/raid1/www/Hosts/bankrupt/TCRAP_Public/191001.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, October 1, 2019, Vol. 22, No. 196
Headlines
A U S T R A L I A
CAMPFIRE AUSTRALIA: Second Creditors' Meeting Set for Oct. 9
DEFINIUM PTY: First Creditors' Meeting Set for Oct. 10
DEFINIUM REMOTE: First Creditors' Meeting Set for Oct. 10
GVPP PTY: First Creditors' Meeting Set for Oct. 9
INFODB CONSULTING: First Creditors' Meeting Set for Oct. 10
MERHIS CORP: To Pay AUD20 Million to Creditors, Including ATO
PEPPER MARKETING: First Creditors' Meeting Set for Oct. 9
RAINBOW COMPANY: Second Creditors' Meeting Set for Oct. 8
SNACKING INVESTMENTS: Moody's Assigns B2 CFR, Outlook Stable
SWITCH4 PTY: Second Creditors' Meeting Set for Oct. 8
B H U T A N
ROYAL INSURANCE: A.M. Best Cuts Fin'l. Strength Rating to C (Weak)
C H I N A
AGILE GROUP: S&P Affirms 'BB' Long-Term ICR, Outlook Stable
CHINA HONGQIAO: Fitch Rates $200MM Sr. Unsec. Notes Final 'BB-'
HELENBERGH CHINA: Moody's Assigns B2 CFR, Outlook Stable
HILONG HOLDING: Fitch Rates $200MM Sr. Unsec. Notes Final 'B+'
PANDA GREEN: S&P Keeps 'CCC+' LT ICR, Remains on CreditWatch Neg.
I N D I A
AL - AMAL DIAGNOSTICS: CRISIL Cuts Rating on INR6.4cr Loan to D
BHOPAL MOTORS: CRISIL Lowers Rating on INR23cr Loan to 'B'
BIPICO INDUSTRIES: Ind-Ra Puts BB- LT Issuer Rating, Outlook Stable
CHIRAKEKAREN GLASS: CRISIL Reaffirms B- Rating on INR6cr Loan
CHOUNDESHWARI SAHAKARI: CRISIL Cuts Rating on INR11cr Loans to B-
EUREKA SYSTEMS: CRISIL Reaffirms B+ Rating on INR3.99cr Facility
FAIRWAYS TOLL: CRISIL Assigns B+ Rating to INR1.5cr Cash Loan
HRA SALES: CRISIL Withdraws B+ Rating on INR5cr Cash Loan
IDEAL CHEMICALS: CRISIL Reaffirms B+ Rating on INR13cr Loan
INDUS MOTORS: CRISIL Reaffirms 'B' Rating on INR7cr Overdraft
J.R. AGROTECH: Ind-Ra Maintains D Issuer Rating in Non-Cooperating
JET AIRWAYS: Dutch Administrator to be Part of CoC Meeting
KAIRALI EXPORTS: CRISIL Reaffirms B+ Rating on INR21cr LT Loan
LOKHANDWALA INFRASTRUCTURE: Commences Insolvency Proceedings
OM AGROENERGY: CRISIL Hikes Rating on INR7.85cr LT Loan to B+
PROGRESSIVE HOMES: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
RADHEY GOVIND: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
RAJ CONSTRUCTION: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
RAM'S ASSORTED: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
RELIANCE COMMUNICATIONS: CEO Steps Down to Focus on GCX Chapter 11
RHC HOLDING: SC Agrees to Hear HDFC Plea Seking Insolvency Action
SCODA TUBES: Ind-Ra Migrates 'B+' Issuer Rating to Non-Cooperating
SHILPI CONSTRUCTION: CRISIL Moves B+ Rating from Not Cooperating
SHIVA ENERGY: CRISIL Lowers Rating on INR14.9cr LT Loan to 'D'
SHREE GAJKESHRI: CRISIL Lowers Rating on INR7.5cr LT Loan to B
SIDDHARTHA ELECTROTEC: CRISIL Reaffirms B+ Rating on INR.5cr Loan
SOCIAL ENGINEERS: CRISIL Assigns 'B' Rating to INR4cr Cash Loan
STS UTILITY: CRISIL Hikes Rating on INR4.78cr Cash Loan to B+
SURYATAAP ENERGIES: Ind-Ra Lowers Sr. Project Loan Rating to 'BB+'
TOUCH WOOD: CRISIL Assigns B+ Rating to INR18cr LT Loan
USHDEV INTERNATIONAL: Ind-Ra Affirms 'D' Long Term Issuer Rating
V.R. FOUNDRIES: CRISIL Reaffirms D Rating on INR42cr Term Loan
VIRINCHI LIMITED: Ind-Ra Cuts LT Issuer Rating to BB-/Non-Coop.
VIZAG EXPORTS: CRISIL Raises Rating on INR7.5cr LT Loan to B+
I N D O N E S I A
REASURANSI NASIONAL: Fitch Affirms BB+ IFS Rating, Outlook Stable
M A L A Y S I A
1MDB: Malaysia Seeks to Move Goldman Case to Higher Court
S I N G A P O R E
HYFLUX LTD: Debt Moratorium Extended by Two More Months to Dec. 2
HYFLUX LTD: Sias Does Not Support Utico Deal 'at This Stage'
S R I L A N K A
SRI LANKA: Fitch Affirms 'B' LT IDR, Outlook Stable
X X X X X X X X
[*] BOND PRICING: For the Week Sept. 23, 2019 to Sept. 27, 2019
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A U S T R A L I A
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CAMPFIRE AUSTRALIA: Second Creditors' Meeting Set for Oct. 9
------------------------------------------------------------
A second meeting of creditors in the proceedings of Campfire
Australia III Pty Ltd has been set for Oct. 9, 2019, at 11:00 a.m.
at the offices of Vincents, Level 14, MLC Centre, at 19-29 Martin
Place, 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 Oct. 8, 2019, at 5:00 p.m.
Henry McKenna of Vincents was appointed as administrator of
Campfire Australia on Campfire Australia, 2019.
DEFINIUM PTY: First Creditors' Meeting Set for Oct. 10
------------------------------------------------------
A first meeting of the creditors in the proceedings of Definium Pty
Ltd will be held on Oct. 10, 2019, at 2:45 p.m. at the offices of
SV Partners, at 22 Market Street, in Brisbane, Queensland.
David Michael Stimpson & Anne Meagher of SV Partners were appointed
as administrators of Definium Pty on Sept. 30, 2019.
DEFINIUM REMOTE: First Creditors' Meeting Set for Oct. 10
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Definium
Remote Pty Ltd will be held on Oct. 10, 2019, at 2:30 p.m. at the
offices of SV Partners, at 22 Market Street, in Brisbane,
Queensland.
David Michael Stimpson & Anne Meagher of SV Partners were appointed
as administrators of Definium Remote on Sept. 30, 2019.
GVPP PTY: First Creditors' Meeting Set for Oct. 9
-------------------------------------------------
A first meeting of the creditors in the proceedings of GVPP Pty Ltd
will be held on Oct. 9, 2019, at 11:00 a.m. at the offices of
Romanis Cant, 2nd Floor, at 106 Hardware Street, in Melbourne,
Victoria.
Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of GVPP Pty on Sept. 26, 2019.
INFODB CONSULTING: First Creditors' Meeting Set for Oct. 10
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Infodb
Consulting Pty Ltd will be held on Oct. 10, 2019, at 10:00 a.m. at
the offices of Jirsch Sutherland, Level 27, at 259 George St, in
Sydney, NSW.
Bradd William Morelli of Jirsch Sutherland was appointed as
administrator of Infodb Consulting on Sept. 27, 2019.
MERHIS CORP: To Pay AUD20 Million to Creditors, Including ATO
-------------------------------------------------------------
Larry Schlesinger at The Australian Financial Review reports that
Western Sydney high-rise apartment developer Merhis Corp has struck
a deal with liquidators to pay around AUD20 million to unsecured
creditors, including the Australia Tax Office, who were caught up
in the collapse of more than half a dozen of its subsidiaries.
The Australian Financial Review revealed in December that the
developer and builder, which has projects in Liverpool, Auburn,
Blacktown, Parramatta and Bankstown, was being pursued by the
Australian Tax Office over millions of dollars of tax debts.
According to the report, liquidators Philip Hosking and Stephen
Hathway from Helm Advisory had alleged insolvent trading and
phoenixing in reports filed with the corporate regulator earlier
this year and were pursuing the developer through the Federal Court
to recover monies.
Merhis, led by founder Mark Merhi, denied the allegations and the
amounts claimed by the ATO, the report says.
The Australian Financial Review relates that in a joint statement,
Helm Advisory and Merhis Corp said they were pleased to announce
that a "resolution has been achieved in relation to historic debt
claims against companies and individuals associated with Sydney
developer Merhis Corp (Merhi Parties)".
"The liquidators and Merhi Parties have come to an agreement which,
subject to approval by creditors, gives a full release to the Merhi
Parties from all claims against them by the liquidators and by the
companies in liquidation, including the claims the subject of the
recovery proceedings, in return for agreement to pay a global
settlement sum."
"Payment of the global settlement sum will enable a very
significant return to creditors including the Australian Taxation
Office.
"The settlement will bring all of the recovery proceedings to an
end and allow Merhis Corp to continue delivering to the community
with their successful projects."
The size of the settlement was not disclosed, nor is it clear how
many cents in the dollar (if any) contractors and supplier
creditors of Merhis will receive for work they did on the group's
developments, the report notes.
Blog Insolvency News Online reported a figure of around AUD20
million would be paid by Merhis to cover debts owed to creditors of
Southern Cross Estate Developers Pty Ltd, Stacey Apartments, Argyle
Builders Pty Ltd, Southern Cross Rigging & Construction Pty Ltd and
Liverpool Business Estate Pty, The Australian Financial Review
relays.
The Merhi family has also been selling some of its assets.
Last month, the family's private company Merhi Investments sold two
adjoining industrial sites in the western Sydney suburb of
Fairfield East for AUD8 million, the report recalls.
According to the report, Mark Merhi said he looked forward to
delivering the group's current projects and expanding its
construction pipeline "whilst also providing certainty and
assurances to our stakeholders".
The report relates that Mr. Hathway, who had led the fight to
recover monies owed to creditors, said the settlement could not
have been achieved "without the open and collegiate approach which
Mark Merhi and the other Merhi Parties and their lawyers, Future
Legal, brought to the negotiation."
The Australian Financial Review first reported on the activities of
the group in December, revealing that two of its construction
businesses - Argyle Builders and Sidway Constructions - were
subject of wind-up actions by the ATO in the Federal Court.
They owed creditors, including the Tax Office, more than AUD4
million, the report discloses.
A further eight companies associated with the Merhis Group had tax
debts of almost AUD21 million dating back to 2012, The Australian
Financial Review relays citing documents filed with ASIC.
Liquidators also found around 151 companies related to the Merhis
group or its directors, the report adds.
PEPPER MARKETING: First Creditors' Meeting Set for Oct. 9
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Pepper
Marketing Qld Pty Ltd will be held on Oct. 9, 2019, at 10:00 a.m.
at the offices of Morgan Conley Solicitors, Level 6, at 239 George
Street, in Brisbane, Queensland.
Daniel Moore of BCR Advisory of was appointed as administrator of
Pepper Marketing on Sept. 30, 2019.
RAINBOW COMPANY: Second Creditors' Meeting Set for Oct. 8
---------------------------------------------------------
A second meeting of creditors in the proceedings of Rainbow Company
Pty Ltd has been set for Oct. 8, 2019, at 11:00 a.m. at the offices
of Hamilton Murphy, Level 1, at 255 Mary Street, in Richmond,
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 Oct. 7, 2019, at 4:00 p.m.
Stephen Dixon and Leigh Dudman of Hamilton Murphy were appointed as
administrators of Rainbow Company on Sept. 2, 2019.
SNACKING INVESTMENTS: Moody's Assigns B2 CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service assigned a corporate family rating of B2
to Snacking Investments BidCo Pty Limited. At the same time,
Moody's has assigned senior secured ratings of B2 to Arnott's'
proposed USD500 million first lien senior secured term loan B
facility, AUD300 million senior secured term loan B facility, AUD
denominated delayed draw first lien senior secured term loan B
facility (USD60 million equivalent), and USD100 million senior
secured first lien revolving credit facility. The outlook is
stable.
Snacking Investments BidCo Pty Limited incorporates two lines of
business of Campbell Soup Company (Baa2 negative) to be acquired by
Kohlberg Kravis Roberts & Co. L.P. (KKR) as part of a leveraged
buyout: Arnott's Biscuits and its Asia Pacific division. A third
line of business, Campbell's ANZ, will also be acquired by KKR
through Real Food Investments BidCo Pty Ltd, which will be a
co-borrower under the rated facilities.
This is the first time that Moody's has assigned ratings to
Arnott's.
RATINGS RATIONALE
The B2 corporate family rating reflects Arnott's' track record of
generating stable margins and cash flows from its portfolio of
well-known and trusted packaged food brands. The company has a
leading market position in biscuits in Australia and New Zealand
and a good overall market position in snacks in the Asia Pacific.
However, the rating is constrained by the company's high level of
gross debt, with Moody's adjusted debt/EBITDA expected to be around
6.6x over the next 12 to 18 months. Moody's expects Arnott's will
gradually de-lever to below 6.2x by FY2022 through earnings growth
and cost reductions.
The credit profile is also constrained, to some extent, by its
geographic concentration in Australia and its limited segment
offerings, with biscuits accounting for around 92% of FY2019
EBITDA.
Moody's considers the potential for changing consumer preferences
towards healthier products to present a longer-term challenge to
Arnott's business. However, the company is appropriately positioned
to respond, with its product range already including some
healthier-choice options.
The ratings also take into consideration environmental, social and
governance factors. Arnott's ownership structure following the
completion of the transaction will present some governance risk, to
the extent that private equity firms tend to prioritize more
aggressive growth plans and strategies, including a tolerance for
higher leverage.
The ratings assigned to these facilities are at the same level as
the B2 Corporate Family Rating, reflecting the fact that they
represent the preponderance of debt in the capital structure. The
term loans and revolving credit facility have first-priority liens
on substantially all the assets of the borrowers and guarantors.
Rating Outlook
The outlook is stable, reflecting its expectation that Arnott's
will retain its strong market position and that management will
focus on investment in its core portfolio, with a slower rate of
growth into other opportunities.
Factors that could lead to an upgrade
Moody's sees upward pressure on the rating to be unlikely over the
next 12-18 months, given current high leverage. However, positive
pressure could arise if Arnott's brings down leverage over the next
18-24 months to around 5.0x.
Factors that could lead to a downgrade
Negative pressure would likely be exerted on the rating should (1)
the trajectory of leverage on an adjusted basis approach 7.0x; or
(2) its financial sponsor engages in aggressive debt-funded
acquisitions or capital distributions.
The principal methodology used in these ratings was Global Packaged
Goods published in January 2017.
SWITCH4 PTY: Second Creditors' Meeting Set for Oct. 8
-----------------------------------------------------
A second meeting of creditors in the proceedings of Switch4 Pty Ltd
has been set for Oct. 8, 2019, at 10:00 a.m. at the offices of
Worrells Solvency & Forensic Accountants, Suite 601B, Level 6, at
91 Phillip Street, in Parramatta, 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 Oct. 7, 2019, at 5:00 p.m.
Graeme Robert Beattie of Worrells was appointed as administrator of
Switch4 Pty on Sept. 2, 2019.
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B H U T A N
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ROYAL INSURANCE: A.M. Best Cuts Fin'l. Strength Rating to C (Weak)
------------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating to C (Weak)
from B- (Fair) and the Long-Term Issuer Credit Rating to "ccc+"
from "bb-" of Royal Insurance Corporation of Bhutan Limited (RICB)
(Bhutan). Concurrently, AM Best has maintained the under review
with negative implications status on these Credit Ratings
(ratings).
The ratings reflect RICB's balance sheet strength, which AM Best
categorizes as weak, as well as its adequate operating performance,
neutral business profile and marginal enterprise risk management
(ERM).
The rating downgrades reflect deterioration in AM Best's view of
RICB's balance sheet strength and operating performance
fundamentals. RICB's risk-adjusted capitalization, as measured by
Best's Capital Adequacy Ratio (BCAR), declined to a weak level in
2018 and is expected to remain subject to significant pressure and
volatility over the near term. In 2018, the company reported a
marked decline in shareholders' equity as a result of a post-tax
operating loss of BTN 1.2 billion (USD 18 million). This was driven
principally by a provision for non-performing loans arising from
its credit finance business. The company continues to exhibit a
very high concentration of exposure to retail and commercial loans
in Bhutan, with the performance of these assets in part correlated
to economic conditions in the country.
In addition, concern has arisen regarding the company's ability to
strengthen its capital adequacy in a timely manner and comply with
local regulatory solvency requirements on an ongoing basis. As at
year-end 2018, the company's regulatory capital adequacy ratio was
below the minimum requirement. Regulatory restrictions and
intervention have not occurred to date; however, this risk remains
over the near term.
While RICB's insurance operations remain profitable, its credit
finance business has materially impeded overall operating results.
The company's management team continues to execute on a program of
remedial actions aimed at improving the prospective performance of
its loan portfolio, including strengthening enforcement of
collections, loan refinancing and tighter underwriting controls.
While these actions are viewed positively by AM Best, near-term
operating results are expected to be subject to a heightened level
of volatility arising from potential changes in provisions or
write-offs for non-performing loans.
The continuation of the under review with negative implications
status reflects AM Best's expectation of near-term volatility in
the company's balance sheet strength and operating performance, as
well as the potential for further deterioration in these key rating
fundamentals. AM Best will continue to monitor closely near-term
developments and expects to resolve the under review status when a
forward-looking view on rating fundamentals can be determined.
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C H I N A
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AGILE GROUP: S&P Affirms 'BB' Long-Term ICR, Outlook Stable
-----------------------------------------------------------
On Sept. 27, 2019, S&P Global Ratings affirmed its 'BB' long-term
issuer credit rating on Agile Group Holdings Ltd. and the 'BB'
long-term issue rating on the China-based developers' outstanding
senior unsecured notes.
S&P said, "We affirmed the rating because we expect Agile to reduce
its leverage from 2020, after a peak this year. This will be
through a recovery in margins, improving revenue recognition, fast
growth in non-property businesses, and controlled increase in debt.
We expect the company's debt-to-EBITDA ratio to improve to about 5x
in 2020 from a peak of 5.5x in 2019.
"The rebound in Agile's margins will be supported by our
expectation that the contribution from the Clearwater Bay project
in Hainan will increase in the second half of 2020 as more
homebuyers meet the purchasing requirement. The requirement was
tightened in April 2018 to a two-year minimum of social security
payments in the province. As at end-June 2019, Agile had Chinese
renminbi (RMB) 80 billion-RMB100 billion of saleable resources in
this project, which should support sales with high gross margin of
over 50% for the next three to five years.
"Agile's profitability deteriorated more than we expected in the
first half of 2019, with gross margin dropping to about 30%, from
44% in 2018." This was primarily due to increasing land costs and
the absence of revenue booking of its Hainan project. The project
contributed only about 4% of revenue, compared with 40% in the same
period last year.
Agile's fast-growing non-property businesses are becoming a growth
driver for the company and support the rating. S&P estimates
Agile's gross margin will rebound to about 33% in 2020 and about
35% in 2021, supported by these businesses that carry gross margins
of more than 35%. These new businesses--mainly environmental
protection and property management--will also diversify the
company's income stream and balance the impact of cyclicality in
property development.
S&P said, "We estimate revenue contribution from Agile's
non-property development business will reach 16% in 2020 and 20% in
2021. Although these businesses only contributed nearly 10% of
total revenue in the first half of 2019, we expect rapid expansion
helped by mergers and acquisitions."
Agile announced on Sept. 26 an acquisition of 60% in CMIG
Futurelife Property Management Ltd., pending board and shareholder
approvals. This could increase its gross floor area (GFA) under
management to 500 million square meters, from 211 million square
meters as of June 2019.
Agile also has a strong pipeline in its environmental business,
which handles hazardous waste. Projects in operation could increase
to 32 by the end of 2019, from 20 at the end of June 2019. Under
such scenario, S&P believes Agile's credit profile is comparable to
that of peers in the 'BB' rating category, supported by its more
diversified and stable income streams.
S&P said, "We believe Agile will continue to purchase land and
invest in non-property development businesses, but with a more
controlled growth in debt. We estimate the company will spend about
RMB48 billion on land and investments in 2019, of which RMB22.5
billion has been spent in the first half. We expect Agile to
maintain its debt at RMB105 billion in 2019, considering its
repayment of US$700 million perpetual securities in July and a RMB5
billion operating cash outflow for the remainder of the year. In
2020, we assume debt will be RMB120 billion-RMB125 billion with
expenditures totaling about RMB52 billion.
"The stable outlook on Agile reflects our expectation that the
company will reduce its leverage over the next 12-18 months, after
a peak in 2019. This will be through better revenue recognition and
a recovery in gross margins. We also expect Agile to significantly
grow its non-property businesses while controlling its increase in
debt.
"We could downgrade Agile if the company fails to maintain
financial discipline, such that its debt-to-EBITDA ratio rises
above our expectation of 5.5x in 2019 or does not improve to about
5x by 2020. This could happen if its margins recovery is weaker
than our expectation, or if the company's capital spending on land
or other segments is more aggressive than our base case.
"Rating upside is limited in the next 12 months. However, we could
raise the rating if Agile can significantly improve its
profitability and grow its revenue while maintaining prudent
financial discipline, such that its debt-to-EBTIDA ratio improves
to sustainably below 3.5x."
CHINA HONGQIAO: Fitch Rates $200MM Sr. Unsec. Notes Final 'BB-'
---------------------------------------------------------------
Fitch Ratings assigned aluminium manufacturer China Hongqiao Group
Limited's (BB-/Stable) USD200 million 7.375% senior unsecured notes
due 2023 a final 'BB-' rating.
The notes are rated at the same level as Hongqiao's senior
unsecured debt as they represent its unsecured and unsubordinated
obligations of the company.
The final rating follows the receipt of documents conforming to
information already received and is line with the expected rating
assigned on September 23, 2019.
Net proceeds from the issue will mainly be used for refinancing
existing debt and general corporate purposes.
KEY RATING DRIVERS
Surcharge Risk Weighs on Profitability: Fitch expects the
profitability of Hongqiao's aluminium business to decrease if the
company has to start paying power surcharges to the government
(such as a renewable energy surcharge and cross-subsidies) for
electricity generated by its captive power plants.
Its sensitivity analysis shows that a CNY0.029/kWh and
CNY0.0504/kWh increase in power tariffs could reduce the company's
aluminium gross profit per tonne by as much as CNY370 and CNY650,
respectively (2019 forecast gross profit per tonne: CNY2,000).
Hongqiao's net leverage could increase to 3.0x-3.5x between 2020
and 2022 if both the surcharge and cross-subsidies are applied,
although there is little clarity over the government's plans for
the surcharges.
Leading Producer, Stable Capacity: Fitch expects Hongqiao's total
primary aluminium smelting capacity to remain stable at around 6.5
million tonnes per year as its current capacity is legal and
compliant with the latest government policies. The company has
retained its domestic market share of around 15% and remains one of
the largest aluminium smelters in the world. Hongqiao's size allows
it to enjoy large economies of scale, making it one of the most
profitable smelters in China.
Lower Margins: Hongqiao's EBITDA margin narrowed to 22% in 2018,
from 25% in 2017, driven by weaker aluminium prices and rising
input costs. Fitch expects Hongqiao's EBITDA margin to remain at
around 20% over 2019-2022, supported by Fitch's forecasts for
stable aluminium prices. Hongqiao's profitability should remain
well ahead of that of other domestic aluminium smelters due to its
scale and high levels of input self-sufficiency, as Hongqiao is
100% self-sufficient in alumina production and also has access to
overseas bauxite resources in Guinea.
Stable Leverage: Hongqiao's net leverage dropped to 2.1x in 2018,
from around 2.3x in 2017 and 3.9x in 2016, on the back of strong
profitability in its core aluminium business. Fitch expects
Hongqiao's net leverage to stabilise at around 2.4-2.7x between
2019 and 2022; driven by strong funds from operations (FFO)
generation. Fitch expects Hongqiao to post positive free cash flow
(FCF) but less so than in previous years due to higher working
capital needs and higher dividend payouts, despite limited capex.
Improving Corporate Governance: The company maintained a record of
satisfactory corporate governance, with adequate internal controls
and timely financial disclosure, over the last two years, following
a delay in the publication of its annual report in 2017. Fitch
believes that Hongqiao's corporate governance and financial
transparency are no longer constraints on its current ratings.
DERIVATION SUMMARY
Comparable Fitch-rated peers include Alcoa Corporation
(BB+/Stable), United Company RUSAL Plc (BB-/Stable), and Aluminum
Corporation of China Limited (Chalco; A-/Stable).
Hongqiao has a less sophisticated range of products than Alcoa, but
it maintains slightly higher margin due to the scale and efficiency
of its core aluminium smelting business. However, Hongqiao's net
leverage remains higher than that of Alcoa, even after the
deleveraging in 2018.
Rusal benefits from substantial size, low input costs and its stake
in PJSC MMC Norilsk Nickel (BBB-/Stable). Hongqiao has higher
profitability than Rusal and maintains a lower net leverage, but
has higher business risks due to uncertainty about the power
surcharges. Rusal's rating also captures the higher-than-average
systemic risks associated with the Russian business and
jurisdictional environment.
Compared to Chalco, Hongqiao is larger in scale, has higher
profitability and consistently maintains lower and less volatile
net leverage.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Aluminium capacity to remain at 6.5 million tonnes
- Capex of CNY3 billion per year between 2019 and 2022
- 50% dividend pay-out ratio between 2019 and 2022
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- FFO net leverage sustained below 2.5x (2019F: 2.7x)
- Greater clarity on the regulatory implications surrounding
Hongqiao's unpaid power tariffs or potential imposition of power
surcharges, which will not result in any negative impact on the
company's financial metrics.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- FFO net leverage above 3.5x on a sustained basis
- Further capacity shutdowns or significant deterioration of
market position
- Significant increase in power surcharges paid or substantial
payment of previously unpaid tariff
LIQUIDITY AND DEBT STRUCTURE
Hongqiao has around CNY46 billion in cash as of end-2018, which was
adequate to cover its short-term debt of around CNY28 billion.
Hongqiao also has an unutilised credit facility of around CNY18
billion, as well as adequate access to domestic and international
bond and equity markets.
HELENBERGH CHINA: Moody's Assigns B2 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned a first-time B2 corporate family
rating to Helenbergh China Holdings Limited.
The outlook is stable.
RATINGS RATIONALE
"Helenbergh China's B2 CFR mainly reflects the credit profile of
its key subsidiary, Guangdong Helenbergh Real Estate Group Co Ltd
(B2 stable), which accounts for almost all of its operations and
financial profile," says Danny Chan, a Moody's Assistant Vice
President and Analyst.
The B2 CFR also reflects the company's strong sales execution,
established track record of developing properties in Guangdong,
improving geographic coverage, and expertise in acquiring lands
through project acquisitions to control land costs.
However, Helenbergh China's B2 CFR is constrained by the financial
risks associated with its fast expansion, high debt leverage,
narrow funding channels and private company status.
Established in Guangdong province, Helenbergh China has over 20
years of property development experience in China, and around
40%~50% of its land reserve in its home markets - Guangdong
province.
The central government's plan to develop the Greater Bay Area
should support Helenbergh China sales over the next 12-18 months,
even though its land bank is mostly located in satellite cities
around the major cities within that area, such as Guangzhou and
Shenzhen.
Its geographic concentration in the Greater Bay Area is partly
mitigated by the company's gradual expansion into second-tier and
third-tier cities outside Guangdong province, including Chengdu,
Kunming and Wuhan, over the past few years.
Moody's expects Helenbergh China's consolidated contracted sales
will grow by 20%-30% per annum to RMB55-RMB60 billion in 2020, from
RMB36 billion in 2018. These strong projected sales should support
the company's liquidity and revenue growth over the next two years.
Moody's further expects Helenbergh China's revenue will increase to
RMB28-RMB30 billion in 2020 from RMB17.5 billion in 2018,
underpinned by strong contracted sales growth.
Helenbergh China's strengths in land acquisitions, particularly
through project acquisitions, should enable it to control its land
costs, in turn supporting stable adjusted gross margins at around
30% over the next 12-18 months compared to 30.2% in H1 2019 and
26.6% in 2018.
Helenbergh China's debt-funded expansion in recent years has
resulted in high debt leverage -- as measured by revenue/adjusted
debt, and its leverage will likely remain high at 60%-65% over the
next 12-18 months. At the same time, Moody's expects its
EBIT/interest will register 2.0X-2.5x over the same period. These
projected metrics support its B2 CFR and are largely stable from
the 62% and 2.2x reported for the 12 months to June 2019.
In terms of environmental, social and governance (ESG) factors,
Moody's has considered Helenbergh China's private company status,
with its key shareholder -- Mr. Huang Chiheng and his spouse --
holding 100% of the company as of June 2019. Its private company
status has also resulted in lower corporate transparency and a
less-developed corporate governance structure when compared to
listed companies, despite the presence of three independent
non-executive directors on the board, who also chair the audit and
remuneration committees.
In terms of liquidity, while Helenbergh China is developing
different funding channels, its heavy use of trust loans and asset
management loans will weaken the company's funding stability
because of the tight regulatory controls over these types of
funding.
Nevertheless, the company's liquidity is adequate. Its RMB16.6
billion in cash on hand at the end June 2019 was able to cover its
RMB10.7 billion in adjusted short-term debt, as well as its
committed land payments over the next 12-18 months.
The rating outlook is stable, reflecting Moody's expectation that
the group will maintain sufficient balance sheet liquidity and grow
its sales while maintaining stable credit metrics.
Helenbergh China's CFR could be upgraded if it (1) achieves its
planned contracted sales and revenue growth; (2) improves its
financial metrics, with revenue/adjusted debt consistently above
60%-65% and EBIT/interest coverage consistently above 2.5x; and (3)
strengthens its liquidity by diversifying its funding channels and
extending its debt maturity profile.
On the other hand, the company's CFR could be downgraded if its
liquidity weakens or if it credit metrics deteriorate due to weaker
contracted sales, or due to a more aggressive approach to land
acquisitions.
Financial metrics indicative of a downgrade include (1)
EBIT/interest coverage below 1.5x-2.0x; or (2) cash/short-term debt
below 1.0x.
The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.
Founded in Guangdong in 1998, Helenbergh China Holdings Limited is
a property developer in China. The group's residential projects are
spread across different regions in China. At the end of August
2019, the company had land reserves of 23.4 million square meters
in gross floor area (GFA). At the end of August 2019, Helenbergh
China was 97% owned by its founder and chairman, Huang Chiheng.
HILONG HOLDING: Fitch Rates $200MM Sr. Unsec. Notes Final 'B+'
--------------------------------------------------------------
Fitch Ratings assigned Hilong Holding Limited's (B+/Stable) USD200
million 8.25% senior unsecured notes due 2022 a final rating of
'B+' with a Recovery Rating of 'RR4'.
The notes are rated at the same level as Hilong's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The final rating follows the receipt of documents
conforming to information already received and is in line with the
expected rating assigned on September 10, 2019.
Hilong's solid 1H19 results and well-controlled capex support the
company's 'B+' ratings. The ratings also reflect Hilong's leading
market position in drill pipe manufacturing and coating services
for oil country tubular goods in China, expanded footprint in the
global oilfield services market, and continued improvement in
leverage metrics.
KEY RATING DRIVERS
Leverage Improving on Lower Capex: Fitch expects Hilong's leverage
to continue to improve in the coming 12 months on controlled capex
and continued moderate expansion in FFO. Fitch reduced the capex
assumption for 2019 to CNY250 million, from CNY450 million, after
Hilong's capex was more than halved in 1H19. Fitch now expects FFO
adjusted net leverage to drop to around 3.5x by the end of 2019,
from 3.7x at end-2018. The leverage improvement will also be driven
by strong growth in revenue.
Solid 1H19 Results: Hilong's sales and profit continued to recover
in 1H19 despite volatile oil prices. Revenue rose by 24% yoy
compared with 21% yoy in 2018. EBITDA margin remained stable at
around 24% in 1H19, after adjusting for the impact of IFRS 16.
Growth was primarily driven by the oilfield services and oilfield
equipment segments, where revenue rose by 51% yoy and 27% yoy,
respectively. Domestic demand for Hilong's drill pipes increased,
with sales volume surging by 438% yoy in 1H19. The rise in oilfield
services revenue was due to improved utilisation and contribution
from drilling and workover rigs in Oman and Iraq, which started
operations in 4Q18 and 1Q19, respectively.
Capex to Remain Controlled: Hilong reduced capex by over 62% yoy to
CNY94 million in 1H19 as there was no major expansion in capacity
or purchase of equipment. Most of the capex was for the purchase of
drill pipes for its oilfield equipment rental business. Management
says that the company does not need any major expansion in
production capacity in the next one to two years as Hilong still
has room to increase utilisation and production efficiency. The
company has no plans to buy new drilling rigs unless it secures
major new oilfield services contracts.
Refinancing of US Dollar Notes: Hilong's short-term debt increased
to CNY2,903 million in 1H19 as the outstanding US dollar notes
(CNY2,121 million) were reclassified as current liabilities at
end-June 2019. Hilong's outstanding USD310 million 7.25% senior
notes mature in June 2020 and the company intends to use the net
proceeds from the issuance to pay down its existing senior notes.
Fitch expects Hilong's liquidity to improve once it completes the
refinancing of its outstanding US dollar bonds. Hilong had CNY675
million of readily available cash at end-1H19 and CNY419 million of
undrawn credit facilities at end-July 2019.
DERIVATION SUMMARY
Hilong's ratings are primarily supported by its leading market
position in drill pipe manufacturing and OCTG coating services in
China and reflect its growing international presence and improving
revenue outlook. However, the ratings are constrained by Hilong's
leverage and limited earnings visibility. Hilong has a weaker
financial profile with higher leverage and lower coverage than
'BB-' rated peers, such as Yingde Gases Group Company Limited
(BB-/Stable).
Hilong has demonstrated more stability in its business operations
and financial metrics than oilfield equipment and services peers
such as Honghua Group Limited (B/Stable) and Anton Oilfield
Services Group (B/Stable). Hilong has a stronger financial profile
in terms of leverage, coverage and FCF margins than Honghua.
Hilong's leverage and coverage are comparable with those of Anton,
but Hilong generates stronger FCF. In addition, Anton's ratings are
constrained by the high revenue contribution from Iraq.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Revenue growth of 14% yoy in 2019 and 6.5% yoy in 2020.
- EBITDA margin of 24.1% in 2019-2020.
- Annual capex of CNY250 million in 2019 and CNY300 million in
2020.
- No acquisition in 2019-2020.
Recovery Rating Assumptions:
Its recovery analysis is based on going-concern value, as it is
higher than the liquidation value. The going-concern value is
derived from Hilong's 2018 EBITDA of CNY769 million with 10%
discount, enterprise value-to-EBITDA multiple of 5.0x, and 10%
administrative claim.
The Recovery Rating assigned to Hilong's senior unsecured debt is
'RR4' because under Fitch's Country-Specific Treatment of Recovery
Ratings criteria, China falls into the Group D of countries in
terms of creditor friendliness. Recovery Ratings of issuers with
assets in this group are capped at 'RR4'.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Consistent improvement in order book and revenue.
- FFO adjusted net leverage remaining below 3.5x for a sustained
period (end-2018: 3.7x).
- Improved debt maturity profile.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- EBITDA margin below 20% for a sustained period (2018: 23.9%).
- Significant deterioration in receivables collection and working
capital outflow.
- FFO adjusted net leverage above 4.5x for a sustained period.
- No meaningful progress towards refinancing the 2020 US dollar
bond.
LIQUIDITY
Manageable Liquidity: At end-1H19, Hilong had around CNY2,903
million in short-term debt due in 12 months, among which CNY2,121
million was its US dollar senior notes due in June 2020. Hilong
intends to use the net proceeds from the issuance to pay down its
existing senior notes. Fitch expects Hilong's liquidity to improve
once the refinancing of its existing senior notes is completed.
Hilong had readily available cash of CNY675 million and around
CNY419 million of undrawn bank facilities at end-July 2019. These
facilities are uncommitted, as committed credit facilities are not
common in the Chinese banking environment.
PANDA GREEN: S&P Keeps 'CCC+' LT ICR, Remains on CreditWatch Neg.
-----------------------------------------------------------------
On Sept. 27, 2019, S&P extended its CreditWatch with negative
implications on Panda Green Energy Group Ltd. (PGE) because of low
visibility on plans and capability to refinance the U.S.-dollar
denominated notes. S&P expects to resolve the CreditWatch on or
before end-November 2019.
The 'CCC+' long-term issuer credit rating on the Hong Kong-listed,
China-focused solar-power operator remains unchanged, as does the
'CCC' rating on PGE's senior unsecured U.S.-dollar notes.
S&P's continued CreditWatch listing on Panda Green Energy Group
Ltd. (PGE) reflects our view that the China-based solar utility
company's capital structure remains fragile, with insufficient
liquidity sources to meet its near term debt obligations. PGE has
around Chinese renminbi (RMB) 1.0 billion in cash and short-term
pledged deposits at end-June 2019, which is insufficient to meet
its near-term debt obligations, particularly the US$350 million
senior unsecured notes due in January 2020. In addition, the
company lacks a concrete timeline and execution plan for repaying
the notes.
However, increased operational participation by PGE's major
shareholders with a state-owned enterprise (SOE) background, could
potentially help relieve the near term pressure faced by the
company.
PGE's largest shareholder, China Merchants Group Ltd. (CMG; not
rated), has increased its involvement in the day to day operations
of the PGE following a management team restructuring in June 2019.
S&P said, "We expect CMG to help by leveraging its resources, as a
central-level SOE, to negotiate with potential investors and
lenders. In the first six months of 2019, PGE has been able to
obtain borrowings from banks and leasing companies (part of which
was used to refinance existing borrowings) of around RMB1.7
billion, and maintained its average borrowing cost at around 5.3%
at end-June 2019. We also expect onshore noteholders, after
discussion with PGE, not to exercise the put options on the notes.
These notes have a total principal of RMB1.8 billion and fall due
over second-half 2020."
Other key SOE shareholders, including China Huarong Asset
Management Co. Ltd. (BBB+/Stable/A-2) and Qingdao City Construction
Investment (Group) Ltd. (QCCI; BBB-/Stable/--), also raised their
engagement in PGE by appointing the solar company's chief financial
officer and executive directors to the senior management team. In
January 2019, QCCI and PGE signed a share subscription agreement
with QCCI converting its US$123 million loan to 3.2 billion of
PGE's shares, and in turn becoming the second-largest shareholder
of the company.
In August 2019, PGE has also signed a memorandum of understanding
(MOU) with Beijing Energy Holdings Co. Ltd. in regards to
potentially placing new shares to the subscriber as a means to
replenish company's liquidity. The MOU has also accommodated the
possibility for the subscriber to inject assets into PGE as a means
to improve the operational performance of the company.
Nevertheless, the announcement did not specify the subscription
price and the number of additional shares to be placed to the
subscriber. PGE expects a formal agreement to be signed on or
before early November 2019.
Operationally, PGE has halted capacity expansions for 2019 while
accelerating its pace of asset disposals to replenish its
liquidity. Following the sale of its U.K. solar farms in March
2019, the company recently disposed of its equity interest in three
other entities that had controlling interest in 96 megawatt (MW) of
wind projects, as well as associate interests in 270MW of solar
projects, for a consideration of approximately RMB438 million. PGE
also expects the buyer to repay an outstanding shareholder loan of
RMB267 million that PGE had provided to one of these entities. PGE
has received around RMB 573 million of renewable subsidies from the
government subsequent to the first-half 2019 financial reporting
period. S&P expects more proceeds will be generated from asset
disposals and renewable-subsidy settlements in the remaining months
of 2019.
PGE had a consolidated installed capacity of about 1.9 gigawatts of
solar and wind energy power plants in mainland China as of June 30,
2019.
The CreditWatch status reflects the low visibility on PGE's plans
and capability to refinance the U.S.-dollar-denominated notes. S&P
could lower the rating by one or more notches if PGE fails to
formulate and execute a meaningful refinancing plan in the near
term. S&P expects to resolve the CreditWatch by end-November 2019.
=========
I N D I A
=========
AL - AMAL DIAGNOSTICS: CRISIL Cuts Rating on INR6.4cr Loan to D
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated its rating on the
bank facilities of Al - Amal Diagnostics (AAD) to 'CRISIL B-/Stable
Issuer Not Cooperating'. However, the management has now shared the
requisite information for a comprehensive review of the ratings.
Consequently, CRISIL downgraded the rating to 'CRISIL D ' from
'CRISIL B-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line 6.4 CRISIL D (Downgraded from
Overdraft 'CRISIL B-/Stable ISSUER NOT
Facility COOPERATING')
Term Loan 2.5 CRISIL D (Downgraded from
'CRISIL B-/Stable ISSUER NOT
COOPERATING')
The rating reflects on going delays by AAD in servicing its
interest and principal obligation of the term loan on account of
weak operating performance resulting in stretched liquidity.
The rating continues to reflect company's small scale of operations
in the intensely competitive diagnostic services industry, high
geographical concentration, and a weak financial risk profile.
These weaknesses are partially offset by proprietor's extensive
experience over 3 decades in diagnostic service industry.
Analytical Approach
An unsecured loan of INR1.31 crore as on March 31, 2019, is treated
as debt in the absence of track record of three years.
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations in the intensely competitive diagnostic
services industry: AAD has small scale of operations with revenues
of INR2.82 crore in fiscal 2019. It operates in competitive market
scenario, owing to presence of many local players in the diagnostic
services market. Further subdued market conditions has constrained
scalability of operations which has resulted in delays in servicing
of debt.
* High geographical concentration: The geographical concentration
in Mumbai restricts the customer base, and renders it vulnerable to
the dynamics of a single market. The clinic remains vulnerable to
increased local competition.
* Weak financial risk profile: Networth of - INR0.85 cr and Total
outside liabilities to adjusted networth of -13.23 represents weak
financial risk profile. However interest coverage ratio was
satisfactory at 1.55 times for fiscal 2019.
Strengths:
* Proprietor's extensive experience over 3 decades in diagnostic
service industry: Proprietor has over three decade experience in
diagnostic service industry which has enabled the firm to establish
a strong relationship with corporate customers.
Liquidity: Poor
Liquidity is poor on account of on -going delays in term loan
facility. The firm had no cash accruals in fiscal 2019. Bank
limit utilisation is high around 93.84% percent for the past twelve
months ended June 2019. CRISIL believes that bank limit utilization
is expected to remain high on account large working capital
requirement.
Rating sensitivity factors
Upward factors
* Track record of on time debt servicing for at least 90 days
* Consistency in operating margin and healthy revenue.
AAD was setup in 1984 by Mr. Yousif Qabageh. It provides diagnostic
facilities to the gulf panel. The diagnostic center, is one of the
20 diagnostic centers in Mumbai which provide services to gulf
panel. It provides regular blood tests, eye test, X rays and
physical checkups. It has one clinic in Kurla.
BHOPAL MOTORS: CRISIL Lowers Rating on INR23cr Loan to 'B'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Bhopal Motors Private Limited (BMPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Inventory Funding 23 CRISIL B/Stable (Downgraded
Facility from 'CRISIL B+/Stable')
The downgrade reflects deterioration in BMPL's liquidity profile,
marked by low cash accruals against expected repayment obligations
in fiscal 2020. High bank limit utilisation, limits cushion
available to meet incremental working capital requirements and
repayments.
The rating continues to reflect BMPL's exposure to intense
competition and below-average financial risk profile. These
weaknesses are partially offset by the extensive experience of
promoters and their strong relationship with JCB India Ltd (JCB).
Key Rating Drivers & Detailed Description
Weaknesses:
* Exposure to intense competition: Intense competition from dealers
of other construction equipment manufacturers, tends to constrain
profitability of players such as BPML. Furthermore, absence of an
exclusive agreement with JCB gives rise to the risk of potential
competition from any new dealer in the vicinity, as manufacturers
normally encourage multiple dealerships in the same area in order
to improve market penetration.
* Below-average financial risk profile: Financial risk profile is
below average with total outside liabilities to adjusted net worth
(TOLANW) was 3.66 times as on March 31, 2019. Debt protection
metrics are subdued, with net cash accrual to total debt and
interest coverage ratios of over 0.09 time and 2.08 times,
respectively, in fiscal 2019.
Strength:
* Extensive experience of the promoters and healthy relationship
with JCB: Benefits from the promoters' 25-year-long association
with JCB, their keen grasp over the industry dynamics, and the
company's strong infrastructure in the form of a 3S showroom, two
workshops, and multiple sales outlets have helped scale up
operations. Revenue increased to INR308 crore in fiscal 2019 from
INR81 crore in fiscal 2016.
Liquidity: Poor
Liquidity is poor: cash accrual is expected at INR5-6 crore per
annum in fiscals 2020 and 2021 vis-a-vis maturing debt of INR7.66
and INR4.50 crore, respectively. Cash and cash equivalents stood at
INR2.08 crore as on March 31, 2019. Utilisation of fund-based limit
of INR23 crore averaged 91% over the 12 months through March 2019.
Outlook: Stable
CRISIL believes BMPL will continue to benefit from the promoters'
extensive experience.
Rating sensitivities factor
Upward factor
* Sustained improvement in revenue and operating margin, leading to
cash accrual of above INR7 crore.
* Strengthening of the financial risk profile, with TOLANW ratio
improving to below 3 times.
Downward factor
* Weakening of the business risk profile, with decline in revenue
or profitability, leading to accruals of below INR3 crore.
* Deterioration in the financial risk profile due to increase in
the working capital requirement or debt-funded capital
expenditure.
Incorporated in 1951, Indore-based BMPL is an authorised dealer for
heavy earth-moving equipment and commercial vehicles, including
backhoe loaders, excavators, and car-mounted machines for JCB and
for oil and lubricants of Castrol and HP. Mr Rohit Sanghi and Ms
Swati Tokkar are the promoters.
BIPICO INDUSTRIES: Ind-Ra Puts BB- LT Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Rating and Research (Ind-Ra) has assigned Bipico Industries
(Tools) Pvt. Ltd. (BITPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.
The instrument-wise rating actions are:
-- INR35.6 mil. Term loan due on March 2023 assigned with IND BB-
/Stable rating;
-- INR185 mil. Fund-based working capital limits assigned with
IND BB-/Stable/IND A4+ rating; and
-- INR1 mil. Non-fund-based working capital limits assigned with
IND A4+ rating.
KEY RATING DRIVERS
The rating reflects BITPL's small scale of operations despite
revenue growing at a CAGR of 7.26% over FY16-FY19 and 11.3% yoy to
INR575 million in FY19 due to the increased sale of band saw blade.
The company's modest EBITDA margin deteriorated slightly to 8.1% in
FY19 (FY18: 8.8%) due to an increase in manufacturing expenses such
as power cost and repair and maintenance charges. Return on capital
employed was 6% in FY19 (FY18: 6%).
The rating also factors the company's moderate credit metrics with
gross interest coverage (operating EBITDA/gross interest expense)
of 1.7x in FY19 (FY18: 1.9x) and net financial leverage (adjusted
net debt/operating EBITDAR) of 9.6x (9.1x). The deterioration in
the credit metrics, despite an increase in absolute EBITDA to INR47
million in FY19 from INR46 million in FY18, was mainly due to an
increase in the total debt (FY19: INR453 million, FY18: INR422
million) as well as interest expenses (INR28 million, INR24
million). At FYE19, the company had an unsecured loan from
directors and relatives of INR209 million.
Liquidity Indicator - Poor: The company's use of its working
capital limits was around 72% on an average during the 12 months
ended August 2019. Cash flow from operations turned negative at
INR20 million in FY19 (FY18: INR8 million) due to a stretch in cash
conversion cycle to 467 days (408 days) due to an increase in
inventory days to 425 from 326. Free cash flow was negative over
FY16-FY19 due to the continuous capex incurred towards vehicle and
machinery procurement. The company had cash balance of INR7 million
at FYE19. BITPL has to repay a term loan of INR8 million in FY20.
The debt service coverage ratio for FY20 is 1.3x and that for FY21
is 1.2x.
The ratings are, however, supported by the promotor's over
three-decade long established presence in the saw blade
manufacturing business.
RATING SENSITIVITIES
Positive: Growth in the revenue while maintaining the EBITDA
margin, along with an improvement in the credit metrics, all on a
sustained basis, could lead to a positive rating action.
Negative: A decline in the revenue or EBITDA margin leading to
deterioration in the credit metrics could lead to a negative rating
action.
COMPANY PROFILE
BITPL, incorporated in 1972, manufactures hacksaw blades and band
saw blades.
CHIRAKEKAREN GLASS: CRISIL Reaffirms B- Rating on INR6cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the
long-term bank facilities of Chirakekaren Glass House Private
Limited (CGHPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B-/Stable (Reaffirmed)
Loan Against Property 4.16 CRISIL B-/Stable (Reaffirmed)
Long Term Loan 4 CRISIL B-/Stable (Reaffirmed)
Working Capital
Term Loan 3.84 CRISIL B-/Stable (Reaffirmed)
The rating continues to reflect the company's large working capital
requirement and modest scale of operations in the fragmented glass
and plywood trading business. These weaknesses are partially offset
by the extensive industry experience of its promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in fragmented glass and plywood
trading industry
The Company has modest scale of operations as reflected in revenue
of INR24 crores in fiscal 2019, in an intensely competitive
industry restricts its growth prospects.
* Large working capital requirement
CGHPL had gross current assets of around 290 days as on ended March
31, 2019, primarily due to large inventory of 229 days. Further,
the receivables were around 2 months in the said period.
Strength
* Extensive industry experience of the promoters
The promoters have been engaged in distribution and dealership of
glass, plywood, and hardware fittings for over a decade. Their
experience has helped the company develop healthy relationships
with suppliers and customers.
Liquidity: Stretched
The company has highly utilized the bank limits as indicated by the
average utilization of around 99% in the past 12 months ending July
2019. The net cash accruals (NCA) was insufficient against the
repayment obligations. The current ratio stood at around 1.56 times
in 2019.
Outlook: Stable
CRISIL believes CGHPL will continue to benefit from its promoters'
extensive in experience glass and plywood trading business.
Rating Sensitivity Factor
Upward factor
* Improvement in the financial risk profile, gearing of less than
2.5 times.
* Gross Current Asset Days of less than 150 days.
Downward factor
* Deterioration of financial risk profile, gearing of more than 3.5
times.
* Gross Current Asset Days of more than 300 days.
CGHPL was set up as proprietorship, and was reconstituted as a
private company in 2005. It is engaged in dealership and
distribution of glass, plywood, and hardware fittings such as
bathroom fittings, adhesives, and sanitary items. Its daily
operations are managed by Mr Sunny Anto Chirakekaren and his
brothers Mr Ceejo Joy Chirakekaren, Mr Sinto Joy Chirakekaren, and
Mr Lenish Chirakekaren.
CHOUNDESHWARI SAHAKARI: CRISIL Cuts Rating on INR11cr Loans to B-
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Choundeshwari Sahakari Soot Girani Limited (CSSGL) to 'CRISIL
B-/Stable' from 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Working Capital 8 CRISIL B-/Stable (Downgraded
Term Loan from 'CRISIL B/Stable')
The downgrade reflects deterioration of CSSGL's financial risk
profile owing to decline in operating margins and cash losses in
fiscal 2019, while debt levels increased significantly. Cash
losses are expected to continue over the medium term, leading to
stretched liquidity.
The rating reflects CSSGL's below-average financial risk profile,
low operating margins along with the exposure to fluctuations in
cotton prices and adverse government policies. These weaknesses are
partially offset by the extensive experience of the promoter in the
cotton yarn industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: Financial risk profile is weak with
high gearing of 4.04 times, as on March 31, 2019. Debt protection
metrics were muted, with interest coverage of 0.20 time in fiscal
2019.
* Susceptibility to fluctuations in cotton prices and adverse
government policies: Prices of cotton, the key raw material
accounting for over 70% of company's turnover, are volatile as
availability depends on extent of rainfall. Furthermore, government
interventions and fluctuations in global cotton output have
resulted in sharp fluctuations in cotton prices in the past, and
impacted players' profitability.
* Exposure to intense competition: Intense competition because of
the presence of a large number of players and limited product
differentiation restrict the ability to scale up operations.
Strength
* Extensive experience of the promoter: Benefits from the
promoter's experience of over 23 years, his strong understanding of
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.
Liquidity: Poor
Liquidity is poor as indicated by expected cash losses in fiscals
2020 and 2021, against repayment obligation of INR7.00 crore
annually. The firm has working capital facility of INR38 crore
which was utilized around 95% in past 12 months.
Outlook: Stable
CRISIL believes CSSGL will continue to benefit from the extensive
experience of the promoter.
Rating sensitivities factors
Upward factor
* Substantial and sustainable increase in revenue and operating
margin up to 8%, leading to positive cash accruals.
* Improvement in financial risk profile, with moderation in the
total outside liabilities to adjusted net worth ratio to below 2
times, while the interest coverage ratio improves to above 1.5
time.
Downward factor
* Weakening of business risk profile owing to steep decline in
revenue by 10-15% and operating losses, leading to weaker cash
accruals.
* Deterioration in financial risk profile due to stretch in the
working capital cycle or any large, debt-funded capex in medium
term.
CSSGL, registered in 1996, is a co-operative organization formed
under the leadership of the Devang Koshti Samaj and its steering
committee; all the members are weavers. This Kolhapur
(Maharashtra)-based organization manufactures 100% cotton yarn. Mr
Sunil Sangale is the chairman.
EUREKA SYSTEMS: CRISIL Reaffirms B+ Rating on INR3.99cr Facility
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Eureka Systems and Electrodes Private
Limited (Eureka).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B+/Stable (Reaffirmed)
Foreign Bill
Discounting .3 CRISIL B+/Stable (Reaffirmed)
Import Letter of
Credit Limit .5 CRISIL A4 (Reaffirmed)
Long Term Loan .71 CRISIL B+/Stable (Reaffirmed)
Proposed Cash
Credit Limit 2 CRISIL B+/Stable (Reaffirmed)
Proposed Working
Capital Facility 3.99 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect the company's modest scale of
operation and below-average financial risk profile. These
weaknesses are partially offset by the extensive experience of the
promoters in manufacturing welding electrodes.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations
Intense competition continues to constrain scalability and
bargaining power with customers and suppliers: despite being in the
business for more than 2 decades, revenue remained modest at
INR20.73 crore in fiscal 2019. This, in turn, restricts operating
flexibility.
* Below-average financial risk profile
Financial risk profile is weak, with networth and gearing at
INR2.62 crore and 1.45 times, respectively, as on March 31, 2019.
Debt protection metrics were subdued, with interest coverage and
net cash accrual to adjusted debt ratios of 1.94 time and 0.11
time, respectively, in fiscal 2019.
Strength
* Extensive experience of the promoters and established dealer
network
Benefits from the promoters' experience of more than 2 decades and
their healthy relationships with dealers should continue to support
business risk profile.
Liquidity: Stretched
Liquidity is under stretched. Net cash accrual is expected at
INR0.42-0.65 crore per annum in the near term against yearly debt
obligation of INR0.30 crore. Utilisation of fund-based limit of
INR2.50 crore averaged 92.8% in the 12 months through May 2019.
Outlook: Stable
CRISIL believes Eureka will continue to benefit from the extensive
experience of its promoters.
Rating sensitivity factor
Upward factor
* Annual growth in revenue and operating margin exceeding 20% and
5%, respectively, over the medium term
* Improvement in interest coverage ratio and networth strengthening
financial risk profile
Downward factor
* Revenue declining 15% while profitability reducing to under 2.5%
* Stretch in working capital cycle weakening financial risk
profile, especially liquidity
Incorporated in 1989, Coimbatore-based Eureka manufactures welding
and cutting accessories such as welding electrodes, welding wires,
arc welding electrodes, and hard facing welding electrodes. Mr K
Chandrashekar, Mr S Ganesan, and Mr K Subramaniam are the
promoters.
FAIRWAYS TOLL: CRISIL Assigns B+ Rating to INR1.5cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Fairways Toll and Security Services Private
Limited (FTSSPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4.57 CRISIL A4 (Assigned)
Cash Credit 1.5 CRISIL B+/Stable (Assigned)
The rating reflect susceptibility to revenue-related risks
associated with toll collections and modest scale of operation.
These weakness are partially offset by industry experience of the
promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Susceptibility to revenue-related risks associated with toll
collections: FTSSPL is exposed to revenue-related risks associated
with toll collection projects because of volatility in traffic
volumes as against its predominantly fixed costs. FTSSPL bids for
toll collection projects via the e-tendering process and the
bidding criteria is based on the highest quote for annual
remittances to the authority. Also, revenue remains susceptible to
the tender-based nature of operations.
* Modest scale of operation: FTSSPL's business profile is
constrained by its moderate scale of operations in the intensely
competitive Highways Tolling industry. FTSSPLs moderate scale of
operations will continue limit its operating flexibility.
Strength
* Extensive industry experience of the promoters: The promoters
have an experience of over a decade in this line of business. This
has given them an understanding of the dynamics of the market.
Liquidity: Stretched
Liquidity is marked by low accruals to meet repayment obligation.
However, BLU utilized at 50.3% for the last twelve months ending
July 2019, supports liquidity.
Outlook: Stable
CRISIL believes FTSSPL will continue to benefit over the medium
term from its established position & management extensive
experience in the sector. CRISIL also believes that its financial
risk profile would be maintained over the period, backed by healthy
cash accrual and prudent financing of capex.
Risk Sensitivity factors:
Upward factor
* Increase in accruals to INR1.5 Crore while maintaining its
financial risk profile
* Infusion of equity resulting in improvement in credit metrics
Downward factor
* Non-renewal of contracts resulting in dip in revenue by 30%
* Higher than anticipated maintenance expenditure leading to dip in
accrual.
FTSSPL was incorporated in 2016. It undertakes toll collection on a
contractual basis. It is promoted by Sridhar Reddy Anantha, Rajitha
Anantha, Gangan Reddy Mallannagari and Sridhar Goud Ellandu.
HRA SALES: CRISIL Withdraws B+ Rating on INR5cr Cash Loan
---------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of HRA
Sales Private Limited (HSPL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating
Withdrawn)
CRISIL has been consistently following up with HSPL for obtaining
information through letters and emails dated April 30, 2019, July
08, 2019 and July 12, 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 they are arrived at without any management
interaction and are 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 HSPL. This restricts CRISIL's
ability to take a forward HSPL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BB rating category or lower. Based on the last
available information, the rating on bank facilities of HSPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
CRISIL has withdrawn its ratings on the bank facilities of HSPL on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.
Incorporated in 2009 and promoted by Mr Kuldeep Aggarwal, HSPL
trades in electronic teams such as watches (Titan Brand), Vivo
mobile phones and iPad mobile phones.
IDEAL CHEMICALS: CRISIL Reaffirms B+ Rating on INR13cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on bank facilities of Ideal
Chemicals India Private Limited (ICI) at 'CRISIL B+/Stable/CRISIL
A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL A4 (Reaffirmed)
Cash Credit 13 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 7 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect below average finance risk profile,
low operating margin and exposure to volatility in raw material
prices.These weaknesses are partially offset by extensive
experience of the company's promoters in the chemicals trading
business, their established relationship with suppliers and
customers and moderate working capital requirement.
Analytical Approach
CRISIL has treated the unsecured loans of INR0.31 cr as on
March 31, 2019 as neither debt nor equity as it is expected to
remain in the business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Below average financial risk profile: Networth of INR5.71 crore
and high Total outside liabilities to adjusted networth (TOL/ANW)
ratio 6.14 times respectively as on March 31, 2019 along with
subdued debt protection metrics (interest coverage and net cash
accrual to adjusted debt ratios of 1.6 times and 0.08 times,
respectively for fiscal 2019) represents below average financial
risk profile.
* Low operating margin and exposure to volatility in raw material
prices: Operating margin has ranged between 1.5% and 2.2% over the
three fiscals ended March 31, 2019. Low profitability is on account
of intense competition from several unorganised players in the
chemical trading business, trading nature of operations and low
value addition in end product.
Strengths
* Extensive experience of the company's promoters in the chemicals
trading business, their established relationship with suppliers and
customers: The promoters have over 4 decades of experience in the
chemical trading business. Longstanding experience of the promoters
has helped the company to establish a diversified customer base and
product portfolio, and maintain healthy relationships with
suppliers.
* Moderate working capital requirements: GCA days were moderate at
57 days as on March 31, 2019 driven by 52 days of receivables as on
March 31, 2019.
Liquidity: Poor
ICI has poor liquidity marked by marginal cash and cash equivalents
of INR0.78 crore as on March 31, 2019 and expected cash accruals of
around INR1.13 -1.26 crore per annum in fiscal 2020 and fiscal 2021
against nil debt repayment over the medium term. ICI has access to
fund based limits of INR13 cr, which are almost fully utilized over
the 12 months ended July 2019.
Outlook: Stable
CRISIL believes ICI will continue to benefit over the medium term
from its established relationship with suppliers.
Rating Sensitivity Factors
Upward factor
* Its sustained revenue growth of 30 percent over the medium term
while ensuring an improvement in financial risk profile.
* Improvement in working capital cycle
Downward factor
* If its business stagnant due to weak demand or a stretch in
receivables by more than 55 days adversely affects liquidity
* Significant decline in revenues and profitability or
larger-than-expected, debt-funded capex
ICI was originally set up as a partnership firm in 1971; this firm
was reconstituted as a private limited company in 2000. The company
trades in chemicals used in the pharmaceutical, textile, steel, and
fertilizer industries. It is managed by Mr. Sameer Sharda and Mr.
Vipul Maheshwari.
INDUS MOTORS: CRISIL Reaffirms 'B' Rating on INR7cr Overdraft
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Indus Motors Light Commercial Vehicles Private Limited (IMLCVPL)
at 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit .75 CRISIL B/Stable (Reaffirmed)
Inventory Funding
Facility 5 CRISIL B/Stable (Reaffirmed)
Overdraft 7 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 1.25 CRISIL B/Stable (Reaffirmed)
The rating continues to reflect weak networth and aggressive
capital structure, geographical concentration and exposure to
intense competition in the automobile dealership business. These
weaknesses are partially offset by the extensive experience of the
promoters in the automobile dealership business, an established
relationship with the principal, Ashok Leyland Ltd (ALL), and
moderate debt protection metrics.
Analytical Approach
Unsecured loans of INR4.73 crore from the promoters have been
treated as neither debt nor equity since it is expected to be
retained in business for the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak networth and capital structure: The networth was negative as
on March 31, 2019, and should remain so in fiscal 2020 due to
accumulated losses in the past, resulting in a weak capital
structure. The debt and total outside liabilities was high as on
March 31, 2019, and is expected to remain at a similar level.
* Geographical concentration: Operations are concentrated in
Kerala, rendering the company susceptible to geographic
concentration risk. Any downturn in the local economy will impact
auto sales, and hence the performance of auto dealers.
* Exposure to intense competition in the automobile dealership
business IMLCVPL faces intense competition from other ALL dealers
in and around Kerala and neighbouring states as principals have
also been encouraging more dealerships (thereby increasing
competition) to improve penetration and sales.
Strengths
* Extensive industry experience of the promoters and an established
relationship with the principal: The promoters have diverse
business interests and have an experience of more than 2 decade in
the auto dealership industry. This has resulted in the company
having an established presence in the auto dealership market in
Kerala, supported by its six-year relationship with ALL.
* Moderate debt protection metrics: The interest coverage ratio was
2.46 times in fiscal 2019 and is expected to remain at a similar
level over the medium term in the absence of any debt-funded
capital expenditure (capex).
Liquidity: Stretched
Liquidity is stretched, driven by expected cash accrual of just
INR1.7-1.8 crore per fiscal in fiscals 2020 and 2021 and cash and
cash equivalents of INR2.41 crore as on March 31, 2019. Average
utilisation of the fund based limit of INR0.75 crore was 50% during
the 12 months through July 2019. The company has long-term
repayment obligation INR0.35 crore in fiscal 2020 and nil in fiscal
2021, and no capex plans. Liquidity is supported by unsecured loans
from the promoters, the balance of which was INR4.73 crore as on
March 31, 2019.
Outlook: Stable
CRISIL believes IMLCVPL will continue to benefit over the medium
term from its extensive experience of the promoters in the auto
dealership industry.
Rating sensitivity factor
Upward factor
* Substantial revenue growth with a sustained operating margin,
* Significant improvement in the financial risk profile due to
equity infusion, leading to total outside liabilities to adjusted
networth of less than 5 times
Downward factor
* Decline in revenue by 20% or more per fiscal with weakening of
the operating margin
* Deterioration in the financial risk profile due to further losses
or stretch in working capital cycle
Set up in 2011 by Mr Ali Mubarak and Mr Ali Muneer, IMLCVPL is an
authorised dealer for ALL's light commercial vehicles in Kerala.
J.R. AGROTECH: Ind-Ra Maintains D Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained J.R. Agrotech
Pvt. Ltd.'s Long-Term Issuer Rating in 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
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR2.80 bil. Fund-based limits (long-term and short-term)
maintained in non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR150 mil. Term loan (long-term) maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 1, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Formed in 1998, J.R. Agrotech is a rice milling company. The
company has plants in Dinanagar, Gurdaspur, for the purpose of
drying, parboiling, sorting, milling and grading paddy. The company
sells basmati and non-basmati rice varieties under the brand names
of Mother Cook, Sacha Sauda and Adaab. JR Agro also has an
established distribution network, mainly in northern India.
JET AIRWAYS: Dutch Administrator to be Part of CoC Meeting
----------------------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) has allowed the Dutch court administrator of Jet
Airways to attend the Committee of Creditors (CoC) meetings of the
debt-ridden carrier.
A three member NCLAT bench said that the Dutch administrator would
be part of the CoC meeting and would be given minutes of the
meetings, Livemint.com relates.
According to Livemint.com, the appellate tribunal also set aside
the earlier order of the Mumbai bench of the National Company Law
Tribunal (NCLT), which had denied to recognize the Dutch insolvency
proceedings. NCLT had barred Dutch court administrator from taking
part in the Jet Airways insolvency proceedings in India.
Livemint.com says the appellate tribunal order came after the
resolution professional of Jet Airways and Dutch court
administrator agreed to co-ordinate in the insolvency proceedings
ongoing in India. Earlier, during the last hearing, NCLAT had
directed the resolution professional of Jet Airways and Dutch court
to file the terms and conditions of their agreement.
NCLAT's direction came while hearing a petition filed by the Dutch
court administrator against the order of the Mumbai bench of NCLT,
which had declared overseas bankruptcy proceedings null and void,
the report notes.
Earlier, on September 20, during the last hearing, NCLAT had asked
the resolution professional of Jet Airways to cooperate with the
Dutch court administrator, which is also conducting insolvency
proceedings against the debt-ridden carrier, Livemint.com recalls.
Jet Airways is facing insolvency proceedings in the Netherlands and
was declared bankrupt in response to a complaint filed by two
European creditors, the report states.
In April, H Esser Finance Company and Wallenborn Transport had
filed a petition citing unpaid claims worth around INR280 crore,
Livemint.com recalls.
Following this, a trustee in charge was appointed by the Dutch
court and it had approached its Indian counterpart for access to
the financial as well as assets of the airline, the report
relates.
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- was one of India's top airlines
founded by Naresh Goyal. It provided passenger and cargo air
transportation services as well aircraft leasing services. It
operated flights to 66 destinations in India and international
countries.
On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.
Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case. Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.
Jet Airways on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.
The total liabilities of the airline, including unpaid salaries and
vendor dues, are nearly INR15,000 crore, Livemint disclosed.
KAIRALI EXPORTS: CRISIL Reaffirms B+ Rating on INR21cr LT Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Kairali Exports (KE) at 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 12 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 21 CRISIL B+/Stable (Reaffirmed)
CRISIL's rating on the long-term bank facilities of KE continues to
reflect its modest scale of operations and large working capital
requirement. These weaknesses are partially offset by the extensive
experience of the promoter in processing and exporting cashew
kernels.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operation: Scale of operation continues to remain
modest. Industry is highly fragmented and with minimum value
addition, small players have low bargaining power resulting in weak
business profile.
* Large working capital requirement: The operations of the firm was
working capital intensive in nature as indicated by the Gross
current assets (GCAs) days of 293 days as on March 31, 2019, on
account of stretch in receivables.
Strength:
* Extensive experience of the promoter: The promoter has an
experience of more than three decades in the cashew industry. KE
will be benefitted by the extensive experience of the promoter
Liquidity: Stretched
Liquidity is weak on account of modest accruals and working capital
intensive operations. Current ratio is weak at 1 time.
Outlook: Stable
CRISIL believes KE will continue to benefit from the extensive
industry experience of its promoter.
Rating Sensitivity Factor
Upward factors
* Substantial improvement in scale of operations with moderate
profitability
* Gross Current Asset days of less than 180
Downward factors
* Drop in operation performance ' revenue or operating profit
* Gross Current Asset days of more than 350
KE, set up by Mr Mohan Chandra Nair in Kerala in 2010, processes
and exports cashew kernels.
LOKHANDWALA INFRASTRUCTURE: Commences Insolvency Proceedings
------------------------------------------------------------
The Economic Times reports that the dedicated bankruptcy court, the
National Company Law Tribunal (NCLT), ordered that insolvency
proceedings be started against Mumbai-based real estate developer
Lokhandwala Infrastructure under Section 7 of the Insolvency and
Bankruptcy Code (IBC).
ET relates that the Mumbai bench of NCLT restricted the developer
from creating any third-party rights or disposing of any assets.
This is the second major city-based real estate developer after
HDIL which has been referred for the insolvency resolution process
under the IBC, the report notes.
The tribunal, presided over by justices VP Singh and Rajesh Sharma,
appointed Ajit Kumar as the interim resolution professional, who
will take over the management from the promoters and will try to
formulate a new revival plan for the company, according to the
report.
ET says Dalmia Group Holdings, one of the investors, had approached
the tribunal after the builder failed to make quarterly payment as
per the agreements. It had invested INR41 crore in Lokhandwala
Infrastructure in lieu of two floors at its upcoming property in
Lokhandwala Business Bay situated at Kurla Andheri Road, in the
northern suburbs of Mumbai.
"The applicant (Dalmia Group) submits that the total consideration
for buying the said floors was INR41.16 crore out of which the
applicant agreed to disburse an amount of INR25 crore as advance
with an obligation to pay the balance amount at the time of taking
possession of the said floors," the tribunal said in its order, ET
relays.
ET adds that the builder had entered into a buyback agreement with
the Dalmia Group to acquire all six units on these two floors and
to pay 21% annual interest on a quarterly basis. However, the
developer failed to honour the agreement.
OM AGROENERGY: CRISIL Hikes Rating on INR7.85cr LT Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of Om
Agroenergy Private Limited (OAE) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 7.85 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The rating reflects the company's small scale of operations in the
highly fragmented edible oil industry and the modest financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters.
Analytical Approach
Unsecured loans (outstanding at INR53.53 lakh as on March 31, 2019)
extended by the promoters have been treated as neither debt nor
equity. This is because the loans are non-interest-bearing and are
expected to remain in the business over the medium term. Also, the
promoters have agreed to infuse unsecured loans of around INR70
lakh in fiscal 2020.
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations: Scale of operations is modest: sales
stood at INR55.04 crore in fiscal 2019.
* Modest financial risk profile: Modest financial risk profile is
driven by networth of INR6.26 crore and total outside liabilities
to total networth ratio of 1.89 times as on March 31, 2019. Debt
protection metrics are moderate, with interest coverage and net
cash accrual to adjusted debt ratios of 2.36 times and 0.10 time,
respectively, in fiscal 2019.
Strength
* Extensive experience of the promoters: Benefits from the
five-decade-long experience of the promoters in the agricultural
industry and their healthy relationships with customers and
suppliers should continue to support the business risk profile.
Liquidity: Stretched
Liquidity is stretched. Bank limit utilisation averaged 87% over
the 12 months through June 2019. Cash accrual, expected at INR1.3
crore per annum over the medium term, should sufficiently cover
yearly maturing debt of INR1.12 crore. Current ratio stood at 1.12
times as on March 31, 2019.
Outlook: Stable
CRISIL believes OAE will continue to benefit from the promoters'
extensive experience.
Rating sensitivity factors
Upward factor
* Sustainable improvement in scale of operations, with operating
margin of over 4%.
* Improvement in the financial risk profile
Downward factor
* Decline in revenue to around INR45-50 crore
* Debt-funded capital expenditure
OAE manufactures rice bran oil and mustard oil in Maharajganj,
Uttar Pradesh. It was incorporated in 2013 but started operations
in October 2016. Mr Murli Manohar Jaiswal, Mr Sudhakar Jaiswal, Mr
Devendra Kumar Jaiswal, and Mr Vipin Kumar Jaiswal are the
promoters.
PROGRESSIVE HOMES: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Progressive Homes'
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 B (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR220 mil. Proposed long-term loans migrated to non-
cooperating category with Provisional IND B (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 19, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Progressive Homes is a partnership firm incorporated in 2004. Mr.
Vinod Trivedi, Mr. Devang Trivedi, Mr. Jigar Trivedi and
Progressive Civil Engineers Pvt Ltd are partners in the firm. The
firm is engaged in the real estate business and has completed a
total of six projects till date.
RADHEY GOVIND: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Radhey Govind
Steel & Alloys Private Limited's (RGSAPL) 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 action is:
-- INR50 mil. Fund-based working capital limit migrated to non-
cooperating category with IND BB- (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 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 October 2014 by Raigarh-based Agarwal family, RGSAPL
manufactures mild steel ingots.
RAJ CONSTRUCTION: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Raj Construction
(RC) 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:
-- INR50 mil. Fund-based limits migrated to non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) rating;
-- INR8 mil. Term loan due on July 2023 migrated to non-
cooperating category with IND BB- (ISSUER NOT COOPERATING)
rating; and
-- INR30 mil. Non-fund-based limits migrated to non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 25, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
RC is partnership firm that is engaged in civil works such as road,
building, irrigation and structural work.
RAM'S ASSORTED: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ram's Assorted
Cold Storage Limited's (RACSL) 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:
-- INR350 mil. Fund-based limits migrated to non-cooperating
category with IND BB+ (ISSUER NOT COOPERATING) rating; and
-- INR150 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
September 24, 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 1986, RACSL is engaged in seafood processing and
exports.
RELIANCE COMMUNICATIONS: CEO Steps Down to Focus on GCX Chapter 11
------------------------------------------------------------------
Global Cloud Xchange announced Sept. 24, 2019, that Bill Barney,
CEO of India-based Reliance Communications and Chairman and CEO of
U.S.-based Global Cloud Xchange has resigned his RCOM role to focus
full time at the helm of GCX during its corporate restructuring
process.
"It has been an honor to be entrusted with the leadership of RCOM
over the past three years," said Bill Barney. "With GCX's recent
voluntary Chapter 11 filing, it will be in the best interest of
both RCOM and GCX for me to step down at this time to focus on GCX
restructuring. Upon emergence from this process, GCX expects to be
well-positioned to aggressively pursue our business plan
independent of the overhang caused by our corporate parent's
challenges."
At the time of GCX's announcement last week, more than 75% of the
Company's lenders have already committed their support for the
Plan, which outlines the terms for a transaction through which
GCX's senior secured noteholders would become owners of the Company
and provide new loans to support and grow the business. To ensure
GCX maximizes value for its stakeholders in this process, the
Company also will use the protections and framework of Chapter 11
to undertake a sale process that welcomes additional prospective
buyers. GCX expects to complete the Chapter 11 process and emerge
as a stronger company within the fourth quarter of 2019, subject to
all required regulatory approvals.
About Global Cloud Xchange
Global Cloud Xchange (GCX), a subsidiary of India-based Reliance
Communications, offers a comprehensive portfolio of solutions
customized for carriers, enterprises and new media companies. GCX
-- http://www.globalcloudxchange.com/-- owns the world's largest
private undersea cable system spanning more than 68,000 route kms
which, seamlessly integrated with Reliance Communications' 200,000
route kms of domestic optic fiber backbone, provides a robust
Global Service Delivery Platform. With connections to 40 key
business markets worldwide spanning Asia, North America, Europe and
the Middle East, GCX delivers leading edge next generation
Enterprise solutions to more than 160 countries globally across its
Cloud Delivery Network.
GCX Limited and 15 subsidiaries filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 19-12031) on Sept. 15,
2019, to seek confirmation of a pre-packaged Plan of
Reorganization.
The Restructuring Support Agreement, and the Plan implementing the
same, contemplates (a) a debt-to-equity recapitalization
transaction, whereby the Senior Secured Noteholders will receive a
pro rata share of (i) 100% of the new equity interests of
reorganized GCX and (ii) second lien term loans in an aggregate
principal amount of US$200 million and (b) a simultaneous "go-shop"
process in which the Debtors will solicit bids for the potential
sale of all or a portion of their business pursuant to the Plan.
The Debtors are estimated to have $1 billion to $10 billion in
assets and liabilities, according to the petitions signed by CRO
Michael Katzenstein.
The Hon. Christopher S. Sontchi is the case judge.
The Debtors tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP as local
bankruptcy counsel; PAUL HASTINGS LLP as general bankruptcy
counsel; FTI CONSULTING, INC. as financial advisor; and LAZARD &
CO., LIMITED, as investment banker. PRIME CLERK LLC is the claims
agent.
About Reliance Communications
Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services.
The Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.
As reported in the Troubled Company Reporter-Asia Pacific on May
10, 2019, The Economic Times said the National Company Law
Tribunal
on May 9 allowed Reliance Communications (RCom) to exclude the 357
days spent in litigation and admitted it for insolvency. With
this, RCom, which owes over INR50,000 crore to banks, has become
the first Anil Ambani group company to be officially declared
bankrupt after the NCLT on May 9 superseded its board and
appointed
a new resolution professional to run it and also allowed the
SBI-led consortium of 31 banks to form a committee of creditors.
RHC HOLDING: SC Agrees to Hear HDFC Plea Seking Insolvency Action
-----------------------------------------------------------------
Financial Express reports that the Supreme Court on Sept. 27 agreed
to hear HDFC's appeal seeking to initiate insolvency proceedings
against RHC Holding, an entity promoted by billionaire brothers
Malvinder Mohan Singh and Shivinder Mohan Singh for recovery of
INR41 crore.
A Bench led by Justice Arun Mishra sought response from RHC Holding
and others on the HDFC's petition against the National Company Law
Appellate Tribunal's July order that had dismissed its petition
against RHC Holding, which is engaged in the business of investment
of shares, bonds, etc in group companies, FE relates.
According to FE, the NCLAT, while upholding the order of the
principal Bench of the National Company Law Tribunal order, held
that non-bank financial companies come under the purview of the RBI
and should seek remedies from the central bank and not from the
bankruptcy court. The tribunal on December 6 had also observed that
RHC Holding was an NBFC as per the certificate of registration
issued by the RBI and does not come under the purview of the
Insolvency and Bankruptcy Code (IBC).
FE relates that senior counsel KL Vishwanathan, appearing for HDFC,
argued that mere NBFC registration is not sufficient to show that
RHC falls within the definition of a financial services provider.
The definition of financial services provider under Section 3(17)
of the IBC says that a person must actually be engaged in the
business, which means that it must be providing services on an
ongoing basis and not as a one-time activity.
Besides, the business must be that of providing financial services
and such business must be carried out in terms of an authorisation
issued or registration granted by a financial sector regulator, the
senior counsel said.
He added that the September 2016 report of the Committee to Draft
Code on Resolution of Financial Firms stated that financial firms
that do not handle consumer money and do not pose a systemic risk
may be covered under the Code, FE relays.
While RHC Holding had taken a loan of INR200 crore from HDFC in
April 2016 for repayment of the existing debts and other general
corporate purposes, it had defaulted on paying its dues, thus
prompting HDFC to move the NCLT claiming that even after adjusting
the proceeds from the sale of pledged shares, an amount of INR41.09
crore remained due, the report says.
According to the HDFC appeal, RHC had undertaken to pledge such
number of shares of Religare Enterprises which will maintain the
required cover (such value of pledged shares which will maintain
the cover of 0.5 times of the outstanding amount under the
facility) at all times, FE relays. Even Fortis Healthcare Holdings
had undertaken to pledge Fortis Healthcare shares in favour of
IL&FS Trust Company (security trustee) so as to maintain the cover
of 1.5 times of the outstanding amount, it added.
Between August 2017 and September 2017, HDFC had sold over 28 lakh
pledged equity shares of Religare for a net value of INR12.81 crore
and 10 lakh pledged shares of Fortis Healthcare for a net value of
INR14.53 crore. However, even after adjusting the proceeds from the
sale of pledged shares, some amount remained outstanding, the
lender said, adds FE.
RHC Holding Private Limited operates as a holding company. The
Company, through its subsidiaries, invests in healthcare and life
sciences sectors.
SCODA TUBES: Ind-Ra Migrates 'B+' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Scoda Tubes
Limited's (SCTL) 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 B+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR92.5 mil. Fund-based limits migrated to non-cooperating
category with IND B+ (ISSUER NOT COOPERATING) rating; and
-- INR32.5 mil. Non-fund-based limits migrated to non-cooperating
category with IND A4 (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 4, 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 November 2008, SCTL commenced commercial operations
in September 2010. It manufactures stainless steel seamless and
welded tubes, pipes and U tubes, and has an installed capacity of
700 metric tons.
SHILPI CONSTRUCTION: CRISIL Moves B+ Rating from Not Cooperating
----------------------------------------------------------------
Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the bank facilities of Shilpi Construction - Giridih (Shilpi) to
'CRISIL B+/Stable/ CRISIL A4 Issuer Not Cooperating'. However, the
management subsequently started sharing the information required
for carrying out a comprehensive review. Consequently, CRISIL is
migrating the rating to 'CRISIL B+/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL A4 (Migrated from
'CRISIL A4 ISSUER NOT
COOPERATING')
Cash Credit 5 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
The ratings continue to reflect the exposure to intense competition
and to risks pertaining to tender-based businesses and modest scale
of operations. These weaknesses are partially offset by the
extensive experience of the partners.
Key Rating Drivers & Detailed Description
Weakness
* Exposure to intense competition and to risks pertaining to
tender-based businesses: Exposure to intense competition in the
civil construction industry, and to risks pertaining to
tender-driven businesses will, likely persist. Ability to win
tenders against strong competitors will continue to drive revenue.
* Modest scale of operations: Scale of operations may continue to
be modest over the medium term. Revenue was INR25 crore in fiscal
2019 and orders of INR34 crore await execution over the next 12
months.
Strength
* Extensive experience of the partners: Benefits from the partners'
three decade-long experience in the industry and established
relationships with raw material suppliers and principals should
support business.
Liquidity: Stretched
Bank limits have been almost fully utilised at around 99% in the 6
months through July 2019. Cash accrual is expected at INR1.5-2
crore per annum, against zero debt repayment obligation over the
medium term.
Outlook: Stable
CRISIL believes Shilpi will continue to benefit from the extensive
experience of its partners.
Rating sensitivity factor
Upward factor
* Sustained increase in revenue with timely execution of work
orders, while operating margin remains around 9%
* Improved working capital management
Downward factor
* Stretch in working capital cycle, with gross current assets
exceeding 300 days
* Weakening in financial metrics, because of moderation in
operating margin to under 9%, or any large, debt-funded capital
expenditure.
Incorporated in 1984, and based in Giridhi, Jharkhand, Shilpi
undertakes construction for water treatment and water supply
projects. Mrs Sunita Sharma and family are the promoters.
SHIVA ENERGY: CRISIL Lowers Rating on INR14.9cr LT Loan to 'D'
--------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated its ratings on the
bank facilities of Shiva Energy Resources Private Limited (SERPL)
to 'CRISIL B/Stable/CRISIL A4/issuer not cooperating'. However, the
management has now shared the requisite information for a
comprehensive review of the ratings. Consequently, CRISIL is
Downgrading the ratings to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4/issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL D (Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
Long Term Loan 14.9 CRISIL D (Downgraded from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
The ratings reflect delays by SERPL in servicing its interest
obligation on the loan owing to poor liquidity.
The ratings also reflect the company's exposure to risks inherent
to hydropower projects. These weaknesses are partially offset by a
long-term fixed-price power purchase agreement (PPA).
Key Rating Drivers & Detailed Description
* Delay in repayment of interest: The company delayed its interest
payment for August 2019 due to cash flow mismatch, which, in turn,
was caused by weak liquidity.
Weakness:
* Exposure to risk inherent to hydropower projects: Power
generation in hydropower projects depends on the availability of
adequate water flow through the barrage. Snow and rain are the main
sources of water, which depend on annual rainfall. Hence, exposure
to hydrology risk persists. The possibility of geology-related
risks, which may impose severe obstructions in the functioning of
the project tunnel and powerhouse, cannot be ruled out either.
Strength
* Long-term fixed-price PPA: The company has entered into a PPA
with Himachal Pradesh State Electricity Board for 40 years at
INR3.08 per unit, thereby mitigating demand and price risks.
Liquidity: Poor
Liquidity is poor, as reflected in delay in interest payment, on
account of cash flow mismatch.
Rating sensitivity factors
Upward factors
* Servicing of debt obligations on time for at least 90 days
* Timely receipt of payments from Himachal Pradesh State
Electricity Board
SERPL owns a 3.5-megawatt hydropower generation project. It has
entered into a 40-year PPA with Himachal Pradesh State Electricity
Board at INR3.08 per unit. Operations began in May 2018.
SHREE GAJKESHRI: CRISIL Lowers Rating on INR7.5cr LT Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shree Gajkeshri Fabrics (SGF) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
Long Term Loan 7.5 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
Proposed Long Term .5 CRISIL B/Stable (Downgraded
Bank Loan Facility from 'CRISIL B+/Stable')
The downgrade reflects a deterioration in SGF's business risk
profile. Revenue dropped to INR12.98 crore in fiscal 2019 from
INR25.22 crore in fiscal 2018 due to discontinuation of trading
operations; the operating margin also declined to 4.7% from 6.8%.
Further, the working capital cycle was significantly stretched in
fiscal 2019.
The rating also takes into account the modest scale of SGF's
operations in the intensely competitive textiles industry, large
working capital requirement, and a below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the proprietor and his funding support in the form of
unsecured loans.
Analytical Approach
Unsecured loan (outstanding at INR6.41 crore as on March 31, 2019)
extended to SGF by the proprietor has been treated as 75% equity
and 25% debt. That is because this loan is subordinated to bank
debt and may remain in the business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Intense competition and the initial
stage of operations may continue to constrain scalability, pricing
power, and profitability. Revenue was modest at INR12.98 crore in
fiscal 2019.
* Large working capital requirement: Operations are likely to
remain working capital intensive over the medium term. Gross
current assets were 333 days as on March 31, 2019, due to high
debtors of 126 days and inventory of 131 days.
* Below-average financial risk profile: Financial risk profile is
constrained by highly leveraged capital structure and weak debt
protection metrics. Debt protection metrics are weak with interest
coverage of 0.88 time.
Strength
* Extensive experience of the proprietor and his funding support
Benefits from the proprietor's experience of three decades, his
strong understanding of the local market dynamics, healthy
relations with customers and suppliers, and timely, need-based
unsecured loans should continue to support the business.
Liquidity: Stretched
Liquidity should remain stretched. Although the firm is currently
not generating enough cash accrual to meet the maturing debt, the
repayment obligation is being serviced through the funds extended
by the proprietor. Bank limit utilisation was high and averaged
96.78% during the 12 months through June 2019.
Outlook: Stable
CRISIL believes SGF will continue to benefit from the extensive
experience of the proprietor and his funding support.
Rating sensitivity factors
Upward factor
* Operating margin of more than 10%
* Prudent working capital management
* Continued funding support from the proprietor
Downward factor
* Further stretch in liquidity
* Weakening of networth due to profit after tax (PAT)- level
losses
Established in August 2015 by Mr Keshri Chhajer, SGF manufactures
and supplies ready-to-stich dress material for sarees, suits, and
other garments. Its manufacturing facility is in Pali, Rajasthan,
and has installed capacity of 3 lakh metres per day.
SIDDHARTHA ELECTROTEC: CRISIL Reaffirms B+ Rating on INR.5cr Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Siddhartha Electrotec And Trading Private
Limited (SETPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit .5 CRISIL B+/Stable (Reaffirmed)
Letter of Credit 6.5 CRISIL A4 (Reaffirmed)
The ratings continue to reflect the company's weak business risk
profile driven by modest scale and low operating efficiency, its
large working capital requirement, and subdued financial risk
profile. These weaknesses are partially offset by the promoters'
extensive experience in the trading business.
Analytical Approach
Unsecured loans of INR1.45 crore have been treated as 75% equity
and 25% debt as they are subordinated to external debt.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations and large working capital requirement:
The modest scale is reflected in revenue of INR29.33 crore in
fiscal 2019 against INR27.16 crore in the previous fiscal. The
scale has been stagnant for the past four fiscals, and is expected
to remain small over the medium term. Trading business with limited
value addition, modest scale, and high working capital requirement
have resulted in modest profitability, as indicated by operating
margin of 1.16-1.41% in the three fiscals through 2019.
* Subdued financial risk profile: The financial risk profile is
constrained by small networth (including unsecured loan) estimated
at INR3.68 crore as on March 31, 2019, against INR3.49 crore as on
March 31, 2018. Large working capital requirement has increased
dependence on external borrowings, thereby increasing total outside
liabilities to tangible networth (TOLTNW) ratio (excluding
creditors against letter of credit [LC]) to an estimated 2.38 times
estimated as on March 31, 2019, from 2.75 times a year earlier.
Debt protection metrics are average, reflected in estimated net
cash accrual to adjusted debt ratio of 0.31 time (excluding
creditors against LC) for fiscal 2019.
Strength:
* Promoters' extensive experience: The Jhanwar family has been in
the trading business for around seven decades. Mr Dinesh Jhanwar,
who manages SETPL's daily operations, has experience of over three
decades in the trading business. The promoters' extensive
experience has helped them develop strong relationships with
suppliers and customers, ensuring healthy command over pricing.
Liquidity: Poor
The bank limit was utilised moderately at an average of 72% over
the 12 months through April 2019. The bank limit utilisation is
expected to increase on account of large working capital
requirement. The LC facility is almost fully utilised. Cash accrual
is expected at around INR0.30 crore per fiscal. The current ratio
is estimated at a moderate 1.45 times as on March 31, 2019.
Outlook: Stable
CRISIL believes SETPL will continue to benefit from the extensive
experience of its promoters.
Rating sensitivity factors
Upward factor
* Increase in cash accrual to more than INR40 lakh
* Improvement in working capital cycle, with gross current assets
(GCAs) declining below 120 days
Downward factor
* Stretch in working capital cycle with GCAs exceeding 150 days
* Fall in operating income and in operating margin to below 1%
* Large, debt funded capital expenditure of more than 20% of
networth
Incorporated in 1993, SETPL trades raw jute. It is based in
Kolkata. Daily operations are managed by Mr Dinesh Jhanwar.
SOCIAL ENGINEERS: CRISIL Assigns 'B' Rating to INR4cr Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Social Engineers Private Limited (SEPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Inland/Import
Letter of Credit 1 CRISIL A4 (Assigned)
Open Cash Credit 4 CRISIL B/Stable (Assigned)
The ratings reflect the company's large working capital requirement
and below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Large working capital requirement: The company's working
capital-intensive operations are reflected in gross current assets,
of 463 days as on March 31, 2019. GCAs are driven by debtors of 285
days as on March 31, 2019 due to the large payment credit to the
customers and significant payment delays from customers' end.
* Below-average financial risk profile: The financial risk profile
is constrained by high gearing and total outside liabilities to
tangible networth ratio of 3.59 times and 8.6 times as on March 31,
2019.
Strength
* Extensive experience of the promoters: The promoters' experience
of over 33 years in different industries has given them an
understanding of market dynamics and enabled them to establish
relationships with suppliers and customers.
Liquidity: Poor
Bank limit utilisation averaged 100% over the 12 months through
August 2019. The company has repayments of INR0.40 crore and is
expected to generate cash accruals of INR1.36 crores in fiscal
2020. Current ratio was at 1.17 times as on March 31, 2019.
Outlook: Stable
CRISIL believes SEPL will continue to benefit from the extensive
experience of the promoters.
Rating sensitivity factors
Upward factor
* Increase in revenue by 25% and operating profitability by 200
basis points
* Significant decline in gross current assets
Downward factor
* Decline of more than 150 basis points in profitability
* Withdrawal of unsecured loans by the promoters
Incorporated in 1996, SEPL manufactures solar street and home
lighting systems, solar lanterns, solar power packs, and solar
water heating systems.
STS UTILITY: CRISIL Hikes Rating on INR4.78cr Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its long term rating on the bank facilities of
STS Utility Services (STS) to 'CRISIL B+/Stable' while reaffirming
its short term rating at 'CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL A4 (Reaffirmed)
Cash Credit 4.78 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The upgrade reflects strengthening of business risk profile as
reflected in increase in revenue to INR52 crore in fiscal 2019 from
INR28 crore in the previous fiscal, driven by increase in sale of
transformers. This, along with infusion of low interest bearing
unsecured loans from proprietor and related parties, led to
increase in adjusted networth to INR19 crore as on March 31, 2019
from INR11.8 crore a year earlier. As a consequence, total outside
liabilities to adjusted networth (TOLANW) decreased to 1.1 times
from 1.6 times. Liquidity also improved as reflected in increased
cushion between net cash accrual (NCA) of INR1 crore against
repayment obligation of INR80 lakh during fiscal 2019 as compared
to NCA of INR39 lakh against repayment obligation of INR80 lakh in
fiscal 2018.
CRISIL ratings on the bank facilities STS continue to reflect the
firm's modest scale of operations and large working capital
requirement in the competitive distribution transformer industry.
These weaknesses are partially offset by the proprietor's extensive
experience, funding support by proprietor and his related parties,
and moderate financial risk profile.
Analytical Approach
The proprietor and his related parties have been supporting the
business through unsecured loans (Rs 18.70 crore as on March 31,
2019, against INR11.75 lakh as on March 31, 2018). The loans have
low interest and the interest charged is ploughed back into the
firm. Also, they are subordinate to bank debt and are expected to
remain in the business over the medium term. Hence, they are
treated as 75% equity and 25% debt.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations, despite substantial growth, in the
intensely competitive distribution transformer industry: The scale
of operations remains modest, reflected in net sales of INR52 crore
in fiscal 2019, despite growing sharply from INR28 crore in fiscal
2018. The distribution transformer industry is highly competitive
with low entry barriers, and the firm's modest scale limits
capability to bid for large tenders.
* Large working capital requirement: Operations are working capital
intensive, indicated by sizeable gross current assets of 203 days
as on March 31, 2019, despite decreasing from 299 days as on March
31, 2018, driven by inventory and receivables of 28 and 123 days,
respectively, though supported by payables of 95 days. Gross
current assets are expected to remain at 200-300 days over the
medium term.
Strength
* Proprietor's experience and healthy business relationships: The
decade-long experience of the proprietor, Mr Suraj Gupta, in the
electrical components industry, and his established relationships
with customers, should continue to support business risk profile.
* Funding support from proprietor and related parties: The
proprietor and his related parties have been supporting the
business through low interest bearing unsecured loans (Rs 18.70
crore as on March 31, 2019, against INR11.75 lakh as on March 31,
2018) which supported the increased working capital requirements
arising out of increased scale of operations during fiscal 2019.
* Moderate financial risk profile: TOLANW was low at 1.1 times and
adjusted networth moderate at INR19 crore as on March 31, 2019. Net
cash accrual to adjusted debt was comfortable at 13% for fiscal
2019 though interest cover wwas modest at 1.7 times.
Liquidity: Poor
Bank limit utilization was high at 92% averaged over 12 months
through August, 2019, though peak utilization was higher at 100%.
Expected NCA for fiscal 2020 is INR1-1.3 crore against low
repayment obligation of INR15-20 lakh. Low interest bearing
unsecured loans from proprietor and related parties increased to
INR18.7 crore as on March 31, 2019 from INR11.7 crore a year
earlier and supported liquidity. Current ratio was healthy at 1.9
times as on March 31, 2019.
Outlook: Stable
CRISIL believes STS will benefit from the experience of its
proprietor in the transformer industry.
Upward Factor
* Sustainable increase in net cash accrual to INR1.2 crore driven
by increase in revenue and/or profitability
* Decrease in peak bank limit utilization
Downward Factor
* Decrease in net cash accrual to INR70 lakh or below
* Increase in bank limit utilization.
A proprietorship firm set up by Mr Suraj Gupta in 2007, STS
manufactures distribution transformers of 10-400 kilovolt amps. Its
manufacturing facility is in Greater Noida (Uttar Pradesh).
SURYATAAP ENERGIES: Ind-Ra Lowers Sr. Project Loan Rating to 'BB+'
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Suryataap
Energies & Infrastructure Private Limited's (SEIPL) senior project
term loan's rating to 'IND BB+' from 'IND BBB-'. The Outlook was
Stable. The agency has simultaneously migrated the rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating action is:
-- INR259.2 mil. Senior project term loan due on March 31, 2034
downgraded and migrated to non-cooperating category with IND
BB+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
KEY RATING DRIVERS
The downgrade reflects absence of clarity on operational
performance, SEIPL's timely debt service and reduced financial
flexibility of the Hindustan Clean energy Limited 'IND BBB- (ISSUER
NOT COOPERATING)'.
SEIPL has signed a 25-year power purchase agreement at a fixed
tariff of INR8.78/kWh for power supply to Assam Power Distribution
Company Limited, and achieved commercial operations date in August
2016. However, the absence of clarity on operational track record
to demonstrate plant performance, grid availability and receivable
days constrains the rating.
The rating has been migrated to the non-cooperating category as
SEIPL did not provide information related to its business and
financial profiles, despite continuous requests and follow-ups by
the agency.
COMPANY PROFILE
SEIPL is a wholly-owned subsidiary and special purpose vehicle of
Hindustan Clean energy. It was formed to build and operate a 5MW
solar photovoltaic power plant in Sonitpur District, Assam.
TOUCH WOOD: CRISIL Assigns B+ Rating to INR18cr LT Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Touch Wood Infra Ventures Private Limited
(TWIVPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 18 CRISIL B+/Stable (Assigned)
The rating reflects exposure to risks related to project
implementation and flow of customer advances, and to cyclicality in
the Indian real estate industry and in the economy as a whole.
These weaknesses are partially offset by the extensive experience
of the partners in residential real-estate construction and a
prudent funding mix for the current project.
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to risks related to project implementation and flow of
customer advances: The construction of the project is in a nascent
stage, with only 38% completed till March 2019. Further, flow of
customer advances will remain a key rating sensitivity factor over
the medium term.
* Exposure to risks and cyclicality inherent in the real estate
industry and in the economy as a whole: The real estate sector in
India is cyclical, as indicated by sharp movements in prices and a
highly fragmented market structure. The overall uncertain economic
climate, and higher caution by banks towards exposure to the
sector, may also impact the credit risk profile
Strengths
* Extensive experience of the promoters: The main promoter, Mr
Naeem Siddiqui, has an experience of over 25 years in the real
estate sector. He has completed three residential units.
* Prudent funding mix: The project is funded mainly through
customer advances and promoter funds, leading to limited bank debt
of INR18 crore for the project, constituting 20% of the total
cost.
Liquidity: Stretched
Liquidity is weak. Repayment of the term loan is expected to start
from June 2020. Cash flow is likely to be quite sufficient to meet
debt repayment over medium term, but remains susceptible to timely
flow of customer advances. The average cash buffer ratio for
repayment tenure (fiscals 2021-23) is estimated to be weak at 1.04
times.
Outlook: Stable
CRISIL believes TWIVPL will continue to benefit from the extensive
experience of the promoters in the real estate industry.
Rating sensitivity factors
Upward factor
* Significant improvement in cash buffer to over 1.2 times,
supported by substantially higher-than-anticipated cash flows
* Faster-than-expected project completion
Upward factor
* Availing more-than-expected debt, leading to cash buffer dropping
to below 1 time
* Further delays or cost overrun in the second phase of the
project
* Weakening of debt protection metrics on account of
lower-than-expected receipt of advances
TWIVPL was set up in 2010 by Mr Naeem Ahmed Siddiqui along with Mr
Jitendra Gupta. The company develops residential real estate in
Lucknow. It has completed The Woods Aishbagh project in Lucknow and
is currently undertaking.
The Woods Naubasta project, comprising 482 flats at Deva Road,
Lucknow. Till August 2019, around 300 flats have been booked.
USHDEV INTERNATIONAL: Ind-Ra Affirms 'D' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ushdev
International Ltd.'s Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
The instrument-wise rating actions are:
-- INR500 mil. Term loans (long-term) due on FY19-FY21 affirmed
with IND D (ISSUER NOT COOPERATING) rating;
-- INR5.0 bil. Fund-based limits (long-term) affirmed with IND D
(ISSUER NOT COOPERATING) rating; and
-- INR20.0 bil. Non-fund-based limits (short-term) affirmed with
IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.
KEY RATING DRIVERS
The affirmation reflects Ushdev International's announcement that
its corporate insolvency resolution process has been initiated
under the provisions of Insolvency and Bankruptcy Code, 2016, by an
order of National Company Law Tribunal dated May 14, 2018.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.
COMPANY PROFILE
Founded in 1994, Ushdev International is a metal trading company
that mainly trades nickel, ferrous flat products and long products.
V.R. FOUNDRIES: CRISIL Reaffirms D Rating on INR42cr Term Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the long-term bank
facilities of V.R. Foundries (VRF). The rating continues to reflect
instances of delay in servicing term debt.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 4 CRISIL D (Reaffirmed)
Cash Credit 15 CRISIL D (Reaffirmed)
Term Loan 42 CRISIL D (Reaffirmed)
The rating also factors in the company's weak financial risk
profile and exposure to intense competition in the industry. These
weaknesses are partially offset by the extensive experience of the
promoters.
Key Rating Drivers & Detailed Description
* Delay in servicing term debt: There have been instances of delays
in servicing of VRF's term debt as the firm continues to generate
lower cash accruals as against its annual debt obligations.
Weaknesses
* Weak financial risk profile: The firm's cash accruals improved to
INR8.26 crore in fiscal 2019, from cash losses of INR2.45 crore in
fiscal 2018. As a result, the firm reported marginal improvement in
its debt protection metrics during fiscal 2019. Nevertheless, the
net worth remains negative as on 31 March, 2019, on account of
accumulated losses, and instances of delays are observed in its
debt obligations.
* Exposure to intense competition: Intense competition in the
highly fragmented castings and forgings industry constrains
scalability and pricing power for mid-sized players such as VRF.
Strength
* Extensive experience of the partners: Benefits from the
three-decade-long industry experience of the partners and healthy
relationships with customers will continue to support the
business.
Liquidity: Poor
Liquidity is weak as indicated by the instances of delay by VRF in
servicing its term debt. Cash accruals remained insufficient to
meet debt obligation, leading to delays in repayment of bank debt.
The utilisation of the working capital facilities to the tune of
INR19 crores also remains high.
Rating Sensitivity Factor
Upward factor
* Track record of timely debt servicing for at least over 90 days.
* Improvement in net cash accruals leading to improved liquidity
Established as a partnership firm by in 1974, Coimbatore-based VRF
produces grey iron castings used in the engineering, automobile,
textile, and agricultural sectors. Mr V Rajendran and his family
members are the partners.
VIRINCHI LIMITED: Ind-Ra Cuts LT Issuer Rating to BB-/Non-Coop.
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Virinchi
Limited's (VL) Long-Term Issuer Rating to 'IND BB-' from 'IND BB'
while migrating the ratings to the non-cooperating category. The
Outlook is Stable. 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:
-- INR130 mil. Fund-based working capital limit (Long term/Short
term) Long-term rating downgraded, short-term rating affirmed
and migrated to non-cooperating category with IND BB- (ISSUER
NOT COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information
Analytical approach: Ind-Ra continues to take a consolidated view
of VL and its subsidiaries, including Virinchi Healthcare Private
Limited (VHPL).
KEY RATING DRIVERS
The downgrade reflects delays in repayment of term loans by VHPL
over the last six months ended August 2019 due to its tight
liquidity position. VL has provided a corporate guarantee of
INR687.5 million for VHPL's debt.
The ratings also factor in VL's medium scale of operations, as
reflected by growth in consolidated revenue to INR4,071 million in
FY19 (FY18:INR3,414 million) aided by increased revenue
contribution from IT products and healthcare segment. In FY19, IT
products' revenue grew to INR1,784 million (FY18:INR1,291 million)
owing to significant one-time license fee; however, revenue from
IT services declined on account of challenging visa environment.
VL's healthcare revenue, meanwhile, increased to INR1,414.3 million
(FY18:INR1,010.5 million).
The ratings also factor in VL's healthy margins. Its consolidated
operating profitability increased to 29.8% (FY18:28.1%) largely due
to improvement in operating efficiencies. The return on capital
employed stood at 19% in FY19 (FY18: 16%).
The ratings further factor VL's moderate credit metrics. Gross
interest coverage (operating EBITDA/gross interest expense)
improved to 5.5x in FY19 (FY18: 5.3x) and net leverage (total
adjusted net debt/operating EBITDAR) to 1.3x (1.6x) due to increase
in operating EBITDA to INR1,214 million (INR958 million).
On a standalone basis, VL achieved revenue of INR1,702.2 million in
FY19 (FY18: INR1,720 million) with operating profitability of
33.06% (31.1%). The gross interest coverage was 5.7x in FY19 (FY18:
7.7x) and net leverage was 1.3x (0.7x).
The ratings have been migrated to the non-cooperating category as
the company did not provide Ind-Ra with financial projection for
three years, operational data of the company, working capital
utilization, current debt exposure, repayment schedule and
management certificate.
RATING SENSITIVITIES
Positive: Timely debt servicing by VHPL for one year and increase
in revenue and profitability while maintaining the current credit
metrics could lead to a positive rating action.
Negative: Any decline in revenue and profitability leading to
deterioration in the credit metrics will be negative for the
ratings.
COMPANY PROFILE
Founded in 1991, Hyderabad-based VL, a part of Virinchi Group, has
a capability maturity model integration certification. It provides
information and communications technology products and services. It
employs over 1,000 employees across three offshore development
centers in Hyderabad that have 100,000 square feet of
ready-to-plug-in workspace. Its clients are majorly from North
America.
VIZAG EXPORTS: CRISIL Raises Rating on INR7.5cr LT Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Vizag
Exports (VE) to 'CRISIL B+/Stable' from 'CRISIL B-/Stable' while
reaffirming the short term rating at 'CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing
Credit 12 CRISIL A4 (Reaffirmed)
Proposed Long Term 7.5 CRISIL B+/Stable (Upgraded
Bank Loan Facility from 'CRISIL B-/Stable')
The rating upgrade reflects improvement in VE's business profile
reflected in improved operating revenue and margins while also
improving its working capital management.
Revenue improved to INR53 Cr in fiscal 2019 with an operating
margin of 3.6% from INR48 Cr and 2.2%, respectively for fiscal
2017. Working capital management also improved reflected in the
Gross current asset days of 171 days for fiscal 2019 from 273 days
in fiscal 2017. CRISIL believes that VE will continue to maintain
its improved business profile supported by promoter's extensive
industry experience.
The ratings also reflect VE's susceptibility of operating
performance to fluctuations in cashew prices and in foreign
exchange (forex) rates. The weakness is partially offset by the
extensive experience of the promoters.
Analytical Approach
Unsecured loans from promoters have been considered as debt.
Key Rating Drivers & Detailed Description
Weakness:
* Susceptibility to fluctuations in cashew prices and forex rates:
Since raw cashew nut purchases account for a bulk of the operating
expenses, the operating margin is highly susceptible to
fluctuations in raw material prices. Further, the firm is exposed
to the risk of fluctuation in forex rates, since it derives most of
the revenue from exports.
Strength:
* Experience of promoters: Benefits derived from the promoters'
experience of around 3 decades and healthy relations with customers
and suppliers should continue to support the business.
Liquidity: Stretched
Liquidity though stretched on account of working capital
requirement and modest cash and bank balances, accruals are
sufficient since there are no repayment obligations.
Outlook: Stable
CRISIL believes VE will continue to benefit over the medium term
from the experience of the promoters.
Rating Sensitivity Factor
Upward factor
* Sustained improvement in operating performance
* Gearing improvement to less than 3.5 times
Downward factor
* Any decline in business performance
* Stretch in gearing to over 6 times
VE, set up as a partnership between Mr. Rajagopal and Ms. Abhaya
Mohan in 2011, processes and exports cashew kernels.
=================
I N D O N E S I A
=================
REASURANSI NASIONAL: Fitch Affirms BB+ IFS Rating, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings affirmed PT Reasuransi Nasional Indonesia's Insurer
Financial Strength Rating at 'BB+'. At the same time, Fitch Ratings
Indonesia has affirmed the National IFS Rating at 'AA-(idn)'. The
Outlooks are Stable.
'AA' National IFS Ratings denote a very strong capacity to meet
policyholder obligations relative to all other obligations or
issuers in the same country, across all industries and obligation
types.
KEY RATING DRIVERS
Nasional Re's ratings reflect the company's 'Strong' financial
performance, 'Favourable' business profile and 'Moderately Weak'
capitalisation.
Fitch ranks Nasional Re's business profile as 'Favourable' compared
with that of all other reinsurance companies in the country due to
its leading business franchise, a business risk profile that is on
a par with the sector and diverse business lines. Therefore, Fitch
scores Nasional Re's business profile at 'bb+' under its
credit-factor scoring guidelines.
Fitch sees Nasional Re's financial performance as strong, with
three-year average gross premium growth of around 22%. Underwriting
performance has been sound, with a combined ratio of below 95% for
the last three years. Manageable underwriting expenses and steady
investment returns also translate into favourable bottom-line
performance. Nonetheless, continued business expansion is a key
risk, particularly if underwriting standards deteriorate and
capitalisation buffers are eroded.
The company is one of Indonesia's largest reinsurers, with market
share of 33% by total domestic reinsurance gross premiums in 2018.
However, its overall market scale is small compared with regional
reinsurance peers. Nasional Re's regulatory risk-based capital
ratio was 177% at end-June 2019 (2017: 182%), well in excess of the
120% regulatory minimum. Fitch expects Nasional Re to improve its
capital position to keep up with its business expansion and ensure
sufficient capital buffers against adverse shocks.
Nasional Re's investment mix is prudent and liquid, with cash
equivalents and fixed-income instruments accounting for more than
half of its invested assets at end-2018. Exposure to risky assets
remained low relative to capitalisation.
The company uses mainly excess-of-loss treaties to mitigate
catastrophe exposure and regularly monitors its risk accumulation.
The reinsurer also periodically collaborates with external brokers
to assess its catastrophe exposure through various modelling tools.
Its retrocession is adequate to cover its aggregate probable
maximum loss for a return period of more than 250 years.
RATING SENSITIVITIES
Upgrade rating sensitivities include:
- sustained improvement in Nasional Re's capitalisation, with its
regulatory risk-based capital ratio consistently above 200%, and
- maintenance of its business profile, including market position
and further diversification, while maintaining operating
performance, with a combined ratio consistently below 93%.
Downgrade rating sensitivities include:
- significant deterioration in capitalisation, with its
regulatory risk-based capital ratio persistently below 160%, or
- a weakening business profile or operating performance and a
combined ratio above 105% over a prolonged period
===============
M A L A Y S I A
===============
1MDB: Malaysia Seeks to Move Goldman Case to Higher Court
---------------------------------------------------------
Bloomberg News reports that Malaysia is seeking to move the
1MDB-linked case against Goldman Sachs Group Inc. to a higher
court.
Authorities will apply to transfer the case to the High Court, from
a magistrate court currently, on Oct. 22, prosecutor Aaron Paul
Chelliah said on Sept. 30, Bloomberg relates. The order came from
the Attorney-General's Chambers, which didn't specify its reasons,
he said, adding that such a move is usually due to the seriousness
of the case.
According to Bloomberg, units of the U.S. bank face criminal
charges of misleading investors when arranging $6.5 billion of bond
sales for state fund 1MDB while allegedly knowing that the funds
would be misused. Malaysia is seeking fines in excess of the $2.7
billion allegedly misappropriated and the return of $600 million
that Goldman made from the bond deal, Bloomberg says.
The case involves Goldman Sachs (Asia) LLC, Goldman Sachs
International (UK) and Goldman Sachs (Singapore).
Bloomberg relates that the case has progressed slowly as Malaysia
had struggled to serve criminal charges against the U.S. bank's
units overseas. Prosecutors said in June that they had completed
serving the charges, while Goldman said the charges were
incomplete. The matter wasn't discussed in court on Sept. 30, the
bank's lawyer Hisyam Teh said, Bloomberg relays.
In a separate case, Malaysia has announced charges against 17
current and former Goldman executives around the world, Bloomberg
reports. They were directors of the three Goldman units involved in
the bond sales.
Goldman is seeking to resolve its entanglement with the 1MDB
scandal and "get the Malaysian people the money that they deserve,"
the bank's President and Chief Operating Officer John Waldron said
in a Bloomberg Television interview last week. "We're focused on
getting it behind us and resolving it in an appropriate manner,"
Mr. Waldron said.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on the
economy, particularly in energy, real estate, tourism, and
agribusiness.
As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft. Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that it
had frozen half a dozen bank accounts following a media report that
nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.
The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank accounts
in Malaysia belonging to Najib.
The TCR-AP, citing Bloomberg News, reported in November 2015, that
1MDB agreed to sell its power assets to China General Nuclear Power
Corp. for MYR9.83 billion (US$2.3 billion) as the state investment
company moved one step closer to winding down operations after its
mounting debt raised investor concern.
Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions. The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.
The TCR-AP, citing The Wall Street Journal, reported in April 2016,
that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).
Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled state
investment fund.
=================
S I N G A P O R E
=================
HYFLUX LTD: Debt Moratorium Extended by Two More Months to Dec. 2
-----------------------------------------------------------------
Lee Meixian at The Business Times reports that the High Court on
Sept. 30 granted Hyflux a two-month extension on its debt
moratorium until Dec. 2, after most of its creditors either took no
position or showed support for the move, with the exception of an
unsecured working group of creditors.
BT relates that the latter compromises a group of seven unsecured
banks, including BNP Paribas, Mizuho Bank, KFW IPEX-Bank, Bangkok
Bank and Standard Chartered Bank. The group is represented by Eddee
Ng, senior partner at Tan Kok Quan Partnership.
At Sept. 30's hearing, Hyflux's lawyer Manoj Sandrasegara of
WongPartnership made a plea for an extension, saying that the
company was very close to sealing a deal with Middle Eastern
utility company Utico, and that even if the deal were to fall
through for some reason, there were other interested investors that
Hyflux could pursue talks with, according to the report.
Utico said in a statement on Sept. 27 that Hyflux still had not
signed the definitive restructuring agreement, although Utico had
inked it on the Aug. 26 deadline. Utico claimed that Hyflux's board
and its advisers have "refused" to guarantee that they will stop
any "leaking of value" in the event the extension is granted by the
court, BT relays.
BT says making no reference to this claim in Court on Sept. 30, Mr.
Sandrasegara said that there remain small details that both sides
are still working together on, and an agreement should be reached
within two to three weeks if the discussions succeed.
Justice Aedit Abdullah granted the extension to Dec. 2, but said a
case management conference will be held on Oct. 31 for a progress
update on a rescue deal, and also for any parties to raise their
applications to Court, so that the actual hearing on Nov. 29 may be
planned accordingly, adds BT.
About Hyflux
Singapore-based Hyflux Ltd -- https://www.hyflux.com/ --
provides various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers. It employs 2,300
people worldwide and has business operations across Asia, Middle
East and Africa.
As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses. The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.
The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.
HYFLUX LTD: Sias Does Not Support Utico Deal 'at This Stage'
------------------------------------------------------------
Vivien Shiao at The Business Times reports that the Securities
Investors Association (Singapore) or Sias clarified on Sept. 29 in
a statement that it does not, in fact, support the Hyflux
restructuring agreement by potential white knight Utico at this
stage as previously reported.
This comes as the terms of the restructuring agreement have not
been agreed by the relevant parties and are pending resolution on
certain final outstanding issues, wrote David Gerald, founder and
CEO of Sias, BT relays.
Instead, Sias' support is for the two-month extension for the
moratorium which Hyflux is seeking to facilitate negotiations with
Utico with a view to finalise and execute the proposed
restructuring agreement, BT says. If a deal with Utico cannot be
reached, the extension would also facilitate Hyflux to pursue
discussions with the other interested investors, he wrote.
Previously, Hyflux and three of its subsidiaries had requested the
court to extend their debt moratorium by another two months until
November. The applications was heard in court on Sept. 30, when the
previous extension expires, BT says.
According to BT, Utico's proposed rescue package will see it take
an 88 per cent stake in Hyflux through a SGD300 million equity
injection and a SGD100 million shareholder loan.
BT says Sias also clarified that the result of a poll from a small
group of Hyflux's perpetual securities and preference (P&P) holders
after a focus group meeting organised by the association on Aug. 1
is not binding.
This is because the focus group only represented a very small
sample size of the P&P holders and cannot be taken to be
representative of the views of all the P&P holders. More than 77
per cent of the attendees had approved Utico's offer.
"Such approval is, at best, a representative of the percentage in
number of parties which responded to the poll. It does not
represent the percentage in value," Mr. Gerald, as cited by BT,
wrote. "In addition and crucially, this poll is not binding on any
of the parties who participated in the poll and is not reflective
of the views of the general pool of P&P holders," he added.
About Hyflux
Singapore-based Hyflux Ltd -- https://www.hyflux.com/ --
provides various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers. It employs 2,300
people worldwide and has business operations across Asia, Middle
East and Africa.
As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses. The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.
The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.
=================
S R I L A N K A
=================
SRI LANKA: Fitch Affirms 'B' LT IDR, Outlook Stable
---------------------------------------------------
Fitch Ratings affirmed Sri Lanka's Long-Term Foreign-Currency
Issuer Default Rating at 'B' with a Stable Outlook.
KEY RATING DRIVERS
Sri Lanka's 'B' rating balances high government debt and contingent
liabilities, a challenging external financing profile and subdued
economic growth against higher human development standards and per
capita income levels compared with peer medians.
The policy environment has improved after the resolution of last
year's political standoff. The 2019 budget was passed and the IMF
programme resumed and was extended by one year to June 2020. The
IMF staff announced recently an agreement on the sixth review of
the extended fund facility (EFF). The currency appreciated by about
3% against the US dollar by end-1H19 after weakening by nearly 19%
by end-2018. However, Sri Lanka is entering an election cycle, with
presidential elections in November this year followed by
parliamentary elections in 2020, and the risk of policy slippage
and political tensions resurfacing closer to the elections remains
high, in Fitch's view.
Fitch forecasts a budget deficit of 5.4% of GDP in 2019, above the
authorities' target of 4.4%, as weak growth partly reflecting the
drop in tourists has adversely affected revenue collection. Fitch
expects the deficit to stabilise at about 5% of GDP in 2020 and
2021 under its baseline assumptions. Downside risks to its
projections could arise from a shift towards a more expansionary
fiscal policy.
Fitch has revised its growth forecast for 2019 to 2.8% from 3.6% at
the time of the previous review in December 2018 because of the
negative impact of the April 2019 bombings on tourism, which
accounts for about 5% of GDP. Growth slowed to 2.6% in 1H19 from
4.2% in 1H18, dragged down by a slowdown in services. However, the
recovery in tourism has been faster than its expectations and Fitch
anticipates an improvement in growth in 2020 and 2021 to 3.3% and
3.4%, respectively. Tourist arrivals in August fell about 28% yoy
after a decline of about 71% in May, according to the latest data
from the central bank.
Sri Lanka's near-term external and fiscal financing constraints
have eased somewhat after the resumption of the IMF programme in
February and the issuance of USD4.4 billion of sovereign bonds to
date in 2019. In addition, the sovereign has also repaid USD1.5
billion in international sovereign bonds. Foreign-exchange reserves
rose to USD8.5 billion after declining to USD6.9 billion by
end-2018. Fitch projects foreign-exchange reserve coverage to
remain at around three months of current external payments through
2021. Nonetheless, Sri Lanka's external debt obligations (principal
and interest) remain substantial over 2020-2023, with nearly USD19
billion due, and its external liquidity ratio remains far weaker
than peer medians. A prolonged period of policy uncertainty
accompanied by an adverse shift in investor sentiment could
exacerbate Sri Lanka's external refinancing risks.
Monetary policy continues to focus on maintaining macroeconomic
stability and inflation has remained subdued so far in 2019, partly
a result of the slowdown in growth and lower food and commodity
prices. The benign outlook for inflation combined with slowing
growth led the Central Bank of Sri Lanka to cut policy rates twice
this year by a cumulative 100bp. A planned amendment to the
Monetary Law Act would establish price stability as the primary
objective of the central bank and support the shift towards
flexible inflation targeting, thereby improving monetary-policy
credibility.
Fitch expects Sri Lanka's current account deficit to narrow
slightly to 3.1% of GDP in 2019 from 3.2% in 2018, as the negative
impact from lower tourism earnings has been somewhat offset by a
drop in imports. Taxes imposed on a wide range of automobiles led
to a contraction in vehicle imports, while gold and rice imports
also fell. Sri Lanka's trade deficit narrowed to USD4.3 billion in
the first seven months from a deficit of USD6.4 billion a year
earlier. Fitch expects the current account deficit to narrow
further to about 2.8% of GDP by end-2021 but there are risks to its
forecast from a possible shift towards more expansionary fiscal and
monetary policies or weaker-than-expected export performance.
High government debt and large interest payments remain a key
credit weakness. Sri Lanka's gross general government debt (GGGD)
was about 83% of GDP at end-2018, far greater than the current 'B'
median of 56.4%. Interest payments as a share of revenues were very
high at about 44% (current peer median 10.4%), highlighting the
relatively weak structure of Sri Lanka's public finances. In
addition, foreign-currency debt is nearly half of total government
debt and leaves public finances vulnerable to renewed currency
depreciation.
Fitch maintains a negative outlook on Sri Lanka's banking sector as
Fitch anticipates continued pressure on banks' financial profiles
due to pressure from a challenging operating environment. The trend
of rising non-performing loans (NPLs) continued into 2019, with the
sector-wide NPL ratio rising to 4.8% by end-June 2019. Credit risks
are likely to linger, reflected in an increase in restructured
loans across banks. Rescheduled loans reflect situations where the
bank takes pre-emptive action to restructure ahead of non-payment
by the borrower and are not included in the headline NPL figures.
Banking-sector loans contracted by 0.5% in 1H19 after a 20%
increase in 2018. Asset-quality stresses have weakened earnings and
added to capitalisation pressures despite the capital injections
made ahead of the Basel III implementation. Capital-raising plans
could face execution risks as the recent rights issues of some
banks have been undersubscribed.
Sri Lanka's basic human-development indicators, including education
standards, are high compared with the 'B' median. Furthermore, the
country's per capita income of USD3,972 (Fitch estimates as of
end-2019) is higher than its historic 'B' median of USD3,391. Sri
Lanka ranks in the 60th percentile of the UN's Human Development
Index compared with the 35th percentile of the current 'B' median.
SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Sri Lanka a score equivalent to a
rating of 'B+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.
Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:
- External Finances: -1 notch to reflect high refinancing needs
against relatively low foreign-currency reserves, which leave the
external position vulnerable to any adverse shifts in investor
sentiment.
Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.
RATING SENSITIVITIES
The main factors that individually, or collectively, could trigger
a positive rating action are:
- Improvement in external finances supported by lower net
external debt or a reduction in refinancing risks, for example from
a lengthening of debt maturities.
- Improved macroeconomic policy coherence and credibility.
- Stronger public finances underpinned by a credible medium-term
fiscal strategy that places GGGD/GDP on a downward path.
The main factors that, individually or collectively, could trigger
negative rating action are:
- Increase in external funding stresses accompanied by a loss of
investor confidence that threatens the ability to repay external
debt.
- A deterioration in policy coherence and credibility, leading to
lower GDP growth and/or macroeconomic instability.
- An increase in GGGD/GDP, potentially reflecting wider budget
deficits and/or a crystallisation of contingent liabilities -
linked to state-owned entities or government-guaranteed debt - on
the sovereign balance sheet.
KEY ASSUMPTIONS
- Global economic outcomes are consistent with Fitch's latest
Global Economic Outlook.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Sept. 23, 2019 to Sept. 27, 2019
---------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 1.01
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.94
MIDWEST VANADIUM PTY LT 13.25 02/15/18 USD 0.19
MIDWEST VANADIUM PTY LT 13.25 02/15/18 USD 0.19
CHINA
-----
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 60.00
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 59.63
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 50.60
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 56.78
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 38.00
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 40.44
ANHUI FOREIGN ECONOMIC 5.80 07/13/21 CNY 70.01
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 41.33
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 47.18
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 41.48
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 44.57
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 20.29
ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 60.00
ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 61.47
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 20.01
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 20.03
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 20.14
BAOJI HI-TECH INDUSTRIA 8.25 04/21/21 CNY 40.00
BAOJI HI-TECH INDUSTRIA 8.25 04/21/21 CNY 41.18
BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 61.40
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 20.05
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 47.52
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 41.67
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.23
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.50
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 40.00
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 41.02
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 41.13
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 41.80
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 41.30
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 41.30
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 20.10
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 20.43
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 20.00
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 25.12
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 25.25
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 40.64
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 43.68
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 39.80
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 40.45
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.50
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.70
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 40.87
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 40.98
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 61.31
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 63.87
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 41.10
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 41.56
BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.00
BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.07
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 41.10
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 41.43
BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 75.07
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 40.00
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 41.57
BENXI URBAN CONSTRUCTIO 6.24 01/22/22 CNY 60.00
BENXI URBAN CONSTRUCTIO 6.24 01/22/22 CNY 60.10
BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 61.66
BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 65.65
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 41.21
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 50.00
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 41.19
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 43.40
BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 60.00
BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 60.95
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 40.00
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 40.43
C&D REAL ESTATE CORP LT 6.15 04/03/20 CNY 20.37
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 20.20
CEFC SHANGHAI INTERNATI 4.08 09/09/21 CNY 60.00
CEFC SHANGHAI INTERNATI 4.98 12/10/20 CNY 61.29
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 60.75
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.09
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.23
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 41.11
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 43.30
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 20.31
CHANGDE URBAN CONSTRUCT 5.63 09/01/20 CNY 40.36
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 40.43
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 46.00
CHANGSHA COUNTY TONGTU 6.00 06/19/22 CNY 61.62
CHANGSHA COUNTY TONGTU 6.00 06/19/22 CNY 68.20
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 58.52
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 61.00
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 46.87
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 62.51
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 64.02
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 20.27
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 41.45
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 44.00
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 60.00
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 61.19
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 20.10
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 20.19
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 62.22
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 67.32
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 41.62
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 47.00
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 40.86
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 40.96
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 41.54
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 50.30
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.00
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.11
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 59.00
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 60.14
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 20.21
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 40.00
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 41.52
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 20.00
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 20.23
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 20.00
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 20.38
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 60.68
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.20
CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 60.00
CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 60.69
CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 62.28
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 20.22
CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 41.29
CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 46.00
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.01
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.20
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.11
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.35
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 40.84
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 38.50
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 40.67
CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 60.95
CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 68.83
CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 59.30
CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 60.29
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 20.21
CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 60.00
CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 61.54
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 20.19
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 25.40
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 61.22
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 62.30
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 40.00
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 41.44
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 60.25
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 60.82
CHENZHOU HIGH-TECH KLC 6.45 01/23/22 CNY 60.61
CHENZHOU HIGH-TECH KLC 6.45 01/23/22 CNY 68.60
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 40.00
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 40.11
CHENZHOU XINTIAN INVEST 6.15 04/24/22 CNY 59.38
CHENZHOU XINTIAN INVEST 6.15 04/24/22 CNY 65.30
CHENZHOU XINTIAN INVEST 5.38 03/08/26 CNY 66.30
CHINA MEDIA GROUP 6.00 04/04/21 CNY 94.00
CHINA MINSHENG INVESTME 7.00 12/26/20 CNY 36.65
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA WANDA GROUP CO LT 6.50 01/24/22 CNY 70.00
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 39.99
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 40.59
CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 74.27
CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 74.65
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 61.00
CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 61.35
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 61.49
CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 64.00
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 40.88
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 41.00
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 20.18
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 20.10
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 23.10
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.00
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.94
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 40.00
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 41.38
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 20.17
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 22.56
CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 40.76
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 20.20
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 20.22
CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 60.00
CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 60.14
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 41.36
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 47.33
CHONGQING FULING STATE- 6.39 01/21/20 CNY 20.17
CHONGQING FULING STATE- 6.39 01/21/20 CNY 21.20
CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 60.00
CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 60.95
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 41.86
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 50.80
CHONGQING GARDENING IND 8.45 06/03/21 CNY 40.00
CHONGQING GARDENING IND 8.45 06/03/21 CNY 41.25
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 40.00
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.00
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.73
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 41.00
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 20.26
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 20.32
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.45
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.12
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.15
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 20.27
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 25.00
CHONGQING INTERNATIONAL 7.08 10/18/20 CNY 40.68
CHONGQING INTERNATIONAL 7.08 10/18/20 CNY 40.70
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 60.90
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 61.15
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.00
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.08
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 59.00
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 60.68
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.63
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.85
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 41.46
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 61.42
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 61.49
CHONGQING LIANGJIANG NE 3.60 04/19/21 CNY 69.50
CHONGQING LIANGJIANG NE 3.60 04/19/21 CNY 69.56
CHONGQING LIANGJIANG NE 3.17 01/13/21 CNY 69.57
CHONGQING LIANGJIANG NE 3.17 01/13/21 CNY 69.75
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 20.05
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.00
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.06
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 20.27
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 20.36
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 40.99
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 41.70
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 20.10
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 20.23
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.00
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.61
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 20.25
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 60.24
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 66.25
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 41.66
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 41.80
CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 40.92
CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 60.00
CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 61.18
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 20.18
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 20.20
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 41.12
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 43.90
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 60.70
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 65.00
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 20.03
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 61.53
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 62.33
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.20
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.32
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 41.55
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 41.60
CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 60.00
CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 61.74
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.00
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.10
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 41.18
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 42.47
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 19.52
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 20.17
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 41.00
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 41.31
CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 61.28
CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 64.55
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 19.46
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 19.80
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.22
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.25
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 61.52
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 20.00
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 20.18
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 21.74
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 47.25
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 47.25
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 47.25
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 61.28
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 68.80
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.13
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.20
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 40.00
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 40.88
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 40.91
DALIAN DETA HOLDING CO 6.50 11/15/19 CNY 20.10
DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 39.76
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 60.87
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 60.88
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 41.14
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 41.15
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 41.19
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 41.20
DANDONG PORT GROUP CO L 5.50 01/27/21 CNY 59.00
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 40.00
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 41.32
DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 58.71
DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 60.00
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.13
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.53
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 40.00
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 40.64
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.11
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.12
DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 57.99
DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 62.50
DAYE ZHENHENG CITY DEVE 7.30 03/03/21 CNY 40.83
DAYE ZHENHENG CITY DEVE 7.95 11/27/20 CNY 41.00
DAYE ZHENHENG CITY DEVE 7.95 11/27/20 CNY 41.40
DAYE ZHENHENG CITY DEVE 7.30 03/03/21 CNY 43.53
DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 60.00
DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 61.67
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.16
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.34
DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 60.18
DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 61.03
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 40.77
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 48.26
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 20.17
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 20.30
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 41.39
DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 41.48
DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 60.84
DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 61.26
DR PENG TELECOM & MEDIA 6.00 06/16/22 CNY 60.00
DR PENG TELECOM & MEDIA 7.00 04/25/23 CNY 70.10
DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 60.00
DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 60.45
EASTAR HOLDINGS GROUP C 7.30 10/31/20 CNY 63.00
ELION CLEAN ENERGY CO L 6.42 07/19/20 CNY 63.86
ELION CLEAN ENERGY CO L 7.30 04/23/20 CNY 68.41
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 20.21
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 41.36
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 47.54
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 41.72
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 46.50
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 60.53
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 61.00
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 41.32
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 42.00
FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 64.49
FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 60.00
FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 60.84
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 40.00
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 40.82
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 60.30
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 61.57
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 20.20
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 20.44
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 20.04
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 20.21
FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 60.00
FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 61.92
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 60.80
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 61.15
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 39.88
FUQING CITY STATE-OWNED 5.94 11/26/22 CNY 70.31
FUXIN INFRASTRUCTURE CO 6.18 03/18/22 CNY 59.82
FUXIN INFRASTRUCTURE CO 6.18 03/18/22 CNY 62.80
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 20.19
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 20.36
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 40.40
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 60.00
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 60.53
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 40.20
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 40.46
GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 60.00
GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 61.54
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 25.37
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 25.41
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 32.60
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 33.50
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 39.00
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 41.18
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 20.12
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 25.00
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 40.66
GOOCOO INVESTMENT CO LT 7.20 02/01/21 CNY 50.00
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 25.19
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 25.25
GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 60.95
GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 64.00
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 60.80
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 60.90
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 19.99
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.00
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 40.79
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.00
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.70
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 41.29
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 44.77
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 41.39
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 43.00
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 41.35
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 62.05
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 67.00
GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 70.00
GUANGZHOU METRO GROUP C 6.05 06/03/24 CNY 73.50
GUANGZHOU METRO GROUP C 6.05 06/03/24 CNY 74.05
GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 74.72
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 40.00
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.56
GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 60.00
GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 61.63
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 61.24
GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 65.00
GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 25.02
GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 74.00
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 20.05
GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 60.00
GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 61.53
GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 74.25
GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 72.02
GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 73.01
GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 62.95
GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 63.04
GUIZHOU RAILWAY INVESTM 7.50 04/23/24 CNY 74.14
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 40.00
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 40.84
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 41.12
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 49.00
HAIFENG MARINE INFRASTR 6.84 04/29/22 CNY 60.00
HAIFENG MARINE INFRASTR 6.84 04/29/22 CNY 60.71
HAIMEN CITY DEVELOPMENT 6.22 04/03/22 CNY 61.93
HAIMEN CITY DEVELOPMENT 6.22 04/03/22 CNY 62.20
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 40.22
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 40.55
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 37.50
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 40.31
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 61.15
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 65.20
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 40.79
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 41.42
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 20.32
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 41.28
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 42.00
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 40.68
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 40.70
HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 61.40
HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 67.20
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 20.30
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 20.33
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 41.33
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 41.33
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 60.40
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 61.87
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 20.22
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 22.40
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 41.10
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 41.56
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 41.35
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 41.40
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 41.17
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 20.00
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 20.29
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 41.56
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 41.85
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 41.19
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 46.60
HEBEI RONG TOU HOLDING 6.76 07/08/21 CNY 68.03
HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 61.26
HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 63.26
HEFEI GAOXIN DEVELOPMEN 6.90 03/12/20 CNY 40.48
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 20.32
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 21.12
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 20.05
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 45.27
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 59.76
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 60.00
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 13.17
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 35.49
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 49.91
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 50.79
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 20.12
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 58.93
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 64.50
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.10
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.12
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 20.00
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 20.15
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 41.10
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 41.35
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 60.62
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 65.88
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 40.00
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 41.17
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 41.58
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 20.00
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 20.27
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 64.60
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 20.20
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 20.30
HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 61.70
HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 61.85
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 20.04
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 41.27
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 47.84
HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 65.84
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 40.00
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 41.25
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 61.24
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 67.50
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 20.19
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 24.14
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 40.20
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 40.27
HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 60.00
HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 60.52
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 61.16
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 61.65
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 41.10
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 41.69
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 41.78
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 43.50
HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 60.65
HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 61.48
HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 41.33
HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 41.73
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 20.17
HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 60.00
HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 61.26
HUBEI FUXING SCIENCE AN 7.60 06/15/21 CNY 59.70
HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 62.17
HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 62.40
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 40.22
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 40.32
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.03
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.03
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.52
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.65
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 67.70
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 72.69
HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 60.00
HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 60.73
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 41.20
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 42.25
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 57.20
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 67.00
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 73.95
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 74.33
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 41.10
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 41.26
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 41.78
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 42.72
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 74.00
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 40.00
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 41.50
HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 58.60
HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 59.82
HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 20.13
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 61.11
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 62.38
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 40.80
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 41.27
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 40.00
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 41.68
INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 20.00
INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 20.08
INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 50.49
INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 60.00
INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 60.00
INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 60.16
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 60.91
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 64.00
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 60.82
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 62.01
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 41.00
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 20.16
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 41.41
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 46.50
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 41.69
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 20.38
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 20.41
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 40.85
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 40.90
JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 61.39
JIANGSU FURU DONGHAI DE 7.09 09/13/20 CNY 40.00
JIANGSU FURU DONGHAI DE 7.09 09/13/20 CNY 40.37
JIANGSU HAIZHOUWAN DEVE 5.37 03/29/23 CNY 59.50
JIANGSU HENGYUAN INVEST 8.60 01/09/21 CNY 41.49
JIANGSU HENGYUAN INVEST 8.60 01/09/21 CNY 49.30
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 20.16
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 20.30
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 40.00
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 41.12
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 40.00
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 40.83
JIANGSU JURONG FUDI BIO 7.70 03/21/21 CNY 71.00
JIANGSU JURONG FUDI BIO 7.70 03/21/21 CNY 72.25
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 60.07
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 40.38
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 44.90
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.13
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.25
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 41.31
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 45.00
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 40.00
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 41.50
JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 50.82
JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 51.10
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 60.32
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 61.25
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 20.14
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 31.00
JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 60.93
JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 67.50
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 41.14
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 50.19
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 20.17
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 20.25
JIANGSU ZHUFU INDUSTRIA 4.93 12/29/20 CNY 69.88
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.06
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.07
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 40.98
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 49.34
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 41.05
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 41.09
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 20.27
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 40.40
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 41.00
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 60.78
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 62.75
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 20.19
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 21.50
JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 60.95
JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 62.86
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 20.28
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 24.43
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 41.79
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 45.17
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 41.27
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 60.00
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 60.92
JIEYANGSHI CHENGSHI TOU 6.55 08/27/21 CNY 61.29
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 20.14
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 25.00
JILIN LIYUAN PRECISION 7.00 09/22/19 CNY 16.00
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 40.84
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 41.25
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 41.41
JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 60.01
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 41.12
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 20.08
JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 59.00
JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 60.60
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 40.45
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 39.00
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 40.65
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 60.75
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 68.68
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 40.77
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 61.81
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 62.00
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.19
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.80
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 61.43
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 66.95
JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 61.42
JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 64.44
JINING HI-TECH TOWN CON 6.09 04/30/22 CNY 61.50
JINING HI-TECH TOWN CON 6.09 04/30/22 CNY 61.76
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 20.16
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 20.00
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 20.16
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 41.27
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 41.95
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 60.57
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 64.91
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 41.10
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 41.45
JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 60.65
JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 62.82
JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 59.55
JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 61.34
JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 60.36
JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 61.82
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 20.29
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 20.30
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 41.19
JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 48.50
JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 60.85
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 20.02
KAIFENG NEW DISTRICT IN 6.35 03/23/22 CNY 60.00
KAIFENG NEW DISTRICT IN 6.35 03/23/22 CNY 60.11
KANGDE XIN COMPOSITE MA 5.50 01/15/19 CNY 55.00
KANGDE XIN COMPOSITE MA 5.50 02/15/22 CNY 55.00
KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 10.52
KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 11.77
KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 12.16
KANGMEI PHARMACEUTICAL 7.00 09/03/19 CNY 14.00
KANGMEI PHARMACEUTICAL 6.80 06/28/21 CNY 14.00
KANGMEI PHARMACEUTICAL 7.00 06/21/21 CNY 14.00
KANGMEI PHARMACEUTICAL 6.28 03/20/21 CNY 14.76
KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 14.82
KANGMEI PHARMACEUTICAL 5.50 04/20/21 CNY 15.31
KANGMEI PHARMACEUTICAL 5.33 01/27/22 CNY 36.69
KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 49.75
KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.63
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 25.49
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 25.52
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 20.21
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 20.22
KUNMING DONGJUN REAL ES 4.50 11/02/21 CNY 73.91
KUNMING EXPRESSWAY CONS 7.50 01/21/20 CNY 20.23
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 20.13
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 23.01
KUNSHAN CHUANGYE HOLDIN 6.28 11/07/19 CNY 20.11
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 41.62
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 45.45
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 41.25
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 41.34
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 41.40
LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 54.90
LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 59.87
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 57.50
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 65.00
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.02
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.02
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 60.85
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 61.14
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 60.79
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 65.60
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 60.39
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 65.00
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 7.27
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.57
LILING LUJIANG INVESTME 8.10 05/22/21 CNY 41.16
LILING LUJIANG INVESTME 8.10 05/22/21 CNY 43.00
LILING LUJIANG INVESTME 7.18 09/05/21 CNY 61.02
LILING LUJIANG INVESTME 7.18 09/05/21 CNY 65.23
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 20.32
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 20.23
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 20.25
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.00
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.24
LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 60.30
LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 60.37
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 20.06
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 20.50
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 20.15
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 25.00
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 25.48
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 20.10
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 20.14
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 61.71
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 62.19
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 40.91
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 41.00
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 20.06
LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 74.62
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 20.10
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 20.18
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 58.00
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 60.84
LONGHAI STATE-OWNED ASS 6.58 08/15/21 CNY 60.85
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 41.61
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 50.31
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 60.00
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 61.43
LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 60.00
LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 60.67
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 20.13
LUOHE CITY CONSTRUCTION 5.25 09/11/20 CNY 70.43
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 61.54
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 63.00
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 20.22
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 21.13
MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 60.98
MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 64.99
MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 60.99
MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 61.94
MACROLINK HOLDING CO LT 6.98 03/06/20 CNY 67.98
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 41.38
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 40.40
MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 61.21
MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 65.32
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 40.43
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 40.68
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 40.90
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 40.90
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 20.34
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 20.36
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.03
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.15
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 20.21
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 20.20
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 20.45
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 20.36
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 20.37
NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 60.80
NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 61.37
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 41.18
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 51.20
NANJING HEXI NEW TOWN A 3.47 06/17/21 CNY 69.50
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 20.09
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 22.52
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 61.46
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 62.10
NANJING LISHUI URBAN CO 5.80 05/29/20 CNY 20.27
NANJING LISHUI URBAN CO 5.80 05/29/20 CNY 20.50
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.00
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.13
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 20.21
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 62.22
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 61.26
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 66.80
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 20.10
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 61.45
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 64.80
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 40.46
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 40.83
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 41.44
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 45.40
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 20.24
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 24.00
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 20.25
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 20.28
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 60.00
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 61.22
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 40.91
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 41.66
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 48.53
NEOGLORY HOLDING GROUP 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GROUP 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 72.00
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 41.55
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 46.30
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.18
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.49
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 20.29
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 20.32
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 41.54
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 49.00
NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 61.84
NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 68.29
NINGBO SHUNNONG GROUP C 7.20 10/16/19 CNY 20.14
NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 20.40
NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 20.41
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 40.00
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 41.66
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 41.24
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 41.50
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 41.51
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 45.00
NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 60.20
NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 61.88
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 41.59
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 42.70
PANJIN CITY SHUANGTAIZI 7.25 01/22/22 CNY 60.54
PANJIN CITY SHUANGTAIZI 7.25 01/22/22 CNY 61.40
PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 60.00
PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 61.96
PANZHIHUA STATE OWNED A 5.41 07/29/20 CNY 39.30
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 40.32
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 41.35
PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 62.88
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 20.18
PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 20.09
PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 20.10
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 41.39
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 43.00
PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 40.65
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 20.20
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 20.21
PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 60.00
PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 60.74
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 20.12
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 20.14
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 61.17
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 62.46
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 20.08
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 20.13
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 41.96
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 48.80
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 75.29
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 40.00
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 40.95
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 40.00
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 41.79
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 60.00
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 61.64
QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 61.49
QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 66.90
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 73.96
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 19.92
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 41.00
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 41.47
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 59.88
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 66.80
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 19.99
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 20.06
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 62.46
QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 41.50
QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 41.66
QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 41.78
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 62.38
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 62.98
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 41.13
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 41.51
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 20.27
QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 61.37
QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 61.50
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 60.80
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 61.05
QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.39
QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.90
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 40.62
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 48.79
QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 74.80
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 41.06
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 41.57
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.00
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.15
QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 41.83
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 40.00
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 40.78
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 41.57
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 44.61
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 40.55
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 41.50
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.00
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.80
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.10
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.24
QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 60.62
QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 64.90
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 20.07
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 22.00
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 41.47
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 42.55
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 60.55
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 41.61
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 41.81
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 41.81
REWARD SCIENCE AND TECH 5.53 07/05/21 CNY 29.10
REWARD SCIENCE AND TECH 6.40 03/03/22 CNY 70.00
RIGHT WAY REAL ESTATE D 7.30 07/15/21 CNY 40.20
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 20.18
RUCHENG COUNTY HYDROPOW 6.65 04/25/20 CNY 40.48
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 19.50
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 20.15
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 41.25
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 45.90
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 41.10
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 44.03
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 41.82
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 49.00
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 20.31
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 20.81
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 41.71
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 42.43
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.26
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.40
RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 68.68
RUNHUA GROUP CO LTD 7.80 08/27/21 CNY 74.96
RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 74.57
SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 59.91
SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 60.00
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.00
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.93
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 61.91
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 67.00
SHAANXI PROVINCIAL EXPR 5.99 06/18/20 CNY 61.37
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 60.10
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 65.50
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 61.36
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 63.10
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.41
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.82
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 62.01
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 62.15
SHANDONG FUYU CHEMICAL 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 60.72
SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 62.45
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 41.17
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 44.00
SHANDONG JINMAO TEXTILE 6.97 04/01/21 CNY 20.70
SHANDONG JINMAO TEXTILE 8.00 09/25/20 CNY 35.84
SHANDONG PUBLIC HOLDING 7.18 01/22/20 CNY 20.18
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 40.46
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 43.40
SHANDONG SANXING GROUP 7.50 10/16/20 CNY 69.90
SHANDONG SNTON GROUP CO 5.18 09/08/21 CNY 8.52
SHANDONG SNTON GROUP CO 6.20 05/30/21 CNY 9.50
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 20.17
SHANDONG TAIYANG INDUST 5.97 03/02/21 CNY 71.43
SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 60.00
SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 60.24
SHANDONG WANTONG PETROL 5.97 11/29/21 CNY 33.95
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 39.10
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 39.55
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 18.50
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 20.35
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 40.96
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 40.97
SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 25.22
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 25.50
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 25.59
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 20.32
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 20.40
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 41.30
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 41.32
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 20.16
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 51.13
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 51.28
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 20.20
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 60.79
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 61.90
SHANGHAI MUNICIPAL INVE 4.63 07/30/19 CNY 20.02
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.09
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.50
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 61.36
SHANGHAI PUTAILAI NEW E 5.30 05/18/20 CNY 66.67
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 20.15
SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 25.56
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 25.13
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 40.75
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 45.40
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 20.19
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 48.25
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 20.20
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 20.20
SHAOXING CHENGBEI XINCH 6.13 04/30/22 CNY 61.43
SHAOXING CHENGBEI XINCH 6.13 04/30/22 CNY 68.29
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 20.08
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 20.30
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 60.00
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 61.53
SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.10
SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.15
SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 62.03
SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 68.00
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 61.30
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 65.26
SHAOXING COUNTY KEYAN C 6.28 03/24/22 CNY 60.00
SHAOXING COUNTY KEYAN C 6.28 03/24/22 CNY 61.67
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 60.00
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 61.66
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 20.12
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 20.37
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 41.15
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 43.90
SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 20.07
SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 40.72
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 61.60
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 41.21
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 41.41
SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 74.19
SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 74.47
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 61.86
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 62.30
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 41.00
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 41.48
SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 60.00
SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 61.08
SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 59.77
SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 61.26
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 20.00
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 20.30
SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 60.79
SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 67.50
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 61.60
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 61.65
SHENZHEN METRO GROUP CO 6.75 01/24/24 CNY 74.40
SHENZHEN METRO GROUP CO 6.75 01/24/24 CNY 74.63
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 71.07
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 75.00
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 20.23
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 20.29
SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 61.35
SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 67.20
SHISHI CITY CONSTRUCTIO 6.10 05/04/22 CNY 60.00
SHISHI CITY CONSTRUCTIO 6.10 05/04/22 CNY 61.59
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 40.68
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 40.68
SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 60.00
SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 61.40
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 40.55
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 42.87
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 25.39
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 25.42
SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 50.59
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 20.10
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 22.00
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 40.00
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 41.25
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 40.29
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 40.31
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 60.71
SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 61.10
SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 68.00
SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 60.00
SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 61.66
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 41.12
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 60.00
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 59.82
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 61.10
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 41.20
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 47.82
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 40.79
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 60.65
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 20.20
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 20.23
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 55.01
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 64.18
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 40.00
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 40.34
SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 61.20
SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 61.29
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 16.61
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 20.11
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 41.38
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 41.83
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 41.91
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 42.02
SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 59.01
SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 70.39
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 40.71
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 20.22
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 20.28
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 24.80
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 41.00
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.37
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.00
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.14
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 40.97
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 20.09
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 24.50
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 41.30
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 42.60
TAHOE GROUP CO LTD 7.50 09/08/20 CNY 73.80
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 20.24
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 20.41
TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 41.40
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 20.25
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 20.30
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 20.31
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 40.94
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 43.14
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 40.00
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 41.58
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 40.95
TAIYUAN HIGH-SPEED RAIL 5.18 09/06/20 CNY 70.65
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 41.43
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 46.50
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 72.70
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 74.29
TAIZHOU CITY CONSTRUCTI 6.53 07/11/21 CNY 61.00
TAIZHOU CITY CONSTRUCTI 6.53 07/11/21 CNY 61.46
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 25.10
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 25.73
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.40
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.60
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 40.85
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 41.10
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 19.80
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 20.14
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 41.13
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 41.20
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 20.24
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 20.33
TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 40.18
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 40.49
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 42.62
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 40.67
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 47.15
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 60.22
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 67.00
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 20.13
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 20.25
TIANJIN BINHAI NEW AREA 6.10 11/23/21 CNY 61.90
TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 59.59
TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 60.67
TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 20.00
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 20.05
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 20.07
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 20.17
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 22.00
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 60.00
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 61.38
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 56.65
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 58.58
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 59.78
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 69.00
TIANJIN HARBOR CONSTRUC 8.00 04/01/21 CNY 71.96
TIANJIN HARBOR CONSTRUC 8.80 01/24/21 CNY 72.28
TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 60.63
TIANJIN HOPETONE CO LTD 7.50 07/25/21 CNY 69.76
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 40.35
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 41.33
TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 60.24
TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 61.70
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 60.85
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 61.48
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 41.02
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 41.00
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 41.31
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 40.94
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 47.50
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 37.00
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 40.99
TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 40.64
TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 20.31
TIANJIN WATER INVESTMEN 8.40 01/15/21 CNY 50.51
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 57.83
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 61.80
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 41.00
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 41.21
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.33
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.80
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 62.03
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 65.16
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 40.54
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 42.50
TONGLING DAJIANG INVEST 6.50 01/19/22 CNY 61.36
TONGLING DAJIANG INVEST 6.50 01/19/22 CNY 68.00
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 40.98
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 41.48
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 20.30
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 20.37
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 25.08
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 26.70
TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 60.97
TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 62.50
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.01
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.08
URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 60.00
URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 62.10
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 20.20
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 20.21
WAFANGDIAN COASTAL PROJ 3.98 02/01/23 CNY 73.08
WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 61.43
WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 68.81
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 40.55
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 20.15
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 24.30
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 60.00
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 61.52
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 20.10
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 21.20
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 20.20
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 20.51
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 41.00
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 41.35
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 41.68
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 60.89
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 63.00
WINTIME ENERGY CO LTD 7.50 05/19/19 CNY 36.00
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 07/07/19 CNY 54.28
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 41.81
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 41.37
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 44.36
WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 61.51
WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 63.02
WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 42.03
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 20.21
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 20.21
WUHAN METRO GROUP CO LT 5.25 04/14/22 CNY 61.40
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 20.29
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 61.49
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 66.35
WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 20.34
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 40.00
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 41.92
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.45
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.54
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 20.21
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 20.46
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 40.76
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 41.09
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 42.53
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.09
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.10
WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 69.94
WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 73.00
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 40.73
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 40.77
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 20.12
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 21.40
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 20.00
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 20.17
WUYANG CONSTRUCTION GRO 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.38
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.39
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 20.09
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 41.27
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 44.88
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 20.24
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 21.80
XI'AN AEROSPACE CITY IN 6.96 11/08/19 CNY 20.16
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 20.06
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 59.83
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 61.46
XIAN QUJIANG DAMING PAL 6.39 03/21/20 CNY 50.75
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 20.00
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 20.01
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 40.77
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 48.99
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 39.88
XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 57.85
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 41.43
XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 55.49
XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 58.56
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 39.97
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 40.00
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 41.07
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 43.38
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 20.21
XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 61.19
XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 65.00
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 41.80
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 41.96
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 41.64
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 52.72
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 61.71
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 66.69
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 41.35
XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 74.17
XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 74.20
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.00
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.29
XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 20.05
XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 17.88
XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 20.15
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 41.50
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.27
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.43
XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 40.88
XINJIANG XINYE STATE-OW 6.20 08/15/19 CNY 50.55
XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 60.75
XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 61.31
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 20.16
XINYANG HONGCHANG PIPE 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 41.32
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 46.30
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 40.50
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 40.87
XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 61.70
XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 61.83
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 40.88
XINYU CITY SHANTYTOWN Z 6.42 12/09/20 CNY 70.81
XINYU CITY YUSHUI DISTR 7.70 06/24/22 CNY 61.48
XINYU URBAN CONSTRUCTIO 7.08 12/13/19 CNY 20.20
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 24.90
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.01
XINZHENG NEW DISTRICT D 6.60 01/29/21 CNY 50.00
XINZHENG NEW DISTRICT D 6.40 01/29/21 CNY 50.00
XINZHENG NEW DISTRICT D 6.40 01/29/21 CNY 51.18
XINZHENG NEW DISTRICT D 6.60 01/29/21 CNY 51.36
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 40.00
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 41.42
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 41.46
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 43.41
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 61.37
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 66.00
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 41.73
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 46.00
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.38
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.66
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 40.46
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 41.50
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 41.57
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 51.50
XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 41.00
XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 41.62
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 37.00
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 41.34
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 20.01
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 20.00
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 20.18
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 41.30
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 41.76
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 41.89
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 38.30
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 40.79
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 20.12
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 59.70
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 60.59
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 20.15
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 61.00
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 61.65
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.70
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.75
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 60.00
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 61.44
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 41.10
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 46.00
YANGZHOU ECONOMIC & TEC 7.40 03/05/21 CNY 70.00
YANGZHOU ECONOMIC & TEC 7.40 03/05/21 CNY 72.44
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 20.18
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 20.44
YANGZHOU HANJIANG URBAN 5.88 06/15/22 CNY 66.63
YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 50.55
YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 50.64
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 20.02
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 20.03
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.11
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.40
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 41.42
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 43.47
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 60.36
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 65.00
YIHUA ENTERPRISE GROUP 6.50 05/02/22 CNY 29.06
YIHUA ENTERPRISE GROUP 5.99 11/26/20 CNY 66.00
YIHUA ENTERPRISE GROUP 3.80 10/20/21 CNY 71.00
YIHUA LIFESTYLE TECHNOL 6.88 07/16/20 CNY 45.00
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 41.55
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 41.90
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 41.32
YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 58.71
YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 60.29
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 62.92
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 62.93
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 60.38
YINING CITY STATE OWNED 8.90 01/23/21 CNY 41.81
YINING CITY STATE OWNED 8.90 01/23/21 CNY 49.95
YINYI CO LTD 7.03 06/21/21 CNY 72.00
YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 74.13
YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 60.00
YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 61.89
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.10
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.18
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 41.50
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 43.50
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 20.07
YIYANG GAOXIN TECHNOLOG 7.00 03/30/22 CNY 60.63
YIYANG GAOXIN TECHNOLOG 7.00 03/30/22 CNY 68.00
YONG ZHOU CITY CONSTRUC 7.30 10/23/20 CNY 40.82
YONG ZHOU CITY CONSTRUC 7.30 10/23/20 CNY 42.80
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.00
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.77
YONGXING YINDU CONSTRUC 5.60 03/24/23 CNY 73.27
YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 60.25
YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 60.29
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 60.06
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 62.00
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.26
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.17
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.40
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 60.86
YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 61.55
YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 64.47
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 64.50
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 20.15
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 20.16
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 41.13
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 41.69
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 48.16
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 20.20
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 20.40
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 40.76
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 46.04
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 40.90
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 41.45
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.17
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.30
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 20.10
ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 41.39
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 58.00
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 60.83
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 20.28
ZHANGZHOU ECONOMIC DEVE 6.17 04/27/22 CNY 60.00
ZHANGZHOU ECONOMIC DEVE 6.17 04/27/22 CNY 61.69
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.60
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 40.65
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 40.85
ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 60.00
ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 60.69
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 20.14
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 41.14
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 50.00
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 41.62
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 49.00
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 61.24
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 68.50
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 20.08
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 20.20
ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 60.00
ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 60.98
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 20.12
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 20.23
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 20.29
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 22.90
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 60.15
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 61.00
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 61.34
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 64.99
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 61.48
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 66.20
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.34
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.38
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 40.96
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 41.42
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 48.49
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 52.27
ZHENJIANG CULTURE TOURI 6.60 01/30/20 CNY 20.08
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 59.60
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 59.66
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 41.10
ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 41.25
ZHONGMINTOU LEASING HOL 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP C 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 60.00
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 61.00
ZHONGTIAN FINANCIAL GRO 7.00 10/15/20 CNY 74.53
ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 41.07
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 40.85
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 41.65
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 61.57
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 65.00
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 71.36
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 73.44
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 60.01
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 72.41
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 40.75
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 41.17
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 44.50
ZHUJI CITY YUEDU INVEST 6.38 04/07/22 CNY 60.00
ZHUJI CITY YUEDU INVEST 6.38 04/07/22 CNY 61.51
ZHUJI URBAN & RURAL INV 6.92 12/19/19 CNY 20.30
ZHUJI URBAN & RURAL INV 6.92 12/19/19 CNY 20.33
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 40.78
ZHUZHOU CITY CONSTRUCTI 8.36 11/10/21 CNY 62.50
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.04
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.10
ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 60.00
ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 60.86
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.18
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.19
ZHUZHOU REAL ESTATE GRO 6.25 03/25/22 CNY 61.43
ZHUZHOU REAL ESTATE GRO 6.25 03/25/22 CNY 68.53
ZHUZHOU RECYCLING ECONO 4.38 03/24/23 CNY 74.64
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.11
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.50
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 40.89
ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 41.41
ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 44.00
ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 70.22
ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 72.96
HONG KONG
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HNA GROUP INTERNATIONAL 6.25 10/05/21 USD 69.36
INDONESIA
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BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 46.00
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 46.00
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.38
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.38
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.38
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.38
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 10.75
ACME FAZILKA POWER PVT 0.01 09/07/46 INR 10.38
AMPSOLAR SOLUTION PVT L 0.01 11/03/37 INR 20.50
AMPSOLAR SOLUTION PVT L 0.01 10/27/37 INR 20.53
APG HABITAT PVT LTD 1.00 09/09/28 INR 50.55
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 34.14
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 36.95
AUTOMOTIVE EXCHANGE PVT 4.00 06/01/30 INR 57.12
AUTOMOTIVE EXCHANGE PVT 4.00 10/11/30 INR 57.17
BENGAL AEROTROPOLIS PRO 5.00 12/01/29 INR 67.46
BENGAL AEROTROPOLIS PRO 5.00 12/01/28 INR 69.23
BENGAL AEROTROPOLIS PRO 5.00 12/01/27 INR 71.30
BENGAL AEROTROPOLIS PRO 5.00 12/01/26 INR 73.60
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.04
BOTHE WINDFARM DEVELOPM 10.00 11/28/32 INR 69.52
BRIGHT BUILDTECH PVT LT 1.00 09/01/23 INR 70.01
BRIGHT BUILDTECH PVT LT 1.00 09/01/23 INR 70.01
CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.24
CUMULUS TRADING CO PVT 0.01 05/21/32 INR 31.29
CUMULUS TRADING CO PVT 0.01 12/29/29 INR 38.36
CUMULUS TRADING CO PVT 0.01 01/23/30 INR 52.27
DAYAKARA SOLAR POWER PV 0.10 04/05/26 INR 54.20
DEWAN HOUSING FINANCE C 8.50 04/18/23 INR 35.00
EDELWEISS ASSET RECONST 2.00 01/15/29 INR 53.68
EDELWEISS ASSET RECONST 2.00 10/07/28 INR 54.43
EDELWEISS ASSET RECONST 2.00 11/20/27 INR 57.04
EDELWEISS ASSET RECONST 2.00 03/28/27 INR 58.76
GREEN URJA PVT LTD 0.01 02/14/30 INR 39.07
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.59
HIMGIRI ENERGY VENTURES 1.00 09/30/22 INR 73.90
HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 48.63
HITODI INFRASTRUCTURE L 0.01 06/30/27 INR 44.98
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTUR 7.00 05/15/17 USD 5.00
JASPER AUTO SERVICES PV 0.01 02/11/23 INR 72.27
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 22.17
JTPM ATSALI LTD 0.01 08/29/48 INR 6.82
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 20.85
KVK ENERGY & INFRASTRUC 0.01 01/25/24 INR 65.26
LIC HOUSING FINANCE LTD 7.81 04/27/20 INR 6.08
MARIS POWER SUPPLY CO P 2.00 04/18/28 INR 58.15
MYAASHIANA MANAGEMENT S 0.25 02/02/23 INR 72.53
MYTRAH AADHYA POWER PVT 0.01 07/05/35 INR 24.87
MYTRAH ADVAITH POWER PV 0.01 07/13/36 INR 22.97
MYTRAH AKSHAYA ENERGY P 0.01 07/13/36 INR 22.97
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 21.99
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE D 0.40 10/15/33 INR 37.80
PUNJAB INFRASTRUCTURE D 0.40 10/15/32 INR 40.29
PUNJAB INFRASTRUCTURE D 0.40 10/15/31 INR 43.02
PUNJAB INFRASTRUCTURE D 0.40 10/15/30 INR 45.96
PUNJAB INFRASTRUCTURE D 0.40 10/15/29 INR 49.16
PUNJAB INFRASTRUCTURE D 0.40 10/15/28 INR 52.63
PUNJAB INFRASTRUCTURE D 0.40 10/15/27 INR 56.41
PUNJAB INFRASTRUCTURE D 0.40 10/15/26 INR 60.51
PUNJAB INFRASTRUCTURE D 0.40 10/15/25 INR 64.95
PUNJAB INFRASTRUCTURE D 0.40 10/15/24 INR 69.74
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 22.65
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 57.80
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 61.24
REI AGRO LTD 5.50 11/13/14 USD 0.01
REI AGRO LTD 5.50 11/13/14 USD 0.01
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 24.80
SURBHI INVESTMENTS & TR 2.50 10/21/28 INR 59.22
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.82
TN URJA PVT LTD 0.10 02/22/36 INR 25.36
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 33.38
WATSUN INFRABUILD PVT L 4.00 10/16/37 INR 51.87
WS T&D LTD 0.10 03/24/29 INR 42.57
JAPAN
-----
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.58 03/26/21 JPY 2.01
TKJP CORP 0.85 03/06/19 JPY 2.01
AVANSTRATE INC 0.05 10/29/32 JPY 9.75
KOREA
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DB METAL CO LTD 2.00 04/03/20 KRW 10.11
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.16
KIBO ABS SPECIALTY CO L 5.00 02/26/21 KRW 66.03
KIBO ABS SPECIALTY CO L 5.00 08/28/21 KRW 69.54
KIBO ABS SPECIALTY CO L 5.00 02/28/20 KRW 69.83
KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 73.84
KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 74.84
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SINBO SECURITIZATION SP 5.00 12/21/20 KRW 65.51
SINBO SECURITIZATION SP 5.00 03/21/21 KRW 65.74
SINBO SECURITIZATION SP 5.00 08/31/21 KRW 67.02
SINBO SECURITIZATION SP 5.00 07/26/21 KRW 67.03
SINBO SECURITIZATION SP 5.00 02/23/22 KRW 68.16
SINBO SECURITIZATION SP 5.00 01/26/22 KRW 68.44
SINBO SECURITIZATION SP 5.00 08/31/22 KRW 68.91
SINBO SECURITIZATION SP 5.00 07/26/22 KRW 69.08
SINBO SECURITIZATION SP 5.00 06/29/21 KRW 69.77
SINBO SECURITIZATION SP 5.00 06/29/22 KRW 70.13
SINBO SECURITIZATION SP 5.00 09/27/21 KRW 72.20
SINBO SECURITIZATION SP 5.00 08/25/21 KRW 72.46
SINBO SECURITIZATION SP 5.00 06/23/20 KRW 72.51
SINBO SECURITIZATION SP 5.00 07/27/21 KRW 72.67
SINBO SECURITIZATION SP 5.00 03/15/20 KRW 73.24
SINBO SECURITIZATION SP 5.00 02/28/21 KRW 73.85
SINBO SECURITIZATION SP 5.00 01/27/21 KRW 74.10
SINBO SECURITIZATION SP 5.00 12/22/20 KRW 74.38
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 74.81
SINBO SECURITIZATION SP 5.00 09/23/20 KRW 75.08
MALAYSIA
--------
AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.50
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.68
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.32
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.23
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.27
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.62
I-BHD 3.00 10/09/19 MYR 0.28
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.39
PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 74.69
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.07
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.12
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 65.23
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 66.26
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 67.31
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 68.30
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 70.57
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 71.83
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 73.06
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 0.80
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.45
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
YTL LAND & DEVELOPMENT 6.00 10/31/21 MYR 0.31
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.26
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 15.00 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 51.37
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 51.37
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.42
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.42
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 46.00
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 46.00
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 34.65
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 34.65
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 34.65
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 44.50
EZION HOLDINGS LTD 0.25 11/20/27 SGD 67.86
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
HYFLUX LTD 4.20 08/29/19 SGD 39.88
HYFLUX LTD 4.25 09/07/18 SGD 39.88
HYFLUX LTD 4.60 09/23/19 SGD 39.88
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 57.00
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 36.15
MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 30.00
NEPTUNE ORIENT LINES LT 4.40 06/22/21 SGD 73.91
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 46.00
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
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER HOLDINGS LTD 7.13 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
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.55
MDX PCL 4.75 09/17/03 USD 30.00
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 74.25
DEBT AND ASSET TRADING 1.00 10/10/25 USD 74.36
*********
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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