG SAISHUANGQING 8.00 11/28/25 CNY 63.99 SHEHONG STATE OWNED AS 7.30 12/14/24 CNY 40.00 SHEHONG STATE OWNED AS 7.30 12/14/24 CNY 41.45 SHEHONG STATE OWNED AS 7.60 10/22/25 CNY 43.08 SHEHONG STATE OWNED AS 7.50 08/22/25 CNY 60.00 SHEHONG STATE OWNED AS 7.60 10/22/25 CNY 60.00 SHEHONG STATE OWNED AS 7.60 10/25/25 CNY 60.00 SHEHONG STATE OWNED AS 7.60 10/25/25 CNY 62.99 SHEHONG STATE OWNED AS 7.50 08/22/25 CNY 63.01 SHENGZHOU INVESTMENT H 5.35 07/20/24 CNY 40.56 SHENGZHOU INVESTMENT H 5.35 07/20/24 CNY 40.74 SHENWU ENVIRONMENTAL T 9.00 03/14/19 CNY 1.50 SHENZHEN LOGAN HOLDING 4.80 11/10/26 CNY 18.50 SHENZHEN LOGAN HOLDING 4.80 11/10/26 CNY 19.00 SHENZHEN LOGAN HOLDING 5.09 11/10/26 CNY 19.00 SHENZHEN LOGAN HOLDING 4.70 11/10/26 CNY 19.50 SHENZHEN LOGAN HOLDING 4.80 11/10/26 CNY 19.90 SHENZHEN LOGAN HOLDING 4.69 11/10/26 CNY 20.50 SHENZHEN LOGAN HOLDING 4.90 03/25/25 CNY 25.75 SHENZHEN LOGAN HOLDING 4.50 08/05/23 CNY 26.00 SHENZHEN LOGAN HOLDING 4.60 11/20/22 CNY 28.26 SHENZHEN LOGAN HOLDING 5.50 06/19/23 CNY 35.50 SHENZHEN METRO GROUP C 6.75 01/24/24 CNY 15.37 SHENZHEN METRO GROUP C 6.75 01/24/24 CNY 15.40 SHEYANG URBAN CONSTRUC 7.80 11/27/24 CNY 40.80 SHEYANG URBAN CONSTRUC 7.80 11/27/24 CNY 41.04 SHEYANG URBAN INVESTME 5.33 03/14/26 CNY 58.85 SHEYANG URBAN INVESTME 5.33 03/14/26 CNY 61.71 SHEYANG URBAN INVESTME 7.39 04/12/26 CNY 62.00 SHEYANG URBAN INVESTME 7.39 04/12/26 CNY 63.13 SHIFANG CITY NATIONAL 8.00 12/05/25 CNY 57.39 SHIFANG CITY NATIONAL 8.00 12/05/25 CNY 63.11 SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 35.35 SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 35.95 SHISHOU BOYA CITY CONS 6.98 06/15/24 CNY 40.59 SHIYAN CITY CHENGTOU P 7.80 02/13/26 CNY 58.53 SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 19.94 SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 19.94 SHIYAN HANJIANG STAR C 6.40 07/10/24 CNY 40.36 SHIYAN STATE-OWNED CAP 4.88 01/11/26 CNY 45.60 SHIYAN STATE-OWNED CAP 4.88 01/11/26 CNY 45.62 SHIZHU TUJIA HONGSHENG 7.00 11/13/24 CNY 32.00 SHIZHU TUJIA HONGSHENG 7.00 11/13/24 CNY 40.97 SHOU COUNTY STATE-OWNE 6.20 10/13/24 CNY 40.00 SHOU COUNTY STATE-OWNE 6.20 10/13/24 CNY 40.44 SHUCHENG COUNTY URBAN 5.50 04/29/23 CNY 20.01 SHUCHENG COUNTY URBAN 5.50 04/29/23 CNY 20.01 SHUOZHOU INVESTMENT CO 7.50 10/23/25 CNY 61.23 SHUOZHOU INVESTMENT CO 7.80 12/25/25 CNY 61.58 SHUOZHOU INVESTMENT CO 7.50 10/23/25 CNY 61.60 SHUOZHOU INVESTMENT CO 7.80 12/25/25 CNY 62.00 SICHUAN CHENG'A DEVELO 7.50 11/06/24 CNY 40.00 SICHUAN CHENG'A DEVELO 7.50 11/29/24 CNY 40.00 SICHUAN CHENG'A DEVELO 7.25 01/28/24 CNY 41.00 SICHUAN CHENG'A DEVELO 7.50 11/06/24 CNY 41.46 SICHUAN CHENG'A DEVELO 7.50 11/29/24 CNY 41.52 SICHUAN COAL GASIFICAT 7.00 04/18/23 CNY 20.00 SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 45.00 SICHUAN JINCAI JINXIN 7.08 07/31/24 CNY 40.74 SICHUAN JINCAI JINXIN 7.08 07/31/24 CNY 40.74 SICHUAN LANGUANG DEVEL 7.50 07/11/21 CNY 12.63 SICHUAN LANGUANG DEVEL 6.50 07/29/21 CNY 12.63 SICHUAN LANGUANG DEVEL 7.50 08/12/21 CNY 12.63 SICHUAN LANGUANG DEVEL 7.00 09/29/22 CNY 12.63 SICHUAN LANGUANG DEVEL 7.00 10/26/22 CNY 12.63 SICHUAN LANGUANG DEVEL 7.20 03/11/23 CNY 12.63 SICHUAN LANGUANG DEVEL 7.20 05/11/23 CNY 12.63 SICHUAN LANGUANG DEVEL 7.15 03/16/23 CNY 24.00 SICHUAN LANGUANG DEVEL 7.40 09/14/21 CNY 30.45 SICHUAN LANGUANG DEVEL 7.50 07/23/22 CNY 42.00 SICHUAN LANGZHONG FAMO 5.60 04/19/23 CNY 20.00 SICHUAN LANGZHONG FAMO 5.60 04/19/23 CNY 20.00 SICHUAN LONGYANG TIANF 5.45 05/27/23 CNY 20.00 SICHUAN LONGYANG TIANF 5.45 05/27/23 CNY 20.01 SICHUAN QINBA NEWCITY 6.68 07/07/24 CNY 39.61 SICHUAN QINBA NEWCITY 6.91 07/25/24 CNY 39.80 SICHUAN QINBA NEWCITY 6.91 07/25/24 CNY 39.81 SICHUAN QINBA NEWCITY 6.68 07/07/24 CNY 40.00 SICHUAN RENSHOU XINLON 7.00 06/27/24 CNY 40.64 SINO-OCEAN CAPITAL 5.30 06/10/24 CNY 35.00 SINO-OCEAN CAPITAL 5.30 09/09/23 CNY 40.00 SINO-OCEAN HOLDING GRO 4.76 10/19/25 CNY 49.50 SINO-OCEAN HOLDING GRO 5.00 08/19/25 CNY 51.00 SINO-OCEAN HOLDING GRO 4.06 09/27/26 CNY 58.00 SINO-OCEAN HOLDING GRO 5.32 03/18/25 CNY 59.94 SINO-OCEAN HOLDING GRO 4.20 05/12/26 CNY 64.30 SINO-OCEAN HOLDING GRO 4.59 03/20/26 CNY 68.80 SINO-OCEAN HOLDING GRO 4.60 01/21/24 CNY 70.20 SINO-OCEAN HOLDING GRO 5.50 03/20/24 CNY 72.11 SIXIAN CITY CONSCTRUCT 6.50 04/16/25 CNY 41.64 SIXIAN CITY CONSCTRUCT 6.50 04/16/25 CNY 60.00 SIYANG COUNTY MINKANG 7.40 07/31/24 CNY 40.83 SIYANG COUNTY MINKANG 7.40 07/31/24 CNY 40.83 SIYANG JIADING INDUSTR 7.50 12/14/25 CNY 60.80 SIYANG JIADING INDUSTR 7.50 04/27/25 CNY 61.66 SIYANG JIADING INDUSTR 7.50 04/27/25 CNY 61.66 SIYANG JIADING INDUSTR 7.50 12/14/25 CNY 62.65 SUINING COUNTY RUNQI I 6.78 11/02/24 CNY 40.38 SUINING COUNTY RUNQI I 6.78 11/02/24 CNY 41.30 SUINING FUYUAN INDUSTR 5.34 12/02/23 CNY 19.76 SUINING FUYUAN INDUSTR 5.34 12/02/23 CNY 20.01 SUINING ROUGANG INVEST 5.65 01/24/24 CNY 20.15 SUINING ROUGANG INVEST 5.65 01/24/24 CNY 20.15 SUINING ROUGANG INVEST 6.80 08/02/24 CNY 40.62 SUINING ROUGANG INVEST 6.80 08/02/24 CNY 40.62 SUINING TIANTAI INDUST 5.98 03/28/24 CNY 20.26 SUINING TIANTAI INDUST 5.98 03/28/24 CNY 20.26 SUINING TIANTAI INDUST 6.80 11/01/24 CNY 50.00 SUINING TIANTAI INDUST 6.80 11/01/24 CNY 51.07 SUIZHOU DEVELOPMENT IN 5.70 04/07/24 CNY 20.21 SUIZHOU DEVELOPMENT IN 5.70 04/07/24 CNY 20.28 SUIZHOU DEVELOPMENT IN 5.97 09/15/24 CNY 40.00 SUIZHOU DEVELOPMENT IN 5.97 09/15/24 CNY 40.36 SUNAC REAL ESTATE GROU 5.60 12/09/26 CNY 15.02 SUNAC REAL ESTATE GROU 7.00 12/09/26 CNY 19.28 SUNAC REAL ESTATE GROU 6.80 12/09/25 CNY 28.00 SUNAC REAL ESTATE GROU 6.48 12/09/25 CNY 29.75 SUNAC REAL ESTATE GROU 4.78 12/09/25 CNY 35.55 SUNAC REAL ESTATE GROU 6.80 01/19/25 CNY 50.00 SUNING APPLIANCE GROUP 7.30 06/28/23 CNY 21.60 SUNING APPLIANCE GROUP 7.30 06/16/23 CNY 43.36 SUNING APPLIANCE GROUP 7.30 05/10/23 CNY 49.31 SUNSHINE KAIDI NEW ENE 6.80 06/02/21 CNY 1.00 SUQIAN CITY CONSTRUCTI 5.30 07/11/24 CNY 40.42 SUQIAN CITY CONSTRUCTI 5.30 07/11/24 CNY 40.42 SUQIAN CITY CONSTRUCTI 6.44 12/26/24 CNY 41.21 SUQIAN CITY CONSTRUCTI 6.44 12/26/24 CNY 41.22 SUQIAN ECONOMIC DEVELO 5.40 04/20/24 CNY 40.39 SUQIAN ECONOMIC DEVELO 5.40 04/20/24 CNY 41.88 SUQIAN HI-TECH DEVELOP 6.97 07/20/25 CNY 60.00 SUQIAN HI-TECH DEVELOP 6.49 10/17/25 CNY 60.00 SUQIAN HI-TECH DEVELOP 6.49 10/17/25 CNY 62.40 SUQIAN HUBIN XINCHENG 6.93 08/25/24 CNY 38.10 SUQIAN HUBIN XINCHENG 6.85 08/02/24 CNY 39.75 SUQIAN HUBIN XINCHENG 6.85 08/02/24 CNY 40.67 SUQIAN HUBIN XINCHENG 6.93 08/25/24 CNY 40.75 SUQIAN YUFENG INDUSTRI 5.50 04/21/24 CNY 40.24 SUQIAN YUFENG INDUSTRI 5.50 04/21/24 CNY 44.26 SUZHOU GAOXIN TOURISM 5.20 10/27/23 CNY 50.30 SUZHOU GAOXIN TOURISM 5.20 04/11/24 CNY 50.35 SUZHOU MAANSHAN INVEST 6.10 08/03/24 CNY 40.62 SUZHOU MAANSHAN INVEST 6.10 08/03/24 CNY 40.77 SUZHOU MUDU URBAN RURA 4.94 04/16/24 CNY 40.57 SUZHOU MUDU URBAN RURA 4.94 04/16/24 CNY 70.30 SUZHOU NEW AREA CONSTR 5.98 08/04/24 CNY 40.00 SUZHOU NEW AREA CONSTR 5.98 08/04/24 CNY 40.58 SUZHOU WUJIANG COMMUNI 3.75 05/26/23 CNY 30.00 SUZHOU WUZHONG CITY CO 5.90 11/06/24 CNY 40.00 SUZHOU WUZHONG CITY CO 6.50 02/01/25 CNY 40.00 SUZHOU WUZHONG CITY CO 5.90 11/06/24 CNY 40.83 SUZHOU WUZHONG CITY CO 6.50 02/01/25 CNY 41.53 SUZHOU WUZHONG GUOTAI 6.40 08/23/27 CNY 70.00 SUZHOU WUZHONG GUOTAI 6.40 08/23/27 CNY 74.79 TAHOE GROUP CO LTD 7.20 05/25/21 CNY 3.00 TAHOE GROUP CO LTD 8.50 08/02/21 CNY 3.00 TAHOE GROUP CO LTD 6.00 05/25/21 CNY 10.00 TAHOE GROUP CO LTD 7.50 08/15/20 CNY 27.50 TAHOE GROUP CO LTD 7.50 10/10/20 CNY 29.60 TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 20.00 TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 20.01 TAIHE STATE OWN ASSET 5.87 08/07/24 CNY 40.75 TAIHE STATE OWN ASSET 5.87 08/07/24 CNY 43.35 TAIXING CITY CHENGXING 7.80 03/05/26 CNY 60.00 TAIXING CITY CHENGXING 7.60 04/04/26 CNY 60.00 TAIXING CITY CHENGXING 7.60 04/04/26 CNY 61.89 TAIXING CITY CHENGXING 7.80 03/05/26 CNY 62.40 TAIXING XINGHUANG INVE 8.50 11/15/25 CNY 59.59 TAIXING XINGHUANG INVE 8.50 11/15/25 CNY 63.48 TAIZHOU CITY CONSTRUCT 6.92 10/16/23 CNY 15.27 TAIZHOU CITY CONSTRUCT 6.92 10/16/23 CNY 15.35 TAIZHOU CITY HUANGYAN 6.10 08/01/24 CNY 40.69 TAIZHOU CITY HUANGYAN 6.10 08/01/24 CNY 40.76 TAIZHOU CITY HUANGYAN 6.22 09/14/24 CNY 40.86 TAIZHOU CITY HUANGYAN 6.22 09/14/24 CNY 40.94 TAIZHOU EAST NEW CITY 5.28 01/03/26 CNY 61.59 TAIZHOU EAST NEW CITY 5.28 01/03/26 CNY 63.90 TAIZHOU FENGCHENGHE CO 7.90 12/29/24 CNY 40.00 TAIZHOU FENGCHENGHE CO 7.90 12/29/24 CNY 41.98 TAIZHOU FENGCHENGHE CO 5.48 11/07/25 CNY 61.95 TAIZHOU FENGCHENGHE CO 6.58 03/28/26 CNY 63.03 TAIZHOU FENGCHENGHE CO 6.58 03/28/26 CNY 66.00 TAIZHOU GAOGANG HI-TEC 5.54 06/22/24 CNY 40.42 TAIZHOU GAOGANG HI-TEC 5.54 06/22/24 CNY 40.53 TAIZHOU HUACHENG MEDIC 8.50 12/26/25 CNY 60.00 TAIZHOU HUACHENG MEDIC 8.50 12/26/25 CNY 64.47 TAIZHOU JINDONG URBAN 5.10 06/02/23 CNY 20.03 TAIZHOU JINDONG URBAN 5.10 06/02/23 CNY 20.03 TAIZHOU XINBINJIANG DE 5.34 12/21/25 CNY 61.56 TANCHENG COUNTY CITY S 7.50 04/09/26 CNY 60.00 TANCHENG COUNTY CITY S 7.50 04/09/26 CNY 63.23 TANGSHAN HOLDING DEVEL 7.60 05/16/25 CNY 58.59 TANGSHAN HOLDING DEVEL 7.60 05/16/25 CNY 60.56 TAOYUAN COUNTY ECONOMI 7.00 12/08/24 CNY 40.00 TAOYUAN COUNTY ECONOMI 7.00 12/08/24 CNY 41.37 TAOYUAN COUNTY ECONOMI 8.20 09/06/25 CNY 60.00 TAOYUAN COUNTY ECONOMI 8.20 09/06/25 CNY 63.67 TEMPUS GROUP CO LTD 7.50 06/07/20 CNY 19.67 TIANGUANG ZHONGMAO CO 6.00 10/27/21 CNY 14.00 TIANJIN BOHAI STATE-OW 3.82 04/18/23 CNY 20.00 TIANJIN BOHAI STATE-OW 3.82 04/18/23 CNY 20.00 TIANJIN BOHAI STATE-OW 4.10 04/18/26 CNY 56.00 TIANJIN BOHAI STATE-OW 4.10 04/18/26 CNY 60.25 TIANJIN DONGFANG CAIXI 6.00 07/09/25 CNY 61.26 TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 45.36 TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 49.00 TIANJIN NINGHE INVESTM 5.50 04/22/23 CNY 19.99 TIANJIN NINGHE INVESTM 5.50 04/22/23 CNY 20.00 TIANJIN RAILWAY CONSTR 5.58 04/13/25 CNY 29.89 TIANJIN RAILWAY CONSTR 5.58 04/13/25 CNY 30.12 TIANJIN REAL ESTATE GR 7.70 03/16/21 CNY 21.49 TIANJIN REAL ESTATE GR 4.50 09/29/20 USD 73.82 TIANJIN STATE-OWNED CA 1.60 12/17/39 USD 18.17 TIANJIN STATE-OWNED CA 0.15 12/17/26 USD 23.91 TIANJIN STATE-OWNED CA 1.55 12/17/29 USD 25.33 TIANMEN CITY CONSTRUCT 3.98 11/15/23 CNY 19.97 TIANMEN CITY CONSTRUCT 3.98 11/15/23 CNY 20.04 TONGCHENG CITY CONSTRU 6.60 12/18/24 CNY 40.00 TONGCHENG CITY CONSTRU 6.60 12/18/24 CNY 40.38 TONGCHENG CITY CONSTRU 7.50 07/23/25 CNY 60.00 TONGCHENG CITY CONSTRU 7.50 07/23/25 CNY 61.99 TONGHUA FENGYUAN INVES 8.00 12/18/25 CNY 60.00 TONGHUA FENGYUAN INVES 8.00 12/18/25 CNY 63.17 TONGLING CONSTRUCTION 5.77 07/31/24 CNY 40.00 TONGLING CONSTRUCTION 5.80 08/16/24 CNY 40.64 TONGLING CONSTRUCTION 5.77 07/31/24 CNY 40.70 TONGLING CONSTRUCTION 5.80 08/16/24 CNY 42.07 TONGLING STATE-OWNED C 7.00 11/14/24 CNY 71.14 TONGXIANG CHONGDE INVE 7.88 11/29/25 CNY 60.80 TONGXIANG CHONGDE INVE 7.88 11/29/25 CNY 62.99 TONGXIANG INDUSTRY DEV 5.38 03/14/26 CNY 60.80 TONGXIANG INDUSTRY DEV 5.38 03/14/26 CNY 61.68 TSINGHUA UNIGROUP CO L 5.85 03/27/22 CNY 16.88 TSINGHUA UNIGROUP CO L 5.20 12/10/23 CNY 16.88 TSINGHUA UNIGROUP CO L 5.11 01/25/24 CNY 16.88 TSINGHUA UNIGROUP CO L 5.60 11/15/20 CNY 25.50 TSINGHUA UNIGROUP CO L 6.20 03/16/21 CNY 25.50 TSINGHUA UNIGROUP CO L 6.15 12/26/21 CNY 25.50 TSINGHUA UNIGROUP CO L 6.00 08/14/22 CNY 25.50 TUNGHSU GROUP CO LTD 7.85 03/23/21 CNY 0.00 TUNGHSU GROUP CO LTD 7.00 09/28/20 CNY 1.70 TUNGHSU GROUP CO LTD 8.18 10/25/21 CNY 22.00 TUNGHSU OPTOELECTRONIC 6.80 05/19/20 CNY 15.20 URUMQI ECO TECH DEVELO 7.50 10/19/25 CNY 60.00 URUMQI ECO TECH DEVELO 7.50 10/19/25 CNY 61.04 URUMQI ECO&TECH DEVELO 5.32 03/15/26 CNY 60.00 URUMQI ECO&TECH DEVELO 5.32 03/15/26 CNY 61.62 WANGCHENG ECONOMIC DEV 3.75 07/13/23 CNY 20.03 WANGCHENG ECONOMIC DEV 3.75 07/13/23 CNY 20.06 WANZAI COUNTY STATE OW 6.30 03/26/27 CNY 72.43 WEICHI HOLDING GROUP C 6.18 07/24/24 CNY 40.00 WEICHI HOLDING GROUP C 7.20 04/13/25 CNY 40.00 WEICHI HOLDING GROUP C 6.18 07/24/24 CNY 40.45 WEICHI HOLDING GROUP C 7.20 04/13/25 CNY 41.75 WEIFANG BINHAI INVESTM 6.85 12/20/25 CNY 55.98 WEIFANG BINHAI INVESTM 7.00 09/12/26 CNY 70.23 WEIFANG BINHAI INVESTM 6.50 04/26/26 CNY 70.52 WEIFANG GONGXIN STATE- 5.00 07/13/26 CNY 58.30 WEIFANG GONGXIN STATE- 5.00 07/13/26 CNY 58.37 WEIHAI CENTRAL CITY ST 6.05 11/02/24 CNY 39.71 WEIHAI CENTRAL CITY ST 6.05 11/02/24 CNY 40.00 WEIHAI CITY SHUANGDAO 5.32 04/28/24 CNY 40.41 WEIHAI ECONOMIC TECHNO 5.80 08/23/24 CNY 40.00 WEIHAI ECONOMIC TECHNO 5.80 08/23/24 CNY 40.56 WEIHAI LANCHUANG CONST 7.70 10/11/25 CNY 58.00 WEIHAI WENDENG DISTRIC 3.64 10/26/23 CNY 19.78 WEIHAI WENDENG DISTRIC 3.64 10/26/23 CNY 19.92 WEIHAI WENDENG URBAN P 4.80 05/26/23 CNY 19.95 WEIHAI WENDENG URBAN P 4.80 05/26/23 CNY 20.00 WEIHAI WENDENG URBAN P 7.70 05/02/28 CNY 75.21 WENLING CITY STATE OWN 5.73 04/19/25 CNY 61.37 WENLING CITY STATE OWN 5.43 11/12/25 CNY 61.40 WENLING CITY STATE OWN 5.73 04/19/25 CNY 61.53 WENLING CITY STATE OWN 5.43 11/12/25 CNY 62.03 WENSHAN URBAN CONSTRUC 4.50 09/13/23 CNY 19.47 WENSHAN URBAN CONSTRUC 4.50 09/13/23 CNY 20.00 WENZHOU CITY CONSTRUCT 5.00 04/26/23 CNY 20.00 WENZHOU CITY CONSTRUCT 5.00 04/26/23 CNY 20.02 WENZHOU HIGH-TECH INDU 5.90 09/18/24 CNY 40.50 WENZHOU HIGH-TECH INDU 5.90 09/18/24 CNY 40.77 WENZHOU MINKE INDUSTRI 6.44 07/18/24 CNY 40.00 WENZHOU MINKE INDUSTRI 6.44 07/18/24 CNY 40.49 WENZHOU OUHAI ECONOMIC 5.45 03/11/26 CNY 60.50 WENZHOU OUHAI ECONOMIC 5.45 03/11/26 CNY 61.82 WENZHOU OUHAI NEW CITY 3.98 10/26/23 CNY 19.94 WENZHOU OUHAI NEW CITY 3.98 10/26/23 CNY 20.10 WINTIME ENERGY GROUP C 7.00 07/05/18 CNY 43.63 WINTIME ENERGY GROUP C 7.30 08/06/18 CNY 43.63 WINTIME ENERGY GROUP C 7.00 08/25/18 CNY 43.63 WINTIME ENERGY GROUP C 6.78 10/23/18 CNY 43.63 WINTIME ENERGY GROUP C 7.00 12/15/18 CNY 43.63 WINTIME ENERGY GROUP C 7.00 03/19/19 CNY 43.63 WINTIME ENERGY GROUP C 7.00 04/26/19 CNY 43.63 WINTIME ENERGY GROUP C 7.70 11/15/20 CNY 43.63 WINTIME ENERGY GROUP C 7.50 11/16/20 CNY 43.63 WINTIME ENERGY GROUP C 7.50 12/06/20 CNY 43.63 WINTIME ENERGY GROUP C 7.90 12/22/20 CNY 43.63 WINTIME ENERGY GROUP C 7.90 03/29/21 CNY 43.63 WINTIME ENERGY GROUP C 7.50 04/04/21 CNY 43.63 WINTIME ENERGY GROUP C 4.75 07/07/22 CNY 43.63 WUHAN CITY HUANPI DIST 5.48 04/19/24 CNY 40.44 WUHAN CITY HUANPI DIST 5.48 04/19/24 CNY 40.58 WUHAN HIGH-TECH HOLDIN 5.60 09/14/27 CNY 72.85 WUHAN HIGH-TECH HOLDIN 5.60 09/14/27 CNY 74.08 WUHAN HONGSHAN CITY CO 5.68 08/10/24 CNY 40.68 WUHAN HONGSHAN CITY CO 5.68 08/10/24 CNY 40.73 WUHAN HONGSHAN CITY CO 5.68 10/12/24 CNY 40.78 WUHAN HONGSHAN CITY CO 5.68 10/12/24 CNY 40.81 WUHAN QIAOKOU STATE OW 3.48 08/29/23 CNY 20.02 WUHAN QIAOKOU STATE OW 3.48 08/29/23 CNY 20.04 WUHAN URBAN CONSTRUCTI 4.99 06/15/24 CNY 50.00 WUHU COMMUNICATIONS IN 3.58 09/23/23 CNY 19.92 WUHU COMMUNICATIONS IN 4.50 04/28/23 CNY 20.00 WUHU COMMUNICATIONS IN 4.50 04/28/23 CNY 20.00 WUHU COMMUNICATIONS IN 3.58 09/23/23 CNY 20.06 WUHU JINGHU CONSTRUCTI 4.37 07/20/23 CNY 20.02 WUHU JINGHU CONSTRUCTI 4.37 07/20/23 CNY 20.07 WUSHENG CITY INVESTMEN 7.05 11/03/24 CNY 39.31 WUSHENG CITY INVESTMEN 7.05 11/03/24 CNY 40.95 WUSU CITY XINGRONG CON 7.50 10/25/25 CNY 60.00 WUSU CITY XINGRONG CON 7.50 10/25/25 CNY 63.35 WUXI EAST SCIENCE & TE 5.73 09/14/24 CNY 40.00 WUXI EAST SCIENCE & TE 5.73 09/14/24 CNY 40.77 WUXI FOOD SCIENCE PARK 5.70 09/28/24 CNY 40.77 WUXI FOOD SCIENCE PARK 5.70 09/28/24 CNY 41.30 WUXI HUIJI INDUSTRY DE 5.27 12/07/25 CNY 61.68 WUXI TAIHU NEW CITY DE 3.47 08/29/23 CNY 19.98 WUXI TAIHU NEW CITY DE 4.49 05/03/23 CNY 20.01 WUXI TAIHU NEW CITY DE 3.47 08/29/23 CNY 20.05 WUXI XIDONG NEW TOWN C 3.92 11/09/23 CNY 20.09 WUXI XIDONG NEW TOWN C 3.92 11/09/23 CNY 20.10 WUXUE URBAN CONSTRUCTI 7.50 04/12/26 CNY 60.00 WUXUE URBAN CONSTRUCTI 7.50 04/12/26 CNY 63.12 WUYANG CONSTRUCTION GR 7.80 09/11/20 CNY 32.48 XIAN HIGH-TECH ZONE CA 6.49 04/25/25 CNY 61.00 XIAN HIGH-TECH ZONE CA 6.49 04/25/25 CNY 61.67 XI'AN HI-TECH HOLDING 6.12 12/27/24 CNY 40.82 XI'AN HI-TECH HOLDING 6.12 12/27/24 CNY 40.87 XI'AN HI-TECH HOLDING 5.87 06/26/25 CNY 60.91 XI'AN PIONEERING PARK 6.20 05/02/24 CNY 40.53 XI'AN PIONEERING PARK 6.20 05/02/24 CNY 40.53 XIANGCHENG LINGWU URBA 7.45 11/10/24 CNY 40.00 XIANGCHENG LINGWU URBA 7.45 11/10/24 CNY 40.47 XIANGTAN CITY INFRASTR 3.60 08/04/23 CNY 19.88 XIANGTAN CITY INFRASTR 3.60 08/04/23 CNY 19.95 XIANGTAN CITY INFRASTR 3.95 08/04/23 CNY 19.97 XIANGTAN CITY INFRASTR 3.95 08/04/23 CNY 19.97 XIANGTAN JIUHUA ECONOM 5.00 07/25/26 CNY 57.46 XIANGTAN JIUHUA ECONOM 5.00 07/25/26 CNY 60.29 XIANGXIANG CITY DONGSH 6.20 08/03/24 CNY 40.32 XIANGXIANG CITY DONGSH 6.20 08/03/24 CNY 40.32 XIANGXIANG ECONOMIC DI 5.28 09/09/23 CNY 19.99 XIANGXIANG ECONOMIC DI 5.28 09/09/23 CNY 20.00 XIANGXIANG URBAN CONST 5.84 05/18/23 CNY 20.02 XIANGXIANG URBAN CONST 5.84 05/18/23 CNY 20.02 XIANGXIANG URBAN CONST 7.50 10/27/24 CNY 40.00 XIANGXIANG URBAN CONST 7.50 10/27/24 CNY 41.53 XIANGYANG CITY HOUSING 6.10 12/15/24 CNY 41.00 XIANGYANG CITY HOUSING 6.10 12/15/24 CNY 41.05 XIANGYANG CITY XIANGZH 5.18 04/28/23 CNY 19.99 XIANGYANG CITY XIANGZH 5.18 04/28/23 CNY 20.00 XIANGYANG HIGH TECH ST 6.25 06/12/24 CNY 40.60 XIANGYANG HIGH TECH ST 6.25 06/12/24 CNY 40.77 XIANGYANG STATE-OWNED 6.10 07/19/24 CNY 40.00 XIANGYANG STATE-OWNED 6.10 07/19/24 CNY 40.49 XIANNING CITY CONSTRUC 5.99 07/27/27 CNY 70.00 XIANNING CITY CONSTRUC 5.99 07/27/27 CNY 72.34 XIANNING HIGH-TECH INV 6.60 06/01/27 CNY 56.09 XIANNING HIGH-TECH INV 6.60 06/01/27 CNY 56.38 XIANTAO CITY CONSTRUCT 4.59 04/18/23 CNY 20.00 XIANTAO CITY CONSTRUCT 4.59 04/18/23 CNY 20.00 XIAOCHANG SHUNHE DEVEL 4.15 10/17/23 CNY 19.94 XIAOGAN URBAN CONSTRUC 6.35 11/10/27 CNY 70.00 XIAOGAN URBAN CONSTRUC 6.35 11/10/27 CNY 73.95 XIAOXIAN COUNTY DEVELO 4.85 06/22/23 CNY 20.03 XIAOXIAN COUNTY DEVELO 4.85 06/22/23 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08/24/24 CNY 17.30 YANGO GROUP CO LTD 6.95 04/24/24 CNY 17.68 YANGO GROUP CO LTD 6.90 01/22/26 CNY 30.00 YANGO GROUP CO LTD 7.30 04/24/25 CNY 40.00 YANGO JUSTICE INTERNAT 5.30 01/11/22 USD 2.05 YANGO JUSTICE INTERNAT 7.50 04/15/24 USD 2.12 YANGO JUSTICE INTERNAT 7.50 02/17/25 USD 2.12 YANGO JUSTICE INTERNAT 9.25 04/15/23 USD 2.15 YANGO JUSTICE INTERNAT 8.25 11/25/23 USD 2.18 YANGO JUSTICE INTERNAT 10.25 03/18/22 USD 2.20 YANGO JUSTICE INTERNAT 10.25 09/15/22 USD 2.23 YANGO JUSTICE INTERNAT 10.00 02/12/23 USD 2.28 YANGO JUSTICE INTERNAT 7.88 09/04/24 USD 2.29 YANGXIN TOWN CONSTRUCT 6.50 04/26/24 CNY 40.39 YANGXIN TOWN CONSTRUCT 6.50 04/26/24 CNY 40.57 YANGZHOU ECONOMIC & TE 5.28 07/06/24 CNY 40.45 YANGZHOU ECONOMIC & TE 5.28 07/06/24 CNY 40.60 YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 20.02 YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 20.03 YANGZHOU NEW MATERIAL 6.80 10/09/24 CNY 40.00 YANGZHOU NEW MATERIAL 6.80 10/09/24 CNY 40.81 YI CHENG CONSTRUCTION 5.44 04/27/23 CNY 20.01 YIBIN CUIPING DISTRICT 5.17 03/28/26 CNY 61.93 YIBIN NANXI CAIYUAN ST 8.10 07/24/25 CNY 60.00 YIBIN NANXI CAIYUAN ST 8.10 11/28/25 CNY 60.00 YIBIN NANXI CAIYUAN ST 8.10 07/24/25 CNY 61.59 YIBIN NANXI CAIYUAN ST 8.10 11/28/25 CNY 62.01 YICHANG CHUANGYUAN HOL 7.80 11/06/25 CNY 61.46 YICHANG HIGH-TECH INVE 3.74 07/21/23 CNY 19.97 YICHANG HIGH-TECH INVE 3.74 07/21/23 CNY 20.04 YICHANG HIGH-TECH INVE 6.10 05/18/24 CNY 40.35 YICHANG HIGH-TECH INVE 6.10 05/18/24 CNY 40.49 YICHANG WUJIA NEW CITY 6.50 04/20/24 CNY 40.28 YICHANG WUJIA NEW CITY 6.50 04/20/24 CNY 40.38 YICHUN YUANZHOU STATE- 7.20 03/08/26 CNY 60.00 YICHUN YUANZHOU STATE- 7.20 03/08/26 CNY 61.88 YIDU GUOTONG INVESTMEN 7.00 01/17/26 CNY 61.11 YIDU GUOTONG INVESTMEN 7.00 01/17/26 CNY 62.00 YIHUA LIFESTYLE TECHNO 6.88 07/23/20 CNY 35.00 YIHUA LIFESTYLE TECHNO 6.88 07/16/20 CNY 35.90 YINGCHENG CITY PUYANG 6.50 04/14/24 CNY 20.38 YINGCHENG CITY PUYANG 6.50 04/14/24 CNY 40.28 YINGKOU BEIHAI NEW CIT 7.98 01/25/25 CNY 40.00 YINGKOU BEIHAI NEW CIT 7.19 07/12/24 CNY 40.50 YINGKOU BEIHAI NEW CIT 7.19 07/12/24 CNY 40.71 YINGKOU BEIHAI NEW CIT 7.98 01/25/25 CNY 41.61 YINGKOU ECO & TECH DEV 5.20 08/05/23 CNY 19.81 YINGKOU ECO & TECH DEV 5.20 08/05/23 CNY 20.04 YINGKOU ECO & TECH DEV 6.98 04/19/24 CNY 40.43 YINGKOU ECO & TECH DEV 6.98 04/19/24 CNY 40.47 YIWU CITY CONSTRUCTION 5.48 08/18/24 CNY 40.00 YIWU CITY CONSTRUCTION 5.48 08/18/24 CNY 40.76 YIYANG COUNTY CITY CON 7.50 06/07/25 CNY 60.00 YIYANG COUNTY CITY CON 7.50 06/07/25 CNY 61.18 YIYANG COUNTY CITY CON 7.90 11/05/25 CNY 61.88 YIYANG COUNTY CITY CON 7.90 11/05/25 CNY 62.01 YIYANG LONGLING CONSTR 7.60 01/23/26 CNY 59.14 YIYANG LONGLING CONSTR 7.60 01/23/26 CNY 60.30 YIYANG PROVINCE AREA I 5.16 11/23/23 CNY 19.66 YIYANG PROVINCE AREA I 4.95 10/13/23 CNY 19.84 YIYANG PROVINCE AREA I 4.95 10/13/23 CNY 20.08 YIYANG PROVINCE AREA I 5.16 11/23/23 CNY 20.13 YIYANG URBAN CONSTRUCT 6.43 04/24/25 CNY 61.28 YIYANG URBAN CONSTRUCT 6.43 04/24/25 CNY 61.67 YIYUAN HONGDING ASSET 7.50 08/17/25 CNY 57.49 YIYUAN HONGDING ASSET 7.50 08/17/25 CNY 62.35 YIZHANG XINGYI CONSTRU 5.49 09/02/24 CNY 40.32 YIZHANG XINGYI CONSTRU 5.49 09/02/24 CNY 40.32 YIZHENG ECONOMY DEVELO 6.77 08/22/24 CNY 40.66 YIZHENG ZHONGXIN CONST 5.38 12/20/25 CNY 61.45 YIZHENG ZHONGXIN CONST 5.38 12/20/25 CNY 61.62 YONG ZHOU CITY DEVELOP 5.30 07/13/24 CNY 39.80 YONG ZHOU CITY DEVELOP 5.30 07/13/24 CNY 40.48 YONGAN STATE-OWNED ASS 8.50 11/26/25 CNY 60.00 YONGAN STATE-OWNED ASS 8.50 11/26/25 CNY 62.19 YONGCHENG COAL & ELECT 7.50 02/02/21 CNY 39.88 YONGXING YINDU INVESTM 6.50 08/14/24 CNY 38.60 YONGXING YINDU INVESTM 6.93 07/07/24 CNY 40.00 YONGXING YINDU INVESTM 6.50 08/14/24 CNY 40.51 YONGXING YINDU INVESTM 6.93 07/07/24 CNY 40.61 YONGXIU CITY CONSTRUCT 7.50 05/02/25 CNY 60.00 YONGXIU CITY CONSTRUCT 7.80 08/27/25 CNY 61.28 YONGXIU CITY CONSTRUCT 7.80 08/27/25 CNY 61.53 YONGXIU CITY CONSTRUCT 7.50 05/02/25 CNY 61.72 YOUYANG COUNTY TAOHUAY 7.50 09/28/25 CNY 59.00 YOUYANG COUNTY TAOHUAY 7.50 09/28/25 CNY 62.36 YUANAN 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CONSTRUCTI 3.72 10/21/23 CNY 20.03 YUHUAN COUNTY STATE-OW 6.45 11/23/25 CNY 62.28 YUNCHENG SHUIHU CITY C 4.54 11/21/23 CNY 19.61 YUNCHENG SHUIHU CITY C 4.54 11/21/23 CNY 19.99 YUNCHENG URBAN CONSTRU 6.30 08/29/24 CNY 39.04 YUNCHENG URBAN CONSTRU 6.30 08/29/24 CNY 40.11 YUNYANG RENHE INVESTME 7.49 05/04/25 CNY 60.91 YUNYANG RENHE INVESTME 7.49 05/04/25 CNY 62.37 YUTAI XINDA ECONOMIC D 7.50 04/10/26 CNY 58.80 YUTAI XINDA ECONOMIC D 7.50 04/10/26 CNY 64.06 ZHANGJIAGANG ECONOMY D 5.27 12/13/25 CNY 61.98 ZHANGJIAJIE ECONOMIC D 6.47 07/24/27 CNY 62.50 ZHANGJIAJIE ECONOMIC D 6.47 07/24/27 CNY 68.59 ZHANGJIAJIE LOULI TOWN 7.50 03/26/26 CNY 63.14 ZHANGJIAJIE LOULI TOWN 7.50 03/26/26 CNY 63.14 ZHANGQIU STATE OWNED A 3.69 08/09/23 CNY 19.98 ZHANGQIU STATE OWNED A 3.69 08/09/23 CNY 19.99 ZHANGSHU STATE-OWNED A 4.80 06/22/23 CNY 20.05 ZHANGSHU STATE-OWNED A 4.80 06/22/23 CNY 23.70 ZHANGZHOU LONGHAI STAT 7.35 01/28/26 CNY 62.44 ZHANGZHOU LONGHAI STAT 7.35 01/28/26 CNY 62.51 ZHAODONG DONGSHENG CON 6.50 01/20/24 CNY 20.31 ZHAODONG DONGSHENG CON 6.50 01/20/24 CNY 20.31 ZHAOQING HI-TECH ZONE 3.97 08/26/23 CNY 19.96 ZHAOQING HI-TECH ZONE 3.97 08/26/23 CNY 20.03 ZHEJIANG CHANGXING HUA 7.50 12/26/25 CNY 60.00 ZHEJIANG CHANGXING HUA 7.50 12/26/25 CNY 61.44 ZHEJIANG HANGZHOU QING 5.99 06/30/24 CNY 40.69 ZHEJIANG HANGZHOU QING 5.99 06/30/24 CNY 40.69 ZHEJIANG HUISHENG INVE 4.49 03/15/24 CNY 24.99 ZHEJIANG HUISHENG INVE 4.49 03/15/24 CNY 25.00 ZHEJIANG HUZHOU NANXUN 7.40 03/12/26 CNY 60.00 ZHEJIANG HUZHOU NANXUN 7.80 08/21/25 CNY 61.40 ZHEJIANG TIANTAI STATE 6.50 11/22/24 CNY 40.00 ZHEJIANG TIANTAI STATE 6.50 11/22/24 CNY 41.17 ZHEJIANG WUYI CITY CON 8.00 08/10/25 CNY 60.00 ZHEJIANG WUYI CITY CON 8.00 12/21/25 CNY 60.00 ZHEJIANG WUYI CITY CON 8.00 08/10/25 CNY 61.71 ZHEJIANG WUYI CITY CON 8.00 12/21/25 CNY 61.99 ZHENGZHOU GENERAL AVIA 5.98 06/27/24 CNY 40.00 ZHENGZHOU GENERAL AVIA 5.80 10/18/24 CNY 40.00 ZHENGZHOU GENERAL AVIA 5.98 06/27/24 CNY 40.73 ZHENGZHOU GENERAL AVIA 5.80 10/18/24 CNY 40.90 ZHENGZHOU MOUZHONG DEV 4.59 04/18/23 CNY 20.00 ZHENGZHOU MOUZHONG DEV 4.59 04/18/23 CNY 20.00 ZHENJIANG DANTU DISTRI 5.98 11/06/24 CNY 41.06 ZHENJIANG NEW AREA URB 5.31 07/14/23 CNY 20.06 ZHENJIANG NEW AREA URB 5.31 07/14/23 CNY 20.06 ZHENRO REAL ESTATE HOL 5.45 09/14/24 CNY 25.40 ZHIJIANG WANYUN COMMUN 7.00 08/29/24 CNY 45.93 ZHONGSHAN TORCH DEVELO 5.79 03/23/24 CNY 20.49 ZHONGXIANG CITY CONSTR 6.50 09/01/24 CNY 40.69 ZHONGXIANG CITY CONSTR 6.50 09/01/24 CNY 40.89 ZHOUSHAN CITY INVESTME 6.33 04/04/25 CNY 41.00 ZHOUSHAN CITY INVESTME 6.33 04/04/25 CNY 41.80 ZHOUSHAN CITY INVESTME 5.94 10/22/25 CNY 62.00 ZHOUSHAN CITY INVESTME 5.94 10/22/25 CNY 62.29 ZHOUSHAN ISLANDS NEW D 7.00 09/25/26 CNY 70.00 ZHOUSHAN ISLANDS NEW D 7.50 01/30/27 CNY 70.00 ZHOUSHAN ISLANDS NEW D 7.00 09/25/26 CNY 73.38 ZHOUSHAN PUTUO DISTRIC 6.60 01/25/27 CNY 70.00 ZHOUSHAN PUTUO DISTRIC 6.30 03/21/27 CNY 70.00 ZHOUSHAN PUTUO DISTRIC 6.60 01/25/27 CNY 74.00 ZHOUSHAN PUTUO DISTRIC 6.30 03/21/27 CNY 74.13 ZHUCHENG ECONOMIC DEVE 5.37 07/12/24 CNY 40.00 ZHUCHENG ECONOMIC DEVE 5.37 07/12/24 CNY 40.17 ZHUHAI HUIHUA INFRASTR 4.70 06/27/23 CNY 20.01 ZHUHAI HUIHUA INFRASTR 4.70 06/27/23 CNY 20.02 ZHUJI CITY EAST NEW TO 3.89 08/26/23 CNY 19.99 ZHUJI CITY EAST NEW TO 3.89 08/26/23 CNY 20.03 ZHUJI STATE-OWNED ASSE 5.34 06/28/24 CNY 40.49 ZHUJI STATE-OWNED ASSE 5.23 07/18/24 CNY 40.51 ZHUJI STATE-OWNED ASSE 5.34 06/28/24 CNY 42.50 ZHUZHOU GECKOR GROUP C 3.78 09/28/23 CNY 19.92 ZHUZHOU GECKOR GROUP C 3.78 09/28/23 CNY 19.93 ZHUZHOU HI-TECH AUTO E 4.47 11/03/23 CNY 24.68 ZHUZHOU LUSONG STATE O 7.00 01/30/25 CNY 41.55 ZHUZHOU LVXIANG INVEST 7.09 08/16/24 CNY 38.78 ZHUZHOU LVXIANG INVEST 7.09 08/16/24 CNY 40.42 ZHUZHOU RAILWAY INDUST 7.50 09/25/24 CNY 40.77 ZHUZHOU XIANGJIAN INVE 6.40 08/09/24 CNY 40.00 ZHUZHOU XIANGJIAN INVE 6.40 08/09/24 CNY 40.37 ZIBO BOSHAN STATE OWNE 5.63 03/29/24 CNY 20.09 ZIBO BOSHAN STATE OWNE 5.63 03/29/24 CNY 20.17 ZIBO HIGH TECH CITY IN 5.28 08/10/24 CNY 40.59 ZIBO HIGH TECH CITY IN 5.28 08/10/24 CNY 44.80 ZIBO HIGH TECH CITY IN 5.03 04/03/26 CNY 62.00 ZIGUI COUNTY CHUYUAN H 7.08 08/14/27 CNY 70.00 ZIGUI COUNTY CHUYUAN H 7.80 02/12/28 CNY 70.00 ZIGUI COUNTY CHUYUAN H 7.80 02/12/28 CNY 73.19 ZIGUI COUNTY CHUYUAN H 7.08 08/14/27 CNY 73.78 ZIXING CHENGCHENG INVE 6.20 03/16/24 CNY 20.26 ZIXING CHENGCHENG INVE 6.20 03/16/24 CNY 20.37 ZIXING CHENGCHENG INVE 6.18 08/09/24 CNY 40.00 ZIXING CHENGCHENG INVE 6.18 08/09/24 CNY 40.51 ZIXING CITY DEVELOPMEN 6.30 09/26/24 CNY 40.00 ZIXING CITY DEVELOPMEN 6.00 05/03/24 CNY 40.28 ZIXING CITY DEVELOPMEN 6.00 05/03/24 CNY 40.28 ZIXING CITY DEVELOPMEN 6.30 09/26/24 CNY 40.43 ZIYANG KAILI INVESTMEN 8.00 02/14/26 CNY 54.58 ZONGYANG INVESTMENT DE 5.85 04/25/24 CNY 40.00 ZONGYANG INVESTMENT DE 5.85 04/25/24 CNY 40.49 ZOUCHENG CITY LONGCHEN 7.50 01/16/29 CNY 71.01 ZUNYI BOZHOU URBAN CON 6.60 07/06/24 CNY 40.54 ZUNYI BOZHOU URBAN CON 6.60 07/06/24 CNY 40.54 ZUNYI BOZHOU URBAN CON 7.85 10/24/24 CNY 40.72 ZUNYI CITY XIANGJIANG 6.99 09/25/24 CNY 40.84 ZUNYI ECONOMIC DEVELOP 7.48 08/17/24 CNY 37.80 ZUNYI ECONOMIC DEVELOP 7.48 08/17/24 CNY 40.91 ZUNYI HONGHUAGANG DIST 5.05 06/27/23 CNY 19.74 ZUNYI HONGHUAGANG DIST 5.05 06/27/23 CNY 20.02 ZUNYI HONGHUAGANG DIST 6.98 07/25/24 CNY 40.69 ZUNYI HONGHUAGANG DIST 6.98 07/25/24 CNY 40.69 ZUNYI NEW DISTRICT DEV 5.99 04/07/26 CNY 28.72 ZUNYI NEW DISTRICT DEV 5.99 04/07/26 CNY 30.40 ZUNYI ROAD & BRIDGE CO 6.10 04/27/23 CNY 24.97 ZUNYI ROAD & BRIDGE CO 6.10 04/27/23 CNY 24.99 ZUNYI TRAFFIC TRAVEL I 7.70 09/27/27 CNY 53.00 ZUNYI TRAFFIC TRAVEL I 7.70 09/27/27 CNY 63.31 ZUNYI TRAFFIC TRAVEL I 7.90 06/06/29 CNY 71.93 ZUNYI URBAN CONSTRUCTI 7.50 05/20/24 CNY 70.44 HONG KONG --------- AIRPORT AUTHORITY 2.63 02/04/51 USD 69.15 AIRPORT AUTHORITY 2.63 02/04/51 USD 69.57 CNAC HK FINBRIDGE CO L 3.70 09/22/50 USD 64.29 DR PENG HOLDING HONGKO 2.50 12/01/25 USD 41.10 HAINAN AIRLINES HONG K 12.00 10/29/21 USD 2.75 HKCG FINANCE LTD 2.57 06/29/50 HKD 67.96 HKCG FINANCE LTD 2.57 05/26/50 HKD 68.01 HKCG FINANCE LTD 2.94 10/18/49 HKD 73.98 HKCG FINANCE LTD 2.94 10/28/49 HKD 74.15 HNA GROUP INTERNATIONA 6.25 10/05/21 USD 5.00 HONG KONG GOVERNMENT I 1.00 11/24/41 EUR 62.20 HONG KONG GOVERNMENT I 2.38 02/02/51 USD 67.41 HONG KONG GOVERNMENT I 2.38 02/02/51 USD 67.61 HONG KONG MORTGAGE COR 2.65 07/26/49 HKD 72.25 HONGKONG IDEAL INVESTM 14.75 10/08/22 USD 5.14 MTR CORP LTD 2.88 07/27/46 USD 68.91 MTR CORP LTD 2.55 06/24/55 HKD 71.76 XIAOMI BEST TIME INTER 4.10 07/14/51 USD 60.78 XIAOMI BEST TIME INTER 4.10 07/14/51 USD 60.83 ZENSUN ENTERPRISES LTD 12.50 04/23/24 USD 36.35 ZENSUN ENTERPRISES LTD 12.50 09/13/23 USD 36.38 INDONESIA --------- BERAU COAL ENERGY TBK 2.00 10/15/28 USD 25.00 BERAU COAL ENERGY TBK 2.00 10/15/28 USD 25.00 DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 1.75 DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 1.75 DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 1.75 DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 1.75 DELTA MERLIN DUNIA TEK 2.50 06/26/28 USD 27.61 INDOFOOD CBP SUKSES MA 4.81 04/27/52 USD 75.38 INDOFOOD CBP SUKSES MA 4.75 06/09/51 USD 75.46 INDONESIA GOVERNMENT I 3.35 03/12/71 USD 69.30 INDONESIA GOVERNMENT I 3.20 09/23/61 USD 69.64 INDONESIA GOVERNMENT I 1.30 03/23/34 EUR 73.41 INDONESIA GOVERNMENT I 1.10 03/12/33 EUR 74.06 INDONESIA GOVERNMENT I 3.05 03/12/51 USD 74.78 KAWASAN INDUSTRI JABAB 7.00 12/15/27 USD 68.85 KAWASAN INDUSTRI JABAB 7.00 12/15/27 USD 69.00 PERUSAHAAN PERSEROAN P 4.00 06/30/50 USD 73.96 PERUSAHAAN PERSEROAN P 4.00 06/30/50 USD 74.02 PERUSAHAAN PERSEROAN P 1.88 11/05/31 EUR 74.69 SRI REJEKI ISMAN TBK P 7.25 01/16/25 USD 3.29 SRI REJEKI ISMAN TBK P 7.25 01/16/25 USD 3.45 INDIA ----- ACME RANGA REDDY SOLAR 0.01 08/31/46 INR 15.75 ACME RANGA REDDY SOLAR 0.01 01/26/46 INR 16.56 ADANI ELECTRICITY MUMB 3.87 07/22/31 USD 69.95 ADANI ELECTRICITY MUMB 3.87 07/22/31 USD 70.22 ADANI ELECTRICITY MUMB 3.95 02/12/30 USD 71.84 ADANI ELECTRICITY MUMB 3.95 02/12/30 USD 72.38 ADANI INTERNATIONAL CO 3.00 02/16/31 USD 74.30 ADANI INTERNATIONAL CO 3.00 02/16/31 USD 74.69 ADANI PORTS & SPECIAL 5.00 08/02/41 USD 62.45 ADANI PORTS & SPECIAL 5.00 08/02/41 USD 63.06 ADANI PORTS & SPECIAL 3.10 02/02/31 USD 65.09 ADANI PORTS & SPECIAL 3.10 02/02/31 USD 65.18 ADANI PORTS & SPECIAL 3.83 02/02/32 USD 65.28 ADANI PORTS & SPECIAL 3.83 02/02/32 USD 65.32 ADANI RENEWABLE ENERGY 4.63 10/15/39 USD 70.76 ADANI RENEWABLE ENERGY 4.63 10/15/39 USD 71.08 ADANI TRANSMISSION STE 4.25 05/21/36 USD 70.66 ADANI TRANSMISSION STE 4.25 05/21/36 USD 70.75 ALANKRIT ESTATES LTD 0.01 10/20/32 INR 45.95 AMPSOLAR SOLUTION PVT 0.01 11/03/37 INR 31.14 AMPSOLAR SOLUTION PVT 0.01 10/27/37 INR 31.19 AMTEK AUTO LTD 0.10 12/07/28 INR 59.25 ANSR GLOBAL CORP PVT L 4.00 02/12/30 INR 71.62 APG HABITAT PVT LTD 1.00 09/09/28 INR 66.53 APG INTELLI HOMES PVT 1.25 02/04/35 INR 47.16 APG INTELLI HOMES PVT 1.25 02/04/35 INR 47.53 ARCHEAN CHEMICAL INDUS 0.01 11/22/28 INR 61.28 ARVIND SMARTHOMES PVT 3.00 02/22/33 INR 69.43 ASSETS CARE & RECONSTR 2.05 04/30/31 INR 64.58 ASSETS CARE & RECONSTR 1.00 03/30/29 INR 66.50 ASSETS CARE & RECONSTR 2.00 03/31/30 INR 67.71 ASSETS CARE & RECONSTR 2.00 03/30/29 INR 71.18 ASSETS CARE & RECONSTR 2.00 03/30/29 INR 71.18 AUTHBRIDGE RESEARCH SE 0.10 12/03/31 INR 44.82 AUTHBRIDGE RESEARCH SE 0.10 10/14/31 INR 45.31 AUTOMOTIVE EXCHANGE PV 4.00 10/11/30 INR 60.90 AUTOMOTIVE EXCHANGE PV 4.00 06/01/30 INR 61.42 BHAGERIA & JAJODIA PHA 0.01 12/01/32 INR 45.72 BIG SHOT INFRA FACILIT 0.01 02/23/28 INR 65.21 BIG SHOT INFRA FACILIT 0.01 07/18/27 INR 68.53 BIG SHOT INFRA FACILIT 0.01 06/30/27 INR 68.82 BIG SHOT INFRA FACILIT 0.01 05/20/27 INR 69.46 BIG SHOT INFRA FACILIT 0.01 04/20/27 INR 69.94 BODY CUPID PVT LTD 0.01 03/31/31 INR 52.43 BREEZE CONSTRUCTIONS P 0.01 06/29/30 INR 52.86 BRITANNIA INDUSTRIES L 5.50 06/03/24 INR 28.31 BROIL SOLAR ENERGY PVT 0.01 09/05/31 INR 49.32 CASTEX TECHNOLOGIES LT 1.00 11/02/29 INR 62.84 CHANDRAJYOTI ESTATE DE 0.01 07/06/30 INR 54.08 CONVERGIA DIGITAL EDUC 0.10 09/29/31 INR 56.77 CROPIN TECHNOLOGY SOLU 0.01 01/12/31 INR 59.81 CROPIN TECHNOLOGY SOLU 0.01 12/20/30 INR 60.00 CROPIN TECHNOLOGY SOLU 0.01 09/25/27 INR 71.60 CROPIN TECHNOLOGY SOLU 0.01 02/27/27 INR 74.19 CUMULUS TRADING CO PVT 0.01 05/21/32 INR 46.08 CUMULUS TRADING CO PVT 0.01 01/23/30 INR 75.02 DLF ASPINWAL HOTELS PV 0.01 10/15/30 INR 49.73 DLF HOME DEVELOPERS LT 0.01 06/29/30 INR 52.30 DLF HOMES PANCHKULA PV 0.01 06/29/30 INR 52.86 DLF HOMES SERVICES PVT 0.01 06/29/30 INR 52.86 DLF LANDS INDIA PVT LT 0.01 09/29/31 INR 48.57 DLF MIDTOWN PVT LTD 0.01 12/11/27 INR 67.59 DLF PROPERTY DEVELOPER 0.01 08/12/30 INR 53.74 DLF PROPERTY DEVELOPER 0.01 06/29/30 INR 54.25 DLF REAL ESTATE BUILDE 0.01 06/23/30 INR 53.97 DLF RECREATIONAL FOUND 0.01 10/15/30 INR 49.73 DLF RESIDENTIAL BUILDE 0.01 06/23/30 INR 52.86 DLF RESIDENTIAL DEVELO 0.01 06/28/30 INR 55.57 DLF RESIDENTIAL DEVELO 0.01 06/28/30 INR 55.57 DLF RESIDENTIAL PARTNE 0.01 11/16/32 INR 45.85 DLF SOUTHERN TOWNS PVT 0.01 07/09/30 INR 57.97 DLF URBAN PVT LTD 0.01 12/11/27 INR 68.49 DOMUS REAL ESTATE PVT 0.01 07/11/30 INR 54.12 ECAP EQUITIES LTD 0.01 03/30/32 INR 49.87 ECAP EQUITIES LTD 0.01 12/28/31 INR 50.85 ECAP EQUITIES LTD 0.01 03/26/31 INR 53.88 EDELWEISS ASSET RECONS 2.00 07/22/29 INR 68.95 EDELWEISS ASSET RECONS 2.00 03/28/29 INR 70.12 EDELWEISS ASSET RECONS 2.00 01/15/29 INR 70.86 EDELWEISS ASSET RECONS 2.00 10/07/28 INR 71.91 EDELWEISS INVESTMENT A 0.01 05/31/29 INR 59.62 EDELWEISS RURAL & CORP 0.01 03/25/31 INR 53.01 ELP SOLAR ONE PVT LTD 0.25 02/27/31 INR 52.61 ENGENDER DEVELOPERS PV 0.01 03/30/41 INR 21.85 ENGENDER DEVELOPERS PV 0.01 02/29/32 INR 46.15 ESSAR POWER TRANSMISSI 3.00 03/31/43 INR 45.40 ESSAR POWER TRANSMISSI 3.00 03/31/43 INR 45.40 EVAAN HOLDINGS PVT LTD 1.00 02/14/33 INR 51.08 EVIE REAL ESTATE PVT L 0.01 01/26/28 INR 69.67 EVIE REAL ESTATE PVT L 1.00 03/27/27 INR 74.20 FUTURE RETAIL LTD 5.60 01/22/25 USD 0.58 FUTURE RETAIL LTD 5.60 01/22/25 USD 0.82 GALFAR ENGINEERING & C 0.01 12/12/34 INR 35.32 GALLERIA PROPERTY MANA 0.01 12/30/31 INR 48.58 GAMMA GAANA LTD 0.01 07/31/31 INR 49.31 GOLD PLUS GLASS INDUST 0.10 03/03/29 INR 60.78 GOLD PLUS GLASS INDUST 0.10 03/03/29 INR 60.78 GREEN URJA PVT LTD 0.01 02/14/30 INR 55.96 HCL INFOTECH LTD 0.10 03/31/36 INR 35.58 HITODI INFRASTRUCTURE 0.01 06/30/27 INR 66.73 IBROX AVIATION AND TRA 0.01 12/15/27 INR 63.54 INDIABULLS HOUSING FIN 4.50 09/28/26 USD 71.79 INDIADOTCOM DIGITAL PV 0.01 03/01/32 INR 67.00 JAIPRAKASH ASSOCIATES 5.75 09/08/17 USD 55.13 JAIPRAKASH POWER VENTU 7.00 05/15/17 USD 6.25 JCT LTD 2.50 04/08/11 USD 25.75 JSM CORP PVT LTD 0.01 08/31/36 INR 33.02 JTPM ATSALI LTD 0.01 08/29/48 INR 13.28 JTPM ATSALI LTD 0.01 12/28/28 INR 62.47 KANAKADURGA FINANCE LT 0.01 04/15/36 INR 31.66 KARMALA ROAD PROJECT P 0.01 12/09/32 INR 45.00 KIRTIMAAN BUILDERS LTD 0.01 10/20/32 INR 45.95 KUSHALS RETAIL PVT LTD 1.00 05/13/29 INR 60.30 L&T FINANCE LTD 6.25 12/03/24 INR 67.98 LITMUS WORLD MARKETING 0.01 03/31/28 INR 69.50 LOCON SOLUTIONS PVT LT 0.01 07/22/30 INR 49.53 LOK SUVIDHA FINANCE LT 0.01 11/30/31 INR 44.91 MAHATVA PLASTIC PRODUC 0.01 01/24/28 INR 66.79 MAHATVA PLASTIC PRODUC 0.01 11/21/27 INR 67.74 MAHATVA PLASTIC PRODUC 0.01 05/19/27 INR 70.58 MAHATVA PLASTIC PRODUC 0.01 05/03/27 INR 70.83 MAHATVA PLASTIC PRODUC 0.01 03/29/27 INR 71.38 MAKAAN.COM PVT LTD 0.01 07/22/30 INR 49.89 MANJRI DEVELOPERS PVT 0.01 08/05/39 INR 25.41 MARGO NETWORKS PVT LTD 0.01 03/24/32 INR 56.51 MARIS POWER SUPPLY CO 2.00 04/18/28 INR 74.01 MAXIMUS ARC LTD 0.01 10/07/26 INR 71.36 MAXIMUS ARC LTD 0.01 04/08/26 INR 74.68 MELOSA BUILDERS & DEVE 0.01 06/29/30 INR 52.86 MENS BUILDCON PVT LTD 0.01 06/29/30 INR 52.86 METALITE FUEL INDUSTRI 0.01 06/18/36 INR 34.55 METALITE FUEL INDUSTRI 0.01 03/31/35 INR 38.03 MUDIT CEMENT PVT LTD 0.01 03/28/27 INR 69.29 MYTRAH AADHYA POWER PV 0.01 07/05/35 INR 36.72 MYTRAH ADVAITH POWER P 0.01 07/13/36 INR 33.76 MYTRAH AKSHAYA ENERGY 0.01 07/13/36 INR 33.76 NANI VIRANI WIND ENERG 2.00 06/30/39 INR 44.92 NEEMUCH SOLAR POWER PV 0.01 08/29/46 INR 16.02 NEEMUCH SOLAR POWER PV 0.01 01/26/46 INR 16.83 NHAVA SHEVA INTERNATIO 0.01 04/14/27 INR 70.32 NSL KRISHNAVENI SUGARS 0.01 12/23/31 INR 45.84 ORIGAMI CELLULO PVT LT 0.01 11/14/36 INR 32.96 PALIWAL REAL ESTATE LT 0.01 09/09/31 INR 47.95 PIRAMAL CAPITAL & HOUS 8.50 04/18/23 INR 34.25 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PRIDHVI ASSET RECONSTR 0.01 06/07/26 INR 74.83 PRUDENT ARC LTD 0.01 03/30/32 INR 46.84 PRUDENT ARC LTD 0.01 10/04/31 INR 48.63 PRUDENT ARC LTD 0.01 09/02/31 INR 49.21 PUNJAB INFRASTRUCTURE 0.40 10/15/33 INR 48.11 PUNJAB INFRASTRUCTURE 0.40 10/15/32 INR 51.67 PUNJAB INFRASTRUCTURE 0.40 10/15/31 INR 55.50 PUNJAB INFRASTRUCTURE 0.40 10/15/30 INR 59.58 PUNJAB INFRASTRUCTURE 0.40 10/15/29 INR 63.94 PUNJAB INFRASTRUCTURE 0.40 10/15/28 INR 68.59 PUNJAB INFRASTRUCTURE 0.40 10/15/27 INR 73.56 PURVANCHAL SOLAR POWER 0.01 08/29/46 INR 16.02 PURVANCHAL SOLAR POWER 0.01 01/26/46 INR 16.83 PYRAMID SAIMIRA THEATR 1.75 07/04/12 USD 0.26 R L FINE CHEM PVT LTD 0.10 08/19/36 INR 33.32 RAMANI ICECREAM CO LTD 0.01 12/29/35 INR 35.75 RANKGURU TECHNOLOGY SO 0.01 03/31/27 INR 66.46 RANKGURU TECHNOLOGY SO 0.01 02/11/27 INR 67.26 REDKITE CAPITAL PVT LT 2.50 03/30/29 INR 72.07 REI AGRO LTD 5.50 11/13/14 USD 0.50 REI AGRO LTD 5.50 11/13/14 USD 0.50 RELIANCE COMMUNICATION 6.50 11/06/20 USD 2.18 RELIANCE INDUSTRIES LT 3.75 01/12/62 USD 69.80 RELIANCE INDUSTRIES LT 3.75 01/12/62 USD 69.80 RELIANCE INDUSTRIES LT 3.63 01/12/52 USD 70.49 RELIANCE INDUSTRIES LT 3.63 01/12/52 USD 70.55 RENEW FAZILKA SOLAR PO 0.01 01/26/46 INR 16.57 RENEW MEDAK POWER PVT 0.01 08/29/46 INR 16.02 RENEW MEDAK POWER PVT 0.01 01/26/46 INR 16.83 REWANCHAL SOLAR POWER 0.01 08/29/46 INR 16.02 REWANCHAL SOLAR POWER 0.01 01/26/46 INR 16.83 RIVERIA COMMERCIAL DEV 0.01 07/08/31 INR 48.07 RMZ ONE PARAMOUNT PVT 0.10 03/24/29 INR 58.92 RRB ENERGY LTD 3.50 11/08/32 INR 66.54 SAHIB FINLEASE LTD 1.00 10/29/29 INR 62.00 SAKET HOLIDAYS RESORTS 0.01 06/29/30 INR 53.93 SANJWIN CONSULTING SOL 0.01 06/01/28 INR 62.63 SBSR POWER CLEANTECH E 0.01 06/15/42 INR 20.82 SHERISHA ROOFTOP SOLAR 0.01 08/12/31 INR 47.83 SHIVAJI MARG MAINTENAN 0.01 06/28/30 INR 53.65 SHREE UTTAM STEEL & PO 0.10 07/12/32 INR 46.46 SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 1.00 SKIPPER PLASTICS LTD 1.00 08/16/32 INR 51.53 STPL HORTICULTURE PVT 0.01 03/31/31 INR 59.19 SUNWORLD SOLAR POWER P 0.01 08/31/46 INR 16.01 SUNWORLD SOLAR POWER P 0.01 01/26/46 INR 16.83 SURBHI INVESTMENTS & T 2.50 10/21/28 INR 73.56 SUTARA ROADS & INFRA L 0.01 08/31/30 INR 59.15 SUZLON ENERGY LTD 5.75 07/16/19 USD 20.76 SUZLON ENERGY LTD 5.75 07/16/19 USD 20.76 SUZLON ENERGY LTD 0.01 06/26/30 INR 49.22 SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.61 TATA SMARTFOODZ LTD 0.01 08/19/26 INR 73.86 TATA SMARTFOODZ LTD 0.01 06/28/26 INR 74.76 TN URJA PVT LTD 0.10 02/22/36 INR 36.66 UJAGAR ESTATES LTD 0.01 10/20/32 INR 45.95 UPAKARMA AYURVEDA PVT 0.10 10/27/32 INR 55.73 VENTO ENERGY INFRA PVT 0.01 09/20/39 INR 26.03 VIKRANT FORGE PVT LTD 2.00 03/25/33 INR 57.43 WATSUN INFRABUILD PVT 4.00 10/16/37 INR 65.04 YBRANT ENGINEERING & C 0.01 05/07/31 INR 51.58 YOGINDERA POWERS LTD 0.01 01/24/42 INR 38.95 JAPAN ----- AVANSTRATE INC 0.25 10/29/32 JPY 9.75 DEVELOPMENT BANK OF JA 1.65 05/07/49 EUR 68.00 DEVELOPMENT BANK OF JA 0.56 11/14/34 EUR 69.99 DEVELOPMENT BANK OF JA 0.89 07/16/70 JPY 72.50 DEVELOPMENT BANK OF JA 0.48 12/16/59 JPY 73.22 EAST JAPAN RAILWAY CO 0.81 07/23/69 JPY 63.92 EAST JAPAN RAILWAY CO 1.10 09/15/39 EUR 66.18 EAST JAPAN RAILWAY CO 0.50 07/28/56 JPY 68.27 EAST JAPAN RAILWAY CO 0.99 04/22/70 JPY 69.07 EAST JAPAN RAILWAY CO 0.77 09/15/34 EUR 71.99 EAST JAPAN RAILWAY CO 0.77 12/23/59 JPY 72.55 EAST JAPAN RAILWAY CO 1.14 04/15/71 JPY 73.20 EAST JAPAN RAILWAY CO 1.15 12/18/70 JPY 73.65 EAST JAPAN RAILWAY CO 0.83 04/22/60 JPY 73.96 EAST JAPAN RAILWAY CO 1.18 12/17/71 JPY 74.07 EAST JAPAN RAILWAY CO 1.21 07/15/71 JPY 75.15 HIS CO LTD 0.58 02/19/27 JPY 63.74 JAPAN EXPRESSWAY HOLDI 0.35 08/29/59 JPY 69.81 JAPAN EXPRESSWAY HOLDI 0.83 03/19/59 JPY 69.96 JAPAN EXPRESSWAY HOLDI 0.30 06/30/56 JPY 70.76 JAPAN EXPRESSWAY HOLDI 0.84 03/19/58 JPY 71.77 JAPAN EXPRESSWAY HOLDI 0.43 02/27/60 JPY 71.84 JAPAN EXPRESSWAY HOLDI 0.44 03/19/54 JPY 72.26 JAPAN EXPRESSWAY HOLDI 0.44 10/31/59 JPY 72.32 JAPAN EXPRESSWAY HOLDI 0.88 03/19/59 JPY 72.57 JAPAN EXPRESSWAY HOLDI 0.63 03/19/59 JPY 72.90 JAPAN EXPRESSWAY HOLDI 0.46 06/30/59 JPY 73.12 JAPAN EXPRESSWAY HOLDI 0.75 03/19/54 JPY 73.46 JAPAN EXPRESSWAY HOLDI 0.71 03/19/54 JPY 73.50 JAPAN EXPRESSWAY HOLDI 0.29 06/18/49 JPY 73.54 JAPAN EXPRESSWAY HOLDI 0.94 03/19/60 JPY 73.60 JAPAN EXPRESSWAY HOLDI 0.97 03/19/60 JPY 74.34 JAPAN EXPRESSWAY HOLDI 0.54 06/30/60 JPY 74.66 JAPAN EXPRESSWAY HOLDI 0.84 03/19/55 JPY 74.68 JAPAN EXPRESSWAY HOLDI 0.94 03/17/56 JPY 75.36 JAPAN EXPRESSWAY HOLDI 0.48 08/31/56 JPY 75.49 JAPAN EXPRESSWAY HOLDI 0.57 08/31/60 JPY 75.49 JAPAN FINANCE ORGANIZA 1.88 10/15/35 AUD 64.73 JAPAN FINANCE ORGANIZA 2.00 11/27/35 AUD 65.61 JAPAN FINANCE ORGANIZA 0.49 07/28/56 JPY 72.01 JAPAN FINANCE ORGANIZA 0.63 04/28/60 JPY 73.20 JAPAN FINANCE ORGANIZA 0.63 04/30/60 JPY 73.28 JAPAN FINANCE ORGANIZA 0.63 04/23/60 JPY 73.33 JAPAN FINANCE ORGANIZA 0.63 04/28/60 JPY 73.34 JAPAN FINANCE ORGANIZA 1.49 12/09/30 AUD 73.49 JAPAN FINANCE ORGANIZA 1.49 11/27/30 AUD 73.68 JAPAN FINANCE ORGANIZA 0.65 01/28/60 JPY 74.17 JAPAN GOVERNMENT FORTY 0.40 03/20/56 JPY 74.53 MITSUBISHI ESTATE CO L 1.13 04/18/69 JPY 73.08 MITSUBISHI ESTATE CO L 0.79 06/27/56 JPY 74.17 MITSUI FUDOSAN CO LTD 1.03 03/17/70 JPY 70.33 MIZUHO BANK LTD 3.92 06/13/46 USD 73.83 MIZUHO FINANCIAL GROUP 0.84 04/12/33 EUR 72.59 MIZUHO SECURITIES CO L 2.02 12/10/35 USD 66.51 MIZUHO SECURITIES CO L 2.05 12/21/35 USD 66.71 MIZUHO SECURITIES CO L 2.16 02/01/36 USD 67.44 NIPPON PROLOGIS REIT I 1.00 04/15/50 JPY 71.98 OSAKA GAS CO LTD 0.70 09/05/69 JPY 60.73 OSAKA GAS CO LTD 0.55 09/05/58 JPY 67.33 OSAKA GAS CO LTD 0.40 09/03/49 JPY 72.98 OSAKA GAS CO LTD 0.82 06/06/59 JPY 73.94 RAKUTEN GROUP INC 0.90 06/23/34 JPY 64.61 RAKUTEN GROUP INC 1.50 12/02/36 JPY 65.18 RAKUTEN GROUP INC 1.30 12/02/33 JPY 70.19 RAKUTEN GROUP INC 1.05 12/02/31 JPY 72.47 SOFTBANK GROUP CORP 3.88 07/06/32 EUR 73.52 SUMITOMO MITSUI FINANC 2.30 01/12/41 USD 65.60 SUMITOMO MITSUI FINANC 2.93 09/17/41 USD 70.43 SUMITOMO MITSUI FINANC 3.05 01/14/42 USD 72.84 TAKEDA PHARMACEUTICAL 3.38 07/09/60 USD 69.33 TAKEDA PHARMACEUTICAL 3.18 07/09/50 USD 70.71 TAKEDA PHARMACEUTICAL 2.00 07/09/40 EUR 72.14 TKJP CORP 1.02 12/15/17 JPY 0.50 TKJP CORP 0.85 03/06/19 JPY 2.02 TKJP CORP 0.58 03/26/21 JPY 2.02 TOHO GAS CO LTD 0.86 04/18/59 JPY 73.27 TOKYO GAS CO LTD 0.53 09/12/59 JPY 66.04 TOKYO GAS CO LTD 0.99 05/28/70 JPY 69.06 TOKYO GAS CO LTD 1.09 09/10/70 JPY 71.90 TOKYO GAS CO LTD 0.69 12/25/57 JPY 72.02 TOKYO GAS CO LTD 0.83 05/28/60 JPY 73.81 TOKYO METRO CO LTD 0.94 01/31/70 JPY 67.89 TOKYO METRO CO LTD 1.07 09/18/70 JPY 71.63 TOKYO METRO CO LTD 1.09 06/12/70 JPY 72.30 TOKYO METRO CO LTD 0.77 06/27/59 JPY 73.11 TOKYO METRO CO LTD 1.13 01/22/71 JPY 73.22 UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 20.37 UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 20.99 UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 23.67 UNIZO HOLDINGS CO LTD 1.10 11/28/24 JPY 26.90 UNIZO HOLDINGS CO LTD 0.89 05/29/24 JPY 30.42 UNIZO HOLDINGS CO LTD 0.85 05/26/23 JPY 35.03 UNIZO HOLDINGS CO LTD 0.80 11/29/23 JPY 37.09 URBAN RENAISSANCE AGEN 0.43 03/19/59 JPY 67.65 URBAN RENAISSANCE AGEN 0.68 03/19/59 JPY 74.35 URBAN RENAISSANCE AGEN 0.69 03/19/59 JPY 74.63 URBAN RENAISSANCE AGEN 0.32 06/18/49 JPY 74.97 WEST JAPAN RAILWAY CO 1.03 05/21/70 JPY 70.20 WEST JAPAN RAILWAY CO 1.10 08/27/70 JPY 72.28 WEST JAPAN RAILWAY CO 1.13 04/22/71 JPY 72.91 WEST JAPAN RAILWAY CO 0.40 08/27/49 JPY 73.49 WEST JAPAN RAILWAY CO 0.86 05/21/60 JPY 74.63 MALAYSIA -------- AXIATA SPV5 LABUAN LTD 3.06 08/19/50 USD 72.10 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.26 CAPITAL A BHD 8.00 12/29/28 MYR 0.77 EASTERN & ORIENTAL BHD 3.80 03/15/28 MYR 0.36 HUME CEMENT INDUSTRIES 5.00 05/29/24 MYR 1.36 MALAYAN FLOUR MILLS BH 5.00 01/24/24 MYR 1.50 MEX I CAPITAL BHD 0.10 07/21/42 MYR 31.63 PENGURUSAN AIR SPV BHD 1.00 11/11/36 MYR 63.04 PENGURUSAN AIR SPV BHD 1.00 02/05/36 MYR 65.22 PENGURUSAN AIR SPV BHD 1.00 11/05/35 MYR 65.47 PENGURUSAN AIR SPV BHD 1.00 09/28/35 MYR 65.76 PETRONAS CAPITAL LTD 3.40 04/28/61 USD 72.77 PETRONAS CAPITAL LTD 3.40 04/28/61 USD 72.83 SCANWOLF CORP BHD 3.00 08/04/26 MYR 0.27 SD INTERNATIONAL SUKUK 7.00 03/12/25 USD 3.23 SD INTERNATIONAL SUKUK 6.30 05/09/22 USD 5.25 TRIPLC VENTURES SDN BH 5.59 10/10/23 MYR 1.00 YB VENTURES BHD 0.10 09/05/26 MYR 0.04 NEW ZEALAND ----------- AUCKLAND COUNCIL 2.95 09/28/50 NZD 58.87 NEW ZEALAND GOVERNMENT 1.75 05/15/41 NZD 67.89 NEW ZEALAND LOCAL GOVE 2.00 04/15/37 NZD 68.07 HOUSING NEW ZEALAND LT 1.53 09/10/35 NZD 68.86 PHILIPPINES ----------- BAYAN TELECOMMUNICATIO 15.00 07/15/06 USD 17.25 GLOBE TELECOM INC 3.00 07/23/35 USD 73.63 PHILIPPINE GOVERNMENT 1.75 04/28/41 EUR 64.26 PHILIPPINE GOVERNMENT 2.65 12/10/45 USD 70.02 PHILIPPINE GOVERNMENT 2.95 05/05/45 USD 73.58 PHILIPPINE GOVERNMENT 1.20 04/28/33 EUR 74.60 PLDT INC 3.45 06/23/50 USD 67.73 SINGAPORE --------- APL REALTY HOLDINGS PT 5.95 06/02/24 USD 51.66 ASL MARINE HOLDINGS LT 3.00 03/28/25 SGD 41.50 ASL MARINE HOLDINGS LT 3.00 10/01/26 SGD 41.50 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.70 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.70 BLD INVESTMENTS PTE LT 8.63 03/23/15 USD 6.75 DBS BANK LTD 1.15 01/22/50 EUR 53.04 DBS BANK LTD 1.22 02/18/50 EUR 54.23 DBS BANK LTD 1.41 01/23/50 EUR 56.81 DBS BANK LTD 1.42 06/28/49 EUR 57.76 DBS BANK LTD 1.55 06/07/49 EUR 59.92 DBS BANK LTD 1.83 04/12/49 EUR 63.79 DBS BANK LTD 2.95 10/28/51 AUD 69.93 ENERCOAL RESOURCES PTE 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 2.24 GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 2.73 INDO INFRASTRUCTURE GR 2.00 07/30/10 USD 1.00 ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 16.90 JGC VENTURES PTE LTD 3.00 06/30/25 USD 34.28 LMIRT CAPITAL PTE LTD 7.50 02/09/26 USD 59.61 LMIRT CAPITAL PTE LTD 7.25 06/19/24 USD 65.35 MICLYN EXPRESS OFFSHOR 8.75 11/25/18 USD 0.78 MODERNLAND OVERSEAS PT 3.00 04/30/27 USD 42.00 MODERNLAND OVERSEAS PT 3.00 04/30/27 USD 42.04 NATIONAL ENVIRONMENT A 2.50 09/15/51 SGD 73.86 NOMURA INTERNATIONAL F 3.17 10/30/44 AUD 53.61 NOMURA INTERNATIONAL F 1.38 07/31/44 EUR 57.42 NOMURA INTERNATIONAL F 3.90 06/18/50 USD 58.97 NOMURA INTERNATIONAL F 19.50 08/28/28 TRY 60.33 NOMURA INTERNATIONAL F 2.31 01/06/36 AUD 61.66 NOMURA INTERNATIONAL F 2.31 12/03/35 AUD 61.70 NOMURA INTERNATIONAL F 7.65 10/04/37 AUD 62.38 NOMURA INTERNATIONAL F 3.65 06/18/39 AUD 64.91 NOMURA INTERNATIONAL F 5.65 11/28/36 USD 68.51 NOMURA INTERNATIONAL F 6.02 07/20/37 USD 70.40 NOMURA INTERNATIONAL F 3.74 04/20/40 USD 70.85 NOMURA INTERNATIONAL F 2.60 06/14/44 KRW 71.24 NOMURA INTERNATIONAL F 6.25 04/21/37 USD 72.31 NOMURA INTERNATIONAL F 6.00 02/16/32 USD 74.11 ORO NEGRO DRILLING PTE 7.50 01/24/24 USD 0.30 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 6.13 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25 TEMASEK FINANCIAL I LT 1.25 11/20/49 EUR 62.31 TEMASEK FINANCIAL I LT 2.50 10/06/70 USD 62.44 TEMASEK FINANCIAL I LT 2.50 10/06/70 USD 62.48 TEMASEK FINANCIAL I LT 2.25 04/06/51 USD 65.92 TEMASEK FINANCIAL I LT 2.25 04/06/51 USD 68.35 TEMASEK FINANCIAL I LT 2.75 08/02/61 USD 69.60 TEMASEK FINANCIAL I LT 2.75 08/02/61 USD 69.77 TEMASEK FINANCIAL I LT 2.80 08/17/71 SGD 73.78 THETA CAPITAL PTE LTD 6.75 10/31/26 USD 70.99 SOUTH KOREA ----------- BUSAN PORT AUTHORITY 1.65 08/21/40 KRW 74.42 CITIBANK KOREA INC 2.33 08/01/36 KRW 69.99 CJ CGV CO LTD 0.50 07/21/52 KRW 18.83 CJ CGV CO LTD 1.00 06/08/51 KRW 21.32 EXPORT-IMPORT BANK OF 2.51 12/06/49 AUD 54.82 EXPORT-IMPORT BANK OF 2.70 12/22/36 AUD 70.89 EXPORT-IMPORT BANK OF 2.65 04/07/36 AUD 72.91 EXPORT-IMPORT BANK OF 2.50 06/29/41 USD 73.76 HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 30.16 KOREA DEVELOPMENT BANK 2.50 09/28/41 AUD 64.86 KOREA DEVELOPMENT BANK 2.55 09/28/41 AUD 65.37 KOREA DEVELOPMENT BANK 1.85 09/24/49 KRW 66.16 KOREA DEVELOPMENT BANK 2.00 07/31/49 KRW 66.78 KOREA DEVELOPMENT BANK 2.00 08/01/49 KRW 66.84 KOREA DEVELOPMENT BANK 2.00 08/01/49 KRW 66.84 KOREA DEVELOPMENT BANK 2.78 10/18/41 AUD 68.14 KOREA DEVELOPMENT BANK 1.91 09/18/50 KRW 68.61 KOREA DEVELOPMENT BANK 1.86 10/19/50 KRW 69.43 KOREA DEVELOPMENT BANK 2.14 06/21/49 KRW 70.00 KOREA DEVELOPMENT BANK 2.37 09/29/46 KRW 70.37 KOREA DEVELOPMENT BANK 2.30 08/30/51 KRW 72.14 KOREA DEVELOPMENT BANK 2.30 08/30/51 KRW 72.14 KOREA DEVELOPMENT BANK 3.19 11/26/41 AUD 72.27 KOREA DEVELOPMENT BANK 3.24 11/30/41 AUD 72.85 KOREA DEVELOPMENT BANK 2.30 10/11/46 KRW 73.22 KOREA DEVELOPMENT BANK 2.12 06/21/49 KRW 74.16 KOREA EAST-WEST POWER 1.42 10/07/49 KRW 49.48 KOREA EAST-WEST POWER 1.70 07/16/50 KRW 52.92 KOREA EAST-WEST POWER 2.16 03/07/49 KRW 61.27 KOREA EAST-WEST POWER 1.47 10/07/39 KRW 62.61 KOREA EAST-WEST POWER 2.23 11/05/48 KRW 62.72 KOREA EAST-WEST POWER 1.70 07/16/40 KRW 64.00 KOREA EAST-WEST POWER 1.78 11/24/40 KRW 64.70 KOREA EAST-WEST POWER 2.52 11/22/51 KRW 64.89 KOREA EAST-WEST POWER 2.18 03/07/39 KRW 71.66 KOREA EAST-WEST POWER 2.56 11/22/41 KRW 73.11 KOREA EAST-WEST POWER 2.30 11/05/38 KRW 73.72 KOREA EAST-WEST POWER 2.62 11/03/41 KRW 74.13 KOREA ELECTRIC POWER C 1.71 10/24/49 KRW 65.48 KOREA EXPRESSWAY CORP 1.32 08/22/49 KRW 60.67 KOREA EXPRESSWAY CORP 1.47 09/25/49 KRW 62.94 KOREA EXPRESSWAY CORP 1.52 03/12/50 KRW 63.58 KOREA EXPRESSWAY CORP 1.71 10/29/50 KRW 66.52 KOREA EXPRESSWAY CORP 1.71 04/09/50 KRW 66.53 KOREA EXPRESSWAY CORP 1.57 08/26/46 KRW 67.68 KOREA EXPRESSWAY CORP 1.81 11/12/50 KRW 68.24 KOREA EXPRESSWAY CORP 1.86 12/23/50 KRW 68.82 KOREA EXPRESSWAY CORP 1.79 05/30/49 KRW 69.20 KOREA EXPRESSWAY CORP 2.04 08/13/51 KRW 71.54 KOREA EXPRESSWAY CORP 1.96 04/11/49 KRW 71.63 KOREA EXPRESSWAY CORP 2.10 09/09/51 KRW 72.40 KOREA EXPRESSWAY CORP 1.85 10/24/46 KRW 72.59 KOREA EXPRESSWAY CORP 1.98 04/25/49 KRW 72.73 KOREA EXPRESSWAY CORP 1.90 11/10/46 KRW 73.21 KOREA EXPRESSWAY CORP 2.14 07/09/51 KRW 73.64 KOREA EXPRESSWAY CORP 2.18 03/11/51 KRW 74.26 KOREA EXPRESSWAY CORP 2.00 12/07/48 KRW 74.30 KOREA EXPRESSWAY CORP 2.13 03/19/49 KRW 74.56 KOREA EXPRESSWAY CORP 1.58 05/21/40 KRW 74.64 KOREA GAS CORP 1.80 08/22/44 KRW 67.75 KOREA HYDRO & NUCLEAR 1.59 05/25/50 KRW 52.79 KOREA HYDRO & NUCLEAR 1.58 10/16/49 KRW 53.01 KOREA HYDRO & NUCLEAR 1.66 06/15/50 KRW 53.76 KOREA HYDRO & NUCLEAR 1.70 11/27/49 KRW 54.98 KOREA HYDRO & NUCLEAR 1.78 11/23/50 KRW 55.49 KOREA HYDRO & NUCLEAR 1.80 04/02/50 KRW 56.01 KOREA HYDRO & NUCLEAR 1.83 04/28/50 KRW 56.76 KOREA HYDRO & NUCLEAR 1.82 06/05/49 KRW 57.13 KOREA HYDRO & NUCLEAR 2.31 06/29/51 KRW 63.02 KOREA HYDRO & NUCLEAR 1.57 05/25/40 KRW 64.30 KOREA HYDRO & NUCLEAR 2.25 10/26/48 KRW 64.41 KOREA HYDRO & NUCLEAR 1.63 06/15/40 KRW 64.81 KOREA HYDRO & NUCLEAR 2.45 10/14/51 KRW 64.92 KOREA HYDRO & NUCLEAR 1.59 10/16/39 KRW 65.27 KOREA HYDRO & NUCLEAR 1.80 11/23/40 KRW 66.57 KOREA HYDRO & NUCLEAR 1.80 04/02/40 KRW 67.08 KOREA HYDRO & NUCLEAR 1.76 11/27/39 KRW 67.24 KOREA HYDRO & NUCLEAR 2.41 09/18/47 KRW 67.33 KOREA HYDRO & NUCLEAR 1.81 04/28/40 KRW 67.44 KOREA HYDRO & NUCLEAR 2.59 11/03/51 KRW 67.56 KOREA HYDRO & NUCLEAR 2.47 10/17/47 KRW 68.02 KOREA HYDRO & NUCLEAR 1.81 06/05/39 KRW 68.46 KOREA HYDRO & NUCLEAR 2.31 06/29/41 KRW 71.69 KOREA HYDRO & NUCLEAR 2.81 06/05/48 KRW 72.76 KOREA HYDRO & NUCLEAR 2.97 02/17/52 KRW 73.37 KOREA HYDRO & NUCLEAR 2.49 10/14/41 KRW 73.50 KOREA HYDRO & NUCLEAR 3.02 03/11/52 KRW 73.97 KOREA HYDRO & NUCLEAR 2.88 05/11/48 KRW 74.05 KOREA LAND & HOUSING C 1.28 08/23/49 KRW 60.06 KOREA LAND & HOUSING C 1.54 03/09/50 KRW 64.05 KOREA LAND & HOUSING C 1.57 05/27/50 KRW 64.67 KOREA LAND & HOUSING C 1.65 08/27/50 KRW 65.59 KOREA LAND & HOUSING C 1.66 09/18/50 KRW 65.64 KOREA LAND & HOUSING C 1.67 07/07/50 KRW 65.78 KOREA LAND & HOUSING C 2.17 10/30/68 KRW 67.41 KOREA LAND & HOUSING C 1.70 06/13/49 KRW 67.76 KOREA LAND & HOUSING C 1.74 01/22/50 KRW 67.89 KOREA LAND & HOUSING C 1.78 04/08/50 KRW 67.92 KOREA LAND & HOUSING C 1.78 04/29/50 KRW 68.64 KOREA LAND & HOUSING C 1.62 07/27/46 KRW 68.72 KOREA LAND & HOUSING C 1.61 07/19/46 KRW 68.78 KOREA LAND & HOUSING C 1.87 05/24/49 KRW 70.20 KOREA LAND & HOUSING C 1.97 01/29/51 KRW 70.96 KOREA LAND & HOUSING C 1.83 10/19/46 KRW 72.33 KOREA LAND & HOUSING C 2.15 09/15/51 KRW 73.43 KOREA LAND & HOUSING C 2.15 03/05/51 KRW 73.81 KOREA LAND & HOUSING C 1.61 06/10/40 KRW 74.52 KOREA MIDLAND POWER CO 1.53 02/25/50 KRW 50.88 KOREA MIDLAND POWER CO 1.69 06/18/50 KRW 52.99 KOREA MIDLAND POWER CO 1.72 06/18/49 KRW 54.27 KOREA MIDLAND POWER CO 1.86 11/13/49 KRW 56.19 KOREA MIDLAND POWER CO 1.95 05/21/49 KRW 57.93 KOREA MIDLAND POWER CO 1.99 03/26/49 KRW 58.57 KOREA MIDLAND POWER CO 2.17 02/08/49 KRW 61.53 KOREA MIDLAND POWER CO 2.17 10/31/48 KRW 61.90 KOREA MIDLAND POWER CO 1.53 02/25/40 KRW 62.84 KOREA MIDLAND POWER CO 2.26 09/10/48 KRW 63.06 KOREA MIDLAND POWER CO 1.59 03/18/40 KRW 63.38 KOREA MIDLAND POWER CO 1.66 08/25/40 KRW 63.63 KOREA MIDLAND POWER CO 1.64 07/21/40 KRW 63.63 KOREA MIDLAND POWER CO 1.66 06/18/40 KRW 63.77 KOREA MIDLAND POWER CO 1.75 06/18/39 KRW 66.33 KOREA MIDLAND POWER CO 1.92 10/30/39 KRW 68.00 KOREA MIDLAND POWER CO 1.96 05/21/39 KRW 68.97 KOREA MIDLAND POWER CO 2.87 01/24/52 KRW 70.51 KOREA MIDLAND POWER CO 2.19 02/08/39 KRW 72.10 KOREA MIDLAND POWER CO 3.01 02/17/52 KRW 72.53 KOREA MIDLAND POWER CO 2.24 10/31/38 KRW 73.09 KOREA MIDLAND POWER CO 2.30 09/10/38 KRW 73.65 KOREA MINE REHABILITAT 3.01 02/26/40 AUD 64.59 KOREA MINE REHABILITAT 1.93 07/15/50 KRW 67.84 KOREA MINE REHABILITAT 2.07 01/06/51 KRW 70.17 KOREA MINE REHABILITAT 3.20 07/15/40 USD 72.17 KOREA OCEAN BUSINESS C 1.50 09/27/49 KRW 63.12 KOREA OCEAN BUSINESS C 1.59 05/22/50 KRW 64.29 KOREA OCEAN BUSINESS C 1.63 12/11/49 KRW 65.36 KOREA OCEAN BUSINESS C 1.67 06/16/50 KRW 65.51 KOREA OCEAN BUSINESS C 1.69 10/27/50 KRW 65.73 KOREA OCEAN BUSINESS C 1.70 04/16/50 KRW 65.98 KOREA OCEAN BUSINESS C 2.01 03/28/49 KRW 72.16 KOREA OVERSEAS INFRAST 1.76 10/28/50 KRW 66.64 KOREA RAIL NETWORK AUT 1.46 09/27/49 KRW 62.58 KOREA RAIL NETWORK AUT 1.51 10/11/49 KRW 63.32 KOREA RAIL NETWORK AUT 1.59 05/21/50 KRW 64.71 KOREA RAIL NETWORK AUT 1.64 02/19/50 KRW 65.46 KOREA RAIL NETWORK AUT 1.65 02/03/50 KRW 65.82 KOREA RAIL NETWORK AUT 1.76 04/23/50 KRW 67.89 KOREA RAIL NETWORK AUT 1.75 11/20/49 KRW 67.96 KOREA RAIL NETWORK AUT 1.85 11/05/49 KRW 69.76 KOREA RAIL NETWORK AUT 1.72 06/28/46 KRW 70.20 KOREA RAIL NETWORK AUT 2.03 08/06/51 KRW 71.12 KOREA RAIL NETWORK AUT 1.93 05/16/49 KRW 71.42 KOREA RAIL NETWORK AUT 2.10 03/25/51 KRW 72.35 KOREA RAIL NETWORK AUT 1.90 06/13/46 KRW 73.15 KOREA RAIL NETWORK AUT 2.15 07/13/51 KRW 73.51 KOREA RAILROAD CORP 1.31 08/29/49 KRW 60.05 KOREA RAILROAD CORP 1.44 07/26/49 KRW 62.40 KOREA RAILROAD CORP 1.47 09/19/49 KRW 62.58 KOREA RAILROAD CORP 1.56 03/18/50 KRW 63.82 KOREA RAILROAD CORP 1.61 08/12/50 KRW 64.27 KOREA RAILROAD CORP 1.59 07/18/49 KRW 65.13 KOREA RAILROAD CORP 1.67 04/14/50 KRW 65.51 KOREA RAILROAD CORP 2.04 07/22/51 KRW 71.30 KOREA RAILROAD CORP 2.00 04/05/49 KRW 71.79 KOREA RAILROAD CORP 1.88 10/27/46 KRW 72.58 KOREA RAILROAD CORP 2.01 04/24/49 KRW 72.76 KOREA RAILROAD CORP 1.41 04/11/39 EUR 72.83 KOREA RAILROAD CORP 1.94 11/03/46 KRW 73.64 KOREA RAILROAD CORP 2.13 03/13/49 KRW 74.12 KOREA SMES AND STARTUP 1.87 03/24/50 KRW 69.37 KOREA SMES AND STARTUP 1.31 08/09/39 KRW 71.72 KOREA SMES AND STARTUP 1.64 10/16/40 KRW 74.25 KOREA SOUTH-EAST POWER 1.65 06/11/50 KRW 52.34 KOREA SOUTH-EAST POWER 1.69 06/26/49 KRW 53.80 KOREA SOUTH-EAST POWER 1.96 01/26/51 KRW 56.92 KOREA SOUTH-EAST POWER 2.19 11/09/48 KRW 62.12 KOREA SOUTH-EAST POWER 1.63 06/11/40 KRW 63.48 KOREA SOUTH-EAST POWER 2.47 11/09/51 KRW 64.22 KOREA SOUTH-EAST POWER 1.68 06/26/39 KRW 65.50 KOREA SOUTH-EAST POWER 1.97 01/26/41 KRW 66.93 KOREA SOUTH-EAST POWER 2.60 07/26/48 KRW 68.57 KOREA SOUTH-EAST POWER 2.77 04/12/48 KRW 70.67 KOREA SOUTH-EAST POWER 2.32 11/09/38 KRW 73.85 KOREA SOUTH-EAST POWER 3.13 03/28/52 KRW 73.96 KOREA SOUTHERN POWER C 1.29 08/13/49 KRW 47.80 KOREA SOUTHERN POWER C 1.63 12/19/49 KRW 52.49 KOREA SOUTHERN POWER C 1.68 06/25/50 KRW 52.74 KOREA SOUTHERN POWER C 1.80 11/20/49 KRW 55.30 KOREA SOUTHERN POWER C 1.33 08/13/39 KRW 61.48 KOREA SOUTHERN POWER C 1.66 06/18/40 KRW 63.77 KOREA SOUTHERN POWER C 1.66 06/25/40 KRW 63.77 KOREA SOUTHERN POWER C 1.67 12/19/39 KRW 64.62 KOREA SOUTHERN POWER C 2.43 09/28/48 KRW 65.50 KOREA SOUTHERN POWER C 2.59 11/04/51 KRW 66.16 KOREA SOUTHERN POWER C 1.84 11/20/39 KRW 66.94 KOREA SOUTHERN POWER C 2.38 07/28/41 KRW 71.93 KOREA SOUTHERN POWER C 2.66 11/04/41 KRW 74.50 KOREA STUDENT AID FOUN 1.41 09/06/39 KRW 73.10 KOREA TREASURY BOND 1.50 09/10/66 KRW 59.56 KOREA TREASURY BOND 1.63 09/10/70 KRW 60.98 KOREA TREASURY BOND 1.50 03/10/50 KRW 68.79 KOREA TREASURY BOND 2.00 09/10/68 KRW 70.61 KOREA TREASURY BOND 1.13 09/10/39 KRW 73.29 KOREA WATER RESOURCES 1.54 03/13/50 KRW 63.75 KOREA WATER RESOURCES 1.63 07/16/49 KRW 66.14 KOREA WATER RESOURCES 1.63 10/21/49 KRW 66.23 KOREA WATER RESOURCES 1.68 07/01/49 KRW 66.93 KOREA WATER RESOURCES 1.71 01/10/50 KRW 67.28 KOREA WATER RESOURCES 1.82 06/22/46 KRW 71.94 KOREA WATER RESOURCES 1.83 06/24/46 KRW 72.15 KOREA WATER RESOURCES 1.97 12/20/48 KRW 72.38 KOREA WESTERN POWER CO 1.62 05/28/50 KRW 51.95 KOREA WESTERN POWER CO 1.68 08/27/50 KRW 52.75 KOREA WESTERN POWER CO 1.76 11/05/50 KRW 53.86 KOREA WESTERN POWER CO 1.88 12/22/50 KRW 55.42 KOREA WESTERN POWER CO 2.20 11/01/48 KRW 62.32 KOREA WESTERN POWER CO 2.25 09/14/48 KRW 62.87 KOREA WESTERN POWER CO 1.59 05/28/40 KRW 63.12 KOREA WESTERN POWER CO 1.68 08/27/40 KRW 63.85 KOREA WESTERN POWER CO 1.69 06/23/40 KRW 64.14 KOREA WESTERN POWER CO 2.46 09/28/47 KRW 66.70 KOREA WESTERN POWER CO 2.81 04/20/48 KRW 71.91 KOREA WESTERN POWER CO 2.50 11/10/41 KRW 72.53 KOREA WESTERN POWER CO 2.25 11/01/38 KRW 73.15 KOREA WESTERN POWER CO 2.27 09/14/38 KRW 73.31 KT CORP 1.71 06/15/40 KRW 65.86 KT CORP 1.67 10/11/39 KRW 66.34 KT CORP 1.98 01/25/41 KRW 68.47 KT CORP 2.21 01/14/39 KRW 73.51 LG ELECTRONICS INC 2.66 07/06/40 KRW 72.82 LG ELECTRONICS INC 2.83 02/09/41 KRW 74.41 SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00 SANUPKIBANSINBO BUSAN- 1.89 09/17/41 KRW 66.56 SANUPKIBANSINBO BUSAN- 1.87 10/01/40 KRW 67.65 SANUPKIBANSINBO BUSAN- 1.85 10/01/38 KRW 70.08 SANUPKIBANSINBO BUSAN- 1.83 10/01/36 KRW 72.79 SEOUL METROPOLITAN CIT 1.69 11/22/49 KRW 70.97 SEOUL METROPOLITAN CIT 1.85 10/30/49 KRW 73.48 SK HYNIX INC 2.38 01/19/31 USD 73.86 SK HYNIX INC 2.38 01/19/31 USD 74.17 SK TELECOM CO LTD 1.56 07/29/49 KRW 53.08 SK TELECOM CO LTD 1.52 07/29/39 KRW 64.99 SK TELECOM CO LTD 1.76 10/19/40 KRW 65.98 SK TELECOM CO LTD 1.89 01/15/41 KRW 66.82 SK TELECOM CO LTD 1.87 01/14/40 KRW 67.90 SK TELECOM CO LTD 1.81 10/22/39 KRW 68.00 SK TELECOM CO LTD 2.23 03/06/39 KRW 73.54 SRI LANKA --------- SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 33.72 SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 33.77 SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 33.80 SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 33.82 SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 33.84 SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 33.85 SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 33.87 SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 33.95 SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 33.95 SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 33.99 SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 34.06 SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 34.13 SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 34.28 SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 34.29 SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 35.10 SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 35.25 SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 35.38 SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 35.39 SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 35.49 SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 35.70 SRI LANKA GOVERNMENT I 5.88 07/25/22 USD 37.72 SRI LANKA GOVERNMENT I 5.88 07/25/22 USD 38.04 SRI LANKA GOVERNMENT B 8.00 01/01/32 LKR 41.96 SRI LANKA GOVERNMENT B 9.00 11/01/33 LKR 42.16 SRI LANKA GOVERNMENT B 9.00 06/01/43 LKR 43.05 SRI LANKA GOVERNMENT B 9.00 06/01/33 LKR 43.98 SRI LANKA GOVERNMENT B 9.00 10/01/32 LKR 44.71 SRI LANKA GOVERNMENT B 10.25 09/15/34 LKR 45.84 SRI LANKA GOVERNMENT B 10.50 08/15/39 LKR 45.98 SRI LANKA GOVERNMENT B 11.50 03/15/35 LKR 51.09 SRI LANKA GOVERNMENT B 11.20 01/15/33 LKR 52.97 SRI LANKA GOVERNMENT B 11.25 03/15/31 LKR 53.98 SRI LANKA GOVERNMENT B 7.80 08/15/27 LKR 54.24 SRI LANKA GOVERNMENT B 9.00 07/01/28 LKR 54.39 SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 54.77 SRI LANKA GOVERNMENT B 11.00 05/15/30 LKR 55.43 SRI LANKA GOVERNMENT B 9.00 05/01/28 LKR 55.44 SRI LANKA GOVERNMENT B 12.00 12/01/31 LKR 55.62 SRI LANKA GOVERNMENT B 12.00 01/01/41 LKR 57.39 SRI LANKA GOVERNMENT B 13.25 01/01/34 LKR 57.86 SRI LANKA GOVERNMENT B 12.50 03/01/45 LKR 58.79 SRI LANKA GOVERNMENT B 10.30 10/15/27 LKR 59.84 SRI LANKA GOVERNMENT B 13.25 07/01/33 LKR 59.96 SRI LANKA GOVERNMENT B 5.35 03/01/26 LKR 60.32 SRI LANKA GOVERNMENT B 10.75 03/15/28 LKR 61.20 SRI LANKA GOVERNMENT B 11.50 09/01/28 LKR 61.26 SRI LANKA GOVERNMENT B 11.25 12/15/27 LKR 61.30 SRI LANKA GOVERNMENT B 13.00 05/01/29 LKR 63.21 SRI LANKA GOVERNMENT B 13.50 06/01/44 LKR 63.52 SRI LANKA GOVERNMENT B 13.50 01/01/44 LKR 63.60 SRI LANKA GOVERNMENT B 13.00 01/01/29 LKR 63.88 SRI LANKA GOVERNMENT B 6.75 01/15/26 LKR 64.10 SRI LANKA GOVERNMENT B 11.75 06/15/27 LKR 64.91 SRI LANKA GOVERNMENT B 11.40 01/15/27 LKR 66.16 SRI LANKA GOVERNMENT B 9.00 02/01/26 LKR 67.92 SRI LANKA GOVERNMENT B 11.50 08/01/26 LKR 69.08 SRI LANKA GOVERNMENT B 11.00 06/01/26 LKR 69.68 SRI LANKA GOVERNMENT B 10.35 10/15/25 LKR 71.76 SRI LANKA GOVERNMENT B 9.00 05/01/25 LKR 73.65 SRI LANKA GOVERNMENT B 11.00 08/01/25 LKR 73.89 SRI LANKA GOVERNMENT B 6.00 12/01/24 LKR 74.24 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 0.80 GC TREASURY CENTER CO 4.30 03/18/51 USD 73.95 GC TREASURY CENTER CO 4.30 03/18/51 USD 73.98 MDX PCL 4.75 09/17/03 USD 22.88 PTT TREASURY CENTER CO 3.70 07/16/70 USD 67.17 PTT TREASURY CENTER CO 3.70 07/16/70 USD 67.39 PTTEP TREASURY CENTER 3.90 12/06/59 USD 70.94 PTTEP TREASURY CENTER 3.90 12/06/59 USD 70.96 THAIOIL TREASURY CENTE 3.50 10/17/49 USD 62.91 THAIOIL TREASURY CENTE 3.50 10/17/49 USD 62.93 THAIOIL TREASURY CENTE 3.75 06/18/50 USD 65.68 THAIOIL TREASURY CENTE 3.75 06/18/50 USD 66.03 TAIWAN ------ TAIWAN SEMICONDUCTOR M 2.70 09/22/60 USD 63.25 TAIWAN GOVERNMENT BOND 0.38 11/27/50 TWD 73.01 TAIWAN SEMICONDUCTOR M 3.10 09/23/51 USD 73.69 VIETNAM ------- BIM LAND JSC 7.38 05/07/26 USD 48.07 NO VA LAND INVESTMENT 5.25 07/16/26 USD 24.58 VINPEARL JSC 3.25 09/21/26 USD 74.01 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***