/raid1/www/Hosts/bankrupt/TCRAP_Public/190604.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, June 4, 2019, Vol. 22, No. 111
Headlines
A U S T R A L I A
COMMSITE INTEGRATED: First Creditors' Meeting Set for June 14
DEPARTMENT 13: First Creditors' Meeting Set for June 12
GASCOYNE RESOURCES: Enters Administration After Cash Flow Analysis
GRILLED STEAK: Second Creditors' Meeting Set for June 12
KARMA CAFE: First Creditors' Meeting Set for June 13
PERFECT PACKAGING: First Creditors' Meeting Set for June 12
PERSONALISED VENDING: First Creditors' Meeting Set for June 11
PICTON POWER: First Creditors' Meeting Set for June 12
SLEEP MANAGEMENT: Second Creditors' Meeting Set for June 7
T & K GRENTELL: Second Creditors' Meeting Set for June 7
TRITON TRUST 2015-1: Fitch Affirms Class E Notes at 'BBsf'
XANTERRA PTY: Second Creditors' Meeting Set for June 10
C A M B O D I A
ADVANCED BANK: S&P Puts 'B' Rating to New KHR100BB Sr. Unsec. Bonds
C H I N A
BANK OF JINZHOU: Auditors Resign Citing Loan Inconsistencies
DR. PENG: Moody's Cuts CFR to Caa1, Outlook Negative
HANGZHOU HIKVISION: Overseas Investors Dump Firm's Shares
YANGO GROUP: Moody's Alters Outlook on B2 CFR to Positive
I N D I A
ADITYA HOUSING: Ind-Ra Migrates BB LT Rating to Non-Cooperating
BHUSHAN ENERGY: Tata Steel Completes Acquisition for INR800 crore
CORROSION ENGINEERS: CRISIL Migrates D Rating to Not Cooperating
GANESH AGRO: CRISIL Migrates B+ Rating to Not Cooperating
GOPIMAL KAUR: CRISIL Migrates 'D' Rating to Not Cooperating
HEALTHWAY HOSPITALS: CRISIL Migrates B Rating to Not Cooperating
IN4 VELOCITY: CRISIL Cuts INR6.1cr Loan Rating to B+, Not Coop.
JALNA SIDDHIVINAYAK: Ind-Ra Migrates BB- Rating to Non-Cooperating
JAYANTH COTTON: CRISIL Migrates B Rating to Not Cooperating
JET AIRWAYS: Ex-Partners, Rivals Scramble to Fill Capacity Void
KALPA VRUKSHA: CRISIL Migrates B Rating to Not Cooperating
KIRAN IMPEX: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
KISAN PROTEINS: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
KUBER INFRA: CRISIL Assigns 'B' Rating to INR5cr LT Loan
MILLENIUM GRANITES: CRISIL Reaffirms B+ Rating on INR6.7cr Loan
MODERN STAGE: CRISIL Migrates B+ Rating to Not Cooperating
NOOLI JEWELLERS: ICRA Migrates B+ Rating to Not Cooperating
P.C. DEY: Ind-Ra Migrates BB- LT Issuer Rating to Non-Cooperating
PURANDAR MILK: ICRA Maintains 'D' Rating in Not Cooperating
QUADROS MOTORS: ICRA Cuts INR14cr Cash Loan Rating to D, Not Coop.
R. SENGUTTUVAN: CRISIL Migrates B Rating to Not Cooperating
RASHMI HOUSING: ICRA Maintains 'D' Rating in Not Cooperating
ROHINI METALS: CRISIL Assigns B+ Rating to INR5cr Cash Loan
SHARE MICROFIN: ICRA Reaffirms 'D' Rating on INR130.11cr Loan
SHIVANGAN FOOD: ICRA Migrates 'B' Rating to Not Cooperating
SHRI REWA: CRISIL Migrates B+ Rating to Not Cooperating Category
SOMNATH AGRO: ICRA Withdraws 'B' Rating on INR5cr Cash Credit
ST PIPES: Ind-Ra Migrates BB- LT Issuer Rating to Non-Cooperating
STEFINA CERAMIC: ICRA Lowers Rating on INR4.12cr Loan to B-
VEDANT EDUCATION: CRISIL Migrates B Rating to Not Cooperating
VENUS GARMENTS: CRISIL Migrates 'D' Rating to Not Cooperating
VGN PROPERTY: CRISIL Reaffirms 'D' Rating on INR400cr NCD
ZUARI AGRO: ICRA Downgrades Rating on INR1980cr Loan to D
J A P A N
AIFUL CORP: First Junk Bond Sale Offers Yield of Less Than 1%
N E W Z E A L A N D
BRIGHTSIDECO INSURANCE: A.M. Best Lowers FS Rating to B (Fair)
CRYPTOPIA: Owes Creditors More Than US$2.7MM, Says Report
ICM HORTICULTURAL: Owner-Operator Slapped w/ NZ$30,000 in Penalties
SOUTHERN BOUNDARY: Directors Facing Label Fraud Charges
X X X X X X X X
BOND PRICING: For the Week May 27, 2019 to May 31, 2019
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A U S T R A L I A
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COMMSITE INTEGRATED: First Creditors' Meeting Set for June 14
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Commsite
Integrated Communications Pty Ltd will be held on June 14, 2019, at
11:00 a.m. at the offices of Vince & Associates, at 51 Robinson
Street, in Dandenong, Victoria.
Peter Robert Vince and Paul William Langdon of Vince & Associates
were appointed as administrators of Commsite Integrated on June 3,
2019.
DEPARTMENT 13: First Creditors' Meeting Set for June 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Department
13 International Ltd will be held on June 12, 2019, at 10:30 a.m.
at the offices of Auctionworks, Mezzanine Level, 50 Margaret
Street, in Sydney, NSW.
Alan Hayes of Hayes Advisory was appointed as administrator of
Department 13 on May 30, 2019.
GASCOYNE RESOURCES: Enters Administration After Cash Flow Analysis
------------------------------------------------------------------
Alex Gluyas at Australian Mining reports that Gascoyne Resources
has moved into administration due to an expected material cash
shortfall over the coming months.
The announcement was made via FTI Consulting, which revealed that
Michael Ryan, Kathryn Warwick and Ian Francis will assume the role
as voluntary administrators, the report says.
According to the report, Gascoyne has previously stated its focus
on ramping up mining operations at the Dalgaranga gold project in
Western Australia to increase ore releases and lift grades
available for processing.
Despite this focus, however, the company experienced issues with
reconciliation to ore reserves and mineral resource models, meaning
the level of ounces produced was far below expectations.
Last week, a new localised uniform conditioning (LUC) resources
model for the Gilbeys gold deposit was recommended to the Gascoyne
board, with the new model defining a higher tonnage lower grade
deposit than previous resource models, Australian Mining recalls.
Australian Mining relates that the new LUC model combined with pit
mining schedules has meant that the results of high-level cash flow
analysis indicate Gascoyne will experience a material cash flow
shortfall in the short term.
This is mainly due to lower predicted grades of ore, particularly
in the next six months.
Despite the company investigated alternative options to address the
cash flow shortfall, including obtaining financial accommodation
from creditors and shareholders, Gascoyne realised it could not
address the cash flow shortfall, Australian Mining says.
While in administration, Gascoyne's shares will be suspended from
trading, however, administrators intend to continue operating the
company on a ‘business as usual' basis.
A first statutory meeting of creditors which must be held within
eight business days after the commencement of administration, is
expected to take place on June 13, the report notes.
Gascoyne Resources Limited is a mineral exploration and development
company. The Company is engaged in the exploration for gold and
evaluation of the development options for its Australian gold
projects. The Company holds mining leases and exploration licenses
and applications totaling approximately 4,000 square kilometers in
the Gascoyne and Murchison regions of Western Australia. Its
Dalgaranga gold project is located approximately 70 kilometers
Northwest of Mt Magnet in the Murchison gold mining region of
Western Australia. Its Glenburgh gold project is located in the
Southern Gascoyne Province of Western Australia approximately 250
kilometers east of Carnarvon. The Glenburgh gold project consists
of a gold mineralized system hosted in interpreted remnants of
Archaean terrain in a Proterozoic mobile belt. Its Egerton project
consists of approximately two granted mining leases and over three
granted exploration licenses.
GRILLED STEAK: Second Creditors' Meeting Set for June 12
--------------------------------------------------------
A second meeting of creditors in the proceedings of Grilled Steak
And Seafood Pty Ltd has been set for June 12, 2019, at 3:00 p.m. at
the offices of Chartered Accountants Australia and New Zealand, at
Level 18, 600 Bourke Street, in Melbourne, Victoria.
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 June 11, 2019, at 3:00 p.m.
Ben Charles Verney of Greyhouse was appointed as administrator of
Grilled Steak on May 22, 2019.
KARMA CAFE: First Creditors' Meeting Set for June 13
----------------------------------------------------
A first meeting of the creditors in the proceedings of Karma Cafe
and Fitness Pty Ltd will be held on June 13, 2019, at 10:00 a.m. at
the offices of BCR Advisory, at Level 14, 60 Margaret Street, in
Sydney, NSW.
John Maxwell Morgan and Geoffrey Davis of BCR Advisory were
appointed as administrators of Karma Cafe on May 31, 2019.
PERFECT PACKAGING: First Creditors' Meeting Set for June 12
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Perfect
Packaging Pty Limited will be held on June 12, 2019, at 11:00 a.m.
at One Wharf Lane, at Level 20, 171 Sussex Street, in Sydney, NSW.
Jason Tang and Ahmed Sowaid of Cor Cordis were appointed as
administrators of Perfect Packaging on May 30, 2019.
PERSONALISED VENDING: First Creditors' Meeting Set for June 11
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Personalised
Vending (Qld) Pty Ltd will be held on June 11, 2019, at 11:00 a.m.
at the offices of SV Partners, at 22 Market Street, in Brisbane,
Queensland.
David Michael Stimpson of SV Partners was appointed as
administrator of Personalised Vending on May 30, 2019.
PICTON POWER: First Creditors' Meeting Set for June 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Picton Power
Lines Pty Ltd, trading as 'nepean Truck Sales' and 'picton Power
Lines' will be held on June 12, 2019, at 12:00 p.m. at the offices
of Campbelltown RSL, 1 Carberry Lane, in Campbelltown, NSW.
Thyge Trafford-Jones and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of Picton Power on May 30, 2019.
SLEEP MANAGEMENT: Second Creditors' Meeting Set for June 7
----------------------------------------------------------
A second meeting of creditors in the proceedings of The Sleep
Management Group Pty Ltd has been set for June 7, 2019, at 10:00
a.m. at the offices of BRI Ferrier, at Level 30, Australia Square,
264 George Street, in Sydney, NSW.
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 June 6, 2019, at 4:00 p.m.
Geoffrey Peter Granger and Brian Raymond Silvia of BRI Ferrier were
appointed as administrators of Sleep Management on May 6, 2019.
T & K GRENTELL: Second Creditors' Meeting Set for June 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of T & K Grentell
Pty Ltd, trading as Central Coast Cabinetmakers, has been set for
June 7, 2019, at 11:00 a.m. at Level 54, 111 Eagle Street, in
Brisbane, Queensland.
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 June 6, 2019, at 4:00 p.m.
Stephen Dixon of Hamilton Murphy was appointed as administrator of
T & K Grentell on May 3, 2019.
TRITON TRUST 2015-1: Fitch Affirms Class E Notes at 'BBsf'
----------------------------------------------------------
Fitch Ratings has affirmed the ratings on all classes of notes from
the Triton Trust No.7 Bond Series 2015-1 transaction and has
subsequently withdrawn the ratings due to a lack of investor
interest and because the debt instrument ratings are being taken
private as the facility is restructured. The restructure is not due
to adverse circumstances or deterioration in performance, and is
therefore not considered a distressed debt exchange.
The issuance consists of notes backed by prime full- and
low-documentation mortgages originated by Columbus Capital Pty
Limited. The notes are issued by Perpetual Corporate Trust Limited
in its capacity as trustee of Triton Trust No.7 Bond Series
2015-1.
The transaction is a warehouse facility, featuring a multi-class
structure that purchases receivables from the seller on a revolving
basis. Purchased receivables are subject to eligibility criteria.
The transaction has portfolio parameters in place to control the
composition of the assets in the pool and triggers to protect the
debt holders from deterioration in the credit quality of the
portfolio, which must be rectified or it may cause an amortisation
event in which all collections will be used to pay down the debt in
sequential order.
Fitch is withdrawing the ratings due to lack of investor interest
and because the debt instrument ratings being taken private.
KEY RATING DRIVERS
Operational Risk: Columbus Capital is a non-bank financial
institution specialising in conforming Australian residential
mortgage lending. Columbus Capital commenced originations in 2006
with growth driven by loan book acquisitions and organic
origination. Fitch undertook an onsite review and found the
operations of the originator and servicer were comparable with
those of other conforming lenders.
Asset Analysis: The asset model has not been run for Triton Trust
No.7 Bond Series 2015-1, as asset composition and performance has
not deteriorated since the last asset model analysis. Additionally,
there have been no material changes to asset assumptions since the
last asset analysis and it is still in its revolving period. The
last rating action was to affirm the ratings at the annual review
of the trust on May 3, 2019.
Liability Analysis: Cash flow analysis has not been performed for
the transaction, as cash flow distributions have been within
Fitch's expectations, there have been no material changes to cash
flow assumptions since the last cash flow analysis and the
transaction is its still in its revolving period.
Macroeconomic Factors: Fitch expects stable asset performance
supported by sustained economic growth in Australia. Fitch
forecasts steady GDP growth of 2.0% and stable labour markets,
which together with low interest rates, support the Stable Outlook
for the rated notes.
RATING SENSITIVITIES
Not relevant as the ratings have been withdrawn.
CRITERIA VARIATION
There were no criteria variations related to the rating actions in
this commentary.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio as part of its
ongoing monitoring.
Prior to Triton Trust No.7 Bond Series 2015-1 closing, Fitch did
not review the results of a third-party assessment conducted on the
asset portfolio information.
As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of Columbus'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, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.
Triton Trust No.7 Bond Series 2015‐1
Class A1; LT AAAsf Affirmed; previously AAAsf
Class A1; LT WDsf Withdrawn; previously AAAsf
Class A2; LT AAAsf Affirmed; previously AAAsf
Class A2; LT WDsf Withdrawn; previously AAAsf
Class B; LT AAsf Affirmed; previously AAsf
Class B; LT WDsf Withdrawn; previously AAsf
Class C; LT Asf Affirmed; previously Asf
Class C; LT WDsf Withdrawn; previously Asf
Class D; LT BBBsf Affirmed; previously BBBsf
Class D; LT WDsf Withdrawn; previously BBBsf
Class E; LT BBsf Affirmed; previously BBsf
Class E; LT WDsf Withdrawn; previously BBsf
XANTERRA PTY: Second Creditors' Meeting Set for June 10
-------------------------------------------------------
A second meeting of creditors in the proceedings of Xanterra Pty
Ltd, trading as Pharmacy 4 Less Armadale, has been set for June 10,
2019, at 11:00 a.m. at the offices of McGrathNicol, at Level 17, 37
St Georges Terrace, in Perth, WA.
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 June 7, 2019, at 4:00 p.m.
Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of Xanterra Pty on Dec. 4, 2018.
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C A M B O D I A
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ADVANCED BANK: S&P Puts 'B' Rating to New KHR100BB Sr. Unsec. Bonds
-------------------------------------------------------------------
S&P Global Ratings said it has assigned its 'B' long-term issue
rating to a proposed issue of up to Cambodian riel (KHR) 100
billion three-year senior unsecured bonds by Advanced Bank of Asia
Ltd. (ABA: B/Positive/B). The rating on the bonds reflects the
long-term issuer credit rating on ABA.
The purpose of this issuance is predominantly to fund local
currency loans, assisting the bank to meet regulatory targets for
Cambodian banks having at least 10% of their loan portfolio in
local currency.
The proposed bonds will constitute direct, unconditional,
unsecured, and unsubordinated obligations of ABA, and shall at all
times rank equally with all other unsecured obligations of the
bank.
The rating on the proposed bonds is subject to S&P's review of the
final issuance documentation.
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C H I N A
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BANK OF JINZHOU: Auditors Resign Citing Loan Inconsistencies
------------------------------------------------------------
Bloomberg News reports that Bank of Jinzhou Co. said its auditors
resigned, sending some of its debt securities plunging and
reigniting investor concerns about the riskiness of China's smaller
lenders.
According to Bloomberg, Ernst & Young Hua Ming LLP and Ernst &
Young said in a resignation letter to the bank that there are
indications that some loans to institutional customers weren't used
in ways consistent with the purposes stated in documents, Bank of
Jinzhou said in a statement on May 31. The lender's shares are
suspended from trading in Hong Kong, the report says.
Bloomberg says China's small- and mid-size lenders have been under
increasing scrutiny after regulators last month seized control of
Baoshang Bank Co., citing serious credit risks. The central bank
said on June 2 that the move was an isolated case triggered by
misappropriation of funds by Baoshang's largest shareholder, but
concerns linger about the health of the nation's small banks.
Bank of Jinzhou's loss-absorbing debt instruments, known as AT1
bonds, fell to a record low on June 3, Bloomberg notes. Trading in
its Hong Kong shares has been suspended since April 1 after
publication of the financial results was delayed. A Bloomberg index
of Hong Kong-listed Chinese banks fell 0.8% as of 11:31 a.m. on
June 3 compared with a 0.5% decline in the Shanghai Composite
Index.
EY, which was hired in May 2018 to review Bank of Jinzhou's
accounts for the latest financial year, had asked for additional
documents to demonstrate the clients' ability to service the loans,
the lender said on May 31, according to Bloomberg. While it had
been working with EY to provide the information, the two sides had
been unable to reach a consensus on how to resolve the concerns or
confirm a timetable for publishing the delayed 2018 results, the
bank said.
Bloomberg relates that apart from what is already disclosed, EY's
resignation letter said there's nothing else the firm considers
should be flagged to shareholders or creditors, Bank of Jinzhou
said in a statement on May 31. Crowe (HK) CPA Ltd. was named as the
bank's new auditor and Bank of Jinzhou said it expects to publish
the 2018 results by the end of August.
Bank of Jinzhou was among several lenders named by Jason Bedford, a
UBS Group AG analyst who in 2017 highlighted Baoshang's troubles,
in a note to clients published on May 28, Bloomberg notes. The
firms failed to publish latest financial statements, have a large
portion of their balance sheets invested in "loan-like investment
assets" and are subject to negative local media coverage, Bedford
wrote.
There are almost 4,000 small city and rural banks in China and
these typically have "more vulnerable funding and liquidity
profiles, larger shadow-financing activities and lower
loss-absorption capacity" than larger commercial banks, according
to Fitch Ratings, Bloomberg relays.
Bank of Jinzhou was set up in 1997 in Liaoning province in
northeastern China. It has total assets of $113 billion and total
deposits of $53 billion, according to the latest data compiled by
Bloomberg. The bank first listed in Hong Kong in December 2015, and
has gained 50% since its debut.
DR. PENG: Moody's Cuts CFR to Caa1, Outlook Negative
----------------------------------------------------
Moody's Investors Service has downgraded Dr. Peng Telecom & Media
Group Co., Ltd.'s corporate family rating to Caa1 from B3.
At the same time, Moody's has downgraded Dr. Peng Holding Hongkong
Limited's senior unsecured rating to Caa1 from B3. The notes are
unconditionally and irrevocably guaranteed by Dr. Peng Telecom.
The outlook is negative.
The rating actions conclude the review of the ratings for downgrade
initiated by Moody's on May 10, 2019.
RATINGS RATIONALE
"The downgrade and negative outlook reflect our increased concerns
over Dr. Peng Telecom's ability to service its debt obligations,
given the likely weakening in its cash flow and liquidity," says
Danny Chan, a Moody's Assistant Vice President and Analyst.
Dr. Peng Telecom's USD notes are due in June 2020, with
approximately USD410 million of principal outstanding. In addition,
the company has two onshore notes totaling RMB2 billion becoming
puttable in April and June 2020.
However, its cash and deposits of RMB1.75 billion at 31 March 2019
were insufficient to cover the company's operating and debt
servicing expenses over the next 12 months, absent meaningful
operating cash flow from its operations and access to new funding.
In this regard, Dr. Peng Telecom's ability to service its financial
obligations mainly depends on successful discussions with key
lending banks and/or asset sales in a timely manner; both factors
of which remain uncertain.
The ratings will be under further downgrade pressure if the company
fails to meet interest or principal repayment obligations.
Moody's could upgrade the ratings if Dr. Peng Telecom makes
significant progress towards servicing its debt negotiations and
improves its liquidity.
The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.
Dr. Peng Telecom & Media Group Co., Ltd. is the fourth-largest
telecommunications operator in China by revenue, and offers, among
other things, broadband internet access and application services.
Headquartered in Beijing, the company was founded in 1985 and
listed on the Shanghai Stock Exchange (600804.CH) in 1994.
HANGZHOU HIKVISION: Overseas Investors Dump Firm's Shares
---------------------------------------------------------
Liu Jiefei at Caixin Global reports that overseas investors have
been dumping the Shenzhen-listed shares of one of the world's
largest makers of surveillance cameras and security products, amid
speculation the U.S. was considering adding the company to a
blacklist that would curb its ability to buy foreign technology.
In the seven trading days through May 27, foreign investors have
sold a net CNY3.7 billion ($530 million) of shares in Hangzhou
Hikvision Digital Technology Co. Ltd. through the stock connect
program between Hong Kong and Shenzhen, Caixin discloses citing
data compiled by financial data provider iFind from Hong Kong
Exchanges and Clearing Ltd.
Caixin says the sell-off began on May 17 and surged to a peak of a
net CNY1.3 billion on May 29, the day after the New York Times
reported that the Trump administration might limit Hikvision's
ability to buy U.S. technology and require American companies to
obtain government approval to sell products to the firm. In the
seven trading days through May 27, Hikvision shares dropped 12.2%
to CNY25.15 from CNY28.63, Caixin discloses.
But threats to Hikvision aren't only coming from the U.S. The
company is facing growing competition from new entrants to the
surveillance industry, including two of China's biggest technology
groups, Huawei Technologies Co. Ltd. and Alibaba Group Holding
Ltd., according to Caixin.
Caixin says Hikvision also reported its first quarterly decline in
earnings since listing on the Shenzhen Stock Exchange in 2010. Net
profit attributable to shareholders fell 15.4% in the first quarter
of 2019 from the same period a year earlier, and revenues were up
just 6.2% year-on-year, the first time the company reported
single-digit gains, Caixin relates.
Hangzhou Hikvision Digital Technology Co., Ltd develops,
manufactures and sells video surveillance products. The Company
manufactures video and audio compression card, network hard disk
video recorders, video servers, cameras, network storage, and other
digital products.
YANGO GROUP: Moody's Alters Outlook on B2 CFR to Positive
---------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on Yango Group Co., Ltd's B2 corporate family rating and on
Yango Justice International Limited's B3 backed senior unsecured
debt ratings.
At the same time, Moody's has affirmed all ratings.
RATINGS RATIONALE
"The change in outlook reflects our expectation that Yango's credit
metrics will strengthen over the next 12-18 months, driven by
expected strong growth in revenue on the back of robust contracted
sales growth in 2017 and 2018," says Celine Yang, a Moody's
Assistant Vice President and Analyst.
"In addition, we expect Yango will gradually reduce its exposure to
trust financing and improve its debt maturity profile over the
coming 12-18 months," adds Yang.
Moody's expects Yango's gross contracted sales will grow at a more
moderate annual rate of around 10% to approximately RMB175-180
billion in 2019, compared with the robust 78% and 98% achieved in
2018 and 2017 respectively.
This level of contracted sales is still large when compared with
B2-rated Chinese property peers, and will support the company's
revenue growth over the next 12-18 months.
Moody's expects that Yango's debt leverage — as measured by
revenue/adjusted debt — will trend towards 60%-65% over the next
12-18 months from 44% in 2018. Meanwhile, its interest coverage --
as measured by adjusted EBIT/interest -- will improve to around
2.3x-2.5x from 2.2x over the same period, driven by expected
revenue growth and stable profit margins.
Yango's liquidity is good. Moody's expects its current cash
balance, together with the strong cash flow generated from its
operations, will be able to cover its short-term debt, the RMB2.59
billion onshore bond becoming puttable in 3Q 2019, and its
committed land premiums through June 2020. The company's cash
balance of RMB37.85 billion at the end of 2018 covered 79% of its
short-term debt, a mild increase from 75% at the end of 2017.
Yango Group Co., Ltd 's B2 corporate family rating reflects the
company's quality and geographically diversified land bank, large
scale and strong sales execution.
Yango has diversified land reserves in four key regions and
selected strategic cities in China, with no particular city
representing more than 15% of its total reserves gross floor area
(GFA) at 31 December 2018.
At the end of 2018, over 80% of its land reserves in terms of GFA
were located in Tier 1 and Tier 2 cities such as Fuzhou, Xiamen,
Guangzhou, Shanghai, Chengdu, Xi'an, where property demand is
generally strong.
On the other hand, Yango's rating is constrained by the company's
high debt leverage driven by its sizable land acquisitions to
support its rapid growth and expansion into new regions.
Yango Justice International Limited's B3 senior unsecured ratings
are one notch lower than Yango's CFR to reflect the risk of
structural subordination. This subordination risk reflects the fact
that the majority of Yango's claims are at its operating
subsidiaries and have priority over claims at the holding company
in a bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the expected recovery rate for claims at the holding
company will be lower.
Yango's ratings could be upgraded if the company improves its
liquidity and debt leverage, while maintaining its strong
contracted sales growth. Credit metrics that indicate a possible
upgrade include (1) revenue/adjusted debt above 60%-65%; (2)
adjusted EBIT/interest above 2x; and (3) cash/short-term debt above
1.25x, on a sustained basis.
On the other hand, the outlook on Yango could return to stable if
the company fails to improve its liquidity or credit metrics, with
adjusted EBIT/interest below 1.25x-1.50x or revenue/adjusted debt
failing to trend towards 60%-65% on a sustained basis.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Founded in 1995 in Fuzhou, Yango Group Co., Ltd is a Chinese
property developer that focuses on the Greater Fujian and Yangtze
River Delta regions. The company was listed on the Shenzhen Stock
Exchange in 2002 with a market capitalization of RMB24 billion
($3.5 million) as of September 25, 2018.
Yango's operations are mainly focused on mass-market residential
property development. The company had a total land bank of around
44.18 million square meters (sqm) as of December 31, 2018.
=========
I N D I A
=========
ADITYA HOUSING: Ind-Ra Migrates BB LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Aditya Housing and
Infrastructure Development Corporation 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:
-- INR330.00 mil. Term loan due on June 2019 migrated to non-
cooperating category with IND BB (ISSUER NOT COOPERATING)
rating; and
-- INR100.00 mil. Non-fund-based limits migrated to non-
cooperating category with IND BB (ISSUER NOT COOPERATING)/
IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 1, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 2006, Hyderabad-based Aditya Housing and
Infrastructure Development Corporation is a 100% subsidiary of
Aditya Construction Company Private Limited.
BHUSHAN ENERGY: Tata Steel Completes Acquisition for INR800 crore
-----------------------------------------------------------------
Business Standard reports that Tata Steel on June 1 announced that
it has completed the acquisition of debt-ridden Bhushan Energy
Ltd.
The announcement came after the National Company Law Tribunal
(NCLT) approved the resolution plan of Tata Steel to acquire
Bhushan Energy for around Rs 800 crore, Business Standard relates.
"We wish to inform you that Tata Steel BSL Ltd has successfully
completed the acquisition of Bhushan Energy Limited (BEL) in
accordance with the Approved Resolution Plan under the Corporate
Insolvency Resolution Process of the Insolvency and Bankruptcy
Code, 2016," Tata Steel said in a BSE filing, Business Standard
relays.
Pursuant to the acquisition, the company holds 99.99 per cent of
the total equity share capital of BEL, the report says.
"This disclosure is made in compliance with Regulation 30 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015," the filing said.
According to Business Standard, the principal bench of NCLT Delhi
on May 30 also rejected objections from Bhushan Energy's former
promoter Neeraj Singal opposing Tata Steels' bid.
Bhushan Energy was a subsidiary of Bhushan Steel Ltd, which was
also taken over by Tata Steel last year in May and later renamed as
Tata Steel BSL Ltd, the report recounts.
Business Standard relates that Tata Steel had offered Rs 35,200
crore in cash to acquire Bhushan Steel besides Rs 1,200 crore to
creditors and convert the remaining debt owed to banks to equity.
About Bhushan Energy
Based in Dhenkanal, Odisha, Bhushan Energy Limited engages in power
generation and sets up power plants.
In FY 2015-16, Bhushan Energy had reported a gross debt of INR2,336
crore.
Earlier in June last year, the NCLT had extended the insolvency
resolution period for 90 days after the creditors failed to find a
suitable buyer within the initial period of 180 days as mandated
under the Insolvency & Bankruptcy Code (IBC), Business Standard
notes.
CORROSION ENGINEERS: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Corrosion
Engineers Private Limited (CEPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 8 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with CEPL for obtaining
information through letters and emails dated May 10, 2019 and May
16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CEPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CEPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of CEPL to 'CRISIL D/CRISIL D Issuer not cooperating'.
Incorporated in 1974, Delhi-based CEPL is owned and managed by Mr
Sanjay Kumar and Mr Narender Kumar. It trades poly-vinyl-chloride
(PVC) resin, plasticiser, ethylene vinyl acetate, PVC heat
stabilisers, waxes, rubber additives and other chemicals that are
used in manufacturing plastics and auto components.
GANESH AGRO: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ganesh Agro
Industries - Nanded (Ganesh; part of the Venkateshwara group) to
'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.6 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term .4 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 2.0 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with Ganesh for obtaining
information through letters and emails dated May 10, 2019 and May
16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Ganesh. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Ganesh is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Ganesh to 'CRISIL B+/Stable Issuer not cooperating'.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Venkateshwara Dall Industries (VDI) and
Ganesh as both entities, together referred to as the Venkateshwara
group, are under a common promoter family, engaged in similar line
of business, and benefit from centralised control over operations
and treasury of the entities.
Further, CRISIL has considered unsecured loans, extended by the
Venkateshwara group's promoters and their relatives, (Rs 3.5 crore
as on March 31, 2017), as neither debt nor equity. This is because
they are expected to remain in business in the medium term, and
bear an interest rate lower than the bank rate.
VDI was formed as a proprietorship firm of Mr Rajiv Achintalwar, in
2004. The firm processes and trades in different pulses, and has a
manufacturing facility at Nanded (Maharashtra).
Ganesh was set up in 2015, by the Kotgire and Achintalwar families.
The firm processes toor dal (lentils). Operations began from
February 2016 and the firm was operational for 45 days in fiscal
2016. The manufacturing facility is at Nanded.
GOPIMAL KAUR: CRISIL Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Gopimal Kaur
Sain Industries Private Limited (GKSIPL) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 28 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with GKSIPL for obtaining
information through letters and emails dated May 10, 2019 and May
16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GKSIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GKSIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of GKSIPL to 'CRISIL D Issuer not cooperating'.
Established in 2013, in Ludhiana, by Mr. Tarsem Mittal GKSIPL
started trading of textile yarns and knitted cloths. The company
later ventured into manufacturing of knitted cloths from fiscal
2017. The operations of the company is managed by Mr. Tarsem
Mittal, Mr. Gaurav Mittal and Mr. Gautam Mittal.
HEALTHWAY HOSPITALS: CRISIL Migrates B Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Healthway
Hospitals Private Limited (HHPL) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 10 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating
Migrated)
Term Loan 35 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating
Migrated)
CRISIL has been consistently following up with HHPL for obtaining
information through letters and emails dated May 10, 2019 and May
16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HHPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HHPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of HHPL to 'CRISIL B/Stable Issuer not cooperating'.
HHPL was incorporated in April 2013, as a 99.94% subsidiary of Goa
Doctors Alliance Pvt Ltd (GDAPL). HHPL runs a multi-specialty,
tertiary care hospital in Goa. GDAPL is an investment arm promoted
by 33 doctors with equal shareholding.
IN4 VELOCITY: CRISIL Cuts INR6.1cr Loan Rating to B+, Not Coop.
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of In4 Velocity
Systems Private Limited (IVSPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Fund-
Based Bank Limits 6.1 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Migrated from
'CRISIL BB-/Stable')
Secured Overdraft
Facility 3.9 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Migrated from
'CRISIL BB-/Stable')
CRISIL has been consistently following up with IVSPL for obtaining
information through letters and emails dated May 8, 2019, May 10,
2019 and May 16, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of IVSPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IVSPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of IVSPL to 'CRISIL B+/Stable Issuer not cooperating'
from 'CRISIL BB-/Stable'.
IVSPL, incorporated in 2002, offers customized software packages
for real estate and construction industry. Its core competency lies
in building solutions for digitizing the entire business process of
real estate companies and maintaining international quality
standards. The company is based out of Bangalore.
JALNA SIDDHIVINAYAK: Ind-Ra Migrates BB- Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jalna
Siddhivinayak Alloys 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:
-- INR595 mil. Fund-based limits migrated to non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating;
-- INR60 mil. Non-fund-based limits migrated to non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating;
-- INR85 mil. Proposed fund-based limits migrated to non-
cooperating category with Provisional IND BB- (ISSUER NOT
COOPERATING) / Provisional IND A4+ (ISSUER NOT COOPERATING)
rating; and
-- INR200 mil. Proposed term loan migrated to non-cooperating
category with Provisional IND BB- (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
25, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.
COMPANY PROFILE
Jalna Siddhivinayak Alloys manufactures billets.
JAYANTH COTTON: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jayanth Cotton
Industries (JCI) to 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with JCI for obtaining
information through letters and emails dated May 10, 2019 and May
16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JCI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JCI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of JCI to 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in 2015, JCI gins and presses cotton. The firm
processes raw cotton (kappas) into cotton bales and seeds, and
caters to demand from Andhra Pradesh, Tamil Nadu, Gujarat,
Maharashtra, and Haryana. The unit at Adhoni (AP), has an installed
capacity of 250 bales per day. Mr Sridhar Reddy, Mr Rajender Kumar
Reddy and Mr Surya Pratap Reddy are the partners.
JET AIRWAYS: Ex-Partners, Rivals Scramble to Fill Capacity Void
---------------------------------------------------------------
Reuters reports that former partners and rivals of Jet Airways Ltd
are launching replacement routes and looking for new codeshare
partners as they scramble to fill a lucrative gap left by the
collapse of the India's once-largest international airline.
Jet, which halted operations on April 17 after running out of cash,
had a market share of around 12 percent on international flights to
and from India in 2018, according to government statistics,
outstripping even national carrier Air India, Reuters relates.
In Jet's absence, cash-strapped Air India is the only Indian
carrier that operates widebody jets capable of non-stop flights to
Europe and the United States, although the Vistara joint venture
owned by Tata Sons and Singapore Airlines Ltd has 6 Boeing Co 787s
on order due for delivery from next year, according to Reuters.
Reuters says with international airfares spiking by up to 36
percent in May and June according to data from travel portal
Yatra.com, Jet's former partners, Virgin Atlantic and Delta Air
Lines Inc, have been among the first to announce new Indian routes
to replace ones previously flown by Jet.
"People still want to travel. Foreign carriers are changing their
networks and putting more into India if they can," Reuters quotes
Association of Asia Pacific Airlines Director General Andrew
Herdman as saying on the sidelines of an airline industry
conference in Seoul.
According to Reuters, KLM and sister carrier Air France will boost
their capacity in India by 25 percent in the upcoming winter season
through the use of bigger planes, higher frequencies and a new
Bangalore-Amsterdam route from October.
In October, Virgin Atlantic will launch Mumbai-London, while Delta
will fly from Mumbai to New York from December, in a sign it will
take months to replace Jet's non-stop capacity, Reuters states.
"I think you'll see in the next four or five months most of the
(domestic) capacity will be taken up," SpiceJet Ltd Chairman Ajay
Singh said in an interview, Reuters relays. "As far as
international is concerned, that may take a little longer as Jet
was flying a significant number of widebody aircraft which are
tougher for carriers in India to add at such a rapid pace."
Other airlines, like Emirates, Qatar Airways and Turkish Airlines,
will need India's newly re-elected Modi government to loosen
bilateral restrictions that cap flights at current levels. Singh
said that was unlikely due to India's policy of trying to develop
its own hubs, relates Reuters.
The capacity gap in the Middle East means fares in that market are
expected to remain higher for longer than on some domestic and
other routes, Indian low-cost carrier IndiGo's Chief Financial
Officer Rohit Philip told analysts on May 27, Reuters adds.
IndiGo has a codeshare agreement with Turkish, and days after Jet
stopped flying SpiceJet signed a codeshare agreement with Emirates.
Neither Indian carrier has widebodies.
According to Reuters, Airbus SE Chief Commercial Officer Christian
Scherer said new technology, such as a longer-range version of the
A321neo, could help IndiGo launch non-stop flights to Europe
without taking the costlier and riskier decision to add widebodies
to its fleet.
"I think you are going to see some widebody capacity going into
India to replace Jet's and you are going to see some narrowbodies
picking up that market," he told reporters.
Other former Jet partners are in talks with carriers like IndiGo
and SpiceJet about new codeshare relationships.
Qantas Airways Ltd does not fly to India itself but it had used Jet
to boost its reach beyond Singapore to Indian destinations and
wants a new partner for the large market, CEO Alan Joyce said.
"They were a big partner and we were carrying a lot of traffic on
them," Reuters quotes Mr. Joyce as saying. "We have been approached
by just about every major Indian carrier because they know there is
a lot of traffic that we can provide them. We have had dialogue in
the last few days with four different carriers about possible
agreements."
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited provided
passenger and cargo air transportation services. It also provided
aircraft leasing services. It operated flights to 66 destinations
in India and international countries.
As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2019, Reuters said Jet Airways Ltd on April 17 halted all
flight operations after its lenders rejected its plea for emergency
funds, potentially bringing the curtains down on what was once
India's largest private airline.
Lenders of Jet Airways led by SBI are currently in the process of
selling the airline to recover their dues of over INR8,400 crore,
The Economic Times reported. Private equity firm TPG Capital,
Indigo Partners, National Investment and Infrastructure Fund (NIIF)
and Etihad Airways are in the race to buy a stake in the grounded
Jet Airways, ET said.
KALPA VRUKSHA: CRISIL Migrates B Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kalpa Vruksha
Plantations Private Limited (KVPL) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Rupee Term Loan 25 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating
Migrated)
CRISIL has been consistently following up with KVPL for obtaining
information through letters and emails dated May 10, 2019 and May
16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KVPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KVPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of KVPL to 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in 1987, Pune, Maharashtra based KVPL is a special
purpose vehicle that undertakes real estate development. Part of
the SOBA group, the company is currently undertaking commercial
project - Seedtree Business Center in Shivaji Nagar, Pune.
KIRAN IMPEX: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kiran Impex
Private Limited's (KIPL) Long-Term Issuer Rating to 'IND BB' from
'IND BBB-'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR90 mil. Fund-based working capital limit downgraded with
IND BB/Stable/IND A4+ rating; and
-- INR100 mil. (reduced from INR160 mil.) Non-fund-based working
capital limit downgraded with IND A4+ rating.
KEY RATING DRIVERS
The downgrade reflects deterioration in the credit metrics of KIPL
over FY18-FY19, primarily owing to a decline in absolute EBITDA
(FY19: INR10.8 million; FY18: INR20.1 million; FY17: INR26.5
million). The metrics deteriorated to weak in FY19 from comfortable
in FY17. FY19 financials are provisional.
In FY19, KIPL's net financial leverage (total adjusted net
debt/operating EBITDA) was 7.4x (FY18:3.8x; FY17: 1.8x) against
Ind-Ra's expectation of below 2.5x. During the period, its interest
coverage (operating EBITDAR/gross interest expense) was 1.2x (FY18:
2.5x; FY17: 3.9x).
The ratings reflect a decline in the scale of operations to
medium-to-small in FY19. Its revenue declined to INR533.3 million
in FY19 (FY18: INR809.1 million; FY17: INR1,164.3 million) due to
the implementation of strict environmental regulations by Chinese
authorities, the goods and services tax implementation and a
decrease in solar LED project work orders over FY18-FY19.
The ratings further reflect the modest EBITDA margin of KIPL, which
was 2.0% in FY19 (FY18: 2.5%; FY17: 2.3%). In addition, the
company's ROCE was 5.0% in FY19 (FY18: 10.0%).
The ratings remain constrained by the highly regulated nature of
the pharmaceutical industry.
The rating factor in the modest liquidity of KIPL, indicated by an
average fund-based limit use of less than 95% for the 12 months
ended April 2019. Its cash flow from operations turned negative
INR6.8 million in FY19 from INR26.4 million in FY18 due to the fall
in EBITDA and an increase in working capital. Moreover, its cash
and cash equivalent stood at INR0.01 million at FYE19 (FYE18:
INR0.1 million; FYE17: INR0.1 million).
The ratings, however, remain supported by the promoters' experience
of three decades in the pharmaceutical industry. In addition, KIPL
has decade-long associations with reputed clients.
RATING SENSITIVITIES
Positive: A substantial increase in the absolute EBITDA, along with
the net financial leverage reducing below 3.5x, both on a sustained
basis, will be positive for the ratings.
Negative: A substantial fall in the absolute EBITDA, leading to
deterioration in the credit metrics, all on a sustained basis, will
be negative for the ratings.
COMPANY PROFILE
Incorporated in 1994, KIPL is engaged in the trading of pharma
intermediates, LED lighting and solar power equipment. It is also
engaged in the manufacturing of bulk drugs.
KISAN PROTEINS: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kisan Proteins
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 the rating. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating action is:
-- INR95.0 mil. Fund-based working capital limits migrated to
Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 5, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Kisan Proteins was incorporated in January 2005 by Kisakn Group in
Ahmedabad. The company is primarily engaged in solvent extraction
from rapeseed and mustard seeds. The company is operated by
Ranchhodhai Kanjibhai Patel and Manubhai Karsandas Patel.
KUBER INFRA: CRISIL Assigns 'B' Rating to INR5cr LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Kuber Infra Solutions (KIS).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term
Bank Loan Facility 5 CRISIL B/Stable (Assigned)
The rating reflects small scale and working capital intensive
nature of operation and its average financial risk profile. These
weakness are partially offset by extensive industry experience of
the proprietor.
Key Rating Drivers & Detailed Description
Weakness:
* Small scale and working capital intensive nature of operations:
Scale is small reflected in topline of less than Rs.3 crore. Gross
current assets were also high estimated at over 220days as on March
31, 2019. Its large working capital requirements arise from its
high debtors which is partly met by creditors.
* Average financial risk profile: KIS has average financial risk
profile on the back of a small networth estimated at about Rs.30
lakh and high total outside liabilities to tangible networth ratio
as on March 31, 2019. The interest coverage and Net cash accrual to
total debt (NCATD) ratio were also average at 2.25 and 19 percent
for fiscal 2018.
Strength
* Extensive industry experience of the promoter: The promoter has
an experience of over a decade in Industrial Machinery and
consumables industry. His understanding of the dynamics of the
market, and establish relationships with suppliers and customers
helps the business risk profile.
Liquidity
Stretched liquidity position as KIS is expected to generate modest
cash accruals of around INR15 lakhs per annum against debt
repayment obligation of around INR3 lakhs per annum over the medium
term. In addition bank limits are highly utilized over 95% in the
past six months ending March, 2019.
Outlook: Stable
CRISIL believe KIS will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if strong ramp-up in scale of operations and stable
profitability leads to higher cash accruals. The outlook may be
revised to 'Negative' if decline in profitability/cash accrual or
stretch in working capital cycle or unexpected large debt-funded
capital expenditure weakens financial risk profile especially
liquidity.
Mumbai based KIS was establish in 2016 by Mr. Shankar Rajput. KIS
manufactures thread rebar coupler, rebar threading machines,
threaded bars having applications in many industries.
MILLENIUM GRANITES: CRISIL Reaffirms B+ Rating on INR6.7cr Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long
term bank facilities of Millenium Granites and Marbles Private
Limited (MGMPL) while reassigned its 'CRISIL A4' rating to the
short-term bank facility.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee .1 CRISIL A4 (Reassigned)
Cash Credit 6.7 CRISIL B+/Stable (Reaffirmed)
Long Term Loan 4.4 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 2.8 CRISIL B+/Stable (Reaffirmed)
The ratings reflect MGMPL's modest scale of operations and intense
competitive pressure, and below-average financial risk profile.
These weaknesses are partially offset by the extensive experience
of the promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and intense competitive pressure:
Intense competition continues to constrain scalability, and
therefore, pricing power and profitability: revenue - estimated at
INR24 crore in fiscal 2019 - has been declining in the past three
years. Though revenue may correct in the coming fiscal, scale
should remain modest.
* Below-average financial risk profile: Financial risk profile is
likely to remain below average over the medium term. Adjusted debt
to tangible networth ratio is estimated at 2.30 times as on March
31, 2019 (2.35 times as on March 31, 2018). Debt protection metrics
are modest, with interest coverage and net cash accrual to total
debt ratios projected at 1.90 times and 0.07 time, respectively, in
fiscal 2019.
Strengths:
* Extensive experience of the promoters: Benefits from the
promoters' experience of over two decades, and their strong
understanding of local market dynamics and healthy relations with
customers and suppliers should continue to support the business.
Liquidity
* High bank limit utilization: Bank limit utilisation is high at 96
percent for the past twelve months ended March 31, 2019. CRISIL
believes that bank limit utilization is expected to remain high on
account large working capital requirement.
* Sufficient cash accruals: Cash accrual are estimated at INR105
lacs against the repayment obligation of INR117 lac in fiscal 2019,
the deficiency is expected to be filled by unsecured loans infusion
from promoters. For fiscal 2020 and 2021 cash accruals are expected
to be over INR160 lacs and INR185 lacs respectively against the
repayment obligation of INR135 lac per year. Surplus cash is
expected to provide cushion to the overall liquidity profile of the
company.
* Moderate current ratio: Current ratio of the company is estimated
at 1.18 times as on March 31, 2019.
Outlook: Stable
CRISIL believes MGMPL will continue to benefit from the extensive
experience of the promoters. The outlook may be revised to
'Positive' if substantial and sustained increase in revenue and
profitability, or sizeable capital infusion strengthens financial
risk profile. The outlook may be revised to 'Negative' if
lower-than-expected cash accrual, stretched working capital cycle,
or any large debt-funded capital expenditure weakens financial risk
profile, particularly liquidity.
MGMPL, incorporated in 1999 in Silvassa, imports and processes
natural marble. Mr Manoj Agarwal, Mr Pradeep Chawla, and Mr Sunil
Vaswani are the promoters.
MODERN STAGE: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Modern Stage
Services Private Limited (MSSPL) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with MSSPL for obtaining
information through letters and emails dated May 10, 2019 and May
16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MSSPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MSSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MSSPL to 'CRISIL B+/Stable Issuer not cooperating'.
Incorporated in 2006 and promoted by Mr Varinder Kumar Wadhwa and
Mr Davinder Kumar Wadhwa, MSSPL rents out stage lights and video
and audio systems for shows, live concerts, and festivals across
India. It is based in New Delhi.
NOOLI JEWELLERS: ICRA Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
ICRA has moved the long term ratings for the bank facilities of
Nooli Jewellers (NJ) to the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 22.00 [ICRA]B+ (Stable); ISSUER NOT
Cash Credit COOPERATING; Continues 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.
Nooli Jewellers (NJ) was formerly known as Nooli Venkatratnam, and
was promoted by Mr. Nooli Venkatranam 70 years back. In the year
1979, name of entity changed to Nooli Jewellers. The firm is
engaged in manufacturing and trading of gold, silver and stone
studded jewellery. The firm's jewellery collection ranges from 22
karat gold jewellery to 18 karat jewellery studded with diamonds,
gemstones like rubies, emeralds, sapphires, semi precious stones.
NJ sells all forms of jewellery including earrings, necklaces,
bangles, rings, anklets etc. The retail show room of the firm is at
Tanuku, East Godavari district of Andhra Pradesh spread across 1500
sq. ft.
P.C. DEY: Ind-Ra Migrates BB- LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated P.C. Dey and Son
Distributors 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:
-- INR210 mil. Fund-based limits migrated to non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) rating; and
-- INR100 mil. Proposed fund-based limits migrated to non-
cooperating category with Provisional IND BB- (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
31, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1992 as a partnership firm, P.C. Dey and Son
Distributors are engaged in the distribution of fast-moving
consumer goods of various companies in West Bengal.
PURANDAR MILK: ICRA Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR7.00-crore bank facilities of
Purandar Milk and Agro Products Limited continue to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 5.00 [ICRA]D ISSUER NOT
COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
Cash Credit 0.90 [ICRA]D ISSUER NOT
COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
Unallocated 1.10 [ICRA]D ISSUER NOT
COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests from ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuer's 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.
Purandar Milk and Agro Products Limited was established in 2000 and
commenced operations in 2001.The company is involved in
procurement, processing and sale of milk and milk products, trading
of petroleum products, petrol and diesel and weigh bridge
operations. The milk processing capacity of the company is 30,000
litres per day. The company markets milk and milk products in the
nearby metros under the brand name 'ANANDI'. PMAPL is part of
Silver Jubilee Group promoted by Mr. Sanjay Jagtap which has
diversified interests ranging from automobile dealership, dairy,
real estate to investment advisory services. The prominent among
them include Silver Jubilee Motors Limited (promoted along with Mr.
Kiranpalsingh Ahluwalia) involved in sales and services of Mahindra
and Mahindra utility vehicles. PMAPL has set up a 5000 metric ton
per month capacity cold storage plant in Khalad, Pune
(Maharashtra).
QUADROS MOTORS: ICRA Cuts INR14cr Cash Loan Rating to D, Not Coop.
------------------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D 'ISSUER NOT
COOPERATING' from [ICRA]B (Stable) 'ISSUER NOT COOPERATING', for
the bank facilities of INR14.00 crore of M/S Quadros Motors Pvt.
Ltd. The rating continues to be in the 'Issuer Not Cooperating'
category. The ratings are now denoted as "[ICRA]D ISSUER NOT
COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 14.00 [ICRA]D ISSUER NOT COOPERATING;
Cash Credit downgraded from [ICRA]B (Stable);
Rating continues to be in 'Issuer
not cooperating' category
ICRA has been trying to seek information from the company so as to
monitor its performance, but despite repeated requests by ICRA, the
company's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
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 company.
Rationale
The rating downgrade factors in the delays in debt servicing as
confirmed by the lender.
Incorporated in 2005, Quadros Motors Private Limited (QMPL or The
Company) is an authorised dealer of Suzuki Motors India Private
Limited (Suzuki) for its two-wheelers segment for the entire South
Goa region. The company is promoted by Mr. Evencio Quadros and Mr.
Ramchandra Shirodkar, who have more than a decade's experience in
the auto industry. QMPL is a '3S' (Sales, Spares and Services)
dealer. Since February 2015, the company has become an authorised
dealer of Mahindra Two-Wheelers Limited for entire Goa region,
based on the '3S' model. QMPL is part of the 'Quadros' Group,
which, through its group companies, is associated with other
automobile industry-related businesses, including dealerships of
automobile companies like Yamaha, Piaggio, dealerships for
batteries, lubricants and operating a petrol pump.
R. SENGUTTUVAN: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of R. Senguttuvan
(RS) to 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 10 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating
Migrated)
Term Loan 20 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating
Migrated)
CRISIL has been consistently following up with INRfor obtaining
information through letters and emails dated May 10, 2019 and May
16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of INRWhich restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on INRis consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of INRto 'CRISIL B/Stable Issuer not cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
RS is a Chennai-based proprietorship firm that rents out warehouses
to various large companies. The firm currently owns around 17
warehouses, with total area of 1.54 lakh square feet.
RASHMI HOUSING: ICRA Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR65.00-crore bank facilities of
Rashmi Housing Private Limited continue to remain in the 'Issuer
Not Cooperating' category. The ratings are denoted as "[ICRA]D
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 65.00 [ICRA]D ISSUER NOT
COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests from ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuer's 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.
Incorporated in 2003, Rashmi Housing Pvt. Ltd. is the flagship
company of the Rashmi Group - promoted and managed by the Bosmiya
family - engaged in real estate development since 1999. The Group
is mainly focused on the development of affordable residential
projects under the brand name, 'Ghar Ho To Aisa', mainly along the
western suburbs of Mumbai.
ROHINI METALS: CRISIL Assigns B+ Rating to INR5cr Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Rohini Metals Industries (RMI).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Assigned)
The rating reflects RMI's modest scale of operations and
below-average financial risk profile. These weaknesses are partly
offset by the extensive experience of its partners.
Analytical Approach
* Modest scale of operations: Intense competition constrains
scalability, pricing flexibility, and profitability. As a result,
scale of operations remains modest, as reflected in estimated
revenue of INR28 crore in fiscal 2019.
* Below-average financial risk profile: Financial risk profile was
marked by a small networth and high total outside liabilities to
tangible networth ratio of INR2 crore and 3.95 times, estimated,
respectively, as on March 31, 2019. Debt protection metrics are
average, with estimated interest coverage ratio and net cash
accrual to total debt ratios of 1.3 times and 0.03 time,
respectively, in fiscal 2019.
Strength:
* Extensive experience of the partners: The decade-and-half-long
experience of the partners, in the metal business, their strong
understanding of local market dynamics, and established
relationships with suppliers and customers, will continue to
support the business risk profile.
Key Rating Drivers & Detailed Description
Weakness:
* Modest scale of operations: Intense competition constrains
scalability, pricing flexibility, and profitability. As a result,
scale of operations remains modest, as reflected in estimated
revenue of INR28 crore in fiscal 2019.
* Below-average financial risk profile: Financial risk profile was
marked by a small networth and high total outside liabilities to
tangible networth ratio of INR2 crore and 3.95 times, estimated,
respectively, as on March 31, 2019. Debt protection metrics are
average, with estimated interest coverage ratio and net cash
accrual to total debt ratios of 1.3 times and 0.03 time,
respectively, in fiscal 2019.
Strength:
* Extensive experience of the partners: The decade-and-half-long
experience of the partners, in the metal business, their strong
understanding of local market dynamics, and established
relationships with suppliers and customers, will continue to
support the business risk profile.
Liquidity
Liquidity is stretched as reflected in estimated net cash accrual
of INR0.17 crore in fiscal 2019, and expected accrual of
INR0.18-0.20 crore, over the medium term, against no yearly debt in
the medium term. Bank limit was fully utilised over the 12 months
through March 2019. The promoter is likely to extend funding
support if needed.
Outlook: Stable
CRISIL believe RMI will continue to benefit from the extensive
experience of its partners, and their established relationships
with clients. The outlook may be revised to 'Positive' if ramp-up
in scale of operations and stable profitability strengthen the
financial risk profile. The outlook may be revised to 'Negative'
if decline in profitability, stretch in the working capital cycle,
or any large capital expenditure, weakens the capital structure.
RMI was set up as a partnership firm of Mr Prakash Waghdhare and
Mrs Sindhu Waghdhare in 2016. The Nagpur-based firm recycles lead
acid batteries to manufacture lead ingots.
SHARE MICROFIN: ICRA Reaffirms 'D' Rating on INR130.11cr Loan
-------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Share Microfin Limited (SML), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible
Debentures 25.00 [ICRA]D/Reaffirmed
Subordinated Debt 100.00 [ICRA]D/Reaffirmed
Bank Facilities 130.11 [ICRA]D/Reaffirmed
Rationale
The rating reaffirmation factors in continued delays in debt
servicing by SML. ICRA notes that SML has successfully implemented
the Demerger Scheme of Arrangement approved by the Hon'ble High
Court of Andhra Pradesh (A.P.) & Telangana on April 18, 2017
leading to the AP business of Asmitha Microfin and Share Microfin
to be merged into Asmitha Microfin and the Non-AP business of these
two entities into Share Microfin Limited. The scheme is applicable
retrospectively from April 01, 2015.
Key rating drivers
Credit strengths
* Long track record of operations geographically diversified in 18
states across India
Credit challenges
* Delays in debt servicing; ability to repay existing debt and
raise fresh funding will be critical for sustenance of operations
* Marginal borrower profile and the political and operational risks
associated with microlending
Liquidity Position:
The company's liquidity profile is constrained by its inability to
raise fresh funding given the delays in debt servicing.
Share Microfin Limited is a non-deposit accepting Non-Banking
Finance Company – Microfinance Institution (NBFC-MFI)
incorporated as a public limited Company in the year 1999. The
company is engaged in lending microfinance loans to women from the
weaker section of the society under joint liability group (JLG)
model. As on March 31, 2019, the company's portfolio stood at
INR788.1 crore spread across 746 branches in 294 districts in 18
states.
Share Microfin Limited is amongst the Andhra Pradesh (AP) based
entities which were impacted on account of Andhra Pradesh
Microfinance Institutions Act 2010; subsequent to which, the
company's debt repayment abilities were impacted, and restructured
under Corporate Debt Restructuring (CDR) scheme. During April 2017,
through a scheme of arrangement approved by Hon'ble High Court of
AP & Telangana, the company has demerged its AP portfolio into
Asmitha Microfin Limited (Asmitha – previously a promoter-held
company) and merged Asmitha's non-AP portfolio to the company.
Subsequent to the said scheme of arrangement, the company is in
discussions with its lenders to repay all the CDR debt in full.
SHIVANGAN FOOD: ICRA Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Shivangan Food and Pharma Products Private Limited (SFPPPL) to the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Fund- 5.00 [ICRA]B(Stable) ISSUER NOT
based Cash Credit COOPERATING; Rating moved
to the 'Issuer Not
Cooperating' category
Long-term 10.00 [ICRA]B(Stable) ISSUER NOT
Term Loan COOPERATING; Rating moved
to the '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.
SFPPPL was incorporated in 2015 and has ventured into production of
food grade and pharma grade starch from maize. The location of the
plant is adjacent to one of the largest starch manufacturers of
India, Universal Starch and Allied Chemicals Limited (USACL), at
Dondiacha in Dhule, Maharashtra. As per the agreement with USACL,
their idle capacity will be used by SFPPL for converting maize into
slurry. USACL manufactures multiple starch grades by crushing
maize.
The company has set up a 130 TPD maize starch plant for manufacture
of food and pharma grade starch, maize germ, maize gluten and
fibre. The commercial operations of the plant have started from
October 2017.
SHRI REWA: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shri Rewa Rice
Mills Private Limited (SSRMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term
Bank Loan Facility .55 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 7.45 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SSRMPL for obtaining
information through letters and emails dated May 10, 2019 and May
16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SSRMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSRMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SSRMPL to 'CRISIL B+/Stable Issuer not cooperating'.
Incorporated in 2013, SSRMPL has set up a rice milling unit with
processing capacity of 100 tonnes per day at Udaipura in Raisen
(Madhya Pradesh). The company is promoted by Mr. Rajendra Singh
Raghuvanshi and Mr. Sandeep Raghuvanshi. Its registered office is
at Udaipura.
SOMNATH AGRO: ICRA Withdraws 'B' Rating on INR5cr Cash Credit
-------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B with a Stable
outlook and short-term rating of [ICRA]A4 assigned to the INR5.42
crore bank facilities of Somnath Agro Industries (SAI).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based-
Cash Credit 5.00 [ICRA]B (Stable); Withdrawn
Fund based-
Export Packing
Credit (1.00) [ICRA]A4; Withdrawn
Unallocated 0.42 [ICRA]B (Stable)/[ICRA]A4;
Withdrawn
Rationale
The ratings assigned to Somnath Agro Industries have been withdrawn
on receipt of No Dues certificate.
Established in 2012, Somnath Agro Industries (SAI) is involved in
the business of processing and trading of agro-commodities such
sesame seeds, cumin seeds, mustard seeds, coriander etc. The firm's
processing facility is located at Halvad in Gujarat with an
installed capacity of 21,600 metric tonnes per annum (MTPA). The
partners of the firm have long-standing experience in the
agro-commodities business through their association with Dariyalala
Trading Co. and Varun Agro Products which are also in the similar
line of business.
ST PIPES: Ind-Ra Migrates BB- LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated ST Pipes and Tubes
Co.'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:
-- INR200 mil. Fund-based limit migrated to non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating; and
-- INR150 mil. Non-fund based limit migrated to non-cooperating
Category with IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 30
May 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in March 2016, ST Pipes and Tubes Co. is a partnership
firm engaged in manufacturing of steel tubes with an installed
capacity of 74,880tpa.
STEFINA CERAMIC: ICRA Lowers Rating on INR4.12cr Loan to B-
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Stefina Ceramic Pvt. Ltd. (SCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 4.12 [ICRA]B-(Stable); downgraded
from [ICRA]B (Stable) and
removed from the 'Issuer Not
Cooperating' category
Cash Credit 3.00 [ICRA]B-(Stable); downgraded
from [ICRA]B (Stable) and
removed from the 'Issuer Not
Cooperating' category
Unallocated Limits 1.24 [ICRA]B-(Stable); downgraded
from [ICRA]B (Stable) and
removed from the 'Issuer Not
Cooperating' category
Bank Guarantee 1.25 [ICRA]A4; reaffirmed and
removed from the 'Issuer Not
Cooperating' category
Rationale
The rating downgrade takes into account SCPL's declined scale of
revenue and profit margins. ICRA takes note of its below average
financial risk profile marked by low return indicators, leveraged
capital structure and weak debt coverage indicators. The ratings
consider its stretched working capital position emanating from high
inventory holding and elongated receivables leading to SCPL's weak
liquidity profile. The ratings remain constrained by the intense
competition in the ceramic industry, the cyclicality in the real
estate segment, its main end-user sector, as well as the
vulnerability of the company's profitability to volatility in raw
material and fuel prices.
The ratings, however, draws comfort from the vast experience of its
promoters in the ceramic industry, by virtue of their association
with other tile-manufacturing entities and the logistical
advantages enjoyed by SCPL, from its location in India's ceramic
hub, with easy access to quality raw material.
Outlook: Stable
ICRA expects SCPL to continue to benefit from the extensive
experience of its promoters in the ceramic industry. The outlook
may be revised to Positive if substantial growth in revenue and
profitability, and better working capital management, strengthen
the financial risk profile. The outlook may be revised to Negative
if cash flows are lower than expected, or if any major debt-funded
capital expenditure or further stretch in the working capital cycle
weakens liquidity.
Key rating drivers
Credit strengths
Extensive experience of promoters: SCPL's key promoters, Mr.
Manojbhai Vilpara and Mr. Hiteshbhai Vilpara, have reasonable
experience in the ceramic industry, by virtue of their association
with other companies involved in a similar line of business like
Stefina Vitrified Private Limited and Fenix Ceramic Pvt. Ltd.
(earlier association).
Location-specific advantage: The company's manufacturing facility
is in the ceramic hub of Morbi (Gujarat). The key raw materials
used in the production of ceramic tiles are clay mineral, body clay
and chemical additives among others. Most of these raw materials
are easily available in Morbi, resulting in easy access to raw
material sources at a competitive price.
Credit challenges
Small scale of operations; decline in scale of revenues in FY2019:
SCPL's scale of operations remains small as reflected by its
operating income (OI) of INR12.13 crore in FY2018. Further, the OI
witnessed a sharp decline of ~30% on YoY basis to INR8.50 crore in
FY2019 because of temporary cessation of operations (February and
March 2019) followed by the National Green Tribunal's order banning
use of coal-based gasifier in Morbi. Operations stabilised from
April 2019. The rise in fuel cost against limited pricing
flexibility led to moderation in operating margins to 16.58% in
FY2019 (provisional figures) against 17.40% in FY2018.
Weak financial risk profile: The financial risk profile remained
weak as depicted from small net-worth base of INR2.12 crore and
high gearing of 4.03 times as on March 31, 2019. Due to its
moderate profitability and relatively high debt levels, the
coverage indicators stood weak with TD/OPBIDTA of 6.07 times, DSCR
of 0.85 times and NCA/TD of 13% as on March 31, 2019 against 4.41
times, 1.04 times and 14%, respectively, as on March 31, 2018.
High working capital intensity: SCPL's inventory holding elevated
to 197 days as on March 31, 2019 against 112 days as on March 31,
2018 as a result of slowing down of sales in the last two months of
FY2019. Moreover, delayed payments from customers resulted in a
stretched receivable period of 138 days as on March 31, 2019 (~126
days as on March 31, 2018). The soared inventory level, coupled
with elongated receivables, translated into higher working capital
intensity to ~30% in FY2019 as against ~17% in FY2018.
Profitability susceptible to intense competition and cyclicality in
the real estate industry: The ceramic tile-manufacturing industry
is fragmented, which results in intense competition and exerts
pressure on the profit margins. Further, the real estate industry
is the major consumer of ceramic tiles and hence SCPL's
profitability and cash flows are likely to remain vulnerable to the
cyclicality in the real estate industry.
Vulnerability of profitability to fluctuations in raw material and
fuel costs: Raw material and fuel are the two major manufacturing
cost components that determine the cost competitiveness of a player
in the ceramic industry. Earlier, SCPL undertook production of
digital wall tiles using a coal-based gasifier. However, it
switched to piped natural gas (PNG) as a fuel alternative in March
2019 post NGT's order banning the use of coal-based gasifier in
Morbi. Since SCPL has limited control over key input such as raw
material and fuel, adverse movements in raw material and gas prices
can expose its profitability to fluctuations.
Liquidity position
The free cash flows (FCF) turned negative in the last two fiscals
owing to higher outgo towards capital expenditure and incremental
working capital requirement. The liquidity position remained
stretched as reflected from its high debt repayment obligations
against accruals and limited cushion in working capital limits with
high average working capital utilisation of ~80% in the past 12
months (April 2018 to March 2019). Going forward, the funding
support from promoters will remain critical to meet the debt
repayment obligations from the credit perspective. ICRA notes that
in addition to internal accruals, timely funding support from
promoters will remain critical to meet SCPL's debt repayment
obligations and incremental working capital requirement.
Incorporated in 2013, SCPL manufactures digital ceramic wall tiles
of two sizes--10"x15" and 12"x18''. SCPL's manufacturing facility,
located at Wankaner, Rajkot (Gujarat), has a manufacturing capacity
of ~8,000 boxes of ceramic wall tiles per day. It markets and sells
ceramic tiles under the brand name of 'Stefina'. The company was
promoted by the Vilpara family, with the key promoters Mr.
Manojbhai Vilpara and Mr. Hiteshbhai Vilpara, having extensive
experience in the ceramic industry, by virtue of their earlier
association with another tile-manufacturing company, Fenix Ceramic
Pvt. Ltd.
VEDANT EDUCATION: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vedant
Education Trust (Vedant) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 18.8 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with Vedant for obtaining
information through letters and emails dated May 10, 2019 and May
16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Vedant. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Vedant is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Vedant to 'CRISIL B/Stable Issuer not cooperating'.
Vedant is a charitable trust set up in 2011 for promoting
education. The trust has been set up by Mr Binjinder Singh and Mr
Ashok Khurana and their sons, Mr Moginder Singh and Mr Akshay
Khurana, respectively. The trust is setting up a K-12 CBSE school
in Greater Noida (Uttar Pradesh) under the name of The Shri Ram
Universal School (TSUS), under a franchisee tie up with SEL, which
have promoted SRCC and LSR colleges and have a long track record in
the education sector. The school is expected to start operations in
April 2019.
VENUS GARMENTS: CRISIL Migrates 'D' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Venus Garments
India Limited (VGIL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of credit 14.91 CRISIL D (ISSUER NOT
& Bank Guarantee COOPERATING; Rating
Migrated)
Proposed Long Term 3.17 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating
Migrated)
Term Loan 73.83 CRISIL D (ISSUER NOT
COOPERATING; Rating
Migrated)
Working Capital
Facility 69 CRISIL D (ISSUER NOT
COOPERATING; Rating
Migrated)
CRISIL has been consistently following up with VGIL for obtaining
information through letters and emails dated February 28, 2019, May
10, 2019 and May 16, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VGIL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VGIL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VGIL to 'CRISIL D/CRISIL D Issuer not cooperating'.
Incorporated in 1999 and promoted by Mr Anil Jain, VGIL
manufactures and exports ready-made garments such as polo shirts,
T-shirts, jogging suits, sweat shirts, thermal wear, and sweaters.
The company mainly exports to the US, Europe, Mexico, Canada, and
other countries.
VGN PROPERTY: CRISIL Reaffirms 'D' Rating on INR400cr NCD
---------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the non-convertible
debentures (NCDs) of Vgn Property Developers Private Limited
(VGN).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Non-convertible
Debentures 400 CRISIL D (Reaffirmed)
The rating reflects delay by VGN in servicing its debt obligations
for the fourth quarter of fiscal 2019. The payment due on March 31,
2019, was paid in full in the first week of April 2019 mainly due
to cashflow mis-matches. This weakness is partially offset by the
extensive experience of the promoters.
Analytical Approach
CRISIL has factored in cash flows from VGN's Fairmont and Coasta
projects, as the lenders have charge only on these cash flows. The
projects are in Guindy and East Coast Road (ECR), respectively, in
Chennai. VGN maintains an escrow account for these projects' cash
flows, which are used as per the pre-agreed waterfall mechanism.
Key Rating Drivers & Detailed Description
Weakness:
* Delays in servicing debt: VGN delayed servicing its principal and
interest obligations on the NCDs in the fourth quarter of fiscal
2019, mainly due to cash flow mismatches. However, the obligations
for March 2019 have been met and for June 2019 prepaid using cash
flows from the project and promoter funds.
Strength
* Experience of the promoters: Incorporated in 2009, VGN has a
strong brand franchise in the Chennai real estate market, backed by
the VGN group's track record since 1942. The group has completed
projects of 16 million square feet. Its track record of timely
implementation of projects and complete in-house operating
capabilities enhance the brand reputation.
Liquidity
Liquidity is weak. There has been a delay in meeting debt
obligations due to weak liquidity and subdued customer advances and
sales. However, liquidity has improved after infusion of funds by
the promoters.
Incorporated in 2009, VGN develops residential apartments and plots
in Chennai. Mr D Pratish (promoter) holds a majority stake in the
company; the remaining stake is held by his wife, Ms Divya Vemuri,
and mother, Ms D Padma. VGN has developed around 1.8 million square
feet (msf) of area till date, and 5 msf of projects are under
construction.
VGN Fairmont is a large residential project, with total saleable
area of 1.8 msf. The property has 1,300 saleable units and is
expected to be launched in a phased manner. VGN Coasta is a luxury
residential project, with total saleable area of 0.3 msf. It has
one tower, comprising 16 floors, and has units with three or four
bedrooms, and a hall and kitchen.
ZUARI AGRO: ICRA Downgrades Rating on INR1980cr Loan to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Zuari Agro Chemicals Limited (erstwhile Zuari Holdings Limited),
as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 260.0 Rating revised to [ICRA]D from
[ICRA]BB (Negative)
Long Term Fund
Based 1000.0 Rating revised to [ICRA]D from
[ICRA]BB (Negative)
Long Term un-
allocated limits 465.0 Rating revised to [ICRA]D from
[ICRA]BB (Negative)
Short Term non-
fund-based limits 1980.0 Rating revised to [ICRA]D from
[ICRA]A4
Short Term un-
Allocated 510.0 Rating revised to [ICRA]D from
[ICRA]A4
Rationale
The ratings downgrade is on account of the company's cash credit
account remaining over utilised for more than 30 days owing to
devolvement of a series of Letters of credit (LC) beginning April
2019 and continuing in May 2019. ZACL's liquidity position
deteriorated materially in FY2019 driven by significant cash losses
posted during the year and the delay in subsidy receipts from the
GoI during April-May 2019. The company posted cash loss of
~INR174.0 crore in FY2019 which was driven by the agri-stress
prevalent in parts of the operating territories of ZACL i.e.
Northern Karnataka and the Marathwada region resulting in inability
of the company to pass on the increase in raw material price to
farmers along with a two-month long shutdown undertaken at the urea
plant in Q3 FY2019. As a result, the company faced cash flow
mismatches and was not able to meet the payment for the maturing
Letters of Credit (LCs). The rating revision also factors in the
reduced financial flexibility of the company.
Key rating drivers
Credit strengths
Established track record of the company in fertiliser and other
agri-businesses: ZACL has had an established track record in the
fertiliser and other agri-business since 1967. ZACL through its
subsidiaries and joint ventures is engaged in manufacturing of
fertilisers, seeds, and other agri-inputs.
Diversified product portfolio including urea, DAP and NPK complexes
as well as traded products: ZACL is engaged in manufacturing of
urea as well as DAP/NPK fertilisers at its Goa manufacturing
facility along with water soluble fertilisers (WSF) and Single
Super Phosphate (SSP) manufactured at other plants of the company.
It also undertakes trading of various fertilisers to provide wide
range of agri products to the farmers. ZACL also benefits from
access to the DAP/NPK fertilisers manufactured by its JV Paradeep
Phosphate Limited (PPL).
Favourable long-term demand outlook for fertilisers in India due to
scarcity of nutrients in the soil: Indian soil remains deficient in
nutrient content which has resulted in lower agri-productivity.
With increasing population, the demand for food will increase which
will make productivity improvement imperative for the agri sector.
Thus, the demand outlook for fertilisers remains positive in
India.
High operating efficiency of the plants, although the company has
faced certain operational issues in recent years: Though ZACL's
plants had faced operational issues in the past, the operational
efficiency has improved over the last few years. Urea as well as
DAP/NPK plant has shown healthy capacity utilisation in last few
years. Urea plant has witnessed improving capacity utilisation and
energy efficient operations post implementation of gas pooling for
the fertiliser sector resulting in lowering of gas costs for ZACL.
Strong marketing network and leading market position in Karnataka
and Maharashtra: ZACL caters to the southern and western part of
India and enjoys leading market position in Karnataka and
Maharashtra. ZACL along with PPL enjoy a major part of the DAP/NPK
market in southwestern part of India and a strong marketing
network.
Credit challenges
Vulnerability of profitability to agro-climatic conditions,
regulatory risks and seasonality of the fertiliser business:
Agriculture sector in India remains vulnerable to the vagaries of
monsoon as the area under irrigation remains low which exposes
fertiliser sector to volatility as well. The sector being highly
regulated also remains vulnerable to changes in the regulations by
GoI.
Performance of non-urea fertilisers is relatively more vulnerable
to regulatory and economic variables: Non-urea fertiliser demand is
relatively more volatile as the preference for urea is driven by
the price differential. In case of weak monsoon, the non-urea
fertilisers have seen more impact on demand relative to that on
urea. The domestic manufacturers are also affected by movement in
international prices of end products as well as raw material which
impact the profitability. Post implementation of Nutrient Based
Subsidy (NBS) for P&K fertilisers, the price differential between
urea and P&K fertilisers has widened which has adversely impacted
demand for P&K fertilisers. The profitability of the companies
depends on the movement of international prices of raw material as
majority of these are imported. The ability of the company to pass
on any increase in raw material prices to end-consumer through
revision of retail price also plays a crucial role in protecting
profitability which may be constrained by high level of stocks or
poor monsoon etc.
Imports expose ZACL to forex risk; partly mitigated by the hedging
policy of the company: ZACL imports its entire requirement of
phosphoric acid, ammonia and MOP for production of DAP/NPK
fertiliser which exposes it to foreign exchange risks. The risk is
however partly mitigated as the company leaves very small amount of
its foreign exchange exposure as unhedged.
Debt funded capex to meet energy norms under NUP-2015: ZACL will be
undertaking significant debt funded capex to meet energy
consumption norms applicable under NUP-2015 from FY2021 onwards.
The capex for the project is around INR380 crore and is to be
funded in a debt-equity ratio of 70:30. The capex is expected to
keep the credit metrics subdued in the near term.
Subdued capital structure characterised by low capitalisation, high
debt and low core profitability: Capital structure of the company
has weakened since demerger from Zuari Industries Limited. Low
capitalisation, high debt due to subsidy receivable driven working
capital borrowings along with weak core profitability over the past
few years has resulted in weak capital structure. Going forward the
debt funded capex will keep the capital structure subdued unless
equity infusion is completed in a timely manner by the company.
High working capital intensity due to subsidy delays and high trade
receivables resulting in high borrowings: As the subsidy
receivables from GoI continue to remain outstanding for as long as
4-5 months working capital borrowings to fund the receivables keep
the borrowing levels elevated. The high receivable days also lead
to high working capital intensity for the business and high
interest costs for the company impacting profitability.
MCF acquisition leading to cash outflow: ZACL had acquired 53.03%
ownership in MCFL through its subsidiary Zuari Fertilisers &
Chemicals Limited (ZFCL, now merge with ZACL) with a total cash
outflow of INR510 crore. The acquisition was majorly debt funded
and ZACL continues to service the debt leading to cash outflows in
the form of interest and debt repayments.
Liquidity Position:
Liquidity position of the company has weakened materially owing to
large loss posted by the company in FY2019 coupled with continued
delay in the subsidy receivables from the GoI which has led to
elongation of the working capital cycle. Owing to stretched
liquidity position and weakening credit profile of the company, the
financial flexibility of the company has weakened. While company is
in the midst of fund-raising timely completion of the same will be
a key monitorable for improvement in the liquidity position of the
company.
Zuari Agro Chemicals Limited (erstwhile Zuari Holdings Limited)
constitutes the fertiliser operations of the Adventz Group
following the demerger of Zuari Industries Limited (ZIL). It is
also the holding company for the other agri-business operations of
the Adventz Group. The group has interests in agri-inputs,
engineering, infrastructure, real estate, consumer durables and
services sectors. It was a part of the erstwhile K.K. Birla Group.
In April 2011, the Bombay High Court (Goa bench) approved the
demerger of ZIL's fertiliser business into Zuari Holdings Limited
(later renamed as ZACL), while the residual entity ZIL (later
renamed as Zuari Global Limited) retained the non-fertiliser
business operations and investments. The demerger scheme was
applicable w.e.f July 1, 2012.
The erstwhile ZIL was promoted in 1967 in financial and technical
collaboration between the K.K. Birla Group and the U.S. Steel
Corporation to manufacture urea, compound nitrogenous fertilisers
and phosphates in Goa. In 1985, ZIL promoted Chambal Fertilisers &
Chemicals Limited (CFCL, rated [ICRA]A1+) to produce urea using
natural gas at Gadepan, Rajasthan. In 2002, ZIL acquired Paradeep
Phosphates Ltd (PPL - rated [ICRA]A(Stable)/[ICRA]A1) through a JV
company, as part of the disinvestment process of GoI. PPL
manufactures DAP and NPK fertilisers, with its plant located at
Paradeep, Orissa. While the equity shareholding of ZIL in PPL is
now held by ZACL (40.225% of entire shareholding of PPL through the
JV company), the 13.3% shareholding of ZIL in CFCL continues to be
held by ZGL.
ZACL's plant is located in Goa and comprises of a urea plant of 0.4
MMTPA capacity, complex (NPK) plant of 0.36 MMTPA capacity and
DAP-cum-Complex plant of 0.36 MMTPA capacity, which is capable of
manufacturing a range of complexes. ZACL completed its feedstock
conversion project and is now using gas as a feedstock for
manufacturing urea (it was earlier using naphtha). For complexes
and DAP, it uses imported ammonia and phosphoric acid. As of March
2019, 65.04% of the shareholding of ZACL was held by the promoter
group, while the rest is held by domestic and foreign institutional
investors and public.
=========
J A P A N
=========
AIFUL CORP: First Junk Bond Sale Offers Yield of Less Than 1%
-------------------------------------------------------------
The Financial Times reports that a consumer loan company priced
Japan's first publicly-offered junk bond on May 31 with an interest
rate of just 0.99 per cent, a coupon that highlights the country's
institutional desperation for yield and the increasingly
eye-catching distortions caused by the Bank of Japan's negative
interest rate policy.
The bond, which was rated BB by Japan Credit Rating Agency, was
issued by Aiful Corporation, a Kyoto-based consumer lender whose
name was plunged into scandal more than a decade ago when it was
forced to suspend operations amid accusations of strong-arm
collection tactics, the FT says.
The FT relates that the company, which narrowly survived bankruptcy
in 2009, said it priced JPY15 billion ($138 million) of
speculative-grade notes that mature in December 2020.
The wafer-thin interest rate gives the Aiful notes the distinction
of having the lowest coupon for any fixed-rate junk bonds in the
world, the FT discloses citing Bloomberg data.
But bankers are betting that will not dim their appeal, given that
base rates in Japan remain rooted near zero. In the same week that
Aiful issued its junk bond, yields on the benchmark 10-year
Japanese government bond slipped to minus 0.1 per cent for the
first time since August 2016, according to the FT.
The FT adds that bankers in Tokyo said that while Aiful's junk
bonds marked an important moment for financial markets, the sale
could be a one-off and does not mean that investors should expect
several similar offerings in coming months. Listed Japanese
companies have generally been able to depend upon bank lending to
meet their cash needs. For that reason, a vibrant market for risky
corporate bonds has not yet developed.
Last year, Japan's Government Pension Investment Fund--the largest
of its type in the world and usually a significant influence over
the behaviour of Japanese institutional investors--tweaked its
policies to allow it to buy yen-denominated bonds with ratings
below BB. Traders say, however, that the change has not yet
prompted any significant change in behaviour by Japanese investors,
the FT states.
Meanwhile, negative JGB yields have created distortions as Japanese
institutions come under increasing pressure to earn the returns
they require, without straying into higher-risk areas than they can
justify, the FT says. Among the most striking examples of a
yield-seeking strategy has been that of Norinchukin, a low-key bank
that manages the savings of Japan's farmers and fishermen. It has
been a particularly voracious buyer of structured debt products
known as collateralised loan obligations.
Other Japanese banks like Mizuho and SMFG have bought similar
assets, but over the course of the fiscal year that ended on March
30, Norinchukin doubled its CLO holdings to JPY7.4 trillion ($67
billion), the FT says.
Since the BoJ introduced negative interest rates in 2016, in an
attempt to pull the country decisively out of deflation, a
succession of senior figures within Japan's banking industry have
either directly criticised the policy or lobbied hard against any
attempt to extend it, the FT states. In March, SMFG's Makoto
Takashima became the latest chairman of the Japanese Bankers
Association to warn that the policy could push banks into making
riskier investments, says the FT.
Headquartered in Kyoto, Japan, Aiful Corporation --
http://www.ir-aiful.com/english/index.cfm-- provides financial
service. The company is engaged in the provision of small-lot
uncollateralized loan for individual consumers, business loan for
individuals, as well as mortgage collateral and credit card
services, in addition to the collection and management of debts.
Other business activities the Company is involved in include the
development, investment and nurture of venture companies, as well
as the leasing of real estates. The Company has 29 subsidiaries
and two associated companies.
=====================
N E W Z E A L A N D
=====================
BRIGHTSIDECO INSURANCE: A.M. Best Lowers FS Rating to B (Fair)
--------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating to B (Fair)
from B++ (Good) and the Long-Term Issuer Credit Rating to "bb+"
from "bbb" of Brightsideco Insurance Limited (Brightsideco) (New
Zealand). The outlook of these Credit Ratings (ratings) has been
revised to stable from negative.
The ratings reflect Brightsideco's balance sheet strength, which AM
Best categorizes as adequate, as well as its marginal operating
performance, limited business profile and appropriate enterprise
risk management.
The rating downgrades follow deterioration in AM Best's view of
Brightsideco's operating performance and balance sheet strength
fundamentals. The balance sheet strength assessment also factors a
negative holding company impact arising from Brightsideco's
ultimate parent; ICF Holdings Pty Ltd (ICFH), whose
creditworthiness, in AM Best's view, has declined over recent
years.
Brightsideco's operating performance has exhibited heightened
volatility and a deteriorating trend over recent years. The
company's combined ratio has fluctuated between 86% and 113% over
the past five years (fiscal years 2014-2018), with recent
performance affected by a higher frequency and severity of claim
costs arising from Brightsideco's extended warranty products. In
addition, a notable strengthening of the company's unexpired risk
reserve, which is captured outside the combined ratio of 113% for
fiscal-year 2018, contributed to an overall operating loss of NZD
1.9 million for the year, equivalent to an operating ratio of
nearly 150%. In response to the poor performance in fiscal-year
2018, the company has taken a number of remedial actions, including
significant premium rate increases and amendments to policy terms
and conditions, all aimed at improving prospective loss experience.
While AM Best views these steps as positive, the nature of the
company's long-duration extended warranty products means that these
actions may take a number of years to have a full effect on
earnings.
AM Best expects Brightsideco's risk-adjusted capitalization, as
measured by Best's Capital Adequacy Ratio (BCAR), to be categorized
as strongest over the medium term, despite volatility experienced
in recent years. In 2018, Brightsideco had a temporary breach of
its regulatory solvency position in New Zealand, following the
aforementioned reserve strengthening requirements. However, the
shortfall in capital adequacy was replenished quickly via a capital
injection of NZD 3.5 million from within the ICFH group. AM Best
expects prospective regulatory solvency to be supported by improved
internal capital generation over the medium term.
Other balance sheet considerations include the company's very small
absolute capital base, which increases its sensitivity to stressed
scenarios. Furthermore, over the past few years, consolidated
earnings and capital adequacy at ICFH have exhibited a declining
trend. Any further deterioration in the financial strength of ICFH
may exert pressure on the current ratings of Brightsideco.
AM Best views Brightsideco's business profile as limited,
reflecting the company's small operational size, niche business
portfolio and lack of geographical diversification. The company
also is exposed to high concentration risk arising from its
distribution channel, as almost all of its policies are distributed
through Harvey Norman, a large retail electrical goods store in New
Zealand. Brightsideco and the wider ICFH group's relationship with
Harvey Norman remain key to Brightsideco's insurance operations.
CRYPTOPIA: Owes Creditors More Than US$2.7MM, Says Report
---------------------------------------------------------
CoinDesk reports that the liquidators of failed New Zealand crypto
exchange Cryptopia have released their first report on the firm's
financial situation, revealing that it owes over US$2.738 million
to creditors.
According to CoinDesk, the appointed liquidator Grant Thornton New
Zealand published its report on May 31, saying that 69 unsecured
creditors are owed at least US$1.37 million and secured creditors
over US$912,000, with an expected deficit of US$1.63 million.
Secured creditors include Dell NZ and Coca Cola Amatil (NZ).
Staff at the firm are owed US$207,000 for outstanding salaries and
holiday pay, as well as US$177,000 in unsecured debt, CoinDesk
discloses.
CoinDesk relates that Grant Thornton said that the amount owed to
unsecured creditors is likely to rise.
CoinDesk says Cryptopia was hit by a major hack in mid-January
resulting in "significant losses." A blockchain data analytics firm
estimated after the hack that as much as US$16 million in ether and
ERC-20 tokens could have lost. It later restarted trading services
amid banking issues, and finally went into liquidation and
suspended trading operations earlier this month.
According to CoinDesk, the liquidators report said that, though
Cryptopia had restarted trading, volumes "were insufficient for the
Company to meet its debts as they fell due and it was decided the
appointment of liquidators was in the best interests of customers,
staff and other stakeholders."
Earlier last week, Grant Thornton filed for bankruptcy protection
in the U.S. to preserve Cryptopia data stored and hosted on servers
with an Arizona-based firm.
The amount owed to customers is still unclear. Grant Thornton said:
"The Company held cryptocurrency in wallets by cryptocurrency and
has a database detailing the customer transactions and balance
allocated to each customer. We are currently gaining access to the
database to undertake a reconciliation of the holdings against the
customer balances. Until the user balance database is reconciled
with the crypto-asset wallets operated by the company, we cannot
confirm the value of Customer holdings."
At time of liquidation, the exchange possessed US$691,229 in cash,
but had a loan of around US$150,000, the liquidator, as cited by
CoinDesk, added. It also had fixed assets with a face value of over
US$1.3 million, although the value that would likely be recoverable
is more likely around US$242,000.
Cryptopia's tax liabilities are still unknown, as New Zealand's tax
authority was carrying out an audit when the firm filed for
liquidation, CoinDesk relays.
CoinDesk adds that the effort to recover the cryptos lost in the
hack is ongoing by local police, with the liquidators also
enlisting the help of former staff.
"This involves gaining access to the company's crypto-assets
wallets and transferring them to secure cold storage where
available," the report said.
About Cryptopia Limited
Cryptopia Limited is a cryptocurrency exchange based in
New Zealand.
On May 15, 2019, David Ruscoe and Russell Moore from Grant Thornton
were appointed as liquidators to wind up the company's affairs.
Cryptopia Limited filed a Chapter 15 petition (Bankr. S.D. New York
Case No. 19-11688) on May 24, 2019. Timothy E. Graulich, Esq.,
Davis Polk & Wardwell LLP, in New York, is the U.S. counsel.
ICM HORTICULTURAL: Owner-Operator Slapped w/ NZ$30,000 in Penalties
-------------------------------------------------------------------
Stuff.co.nz reports that the Employment Relations Authority has
ordered an owner-operator of a Hawke's Bay labour supply
contracting firm to pay NZ$30,000 in penalties for failing to
properly pay 12 migrant employees.
According to Stuff, the Labour Inspectorate took the case on behalf
of 12 Papua New Guinea citizens hired by ICM Horticultural
Contracting to work on Te Mata Estate Vinery in Hawkes Bay for no
pay.
Stuff relates that the ERA heard that Martha Fretton, the
owner-operator of ICM, was under the impression she was providing
training to the group of 12 workers, so they could learn about
working on vineyards as part of a "Global Exposure" programme. At
the vineyard, they received a 30-minute briefing before commencing
work that ICM should have paid them for.
The workers were required to record their work in blocksheets, on
the basis of which Ms. Fretton sent invoices to the vineyard. She
billed Te Mata a total of NZ$25,887.61 for the work provided by the
group. Te Mata paid this amount to Fretton, but she failed to pay
the workers.
A vineyard manager at Te Mata said they understood the group were
RSE workers. Te Mata's contract with ICM provided that all workers
were RSE-approved, but Te Mata did not actively verify that they
were.
Labour Inspectorate Manager Kevin Finnegan said vineyards needed to
take a good look at their supply chains and ensure they were only
using legitimate contractors.
"Employers need to be mindful of the risk of employment law
breaches in the supply chain. Such exploitation can be damaging to
the wellbeing of vulnerable workers but also to the business in
terms of branding," Stuff quotes Mr. Finnegan as saying.
"Customers expect employment standards compliance as part of the
New Zealand's brand for fair treatment of workers. Failing to
ensure employees receive their minimum entitlements undercuts
businesses that do the right thing and jeopardises exports and
domestic sales," he said.
The workers were brought to New Zealand on visitor visas by
Christina-Kewa and Antony Swarbrick, using the trading name Global
4040. Ms. Swarbrick, originally from PNG herself, claimed she
brought the individuals in for an "educative experience" rather
than paid employment.
The ERA found this was not the expectation of the workers, however.
They had to cover some of their travel costs to New Zealand and
were under the impression this money would also grant them paid
work.
According to Stuff, Ms. Swarbrick originally arranged activities
for the group in Waikato, most of which were linked to the Destiny
Church. It was also through the church that she met Ms. Fretton.
Ms. Swarbrick asked Ms. Fretton to provide the workers with
training on vineyards, after the workers grew increasingly
frustrated with the lack of work.
Stuff relates that Ms. Fretton paid a total of NZ$9,293.70 to Ms.
Swarbrick as a "donation". Some of this money was distributed to
the members of the group as "allowances" and used to cover their
accommodation costs, but fell drastically short of the minimum
standards they were entitled to.
The Labour Inspectorate estimated that ICM owed a total of
NZ$31,128.36 in unpaid wages and holiday pay to the 12 workers,
Stuff discloses. The company has been ordered to re-pay the wage
arrears. Subsequent to these proceedings, action has been taken to
liquidate ICM, contributing to the NZ$30,000 penalty award against
Ms. Fretton.
Stuff adds that Ms. Fretton was ordered to pay NZ$30,000 in
penalties for a total of 60 employment standards breaches and what
the ERA labelled as "gross negligence".
SOUTHERN BOUNDARY: Directors Facing Label Fraud Charges
-------------------------------------------------------
David Clarkson at Stuff.co.nz reports that a North Canterbury
winery allegedly sent thousands of bottles of wine overseas with
fraudulent labels.
Stuff relates that the allegations come from the Ministry of
Primary Industries (MPI), which said it has analysed two years of
paperwork relating to the Southern Boundary Wines winery at
Waipara. The winery has been in liquidation since early 2018, the
report notes.
According to Stuff, MPI brought charges under the Wine Act against
the company, director Scott Charles Berry, 37, director Andrew
Ronald Moore, 45, and employee Rebecca Junell Cope, 44.
Stuff says the charges against the company include making a false
statement about the vintage and area of origin of wine in an
application for an export eligibility statement, exporting wine
that did not comply with export eligibility requirements, failing
to deal with grapes, grape juice, and wine from a customer as
required, and selling wine that had not been made in accordance
with Wine Act requirements.
Broadly similar charges apply to the directors and employee, the
report notes.
Stuff adds that the directors, employee and company also face
charges of destroying or concealing winemaking records, or
attempting to do so. The charges say the records are required to be
kept under the Wine Act.
The charges relate to sauvignon blanc and pinot noir from Waipara
and Marlborough made between 2011 and 2013.
In the High Court at Christchurch on May 30, Justice Rachel
Dunningham heard evidence from the winery's warehouse manager,
Brian Henshaw, who was called as an MPI witness.
His evidence was heard six weeks before the trial is due to start
before a judge-alone, Stuff notes.
According to Stuff, Prosecutor Karyn South said MPI had "unpacked"
two years of documents they had found at Southern Boundary Wines
relating to the period 2011 to 2013.
She alleged during her questioning that more wine was dispatched or
exported of particular varieties than the winery had available of
that variety. Mr. Henshaw said he was not aware of that
happening.
Ms. South asked if he was aware of any illegal winemaking practices
at Southern Boundary Wines. Mr. Henshaw said he was not.
He said the company was only able to export wines that had been
certified for export through the Wine Export Certification Service.
He was not aware of any certificates being used for wine that had
not been tested, Stuff relates.
Ms. South named a winemaker who she said would give evidence at the
trial that he left Southern Boundary Wines because of the illegal
inter-regional and inter-vintage blending that was taking place at
the winery.
The witness would say Mr. Henshaw would be aware of that, she
said.
"I don't know why he would say that," Mr. Henshaw replied, Stuff
relays.
Cross-examined by Simon Shamy, counsel for Mr. Moore, Mr. Henshaw
agreed that if a large order came in that involved more wine than
was held in the warehouse, winemakers would produce more wine to
fill the order, Stuff relates. He said he only dealing with bottles
full of wine at the warehouse, and was not really aware of what was
going into the bottles.
Kerryn Beaton, counsel for Ms. Cope, put it to Mr. Henshaw that
over the period in question he had never had any conversation with
Cope, one of the winemakers, asking for specific information he
needed to fill out a wine export certificate, adds Stuff.
===============
X X X X X X X X
===============
BOND PRICING: For the Week May 27, 2019 to May 31, 2019
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.00
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.00
CLIME CAPITAL LTD 6.25 11/30/21 AUD 0.99
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.92
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.08
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.08
CHINA
-----
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 73.06
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 62.00
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 72.63
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 40.70
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.35
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.91
ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 45.00
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 61.56
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 61.57
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.55
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 40.01
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 40.17
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 20.12
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 20.19
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.23
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.23
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 20.05
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 20.13
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.79
BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 40.72
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 60.00
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 62.74
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.77
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.80
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 20.16
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.29
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.52
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.72
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.70
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.94
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.18
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.30
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 20.16
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 25.32
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 40.20
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 40.21
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 40.56
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 40.70
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.30
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.72
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 41.42
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 60.77
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 61.76
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 61.70
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 61.83
BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.17
BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.22
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 61.20
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 61.95
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.54
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.55
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 61.23
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 62.89
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.16
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.17
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 40.37
C&D REAL ESTATE CORP LT 6.15 04/03/20 CNY 40.49
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.30
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.57
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 60.75
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.27
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.36
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.86
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.87
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.65
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 40.24
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 40.84
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 20.13
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.15
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.20
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 74.21
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 74.67
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 63.07
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 73.01
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 73.22
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 20.40
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 60.93
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 61.76
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.09
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.09
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 60.23
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 61.38
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.01
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 40.42
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 61.79
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 60.00
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 61.10
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 61.55
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 62.14
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.12
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.33
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 60.95
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 61.14
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.38
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 41.90
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.43
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.48
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.48
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.05
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 40.47
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.74
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.76
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 39.50
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.36
CHENGDU ECO &TECH DEVEL 6.90 05/30/21 CNY 61.81
CHENGDU ECO &TECH DEVEL 6.90 05/30/21 CNY 61.82
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.16
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.24
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.35
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.38
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 57.50
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 61.39
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 38.50
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 40.52
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.18
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 39.10
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.34
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 20.45
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 20.47
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 61.77
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 62.37
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.36
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.86
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 61.25
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 61.47
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 39.66
CHINA ENERGY RESERVE AN 6.25 12/21/18 USD 33.66
CHINA WANDA GROUP CO LT 5.20 09/08/21 CNY 59.50
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 40.26
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 40.73
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 60.50
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 61.96
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 41.00
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 41.13
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 20.46
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 20.13
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 20.13
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.90
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.91
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.75
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.76
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 40.10
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 40.28
CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 40.92
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.20
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.44
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.16
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.17
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.16
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.79
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.22
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.45
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 62.02
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 62.03
CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.93
CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.93
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.94
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.97
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.13
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.24
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.28
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.30
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.51
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.76
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.11
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.30
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.39
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.39
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 62.14
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.23
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.40
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.04
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.18
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 60.00
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 61.65
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.13
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.13
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.77
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.85
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 61.83
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 62.08
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 20.31
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 20.10
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.23
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.23
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.51
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.54
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.70
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.82
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 39.61
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 40.10
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.00
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.51
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 40.00
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 40.23
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 58.95
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 59.34
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 61.80
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 62.25
CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 60.86
CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.01
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 40.20
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 40.29
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 60.72
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 60.73
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.44
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 62.01
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 41.21
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 41.25
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.15
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.26
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 20.15
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 20.22
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 61.00
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 61.66
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.32
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.45
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 61.45
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 61.49
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.10
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.33
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 20.21
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 60.87
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 61.19
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 20.23
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 20.39
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 61.40
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 61.52
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 36.77
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 40.27
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.35
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.48
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 60.80
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 61.94
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.47
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 61.76
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 61.98
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.28
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.40
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 20.12
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 41.53
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 60.00
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 60.70
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.27
DALIAN DETA HOLDING CO 6.50 11/15/19 CNY 20.29
DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 59.60
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 61.20
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 61.41
DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 40.31
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 60.98
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 60.99
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.17
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.18
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.00
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.56
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.07
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.10
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.24
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.31
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 40.92
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.14
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.15
DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 41.45
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.42
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.65
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.40
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.41
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 61.12
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 61.29
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 20.36
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.04
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.86
DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 62.15
ELION CLEAN ENERGY CO L 6.42 07/19/20 CNY 64.00
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 20.32
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.58
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 61.44
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 20.16
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.18
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.19
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 61.52
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 61.97
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 61.37
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 64.50
FAR EAST SMARTER ENERGY 5.33 05/24/21 CNY 70.20
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 41.25
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 61.90
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 60.10
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 62.25
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 40.71
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 20.16
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.40
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.51
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 60.81
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 55.09
FUQING CITY STATE-OWNED 5.94 11/26/22 CNY 69.18
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.30
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.40
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 40.70
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 40.84
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.44
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.66
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 25.78
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 25.80
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.78
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.90
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.66
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.72
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 20.27
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 20.37
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 40.62
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 40.81
GOOCOO INVESTMENT CO LT 7.20 02/01/21 CNY 50.00
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 49.89
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 50.50
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.11
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.12
GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.14
GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.20
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 60.43
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 61.48
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.04
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.18
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 61.91
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.23
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.57
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.24
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 60.66
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 60.67
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 62.41
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 63.00
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 61.49
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 61.94
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 62.02
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 63.06
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.61
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.62
GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 24.90
GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 88.00
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 37.56
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 40.76
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 61.43
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 69.00
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 40.66
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.57
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.51
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.54
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 60.74
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 61.47
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 41.00
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 41.24
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.45
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 41.39
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 41.43
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 41.10
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.35
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.53
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.79
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.81
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 61.68
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 62.00
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 39.50
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.34
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.72
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.89
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.15
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.90
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.95
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.60
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 62.01
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.00
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.62
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.54
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 62.23
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.00
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.01
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 41.40
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 41.55
HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 61.51
HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 61.97
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.24
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.40
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.13
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.14
HEFEI GAOXIN DEVELOPMEN 6.90 03/12/20 CNY 71.05
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.15
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.41
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.54
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 20.13
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 20.16
HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 40.28
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 58.84
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 58.87
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 59.89
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 60.43
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 49.84
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 51.01
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 51.20
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.60
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 20.31
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 58.77
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 60.06
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.22
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.25
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.41
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.58
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 61.91
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 61.96
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 60.07
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 61.14
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 62.07
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 61.50
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 40.56
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 53.32
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 20.54
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 39.30
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.14
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.20
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 20.05
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.67
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.85
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 61.08
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 61.27
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 61.38
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 61.49
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.15
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.21
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 40.44
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 60.54
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 60.55
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 42.25
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 42.47
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.81
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 62.00
HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 42.09
HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 62.12
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 20.28
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.25
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.92
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.13
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.16
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.44
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.89
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 72.19
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 61.16
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 61.37
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 41.78
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.52
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.80
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 62.72
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.39
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.64
HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 60.63
HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 78.60
HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 20.35
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.12
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 60.31
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 61.92
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 61.72
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 61.22
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 62.02
INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 20.21
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 58.91
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 60.31
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 62.12
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 62.49
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.09
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.14
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.00
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.27
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 20.32
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.00
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 61.95
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 62.26
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.12
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 61.54
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 61.59
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 37.93
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.50
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 41.40
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 40.00
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 40.88
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 19.99
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 40.30
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 40.35
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.00
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.02
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 60.00
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 61.18
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 61.87
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 62.03
JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 40.29
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.02
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.05
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 59.64
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 40.48
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 40.51
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.20
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.34
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 60.88
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 61.64
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 20.25
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 60.73
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 61.92
JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 51.10
JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 51.17
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 61.06
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 61.12
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 20.14
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 20.14
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.74
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 61.04
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 20.50
JIANGSU ZHUFU INDUSTRIA 4.93 12/29/20 CNY 69.27
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.16
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.34
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.59
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 62.63
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 60.43
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 61.17
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.19
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.27
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 40.80
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 40.88
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 61.17
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 61.42
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.44
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 20.39
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 20.40
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 20.16
JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.11
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.15
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.18
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 60.87
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 62.15
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 61.91
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 61.89
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 61.92
JIEYANGSHI CHENGSHI TOU 6.55 08/27/21 CNY 62.04
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.01
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.23
JILIN LIYUAN PRECISION 7.00 09/22/19 CNY 16.00
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 61.22
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 61.90
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 62.06
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 62.08
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 20.27
JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 53.67
JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 58.10
JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 60.50
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 40.39
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 40.53
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 55.80
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 60.57
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 61.28
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 61.77
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 41.29
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 60.95
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 62.73
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.08
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.17
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 20.24
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 61.51
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 62.77
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 20.47
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.10
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.52
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.07
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.09
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 41.48
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 60.28
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 61.35
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.95
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.57
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 61.75
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.09
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.65
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 60.96
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 20.03
KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 49.55
KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 59.62
KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 64.82
KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 74.81
KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.10
KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.77
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 20.28
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.15
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.88
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.21
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.35
KUNMING DONGJUN REAL ES 4.50 11/02/21 CNY 73.36
KUNMING EXPRESSWAY CONS 7.50 01/21/20 CNY 70.42
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 20.18
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 20.19
KUNSHAN CHUANGYE HOLDIN 6.28 11/07/19 CNY 20.10
KUNSHAN CHUANGYE HOLDIN 6.28 11/07/19 CNY 20.38
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.99
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 62.97
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 60.99
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 62.20
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.63
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.79
LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 59.41
LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 59.42
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 74.32
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.10
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.21
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 60.00
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 61.38
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 60.64
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 61.20
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 59.57
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 60.08
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.65
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.73
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.00
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.03
LILING LUJIANG INVESTME 7.18 09/05/21 CNY 60.85
LILING LUJIANG INVESTME 7.18 09/05/21 CNY 61.08
LILING LUJIANG INVESTME 8.10 05/22/21 CNY 61.33
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 40.27
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.35
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.52
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.12
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.13
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.00
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.20
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.12
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.26
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 20.34
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.01
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.03
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.24
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.30
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 61.63
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 62.16
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 61.90
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 62.57
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.06
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.20
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 41.29
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 41.37
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 20.30
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 40.29
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 61.08
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 61.18
LONGHAI STATE-OWNED ASS 6.58 08/15/21 CNY 61.19
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 62.19
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 62.30
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 61.41
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 20.36
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.38
LUOHE CITY CONSTRUCTION 5.25 09/11/20 CNY 70.41
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 60.78
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 61.96
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 20.30
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.90
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 40.54
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 40.70
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 41.13
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.21
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.22
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 20.07
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 61.11
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 61.12
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.40
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.48
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.15
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.20
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.35
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.43
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.49
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.70
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.81
NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 20.11
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.53
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.55
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 20.26
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 20.30
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 20.11
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 61.94
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 61.99
NANJING LISHUI URBAN CO 5.80 05/29/20 CNY 40.37
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.30
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.36
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.20
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.38
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 72.12
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 72.32
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 61.25
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 61.93
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.50
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.53
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 60.86
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 61.93
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 40.90
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 61.29
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 61.76
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 39.80
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.59
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.09
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.09
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 40.25
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 40.46
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 40.90
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 41.49
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.89
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.97
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 62.34
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 62.35
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.37
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.64
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 40.44
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 61.32
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 61.33
NINGBO SHUNNONG GROUP C 7.20 10/16/19 CNY 20.27
NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 40.50
NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 40.59
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 61.84
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 62.69
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 40.81
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 41.77
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 61.10
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 62.12
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.29
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.70
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 60.68
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 62.19
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 20.28
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 20.29
PINGDINGSHAN DEVELOPMEN 7.86 05/08/19 CNY 20.00
PINGDINGSHAN DEVELOPMEN 7.86 05/08/19 CNY 20.18
PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 20.28
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.02
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.04
PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 41.08
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.44
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.62
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 19.99
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 40.12
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 61.12
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 61.72
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 20.35
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.98
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 62.09
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 20.11
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 41.01
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 41.02
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 62.10
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 62.11
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.44
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.45
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 20.09
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 74.31
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 19.68
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.00
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.25
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 20.14
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 62.24
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 62.60
QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 62.32
QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 62.39
QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.11
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.05
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.07
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 62.72
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.77
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.95
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.61
QINGDAO JIAOZHOU CITY D 6.20 08/21/21 CNY 61.07
QINGDAO JIAOZHOU CITY D 6.20 08/21/21 CNY 61.08
QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 61.69
QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 62.00
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 61.05
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 61.22
QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.86
QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.87
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 61.13
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 62.75
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 61.03
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 41.75
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 9.98
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 10.01
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.27
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.33
QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 62.26
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 41.01
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 41.02
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.65
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.66
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 41.06
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.92
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 62.01
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.50
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.71
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 20.24
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 20.26
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.70
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.96
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 60.48
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 62.24
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 62.27
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 62.33
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 62.34
RIGHT WAY REAL ESTATE D 7.30 07/15/21 CNY 69.00
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 40.40
RUCHENG COUNTY HYDROPOW 6.65 04/25/20 CNY 70.83
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 20.32
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 20.35
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.54
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.94
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.76
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.77
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.09
RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.04
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.19
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.45
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 61.83
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.31
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.08
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.08
RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 74.77
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.30
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.51
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 61.95
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 63.06
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 60.82
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 61.21
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.23
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.88
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 61.65
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 62.66
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 57.27
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 62.39
SHANDONG PUBLIC HOLDING 7.18 01/22/20 CNY 40.39
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 41.16
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 41.25
SHANDONG SNTON GROUP CO 5.18 09/08/21 CNY 45.00
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.00
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 40.04
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 68.95
SHANDONG YUHUANG CHEMIC 6.00 11/21/21 CNY 71.00
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.50
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.68
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.23
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.25
SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 25.54
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.90
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 51.01
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.50
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.30
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.82
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 20.36
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 20.39
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.06
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.08
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.08
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.20
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 20.21
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 20.38
SHANGHAI MUNICIPAL INVE 4.63 07/30/19 CNY 20.10
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.23
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.29
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 61.70
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 20.23
SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 51.06
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 25.00
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 25.29
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 40.39
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 41.00
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.35
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.33
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.48
SHANTOU GARDEN GROUP CO 5.30 09/29/21 CNY 69.31
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 20.39
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.08
SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.21
SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.32
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 61.58
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 61.65
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.08
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 60.85
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 62.02
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 20.25
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 61.20
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 61.57
SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 20.26
SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 41.09
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 62.20
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 62.64
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 60.86
SHAOYANG CITY CONSTRUCT 6.12 08/27/20 CNY 69.90
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 62.94
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 60.95
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 61.02
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 38.72
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 40.52
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.08
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.90
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 70.78
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 72.09
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.33
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.47
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 20.23
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 41.05
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 41.15
SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 60.75
SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 61.54
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 40.47
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 41.13
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.30
SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 50.30
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.74
SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 51.12
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.26
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.30
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.51
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 20.35
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 20.29
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 20.29
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 61.57
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 61.85
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 40.00
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 58.96
SIPING SITONG CITY INFR 7.25 04/29/19 CNY 70.49
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.64
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.95
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 59.18
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 59.44
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.55
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.57
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 60.45
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 39.50
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 40.42
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 73.71
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 61.56
SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 60.50
SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 61.09
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 20.30
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 20.34
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 42.10
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 42.11
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 61.91
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 62.73
SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 62.66
SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 70.40
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 40.90
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 40.97
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.15
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 20.34
SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.09
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.54
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.62
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.45
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.47
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.12
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.19
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.70
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.70
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.24
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.24
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 41.25
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 41.47
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 20.12
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 20.31
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.47
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.78
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.37
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.45
TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 60.44
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 20.24
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.43
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 41.55
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 41.78
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 62.20
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 62.46
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 41.23
TAIYUAN HIGH-SPEED RAIL 5.18 09/06/20 CNY 70.60
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 20.31
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 20.33
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 62.08
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 62.09
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 72.50
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.86
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.98
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.26
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.60
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.05
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.10
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.11
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.15
TAIZHOU INFRASTRUCTURE 6.53 07/11/21 CNY 61.40
TAIZHOU INFRASTRUCTURE 6.53 07/11/21 CNY 62.03
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 19.80
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 20.20
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 41.51
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.02
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.47
TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 39.98
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 40.80
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 41.09
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.20
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.63
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 61.01
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 61.02
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 40.29
TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 40.07
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 20.13
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 20.20
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 20.20
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 62.14
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 62.44
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 59.81
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 59.92
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 68.92
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 68.94
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 19.98
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.09
TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 60.89
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.89
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 72.08
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.13
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.14
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 61.49
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.90
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 62.04
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.65
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 62.04
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 60.37
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 61.31
TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 40.72
TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 40.63
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 57.50
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 59.39
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.84
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.87
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 60.00
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.76
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 63.18
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 63.19
TIANRUI GROUP CEMENT CO 8.00 02/04/21 CNY 74.61
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 40.34
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 40.74
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 61.54
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 62.39
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 40.43
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 40.59
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 25.08
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 25.29
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.11
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.14
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.20
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.53
VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 24.76
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 20.20
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 55.35
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 20.33
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 20.48
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 20.29
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 20.35
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 20.20
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.37
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.41
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 61.30
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 61.70
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 62.24
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 62.62
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 59.38
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 59.39
WINTIME ENERGY CO LTD 7.50 03/30/19 CNY 35.00
WINTIME ENERGY CO LTD 7.50 07/07/19 CNY 35.50
WINTIME ENERGY CO LTD 7.50 05/19/19 CNY 36.00
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 62.42
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.96
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.97
WUHAN HUANPO DISTRICT U 6.43 09/17/21 CNY 61.72
WUHAN HUANPO DISTRICT U 6.43 09/17/21 CNY 62.06
WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 62.29
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.00
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.35
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.10
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.14
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 40.36
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 60.57
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 61.64
WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 40.03
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.39
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 63.01
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.45
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.76
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 20.52
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.45
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 40.91
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 41.08
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 58.72
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 60.91
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.25
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.37
WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 25.13
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 41.01
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 20.30
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 20.39
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.40
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.41
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.49
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.50
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 20.32
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.76
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.93
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.10
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.50
XI'AN AEROSPACE CITY IN 6.96 11/08/19 CNY 20.46
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 20.19
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.03
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.06
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 59.72
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 59.94
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.21
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.22
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.29
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.30
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.50
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.60
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.04
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.24
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 60.53
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.28
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 39.49
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 62.10
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 40.05
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 40.65
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 61.47
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 61.59
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 40.24
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 40.38
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.00
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 61.21
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 61.41
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 61.67
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 62.03
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 20.15
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 61.93
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.66
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 51.01
XINING CITY INVESTMENT 7.70 04/27/19 CNY 20.20
XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 40.41
XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 40.35
XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 40.41
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 61.96
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 62.03
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.27
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.28
XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 60.80
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 39.90
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 40.42
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.09
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.15
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 61.73
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 62.23
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 41.32
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.50
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 60.52
XINYU CITY SHANTYTOWN Z 6.42 12/09/20 CNY 71.19
XINYU URBAN CONSTRUCTIO 7.08 12/13/19 CNY 20.32
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 24.90
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.22
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 41.27
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 42.04
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 61.12
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 62.03
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 63.08
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 63.08
XUANCHENG STATE-OWNED A 7.99 03/20/19 CNY 30.17
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.97
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 62.40
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.66
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.72
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.05
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.08
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 62.00
XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 62.37
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 61.23
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 62.14
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 40.78
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 20.14
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 20.36
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.00
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 42.08
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.00
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.34
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 40.84
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 58.30
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 20.14
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 59.70
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 60.69
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 20.31
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 62.14
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.80
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.87
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.15
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.15
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.32
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.44
YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 50.74
YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 51.21
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.07
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.11
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 20.22
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.34
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.40
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 60.72
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.86
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.00
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 62.07
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 61.86
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 63.77
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 64.00
YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.41
YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.46
YINYI CO LTD 7.03 06/21/21 CNY 72.00
YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 74.22
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.25
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.37
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 61.69
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 62.02
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 20.25
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 20.50
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.19
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.21
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.41
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 62.16
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.94
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.95
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 40.57
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 41.20
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 59.73
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 60.20
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.54
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.72
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.20
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.35
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 59.48
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 60.88
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 20.27
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.00
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 20.32
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 60.50
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 61.39
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 61.40
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 62.20
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.39
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.40
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 41.02
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 41.10
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.69
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 62.06
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.32
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.40
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 20.48
ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 61.77
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 60.54
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 60.55
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 40.68
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.50
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.85
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 41.30
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 20.12
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.98
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 70.00
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.69
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.75
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 61.85
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 62.39
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 20.33
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 40.15
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.31
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.37
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 60.04
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 61.09
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 61.11
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 62.38
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 61.73
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 62.29
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.34
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.40
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 41.54
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 41.65
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 61.89
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 71.00
ZHENJIANG CULTURE TOURI 6.60 01/30/20 CNY 40.32
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 59.25
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 61.33
ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 61.55
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 20.00
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 59.08
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 59.85
ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 61.73
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 40.55
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 41.33
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 60.57
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 61.15
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 72.33
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 72.44
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 72.44
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 72.53
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 25.14
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 25.15
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 40.84
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 41.15
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 20.52
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 41.30
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 41.44
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 40.90
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 41.18
ZHUZHOU CITY CONSTRUCTI 8.36 11/10/21 CNY 63.37
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.18
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.20
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.18
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.31
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.28
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.29
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 11.99
ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 24.99
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 41.30
ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 60.97
ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 61.48
ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 25.04
HONG KONG
---------
CHINA SOUTH CITY HOLDIN 7.25 11/20/22 USD 70.09
CHINA SOUTH CITY HOLDIN 6.75 09/13/21 USD 73.44
DR PENG HOLDING HONGKON 5.05 06/01/20 USD 74.35
INDONESIA
---------
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.00
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.00
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.44
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.44
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.44
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.44
EXPRESS TRANSINDO UTAMA 12.25 06/24/19 IDR 30.50
PERUSAHAAN PENERBIT SBS 6.10 02/15/37 IDR 73.20
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 10.36
ACME FAZILKA POWER PVT 0.01 09/07/46 INR 8.82
AMPSOLAR SOLUTION PVT L 0.01 11/03/37 INR 18.25
AMPSOLAR SOLUTION PVT L 0.01 10/27/37 INR 18.28
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 31.35
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 34.74
ASHOKA HIGHWAYS BHANDAR 2.00 09/19/22 INR 72.98
AUTOMOTIVE EXCHANGE PVT 4.00 06/01/30 INR 54.90
AUTOMOTIVE EXCHANGE PVT 4.00 10/11/30 INR 55.06
BENGAL AEROTROPOLIS PRO 5.00 12/01/29 INR 65.89
BENGAL AEROTROPOLIS PRO 5.00 12/01/28 INR 67.55
BENGAL AEROTROPOLIS PRO 5.00 12/01/27 INR 69.44
BENGAL AEROTROPOLIS PRO 5.00 12/01/26 INR 71.55
BRIGHT BUILDTECH PVT LT 1.00 09/01/23 INR 65.42
BRIGHT BUILDTECH PVT LT 1.00 09/01/23 INR 65.42
CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.28
CUMULUS TRADING CO PVT 0.01 05/21/32 INR 29.31
CUMULUS TRADING CO PVT 0.01 12/29/29 INR 35.93
CUMULUS TRADING CO PVT 0.01 01/23/30 INR 49.32
DAYAKARA SOLAR POWER PV 0.10 04/05/26 INR 49.93
EDELWEISS ASSET RECONST 2.00 10/07/28 INR 49.27
EDELWEISS ASSET RECONST 2.00 11/20/27 INR 51.96
EDELWEISS ASSET RECONST 2.00 03/28/27 INR 53.66
GREEN URJA PVT LTD 0.01 02/14/30 INR 35.94
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00
HIMGIRI ENERGY VENTURES 1.00 09/30/22 INR 69.13
HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 46.20
HITODI INFRASTRUCTURE L 0.01 06/30/27 INR 41.97
IL&FS PARADIP REFINERY 1.50 08/29/22 INR 74.90
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00
JASPER AUTO SERVICES PV 0.01 02/11/23 INR 67.54
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 20.14
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 18.78
KVK ENERGY & INFRASTRUC 0.01 01/25/24 INR 60.37
MARIS POWER SUPPLY CO P 2.00 04/18/28 INR 54.70
MYAASHIANA MANAGEMENT S 0.25 02/02/23 INR 67.89
MYTRAH AADHYA POWER PVT 0.01 07/05/35 INR 22.75
MYTRAH ADVAITH POWER PV 0.01 07/13/36 INR 20.76
MYTRAH AKSHAYA ENERGY P 0.01 07/13/36 INR 20.76
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 19.71
PAN INDIA INFRAPROJECTS 0.10 01/25/24 INR 58.63
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE D 0.40 10/15/33 INR 32.87
PUNJAB INFRASTRUCTURE D 0.40 10/15/32 INR 35.33
PUNJAB INFRASTRUCTURE D 0.40 10/15/31 INR 38.06
PUNJAB INFRASTRUCTURE D 0.40 10/15/30 INR 41.05
PUNJAB INFRASTRUCTURE D 0.40 10/15/29 INR 44.32
PUNJAB INFRASTRUCTURE D 0.40 10/15/28 INR 47.87
PUNJAB INFRASTRUCTURE D 0.40 10/15/27 INR 51.74
PUNJAB INFRASTRUCTURE D 0.40 10/15/26 INR 55.92
PUNJAB INFRASTRUCTURE D 0.40 10/15/25 INR 60.44
PUNJAB INFRASTRUCTURE D 0.40 10/15/24 INR 65.32
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 20.48
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 60.21
REI AGRO LTD 5.50 11/13/14 USD 0.32
REI AGRO LTD 5.50 11/13/14 USD 0.32
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 25.48
SURBHI INVESTMENTS & TR 2.50 10/21/28 INR 55.79
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55
TN URJA PVT LTD 0.10 02/22/36 INR 23.53
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 29.75
WATSUN INFRABUILD PVT L 4.00 10/16/37 INR 49.31
JAPAN
-----
AVANSTRATE INC 0.05 10/29/32 JPY 9.75
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
KOREA
-----
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.43
INDUSTRIAL BANK OF KORE 3.84 03/10/45 KRW 40.22
KIBO ABS SPECIALTY CO L 5.00 02/26/21 KRW 66.89
KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 72.53
KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 73.44
KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 74.76
KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 75.05
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SINBO SECURITIZATION SP 5.00 12/21/20 KRW 65.80
SINBO SECURITIZATION SP 5.00 03/21/21 KRW 66.82
SINBO SECURITIZATION SP 5.00 02/23/22 KRW 68.79
SINBO SECURITIZATION SP 5.00 01/26/22 KRW 68.93
SINBO SECURITIZATION SP 5.00 09/27/21 KRW 70.72
SINBO SECURITIZATION SP 5.00 08/25/21 KRW 70.98
SINBO SECURITIZATION SP 5.00 06/23/20 KRW 71.19
SINBO SECURITIZATION SP 5.00 07/27/21 KRW 71.20
SINBO SECURITIZATION SP 5.00 03/15/20 KRW 71.93
SINBO SECURITIZATION SP 5.00 02/28/21 KRW 72.38
SINBO SECURITIZATION SP 5.00 01/27/21 KRW 72.64
SINBO SECURITIZATION SP 5.00 12/22/20 KRW 72.91
SINBO SECURITIZATION SP 5.00 09/23/20 KRW 73.65
SINBO SECURITIZATION SP 5.00 08/26/20 KRW 73.88
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 73.95
SINBO SECURITIZATION SP 5.00 07/28/20 KRW 74.10
SINBO SECURITIZATION SP 5.00 03/13/19 KRW 74.82
MALAYSIA
--------
AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.33
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.58
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.31
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.33
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 62.55
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.85
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.29
I-BHD 3.00 10/09/19 MYR 0.29
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.01
PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 70.46
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.25
PUC BHD 4.00 02/15/19 MYR 0.05
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.07
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 60.56
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 61.73
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 62.91
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 64.08
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 66.48
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 67.79
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 69.11
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 70.41
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 73.17
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 75.01
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 0.82
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.17
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.35
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.03
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
PHILIPPINE GOVERNMENT B 3.63 03/21/33 PHP 68.00
PHILIPPINE GOVERNMENT B 4.63 09/09/40 PHP 70.57
SINGAPORE
---------
APL REALTY HOLDINGS PTE 5.95 06/02/24 USD 69.05
ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 51.38
ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.76
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.76
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 47.01
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 47.02
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 44.50
EZION HOLDINGS LTD 0.25 11/20/27 SGD 60.55
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
HYFLUX LTD 4.60 09/23/19 SGD 45.01
HYFLUX LTD 4.25 09/07/18 SGD 45.38
HYFLUX LTD 4.20 08/29/19 SGD 45.79
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 61.21
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 48.08
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 45.32
OSA GOLIATH PTE LTD 12.00 10/09/19 USD 62.63
PACIFIC RADIANCE LTD 4.30 09/30/19 SGD 10.00
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 69.05
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 69.20
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 7.75
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
THETA CAPITAL PTE LTD 6.75 10/31/26 USD 68.24
THETA CAPITAL PTE LTD 7.00 04/11/22 USD 74.21
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00
SRI LANKA
---------
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 69.96
SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 74.02
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.56
MDX PCL 4.75 09/17/03 USD 30.00
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.14
DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.81
*********
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 2019. All rights reserved. ISSN: 1520-9482.
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
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