/raid1/www/Hosts/bankrupt/TCRAP_Public/191105.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, November 5, 2019, Vol. 22, No. 221
Headlines
A U S T R A L I A
BOARD EXPRESS: First Creditors' Meeting Set for Nov. 12
CARNEGIE CLEAN: Directors Save Troubled Wave Energy Company
CONTEMPORARY BUILDING: Second Creditors' Meeting Set for Nov. 11
FLUJO HOLDINGS: Second Creditors' Meeting Set for Nov. 12
GRAMA BAZITA: First Creditors' Meeting Set for Nov. 12
MUSCLE COACH: First Creditors' Meeting Set for Nov. 13
RALAN GROUP: Surfers Paradise Site Goes on Sale
RANELAGH REALTY: First Creditors' Meeting Set for Nov. 13
RNR DARWIN: Clifton Hall Appointed as Administrators
SPEEDCAST INTERNATIONAL: S&P Lowers ICR to 'B-' on Funding Risks
TRANSTAINER SALES: Placed in Liquidation
C H I N A
CENTRAL CHINA REAL: Fitch Rates $200MM Sr. Notes Final 'BB-'
JINGRUI HOLDINGS: S&P Alters Outlook to Negative & Affirms 'B' ICR
KAISA GROUP: Fitch Rates Proposed USD Sr. Notes 'B(EXP)'
REDSUN PROPERTIES: Fitch Rates $100MM Sr. Notes B+
SUNAC CHINA: Fitch Rates $650MM Sr. Notes Final 'BB'
YANGO GROUP: Fitch Rates Proposed USD Sr. Notes 'B(EXP)'
YICHUAN RURAL: Bank Run in Rural China Tests Faith in Lenders
I N D I A
ANTONY ROAD: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
ARUNACHALA & CO: CRISIL Migrates 'B' Rating to Not Cooperating
ASHVI DEVELOPERS: CARE Keeps 'D' Rating in Not Cooperating
AUDAX PROTECTIVE: Insolvency Resolution Process Case Summary
BALARAM PAPERS: CRISIL Migrates 'B' Rating to Not Cooperating
CABLE CORPORATION: CARE Cuts Rating on INR112cr Loan to 'D'
DAKSHIN ODISHA: CARE Lowers Rating on INR190c LT Loan to 'D'
DB REALTY: IL&FS PE Unit Moves NCLT Against Realty Firm
DLP COTTON: CRISIL Migrates 'B+' Rating to Not Cooperating
GOPISH PHARMA: CARE Keeps 'D' Rating in Not Cooperating Category
JADWET RESORTS: CRISIL Migrates 'B' Rating to Not Cooperating
JANA CAPITAL: Ind-Ra Rates INR1.5MM NCDs 'B+'
KAMALESH CONSTRUCTION: CRISIL Moves 'B' Rating to Not Cooperating
KARANJ TEXTILE: CARE Lowers Rating on INR17.81cr Loan to 'D'
KHWAHISH MARKETING: CARE Keeps 'D' Rating in Not Cooperating
P.K. & COMPANY: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
PUJA INDUSTRIES: CRISIL Migrates 'B' Rating to Not Cooperating
RADHE GIRDHARI: CRISIL Migrates 'B' Rating to Not Cooperating
RUBBER O MALABAR: Ind-Ra Affirms 'D' Long Term Issuer Rating
RUSHABH FLOUR: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
SATABDI TEA: CRISIL Migrates 'B' Rating to Not Cooperating
SHANTI AGRO: CRISIL Migrates 'D' Rating to Not Cooperating
SHIVAM OFFSET: CRISIL Migrates 'B' Rating to Not Cooperating
SOUTH PARK: CRISIL Migrates 'B-' Rating to Not Cooperating
SPACK LAMINATORS: CRISIL Reaffirms B+ Rating on INR7cr Cash Loan
TIRUPATI BASMATI: CARE Maintains 'D' Rating in Not Cooperating
TOPSGRUP SERVICE: Insolvency Resolution Process Case Summary
URANUS STONE: CRISIL Migrates 'B-' Rating to Not Cooperating
ZIV HOTELS: CRISIL Migrates INR7cr LT Loan Rating From B/Not Coop.
I N D O N E S I A
BUANA LINTAS: S&P Assigns 'B+' Long-Term ICR, Outlook Stable
CIKARANG LISTRINDO: Moody's Affirms Ba2 CFR, Alters Outlook to Pos.
N E W Z E A L A N D
GCC RESTAURANTS: Unpaid Bills 'Not My Responsibility,' Chef Says
NELSON RELIANCE: Debt Rises to Nearly NZ$5 Million
X X X X X X X X
[*] BOND PRICING: For the Week Oct. 28, 2019 to Nov. 1, 2019
- - - - -
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A U S T R A L I A
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BOARD EXPRESS: First Creditors' Meeting Set for Nov. 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Board
Express Pty Limited will be held on Nov. 12, 2019, at 11:00 a.m. at
the offices of Veritas Advisory, Level 5, at 123 Pitt Street, in
Sydney, NSW.
Steve Naidenov of Veritas Advisory was appointed as administrator
of Board Express on Oct. 31, 2019.
CARNEGIE CLEAN: Directors Save Troubled Wave Energy Company
-----------------------------------------------------------
Rebecca Turner at ABC News reports that former AFL commissioner
Mike Fitzpatrick and his fellow directors of Carnegie Clean Energy
have emerged as the saviors of the troubled wave energy company,
whose shares were reinstated to the ASX on Oct. 31.
According to ABC News, the company's last-ditch bid to avoid
liquidation by raising a minimum of AUD5.5 million would have been
unsuccessful if companies affiliated with the three non-executive
directors had not provided the bulk of the investment.
ABC News says Chairman Terry Stinson has described the
recapitalisation and return to trading of Carnegie--once considered
a world-leading wave energy company--as a "rebirth".
The company was placed in administration in March, soon after the
WA Government cancelled a AUD16 million contract to build what
Carnegie told the ASX would be Australia's first commercial wave
farm, the report recalls.
The report relates that in the company's annual report, Mr. Stinson
said that "coming back from the brink" had taught Carnegie's
management some "painful but important lessons".
He said the company now had a more frugal culture, especially
around corporate spending, but still hoped to attract government
funding to develop its CETO wave energy technology, ABC News
relays.
"Carnegie's culture change extends to how we will do business in
the future, where the business will live and how carefully we will
spend shareholder funds," the report quotes Mr. Stinson as saying.
Before its financial woes began to bite, Carnegie spent big on
senior executives, with former chief executive Michael Ottaviano
taking home a pay package of more than AUD780,000, according to the
report.
ABC News notes that to develop its technology over the past 15
years, it has raised more than AUD200 million from investors and
governments, including tens of millions of dollars in state and
federal government grants and tax breaks.
But the company, which has never turned a profit, has just posted a
AUD52 million loss for past financial year, on the back of a AUD63
million loss the previous year, the report relates.
It has blamed most of its financial problems on its acquisition of
solar microgrid company Energy Made Clean in 2016, as well as
difficulties in competing with the cheaper costs of solar and wind
energy, ABC News states.
In the annual report, the company also indicated it planned to
abandon a capital-hungry strategy of building wave energy hardware.
Instead, it will try to license its technology out to other
renewable energy firms, for example, in the offshore wind
industry.
According to the report, Carnegie said the technology was still in
the development stage, with the company planning to have
preliminary designs for a commercial version of CETO ready in two
years' time.
ABC News adds that Mr. Stinson said the capital raising had given
the company enough cash to last until 2021.
"During that time, the team will be working on additional sources
of non-debt funding and working hard to avoid the need to come back
to shareholders for further funds, however to be transparent,
future shareholder funding may be required to realise our full and
longer-term potential," the report quotes Mr. Stinson as saying.
Over the past year, the company has been kept alive through loans
from Mr. Fitzpatrick and fellow director Grant Mooney, who have
just been joined on the board by big investor Anthony Shields, adds
ABC News.
About Carnegie Clean
Carnegie Clean Energy Limited develops and commercializes the CETO
wave energy technology for zero-emission electricity generation
from ocean swell worldwide. The company also generates and supplies
solar power, as well as delivers commercial and utility scale solar
PV projects. In addition, it offers battery energy storage systems
for remote stations, farmers, large homes, commercial businesses,
and accommodation and road houses; and designs and installs solar,
battery, and microgrid infrastructure for sale.
Richard Tucker and John Bumbak of KordaMentha were appointed as
administrators of Carnegie Clean on March 14, 2019.
CONTEMPORARY BUILDING: Second Creditors' Meeting Set for Nov. 11
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Contemporary
Building Facades Pty Ltd, trading As Contemporary Building Designs,
has been set for Nov. 11, 2019, at 11:30 a.m. at Level 5, at 1
Oxford Street, in Surry Hills 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 Nov. 10, 2019, at 4:00 p.m.
Anne Marie Barley of AMB Insolvency was appointed as administrator
of Contemporary Building on Oct. 8, 2019.
FLUJO HOLDINGS: Second Creditors' Meeting Set for Nov. 12
---------------------------------------------------------
A second meeting of creditors in the proceedings of Flujo Holdings
Pty Ltd has been set for Nov. 12, 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 Nov. 11, 2019, at 4:00 p.m.
Stephen Dixon of Hamilton Murphy was appointed as administrator of
Flujo Holdings on Nov. 1, 2019.
GRAMA BAZITA: First Creditors' Meeting Set for Nov. 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Grama Bazita
Electrical Contracting Pty Ltd and Grama Bazita Service &
Maintenance Pty Ltd will be held on Nov. 12, 2019, at 10:30 a.m.
and 11:30 a.m., respectively, at the offices of Pitcher Partners,
Level 11, at 12-14 The Esplanade, in Perth, WA.
Bryan Kevin Hughes and Daniel Bredenkamp of Pitcher Partners were
appointed as administrators of Grama Bazita on Oct. 31, 2019.
MUSCLE COACH: First Creditors' Meeting Set for Nov. 13
------------------------------------------------------
A first meeting of the creditors in the proceedings of Muscle Coach
Pty Ltd will be held on Nov. 13, 2019, at 11:00 a.m. at Dexus
Place, Level 31, at Waterfront Place, 1 Eagle Street, in Brisbane,
Queensland.
Darryl Kirk of Cor Cordis was appointed as administrator of Muscle
Coach on Nov. 1, 2019.
RALAN GROUP: Surfers Paradise Site Goes on Sale
-----------------------------------------------
David Simmons at Business News Australia reports that following the
collapse of NSW-based property developer Ralan Group in late-July,
one of the defunct group's major Gold Coast development sites has
been put up for sale.
That site, named The Sapphire development, is now on the market,
with vendor Frank Knight making the best out of a bad situation for
Ralan, BNA relates. The Sapphire development was one part of
Ralan's 'Ruby Collection', of which only the Ruby Apartments was
constructed.
According to BNA, the site is comprised of an entire city block at
Budds Beach on the north end of Surfers Paradise.
Some lots on the site are vacant, while others are comprised of
various single-level and double-level dwellings, and a super-lot
fronting Ferny Avenue.
BNA relates that the real estate group said the opportunity
presented to buyers is unique, in that it gives potential buyers
plenty of options in terms of what exactly they want out of the
land.
Interested buyers can scoop up the entire block, presenting a major
opportunity for a developer interested in building a high-rise on
the Ralan Group land, the report says.
Alternatively, interested parties can buy one, or multiple, of the
existing beach houses on the block, or buy the vacant land for the
construction of new homes or apartments, BNA notes.
"This is a truly unique and diverse opportunity--there is no
similar offering in the marketplace - and we urge all parties to
consider participating in submitting an offer," the report quotes
joint head of Knight Frank Gold Coast Mark Witheriff as saying.
"The intent of this offering is to provide a broad range of
opportunities within the city block and recognise both the
immediate development potential of the various properties and its
highly desirable liveable location."
Mr. Witheriff anticipates that interest in the site will come from
all angles, from property developers to individual owners looking
for a slice of the Gold Coast beach-house lifestyle, the report
says.
"Buyers from all along the East Coast of Australia recognise the
rapidly diminishing opportunity to acquire well located property
and in close proximity to ocean front and high grade amenity and
services," Mr. Witheriff, as cited by BNA, said. "There is no
shortage of people who want to live in Budds Beach, so we
anticipate we will be fielding strong enquiry from a diverse range
of potential buyers throughout the campaign."
Ralan Group left a development pipeline of over 3,000 residential
units and accommodation assets of over 600 rooms in the lurch at
the time of its collapse, and was in the process of a key build in
Arnchliffe called The Orchid, the report notes.
At the time of its collapse administrators Grant Thornton said
Ralan Group owed around AUD500 million to creditors, BNZ relays.
About Ralan Group
The Ralan Group specializes in the development, marketing and
management of residential and commercial property.
Said Jahani, Philip Campbell-Wilson and Graham Killer were
appointed Voluntary Administrators of the Group by a resolution of
the Group's directors on July 30, 2019.
On Aug. 1, 2019, Jason Tracey, Timothy Heenan and Salvatore Algeri
of Deloitte were appointed Joint and Several Receivers and Managers
of Ralan Paradise Holdings Pty Ltd, Ralan Paradise No. 1 Pty Ltd,
Ralan Paradise No. 2 Pty Ltd, Ralan Paradise No. 3 Pty Ltd, Ralan
Budds Beach No 1 Pty Ltd and Ruby Apartments Pty Ltd.
On Aug. 5, 2019, Ken Whittingham was appointed Receiver and Manager
of Ralan Paradise Resort Pty Ltd and Ralan Paradise No 4 Pty Ltd.
RANELAGH REALTY: First Creditors' Meeting Set for Nov. 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Ranelagh
Realty Pty. Ltd., trading as Baylife Properties, will be held on
Nov. 13, 2019, at 11:00 a.m. at Level 2, Riverside Quay, at 1
Southbank Blvd, in Southbank, Victoria.
Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of Ranelagh Realty on Nov. 1,
2019.
RNR DARWIN: Clifton Hall Appointed as Administrators
----------------------------------------------------
Daniel Lopresti and Timothy Clifton of Clifton Hall were appointed
as Joint and Several Administrators of RNR Darwin Pty Ltd on Oct.
30, 2019.
SPEEDCAST INTERNATIONAL: S&P Lowers ICR to 'B-' on Funding Risks
----------------------------------------------------------------
On Nov. 4, 2019, S&P Global Ratings lowered its issuer credit
rating and issue ratings on Speedcast International Ltd. to 'B-'
from 'B'. The recovery rating on the company's senior secured debt
remains at '4' (45%), indicating average recovery prospects upon
payment default. At the same time, S&P has removed the ratings from
CreditWatch, where it placed them with negative implications on
Sept. 2, 2019.
S&P said, "We lowered the ratings to reflect our view that the lack
of new external funding leaves Speedcast with limited buffer to
withstand any deterioration in trading conditions. This is despite
the company's commitment to improving its working capital position
and some progress toward this goal. A sound financial buffer is
particularly necessary given the company is already working through
broad-based operational challenges. Although some segments are
showing signs of stabilization, we note that the company remains
exposed to wider industry competitive pressures and volatile
commodity cycles.
"The company has been able to renegotiate terms with certain trade
creditors. In our view, this provides some short-term relief with
respect to its more immediate trade payables; however, the payment
plan will result in a working capital outflow, albeit one that we
view to be manageable. We note that the fiscal year ending Dec. 31,
2019, includes payments for acquisition costs, restructuring, and
dividends that will amount to about US$40 million of working
capital outflow. We expect these items to materially reduce in
fiscal 2020.
"The company remains confident that it can offset these additional
payments through improved receivables and inventory management. We
will monitor whether these initiatives are successful and whether
they strain existing supplier relationships or impede the company's
ability to meet its customers' service requirements."
Discussions are continuing with funding providers to secure
additional sources of liquidity. Speedcast's resilience to a
deterioration in trading conditions would likely strengthen should
it access new external funding sources. S&P said, "We note,
however, that temporary covenant relief is scheduled to expire
after Dec. 31, 2020, underscoring the need for stabilization in the
company's near-term earnings profile. We do not factor external
funding into our base-case operating scenario until it has been
committed."
The negative outlook reflects the heightened risk of financial
covenant breach (which is only active if the revolving credit
facility is more than 35% drawn) or payment default should the
company's working capital and cost initiatives fail to build a
buffer against adverse trading conditions.
S&P said, "We could lower the rating if a breach of financial
covenants becomes likely or if the company experiences additional
difficulties meeting its payment terms.
"We could affirm the rating with a stable outlook if the company
builds a sufficient financial buffer, either via external funding
or internal cash generation, to avoid the near-term risk of
covenant breach or payment default."
TRANSTAINER SALES: Placed in Liquidation
----------------------------------------
Daniel Lopresti of Clifton Hall was appointed as Liquidator of
Transtainer Sales and Leasing Pty Ltd on Oct. 29, 2019.
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C H I N A
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CENTRAL CHINA REAL: Fitch Rates $200MM Sr. Notes Final 'BB-'
-------------------------------------------------------------
Fitch Ratings assigned Central China Real Estate Limited's (CCRE;
BB-/Stable) USD200 million 7.9% senior notes due 2023 a final
rating of 'BB-'. The notes are rated at the same level as CCRE's
senior unsecured rating because they constitute its direct and
senior unsecured obligations.
The assignment of the final rating follows the receipt of final
documentation conforming to information already received. CCRE
intends to use the net proceeds from the note issue for
refinancing. The final rating is in line with the expected rating
assigned on October 30, 2019.
CCRE's ratings are supported by the company's position as a leading
real-estate developer in China's Henan province, with broad
housing-product diversification and a growing non-property
development business in rental properties and project management.
The ratings also reflect the company's healthy financial profile,
with leverage, measured by net debt/adjusted inventory that
proportionately consolidates its joint ventures, falling to 31% by
end-2018, from 34% at end-2017.
KEY RATING DRIVERS
Strong Presence in Henan: Fitch believes CCRE's record supports its
plan to increase its market share in Henan to 10%-13% in the next
one to three years, from 9% in 2018. CCRE has been developing
residential properties almost entirely in the province for more
than 27 years and it has projects in 18 prefecture-level cities and
an established reputation. CCRE's lower average selling price (ASP)
of CNY7,284 a sq m in 2018, compared with peers' ASP of above
CNY11,000/sq m, reflects its wide product exposure, which includes
projects in smaller cities.
Sales, Market Share to Increase: CCRE's total contracted sales in
2018 were strong at CNY53.7 billion, rising by 76.5% from 2017, and
continued increasing in 1H19 by 24% yoy to CNY39.6 billion. This
was driven by a larger share of sales from lower-tier cities in
Henan. Fitch expects CCRE's annual contracted sales to increase to
CNY61 billion-68 billion in 2019-2020, while the company's market
share in Henan province is likely to expand to more than 10% in the
medium term. The company remained the largest developer in the
province in 2018.
CCRE's expansion into project management of residential-property
developments in the province's smaller towns drove the increase in
EBITDA from non-development businesses. CCRE had 110 projects under
this asset-light business model as of December 2018. The company
expects these to provide CNY3.5 billion of revenue over the next
three to four years. Revenue from the asset-light model more than
doubled to CNY675 million in 2018, with a gross margin of 91%.
Aggressive Land Acquisitions Drive Leverage: CCRE acquired 13.5
million sq m in attributable gross floor area of land for CNY17.0
billion in 2018. The company achieved a land acquisition/contracted
sales value ratio of 0.28x in 2018, in line with the 0.2x-0.3x in
previous years. Fitch expects the acquisitions to drive up the
company's leverage, measured by net debt/adjusted inventory on a
proportionate consolidation basis, to above 33% in 2019-2020, from
about 31% in 2018. Leverage fell in 2018 from 34% in 2016-2017
thanks to strong contracted sales growth.
Fitch believes CCRE's leverage will not rise above 40% as the
company has the flexibility to slow down its land acquisitions due
to a bigger attributable land bank of 34.7 million sq m that is
sufficient for development over the next five to six years.
Stabilising Margin: Fitch estimates CCRE's EBITDA margin (deducting
capitalised interest from cost of sales) to be higher than 20% in
2019. The EBITDA margin fell to 16% in 2017, from 17% in 2016,
affected by CCRE's strategy to accelerate inventory clearance in
1H15. Higher contracted sales than revenue also squeezed the EBITDA
margin as the selling, general and administrative expenses, which
are more a function of its contracted sales, are apportioned to a
much lower level of revenue. Fitch expects CCRE's EBITDA margin to
expand when it starts to recognise revenue from previous contracted
sales.
DERIVATION SUMMARY
CCRE's contracted sales of CNY53.7 billion in 2018 are comparable
with those of 'BB-' rated peers, although it has maintained a
healthier financial profile. Yuzhou Properties Company Limited
(BB-/Stable) had contracted sales of CNY56.0 billion in 2018 and
KWG Group Holdings Limited (BB-/Stable) had CNY65.5 billion.
CCRE's leverage ratio, measured by net debt/adjusted inventory on a
proportionately consolidated basis, was 31% in 2018, well below the
'B+' and 'B' rated peers' ratio of 40%-60% and in line with 'BB-'
rated peers' ratio of 20%-45%. However, CCRE's leverage ratio may
remain at 31%-33% in 2019-2020.
CCRE's EBITDA margin of 18% in 2017 was near the bottom of the
'BB-' peers' range of 18%-25% due to the company's destocking
strategy. However, Fitch expects CCRE's EBITDA margin to rise to
24%-25% in 2019-2020 as revenue from projects with a higher
contracted sales ASP will start to be recognised and there will
also be revenue increases from the company's higher-margin rental
property and project-management businesses.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Total contracted sales by gross floor area to increase by 13%
in 2019 and 11% in 2020
- Average selling price for contracted sales to increase by up to
1% a year in 2019-2020
- EBITDA margin (excluding capitalised interest) to reach 19% in
2018 and 24%-25% in 2019-2020
- Land acquisition budget to be 22%-24% of total contracted sales
for 2019-2020 for the company to maintain its land bank at
approximately five years of contracted sales (32% in 2018).
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Leverage, measured by net debt/adjusted inventory on a
proportionately consolidated basis, persistently at 30% or below,
while the company maintains its leading position in Henan province
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- A decline in contracted sales for a sustained period
- Leverage at 40% or above for a sustained period
- EBITDA margin at below 18% for a sustained period
LIQUIDITY
Ample Liquidity: The company had total cash of CNY23.8 billion
(including restricted cash of CNY4.6 billion) as of June 2019,
sufficient to cover short-term debt of CNY7.0 billion maturing in
one year.
Diversified Funding Channels: CCRE had total debt of CNY25.8
billion as of June 2019, consisting of bank loans, other loans,
senior notes and corporate bonds, and unutilised banking facilities
of CNY24.1 billion. CCRE is listed on the Hong Kong stock exchange
and raised about CNY800 million in an equity placement in 1H18.
Stable Funding Cost: The average cost of borrowing was 7.0% in
2018, slightly higher than the 6.8%-6.9% in 2016-2017.
JINGRUI HOLDINGS: S&P Alters Outlook to Negative & Affirms 'B' ICR
------------------------------------------------------------------
On Nov. 1, 2019, S&P Global Ratings revised the outlook on Jingrui
Holdings Ltd. to negative from stable. S&P affirmed its 'B'
long-term issuer credit rating on the company and the 'B-'
long-term issue rating on its senior unsecured notes.
S&P said, "We revised the rating outlook on Jingrui to negative to
reflect the uncertainty around growth in the company's property
development business in the next 12 months. This is because Jingrui
has limited salable resources to support sustainable growth in
sales and revenue. With the company's continuing high debt, this
could lead to worsening financial metrics. Jingrui's high cash
balance relative to its short-term debt tempers the risk.
"We believe Jingrui's 2019 revenue and margins are relatively
secure, even though the longer term prospects are uncertain. We
expect revenue to moderately pick up in the fourth quarter and for
the full year as the company speeds up sales of its
completed-but-unsold projects in Shanghai, Tianjin, and Ningbo.
Some of these projects had slow sell-through in the past because
the company delayed sales owing to price controls imposed in
higher-tier cities in China."
Jingrui's contracted sales on an attributable basis have been
declining over the past three years owing to overly cautious land
purchases, rising joint venture (JV) contributions, and slowing
asset churn of projects in higher-tier cities. As a result, the
company's revenue slipped 28% to Chinese renminbi (RMB) 11.2
billion in 2018. Revenue booking in the first half of 2019 was
slow, at RMB 2.2 billion.
Jingrui will not likely achieve significant scale expansion in the
next one to two years, given its lack of sufficient salable
resources. Its land bank as of Aug. 31, 2019, can support about
RMB52 billion of sales, sufficient for the next one and a half to
two years, even assuming flattish growth in contracted sales. The
company will therefore need to acquire new projects that can be
launched quickly to support its sales, and this adds uncertainty to
our forecast of even flattish revenue growth.
S&P said, "We expect Jingrui's financial leverage to remain
elevated in the next 12 months. The company's increased debt has
not lead to significant business growth, partially due to low
utilization of capital. We forecast the consolidated debt-to-EBITDA
will be 8.2x-8.3x in 2019 and 8.5x-8.7x in 2020, compared with
about 8.3x for the rolling 12 months ending June 2019. These credit
metrics compare unfavorably with 'B' rated developers of a similar
scale.
"We believe Jingrui will continue its disciplined approach to land
acquisitions and expansion. However, given the current small land
bank, being overly conservative on land acquisitions could be
detrimental to the company's development and its ability to
generate sales and cash flow. In the first nine months of 2019,
Jingrui spent only RMB3.5 billion on land.
"In our view, Jingrui's holding of investment properties in
higher-tier cities could provide some support to its debt
serviceability. The company has an investment portfolio of about
RMB7 billion, comprising mainly long-term service apartments and
offices in Beijing and Shanghai. In addition, Jingrui's setup of
fund structures and introduction of equity investors into its
projects (including development projects and investment properties)
may reduce its reliance on debt in the longer term."
Jingrui's cash balance is sufficient to cover its short-term
borrowings and mitigates the impact of its high debt. However, the
cash may need to be deployed for investments such as land
replenishment or debt repayment, depleting the financial buffer.
S&P siaid, "We expect Jingrui's offshore liquidity to be
manageable, even though the company has large offshore maturities
of US$400 million due in April 2020 and US$150 million due in July
2020. Jingrui has offshore restricted cash of about RMB2.4 billion,
which can be released to fulfil the offshore debt obligations. It
also has banking channels to borrow offshore, with onshore deposits
pledged for collateral. These can serve as alternative avenues if
issuing new bonds becomes difficult, given the current market
conditions."
Jingrui's capital structure compares well with some 'B' rated
peers. The company has significantly reduced its reliance on
nonbank financing in the past few years. As of June 30, 2019, trust
loans accounted for only 5% of total debt, compared with 20% in
2017. S&P reflect shis strength in our comparable rating analysis,
resulting in a one-notch uplift.
S&P said, "The negative outlook over the next 12 months reflects
our view that Jingrui's operational development is uncertain,
including the company's ability to achieve consistent attributable
sales and revenue growth. This is based on our view that Jingrui's
salable resources will be less than sufficient to sustain revenue
growth if large scale land replenishment is not done. However,
Jingrui has a high cash balance, which supports its liquidity and
mitigates the operational risks.
"We could lower the rating if Jingrui's contracted sales on an
attributable basis are likely to be lower than our forecast of
about RMB13 billion for each of 2019 and 2020.
"We could also downgrade the company if its leverage deteriorates
such that its debt-to-EBITDA ratio on a consolidated and
proportionately consolidated basis does not improve to about 8x, or
its consolidated EBITDA interest coverage is less than 1.5x in the
next 12 months. This could happen if Jingrui's revenue or margin is
likely to be significantly lower than our forecast, signifying
further weakening of operations."
S&P could revise the outlook to stable if:
-- Jingrui strengthens its operational performance, including
demonstrating sustainable growth in its attributable contracted
sales and stabilized cash collection from sales and increasing
salable resources, and the company has a sufficient land bank to
support such sales growth; and
-- The company's financial leverage improves to below 8x on a
sustainable basis while its EBITDA interest coverage stays
consistently above 1.5x.
KAISA GROUP: Fitch Rates Proposed USD Sr. Notes 'B(EXP)'
--------------------------------------------------------
Fitch Ratings assigned China-based homebuilder Kaisa Group Holdings
Limited's (B/Stable) proposed US dollar senior notes an expected
rating of 'B(EXP)' with a Recovery Rating of 'RR4'. The proposed
notes will be used to refinance medium- to long-term debt, which is
due within one year.
The proposed notes are rated at the same level as Kaisa's senior
unsecured rating as they will constitute its direct and senior
unsecured obligations. The final rating is subject to the receipt
of final documentation conforming to information already received.
Kaisa's ratings are underpinned by a strong asset base that
supports scale expansion, which is at a level comparable with 'BB'
category homebuilders. The company had a large and well-located
land bank consisting of 167 projects in 47 cities across five major
economic regions at end-1H19. Its geographical diversification
mitigates project and region-related risks and gives it more
flexibility when launching new projects to support sales growth.
Kaisa's ratings are constrained by high leverage--measured by net
debt/adjusted inventory (urban renewal projects (URP) and
investment properties at original cost)--of 72% at end-1H19,
although this is mitigated by high profitability.
Fitch believes Kaisa will start deleveraging from 2020, supported
by its enlarged scale and increased margin, with more high-margin
URPs being recognised. Kaisa is able to secure a large land bank at
low cost in China's Greater Bay Area through its URP business,
which supports its high EBITDA margin of over 30%. The wider margin
of the URP business, at over 40%, will help deleveraging. However,
Kaisa's leverage will remain high if it expands its scale at the
same pace as in 2017 and 2018, as URPs only contributed 30% of
contracted sales in 2018.
KEY RATING DRIVERS
URPs a Business Strength: Fitch believes Kaisa's URP business
offers operational flexibility, as its high profitability enables
the company to sustain price cuts in a market downturn. Kaisa can
also sell stakes in its URPs, if needed, at a profit because of
their low land cost. Kaisa's long experience in the URP business
has enabled it to secure a large land bank with a high gross profit
margin of over 40%, supporting the company's EBITDA margin,
excluding capitalised interest in cost of goods sold (COGS), of
30%-35%. A large URP pipeline of 128 projects, covering a site area
of 32 million square metres (sq m), also allows for a consistent
stream of projects entering the sales phase.
Kaisa has converted an average gross floor area (GFA) of 940,000 sq
m a year for the past 10 years; this offers some operational
flexibility with land replenishment. Nevertheless, the URP business
has limited scope to build scale and will become a less important
driver at higher rating levels. URPs require a longer development
cycle and thus funds will be trapped for a longer period and incur
higher funding without immediate cash flow generation or profit
contribution, raising Kaisa's leverage above that of peers without
as large an exposure to URPs. The nature of the business and the
high profitability mean Kaisa can operate at a higher leverage than
other Chinese homebuilders for a sustained period.
?
High Leverage Constrains Ratings: Fitch expects Kaisa's leverage,
measured by net debt/adjusted inventory, to stay above 70% in 2019,
but to fall below that level thereafter. Kaisa's sales scale in
2019 would be insufficient to cover its high tax and interest
burden. Reliance on the non-URP homebuilding business, which has a
lower margin, and growth at the business that is faster than Fitch
expects, may limit Kaisa's capacity to deleverage. However, Fitch
thinks there may be improvement once the company's attributable
sales rise above CNY100 billion from 2020, as its sales efficiency
- contracted sales/gross debt - will exceed 0.8x and support
stronger fund flow from operation.
Large and Premium Land Bank: Fitch believes Kaisa's quality land
bank will support its ability to meet its sales target in 2019. Its
premium asset base can also buffer liquidity if conversion of its
URP land bank takes longer than the company expects, as it can
easily find buyers for its well-located URPs, especially in
Shenzhen. Kaisa's land bank totalled 25.8 million sq m (estimated
sellable resources of CNY501 billion) at end-1H19, of which 14.1
million sq m, or 54.6%, was in the Greater Bay Area and 3.2 million
sq m in Shenzhen.
Robust Contracted Sales Growth: Fitch thinks Kaisa's 2019
contracted sales target is achievable due to the supportive
policies in the Greater Bay Area and the company's well-located
land bank. Kaisa had available sellable resources of CNY158 billion
at end-2018, implying a sell-through rate of 57% to support a 20%
sales growth in 2019, close to its historical sell-through rate of
around 60%. Kaisa's attributable contracted sales rose by 34% to
CNY55.1 billion in 9M19, supported by an average selling price
increase of 4% and GFA growth of 28%.
DERIVATION SUMMARY
Kaisa's attributable sales of CNY70 billion in 2018 were comparable
with those of 'BB' category peers, such as CIFI Holdings (Group)
Co. Ltd. (BB/Stable), Logan Property Holdings Company Limited
(BB/Stable) and China Aoyuan Group Limited (BB-/Positive), and
exceeded the CNY40 billion-50 billion sales of Yuzhou Properties
Company Limited (BB-/Stable), KWG Group Holdings Limited
(BB-/Stable) and Times China Holdings Limited (BB-/Stable). Over
half of Kaisa's land bank GFA is in the Greater Bay Area, similar
to that of Logan, China Aoyuan and Times China. Kaisa's EBITDA
margin of over 30% is at the higher end of 'BB' category peers due
to its high-margin URPs.
Kaisa's leverage of over 70% is similar to that of Oceanwide
Holdings Co. Ltd. (B-/Stable), Xinhu Zhongbao Co., Ltd. (B-/Stable)
and Tahoe Group Co., Ltd. (B-/Stable). Kaisa's business profile is
much stronger than that of Oceanwide and Xinhu, with a larger sales
scale and more diversified land bank. Its churn, measured by
contracted sales/total debt, of 0.64x is also healthier than the
ratios of the two peers, which are below 0.25x. Kaisa and Tahoe,
whose land bank is more exposed to the Pan-Bohai Area, the Yangtze
River Delta and Fujian province, have similar scale and margin.
However, Tahoe's shorter land-bank life of two to three years
pressures its leverage and Tahoe's liquidity is much tighter than
that of Kaisa.
Kaisa's closest peer among 'B' category issuers is Yango Group Co.,
Ltd. (B+/Stable). Yango's sales of CNY118 billion in 2018 were
larger than Kaisa's CNY70 billion and its land bank was also more
diversified, although Yango's EBITDA margin, excluding capitalised
interest, of around 28% was narrower than Kaisa's more than 30%.
Yango's leverage, measured by net debt/adjusted inventory, of below
65% in 2019 is lower than its expectation of Kaisa's leverage.
Yango's moderately stronger business and financial profiles
justifies the one-notch difference.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Attributable contracted sales to rise by 20% in 2019 and 2020
- Attributable land premium/contracted sales at 28% in 2019 and
31% in 2020 (2018: 23%)
- Cash collection rate of around 80% in 2019 and 85% in 2020
(2018: 75%)
- Construction cost/sales proceeds at around 30% in 2019 and 2020
(2018: 30%)
- Dividend payout ratio of 20% of net income (2018: 19%)
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Leverage, measured by net debt/adjusted inventory, sustained
below 60%
- EBITDA margin, excluding capitalised interest in COGS,
sustained above 30%
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Leverage, measured by net debt/adjusted inventory, above 75%
for a sustained period
- EBITDA margin, excluding capitalised interest in COGS, below
25% for a sustained period
LIQUIDITY
Cash Meets Short-Term Obligations: Kaisa had cash and cash
equivalents of CNY28 billion at end-1H19, including restricted cash
of CNY7 billion, against CNY22 billion in short-term debt. The
company also had total credit lines of CNY165 billion, of which
CNY119 billion was unused. In addition, Kaisa obtained approval
from the Shenzhen Stock Exchange to issue four asset-backed
securities, consisting of CNY5 billion linked to supply-chain
financing (CNY555 million issued), CNY3 billion linked to long-term
rental apartments, CNY685 million secured by mortgage balloon
payments (issued) and CNY475 million backed by income from its
shipping business (issued). Kaisa's average funding cost stayed
flat at 8.4% in 2018.
REDSUN PROPERTIES: Fitch Rates $100MM Sr. Notes B+
--------------------------------------------------
Fitch Ratings assigned China-based Redsun Properties Group
Limited's (B+/Stable) USD100 million 13.0% senior notes due 2021 a
rating of 'B+' and Recovery Rating of 'RR4'.
The notes are rated at the same level as Redsun's senior unsecured
debt as they constitute its direct and senior unsecured
obligations. Redsun plans to use the proceeds to refinance existing
debt and for general corporate purposes.
Redsun is a subsidiary of Hong Yang Group Company Limited
(B+/Stable). Fitch rates both companies on a consolidated basis,
according to its Parent and Subsidiary Rating Linkage criteria, as
Redsun represents the group's entire exposure to the China
homebuilding business.
The group's ratings reflect its expanded contracted-sales scale,
supported by its high-quality land bank and prudent financial
policy, which has kept its leverage below 50%, a healthy level
among 'B' category peers. The group also has a higher recurring
income arising from the larger scale of its property-rental
business. The group's improving business profile may be constrained
by the pressure to build up its land bank to pursue sustained
strong sales growth.
KEY RATING DRIVERS
Sales to Continue Rising: Fitch expects the group's land
acquisitions and geographical expansion to drive higher sales, and
forecasts annual attributable contracted sales will increase 25% to
CNY30 billion in 2019. The sales growth will be supported by
sufficient saleable resources as the group acquired more land
during 1H19. The group's total contracted sales rose by 40% to
CNY43.8 billion in 9M19. Fitch expects its 2019 sales to mainly
come from Jiangsu province.
Leverage to Rise Gradually: Fitch believes the group's leverage,
measured by net debt to adjusted inventory that proportionately
consolidates joint ventures and associates, will rise to about 45%
in 2019-2020 (1H19: 38%), which remains reasonable among 'B+' rated
peers. The group needs to spend 0.7x of its contracted sales
proceeds for land acquisitions to sustain its expansion in sales
scale in 2019-2020, which Fitch expects will lead to a gradual
increase in leverage. The spending will allow the group to maintain
a land-bank life of about three years, which is in the mid-range of
its 'B' category peers.
Diversification in Land Bank: The group had total land bank of 15.7
million sq m at end-June 2019, which will be sufficient for about
three years of development. The group had 67% of its land bank in
Jiangsu province where it is based. The group diversified its
footprint to 11 new cities in 2019, including Tianjin and Yanjiao
in northern China, Xi'an in western China, Xiangyang and Changsha
in central China, Yancheng and Wenzhou in eastern China, Tengzhou
in Shandong province, Fuyang and Liu'an in Anhui province, and
Jiangmen in Guangdong province.
Margins to Stay Healthy: Fitch expects the group's EBITDA margins
(after adding back capitalised interest in cost of goods sold) to
narrow but remain healthy at 20%-23% in 2019-2020 as its
high-margin Nanjing projects will provide support over the next 12
months. This will be partly offset by recognition of revenue from
more projects outside Nanjing that have lower margins, and higher
operating costs for its geographical expansion.
Niche Property-Rental Business: The group's investment-property
portfolio, which comprises mainly malls for retail and the
wholesale of household construction and decoration materials,
enjoys a niche market position and nearly full occupancy. The
portfolio provides a recurring EBITDA/interest coverage ratio of
0.3x, higher than for 'B' rated peers. Fitch expects the completion
of renovation at the Nanjing Hong Yang Plaza retail mall and
still-resilient demand from consumers for furniture and decorations
to continue supporting Hong Yang's rental revenue growth and its
ratings.
DERIVATION SUMMARY
The group's business and financial profile is similar to 'B+' rated
peers such as Helenbergh China Holdings Limited (B+/Stable), Hong
Kong Junfa Property Company Limited (B+/Stable) and Fantasia
Holdings Group Co., Limited (B+/Stable). They have similar
attributable contracted-sales scale of CNY30 billion-40 billion,
and their sales are concentrated in one to two regions. The ratings
of these companies are constrained by their leverage (net
debt/adjusted inventory) of 45%-50%, and limited sales scale, while
their EBITDA margins are satisfactory at around 25%.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Total contracted gross floor area to increase 25% in 2019, 10%
in 2020 and 5% in 2021
- Contracted average selling price to stay unchanged in 2019, and
rise 3% in both 2020 and 2021
- Property-development gross profit margin (after adding back
capitalised interest) of 30% in 2019-2021
- Land-acquisition cash outflow equivalent to 70% of presales
proceeds in 2019-2021
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Significant increase in attributable contracted sales
- EBITDA margin, excluding capitalised interest from cost of
goods sold, sustained at 25% or above
- Leverage, measured by net debt/adjusted inventory that
proportionately consolidates joint ventures and associates,
sustained below 40%
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- EBITDA margin, excluding capitalised interest from cost of
goods sold, sustained below 20%
- Leverage, measured by net debt/adjusted inventory that
proportionately consolidates joint ventures and associates,
sustained above 50%
(All the ratios are based on parent Hong Yang's consolidated
financial data)
LIQUIDITY
Sufficient Liquidity: The group had cash balances of CNY18.0
billion (including restricted cash and pledged deposits of CNY8.7
billion) at end-June 2019 and unused bank facilities of CNY14
billion, sufficient to cover short-term borrowings of CNY16.4
billion.
SUNAC CHINA: Fitch Rates $650MM Sr. Notes Final 'BB'
-----------------------------------------------------
Fitch Ratings assigned Sunac China Holdings Limited's (BB/Stable)
USD650 million 7.50% senior notes due 2024 a final rating of 'BB'.
The notes are rated at the same level as Sunac's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The final rating follows the receipt of final
documentation conforming to information already received, and is in
line with the expected rating assigned on October 28, 2019.
Sunac's rating reflects Fitch's expectation that the company will
continue deleveraging until it has increased headroom below 40% for
a sustained period, the leverage threshold above which may lead to
negative rating action. Sunac's leverage, measured by net
debt/adjusted inventory with proportional consolidation of joint
ventures (JV) and associates, was 39% in 1H19.
Sunac aims to control land acquisitions and investments in 2H19.
Its large attributable land bank of more than 136 million square
metres (sq m) of saleable gross floor area is well-diversified
across various regions in China, which should support contracted
sales and further deleveraging.
KEY RATING DRIVERS
Leverage to Decrease: Sunac's leverage increased to 39% in 1H19,
from 38% in 2018, as the company made significant land
acquisitions. Debt at the consolidated level increased by around
CNY70 billion, but the company's stable leverage ratio reflects the
increasing trend of funding JVs and associates at the parent level,
leading to relatively low leverage at the JVs and associates.
Sunac's land acquisition pace has since slowed and Fitch expects
the company to control land acquisition and allow some headroom
below the 40% leverage ratio.
Fitch expects Sunac to maintain steady growth in attributable
contracted sales, leading to sustained cash generation and lower
leverage. Attributable contracted sales rose by 7% to CNY147.9
billion in 1H19 and total contracted sales reached CNY369.5 billion
in 9M19, representing a yoy increase of 16%. Sunac's trade payables
have also risen significantly in line with its expanding scale.
Nevertheless, its trade payables/inventory ratio was manageable at
around 0.2x in 1H19 and 2018, which was lower than that of peers
that rely on trade payables to fund construction. Fitch believes
Sunac's trade payables/inventory ratio will not rise
significantly.
Diversified Land Bank: Sunac's land bank is diversified across
various Chinese regions, including northern, south-west and
south-east China, the Beijing area and the Yangtze River Delta. It
also has a presence in central China, the Greater Bay Area and
Hainan province. Up to 83% of Sunac's land bank, based on saleable
value, is situated in tier one and two cities, where pent-up demand
is more robust than in lower-tier cities. The remaining land bank
is in strong third-tier cities. Geographical diversification helps
mitigate against local policy restrictions, as each local
government implements differing home-purchase limits.
Strong Sales and Margins: Fitch forecasts Sunac's average selling
price (ASP) to be around CNY14,000-14,500/sq m in the next few
years. The company has maintained its ASP at around CNY14,500/sq m
in 2019, reflecting its focus on higher-tier cities. Sunac's
attributable contracted sales are comparable with that of other
large Chinese homebuilders, including China Vanke Co., Ltd.
(BBB+/Stable) and Poly Developments and Holdings Group Co., Ltd.
(BBB+/Stable).
Sunac's large scale also allows it to trim construction costs,
leading to a strong EBITDA margin - including the proportional
share of EBITDA from JVs and associates - of around 26% in 1H19, or
31% if valuation gains from acquired projects are removed from
costs of goods sold (COGS). Fitch expects an EBITDA margin,
including valuation gains in COGS, of around 25% in the medium
term.
Non-Development Contribution: Fitch forecasts Sunac will spend
CNY15 billion-21 billion a year in 2019 and 2020 to ramp up its
property management, rental and decoration businesses as well as
the cultural and tourism business it acquired in 2017. Fitch
expects the projects to be fully funded by the sale of properties
in the same area. Revenue contribution from Sunac's non-development
business was CNY3.4 billion in 1H19, with a gross margin of about
31%. Sunac also aims to improve the operating efficiency of the
cultural and tourism business after the acquisition of the
operational and management company from Dalian Wanda Commercial
Management Group Co., Ltd. (BB+/Stable).
DERIVATION SUMMARY
Sunac's homebuilding attributable sales scale and geographical
diversification are comparable with that of large 'BBB' rated
homebuilders, such as Vanke and Poly, and are also comparable with
or superior to that of Longfor Group Holdings Limited (BBB/Stable)
and Shimao Property Holdings Limited (BBB-/Stable).
Country Garden Holdings Co. Ltd. (BBB-/Stable) has larger
attributable scale and geographic coverage than Sunac. However,
Country Garden's land bank is more concentrated in low-tier cities,
where demand is susceptible to negative sentiment, while the
majority of Sunac's land bank is situated in tier-one and two
cities, as reflected in Sunac's higher margin.
However, Sunac's financial profile is more volatile than that of
investment-grade peers; its recurring EBITDA interest coverage of
0.3x is less than Longfor's 0.7x and Shimao's 0.5x.
Its leverage forecast for Sunac of around 35%-40% is more
comparable with 'BB' rated issuers, such as Sino-Ocean Group
Holding Limited (BBB-/Stable; Standalone Credit Profile: bb+),
Future Land Development Holdings Limited (BB/Rating Watch Negative)
and its subsidiary, Seazen Holdings Co., Ltd. (BB/Rating Watch
Negative), CIFI Holdings (Group) Co. Ltd. (BB/Stable) and China
Aoyuan Group Limited (BB-/Positive).
Sunac's leverage is similar to that of China Evergrande Group's
(B+/Stable) 40% in 2018, but Sunac's trade payables/inventory ratio
of around 0.2x in 2018 was lower than Evergrande's 0.4x, with the
latter relying on trade payables to fund its construction.
Evergrande's high payables/inventory ratio constrains its ratings.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Land-bank replenishment to maintain a land-bank life of 4.0-4.5
years (2018: 4.6 years)
- Capex of CNY15 billion-21 billion a year in 2019 and 2020,
decreasing thereafter (2018: CNY14 billion)
- Contracted gross floor area to increase by 15% in 2019,
gradually falling to 5% growth in 2022 (2018: 33%)
- Contracted ASP of around CNY14,000-14,500/sq m (2018:
CNY15,210)
- EBITDA margin, including the effect of revaluation of acquired
projects from COGS, of around 22%-26% (1H19: 31%)
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Net debt/adjusted inventory below 30% for a sustained period
(1H19: 39%)
- EBITDA margin, excluding the effect of revaluation of acquired
projects from COGS, sustained above 25%
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Net debt/adjusted inventory above 40% for a sustained period
- EBITDA margin, excluding the effect of revaluation of acquired
projects from COGS, of below 20% for a sustained period
- Change in management strategy to refocus on aggressive
acquisitions, away from Sunac's stated objective to reduce its
leverage ratio
LIQUIDITY
Sufficient Liquidity: Fitch expects Sunac to maintain sufficient
liquidity for its operations and debt repayment, as contracted
sales reached CNY326 billion on an attributable basis in 2018.
Sunac had a cash balance of CNY138 billion in 1H19, including
restricted cash of CNY39 billion, sufficient to cover short-term
debt of CNY121 billion. Sunac raised USD1.9 billion in offshore
senior notes in 2018 and an additional USD3.0 billion to date in
2019, excluding this issuance.
YANGO GROUP: Fitch Rates Proposed USD Sr. Notes 'B(EXP)'
---------------------------------------------------------
Fitch Ratings assigned Yango Group Co., Ltd's (B+/Stable) proposed
US dollar senior notes a 'B(EXP)' expected rating and a Recovery
Rating of 'RR5'. The proposed notes will be issued by its
subsidiary, Yango Justice International Limited, and guaranteed by
Yango.
The proposed notes are rated at the same level as Yango's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The final rating is subject to the receipt
of final documentation conforming to information already received.
Yango intends to use the net proceeds from the proposed US dollar
senior notes mainly to refinance its existing debt.
The one-notch difference between Yango's senior unsecured rating
and its Long-Term Issuer Default Rating reflects the subordination
of its unsecured debt to secured debt. Secured debt accounted for
68% of Yango's total borrowings as of end-September 2019, and was
equivalent to around 80% of Fitch-estimated liquidation value.
KEY RATING DRIVERS
Falling Leverage Record: Yango was successful in deleveraging in
2018 and 1H19 from a peak in 2017, fulfilling management's
commitment. Its leverage, measured by net debt/adjusted inventory,
including guarantees provided to and net assets of joint ventures
and associates, improved to 67.8% in 2018 and dropped further to
63.8% in 1H19, after the company cut back on land acquisitions.
Yango spent only 46% of sales receipts on an attributable basis for
land acquisition in 2018, compared with 80% in 2016 and above 100%
in 2017.
Fitch believes the company can consistently deleverage towards 55%
over the next three years based on its current controlled
land-acquisition pace, and keep land acquisitions at 45%-50% of
annual sales receipts - a level that would maintain a three-year
land bank and support sustainable business development. Fitch also
thinks Yango's milder appetite for growth will lower its risks as
growth prospects in the industry become more challenging and ease
the pressure to acquire land, helping the company cut its leverage.
Yango is targeting moderate total contracted sales growth of 10%
yoy from 2019, slowing from 80%-90% yoy over 2017-2018.
Business Scale Supports Ratings: Fitch estimates the company will
maintain an attributable sales scale of above CNY110 billion in
2019 (2018: CNY118 billion). Yango's business scale is larger than
that of most 'BB' rating-category issuers and is a key business
profile strength that gives it diversification benefits. The
company had strong sales momentum in 9M19, achieving CNY96 billion
on an attributable basis, or 82% of its full-year target of CN117
billion. Yango's well-located saleable resources, mainly in
strategic second-tier cities, are sufficient for the company to
fulfil its 2019 target.
Quality, Diversified Land Bank: Yango had 44 million sq m in total
land bank (attributable: 28.7 million sq m) at end-June 2019,
supporting property sales for around three years. The company's
land bank is nationwide, with about 20% of land bank by saleable
value in Tier 1 cities and more than 60% in Tier 2 cities across
major economic zones. Yango plans to continue focusing on core Tier
2 and strong Tier 3 cities, where Fitch thinks demand is still
resilient and would support mild sales growth for the company.
Healthy Margin: Yango's EBITDA margin, after adding back
capitalised interest in cost of goods sold, was healthy at 29% in
1H19 (2018: 28%). Yango had CNY76.6 billion in unrecognised revenue
as of end-June 2019 with an estimated gross profit margin of 27%,
which will support its margin for the coming year. Average
land-bank cost was low at CNY3,576 per sq m at end-1H19, accounting
for 28% of estimated average selling prices. Fitch expects its
EBITDA margin to be maintained above 25% in the next one to three
years, helped by Yango's multipronged land-acquisition strategy to
keep its land cost low.
Improvement in Debt Structure: Yango has optimised its debt
structure, with its short-term debt dropping to 27% of total debt
by end-September 2019, from 40% at end-2017 and end-2018. The
company is also replacing non-bank financing with bank loans in a
tightening funding environment, with non-bank financing decreasing
to 31% of total debt by end-1H19 from 53% at end-2018. Fitch
believes the improvement in the debt structure reflects better
access to financing that gives it greater financial flexibility as
the funding environment for homebuilders remains challenging.
DERIVATION SUMMARY
Yango's diversified nationwide portfolio and large scale are
comparable with those of 'BB' rated Chinese homebuilders, such as
CIFI Holdings (Group) Co. Ltd. (BB/Stable) and stronger than those
of 'BB-' rated peers, which have contracted sales of CNY40
billion-60 billion, including Yuzhou Properties Company Limited
(BB-/Stable). In addition, half of Yango's land bank is located in
Tier 1 and core Tier 2 cities, which Fitch believes have resilient
demand to cushion against the impact of a homebuilding-sector
slowdown, compared with lower-tier cities.
However, Yango's higher leverage has constrained its rating at
'B+'. The company has taken measures to consistently reduce
leverage over the last two years, but it remains higher than that
of 'B+' rated peers, whose leverage is between 40% and 50%, such as
Zhenro Properties Group Limited (B+/Stable).
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Attributable contracted sales of CNY110 billion-130 billion
during 2019-2021;
- Land premium accounting for 45%-50% of sales receipts per year
during 2019-2021;
- Construction expenditure accounting for 25%-30% of sales
receipts per year during 2019-2021;
- Cash collection rate at 80% (2018 and 1H19: 80%)
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Net debt/adjusted inventory sustained below 50%
- EBITDA margin sustained above 25%
- Attributable contracted sales/gross debt sustained above 1.2x
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Net debt/adjusted inventory sustained above 65%
- EBITDA margin sustained below 20%
LIQUIDITY
Improved Liquidity Profile: Yango's liquidity position has improved
due to a better debt structure. Unrestricted cash on hand was
CNY38.6 billion at end-September 2019, which can more than cover
short-term debt of CNY32.5 billion. Its cash-to-short-term debt
coverage ratio improved to 1.2x from 0.7x-0.8x at end-2017 and
end-2018.
YICHUAN RURAL: Bank Run in Rural China Tests Faith in Lenders
-------------------------------------------------------------
Bloomberg News reports that the unverified rumor that Yichuan Rural
Commercial Bank was insolvent started from an obscure social media
account.
Within hours of the post on Oct. 29, more than 1,000 worried
customers had lined up to withdraw their money, Bloomberg says. By
Oct. 30, a run on the bank had prompted local authorities to
arrange more than CNY30 billion ($4.3 billion) of liquidity
injections. As branch staff sought to restore confidence, they
displayed stacks of cash to convince depositors that there was
enough to go around.
Bloomberg relates that while the panic appeared to subside on Nov.
1, the episode marked the latest test of faith in more than 2,000
rural Chinese lenders that collectively control $5 trillion of
assets. According to Bloomberg, confidence in their financial
strength has dwindled since May, when the government seized a bank
for the first time since 1998 and imposed losses on some of its
creditors. At least two more small Chinese lenders have
subsequently required bailouts.
Even though no retail depositors have lost money, some worry that
they could get burned if China starts paring back the implicit
government backstop for banks that has underpinned the nation's
financial system for decades, Bloomberg states. Smaller banks,
faced with rising nonperforming loans after years of explosive
growth, are seen as particularly vulnerable.
While the run on Yichuan Rural Bank was likely an over-reaction, it
reflects the Chinese public's uncertainty over the health of small
lenders, said Xiaoxi Zhang, a Beijing-based analyst at Gavekal
Dragonomics, Bloomberg relays.
According to the report, reducing state guarantees--and the moral
hazard that comes with them--is seen as crucial to the long-term
stability of China's financial system. But the country faces a
difficult balancing act: If the public loses confidence in banks'
ability to survive on their own, it could precipitate exactly the
type of crisis authorities are trying to prevent.
Yichuan Rural Bank, based in Luoyang, an industrial town better
known as the cradle of Chinese civilization, saw its NPL ratio
climb to 2.95% in 2018 from 0.54% two years earlier, Bloomberg
discloses citing China Chengxin International Credit Rating Co.
Chengxin International cut the bank's rating to A+ from AA- in
July.
Bloomberg says the rumor about Yichuan Rural Bank's solvency may
have stemmed from an investigation into the lender's former
chairman. Authorities confirmed the probe on Oct. 30, saying the
executive was being investigated on suspicion of "severely
violating discipline and law," Bloomberg relates. They also said
one person was taken into custody for allegedly fabricating
information and spreading rumors on WeChat, China's wildly popular
messaging platform.
According to Bloomberg, a local representative from China's banking
regulator told reporters after a press conference on Thursday that
the local government has set up a working group and reiterated the
bank has abundant liquidity.
Yichuan Rural Bank aside, many of China's smaller lenders face real
challenges because they've been pumping money into risky loans and
investments that have soured amid a slowing economy, according to
Michael Pettis, professor of finance at the Guanghua School of
Management at Peking University in Beijing, Bloomberg relays.
A UBS Group AG analysis of more than 250 Chinese banks in July
showed that they face a potential capital shortfall of CNY2.4
trillion, according to Bloomberg. UBS's estimate for a broader
universe of Chinese lenders in "distress" was CNY9.2 trillion, or
about 4% of the commercial banking system and nearly 10% of gross
domestic product, Bloomberg notes.
=========
I N D I A
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ANTONY ROAD: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Antony Road
Transport Solutions Pvt Ltd.'s (ARTS) 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:
-- INR200.0 mil. Term loan due on May 2022 migrated to non-
cooperating category with IND BB (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 15, 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 2011, Antony Road Transport Solutions is a special
purpose vehicle and a wholly-owned subsidiary of Antony Garages
Private Limited. ARTS provides public transport services in the
form of about 258 buses in cluster 7 of New Delhi.
ARUNACHALA & CO: CRISIL Migrates 'B' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Arunachala &
Co (AC) to 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.4 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 6.6 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Working Capital 3.0 CRISIL B/Stable (ISSUER NOT
Loan COOPERATING; Rating Migrated)
CRISIL has been consistently following up with AC for obtaining
information through letters and emails dated July 9, 2019,
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of AC to 'CRISIL B/Stable Issuer not cooperating'.
Set up in 2000, AC is engaged in rice trading.
ASHVI DEVELOPERS: CARE Keeps 'D' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashvi
Developers Private Limited (ADPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 250.00 CARE D; ISSUER NOT COOPERATING;
Facilities based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from ADPL to monitor the
rating(s) vide e-mail communications dated October 2, 2019, October
4, 2019, October 9, 2019, and letter dated October 15, 2019.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Ashvi Developers
Private Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account the ongoing delays in servicing of
the debt obligations by the company on account of its constrained
liquidity position.
Detailed Rationale & Key Rating Drivers
Key rating weaknesses
Ongoing delays in servicing debt
The rating has been reaffirmed on account of the ongoing delays in
debt servicing of the company.
Incorporated in 2006, Ashvi Developers Pvt. Ltd. (ADPL) along with
another company Atithi Builders and Constructors Pvt. Ltd. (ABCPL)
of Ariisto Realtors group is developing a real estate project
"Ariisto Sommet" (erstwhile named as Ariisto Solitaire) at
Goregaon, Mumbai. The group has developed an area of 68.12 lakh
square feet (lsf) till date which includes super-premium
residential towers, affordable housing townships, luxurious retail
spaces and TDR generating rehab projects in and around Mumbai.
AUDAX PROTECTIVE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Audax Protective Fabrics Private Limited
Room No. 2, 2nd Floor
Shreeram Bhuvan 772
Opp. Best Office
Tilak Road, Dadar TT Mumbai
Mumbai City
Maharashtra 400014
Insolvency Commencement Date: October 22, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: April 19, 2020
Insolvency professional: Sandeep Jawaharlal Singhal
Interim Resolution
Professional: Sandeep Jawaharlal Singhal
313/314, GiriShikhar
Plot No. 88-91
Opposite Goenka Hall
J B Nagar, Andheri (East)
Mumbai 400059
E-mail: cirpaudax@gmail.com
sandeepjsinghal@hotmail.com
Last date for
submission of claims: November 5, 2019
BALARAM PAPERS: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Balaram Papers
Private Limited (BBPL) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 9 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 1 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with BBPL for obtaining
information through letters and emails dated July 17, 2019 and
August 19, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of BBPL to 'CRISIL B/Stable Issuer not cooperating'.
BBPL, was established in 2015 by Trivedi family while company
started its operations in fiscal 2018. Company is engaged in
manufacturing of kraft paper and absorbent paper.
CABLE CORPORATION: CARE Cuts Rating on INR112cr Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Cable Corporation of India Limited (CCIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term bank 38.85 CARE D Revised from CARE C;
facilities Stable
Short-term bank 112.00 CARE D Revised from CARE A4
Facilities
Detailed Rationale
The revision in the ratings assigned to the bank facilities of CCIL
is on account of devolvement of Letter of Credit (LC) for more than
30 days. The devolvement in LC is due to the liquidity issues faced
by the company.
CCIL was incorporated in November 11, 1957 and was promoted by Mr.
Hiten Khatau. The company manufactures low tension, high tension
and extra high voltage power cables (23kv to 400kv). The company
also executes turnkey cable contracts and provides solutions. The
manufacturing facility is located at Nashik (Maharashtra). Further,
the company entered into joint development with an associate
company belonging to promoter group towards residential and
commercial project named Rivali Park in Borivali East (Mumbai).
DAKSHIN ODISHA: CARE Lowers Rating on INR190c LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dakshin Odisha Urja Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 190.00 CARE D Revised from CARE BB+;
Facilities Under Credit Watch with
Developing Implications
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the bank facilities of
Dakshin Odisha Urja Private Limited takes into account the delays
in the servicing of debt obligations by the company. The delays in
the servicing of debt obligations by the company are on account of
non-payment of additional interest charged due to non-perfection of
security.
Going forward, the company's ability to service its debt
obligations in a timely manner, achievement of desired CUF and
timely receipt of payment from the off takers will be key rating
sensitivities.
Detailed description of the key rating drivers
Delays in servicing of debt obligations
The company has delayed the additional interest payment accrued due
to non-perfection of security. As per financial results of FY19,
the interest of INR0.52 crore is accrued and due on borrowings.
Weak financial risk profile of promoters
Essel Green Energy Private Limited (EGEPL, rated CARE C (CE)/Issuer
Not Cooperating) is the promoter company of Dakshin Odisha Urja
Private Limited (DOUPL) operating solar PV project of capacity 40
MW in Bargarh District of Odisha through DOUPL. EGEPL, promoted by
Essel Infraprojects Limited (EIL, rated CARE A4/ Issuer Not
Cooperating), is the holding company for the solar portfolio of the
Essel Group, and also provides O&M services to the projects owned
by the Essel Group. EIL had losses to the tune of INR198 crore in
the year FY19. The company is also monetizing its solar portfolio
to reduce debt at the holding company level.
Liquidity Position: Stretched
In FY19, the company has reported total operating income of
INR10.83 crore and net cash loss of INR4.31 crore. The company has
repayment obligations of INR7.70 crore in FY20 and expected to
generate gross cash accruals of INR6.99 crore thereby exhibiting
the stretched liquidity position.
Dakshin Odisha Urja Private Limited is a Special purpose vehicle
(SPV) of Essel Green Energy Private Limited (EGEPL, rated CARE C
(CE)/Issuer Not Cooperating) and is developing solar PV project of
total capacity 40 MW in Bargarh District of Odisha. The Power
Purchase Agreement (PPA) has been executed between DOUPL and the
power distribution company- Solar Energy Corporation of India
Limited (SECI) for the purchase of solar power for a period of 25
years at a tariff of INR4.43 per unit which has been revised to
INR3.74 per Kwh due to delay in commissioning.
DB REALTY: IL&FS PE Unit Moves NCLT Against Realty Firm
-------------------------------------------------------
The Economic Times reports that IL&FS India Realty Fund (IIRF), a
private equity arm of the debt-laden Infrastructure Leasing &
Financial Services, has approached the dedicated bankruptcy court
against Mumbai-based DB Realty over default of around INR108
crore.
IIRF is one of the largest domestic realty-focused funds with
investments in firms like Wadhwa Group, Noida Trade Towers and
Aparna Infra Housing. IIRF is a part of the IL&FS Investment
Managers (IIML), which has raised and managed over $3.5 billion,
the report says.
"The fund had lent the money to the BSE-listed realty firm. After
the developer defaulted on its dues in April 2019, IIRF decided to
approach the tribunal for recovery," ET quotes an official as
saying. "Both the parties have argued their sides at length as well
as filed their written submissions with NCLT."
According to the report, the Mumbai bench of the National Company
Law Tribunal (NCLT), presided over by Justice VP Singh and a
technical member Rajesh Sharma, has reserved the matter for order.
The realty firm was co-founded by Vinod Goenka and Shahid Balwa in
2007. This is the second time in two years that it faced insolvency
resolution plea from its lenders, the report notes. In 2017, LIC
Housing Finance had approached the tribunal after the firm failed
to repay around INR30 crore.
ET says the company had informed the exchange on October 17 that
the lender had withdrawn the insolvency plea after a
debt-settlement agreement was reached.
LIC had lent around INR200 crore in 2010 and INR188 crore was
disbursed to the developer. It had repaid over INR157 crore within
18 months from disbursement and the outstanding remained at
INR30.63 crore, ET discloses.
DB Realty Ltd is a real estate development company that focuses on
residential, commercial, retail and other projects, such as mass
housing and cluster redevelopment, in and around Mumbai.
DLP COTTON: CRISIL Migrates 'B+' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of DLP Cotton
(DLP) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 2 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with DLP for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DLP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DLP is consistent
with 'Scenario 2' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BBB' category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of DLP to 'CRISIL B+/Stable Issuer not cooperating'.
Morbi (Gujarat)-based DLP was set up in 2015 as a partnership by Mr
Piyush D Saradava and his family. It gins and trades in cotton.
Operations commenced in February 2016.
GOPISH PHARMA: CARE Keeps 'D' Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gopish
Pharma Limited (GPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 9.00 CARE D; ISSUER NOT COOPERATING;
Facilities based on best available
information
Short term 2.50 CARE D; ISSUER NOT COOPERATING;
Bank Facilities based on best available
information
Longterm/Short 0.50 CARE D; ISSUER NOT COOPERATING;
term Bank Based on best available
Facilities Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated August 7, 2018, placed the
rating(s) of GPL under the 'issuer non-cooperating' category as GPL
had failed to provide information for monitoring of the rating. GPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated October 7, 2019 and September 23, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on August 7, 2018, the following was the
rating weakness:
(Updated for the information available from the Registrar of
companies)
On-going delays: The ratings take into account the ongoing delays
by GPL in servicing of its debt obligations. This is on account of
delays in the realization of debtors. The same led to stressed
liquidity issues which resulted into delays in debt servicing
GPL is a closely held public limited company incorporated in 1995.
The company was originally incorporated as a private limited
company and its constitution was changed in 1996. The present
directors of the company include Mr. Ravi Prakash Goyal, Mr. Ratish
Goyal and Ms. Santosh Goyal. GPL is engaged in manufacturing of
generic drugs at its manufacturing facility located in Solan,
Himachal Pradesh. The main raw material of the company includes
chemicals and packing material which are procured from various
domestic manufacturers and traders. The group companies of GPL
include Gopish Foils and Gopish Pharma which are engaged into the
business of specialised packaging products and manufacturing of
injections respectively.
JADWET RESORTS: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jadwet Resorts
and Leisure Private Limited (JRLPL) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 10 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with JRLPL for obtaining
information through letters and emails dated
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JRLPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JRLPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of JRLPL to 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in fiscal 2014, JRLPL is based in Port Blair (Union
Territory of Andaman & Nicobar Islands) and is promoted by Mr.
Mohamed Jadwet and Mr. Zakir Jadwet.
The company is undertaking a project for setting up a high-end spa
resort on 9200 square metres on Vijay Nagar Beach in Havelock
(Andaman and Nicobar Islands). The project plan includes a 30-room
resort, one all-year restaurant, bar and lounge, indoor
meeting/conference space, and spa and scuba centre. The project
outlay is around INR20 crore. The operations are expected to start
from September 2018.
JANA CAPITAL: Ind-Ra Rates INR1.5MM NCDs 'B+'
----------------------------------------------
India Ratings and Research (Ind-Ra) has rated Jana Capital
Limited's (JCL) non-convertible debentures (NCDs) as follows:
-- INR1.5 mil. NCDs* due on May 31, 2023 ISIN INE028U08016 issued
on October 25, 2019 5% coupon rate assigned with IND
B+/Stable rating.
* The final rating has been assigned after the receipt of the
final documents, including the term sheet and debenture trustee
deed, by Ind-Ra.
Analytical Approach: The NCDs, which are issued to TPG Asia VI
India Markets Pte. Ltd, are unsecured and are junior to all the
issues raised by Jana Holdings Limited (JHL). Nevertheless, the
NCDs raised by JHL and the issuance by JCL have a cross-default
clause with JHL's indebtedness. The NCDs are created in the favor
of Catalyst Trusteeship Limited and are subservient to the existing
holders of the NCDs issued by JHL until the senior instruments are
paid-off on their due dates.
The rating is based on the credit profiles of JCL, JHL, and JSFB.
JCL and JHL derive their value from their direct/indirect holdings
in JSFB. JCL is a non-deposit taking non-bank finance company-core
investment company. All three companies have limited financial
strength. JCL holds 100% of JHL, which is a non-operating financial
holding company (NOFHC) of JSFB and the value of its investments is
derived solely from its 41.99% shareholding in JSFB. The investment
value is largely subject to the incremental performance of JSFB
(commercial banking operations commenced in July 2018) and the
bank's ability to manage credit costs emanating from its legacy
portfolio.
KEY RATING DRIVERS
Bank to Face Medium-Term Profitability Pressures: JSFB reported a
net loss of INR19.5 billion as a result of high credit costs,
however, lower than the FY18 loss of INR25 billion. It could face
profitability issues in the medium term as it will need to achieve
a certain scale to cover its operating and interest costs. Ind-Ra
expects a marginal improvement in JSFB's profitability in FY21
under the business-as-usual scenario, i.e. 45% growth in loans
under management over FY20-FY21 and assets under management of
INR130 billion-140 billion without any significant asset quality
deterioration. Most of the growth would be seen in the secured
asset classes and other non-microfinance products.
Liquidity Indicator - Poor for JCL, Adequate for JSFB: JCL, like
JHL, does not have cash flows to service its debt obligations and
depends on the monetization of its stake in JSFB or secondary sale
of shares, etc. before the maturity date of the respective
instruments. JCLs' subsidiary JHL would hold 41.99% stake in JSFB
post equity infusion and would need to list the bank before
end-March 2021.
JSFB maintains the surplus in each of the buckets in the up to one
year period as of August 2019 (6% of inflows as surplus). On
stressing the inflows, cumulative surplus at end-August 2019 was
about 3%. The bank has also seen the substantial mobilization of
deposits especially term deposits.
Liquidity Management Challenging; Deposits Continue to See
Traction: The bank continued to report asset funding surplus of 3%
and 6% of the total inflows, in March and August 2019,
respectively, in the short-term bucket of up to one year, as is
typical of entities with substantial operations in microfinance.
JSFB has also maintained excess statutory liquidity reserves in the
range of INR6.6 billion-15.4 billion between July 2019 and August
2019 in addition to the cash reserves that it needs to maintain as
part of the regulatory requirement. The bank's liquidity coverage
ratio stood at 1,027.24% at FYE19 (FYE18: 1,112.62%).
JSFB has been able to mobilize substantial deposits over September
2018-June 2019 with term deposits increasing to INR52.9 billion in
1QFY20 (FY19: INR38.5 billion, 1HFY19: INR17.7 billion), and
current and savings accounts to INR3.61 billion (INR3.1 billion,
INR0.464 billion). Total deposits stood at INR70.1 billion at
end-August 2019, of which 45% are of tenor for more than one year.
The bank received a scheduled status in August 2019.
Bank Capital Constrained: JSFB received capital infusions of INR7.8
billion over November 2018-March 2019 and INR19.4 billion over
September 2017-August 2018 to strengthen its eroding capital while
maintaining its regulatory capital levels. This capital was raised
through various new and existing investors. JHL had also raised
debt to infuse capital at JSFB against the expected valuation of
JSFB at the time of its listing before end-March 2021. At FYE19,
JSFB reported Tier I capital ratio of 12.3% (FYE18: 24.3%) and
total capital adequacy ratio at 18.8% (34.7%). The bank's net worth
stood at INR6.7 billion with leverage (advances/equity) of 9.2x at
FYE19, which is higher than most other SFBs. The bank is raising
INR3.5 billion of capital during 3QFY20. The proceeds from the NCDs
issued by JCL will be used for subscribing capital at the bank
level.
Considering JSFB would need growth capital to report net profits
while also reducing its leverage and maintaining regulatory
capital, Ind-Ra estimates the bank to require INR5 billion-6
billion of equity capital or internal accruals over the next 18-24
months, depending on their growth and profitability, to achieve a
scale that would deliver profitability with reasonable capital
buffers. JCL's divestment ability is limited as its subsidiary JHL
needs to hold at least a 40% stake in the bank for a minimum period
of five years ending FY23. Also, the bank may have substantial
accruals only by FY22, and hence, leverage may only increase.
High Refinancing and Valuation Risk: The NCDs face refinancing
risks. JHL faces limitations related to the dilution of its
shareholding in JSFB on account of regulatory requirements and
share pledges (1.99% pledged to exist lenders). The NCDs need to be
refinanced to the extent of the principal and the rate of return
promised to the investors. The NOFHC is required to hold at least a
40% stake in the bank for a minimum of five years ending FY23. The
NCDs have a cross-default clause with the existing indebtedness of
JHL. Any increase in JHL's shareholding on account of the proposed
infusion may be insufficient to repay existing obligations; hence,
the valuation risk is significant.
Improving Asset Quality: The bank reported significant write-downs
of INR25.14 billion in FY19, resulting in a substantial improvement
in its gross non-performing assets (NPAs) to 8% in FY19 (1HFY19:
35%, FY18: 42.21%) and net NPAs to 4.4% (1HFY19: 13%, FY18: 27.7%).
This also led to a decrease in the provision coverage ratio to
47.7% in FY19 (1HFY19: 70.8%, FY18: 47.5%). While the bank had
outstanding loans of INR31.8 billion in its 90 days+ bucket, it was
able to recover INR6.6 billion over FY18-FY19 with the maximum
recovery coming from 3-15 months bucket. Ind-Ra expects write-downs
to decrease to INR2 billion-3 billion in FY20, considering the
quantum of borrower spillover to 455 days+ bucket from 90-455 days
bucket will gradually decline. In the agency's assessment, the bank
may not see significantly higher credit costs on the newly
originated portfolio (post-December 2017 disbursement; also
reflected in the delinquency data). Old book (pre-December 2017
disbursement) is currently at 6.5% of overall assets under
management.
RATING SENSITIVITIES
Positive: A significant improvement in the bank's asset quality,
capitalization and leverage, and achievement of material
profitability earlier-than-expected by Ind-Ra could result in a
positive rating action.
Negative: A significant increase in the bank's leverage without a
commensurate improvement in the asset quality, inability to raise
equity as planned, capital levels close to the regulatory minimum
or a breach of the regulatory conditions, if any, and funding gaps
that in the agency's opinion prove challenging for the bank to meet
repayment obligations could result in a negative rating action. Any
unrelated diversification by the holding company could also result
in a rating downgrade.
COMPANY PROFILE
JCL was incorporated on March 26, 2015, to carry on the business of
an investment company and to invest, buy, sell and deal in and
disposal of any share, stock, and debenture. The company received a
certificate of registration dated March 24, 2017, from the Reserve
Bank of India as a non-banking financial institution –
non-deposit taking – systematically important core investment
company under section 45IA of the Reserve Bank of India Act 1934.
JHL is 100%-held by JCL. JSFB had total advances of INR70.49
billion and 250 branches at end-June 2019.
KAMALESH CONSTRUCTION: CRISIL Moves 'B' Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kamalesh
Construction Private Limited (KCPL) to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 3.2 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with KCPL for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of KCPL to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.
KCPL was set up in 1997 as a partnership firm named Kamalesh
Construction, and was reconstituted as a private limited company
with the current name in 2008. Mr Satyadev Swain, Mr Satyabrata
Swain, and Mr Gagan Behari Behera are the promoters. The company,
based in Angul (Odisha), undertakes civil construction contracts,
mainly relating to large manufacturing units. It also operates a
3-star hotel, Kalinga Guest House and Resorts, in Angul.
KARANJ TEXTILE: CARE Lowers Rating on INR17.81cr Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Karanj Textile Park Private Limited (KTPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term bank 17.81 CARE D Revised from CARE BB-;
facilities Stable
Detailed Rationale & Key Rating Drivers
The revision in the ratings assigned to the bank facilities of
KTPPL is primarily due to irregularity in servicing its debt
obligations owing to poor liquidity position.
Key rating sensitivity
Positive
* Establishing clear repayment track record for consecutive three
months
Detailed description of the key rating drivers
Key Rating Weaknesses
Ongoing delay in debt servicing
There is ongoing irregularity in servicing of debt obligation due
to poor liquidity position of the company.
Liquidity Analysis: Poor Liquidity
Cash flow mismatched from operations mainly on account of
non-receipt of subsidy from government within stipulated time
period. Cash & Bank balance as on March 31, 2018 remained at
INR1.60crore.
Karanj Textile Park Private Limited (KTPPL), incorporated in July,
2013, is a special purpose vehicle (SPV) to set up an integrated
textile park near Surat (Gujarat). KTPPL has got in-principle
approval under the Scheme of Integrated Textile Park (SITP) from
Ministry of Textile (MoT), Government of India (GoI) for its
proposed textile park project on February 02, 2016. The park is
being set up over 47.02 acres of land, out of which 32.37 acres
will be used for industrial purpose (about 42 textile units), 9.26
acres for road network and balance land would be used for providing
common infrastructure facilities viz. Sewerage Treatment Plant,
Admin block office, worker's training centre, Worker's
accommodation and Canteen, water supply distribution system, etc.
KTTPL has envisaged total project cost of about INR116.26 crore
which is proposed to be funded through INR41.21 crore of
promoters/members contribution, INR25.05 crore of term loans and
INR50.00 crore through subsidy from MOT-GOI and Government of
Gujarat (GOG). As on February 12, 2019, KTPPL had incurred total
cost of INR46.52 crore towards purchase of land, infrastructure
development cost and pre-operative expenses.
KHWAHISH MARKETING: CARE Keeps 'D' Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Khwahish
Marketing Private Limited (KMP) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 7.50 CARE D; ISSUER NOT COOPERATING;
Facilities based on best available
information
Short term 1.00 CARE D; ISSUER NOT COOPERATING;
Bank Facilities based on best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 24, 2018, placed the
rating of KMP under the 'issuer non-cooperating' category as KMP
had failed to provide information for monitoring of the rating. KMP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated October 7, 2019 and September 23, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on July 24, 2018, the following was the
rating weakness: On-going delays: The ratings take into account the
ongoing delays in meeting the debt obligations.
KMP was incorporated in 2004 and is currently being managed by Mr.
Prashant Sharma. The company is engaged in the trading of iron and
steel products such as hot rolled coils. The company procures the
product from manufacturers located in Delhi and nearby regions. The
company sells its products through commission agents as well as
directly to traders located in Delhi and nearby regions.
P.K. & COMPANY: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated P.K. & Company's
(PK) 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; and
-- INR250 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
November 5, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1992, PK is a Guwahati-based partnership firm that
undertakes road and bridge construction projects in Assam and
Meghalaya.
PUJA INDUSTRIES: CRISIL Migrates 'B' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Puja
Industries (PI) to 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.50 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 5.41 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with PI for obtaining
information through letters and emails dated July 29, 2019,
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PI to 'CRISIL B/Stable Issuer not cooperating'.
Set up in 1998 by Ruparel family, Gondia (Maharashtra)-based PI
manufactures tamarind kernel powder, which is used in textile
industries for rolling printing on synthetic fabric.
RADHE GIRDHARI: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Radhe Girdhari
Cold Storage Private Limited (RGCSPL) to 'CRISIL B/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit .3 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 5.6 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 1.8 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with RGCSPL for obtaining
information through letters and emails dated July 29, 2019,
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RGCSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RGCSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RGCSPL to 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in 2017, RGCSPL operates a cold storage unit for
storing potatoes, with a capacity of 6,000 MT, in the Khagaria
district of Bihar. The company also, at times, undertakes trading
in potatoes to ensure optimum capacity utilisation of its cold
storage unit. It also provides funding to the farmers against the
potatoes stored, which is in turn re-financed by the banks. The
company was started by Mr. Randhir Kesari.
RUBBER O MALABAR: Ind-Ra Affirms 'D' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rubber O Malabar
Products Private Limited's (ROM) 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 rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR45.80 mil. Term loan (Long-term) affirmed with IND D
(ISSUER NOT COOPERATING) rating; and
-- INR14.2 mil. Fund-based facilities (Long-term/Short-term)
affirmed with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
KEY RATING DRIVERS
The affirmation reflects ROM's delays in debt servicing, the
details of which are not available.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months could result in a rating upgrade.
COMPANY PROFILE
Incorporated in 2009, ROM manufactures various types of rubber
conveyor belts. It belongs to the Infinis group of companies that
is owned by a group of technocrats with industry presence of over
two decades.
RUSHABH FLOUR: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rushabh Flour
Mills Pvt Ltd.'s (RFMPL) 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:
-- INR60 mil. Fund-based working capital limit migrated to non-
cooperating category with IND BB (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR30 mil. Proposed fund-based working capital limit* migrated
to non-cooperating category with Provisional IND BB (ISSUER
NOT COOPERATING) / Provisional IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 9, 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 2007, Rushabh Flour Mills manufactures wheat
products such as flour, semolina, and tandoori flour. The company
undertakes purchases and sales through brokers. It sells finished
products under the Royal Classics brand.
SATABDI TEA: CRISIL Migrates 'B' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Satabdi Tea
Processing Private Limited (STPPL) to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.25 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Letter Of Guarantee .50 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 7.75 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with STPPL for obtaining
information through letters and emails dated
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of STPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on STPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of STPPL to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.
Incorporated in December 2013 by Mr Nikunj Agrawal and Mr Nikhar
Agrawal, STPPL is engaged in processing and manufacturing of
crushed-torn-curled (CTC) tea in Siliguri, West Bengal. The unit
has processing capacity of 20 lakh kg per annum. Commercial
production started from June 2017.
SHANTI AGRO: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shanti Agro
Foods Private Limited (SAFPL) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 24.50 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 1.46 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 3.04 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SAFPL for obtaining
information through letters and emails dated
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SAFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAFPL is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SAFPL to 'CRISIL D Issuer not cooperating'.
SAFPL was established as a partnership firm, Shanti Agro Foods, in
2008 by Mr Sahil Verma and Mr Bishanbar Lal. In 2014, the business
operations were taken over by SAFPL with Mr Sahil Verma and Mr
Bishanbar Lal as directors. The company mills and processes basmati
and non-basmati rice. Its facility at Nilokheri in Karnal, Haryana,
has milling and sorting capacity of around 10 tonne per hour.
SHIVAM OFFSET: CRISIL Migrates 'B' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shivam Offset
(SO) to 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5.83 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SO for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SO, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SO is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SO to 'CRISIL B/Stable Issuer not cooperating'.
Set up by Mr Sanjay Thorwat as a proprietary firm in 2000, SO
prints textbooks for schools and colleges, and undertakes
commercial printing of files, calendars, and pamphlets at its unit
in Kolhapur, Maharashtra.
SOUTH PARK: CRISIL Migrates 'B-' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of South Park
Motor Private Limited (SPMPL) to 'CRISIL B-/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line 10 CRISIL B-/Stable (ISSUER NOT
Overdraft COOPERATING; Rating Migrated)
Facility
Electronic Dealer 15 CRISIL B-/Stable (ISSUER NOT
Financing Scheme COOPERATING; Rating Migrated)
(e-DFS)
CRISIL has been consistently following up with SPMPL for obtaining
information through letters and emails dated
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SPMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPMPL is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SPMPL to 'CRISIL B-/Stable Issuer not cooperating'.
Incorporated in February 2016, SPMPL, promoted by the Mohandas
family, is a part of the South Park group and a dealer of MSIL
passenger vehicles in Thiruvananthapuram. It has been running one
showroom and workshop since October 2016.
SPACK LAMINATORS: CRISIL Reaffirms B+ Rating on INR7cr Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Spack Laminators Private Limited (SLPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (Reaffirmed)
Letter of Credit 1 CRISIL A4 (Reaffirmed)
Term Loan 3 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect the company's exposure to intense
competition, its highly leveraged capital structure and moderate
working capital requirements. These weaknesses are partially offset
by the extensive experience of SLPL's promoters in the packaging
industry and healthy relations with customers and suppliers.
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to intense competition: Intense competition in the
fragmented packaging industry constrains the operating margin of
players such as SLPL. These entities also lack pricing power
against large end-users in the edible oil, pharmaceutical, and
packaged foods industries.
* Leveraged capital structure: TOL/TNW ratio stood at 3.92 times as
on March 31, 2019 (2.98 times a year ago), due to the modest
networth of INR5.06 crore.
* Moderate working capital requirements: Operations are likely to
remain moderately working capital intensive over the medium term
and hence its efficient management shall remain a key rating
sensitivity factor. Gross current assets have been at 124 days over
the three fiscals ended March 31, 2019, driven by sizeable debtors
(73 days) and moderate inventory of raw material and finished goods
(46 days).
Strength
* Extensive experience of the promoters: Benefits from the
promoters' experience of over two decades, their in-depth
understanding of the dynamics of the market and healthy relations
with leading companies, such as Bunge India Pvt Ltd and JBF
Industries Pvt Ltd should continue to support the business.
Liquidity Poor
Liquidity is under pressure. Net cash accrual is expected at
INR0.72-0.98 crore each in fiscals 2020 and 2021 vis-a-vis annual
maturing debt of INR0.6 crore. Bank limit utilisation averaged 94%
in the 6 months through May 2019. Current ratio is estimated at
1.06 times as on March 31, 2019.
Outlook: Stable
CRISIL believes SLPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in revenue and profitability results in
higher-than-expected net cash accrual and working capital
management is prudent. The outlook may be revised to 'Negative' if
decline in revenue and profitability, larger-than-expected,
debt-funded capital expenditure, or sizeable working capital
requirement weakens financial risk profile, especially liquidity.
Rating Sensitivity factors
Upward factors
* Improvement in operating income by over 20%, and margin by 200
basis points
* Increase in cash accruals
Downward factors
* Decline in operating income by more than 10% in comparison to
fiscal 2019
* Fall in operating profitability in comparison to fiscal 2019
* Larger-than-expected debt-funded capex weakening the financial
risk profile
Incorporated in 1991, SLPL, promoted by Mr R K Gupta, Mr Ritesh
Bansal, and Ms Indira Gupta, manufactures multi-layer laminations
and pouches (three-layer), used for packaging in various industries
such as food & grain, pharmacy, confectionary, and fast moving
consumer goods. The manufacturing facility at Ghaziabad, Uttar
Pradesh has an installed capacity of 5840 tonne per annum.
TIRUPATI BASMATI: CARE Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirupati
Basmati Exports Private Limited (TBE) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 7.57 CARE D; ISSUER NOT COOPERATING;
Facilities based on best available
information
Short term 0.75 CARE D; ISSUER NOT COOPERATING;
Bank Facilities based on best available
information
Longterm/Short 123.50 CARE D; ISSUER NOT COOPERATING;
term Bank Based on best available
Facilities Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 12, 2018, continued to
place the ratings of TBE under the 'Issuer Not Cooperating'
category as the company had failed to provide the information
required for monitoring of the ratings as agreed to in its rating
agreement. Tirupati Basmati Exports Private Limited continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and a letter/email dated September
26, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available Information
which however, in CARE'S opinion is not sufficient to arrive at a
fair rating. The rating of bank facilities of Tirupati Basmati
Exports Private Limited will be denoted as CARE D; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
CARE couldn't contact the banker and no other information is
available. However, at the time of last review, the rating took
into account the delays in debt servicing by the company.
Tirupati Basmati Exports Pvt Ltd (TBE) was established as a
partnership firm (under the name and style M/s Tejinder Kumar and
Brothers) in 1985 by first generation entrepreneur, Mr Nathi Ram
Gupta in Karnal, Haryana. The firm was reconstituted as a private
limited company and was renamed to TBEPL in March 2009. The company
is engaged in milling, processing and selling of various varieties
of basmati rice. The company's manufacturing unit is located in
Karnal (Haryana) with a total installed capacity of 24 Metric
Tonnes per Hour (MTPH) as on December 31, 2015 and additional
sorting capacity of 18 MTPH through its 3 sortex plants. The
company also processes semi-processed rice procured from small rice
millers.
TOPSGRUP SERVICE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Topsgrup Service (India) Limited
Registered office:
5, Royal Palms Golf & Country Club
Aarey Milk Colony
Goregaon (E) Mumbai
Maharashtra 400065
Insolvency Commencement Date: October 22, 2019
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: April 19, 2020
Insolvency professional: Mr. Uday Shreeram Sakrikar
Interim Resolution
Professional: Mr. Uday Shreeram Sakrikar
303, Rahul Vihar A
Lane 8 Dahanukar Colony
Kothrud, Pune
Maharashtra 411038
E-mail: ipudaysakrikar@gmail.com
ip.topsgrup@gmail.com
Last date for
submission of claims: November 5, 2019
URANUS STONE: CRISIL Migrates 'B-' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Uranus Stone
Products And Co. (USPC) to 'CRISIL B-/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 5 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with USPC for obtaining
information through letters and emails dated July 17, 2019,
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of USPC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on USPC is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of USPC to 'CRISIL B-/Stable Issuer not cooperating'.
Operations beginning in March, 2017, USPC is engaged in stone
crushing activity in Meghalaya. Mr Ankit Mittal, Mr. Rohit Mittal
and Mr. Comforme Mukhim are the partners of the firm. USPC's stone
crushing unit with a capacity of 300 tonnes per hour is situated
near Killing, Meghalaya.
ZIV HOTELS: CRISIL Migrates INR7cr LT Loan Rating From B/Not Coop.
------------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the rating on the
bank facilities of Ziv Hotels Private Limited (ZHPL) to 'CRISIL
B/Stable issuer Not Cooperating'. However, the management has
subsequently started sharing the requisite information for carrying
out a comprehensive review of the rating. Consequently, CRISIL is
migrating the rating to 'CRISIL D' from 'CRISIL B/Stable' Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 7 CRISIL D (Migrated from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
The rating reflects ZHPL's Delays in servicing interest
obligations, yet-to-start operations, and project-related risks.
These weaknesses are partially offset by the experience of the
partners.
Key Rating Drivers & Detailed Description
Weaknesses
* Delays in servicing interest obligations: There are instances of
delays in servicing interest obligations. Penal interest has been
charged for the past one year due to delays in the interest
obligations. However all the overdue has been paid till date.
Further the company claimed that during the sanction of term loan,
Interest during Construction was as a part of Cost of Project,
however it is not confirmed by the banker as well as not written on
the bank sanction letter
* Yet-to-start operations
The commercial unit is under construction and operations are
expected to commence from April 2021. As a result of the
yet-to-start operations, business risk profile will continue to
remain constrained.
* Project-related risks
As the project is under construction, the firm remains exposed to
risks related to timeliness in project completion, and demand
thereafter.
Strength
* Experience of promoters
Benefits from the promoters' experience of around a decade, their
strong understanding of the local market dynamics, and healthy
relations with customers and suppliers should continue to support
the business.
Liquidity: Poor
* Delays in servicing interest obligations: There are instances of
delays in servicing interest obligations. Penal interest has been
charged for the past one year due to delays in the interest
obligations. However all the overdue has been paid till date.
Further the company claimed that during the sanction of term loan,
Interest during Construction was as a part of Cost of Project,
however it is not confirmed by the banker as well as not written on
the bank sanction letter.
Rating sensitivity factor
Upward factor
* Timely completion of the project and no delays in servicing
interest debt term obligations
* 65% of the occupancy expected in the first year of its
operations.
Incorporated in 2015, Ziv Hotels Private Limited (ZHPL) is a
private entity promoted by Mr Panna Lal Anand and Mr Vikas
Sehrawat. The company proposes to set up a Hotel in Candolin, Goa
where in apart from the basic hotel facilities such as
accommodation, restaurant etc., other facilities in the form of
Motel, holiday camping, Spa and health club etc. would also be
offered. The said project is under construction phase and is likely
to turn operational effective April, 2021.
=================
I N D O N E S I A
=================
BUANA LINTAS: S&P Assigns 'B+' Long-Term ICR, Outlook Stable
------------------------------------------------------------
On Nov. 1, 2019, S&P Global Ratings assigned its 'B+' long-term
issuer credit rating to PT Buana Lintas Lautan Tbk. (BULL). At the
same time, S&P withdrew the preliminary 'B+' long-term issue rating
on the company's proposed U.S. dollar-denominated senior unsecured
notes.
The rating reflects BULL's modest size, fleet age, high
concentration in Indonesia, single-customer risk, growth
aspirations, and overall short-dated debt maturities. Indonesia's
protectionist environment and the company's growth potential, high
proportion of time charter contracts translating into revenue
visibility and high margins, and moderate leverage temper these
weaknesses.
BULL's fleet size will remain smaller and older than that of global
peers for the next several years. As of Oct. 31, 2019, the company
has 23 vessels. A few large vessels remain important revenue
contributors, meaning any problem with one of these vessels could
affect earnings meaningfully. BULL's low capital intensity strategy
to employ second-hand boats results in its average fleet age of
about 19 years. This is higher than global industry average of 14
years for crude tankers, consistent with 20 years for
product/chemical tankers but lower than the Indonesian-flagged
average of about 25 years. An older fleet may also imply rising
operating costs and operating performance issues in future.
The company operates mainly in Indonesia, and its performance is
therefore largely driven by the country's energy policy, as
redeploying its fleet overseas may prove less attractive in terms
of revenue stability and margins.
The high dependence on PT Pertamina (Persero), which will account
for 80%-85% of revenue 2019 onward, leaves BULL's business highly
exposed to any negative development in the relationship. For
instance, revenue contribution from Pertamina fell by half in 2018
after the company blacklisted BULL for six months due to delays in
obtaining vessel import-related customs documents. While BULL could
replace Pertamina's share of revenue by placing vessels on the
international spot and time-charter market, this incident
highlights risks related to the quality of the relationship with,
and strategic priorities of, Pertamina.
BULL is focusing on growing its relationship with Pertamina to
expand its fleet, which could double in the next three years in the
absence of disposals. The company had committed to three vessels in
the third quarter of 2019, and plans to acquire an additional two
vessels in the fourth quarter. Failure to source second-hand
vessels at attractive prices or to place them at good rates would
pressure the company's leverage.
In the absence of a bond issuance and high spending period, BULL's
reliance on debt instruments with maturities of two to three years
results in sizable refinancing need over the next six-12 months.
The company's failure to extend permanently its debt maturity
profile would pressure its creditworthiness. S&P estimates the
weighted average maturity of debt was 2.1 years, barely above the
two-year mark, below which it sees clear refinancing risks.
The Indonesian maritime law poses high barriers to entry from
foreign competitors. The cabotage principle allows only Indonesian
owned and operated ships to transport goods in domestic waters. The
controlled nature of the domestic market results in domestic
freight rates exhibiting less correlation with global rates. S&P
said, "This arrangement protects BULL from the industry's high
volatility at the expense of revenue growth during industry
upturns, in our opinion. Given expanding consumption of hydrocarbon
in Indonesia, we believe the domestic shipping market has growth
potential."
In addition to downside protection, BULL has good revenue
visibility, due to the high proportion of fixed time charter versus
spot contracts (generally 90:10). Time charter contracts are
typically multi-year and have fixed price. BULL also demonstrates
proactive fleet management to maximize its earnings generation
capability. For instance, the company renewed the charter contracts
for two vessels--BULL Papua and BULL Sulawesi--in October 2019.
Furthermore, BULL's revenue visibility reflects the company's good
relationship with Pertamina and efficiency standards. The company
also enjoys high and resilient EBITDA margin above 50% given the
charterer pays for voyage costs.
S&P said, "We expect BULL to maintain moderate leverage. We believe
the company will be prudent in buying new vessels and maintain its
financial policy of a ratio of gross debt to EBITDA well below
3.5x.
"The stable outlook reflects our expectation that BULL will
steadily expand its fleet in the next 18 months and find contracts
at attractive rates for the additional vessels, so that its EBITDA
almost doubles by 2020. In the absence of the notes issuance, we
expect the company to refinance its debt and raise new facilities
with sufficient tenor in the next few months, so that its weighted
average maturity remains well above two years."
Failure to grow earnings decisively and, hence, operating cash
flow, so that its ratio of funds from operations (FFO) to debt
falls sustainably and markedly below 25% could lead us to lower the
rating on BULL. This would primarily happen if the company's
revenues stagnate or margins erode as a result of less supportive
market conditions, or loosening terms of Indonesia's cabotage law.
A weakening relationship with Pertamina, evident from a lack of
timely renewal of contracts or new vessel placement with Pertamina,
would also put pressure on the rating. In addition, BULL's
inability to lengthen its debt maturities would precipitate a
downgrade.
An upgrade is unlikely, given BULL's high concentration to a single
customer and its small scale. S&P could raise the rating if the
company establishes a record of expanding its fleet steadily, while
preserving a close relationship with Pertamina and a conservative
capital structure and funding profile.
CIKARANG LISTRINDO: Moody's Affirms Ba2 CFR, Alters Outlook to Pos.
-------------------------------------------------------------------
Moody's Investors Service revised the outlook on Cikarang Listrindo
(P.T.)'s ratings to positive from stable.
In addition, Moody's has affirmed Cikarang's Ba2 corporate family
and senior unsecured bond ratings.
RATINGS RATIONALE
"The positive outlook reflects the continued improvement in
Cikarang's business profile, and our expectation that the company
will maintain a solid financial profile and strong liquidity," says
Spencer Ng, a Moody's Vice President and Senior Analyst.
Over the last three years, Cikarang has successfully commissioned
and ramped up its 280 megawatt coal-fired power station. At the
same time, the company's power sales have grown to 5,108 gigawatt
hours in 2018 from 4,801 GWh in 2016.
Moody's estimates that Cikarang's retained cashflow (RCF)/debt will
stay between 14% and 17% over the next two years, assuming that (1)
management will continue to maintain a dividend payout ratio of
around 64%, and (2) the company's growth plans -- which will focus
on organic opportunities -- will be funded without incurring
additional debt.
Cikarang continues to benefit from stable cash flow generation,
underpinned by (1) its exclusive licenses to supply electricity in
five industrial estates with over 2,400 industrial customers, (2)
its solid operating record, and (3) the supportive features in its
long-term power supply agreements with customers, which help
mitigate its exposure to fluctuations in fuel costs.
These credit strengths offset Cikarang's reliance on fuel supply
from third parties to meet its generation needs.
With regards to environmental, social and governance risks,
Cikarang has manageable exposure to carbon transition risk. Around
75% of Cikarang's generation capacity comes from gas-fired power
stations, which are less carbon intensive than coal-fired power
stations. Moreover, management is actively pursuing opportunities
to grow rooftop solar generation and the use bio-mass fuel in its
coal-fired power station.
Moody's expects that changes to Indonesia's energy mix will be
gradual, and that there are unlikely to be adverse policy actions
to discourage coal-based additions in the medium term; a situation
which further reduces Cikarang's exposure to an adverse policy
change.
Moody's could upgrade Cikarang's ratings if there is (1) a further
track record of the company's capital management plans and
adherence to its stated dividend payment policy, and (2) further
clarity over the extension of its key long-term gas supply
arrangement with Pertamina (P.T.) (Baa2 stable), and its 150MW
power supply contract with Perusahaan Listrik Negara (P.T.) (Baa2
stable) expiring in December 2019.
An upgrade will also be predicated on there being no material
deterioration in Cikarang's operating performance, and maintenance
of its RCF/debt at the current level.
The outlook could revert to stable if Cikarang's operational or
financial profile deteriorates, which could result from a material
increase in debt-funded capacity expansions or a material increase
in dividend payments. Specific financial metrics that Moody's would
consider in changing the outlook to stable include RCF/debt falling
below 13% on a sustained basis.
The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.
Cikarang Listrindo (P.T.) is an independent power producer that
supplies electricity to over 2,400 industrial customers in five
industrial estates in the Cikarang region, in the outskirts of
Jakarta. The company owns and operates natural gas-fired combined
cycle power stations and a coal- fired power plant, with a total
combined capacity of 1,144 MW as of October 31, 2019.
=====================
N E W Z E A L A N D
=====================
GCC RESTAURANTS: Unpaid Bills 'Not My Responsibility,' Chef Says
----------------------------------------------------------------
Charlie Gates at Stuff.co.nz reports that a celebrated chef said
suppliers left out of pocket by the liquidation of his Christchurch
restaurant earlier this year are not his responsibility.
Award-winning Lyttelton restaurant Roots went into liquidation in
June, seven years after it was established by chef Giulio Sturla
and Christy Martin in 2012, the report says.
The pair were the sole directors of the company behind the
restaurant, GCC Restaurants, and held an equal 50-50 share of the
company. Rodgers Reidy was appointed liquidator by a special
resolution of the shareholders, Stuff discloses.
According to Stuff, the liquidator's first report in June stated
the business owed about NZ$9,000 in unpaid holiday pay to employees
and about NZ$74,000 to a host of food and drink suppliers.
Stuff relates that Mr. Sturla said the business did not go into
liquidation for financial reasons.
"There was never a money problem," he said.
The restaurant closed its doors three days after he resigned.
People who are still owed money should contact the liquidator, he
said.
"It is not my responsibility," the report quotes Mr. Stuff as
saying. "If you want to know where your money is, contact the
liquidator. I resigned from the business and I don't know anything
about it.
"Roots was a restaurant run by me. When the chef leaves, everything
falls. When I left the restaurant, people were cancelling their
bookings because Giulio is not cooking anymore."
Before its sudden closure, Roots was the first restaurant outside
of Auckland to be awarded Cuisine magazine's maximum three hats. It
had a long wait for bookings, and was warmly reviewed during its
seven-year reign in Lyttelton.
Mr. Sturla said people were owed money because the restaurant went
into liquidation so quickly, Stuff relays.
NELSON RELIANCE: Debt Rises to Nearly NZ$5 Million
--------------------------------------------------
Katy Jones at Stuff.co.nz reports that debt owed by the liquidated
boat-building company Nelson Reliance Engineering has climbed to
nearly NZ$5 million.
Liquidators have also raised concerns about inconsistencies in
information they have received from its directors, Stuff says.
Stuff, citing the latest liquidators' report, discloses that claims
by unsecured creditors to the company, run by Nevil and Amber
Basalaj, accounted for the rise of almost NZ$1 million over the
last six months.
Unsecured creditors' claims stood at NZ$4,173,909 in October,
compared to NZ$3,242,633 in the last report in April.
The company owed NZ$4.7 million in total, including NZ$482,576
claimed by IRD.
According to Stuff, liquidators said they had now received
information requested about the company's financial affairs from
the Mr. Basalajs' agent, so did not now need to pursue court action
to obtain it.
But Rhys Cain from Ernst & Young said some of the information
provided raised concern, Stuff relays.
"We've uncovered a significant amount of information that is very
concerning to us, due to inconsistency with what has been presented
to us previously."
There was inconsistency relating to GST documentation, Cain said,
but would not give further details.
Liquidators had alerted the IRD, he said, Stuff relays.
"Our investigation is ongoing and we're doing everything we can to
help IRD by providing company records to assist their
investigation."
Nelson Reliance Engineering went into liquidation in March 2018,
leaving more than 170 companies in Nelson and elsewhere out of
pocket, Stuff recalls.
Liquidators sought legal advice earlier this year after the couple
went on holiday to the United States, rather than respond to
questions.
It was not uncommon for a liquidation investigation to last this
long, Mr. Cain said.
"There are a number of complex transactions that have occurred that
take some time to investigate and gather evidence on."
Liquidators were still looking into a pre-liquidation debtor
balance owed by a related party, adds Stuff.
About Nelson Reliance
Nelson Reliance Engineering was operating under an umbrella
company, Challenge Marine, also run by Mr. Basalaj. He owns
another company, Fluid Power Solutions, under the Challenge New
Zealand umbrella, and two other companies; Basalaj Properties and
Basalaj Racing.
Nelson Reliance Engineering went into liquidation in May 2018.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Oct. 28, 2019 to Nov. 1, 2019
------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 1.00
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.09
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.09
CHINA
----
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.00
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.06
ALAER NORTHWESTERN INDUST 5.35 09/16/22 CNY 60.00
ALAER NORTHWESTERN INDUST 5.35 09/16/22 CNY 61.21
ALAER XINXIN STATE-OWNED 6.80 06/16/22 CNY 50.60
ALAER XINXIN STATE-OWNED 6.80 06/16/22 CNY 56.87
ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 40.18
ANHUI FOREIGN ECONOMIC CO 7.30 07/13/21 CNY 70.01
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 41.15
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 47.18
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 41.29
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 44.57
ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 20.19
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 60.00
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 61.87
ANSHUN STATE-RUN ASSETS M 6.98 01/10/20 CNY 20.01
ANSHUN STATE-RUN ASSETS M 6.98 01/10/20 CNY 20.06
BAODING NATIONAL HI-TECH 7.33 12/24/19 CNY 20.06
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.00
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.97
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 61.54
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 65.50
BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 47.27
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.32
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.65
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.26
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 40.00
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 40.83
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 40.90
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 41.15
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 41.40
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.09
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.43
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.30
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 61.26
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 20.51
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 23.68
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.24
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 22.10
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.27
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.57
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 40.57
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 41.01
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 43.87
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 41.30
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 41.41
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 41.20
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 41.33
BENGHU HI NEW TECH INVEST 8.70 04/17/21 CNY 40.00
BENGHU HI NEW TECH INVEST 8.70 04/17/21 CNY 41.15
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 60.00
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 60.27
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 61.58
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 65.65
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 40.69
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 50.00
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 40.79
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 43.40
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 60.00
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 60.66
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.00
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.17
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.15
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.50
C&D REAL ESTATE CORP LTD 6.15 04/03/20 CNY 20.24
CANGZHOU CONSTRUCTION & I 6.72 01/23/20 CNY 20.16
CANGZHOU CONSTRUCTION & I 6.72 01/23/20 CNY 20.30
CEFC SHANGHAI INTERNATION 4.08 09/09/21 CNY 60.00
CEFC SHANGHAI INTERNATION 4.98 12/10/20 CNY 61.29
CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 40.62
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 41.18
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 41.40
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 20.16
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 61.67
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 68.20
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 57.48
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 61.00
CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 46.69
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 62.58
CHANGSHA PILOT INVESTMENT 6.70 12/10/19 CNY 20.09
CHANGSHA TIANXIN CITY CON 3.43 08/08/23 CNY 74.60
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 41.22
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 44.00
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.00
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.72
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 20.13
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 62.00
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 67.32
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 41.36
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 47.00
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 40.61
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 41.32
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 50.30
CHANGXING URBAN CONSTRUCT 6.80 11/30/19 CNY 20.00
CHANGXING URBAN CONSTRUCT 6.80 11/30/19 CNY 20.03
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 59.00
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 60.07
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.15
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.20
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 40.00
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 41.05
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.00
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.26
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 20.16
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.51
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.70
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 60.00
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 60.40
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.34
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.80
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 20.10
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 20.24
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 41.05
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 46.00
CHENGDU HI-TECH INVESTMEN 6.28 11/20/19 CNY 20.05
CHENGDU HI-TECH INVESTMEN 6.28 11/20/19 CNY 20.35
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 40.95
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 38.50
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 40.43
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 61.25
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 68.83
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 59.30
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 60.33
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 17.05
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 20.16
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 60.00
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 61.60
CHENGDU XINGJIN URBAN CON 7.30 11/27/19 CNY 20.08
CHENGDU XINGJIN URBAN CON 7.30 11/27/19 CNY 25.40
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 41.07
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 42.30
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 41.34
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 41.37
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.25
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.56
CHENZHOU HIGH-TECH KLC HO 6.45 01/23/22 CNY 60.59
CHENZHOU HIGH-TECH KLC HO 6.45 01/23/22 CNY 68.60
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 19.99
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 20.00
CHENZHOU XINTIAN INVESTME 6.15 04/24/22 CNY 59.18
CHINA MINSHENG INVESTMENT 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDINGS 8.90 12/13/21 CNY 50.01
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 40.00
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 40.49
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 40.81
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.00
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 61.10
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 64.00
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 40.62
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 41.00
CHONGQING BEIFEI INDUSTRY 7.13 12/25/19 CNY 20.15
CHONGQING BEIFEI INDUSTRY 7.13 12/25/19 CNY 20.30
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 40.00
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 40.76
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 40.00
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 41.35
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.12
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.25
CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 20.48
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 20.08
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 20.20
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 60.00
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 60.29
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 41.45
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 47.33
CHONGQING FULING STATE-OW 6.39 01/21/20 CNY 20.18
CHONGQING FULING STATE-OW 6.39 01/21/20 CNY 21.20
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 60.00
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 60.31
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 41.79
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 50.80
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 40.00
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 40.98
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.00
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 40.00
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 40.46
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.79
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 40.94
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.12
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.32
CHONGQING HONGRONG CAPITA 7.20 10/16/19 CNY 20.02
CHONGQING HONGRONG CAPITA 7.20 10/16/19 CNY 20.15
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 20.07
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 25.00
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 40.63
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 40.70
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 40.90
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 41.01
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.56
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.37
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.65
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 41.30
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 41.33
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 41.45
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 41.80
CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 69.68
CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 69.70
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 69.87
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 69.95
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 69.97
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 70.10
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.27
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.28
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 40.93
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 41.70
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 20.00
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 20.09
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 40.00
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 40.00
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 20.20
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 60.05
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 66.25
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.52
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.70
CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 40.75
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 60.00
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 61.82
CHONGQING WANSHENG ECO & 6.39 04/17/20 CNY 20.16
CHONGQING WANSHENG ECO & 6.39 04/17/20 CNY 20.20
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 40.63
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 40.91
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 43.90
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 45.00
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 61.66
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 64.21
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 41.43
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 42.33
CHONGQING YONGCHUAN HUITO 7.33 10/16/19 CNY 20.01
CHONGQING YONGCHUAN HUITO 7.33 10/16/19 CNY 20.32
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 40.77
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 41.60
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 60.00
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 61.78
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.00
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.63
CHONGQING YUXING CONSTRUC 7.30 12/10/19 CNY 19.52
CHONGQING YUXING CONSTRUC 7.30 12/10/19 CNY 20.08
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 40.91
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 61.15
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 64.55
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 19.76
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 19.80
CHUZHOU CITY CONSTRUCTION 6.81 11/23/19 CNY 20.07
CHUZHOU CITY CONSTRUCTION 6.81 11/23/19 CNY 20.16
CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 41.00
CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 41.46
CHUZHOU TONGCHUANG CONSTR 7.05 01/09/20 CNY 20.00
CHUZHOU TONGCHUANG CONSTR 7.05 01/09/20 CNY 20.13
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.20
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 41.09
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 48.80
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.00
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 40.60
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.70
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 40.72
DALIAN DETA HOLDING CO LT 6.50 11/15/19 CNY 20.04
DALIAN PUWAN ENGINEERING 7.09 02/20/21 CNY 39.80
DALIAN PUWAN ENGINEERING 4.50 02/01/23 CNY 74.50
DALIAN PUWAN ENGINEERING 4.50 02/01/23 CNY 74.73
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 60.15
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 60.15
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.81
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 40.81
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.82
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 40.82
DANDONG PORT GROUP CO LTD 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 61.35
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 63.00
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 40.00
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 41.12
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 59.64
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 60.00
DANYANG INVESTMENT GROUP 6.81 10/23/19 CNY 25.02
DANYANG INVESTMENT GROUP 6.81 10/23/19 CNY 25.11
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 40.45
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 40.58
DAQING GAOXIN STATE-OWNED 6.88 12/05/19 CNY 20.03
DAQING GAOXIN STATE-OWNED 6.88 12/05/19 CNY 20.03
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 58.36
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 62.50
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 40.62
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 40.83
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 40.84
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 43.53
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 60.00
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 61.53
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 20.11
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 20.34
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 60.23
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 60.93
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 40.53
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 48.26
DONGLING GROUP INC CO 8.00 07/14/22 CNY 60.00
DONGLING GROUP INC CO 8.00 07/14/22 CNY 61.72
DONGTAI UBAN CONSTRUCTION 7.10 12/26/19 CNY 20.08
DONGTAI UBAN CONSTRUCTION 7.10 12/26/19 CNY 20.15
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 41.16
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 41.17
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 48.48
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 60.98
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 61.76
DR PENG TELECOM & MEDIA G 6.00 06/16/22 CNY 65.01
DR PENG TELECOM & MEDIA G 7.00 04/25/23 CNY 75.00
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 60.00
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 60.29
EASTAR HOLDINGS GROUP CO 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTION 7.55 10/22/19 CNY 20.02
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 41.24
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 47.54
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.00
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.44
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 41.54
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 46.50
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 41.16
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 42.00
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 61.46
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 64.49
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 54.32
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 55.04
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 60.00
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 61.82
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 40.90
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 43.00
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 40.80
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 41.52
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.20
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.32
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 20.12
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 20.21
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 60.00
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 61.20
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.00
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 61.36
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 40.81
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 41.15
FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 40.33
FUQING CITY STATE-OWNED A 5.94 11/26/22 CNY 70.73
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 59.98
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 62.80
FUZHOU INVESTMENT DEVELOP 6.78 01/16/20 CNY 20.15
FUZHOU JIANGONG GROUP CO 6.80 12/10/19 CNY 40.14
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 60.00
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 60.00
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 61.11
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 61.36
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.20
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.28
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 60.00
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 61.80
GANZHOU DEVELOPMENT ZONE 8.15 12/31/19 CNY 25.19
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 25.24
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 32.60
GANZHOU DEVELOPMENT ZONE 8.15 12/31/19 CNY 33.50
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 39.00
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 41.03
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 20.06
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 25.00
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.00
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 61.33
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 40.30
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 40.68
GOOCOO INVESTMENT CO LTD 7.20 02/01/21 CNY 50.00
GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 25.06
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 61.73
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 64.00
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.73
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.76
GUANGDONG TAIANTANG PHARM 4.98 02/02/21 CNY 65.00
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 40.86
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 60.00
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 61.00
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 40.54
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 41.00
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 40.74
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 44.77
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 41.27
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 40.98
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 41.15
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 42.07
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 47.00
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 70.00
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 73.97
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 74.29
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.00
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.52
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 60.00
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 61.49
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 60.63
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 65.00
GUIYANG HI-TECH HOLDING C 6.01 12/01/19 CNY 25.01
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 74.00
GUIYANG URBAN DEVELOPMENT 6.20 02/28/20 CNY 20.03
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 60.00
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 61.05
GUIZHOU GUILONG INDUSTRIA 7.80 04/28/22 CNY 74.23
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 72.40
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 74.07
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 62.90
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 63.01
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 39.90
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 40.68
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 40.92
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 49.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 60.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 61.33
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 62.15
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 62.20
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 40.06
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 40.55
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 37.50
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 40.31
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.13
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.35
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 61.06
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 65.20
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 40.60
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 41.42
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 40.90
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.51
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 61.34
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 67.20
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.14
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.20
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 41.11
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 41.12
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 40.40
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 41.50
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.17
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.25
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 73.50
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 41.47
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 41.21
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 41.12
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 41.30
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.26
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.32
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.35
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.85
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 40.83
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 46.60
HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 41.34
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 43.26
HEFEI GAOXIN DEVELOPMENT 6.90 03/12/20 CNY 40.38
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 20.14
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 21.12
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 43.35
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 45.22
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 59.74
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 60.00
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 13.17
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 35.49
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 50.43
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 50.72
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.28
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 60.06
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 40.36
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 44.50
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.00
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 41.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 41.16
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 61.01
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 65.88
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 41.46
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 41.52
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.24
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.38
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 20.15
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 20.32
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 58.41
HUAIAN CITY URBAN ASSET O 6.87 12/26/19 CNY 20.16
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.45
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.85
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 41.05
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 47.84
HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 67.89
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.00
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.92
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 41.28
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 47.50
HUAIAN QINGHE NEW AREA IN 6.68 01/24/20 CNY 20.09
HUAIAN QINGHE NEW AREA IN 6.68 01/24/20 CNY 24.14
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 40.20
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 40.43
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.00
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.32
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 41.09
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 41.65
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 41.25
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 41.38
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 60.65
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 60.94
HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 40.71
HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 41.12
HUANGSHI URBAN CONSTRUCTI 6.96 10/25/19 CNY 20.02
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 60.00
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 61.47
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 61.96
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 62.40
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.20
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.21
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 20.01
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 20.01
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 40.33
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 40.52
HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 72.86
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 60.00
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 60.79
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 41.20
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 42.25
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 57.25
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 67.00
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 74.46
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 74.72
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 40.94
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 40.98
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 XIANGJIANG NEW AREA 7.36 03/17/21 CNY 40.00
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 41.31
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 58.60
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 60.64
HUZHOU CITY INVESTMENT DE 6.70 12/14/19 CNY 20.09
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 41.42
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 42.38
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 41.01
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 40.00
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 41.32
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 58.76
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 59.90
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 60.00
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 60.00
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 40.56
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 44.00
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 61.77
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 62.10
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.84
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.97
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 41.18
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 46.50
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 41.25
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 41.50
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.19
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.25
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 40.59
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 40.89
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.77
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.85
JIANGSU HANRUI INVESTMENT 5.00 08/31/23 CNY 74.63
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 41.16
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 49.30
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.17
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.19
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.00
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.87
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.00
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.61
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.00
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.99
JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 40.54
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 25.36
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 29.90
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 20.01
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 20.25
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 40.71
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 45.00
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 40.00
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 41.29
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 25.48
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 26.10
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 60.32
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 61.06
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 20.04
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 31.00
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 60.50
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 61.61
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 60.39
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 67.50
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 40.96
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 50.19
JIANGSU ZHANGJIAGANG ECON 6.98 11/16/19 CNY 20.07
JIANGSU ZHUFU INDUSTRIAL 4.93 12/29/20 CNY 70.06
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 58.90
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 68.51
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 40.97
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 49.34
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 40.98
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 41.10
JIANGYIN GAOXIN DISTRICT 6.60 02/27/20 CNY 20.15
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 40.30
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 41.00
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 59.46
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.03
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 40.77
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 42.75
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 20.02
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 21.50
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 59.30
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 62.86
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 20.07
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 24.43
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 41.28
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 45.17
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 41.37
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 41.80
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.00
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.46
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.70
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 41.22
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 20.00
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 20.07
JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 40.42
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 41.11
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 41.35
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 59.30
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 60.25
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 41.14
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 60.30
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 60.74
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.25
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.40
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 39.00
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 39.83
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 40.23
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 48.68
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 38.57
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 40.58
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 46.89
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 47.00
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 59.80
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 61.27
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 40.75
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 41.80
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.47
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 46.95
JINHU COUNTY STATE-OWNED 4.00 07/26/22 CNY 74.39
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 61.49
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 64.44
JINING HI-TECH TOWN CONST 6.09 04/30/22 CNY 61.50
JINING HI-TECH TOWN CONST 6.09 04/30/22 CNY 61.84
JINSHAN STATE-OWNED ASSET 6.65 11/27/19 CNY 20.06
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.00
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.16
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 40.62
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 40.80
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 40.94
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 44.91
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 40.89
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 41.04
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 45.00
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 60.71
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 62.82
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 59.55
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 60.66
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 60.36
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 61.70
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 20.20
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 40.79
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 60.00
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 60.18
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 60.05
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 60.16
KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 24.25
KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 24.25
KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 24.25
KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 36.10
KANGMEI PHARMACEUTICAL CO 5.33 01/27/22 CNY 36.69
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 25.33
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 60.00
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 61.23
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.36
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.36
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.08
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.16
KUNMING DONGJUN REAL ESTA 4.50 11/02/21 CNY 73.94
KUNMING EXPRESSWAY CONSTR 7.50 01/21/20 CNY 20.14
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 20.02
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 23.01
KUNSHAN CHUANGYE HOLDING 6.28 11/07/19 CNY 20.05
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 41.39
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 45.45
KUNSHAN HIGH TECHNOLOGY G 7.10 03/26/21 CNY 41.33
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 40.59
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 41.40
LANZHOU NATIONAL CAPITAL 6.32 09/10/21 CNY 34.90
LANZHOU NATIONAL CAPITAL 6.32 09/10/21 CNY 39.84
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.89
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 61.49
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 61.95
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 61.96
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 60.85
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 61.28
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 60.97
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 65.60
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 60.58
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 65.00
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 7.27
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.55
LILING LUJIANG INVESTMENT 7.18 09/05/21 CNY 40.83
LILING LUJIANG INVESTMENT 8.10 05/22/21 CNY 40.94
LILING LUJIANG INVESTMENT 8.10 05/22/21 CNY 43.00
LILING LUJIANG INVESTMENT 7.18 09/05/21 CNY 45.23
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.00
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.09
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 20.18
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.00
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.13
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 59.94
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 60.37
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.19
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.50
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 25.00
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 25.27
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 60.00
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 61.60
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.07
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.10
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.49
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.50
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 62.29
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 70.90
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 74.02
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.10
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.11
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 58.00
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 60.98
LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 40.94
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 41.25
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 50.31
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 40.00
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 41.51
LU'AN CITY CONSTRUCTION I 5.20 09/25/20 CNY 49.74
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.00
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.65
LUOHE CITY CONSTRUCTION I 6.99 10/30/19 CNY 20.06
LUOHE CITY CONSTRUCTION I 5.25 09/11/20 CNY 40.57
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 41.10
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 43.00
MAANSHAN ECONOMIC TECHNOL 7.10 12/20/19 CNY 20.08
MAANSHAN ECONOMIC TECHNOL 7.10 12/20/19 CNY 21.13
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 61.33
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 64.99
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 60.99
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 61.84
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 41.10
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 41.14
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 20.32
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 61.34
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 65.32
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.45
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.46
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 60.70
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 65.00
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.75
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.76
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 20.20
NANCHANG ECONOMY TECHNOLO 6.88 01/09/20 CNY 20.19
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.09
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.22
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 20.26
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 60.78
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 60.99
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 41.03
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 51.20
NANJING HEXI NEW TOWN ASS 3.47 06/17/21 CNY 69.84
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 40.79
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 42.10
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 20.12
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 20.00
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 20.01
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 20.11
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 62.13
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 41.24
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 46.80
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 20.07
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 20.10
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 40.95
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 44.80
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.43
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.83
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.00
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.64
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 41.22
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 45.40
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 20.19
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 24.00
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.53
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.55
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.15
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.25
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 60.00
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 61.55
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 40.63
NEIJIANG CITY XINGYUAN IN 4.28 08/16/23 CNY 74.37
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 41.32
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 48.53
NEOGLORY HOLDING GROUP CO 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GROUP CO 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP CO 8.10 11/23/18 CNY 72.00
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 41.27
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 46.30
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 61.13
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 61.36
NINGBO EASTERN NEW TOWN D 6.45 01/21/20 CNY 20.12
NINGBO EASTERN NEW TOWN D 6.45 01/21/20 CNY 20.32
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 41.31
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 49.00
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 61.88
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 68.29
NINGBO SHUNNONG GROUP CO 7.20 10/16/19 CNY 20.02
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.16
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.24
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.33
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.45
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 41.30
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 41.40
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 41.52
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 45.00
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 60.20
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 61.84
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 41.29
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 42.70
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 60.15
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 60.76
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 61.22
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 61.34
PANZHIHUA STATE OWNED ASS 5.41 07/29/20 CNY 19.30
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 40.32
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 40.85
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 61.30
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 62.92
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 20.00
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 20.06
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 40.50
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 41.06
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.00
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.25
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.17
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.17
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 59.71
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 60.00
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 20.04
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 20.08
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 61.24
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 62.46
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 41.38
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 48.80
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 40.00
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 40.80
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 41.23
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 41.41
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 61.27
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 66.90
QIANDONGNANZHOU KAIHONG A 7.80 10/30/19 CNY 19.95
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.00
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.22
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 59.32
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 66.80
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 20.01
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 62.48
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 41.50
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 41.66
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 41.69
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 62.09
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 64.90
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 41.13
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 41.34
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.46
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.56
QINGDAO JIAOZHOU CITY DEV 6.59 01/25/20 CNY 20.07
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 60.80
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 61.04
QINGDAO JIMO DISTRICT URB 8.10 12/17/19 CNY 25.16
QINGDAO JIMO DISTRICT URB 8.10 12/17/19 CNY 25.90
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 40.32
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 48.79
QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 52.33
QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 54.86
QINGHAI PROVINCIAL INVEST 7.25 02/22/20 USD 63.50
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 41.23
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 41.25
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 41.19
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 20.00
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 20.02
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 41.10
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 47.50
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 40.00
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 40.63
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 41.08
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 44.61
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.37
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 21.50
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.00
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.31
QINZHOU CITY DEVELOPMENT 7.10 10/16/19 CNY 40.00
QINZHOU CITY DEVELOPMENT 7.10 10/16/19 CNY 40.01
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 60.33
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 64.90
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 41.17
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 42.55
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.50
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.63
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 40.98
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 43.42
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.54
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.56
REWARD SCIENCE AND TECHNO 5.53 07/05/21 CNY 29.10
REWARD SCIENCE AND TECHNO 6.40 03/03/22 CNY 70.00
RIGHT WAY REAL ESTATE DEV 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.19
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.21
RUCHENG COUNTY HYDROPOWER 6.65 04/25/20 CNY 40.43
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 40.82
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 45.90
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 41.02
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 44.03
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 41.27
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 49.00
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.21
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.81
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 41.34
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 42.43
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 20.08
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 20.22
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 49.47
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 53.30
RUZHOU CITY XINYUAN INVES 4.43 09/26/23 CNY 73.47
RUZHOU CITY XINYUAN INVES 4.43 09/26/23 CNY 73.53
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 60.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 60.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 60.63
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 60.84
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 41.60
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 47.00
SHAANXI PROVINCIAL EXPRES 5.99 06/18/20 CNY 60.86
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 40.48
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 45.50
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 61.36
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 63.10
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 61.84
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 62.41
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.85
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.88
SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 61.69
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 62.45
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 40.42
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 44.00
SHANDONG JINMAO TEXTILE C 6.97 04/01/21 CNY 20.70
SHANDONG JINMAO TEXTILE C 8.00 09/25/20 CNY 35.84
SHANDONG PUBLIC HOLDINGS 7.18 01/22/20 CNY 20.17
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 40.29
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 43.40
SHANDONG SNTON GROUP CO L 5.18 09/08/21 CNY 8.52
SHANDONG SNTON GROUP CO L 6.20 05/30/21 CNY 9.50
SHANDONG TAIFENG HOLDING 5.80 03/12/20 CNY 20.12
SHANDONG TAIYANG INDUSTRY 5.97 03/02/21 CNY 71.43
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 60.00
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 60.33
SHANDONG WANTONG PETROLEU 5.97 11/29/21 CNY 33.95
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 39.11
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 39.94
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 18.50
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 20.31
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.96
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.98
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 25.05
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 25.15
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 25.47
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 25.50
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 20.19
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 41.18
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 41.30
SHANGHAI JINSHAN URBAN CO 6.60 12/21/19 CNY 20.09
SHANGHAI JINSHAN URBAN CO 6.60 12/21/19 CNY 20.18
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 50.96
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 51.07
SHANGHAI MINHANG URBAN CO 6.48 10/23/19 CNY 20.02
SHANGHAI MINHANG URBAN CO 6.48 10/23/19 CNY 20.10
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 60.79
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 61.77
SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 41.19
SHANGHAI PUTAILAI NEW ENE 5.30 05/18/20 CNY 66.67
SHANGHAI URBAN CONSTRUCTI 5.25 11/30/19 CNY 20.03
SHANGHAI YONGYE ENTERPRIS 6.84 05/21/20 CNY 25.43
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 20.44
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 25.40
SHANGQIU DEVELOPMENT INVE 6.60 01/15/20 CNY 20.16
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 47.90
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 47.99
SHAOGUAN JINYE DEVELOPMEN 7.30 10/18/19 CNY 20.04
SHAOGUAN JINYE DEVELOPMEN 7.30 10/18/19 CNY 20.14
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 59.70
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 63.39
SHAOXING CHENGZHONGCUN RE 6.50 01/24/20 CNY 20.10
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 60.00
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 61.61
SHAOXING CITY INVESTMENT 6.40 11/09/19 CNY 20.05
SHAOXING CITY INVESTMENT 6.40 11/09/19 CNY 20.20
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 61.58
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 68.00
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 41.21
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 45.26
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 60.00
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 61.68
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.00
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.66
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 60.00
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 61.49
SHAOXING PAOJIANG INDUSTR 6.90 10/31/19 CNY 20.02
SHAOXING PAOJIANG INDUSTR 6.90 10/31/19 CNY 20.14
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 41.05
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 43.90
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 40.61
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 40.80
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 41.50
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 41.73
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 40.86
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 41.41
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 41.96
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 42.30
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 41.10
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 60.00
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 60.98
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 60.52
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 61.26
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.23
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.39
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 60.96
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 67.50
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 61.92
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 74.42
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 74.92
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 72.84
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 75.00
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.20
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.23
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 61.78
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 67.20
SHIJIAZHUANG URBAN CONSTR 6.55 03/09/21 CNY 72.00
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.59
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.59
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 40.00
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 40.52
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 40.68
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 41.30
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 40.47
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 42.87
SHUANGLIU COUNTY WATER CO 7.40 02/26/20 CNY 25.16
SHUANGLIU COUNTY WATER CO 7.40 02/26/20 CNY 25.34
SHUANGLIU COUNTY WATER CO 6.92 07/30/20 CNY 25.47
SHUANGLIU COUNTY WATER CO 6.92 07/30/20 CNY 25.50
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 20.06
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 22.00
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.00
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.97
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 60.23
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 66.00
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 20.22
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 20.29
SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.62
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 61.01
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 68.00
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 60.00
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 61.67
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 40.00
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 41.38
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 59.89
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 61.10
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 41.04
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 47.82
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 40.30
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 40.76
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.18
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.20
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 59.13
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 64.18
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 40.00
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 40.01
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 40.79
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 41.20
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 41.07
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.71
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 41.83
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.91
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 29.01
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 40.29
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 40.60
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 20.09
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 20.07
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 24.80
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 41.14
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 41.13
SUZHOU URBAN CONSTRUCTION 5.79 10/25/19 CNY 19.90
SUZHOU URBAN CONSTRUCTION 5.79 10/25/19 CNY 20.02
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 40.78
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 41.00
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 60.80
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 61.53
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 41.01
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 42.60
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 19.90
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 20.15
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 40.65
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 41.36
TAICANG HENGTONG INVESTME 7.45 10/30/19 CNY 20.02
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 61.25
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 64.65
TAICANG URBAN CONSTRUCTIO 6.75 01/11/20 CNY 20.20
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 40.63
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 41.30
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 40.00
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 41.03
TAIYUAN HIGH-SPEED RAILWA 5.18 09/06/20 CNY 40.69
TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 40.98
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 41.28
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 46.50
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 73.86
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 74.60
TAIZHOU CITY CONSTRUCTION 6.53 07/11/21 CNY 41.20
TAIZHOU CITY CONSTRUCTION 6.53 07/11/21 CNY 41.34
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.10
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.44
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.37
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.60
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 40.59
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 19.80
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 20.06
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 25.78
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 26.00
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 62.02
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 64.00
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.14
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.33
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 40.00
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 40.21
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 40.31
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 42.62
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 40.80
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 47.15
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 40.77
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 47.00
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.14
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.25
TIANJIN BINHAI NEW AREA C 6.10 11/23/21 CNY 61.90
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 59.59
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 60.66
TIANJIN DONGLI CITY INFRA 6.05 06/19/20 CNY 20.03
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 20.06
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 22.00
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 61.08
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 61.30
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 39.88
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 49.00
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 56.65
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 58.95
TIANJIN HARBOR CONSTRUCTI 8.00 04/01/21 CNY 72.37
TIANJIN HARBOR CONSTRUCTI 8.80 01/24/21 CNY 72.42
TIANJIN HI-TECH INDUSTRY 6.65 09/12/21 CNY 40.50
TIANJIN HOPETONE CO LTD 7.50 07/25/21 CNY 39.80
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 40.35
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 41.16
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 61.47
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 61.70
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 61.78
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 40.80
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 41.00
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 41.29
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 40.87
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 47.50
TIANJIN REAL ESTATE GROUP 4.50 09/29/20 USD 50.00
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 40.78
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 39.20
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 39.77
TIANJIN TEDA INVESTMENT H 6.89 04/27/20 CNY 20.25
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 37.92
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 41.80
TIANJIN WATER INVESTMENT 8.40 01/15/21 CNY 50.95
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 40.89
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 40.91
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 41.16
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 41.80
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 41.44
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 45.16
TIANRUI GROUP CEMENT CO L 5.95 09/25/20 CNY 50.00
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 20.43
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 22.50
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 61.17
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 68.00
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 40.98
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 41.63
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 20.29
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 20.30
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.23
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.50
TUNGHSU OPTOELECTRONIC TE 5.09 11/17/21 CNY 29.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 60.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 62.03
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.19
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.20
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 61.82
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 68.81
WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 40.01
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 20.04
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 24.30
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 60.00
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 61.30
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 20.08
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 20.51
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 41.00
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 41.39
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 41.42
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 41.54
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 60.68
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 63.00
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 10.60
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 41.51
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 41.18
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 44.36
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 41.19
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 43.02
WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 41.54
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.04
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.16
WUHAN METRO GROUP CO LTD 5.25 04/14/22 CNY 60.78
WUHAN URBAN CONSTRUCTION 5.60 03/08/20 CNY 20.12
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 61.72
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 66.35
WUHU JINGHU CONSTRUCTION 6.68 05/16/20 CNY 20.12
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 40.00
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 41.73
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.43
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.45
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 20.11
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 20.15
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.60
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.60
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 40.86
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 42.53
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 70.10
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 73.00
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 40.46
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 40.60
WUXI TAIHU NEW CITY DEVEL 3.47 08/29/23 CNY 72.47
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.00
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.14
WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 40.47
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 40.48
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 41.12
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 20.21
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 21.80
XI'AN AEROSPACE CITY INVE 6.96 11/08/19 CNY 20.05
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 60.23
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 61.46
XI'AN INTERNATIONAL INLAN 7.90 09/23/21 CNY 42.28
XIAN QUJIANG DAMING PALAC 6.39 03/21/20 CNY 50.52
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 20.00
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 20.04
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 40.43
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 48.99
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 39.15
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 39.53
XIANGTAN JIUHUA ECONOMIC 6.59 01/21/22 CNY 58.11
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 40.50
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 40.92
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 55.49
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 59.80
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.06
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.10
XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 81.37
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 40.87
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 43.38
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.18
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.24
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 60.78
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 65.00
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.38
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.80
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 41.00
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 41.56
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 46.69
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 52.72
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 41.21
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 41.40
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 55.31
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 57.96
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 74.47
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 74.50
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.00
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.27
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 19.85
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 20.02
XINJIANG HUIFENG URBAN CO 6.10 05/23/20 CNY 17.88
XINJIANG HUIFENG URBAN CO 6.10 05/23/20 CNY 20.17
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 41.20
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.36
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.38
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 40.54
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 41.00
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 60.75
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 61.26
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.18
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.22
XINYANG HONGCHANG PIPE GA 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 41.08
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 46.30
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 40.20
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 40.54
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.52
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.83
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 40.88
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 47.00
XINYU CITY SHANTYTOWN ZON 6.42 12/09/20 CNY 70.24
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 61.56
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 63.63
XINYU URBAN CONSTRUCTION 7.08 12/13/19 CNY 20.07
XINYU URBAN CONSTRUCTION 7.08 12/13/19 CNY 20.19
XINZHENG NEW DISTRICT DEV 6.60 01/29/21 CNY 50.00
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 50.00
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 50.96
XINZHENG NEW DISTRICT DEV 6.60 01/29/21 CNY 51.16
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 40.00
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 41.19
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 41.25
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 43.41
XIWANG GROUP CO LTD 7.41 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 41.40
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 46.00
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 41.68
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 46.00
XUZHOU BOCHANT DEVELOPMEN 5.69 07/28/21 CNY 65.72
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.37
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.66
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 60.57
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 67.38
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 40.93
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 41.23
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 41.29
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 51.50
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 41.00
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 41.53
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 61.42
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 64.46
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.54
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.60
YANCHENG CITY DAFENG DIST 7.08 12/13/19 CNY 20.00
YANCHENG CITY DAFENG DIST 7.08 12/13/19 CNY 20.07
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 41.22
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 41.40
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 41.65
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 42.00
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 38.30
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 40.47
YANCHENG ORIENTAL INVESTM 6.99 10/26/19 CNY 20.02
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.26
YANCHENG SOUTH DISTRICT D 6.93 10/26/19 CNY 20.03
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 41.00
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 41.42
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.56
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.70
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 60.00
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 62.00
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 40.26
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 46.00
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 70.00
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 72.13
YANGZHOU HANJIANG CONSTRU 6.20 03/12/20 CNY 20.20
YANGZHOU HANJIANG CONSTRU 6.20 03/12/20 CNY 20.44
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 61.96
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 66.63
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.29
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.39
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 20.04
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 20.40
YICHANG URBAN CONSTRUCTIO 8.13 11/17/19 CNY 30.30
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 40.93
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 43.47
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 60.61
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 60.61
YIHUA ENTERPRISE GROUP CO 7.00 04/29/22 CNY 66.00
YIHUA LIFESTYLE TECHNOLOG 6.88 07/16/20 CNY 50.11
YIHUA LIFESTYLE TECHNOLOG 6.88 07/23/20 CNY 58.00
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 41.33
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 41.90
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 40.70
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 41.20
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 59.07
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 60.29
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 62.82
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 62.84
YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 69.37
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 59.99
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 61.18
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 41.31
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 49.95
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 59.58
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 60.00
YIWU URBAN & RURAL NEW CO 4.25 11/24/21 CNY 74.58
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 60.00
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 62.19
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 20.00
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 20.01
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 41.04
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 43.50
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 60.42
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 68.00
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 40.58
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 42.80
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 60.00
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 61.07
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.34
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.42
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 59.63
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 60.00
YUEYANG URBAN CONSTRUCTIO 6.05 07/12/20 CNY 20.24
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 20.00
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 20.05
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 61.08
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 61.68
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 64.47
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 64.50
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 20.02
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 20.07
YUNCHENG URBAN CONSTRUCTI 7.48 10/15/19 CNY 20.01
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 40.50
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 40.54
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 40.85
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 41.50
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.00
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.10
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 20.49
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 26.04
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 41.09
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 41.28
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 20.05
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 20.16
ZHANGJIAJIE ECONOMIC DEVE 7.40 10/18/19 CNY 20.02
ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 41.32
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 38.00
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.88
ZHANGZHOU CITY CONSTRUCTI 6.60 03/26/20 CNY 20.24
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 60.00
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 61.68
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 41.32
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 41.32
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 40.24
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 60.00
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 61.33
ZHAOYUAN STATE-OWNED ASSE 6.64 12/31/19 CNY 20.09
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 40.61
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 50.00
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 41.31
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 49.00
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 41.56
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 48.50
ZHEJIANG HUZHOU HUANTAIHU 6.70 11/28/19 CNY 20.04
ZHEJIANG HUZHOU HUANTAIHU 6.70 11/28/19 CNY 20.17
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 60.95
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 20.14
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 20.17
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 22.90
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 60.81
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 61.96
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 62.00
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 64.99
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 60.00
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 61.46
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 61.75
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 66.20
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.37
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.38
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 40.80
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 41.12
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 48.49
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.05
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.30
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 59.58
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 59.60
ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 40.69
ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 40.80
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 59.81
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.65
ZHONGMINTOU LEASING HOLDI 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP CO 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 60.00
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 60.57
ZHONGTIAN FINANCIAL GROUP 7.00 10/15/20 CNY 74.63
ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 41.06
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 25.72
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 26.65
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.44
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 45.00
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 72.52
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 73.44
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 57.31
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 60.01
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 20.66
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 21.15
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 40.96
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 44.50
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 60.90
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 61.11
ZHUJI URBAN & RURAL INVES 6.92 12/19/19 CNY 20.16
ZHUJI URBAN & RURAL INVES 6.92 12/19/19 CNY 20.33
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 40.61
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 40.70
ZHUZHOU CITY CONSTRUCTION 8.36 11/10/21 CNY 62.60
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.95
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 41.18
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 60.00
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 61.20
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 61.45
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 68.53
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 20.03
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 20.50
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.00
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 61.08
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 40.56
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 41.14
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 44.00
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 70.47
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 72.96
HONG KONG
---------
DR PENG HOLDING HONGKONG 5.05 06/01/20 USD 70.78
HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 70.00
HNA GROUP INTERNATIONAL C 7.00 01/24/20 USD 74.89
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 43.49
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 43.49
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.00
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.00
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.00
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.00
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 14.27
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 14.44
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 8.03
ACME FAZILKA POWER PVT LT 0.01 09/07/46 INR 12.19
AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 22.48
AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 22.51
APG HABITAT PVT LTD 1.00 09/09/28 INR 52.63
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 32.18
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 39.42
AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 58.77
AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 58.82
BENGAL AEROTROPOLIS PROJE 5.00 12/01/29 INR 71.50
BENGAL AEROTROPOLIS PROJE 5.00 12/01/28 INR 72.99
BENGAL AEROTROPOLIS PROJE 5.00 12/01/27 INR 74.73
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.23
BOTHE WINDFARM DEVELOPMEN 10.00 11/28/32 INR 71.93
BRIGHT BUILDTECH PVT LTD 1.00 09/01/23 INR 72.78
BRIGHT BUILDTECH PVT LTD 1.00 09/01/23 INR 72.78
CORE EDUCATION & TECHNOLO 7.00 05/07/49 USD 0.23
CREIXENT SPECIAL STEELS L 0.01 08/28/25 INR 55.25
CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 33.23
CUMULUS TRADING CO PVT LT 0.01 12/29/29 INR 40.23
CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 54.44
DAYAKARA SOLAR POWER PVT 0.10 04/05/26 INR 56.41
DEWAN HOUSING FINANCE COR 8.50 04/18/23 INR 39.02
EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 50.93
EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 52.52
EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 53.40
EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 56.44
EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 58.50
GREEN URJA PVT LTD 0.01 02/14/30 INR 41.30
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 2.86
HINDUSTAN CONSTRUCTION CO 0.01 01/05/27 INR 52.36
HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 47.86
JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTURES 7.00 05/15/17 USD 4.61
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 24.12
JTPM ATSALI LTD 0.01 08/29/48 INR 9.96
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 22.80
KVK ENERGY & INFRASTRUCTU 0.01 01/25/24 INR 67.97
LIC HOUSING FINANCE LTD 7.81 04/27/20 INR 4.01
MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 60.17
MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 26.96
MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 24.86
MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 24.86
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 23.96
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 39.78
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 42.31
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 45.12
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 48.20
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 51.56
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 55.21
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 59.16
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/26 INR 63.45
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/25 INR 68.07
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/24 INR 72.98
PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 24.60
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 60.22
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 63.53
REI AGRO LTD 5.50 11/13/14 USD 0.02
REI AGRO LTD 5.50 11/13/14 USD 0.02
RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 13.76
SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 61.21
SUZLON ENERGY LTD 5.75 07/16/19 USD 66.75
SUZLON ENERGY LTD 5.75 07/16/19 USD 66.75
SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61
TN URJA PVT LTD 0.10 02/22/36 INR 27.54
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 28.86
WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 54.18
WS T&D LTD 0.10 03/24/29 INR 44.78
JAPAN
-----
AVANSTRATE INC 0.05 10/29/32 JPY 9.75
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.58 03/26/21 JPY 2.02
TKJP CORP 0.85 03/06/19 JPY 2.02
KOREA
-----
HEUNGKUK FIRE & MARINE IN 5.70 12/29/46 KRW 49.47
INDUSTRIAL BANK OF KOREA 3.84 03/10/45 KRW 38.21
KIBO ABS SPECIALTY CO LTD 5.00 02/26/21 KRW 65.73
KIBO ABS SPECIALTY CO LTD 5.00 02/24/22 KRW 69.60
KIBO ABS SPECIALTY CO LTD 5.00 08/28/21 KRW 70.36
KIBO ABS SPECIALTY CO LTD 5.00 02/28/20 KRW 70.59
KIBO ABS SPECIALTY CO LTD 5.00 09/11/20 KRW 72.72
KIBO ABS SPECIALTY CO LTD 5.00 12/25/19 KRW 74.70
LOTTE CARD CO LTD 3.95 06/28/49 KRW 68.35
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 68.93
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SILLAJEN INC 1.00 03/21/24 KRW 39.78
SINBO SECURITIZATION SPEC 5.00 12/21/20 KRW 64.53
SINBO SECURITIZATION SPEC 5.00 03/21/21 KRW 65.56
SINBO SECURITIZATION SPEC 5.00 08/31/21 KRW 66.22
SINBO SECURITIZATION SPEC 5.00 07/26/21 KRW 66.70
SINBO SECURITIZATION SPEC 5.00 02/23/22 KRW 67.93
SINBO SECURITIZATION SPEC 5.00 01/26/22 KRW 68.14
SINBO SECURITIZATION SPEC 5.00 08/31/22 KRW 68.45
SINBO SECURITIZATION SPEC 5.00 07/26/22 KRW 68.88
SINBO SECURITIZATION SPEC 5.00 12/27/21 KRW 69.45
SINBO SECURITIZATION SPEC 5.00 06/29/21 KRW 70.59
SINBO SECURITIZATION SPEC 5.00 06/29/22 KRW 70.95
SINBO SECURITIZATION SPEC 5.00 09/28/22 KRW 71.05
SINBO SECURITIZATION SPEC 5.00 09/27/21 KRW 73.05
SINBO SECURITIZATION SPEC 5.00 06/23/20 KRW 73.31
SINBO SECURITIZATION SPEC 5.00 08/25/21 KRW 73.31
SINBO SECURITIZATION SPEC 5.00 07/27/21 KRW 73.53
SINBO SECURITIZATION SPEC 5.00 03/15/20 KRW 74.03
SINBO SECURITIZATION SPEC 5.00 02/28/21 KRW 74.71
SINBO SECURITIZATION SPEC 5.00 01/27/21 KRW 74.95
MALAYSIA
--------
AEON CREDIT SERVICE M BHD 3.50 09/15/20 MYR 1.28
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.58
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.32
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.37
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.22
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.37
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.25
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.14
REDTONE INTERNATIONAL BHD 2.75 03/04/20 MYR 0.21
SENAI-DESARU EXPRESSWAY B 1.35 06/30/31 MYR 68.16
SENAI-DESARU EXPRESSWAY B 1.35 12/31/30 MYR 69.29
SENAI-DESARU EXPRESSWAY B 1.35 06/28/30 MYR 70.45
SENAI-DESARU EXPRESSWAY B 1.35 12/31/29 MYR 71.60
SENAI-DESARU EXPRESSWAY B 1.35 12/29/28 MYR 74.01
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 0.85
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
YTL LAND & DEVELOPMENT BH 6.00 10/31/21 MYR 0.26
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW Z 4.80 09/27/21 NZD 1.28
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 51.38
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 44.41
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 44.41
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PTE 4.00 12/31/21 USD 30.00
BLUE OCEAN RESOURCES PTE 4.00 12/31/21 USD 30.00
BLUE OCEAN RESOURCES PTE 4.00 12/31/21 USD 30.00
ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 46.13
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 70.61
EZION HOLDINGS LTD 0.25 11/20/27 SGD 61.29
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 73.75
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 74.04
HYFLUX LTD 4.60 09/23/19 SGD 40.05
HYFLUX LTD 4.25 09/07/18 SGD 40.25
HYFLUX LTD 4.20 08/29/19 SGD 40.33
INDO INFRASTRUCTURE GROUP 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 46.21
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 33.46
MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 29.00
NEPTUNE ORIENT LINES LTD/ 4.40 06/22/21 SGD 67.58
ORO NEGRO DRILLING PTE LT 7.50 01/24/19 USD 42.40
OSA GOLIATH PTE LTD 12.00 10/09/20 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 22.88
*********
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.
This material is copyrighted and any commercial use, resale or
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Peter Chapman at 215-945-7000.
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