/raid1/www/Hosts/bankrupt/TCRAP_Public/200114.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, January 14, 2020, Vol. 23, No. 10
Headlines
A U S T R A L I A
AMBROSIA (VICTORIA): Second Creditors' Meeting Set for Jan. 23
CODE NAME: Second Creditors' Meeting Set for Jan. 21
EB GAMES: To Shutter 19 Stores as Digital Competition Bites
MAKESHI-THAPPEN & CO: Second Creditors' Meeting Set for Jan. 21
STELLER BUILDING: Second Creditors' Meeting Set for Jan. 21
C H I N A
CENTURY SUNSHINE: Fitch Puts B LT IDR on Rating Watch Negative
MODERN LAND: Fitch Affirms B LongTerm IDRs, Outlook Stable
REDSUN PROPERTIES: Fitch Assigns B+ Rating to New USD Sr. Notes
SHANDONG YUHUANG: S&P Discontinues 'D' LT Issuer Credit Rating
[*] CHINA: Shanghai Bank's Plea for Help Highlights Funding Stress
I N D I A
AISHWARYA FEEDS: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
ALLWELD ENGINEERS: CRISIL Withdraws B- Rating on INR4.5cr Loan
B. K. GARG ISPAT: CRISIL Rates INR6.6cr Cash Loan 'B+'
BALAJI OIL: CRISIL Reaffirms 'B' Ratings on INR6cr Loans
DLP COTTON: CRISIL Assigns 'B+' Ratings to INR10cr Loans
EON ELECTRIC: CRISIL Lowers Rating on INR40cr Cash Loan to D
G G EXPORT: Ind-Ra Migrates B- LT Issuer Rating to Non-Cooperating
GANESH METALIKS: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating
GANPATI STEELS: CRISIL Lowers Rating on INR6cr Loans to 'D'
GURUDEVA TRUST: CRISIL Lowers Rating on INR8.2cr Loan to D
HINDUSTAN CLEANENERGY: Ind-Ra Lowers LongTerm Issuer Rating to BB
JAYPEE INFRATECH: IRP Seeks NCLT Allahabad Approval for NBCC Bid
KAMAL HAASAN: CRISIL Assigns B+ Rating to INR25cr LT Loan
KASHIPUR INFRASTRUCTURE: Ind-Ra Affirms 'BB' LT Issuer Rating
KHUSHIYA INDUSTRIES: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
KONDUSKAR TRAVELS: CRISIL Cuts Rating on INR11.5cr Loan to 'D'
M S GRAPHICS: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
MAHALAXMI INVESTMENT: CRISIL Cuts Rating on INR26cr Loans to D
METALFAB HIGHTECH: Ind-Ra Keeps BB+ Issuer Rating in NonCooperating
N.N. SAHA & SONS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
RAVICHANDRA TEXTILES: CRISIL Cuts Rating on INR18cr Cash Loan to D
RAWAT ASSOCIATES: CRISIL Lowers Rating on INR22.57cr Loan to B-
RELIANCE CAPITAL: Bondholders Drag Unit to NCLT to Recover Dues
RELIANCE CAPITAL: No Adverse Findings in Grant Thornton Report
RENEW POWER: Fitch Assigns BB- Rating to New USD Sr. Sec. Notes
ROOP RAM: CRISIL Hikes Rating on INR28cr LT Loan to B-
SBJ PROJECTS: CRISIL Reaffirms B- Rating on INR6.5cr LT Loan
TORQUE AUTOMOTIVE: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
ULTRA READY: CRISIL Withdraws D Rating on INR25cr Cash Credit
UTTAM INDUSTRIAL: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
VIJETHA SUPER MARKET: CRISIL Cuts Rating on INR3.5cr Loan to 'D'
VISHAL SPINTEX: Ind-Ra Moves 'BB' Issuer Rating to Non-Cooperating
I N D O N E S I A
BANK TABUNGAN: Moody's Rates New Tier 2 Securities 'Ba3(hyb)'
MEDCO ENERGI: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
MEDCO ENERGI: Moody's Rates Unit's USD Unsecured Notes 'B1'
MEDCO ENERGI: S&P Rates Unit's New Guaranteed USD Unsec. Notes 'B+'
M A L A Y S I A
BERJAYA MEDIA: Has Until June 20 to Submit Revamp Plan
SERBA DINAMIK: S&P Assigns BB- Rating on Unsec. Sukuk Trust Certs
S I N G A P O R E
RENEWABLE ENERGY: To be Delisted from SGX on Feb. 7
SUNMOON FOOD: Unit Inks Deal with Supplier to Repay US$1.2MM
V I E T N A M
SAIGON-HANOI COMMERCIAL: Moody's Rates $500MM Unsec. Notes '(P)B2'
X X X X X X X X
[*] BOND PRICING: For the Week Jan. 6, 2020 to Jan. 10, 2020
- - - - -
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A U S T R A L I A
=================
AMBROSIA (VICTORIA): Second Creditors' Meeting Set for Jan. 23
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Ambrosia
(Victoria) Pty Ltd has been set for Jan. 23, 2020, at 11:00 a.m. at
the offices of Vince & Associates, at 51 Robinson Street, in
Dandenong, 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 Jan. 22, 2020, at 4:00 p.m.
Peter Robert Vince and Paul William Langdon of Vince & Associates
were appointed as administrators of Ambrosia (Victoria) on Dec. 9,
2019.
CODE NAME: Second Creditors' Meeting Set for Jan. 21
----------------------------------------------------
A second meeting of creditors in the proceedings of Code Name
Blessed Pty Ltd, trading as Blessed Health Foods, has been set for
Jan. 21, 2020, at 10:00 a.m. at the offices of SM Solvency
Accountants, at 10/144 Edward Street, in Brisbane, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 20, 2020, at 4:30 p.m.
Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Code Name on Dec. 10, 2019.
EB GAMES: To Shutter 19 Stores as Digital Competition Bites
-----------------------------------------------------------
Matthew Elmas at SmartCompany reports that veteran video game
retailer EB Games has announced it will shutter 19 stores before
the end of the month in an ongoing effort to boost the
profitability of its Australian business.
SmartCompany relates that the Gamestop-owned chain confirmed the
move after Kotaku Australia was made aware of pending closures
earlier this week, saying the decision has come after "careful
consideration".
"Like all businesses, we are constantly evaluating our property
portfolio to ensure that our stores mix is in-line with the ever
changing retail landscape," the report quotes a company
spokesperson as saying.
EB Games becomes just the latest national retailer to announce
store closures in the weeks after the Christmas trading period,
following similar moves at collapsed businesses Bardot and Harris
Scarfe, the report notes.
The business, which has more than 300 stores in Australia, is
running fire sales in closing locations to clear stock before
February, SmartCompany says.
According to SmartCompany, Gamestop has been struggling financially
in the United States for some time, but the financial performance
of the Australian EB Games business is not reported in detail by
the American parent.
The local business said it will be opening more big-box format
stores in 2020, which combine the traditional EB Games brand with
its lifestyle offering Zing Pop Culture, the report notes.
MAKESHI-THAPPEN & CO: Second Creditors' Meeting Set for Jan. 21
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Makeshi-Thappen
& Co Pty Ltd has been set for Jan. 21, 2020, at 10:00 a.m. at the
offices of Helm Advisory, Suite 2, Level 16, at 60 Carrington
Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 20, 2020, at 4:00 p.m.
Stephen Wesley Hathway of Helm Advisory was appointed as
administrator of Makeshi-Thappen & Co on Dec. 12, 2019.
STELLER BUILDING: Second Creditors' Meeting Set for Jan. 21
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Steller
Building Systems Pty Ltd has been set for Jan. 21, 2020, at 2:30
p.m. at the offices of Worrells Solvency & Forensic Accountants,
Level 15, at 114 William Street, in Melbourne, Victoria.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 20, 2020, at 5:00 p.m.
Con Kokkinos and Matthew Kucianski of Worrells Solvency & Forensic
Accountants were appointed as administrators of Steller Building on
Dec. 5, 2019.
=========
C H I N A
=========
CENTURY SUNSHINE: Fitch Puts B LT IDR on Rating Watch Negative
--------------------------------------------------------------
Fitch Ratings placed China-based fertilizer producer Century
Sunshine Group Holdings Limited's 'B' Long-Term Issuer Default
Rating and senior unsecured rating of 'B' with a Recovery Rating of
'RR4' on Rating Watch Negative.
The RWN reflects increasing pressure on Century Sunshine's
liquidity position due to the uncertainty in refinancing its
Singapore dollar bonds due July 2020. Fitch expects to resolve the
RWN upon the successful refinancing of the bonds, provided Century
Sunshine's liquidity position does not deteriorate further.
KEY RATING DRIVERS
Bond Refinancing Key to Rating: Century Sunshine had HKD1.1 billion
of short-term debt due as of end-June 2019. In addition, the
company has approximately HKD740 million in bonds due in 3Q20,
comprising SGD101.75 million due in July and USD20 million due in
August. In comparison, its readily available cash as of end-June
2019 was HKD534 million, plus HKD209 million of unused credit
facilities. Its cash to short-term debt coverage weakened to 0.5x
in June 2019 from 0.6x at end-2018 and 1.2x at end-2017. Fitch
estimates this ratio stayed at around 0.5x at end-2019, based on
the assumption that the company would have generated about HKD200
million in free cash flow during 2H19, which would have boosted its
cash position to an estimated HKD700 million-HKD800 million by
end-2019.
Fitch understands that Century Sunshine is currently in the process
of refinancing the bonds due. However, in light of the company's
tighter liquidity position compared with end-2018, and market
uncertainties, Fitch has placed its ratings on RWN until its
refinancing plan is executed.
Seasonality in Operating Cash Flow: Fitch expects cash flow from
operations of around HKD600 million in 2020, after tax, interest
payments and working-capital changes, similar to the 2018 actual
and 2019 estimated levels, assuming stable profit margins. However,
the company typically has weaker cash flow in the first half due to
seasonality and this could add funding pressure during 1H20.
Stable Profit Margin: Century Sunshine's EBITDA margin is likely to
remain stable at around 20% in the next two-three years on the back
of rising demand for ecological fertiliser products, and a
relatively high technology barrier to its silicon-magnesium
compound fertiliser and rare-earth magnesium alloy products. The
three product categories had profit margins of 29%, 36% and 45%,
respectively, and contributed a combined 41% and 62% of the
company's total revenue and gross profit, respectively, in 2018.
Revenue Impact of Production Suspension: Century Sunshine's 1H19
revenue fell by 4% yoy mainly due to the suspension of its
production in Shandong province following the government's
initiative to relocate chemical plants to industrial parks from
cities. The company was working on moving production in Shandong to
Jiangsu and Jiangxi in 2019. This had a slight impact on the
company's overall revenue growth in 2019, but Fitch expects revenue
growth to recover to a high single digit in 2020 as its current
capacity of 1.45 million tonnes is adequate to cover its estimated
sales volume of 1.33 million tonnes and support its annual sales.
Small Player, Low Leverage: Century Sunshine is a small player in
the fragmented fertiliser and magnesium upstream markets in China
with operating EBITDA of HKD993 million (USD127 million) in 2018.
The small business scale results in greater volatility in the
company's operations and liquidity position. However, its leverage
is low compared with 'B' rated peers. Fitch estimates it had
leverage of 1.9x in 2019, below the peak of 3.6x in 2017 (2018:
2.0x), driven by higher funds from operations (FFO). Fitch expects
the company's FFO adjusted net debt leverage to be sustained at
around 2.0x in the next one-two years in light of its strategy to
prioritise profit margins over volume.
DERIVATION SUMMARY
Century Sunshine's operating EBITDA is much smaller than that of
most of the chemical companies in the 'B' rating category. Its
scale is similar to that of Hungary-based nitrogen fertiliser
producer Nitrogenmuvek Zrt (B-/Stable). Century Sunshine has better
operating EBITDA margins, higher interest coverage and lower
leverage.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Revenue decline of around 6% in 2019, and single-digit
revenue growth in 2020-2022
- Operating EBTIDA margin of around 21% from 2019-2022
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Removal of the Negative Watch
- Fitch will remove the RWN and affirm the ratings upon the
successful refinancing of its SGD101.75 million notes before
May 2020, provided its liquidity position does not deteriorate
further.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Further deterioration in liquidity and inability to refinance
could lead to a multiple-notch downgrade.
LIQUIDITY AND DEBT STRUCTURE
Refinancing Needed: The company had available cash of HKD534
million and unused credit facilities of HKD209 million as of
end-June 2019 against short-term debt of HKD1.1 billion. Fitch
estimates the company generated HKD200 million of cash flow in
2H19, boosting its available cash position at the year-end, but its
liquidity is likely to tighten further, considering the upcoming
bond maturities in 3Q20 of approximately HKD740 million that
include the SGD101.75 million bond due July 3, 2020 and the USD20
million bond due August 2020. In addition, the company's liquidity
could be further affected by seasonal fluctuations as it
historically reports a weaker performance during the first half.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.
MODERN LAND: Fitch Affirms B LongTerm IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Modern Land (China) Co., Limited's
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR)
at 'B'. The Outlook is Stable. Fitch has also affirmed Modern
Land's senior unsecured rating and the ratings on all outstanding
bonds at 'B' with a Recovery Rating at 'RR4'.
The affirmation reflects Modern Land's weaker margin and higher
leverage, which are offset by a stronger business profile. Its
ratings are supported by improving land-bank quality after the
company repositioned its business towards Tier 1 and 2 cities,
which have higher land prices, to support contracted sales growth.
KEY RATING DRIVERS
High Leverage: Modern Land's leverage was 47% at end-2018, lower
than the 49% at end-2017 but well above the 37% at end-2016, mainly
due to aggressive land acquisition. Fitch expects the company to
continue to be under pressure to buy land in 2020 to sustain sales
growth, which will keep leverage close to 45% in 2019 and 2020. The
high share of contracted sales from JVs means that Modern Land's
consolidated financial statements do not adequately reflect its
financial profile, so Fitch assesses its leverage on a
proportionately consolidated basis.
Land premium as a percentage of sales proceeds (on an attributable
basis) remained stable at around 45% in 1H19 similar to 2018. In
addition, the improvement of cash collection to 90% in 1H19 from
72% in 2018, contributed to the decrease in leverage.
Limited Margin Improvement: Modern Land's gross profit margin was
around 20%-23% in 2017-1H19, compared with 31% in 2015. The
company's land cost as a percentage of average selling price fell
to 39% in 2018 from 43% in 2017, which contributed to Modern Land's
margin improvement. 1H19 EBITDA margin (excluding capitalised
interest) of 16.3% and 2018 EBITDA margin of 12.7% were lower than
the 20%-25% of peers rated 'B'. The improvement in EBITDA margin
should aid the company in deleveraging.
Improved Land Bank Life: Fitch estimates that the company's land
bank life improved to 3.3 years of sales in 2018 from 2.7 years in
2017. Modern Land replenished its land bank at lower cost due to
acquisitions in Tier 3 cities, which led to a decrease in its land
cost to CNY2,226 per sq m from CNY3,270 per sq m. Fitch believes
Modern Land would remain under pressure to add good-quality land to
sustain growth in the next two years and land acquisition cost will
increase.
Modern Land extended its coverage to more Tier 1 and 2 cities in
2015-2018 and increased its land bank in Tier 3 cities in 2017 and
2018 due to positive regional market sentiment. Fitch estimates
that Tier 1 cities, such as Beijing, and Tier 2 cities, like
Taiyuan, Hefei, Xiantao and Changsha, account for around 66% of
Modern Land's existing saleable resources by value.
Growing Scale: Modern Land's attributable contracted sales
increased by 49% to CNY19.5billion in 2018, after rising 20% in
2017. Furthermore, Modern Land's contracted sales rose 25% yoy in
1H19 to CNY17 billion. Fitch expects Modern Land's attributable
contracted sales to be resilient in a market downturn as its land
bank is concentrated in Tier 1 and 2 cities.
DERIVATION SUMMARY
Modern Land's attributable contracted sales of CNY19.5 billion in
2018 were close to that of other 'B' rated companies, such as
Beijing Hongkun Weiye Real Estate Development Co., Ltd.'s
(B/Negative) CNY13.4 billion and Redco Properties Group Ltd
(B/Stable) CNY12.1 billion. Modern Land's leverage is slightly
lower than Hongkun's 62.3% and higher than Redco's 27.7% at
end-2018, but its EBITDA margin is lower than Hongkun's 43% and
similar to Redco's.
Modern Land's sales are lower than those of 'B+' rated companies,
including Fantasia Holdings Group Co., Limited's (B+/Stable)
CNY24.1 billion and Redsun Properties Group Limited (B+/Stable)
CNY24.3 billion. Their leverages are similar to Modern Land's, but
Modern Land has lower margin.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Attributable contracted sales of CNY22 billion in 2019 and
CNY27 billion in 2020.
- Gross profit margin from property development maintained around
25% in 2019-2022
- Construction cash cost accounts for 30%-35% of attributable
contracted sales in 2019-2022.
- Land premium accounts for 45%-50% of annual sales receipts in
2019-2022 and average land acquisition cost to increase in
2019-2022.
KEY RECOVERY RATING ASSUMPTIONS
The recovery analysis assumes that Modern Land would be liquidated
in a bankruptcy because it is an asset-trading company.
Fitch has assumed a 10% administrative claim
The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.
Cash balance is adjusted such that only cash in excess of the
higher of accounts payables and three months of contracted sales is
factored in
Advance rate of 60% applied to on its adjusted inventory, as Modern
Land has an EBITDA of lower than 20%.
Property, plant and equipment advance rate at 60%
70% advance rate applied to accounts receivables
Advance rate of 100% applied to restricted cash, which mainly
consisted of guarantee for company's bank borrowing and
construction work
Based on its calculation of adjusted liquidation value after
administrative claims, Fitch estimates the recovery rate of the
offshore senior unsecured debt to be within the 'RR4" recovery
range.
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Net debt/adjusted inventory (including JV proportionate
consolidation) below 40% for a sustained period
- Land bank maintained at above 2.5 years of sales
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Insufficient land bank for 2 years of sales.
- Net debt/adjusted inventory (including JV proportionate
consolidation) above 55% for a sustained period
- EBITDA margin (excluding capitalised interest) below 18% for a
sustained period
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: Modern Land's liquidity remains healthy with
total cash of CN10.9.billion (including restricted cash of CNY3.0
billion), compared with short-term debt of CNY7.4 billion at
end-1H19.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.
REDSUN PROPERTIES: Fitch Assigns B+ Rating to New USD Sr. Notes
---------------------------------------------------------------
Fitch Ratings assigned China-based Redsun Properties Group
Limited's (B+/Stable) proposed US dollar senior notes a rating of
'B+' and Recovery Rating of 'RR4'.
The notes are rated at the same level as Redsun's senior unsecured
rating 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 to have increased
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 38% to
CNY65 billion in 2019.
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. Fitch expects the group 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 that of
'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 have increased by 25%
in 2019, and to rise 10% in 2020 and 5% in 2021
- Contracted average selling price to have been unchanged in
2019, and to 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 AND DEBT STRUCTURE
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.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.
SHANDONG YUHUANG: S&P Discontinues 'D' LT Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings discontinued its 'D' long-term issuer credit
rating on Shandong Yuhuang Chemical Co. Ltd. and 'D' issue rating
on the company's senior unsecured notes. On Nov. 29, 2019, S&P
lowered the rating on Shandong Yuhuang to 'D' after the China-based
company defaulted on a domestic corporate bond.
[*] CHINA: Shanghai Bank's Plea for Help Highlights Funding Stress
------------------------------------------------------------------
Zhu Liangtao and Timmy Shen at Caixin Global report that some of
China's smaller banks could be in for rough ride this year as one
of their main sources of funding - negotiable certificates of
deposit (NCD) - looks set to shrink as the fallout from the
collapse of regional lender Baoshang Bank Co. Ltd. last year
continues to reverberate.
Caixin says the struggle ahead was highlighted this week in an
announcement from Shanghai Huarui Bank Co. Ltd., the city's first
private bank that was set up in 2015 and focuses on servicing
customers in the free trade zone, small and midsize companies and
startups.
In a statement published January 7 to announce its 2020 NCD
issuance plan, Shanghai Huarui acknowledged it had become more
difficult to issue such debt in 2019 in the wake of the turmoil
triggered by the fall of the Inner Mongolia-based lender. Noting
the need to maintain stable liquidity and ensure the bank has
enough funds to meet its operational requirements, Shanghai Huarui
appealed to the central bank to consider the difficulties of
private banks and give strong support to their issuance of NCD in
2020, according to Caixin.
In a sign of the sensitivity of the bank's comments, its statement
was withdrawn and is no longer available on the website of the
Shanghai Clearing House, a clearing and settlement platform for
interbank business, Caixin notes. A new version was published on
January 9 that did not contain those comments.
However, a source close to Shanghai Huarui told Caixin that there
were "work errors" in the earlier release and some of the content
had been misinterpreted. "This was just a regular application for a
quota," the source said. "In this kind of application, what bank
wouldn't call for support for its issuance plan?"
In its statement on January 9, the bank said it aimed to have an
outstanding NCD balance of less than CNY4.9 billion (US$708
million) at the end of 2020, little changed from the CNY4.8 billion
outstanding at the end of 2019, Caixin relays.
Caixin's study of the NCD issuance plans of 29 commercial lenders,
mostly small and midsize banks, show many intend to have lower
outstanding balances of certificates this year than last year.
Tianjin Rural Commercial Bank Co. Ltd., for example, plans to keep
its outstanding NCD value under CNY51.8 billion, down from last
year's CNY57 billion. Qingdao Rural Commercial Bank Corp plans to
keep its outstanding NCD value under CNY65.2 billion, down from
last year's CNY70 billion.
According to Caixin, NCD are bonds that banks issue to one another
on the interbank market that usually carry a maturity of less than
a year and are a way for lenders to raise money to fund their
business activities, mostly to make loans to customers. Since they
were introduced in 2013, they have become an important tool for
smaller banks, which do not have the huge national deposit base of
the big state-owned commercial banks to draw on, have flocked to
issue certificates. In 2018, some small banks got as much as 40% of
their funding from the sale of NCDs.
Caixin notes that regulators started a crackdown on banks' use of
the interbank market to raise funds in 2017 amid growing concerns
that NCDs were adding to financial risks in the economy. Caixin
says the collapse of Baoshang Bank last year and its subsequent
takeover by the government exposed the dependence of smaller banks
on NCDs. The disruption to the interbank market triggered by the
event led the large banks who buy up most of the NCDs issued by
smaller banks to shun such debt after the central bank said it
would only guarantee up to 80% of Baoshang Bank's NCDs for any
entity holding more than CNY50 million of its certificates.
The breaking of this implicit guarantee that the authorities would
bail out holders of NCDs has left many smaller lenders struggling
to sell, Caixin states.
Caixin adds that the central bank has included interbank
liabilities as part of the Macro-Prudential Assessment - a
framework introduced in early 2017 to evaluate banks across a range
of criteria such as bad debts, exposure to credit risk and capital
adequacy. It requires a bank to have interbank liabilities of no
more than a third of its total liabilities.
=========
I N D I A
=========
AISHWARYA FEEDS: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Aishwarya Feeds'
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:
-- INR4.3 mil. Long-term loans due on August 2019 migrated to
non-cooperating category with IND BB- (ISSUER NOT
COOPERATING) rating; and
-- INR290 mil. Fund-based facilities migrated to non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 24, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1975, Aishwarya Feeds is a Namakkal (Tamil
Nadu)-based partnership concern. It is involved in poultry feed
production and egg sales.
ALLWELD ENGINEERS: CRISIL Withdraws B- Rating on INR4.5cr Loan
--------------------------------------------------------------
CRISIL has withdrawn the ratings on the bank facilities of Allweld
Engineers Private Limited (AEPL) on the request of the company and
in line with CRISIL's withdrawal policy.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL A4 (Withdrawn)
Cash Credit 4.5 CRISIL B-/Stable (Withdrawn)
Proposed Long Term
Bank Loan Facility 3.59 CRISIL B-/Stable (Withdrawn)
Established in 1995, AEPL is engaged in manufacturing of
specialized components to be utilized in defense equipment and in
specialized engineering projects. It is promoted by Mr Jagadish K
Mohapatra.
B. K. GARG ISPAT: CRISIL Rates INR6.6cr Cash Loan 'B+'
------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the long-term bank
facility of B. K. Garg Ispat Private Limited (BKGIPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.6 CRISIL B+/Stable (Assigned)
The rating reflects BKGIPL's low operating margin owing to trading
business, modest scale of operations, large working capital
requirement, and average financial risk profile. These weaknesses
are partially offset by the extensive experience of the promoters
in the steel industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Low operating margin: Limited initial investment and low
complexity of operations have led to the entry of several, small
players. The resultant competition has resulted in low operating
margin.
* Large working capital requirement: The company's large working
capital requirement is reflected in gross current assets (GCAs) of
112 days as on March 31, 2019, driven by receivables of 81 days
because of extensive credit provided to customers. GCAs were at
112-184 days over the three fiscals ended March 31, 2019.
* Average financial risk profile: The company's debt protection
measures have been average owing to high gearing of 2.35 times and
low accrual from operations. Interest coverage and net cash accrual
to total debt ratio were at 1.47 times and 0.01 time, respectively,
in fiscal 2019. The debt protection measures are expected at
similar levels over the medium term because of large debt.
Strengths:
* Extensive industry experience of the promoters: The promoters
have over three decades of experience in steel trading. This gives
them an understanding of the dynamics of the market, and has
enabled them to establish relationships with suppliers and
customers.
* Improving scale of operations with moderate profitability: The
company reported compound annual growth rate of 13% in revenue in
the three fiscals through 2019. However, revenue was modest at
INR41 crore in fiscal 2019. Also, profitability, which was low at
1.50-2.50% in the past three fiscals, is expected to remain within
the range in the medium term.
Liquidity Poor
Liquidity is likely to be under pressure over the medium term on
account of working capital-intensive operations. Bank limit
utilisation was 77% in the year through October 2019. Over the
medium term, net cash accrual is expected at INR24 lakh, which
could be used to fund working capital in the absence of debt
obligation. The current ratio was moderate at 1.41 times as on
March 31, 2019. Unsecured loan from the promoters is likely to
continue to support liquidity.
Outlook: Stable
CRISIL believes BKGIPL will continue to benefit from its
longstanding relationships with suppliers and customers, and the
experience of the management to mitigate inherent risks in the
trading business.
Rating sensitivity factors:
Upward factors
* Sustainable expansion of operations along with improvement in
profitability, translating into increase in net cash accrual
to over INR60 lakh
* Improvement in financial risk profile along with efficient
working capital management
Downward factors
* Business stagnation owing to weak demand, or stretched
receivables by 25%, or pile-up of inventory adversely
affecting liquidity
* Weakening financial risk profile because of withdrawal
of unsecured loans, or decline in net cash accrual, or
stretched working capital cycle.
BKGIPL, incorporated in 1993 by Mr Saurabh Garg, Ms Nishitha Garg,
and Ms Shushila Garg, is into trading of iron and steel products,
such as hot rolled plate and mild steel plate. The company's
primary markets are National Capital Region and Uttar Pradesh.
BALAJI OIL: CRISIL Reaffirms 'B' Ratings on INR6cr Loans
--------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facilities of Balaji Oil Industries (BOI).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.75 CRISIL B/Stable (Reaffirmed)
Proposed Fund-
Based Bank Limits 1.25 CRISIL B/Stable (Reaffirmed)
The rating continues to reflect the firm's modest scale of
operations, susceptibility to volatility in cotton prices and to
regulatory framework, weak financial risk profile and large working
capital requirement. These weaknesses are partially offset by the
extensive experience of the partners in the cotton ginning
industry.
Analytical Approach
Unsecured loans of INR1.91 crore provided by the promoters as on
March 31, 2019, have been treated as neither debt nor equity, as
the loans are likely to remain in the business over the medium
term.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations and intense competition: Small scale
of operations, with revenue of INR31.67 crore in fiscal 2019, amid
intense competition limits pricing power with suppliers and
customers, thereby constraining profitability.
* Susceptibility to volatility in cotton prices and to regulatory
framework: Cotton being an agricultural commodity, its
availability depends on monsoon. Moreover, government interventions
and fluctuations in global cotton output have resulted in sharp
fluctuations in cotton prices. Any abrupt change in regulation can
distort market prices and affect the profitability of players in
the cotton value chain, including ginners.
* Weak financial risk profile: Financial risk profile is
constrained by small net worth of INR1.30 crore and high gearing
and total outside liabilities to adjust net worth of 3.66 times and
7.67 times, respectively, as on March 31, 2019. Debt protection
metrics are weak, as reflected in interest coverage and net cash
accrual to total debt ratios of 1.36 times and 0.03 time,
respectively, in fiscal 2019. It is expected to remain at similar
levels over the medium term.
* Large working capital requirement:
Gross current assets stood at 146 days as on March 31, 2019, driven
by large inventory of around 104 days and moderate debtors of 40
days. Inventory is high on account of seasonal nature of business.
The firm's working capital cycle is expected to remain intensive in
the near future.
Strengths:
* Extensive experience of the partners: The five-decade-long
experience of the partners in the cotton industry has given them an
understanding of the dynamics of the market, and enabled them to
establish relationships with suppliers and customers.
Liquidity Poor
Liquidity is poor with cash and cash equivalents were limited at
INR0.28 crore as on March 31, 2019. Utilisation of fund-based limit
of INR4.75 crore averaged 99% over the seven months through
November 2019. Net cash accruals is expected at INR0.22- 0.25 crore
in fiscals 2020 and 2021, respectively, with no debt obligation
over the medium term.
Outlook: Stable
CRISIL believes BOI's business risk profile will remain weak,
constrained by the modest scale of operations and low operating
profitability.
Rating sensitivity factors
Upward factors
* Sustained increase in revenue and operating margin, leading to
rise in net cash accrual to more than INR1 crore.
* Improved working capital management or capital infusion
leading to improvement in TOLANW ratio.
Downward factors
* Significant decline in revenues and operating margin.
* Increasing working capital requirement leading to
deterioration of liquidity with more than 100%
utilization of limits.
BOI was setup as a partnership in 2005 by Mr Sunita Dilip Sarda and
Mr Vishnu Dhondiba Telap. The firm gins and presses cotton into
bales and extracts cotton seed oil at its unit in Tirthpuri,
Maharashtra.
DLP COTTON: CRISIL Assigns 'B+' Ratings to INR10cr Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of DLP Cotton (DLP).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B+/Stable (Assigned)
Term Loan 2 CRISIL B+/Stable (Assigned)
The rating reflects the firm's modest scale of operations,
vulnerability to changes in cotton prices, and average financial
risk profile. These weaknesses are partially offset by the
extensive experience of the partners in the cotton ginning
industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations in highly fragmented industry:
Intense competition in the cotton ginning industry continues to
constrain scalability, pricing power, and profitability.
* Vulnerability to changes in cotton prices: As cotton is an
agricultural commodity, its availability depends on the monsoon.
Furthermore, government interventions and volatility in global
output may result in sharp fluctuations in cotton prices, likely
affecting the margin of ginners. The ability to manage this will
remain a key sensitivity factor.
* Average financial risk profile: Gearing and total outside
liabilities to tangible networth ratios were high at 2.22 and 2.33
times, respectively, as on March 31, 2019, owing to higher reliance
on external debt. Capital base was modest at INR3.7 crore as on
March 31, 2019.
Strength:
* Partners' extensive experience: The partners' extensive
experience and financial assistance, understanding of local market
dynamics, and healthy relationships with customers and suppliers
should continue to support the business risk profile.
Liquidity Stretched
The liquidity profile is supported by sufficient cushion in accrual
and debt obligation and moderate bank limit utilisation of 66% for
the 11 months through December 2018.
Outlook: Stable
CRISIL believes DLP will continue to benefit from its partners'
extensive experience.
Rating sensitivity factors:
Upward factors
* Increase in topline by 30-40% and steady operating margin
* Improvement in capital structure
Downward factors
* Stretch in working capital with gross current assets of 160-170
days
* Significant capital withdrawal.
Morbi (Gujarat)-based DLP was set up in 2015 as a partnership by
Piyush D Saradava and his family. It gins and trades in cotton.
Operations commenced in February 2016.
EON ELECTRIC: CRISIL Lowers Rating on INR40cr Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Eon
Electric Ltd (EEL) to 'CRISIL D/CRISIL D Issuer Not Cooperating'
from 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 40 CRISIL D (ISSUER NOT
COOPERATING: Downgraded from
'CRISIL C ISSUER NOT
COOPERATING')
Letter of credit 35 CRISIL D (ISSUER NOT
& Bank Guarantee COOPERATING: Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
Proposed Long Term 10 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING: Downgraded from
'CRISIL C ISSUER NOT
COOPERATING')
Proposed Short Term 15 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING: Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with EEL for obtaining
information through emails and letters, dated October 30, 2019, and
November 6, 2019, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.
'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 and are arrived at without any management
interaction. In addition, these ratings are based on best available
or limited or dated information'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of the company. This restricts CRISIL's ability to
take a forward-looking view on the company's credit quality. CRISIL
believes the information available on EEL is consistent with
'Scenario 2' outlined in the 'Framework for assessing consistency
of information with 'CRISIL BBB' category or lower'.
Due to delay in timely repayment of debt, CRISIL has downgraded its
ratings on the bank facilities of EEL to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
EEL manufactures and markets energy-efficient lighting and other
electrical and electronic products, such as LED lights, fans, water
heaters, lithium ion batteries, mobile phone accessories, wires and
cables, and allied products. The company has two plants at
Haridwar, and a registered office at Sonepat, Haryana. It has been
listed on the Bombay Stock Exchange (BSE) since 2005, and on
National Stock Exchange (NSE) since 2012. Mr V P Mahendru is the
promoter, and daily operations are managed by his sons, Mr Vivek
Mahendru and Mr Vinay Mahendru.
G G EXPORT: Ind-Ra Migrates B- LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated G G Export's
Long-Term Issuer Rating to the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND B-(ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating action is as follows.
-- INR100 mil. Fund-based facilities migrated to non-cooperating
category with IND B- (ISSUER NOT COOPERATING) / IND A4
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 24, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
G G Export exports buffalo meat and basmati rice. V.R.Gunasekaran,
S.Gopalakrishnan, K.Sugumar, and T. Arulselvi are the partners.
GANESH METALIKS: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Ganesh
Metaliks Limited's (SGML) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR1,953.88 bil. Term loan due on March 2030 migrated to non-
cooperating category with IND B (ISSUER NOT COOPERATING)
rating;
-- INR350 mil. Fund-based limits migrated to non-cooperating
category with IND B (ISSUER NOT COOPERATING) rating; and
-- INR165 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
December 27, 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 2003, SGML manufactures sponge iron and billets in
the Sundargarh district of Odisha. The company is headed by its
promoter director, Mr. Manoj Kumar Agarwal.
GANPATI STEELS: CRISIL Lowers Rating on INR6cr Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Ganpati
Steels (GS) to 'CRISIL D/Issuer Not Cooperating' from 'CRISIL
B/Stable/Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (ISSUER NOT
COOPERATING: Downgraded from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
Term Loan 2 CRISIL D (ISSUER NOT
COOPERATING: Downgraded from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with GS for obtaining
information through letters and emails dated March 30, 2019, June
10, 2019 and June 14, 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 rating 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 GS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Due to delay in timely repayment of debt, CRISIL has downgraded its
rating on the bank facilities of GS to 'CRISIL D/Issuer Not
Cooperating' from 'CRISIL B/Stable/Issuer Not Cooperating'.
GS is a partnership of Mr Ashish Gupta and Ms Nirupama Gupta. It
manufactures and trades in galvanised iron, barbed, and stay wires.
Manufacturing unit is in Bhilai, Chhattisgarh. Operations are
primarily managed by Mr Ashish Gupta.
GURUDEVA TRUST: CRISIL Lowers Rating on INR8.2cr Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Gurudeva
Trust (GT) to 'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL
A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 3 CRISIL D (Downgraded from
'CRISIL A4+')
Term Loan 8.2 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
The downgrade reflects delays by the trust in servicing its debt
obligations on account of reduction in occupancy level in
engineering courses in fiscal 2020.
The ratings continue to reflect modest liquidity risk profile and
geographic concentration in revenue in a highly competitive
education sector. These weaknesses are partially offset by the
extensive experience of promoters and management in the education
sector and their fund support.
Analytical Approach
CRISIL has treated unsecured loan of INR31.05 Crore, as 75% equity
and 25% as the loans are expected to remain in the business, and
will be subordinated to bank debt.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest liquidity risk profile: Low unencumbered cash and bank
balances and high bank limit utilizations. The timely fund support
from the promoters shall remain a key rating sensitivity factor.
* Geographic concentration in revenue in highly competitive
education sector: The trust operates all of its institutions in
Ernakulam, Kerela, exposing it to geographical concentration in
revenues. The trust also faces competition from other institutions
in the region.
Strength:
* Extensive experience of the promoters and their fund support:
The trust is managed by Mr K R Kusuman, along with other partners
and trustees. They had established the trust in January, 2001, and
have been closely involved with its activities since inception. The
trust has been able to establish a brand name in a short span of
time backed by strong focus on quality education. The promoters
have also provided fund support in the form of unsecured loans in
the past and are expected to continue to provide fund support on
need basis.
Liquidity Poor
Liquidity is poor marked by delays in servicing its debt
obligations. Bank limits are fully utilized. Net cash accruals are
expected to be around 1.5 crores against repayment of 1.5 crores
over the medium term.
Rating Sensitivity factors
Upward Factors:
* Timely servicing of debt obligation for 3 months
* Improvement in liquidity risk profile.
GT was established in January 2001 by Mr K R Kusuman along with
other partners. Based in Ernakulam, the trust runs the Sree
Narayana Guru Institute of Science & Technology, which offer
post-graduate courses in business and computer management and
engineering degree courses under the Mahatma Gandhi University.
HINDUSTAN CLEANENERGY: Ind-Ra Lowers LongTerm Issuer Rating to BB
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Hindustan
Cleanenergy Limited's (HCEL) Long-Term Issuer Rating to 'IND BB
(ISSUER NOT COOPERATING)' from 'IND BBB- (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
the rating.
The instrument-wise rating action is:
-- INR447 mil. Non-convertible debentures downgraded with IND BB
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.
KEY RATING DRIVERS
The downgrade reflects HCEL's corporate governance issues, based on
the disclosures made by the company while reporting its financials
for 1HFY20 as well as the publicly available information. The
company's chairman was arrested in August 2019 by the Enforcement
Directorate in a money-laundering case. He was subsequently granted
bail in December 2019. Furthermore, as per the disclosures, in
September 2019, the Enforcement Directorate conducted a search
operation at the company's premises under the 'Prevention of Money
Laundering Act, 2002'.
In addition, based on the financial disclosures, HCEL's operating
revenue declined to INR36 million in FY19 (1HFY20: nil; FY18:
INR1,344 million). Moreover, the company reported a loss of INR199
million at the EBITDA level in FY19 (1HFY20: negative INR20
million; FY18: INR1,250 million). The company did not publish its
cash flow statements in the financial disclosures. The reported
cash balances remained low at INR1 million at end-1HFY20 (end-FY19:
INR5.1 million). Given the absence of revenues in 1HFY20 and
minimal cash balances as per reported financials, the servicing of
interest at a standalone level is likely to be made through the
cash upstreamed from its subsidiaries. However, Ind-Ra does not
have any information regarding the consolidated financials. As per
the disclosures, the total debt stood at INR1,408 million as of
September 30, 2019 (FY19: INR1,508 million). The debt service
coverage ratio (DSCR) and interest service coverage ratio remained
negative in 1HFY20 and FY19 on account of negative EBITDA.
HCEL had made prepayments of bonds worth INR589 million in
September 2018, INR2,856 million in May 2018 and INR4,607 million
in October 2017.
COMPANY PROFILE
Incorporated in October 2008, Hindustan Cleanenergy is a 100%
subsidiary of Hindustan Powerprojects Private Limited, which is a
multi-fuel-based power projects developer. The company was set up
with an objective to serve as the solar holding company of the
group and to undertake the development of solar power projects
worldwide.
JAYPEE INFRATECH: IRP Seeks NCLT Allahabad Approval for NBCC Bid
----------------------------------------------------------------
BloombergQuint reports that Jaypee Infratech Ltd.'s Interim
Resolution Professional Anuj Jain has filed an application before
the National Company Law Tribunal, Allahabad, to approve the bid of
state-owned NBCC (India) Ltd. to acquire debt-laden realty firm
through insolvency process, sources said.
Last month, NBCC won the bid to acquire Jaypee Infratech after
financial creditors, including lenders and homebuyers, approved its
resolution plan, BloombergQuint says.
NBCC's resolution plan was approved by the committee of creditors
with 97.36 percent votes in favor, BloombergQuint notes.
This was the third round of bidding process to find a buyer for
Jaypee Infratech, which went into the corporate insolvency
resolution process in August 2017, according to BloombergQuint.
BloombergQuint says the successful resolution will provide a big
relief to over 20,000 distressed homebuyers across various housing
projects launched by Jaypee Infratech in Noida and Greater Noida
(Uttar Pradesh).
NBCC has proposed to complete these pending projects in the next
three-and-a-half years, BloombergQuint states.
According to BloombergQuint, Mr. Jain had admitted homebuyers'
claim amounting to over INR13,000 crore and lenders' claim of
nearly INR9,800 crore.
In its resolution plan, NBCC has offered 1,526 acres to lenders
under a land-debt swap deal.
On Yamuna Expressway, NBCC has proposed to transfer the road asset
to lenders but before that it would take loan of around INR2,500
crore against toll revenue to fund construction spend.
About Jaypee Infratech
Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare. The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis. The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway. The Healthcare business segment includes
hospitals. The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.
JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017. The parent company,
Jaiprakash Associates Ltd. (JAL), owes more than INR29,000 crore to
various banks.
On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company. With this, the board of directors of the
company remains suspended.
Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business. The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.
In the first round of insolvency proceedings conducted in 2018, the
INR7,350-crore bid of Lakshdeep, part of Suraksha Group, was
rejected by lenders. The Committee of Creditors (CoC) rejected the
bids of Suraksha Realty and NBCC Ltd in the second round held in
May-June 2018, according to The Economic Times.
On Nov. 6, 2019, the Supreme Court directed completion of Jaypee
Infratech's insolvency process within 90 days and said the revised
resolution plan will be invited only from NBCC and Suraksha Realty,
ET related.
KAMAL HAASAN: CRISIL Assigns B+ Rating to INR25cr LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Kamal Haasan (KH).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 25 CRISIL B+/Stable (Assigned)
The rating reflects high degree of geographic concentration in
revenue profile and exposure to risks inherent to the film
industry. These weakness are partially mitigated by established
presence and proprietor's extensive industry experience.
Key Rating Drivers & Detailed Description
Weaknesses:
* High degree of geographic concentration in revenue profile: The
operations are mainly confined to Tamil Nadu limiting its revenue;
consequently, any dispute between the exhibitors and distributors,
or strike in the film industry, or agitations by political parties
will have a negative impact on revenue.
* Exposure to risks inherent in the film industry: Volatility in
profitability and revenue, inherent in the film industry, will
continue to impact the firm, since the income is based on the
ongoing films and other programmes.
Strength:
* Extensive industry experience of the proprietor: The proprietor
have an experience spanning over 4 decades in various film
industries.
Liquidity Stretched
Cash accrual expected at INR7 to 8 crore in the medium term,
against maturing debt obligation of Rs.4.20 crore for fiscal 2020.
The cash inflow is from the on-going film and media projects, while
the operating expenditure and repayments are monthly and fixed in
nature. In the absence of working capital limits, any cash flow
mismatches may severely impact the liquidity of the firm.
Outlook: Stable
CRISIL believe KH will continue to benefit from the extensive
industry experience of its proprietor.
Rating sensitivity factors:
Upward factors:
* Healthy revenue growth along with improved operating
profitability
* Improvement in capital structure marked by gearing of less than
1 time.
Downward factors:
* Any weakening in interest coverage ratio or gearing further
impacting financial risk profile
* Decline in revenue or profit margin leading to cash accruals
less than INR4.2 crore.
KH is proprietorship firm with interests in directing, acting, and
producing mainly involved in Tamil film industry.
KASHIPUR INFRASTRUCTURE: Ind-Ra Affirms 'BB' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Kashipur
Infrastructure and Freight Terminal Private Limited's (KIFTPL)
Outlook to Stable from Positive while affirming its Long-Term
Issuer Rating at 'IND BB'.
The instrument-wise rating actions are:
-- INR390.1 mil. Term loan due on March 2023 affirmed; Outlook
revised to Stable from Positive with IND BB/Stable rating;
and
-- INR50 mil. Working capital facilities affirmed; Outlook
revised to Stable from Positive with IND BB/Stable/IND A4+
rating.
To arrive at the ratings, Ind-Ra has factored in the operational
and strategic support provided to KIFTPL by its joint-venture (JV)
parents India Glycols Limited (IGL; 49%; 'IND A-'/Stable) and
Apollo Logisolutions Limited (ALL; 51%).
The Outlook revision reflects KIFTPL's weaker-than-expected
operational performance in FY19, the unexpected stagnation in its
EBITDA generation in FY19 and slackness in the cargo handled by
KIFTPL till 6MFY20 on account of operational weakness by its
shipping partners. However, the agency expects the credit metrics
to improve over the next two years, on an improvement in operating
performance based on the increased utilization of rakes and
improved customer acquisition, coupled with reduced debt.
KEY RATING DRIVERS
KIFTPL continues to rely on equity infusions from IGL and ALL
towards project funding, cost overruns and interest servicing, and
for ongoing operational support. Despite a strong improvement in
the revenues to INR192 million in FY19 (FY18: INR98 million),
KIFTPL's EBITDA was INR33 million (INR14 million). Even though the
company's EBITDA margin improved to 17.1% in FY19 (FY18: 14.3%), it
was below Ind-Ra's expectations of over 20%. This was a result of
the firm offering last-mile delivery services to attract customers,
which tends to be EBITDA-neutral. Therefore, while absolute EBITDA
is generated, it is not accretive in nature to the margin.
KIFTPL's total volumes (import and export) improved significantly
to 343 rakes in FY19 (FY18: 247 rakes). While IGL-related volumes
remained stable year-on-year at around 138 rakes, non-IGL volumes
showed strong growth, nearly doubling to 209 rakes in FY19 (FY18:
105 rakes).
Both ALL and IGL exhibit strong operational and strategic linkages
with KIFTPL. ALL is a logistics service provider that supplements
KIFTPL's operations at the logistics facility, while IGL provides
volumes to KIFTPL's facility, which is strategically located next
to IGL's flagship production plant. KIFTPL received INR48 million
of equity infusion in FY19 from the promoters for debt servicing
and project completion. Ind-Ra expects the partners to continue
supporting KIFTPL for cost overruns, debt servicing, and working
capital shortfall.
The ratings also reflect KIFTPL's moderate credit metrics with
gross interest coverage (operating EBITDA/gross interest expense)
of 0.9x in FY19 (FY18: 0.67x) and net leverage (net debt/EBITDA) of
10.5x (28.4x). As operations continue to scale, the agency expects
KIFTPL to generate enough cash flows to service its own debt. At
FYE19, KIFTPL's total debt was INR358 million (FY18: INR404
million).
Liquidity Indicator – Stretched: KIFTPL's cash generation in FY19
was INR64 million (FY18: INR45 million), which was not enough to
cover its total debt servicing. However, the company's liquidity is
supported by IGL and ALL, which inject equity into it to support
operations and cover debt servicing. KIFTPL's leverage profile is
also stretched, though the agency doesn't expect the company to
avail of any further debt. Therefore, the agency expects the
leverage profile to moderate in the short term, which should free
up the entity's liquidity.
RATING SENSITIVITIES
Positive: Developments that could, individually or collectively,
lead to a positive rating action include:
an improvement in the operational profile led by high capacity
utilization, coupled with debt servicing out of internal accruals,
leading to interest coverage above 1.5x on a sustained basis
an improvement in the financial profile of the JV parents
Negative: Developments that could, individually or collectively,
lead to a negative rating action include:
deterioration in the financial profile, led by weak capacity
utilization, coupled with lower support from JV parents for debt
servicing, leading to interest coverage below 1.1x on a sustained
basis.
deterioration in the financial profile of the JV parents
COMPANY PROFILE
KIFTPL is a JV between IGL and ALS. It has been set up to operate
an inland container depot in Kashipur, Uttarakhand.
IGL manufactures green technology-based bulk, specialty and
performance chemicals, and natural gums, spirits, industrial gases,
sugar, and nutraceuticals. Its product offerings include glycols,
ethoxylates, glycol ethers and acetates, and various performance
chemicals.
ALL, a 90% subsidiary of Apollo International Limited, provides
integrated logistics services through its global network. It
operates two container freight stations spread over 59 acres of
developed premises.
KHUSHIYA INDUSTRIES: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Khushiya
Industries Private Limited's Long-Term Issuer Rating to 'IND D
(ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings.
The instrument-wise rating actions are:
-- INR215 mil. Fund-based limit (Long-term) downgraded with IND D
(ISSUER NOT COOPERATING) rating;
-- INR27.5 mil. Term loan 1 (Long-term) due on September 2020
downgraded with IND D (ISSUER NOT COOPERATING) rating; and
-- INR37.6 mil. Term loan 2 (Long-term) due on October 2021
downgraded with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
KEY RATING DRIVERS
The downgrade reflects KIPL's continued defaults on the payment of
interest and installments towards the cash credit facility and term
loans, and the subsequent classification of the company as a
non-performing asset by the bank.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.
COMPANY PROFILE
Incorporated in 2012, Khushiya Industries is engaged in the
extraction of castor oil.
KONDUSKAR TRAVELS: CRISIL Cuts Rating on INR11.5cr Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Konduskar Travels Private Limited (KTPL) to 'CRISIL D' from
'CRISIL B-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line 11.5 CRISIL D (Downgraded from
Overdraft 'CRISIL B-/Stable')
Facility
Proposed Term Loan 6.5 CRISIL D (Downgraded from
'CRISIL B-/Stable')
The downgrade reflects delays in repayment of installment for
dropline overdraft facility because of weak liquidity.
The rating continues to reflect KTPL's weak financial risk profile
and modest scale of operations. These weaknesses are mitigated by
the extensive experience of the promoters.
Key Rating Drivers & Detailed Description
Weaknesses:
* Delays in debt servicing: The company has delayed in servicing
its installment for dropline overdraft facility because of delays
in receipt of payments from counterparty.
* Weak financial risk profile: Gearing and total outside
liabilities to tangible networth ratio remained high at 3.91 times
and 4.15 times, respectively, as on March 31, 2019. Networth
remained modest at INR7.85 crore.
* Modest scale of operations: Intense competition and geographical
concentration in revenue (operations are primarily carried out in
Maharashtra, Gujarat and Karnataka) may continue to constrain
scalability, pricing power, and profitability. Revenue was modest
at INR54.27 crore in fiscal 2019, thereby, restricting cost
efficiencies
Strength:
* Extensive experience of the promoters: Benefits from the
promoters' experience of over two decades, their strong
understanding of local market dynamics, and healthy relations with
customers and suppliers should continue to support the business.
Liquidity Poor
Liquidity may continue to be stretched as cash accrual projected
per annum over the medium term remains inadequate to meet yearly
debt repayment.
Rating Sensitivity factors
Upward factors:
* Track record of timely debt servicing for at least 90 days
* Sustainable improvement in financial risk profile, especially
liquidity.
Incorporated in 1994, KTPL is based in Kolhapur (Maharashtra) and
promoted by Konduskar and family and provides passenger transport
services mainly in Maharashtra, Goa, Karnataka and Gujarat.
M S GRAPHICS: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M S Graphics
Private Limited's (MSGPL) 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:
-- INR160 mil. Fund-based limits migrated to non-cooperating
category with IND BB (ISSUER NOT COOPERATING) rating; and
-- INR20 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
January 8, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1991, MSGPL is engaged in the trading of printing
plates and printing ink. The company is managed by Chandra Mohan
Shroff and Mohit Shroff. Its sales offices are located in Kolkata,
Chennai, Delhi, Guwahati, and Bengaluru.
MAHALAXMI INVESTMENT: CRISIL Cuts Rating on INR26cr Loans to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Mahalaxmi Investment and Trading Private Limited (MITPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 CRISIL D (Downgraded from
'CRISIL A4')
Cash Credit 8 CRISIL D (Downgraded from
'CRISIL B/Stable')
Letter of Credit 8 CRISIL D (Downgraded from
'CRISIL A4')
Overdraft 2 CRISIL D (Downgraded from
'CRISIL A4')
The downgrade is on account of instances of devolvement in Letters
of Credit (LC) that has remained unpaid for more than 30 days due
to weak liquidity.
MITPL has modest scale of business in a fragmented industry, weak
financial risk profile and working-capital-intensive operations.
The promoters have extensive industry experience.
Analytical Approach
Unsecured Loans have been treated as debt.
Key Rating Drivers & Detailed Description
Weaknesses:
* Devolvement of Letter of Credit: Stretch in liquidity, owing to
stretch in working capital cycle has led to devolvement of Letter
of credit facility in November 2019 and remaining unpaid for more
than 30 days.
* Modest scale of operations amid intense competition: Scale of
operations remains small with sales of INR17.93 crore for fiscal
2019 which restricts bargaining power and benefit from economies of
scale, given intense competition in the industry.
* Working capital intensive operations: Operations are working
capital intensive reflected in gross current assets of 645 days,
due to high debtors of 170 days and sizeable inventory of 518 days
as on March 31, 2019. Working capital requirement is expected to
remain high over the medium term.
Strength:
* Extensive experience of the promoters: The promoters' experience
of around three decades, their understanding of the dynamics of the
local market, and healthy relationships with suppliers and
customers should continue to support the business.
Liquidity Poor
Liquidity is poor, with full utilisation of bank lines and
instances of devolvement of LC.
Rating Sensitivity factors
Upward factors:
* Track record of timely debt servicing for at least 90 days.
* Sustained improvement in financial risk profile and working
capital management.
Incorporated in 1986, MITPL is promoted by Mr Umesh Jhalani and
family. The company is based out at Ratlam in Madhya Pradesh. The
company manufactures components used in electrical items such as
distribution transformers, switchgears, meter boxes, feeder
pillars, distribution boxes, and junction boxes used in the
distribution of power.
METALFAB HIGHTECH: Ind-Ra Keeps BB+ Issuer Rating in NonCooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Metalfab
Hightech Private Limited's (MHPL) Long-Term Issuer Rating of 'IND
BB+ (ISSUER NOT COOPERATING)' in the non-cooperating category and
has simultaneously withdrawn it.
The instrument-wise rating actions are:
-- The 'IND BB+' rating on the INR310 mil. Fund-based facilities#
maintained in the non-cooperating category and withdrawn;
-- The 'IND A4+' rating on the INR525 mil. Non-fund-based
facilities* maintained in the non-cooperating category and
withdrawn; and
-- The 'IND BB+' rating on the INR150 mil. Long-term loans#
maintained in the non-cooperating category and withdrawn.
#Maintained at 'IND BB+ (ISSUER NOT COOPERATING)' before being
withdrawn
*Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn
KEY RATING DRIVERS
MHPL did not participate in the rating exercise despite continuous
requests and follow-ups by the agency.
Ind-Ra is no longer required to maintain the ratings, as it has
received a no-objection certificate from the rated facilities'
lenders. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017, for credit rating
agencies.
COMPANY PROFILE
Incorporated in 1980, MHPL manufactures tubular towers for
windmills and power plant fabrication.
N.N. SAHA & SONS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed N. N. Saha & Sons
Agro Private Limited's (NNSPL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR240 mil. Fund-based working capital limit affirmed with
IND BB-/Stable rating; and
-- INR20 mil. Proposed fund-based working capital limit* assigned
with Provisional IND BB-/Stable rating.
* The ratings are provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above facility
by NNSPL to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
The affirmation reflects NNSPL's continued small scale of
operations, as reflected by revenue of INR1,223.27 million in FY19
(FY18: INR1,201.47 million). The slight growth in revenue was
driven by the acceptance of the company's brand by the existing
customer base.
The ratings also factor in NNSPL's moderate credit metrics. Net
financial leverage (total adjusted net debt/ operating EBITDAR)
reduced to 4.94x in FY19 (FY18: 5.18x) due to a decline in the
overall debt. Gross interest coverage (operating EBITDA/gross
interest expense) also improved to 2.02x in FY19 (FY18: 1.95x)
owing to an improvement in the absolute operating EBITDA.
The ratings, however, are constrained by NNSPL's modest margin,
which expanded to 4.03% in FY19 (FY18: 3.90%) due to a decline in
the additional expenses and the company's presence in a highly
fragmented and intensely competitive industry. Its return on
capital employed stood flat at 11% in FY19 (FY18: 11%).
Liquidity Indicator- Poor: The company's liquidity position was
tight, as indicated by its over 100% average utilization of the
working capital limits during the 12 months ended November 2018.
The cash flow from operations (CFO) has continued to be negative
since the FY16 due to unfavorable changes in the working capital
cycle. CFO improved, despite remaining negative, in FY19 to INR7.68
million (FY18: negative INR65.46 million) due to an improvement in
operating absolute EBITDA. As of FYE19, the cash and cash
equivalents stood at INR1.63 million (FYE18: INR4.52 million). The
net cash conversion declined to 119 days in FY19 (FY18: 114 days)
due to a decline in the creditor days to 24 (33 days).
The ratings, however, are supported by the director's experience of
more than two decades in the rice trading business.
RATING SENSITIVITIES
Positive: A substantial increase in the scale of operations, with
improvement in the liquidity with improvement in the gross interest
coverage above 2.5x will be positive for the ratings.
Negative: Deterioration in the profitability and liquidity, leading
to deterioration in the gross interest coverage below 1.5x will be
negative for the ratings.
COMPANY PROFILE
Incorporated in 2008, NNSPL is engaged in the trading of basmati
and non-basmati rice in Kolkata, West Bengal.
RAVICHANDRA TEXTILES: CRISIL Cuts Rating on INR18cr Cash Loan to D
------------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Sri Ravichandra Textiles Private Limited (SRTPL) to
'CRISIL D' from 'CRISIL B-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18 CRISIL D (Downgraded from
'CRISIL B-/Stable')
Long Term Loan 11.22 CRISIL D (Downgraded from
'CRISIL B-/Stable')
Proposed Long Term
Bank Loan Facility 10.28 CRISIL D (Downgraded from
'CRISIL B-/Stable')
The downgrade in rating factor in overdue in cash credit account
for more than 30 days. The same is reflected from the fact that the
liquidity profile of the company is weak.
The rating reflects the company's large working capital
requirements, its below average financial risk profile and its
susceptibility to volatility in cotton prices. These rating
weaknesses are partially offset by the benefits that SRTPL derives
from its promoters' extensive industry experience and its
established customer relationships.
Key Rating Drivers & Detailed Description
Weaknesses:
* Large working capital requirement: SRTPL's business is highly
working capital intensive, as reflected in estimated gross current
asset (GCA) days of 171 days as on March 31, 2019. The high GCA
emanates from the company's inventory levels of around 137 days and
receivables cycle of 22 days as on March 31, 2019.
* Below average financial risk profile: The gearing remained high
at 1.50 times with net worth at INR19.78 crore as on March 31,
2019. The net cash accruals to total debt (NCATD) and interest
coverage ratio stood at 0.10 times and 1.56 times for fiscal 2019.
* Susceptibility of margins to volatility in cotton prices: Raw
cotton constitutes more than 70 per cent of SRTPL's cost of sales.
Company's operating margin is vulnerable to volatility in raw
material prices.
Strength:
* Promoters' extensive industry experience' and its established
customer relationships: SRTPL is promoted by Mr. Gopalakrishana
along with his family members. The promoters have been associated
with the cotton industry from over 12 years and have established
relation with its customers.
Liquidity Poor
Liquidity is poor, with full utilization of bank lines. Cash and
bank balance stood at INR0.06 crore as on March 31, 2019.
Rating Sensitivity factors
Upward Factors:
* Track record of timely debt servicing for at least over 90
days
* Improvement in working capital management and liquidity.
SRTPL, incorporated in 2010, manufactures cotton yarn, primarily in
counts of 10s, 13s, 16s, and 20s. The company's manufacturing
facilities are in Guntur (Andhra Pradesh), and started commercial
production in November 2012.
RAWAT ASSOCIATES: CRISIL Lowers Rating on INR22.57cr Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Rawat Associates (RA) to 'CRISIL B-/Stable' from 'CRISIL
B+/Stable' while assigning the 'CRISIL A4' rating to the short-term
bank facility.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL A4 (Assigned)
Overdraft 2.43 CRISIL A4 (Assigned)
Proposed Long Term 22.57 CRISIL B-/Stable
Bank Loan Facility (Downgraded from
'CRISIL B+/Stable')
The downgrade reflects deterioration in the business risk profile
of the firm as reflected in decline in revenue to INR0.18 crore in
fiscal 2019 from INR67.7 crore in fiscal 2017. Furthermore,
continuous capital withdrawals by the partners, coupled with profit
after tax (PAT) losses, resulted in negative networth.
The ratings reflect the firm's small scale of operations and
below-average capital structure. These weaknesses are partially
offset by the extensive experience of the partners in the civil
construction industry and its healthy order book.
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations: RA's revenue has remained modest
despite being in the civil construction industry for more than a
decade. No contracts were executed in fiscal 2019, leading to
negligible revenue. The segment is highly fragmented and has
numerous small-scale, unorganised players catering to local demand,
which may restrict significant improvement in scale of operations.
* Below-average financial risk profile: RA's financial risk
profile is below average with networth of negative INR1.12 crore
as on March 31, 2019 and interest coverage ratio of 1.92 times in
fiscal 2019.
Strength
* Extensive experience of the partners: The partners have been in
the civil construction industry for over a decade. This has helped
the firm to build an order book of around INR60 crore, to be
executed over the next two years.
Liquidity Poor
Cash accrual is expected to be around INR1 crore per annum in
fiscals 2020 and 2021. Cash and cash equivalent were INR3.2 crore
as on March 31, 2019. Fund-based bank limit of INR2.43 crore was
utilised at 17% on an average during the five months through
November 2019. The firm has no long-term debt obligation in fiscals
2020 and 2021.
Outlook: Stable
CRISIL believes RA will continue to benefit from the extensive
industry experience of the partners.
Rating sensitivity factors:
Upward factors:
* Improvement in net cash accrual to over INR1.5 crore
* Better capital structure
Downward factors
* Deterioration in liquidity because of higher-than-expected
losses
* Decline in net cash accrual to below INR0.5 crore.
RA is a partnership firm, set up in 2001 by Mr Arjun Rawat and his
wife Mrs Poonam Rawat. The firm undertakes construction of canals
and irrigation projects in Uttar Pradesh.
RELIANCE CAPITAL: Bondholders Drag Unit to NCLT to Recover Dues
---------------------------------------------------------------
Business Standard reports that Reliance Commercial Finance and
Reliance Housing Finance have said forensic auditor, Grant
Thornton, has not recorded any adverse findings on 11 parameters,
including diversion and siphoning off of funds, and embezzlement.
Both entities are part of Anil Ambani-controlled Reliance Capital.
As part of the debt resolution process, the company's lenders
appointed Grant Thornton for the audit in August 2019, as required
by the Reserve Bank of India (RBI) guidelines.
According to Business Standard, Reliance Commercial Finance said in
a statement that the forensic report has confirmed the potential
group entities' exposure through several intermediate unlisted
entities at INR4,427.74 crore (including interest). This, the
company had voluntarily and publicly disclosed, before commencement
of the forensic audit.
Business Standard relates that the other findings in the forensic
audit report are limited to the following issues: Alleged
regulatory anomalies regarding group exposure and alleged deviation
from certain policies and procedures. The regulator, RBI, had
already taken note these. The RBI had directed the company not to
access 'public funds' and not to take more exposure with immediate
effect until further notice.
Meanwhile, Reliance Housing Finance said the National Housing Bank
(NHB), has taken actions such as imposition of penalty and
directions regarding the alleged regulatory anomalies, including
concentration of credit, related party transactions, Business
Standard reports. NHB also directed it to increase the housing loan
disbursements and reduce corporate exposure.
After completion of the forensic audit, Reliance Home has requested
bankers to proceed on a fast-track basis with the debt resolution
plan in the overall interest of all lenders, including retail
debentures holders and shareholders, adds Business Standard.
About Reliance Capital
Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.
As reported in the Troubled Company Reporter-Asia Pacific in
September 2019, CARE Ratings revised the ratings on certain bank
facilities of Reliance Capital Ltd. (RCL), as: (1) rating on
INR15,000cr long term debt is revised to CARE D from CARE BB; (2)
rating on INR1,500 subordinated debt is revised to CARE D from CARE
BB; (3) rating on INR500cr market linked debenture is revised
to'CARE PP-MLD D' from 'CARE PP-MLD BB; Stable'. The rating
revision takes into account the recent instance of delay in
servicing of coupon on several non-convertible debentures by the
company. The coupon was subsequently serviced with a delay of one
working day. The liquidity profile of the group continues to be
under stress on account of delay in raising funds from the asset
monetization plan and impending debt payments.
RELIANCE CAPITAL: No Adverse Findings in Grant Thornton Report
--------------------------------------------------------------
Business Standard reports that Reliance Commercial Finance and
Reliance Housing Finance have said forensic auditor, Grant
Thornton, has not recorded any adverse findings on 11 parameters,
including diversion and siphoning off of funds, and embezzlement.
Both entities are part of Anil Ambani-controlled Reliance Capital.
As part of the debt resolution process, the company's lenders
appointed Grant Thornton for the audit in August 2019, as required
by the Reserve Bank of India (RBI) guidelines.
According to Business Standard, Reliance Commercial Finance said in
a statement that the forensic report has confirmed the potential
group entities' exposure through several intermediate unlisted
entities at INR4,427.74 crore (including interest). This, the
company had voluntarily and publicly disclosed, before commencement
of the forensic audit.
Business Standard relates that the other findings in the forensic
audit report are limited to the following issues: Alleged
regulatory anomalies regarding group exposure and alleged deviation
from certain policies and procedures. The regulator, RBI, had
already taken note these. The RBI had directed the company not to
access 'public funds' and not to take more exposure with immediate
effect until further notice.
Meanwhile, Reliance Housing Finance said the National Housing Bank
(NHB), has taken actions such as imposition of penalty and
directions regarding the alleged regulatory anomalies, including
concentration of credit, related party transactions, Business
Standard reports. NHB also directed it to increase the housing loan
disbursements and reduce corporate exposure.
After completion of the forensic audit, Reliance Home has requested
bankers to proceed on a fast-track basis with the debt resolution
plan in the overall interest of all lenders, including retail
debentures holders and shareholders, adds Business Standard.
About Reliance Capital
Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.
As reported in the Troubled Company Reporter-Asia Pacific in
September 2019, CARE Ratings revised the ratings on certain bank
facilities of Reliance Capital Ltd. (RCL), as: (1) rating on
INR15,000cr long term debt is revised to CARE D from CARE BB; (2)
rating on INR1,500 subordinated debt is revised to CARE D from CARE
BB; and (3) rating on INR500cr market linked debenture is revised
to'CARE PP-MLD D' from 'CARE PP-MLD BB; Stable'. The rating
revision takes into account the recent instance of delay in
servicing of coupon on several non-convertible debentures by the
company. The coupon was subsequently serviced with a delay of one
working day. The liquidity profile of the group continues to be
under stress on account of delay in raising funds from the asset
monetization plan and impending debt payments.
RENEW POWER: Fitch Assigns BB- Rating to New USD Sr. Sec. Notes
---------------------------------------------------------------
Fitch Ratings assigned a rating of 'BB-' to ReNew Power Private
Limited's (BB-/Stable) proposed US dollar senior secured notes.
The proposed notes will be senior secured obligations of the issuer
and will have direct security of a 250 MW wind-power operating
project directly held by ReNew Power Private Limited - the holding
company - along with a pledge over certain equity shares and
preference shares of ReNew Power Services Private Limited (a wholly
owned subsidiary that holds the assets acquired by ReNew in its
acquisition of Ostro Energy in April 2018). The proposed US dollar
notes also include a USD20 million interest service reserve
account.
ReNew is one of India's leading renewable independent power
producers, with around 5.4GW of operational capacity of wind (60%)
and solar (40%) power projects and a project pipeline of around
2.6GW. ReNew holdco directly holds 485MW of the wind-power assets,
with the rest held by various SPVs. ReNew plans to use the proceeds
from the proposed US dollar notes to mainly refinance the existing
borrowings, including trade credit facilities of the holdco, while
part of the proceeds i.e. about USD65 million, will be used for
capex of the SECI-II project.
KEY RATING DRIVERS
Leading Producer with Diversified Presence: ReNew's large size and
diversified renewable-asset portfolio provides economies of scale
and operating leverage, mitigating concentration risk. Its project
portfolio is spread across original equipment manufacturer
suppliers and also geographically, with no single Indian state
accounting for more than 25% of the total portfolio.
Price Certainty, Volume Risk: Fitch believes the long-term
power-purchase agreements for the group's operating assets offer
price certainty and long-term cash flow visibility. The majority of
the assets, representing 96% of group capacity, have PPAs with
tenors of around 20-25 years, and a long remaining life: the
weighted-average operating life for the group's assets is around
three years. The long-term PPAs provide protection from price risk,
but production volume will vary - based on resource availability,
which is affected by seasonal and climatic patterns.
Fitch continues to believe that attempts by the Andhra Pradesh
government-owned power-distribution utilities to renegotiate
tariffs in PPAs will be unsuccessful. Any tariff revision will be
treated as event risk in its credit assessment.
Weak Counterparty Profile: The rating reflects the weak credit
profile of ReNew group's key counterparties - state-owned
power-distribution utilities. State-owned power-distribution
utilities account for about 60% of group total capacity, including
projects under development. Around 36% of the off-take is tied up
with sovereign-backed entities - Solar Energy Corporation of India
Ltd. (SECI) with 31%, NTPC Limited (BBB-/Stable) with 2%, and PTC
India Limited with 3% - which have more timely payment records. The
remaining 4% is sold directly to corporate customers, broadening
the diversity of counterparties.
The weak financial profile of these counterparties has led to
payment delays, more recently from the utilities in the state of
Andhra Pradesh. This, along with payment delays from a few other
state distribution utilities, has led to an increase in ReNew's
receivables to 235 days by end-September 2019, from 155 days in
March 2019. However, Fitch understands that there has been
improvement in receiving payments from utilities in Andhra Pradesh
over last month. This should lead to improvement in receivable days
to below 200 days by the end of financial year to March 2020
(FY20).
Growth to Moderate: Fitch expects the pace of organic growth to
slow due to ReNew's large base and slower capacity additions in
India's renewable sector in the near to medium term. The
under-construction pipeline capacity of 2.6GW poses some execution
risk, but this is mitigated by ReNew's execution record and also
its policy of raising equity before committing to a project. Fitch
has not factored in any acquisition, and will treat one as an event
risk; a large-scale debt-funded acquisition may hamper its
expectations of an improvement in ReNew's credit profile.
Improving Financial Profile: ReNew's financial profile is likely to
improve on positive cash flow from operating capacity and slower
growth in capacity additions. Fitch has deconsolidated the EBITDAR
and debt of ReNew's two restricted groups - Neerg Energy Ltd
(senior unsecured notes rated B+) and ReNew RG II (senior secured
notes rated BB) - to calculate its credit metrics; EBITDAR
incorporates its expectations of the cash upstreamed from the two
restricted groups. Net adjusted debt/operating EBITDAR is likely to
fall below 5.0x by FY22 (FY19: 7.1x), and EBITDAR/net interest
coverage should improve to around 1.9x by FY22 (FY19: 1.4x).
Adequate Holding-Company Liquidity: Fitch expects ReNew holdco to
benefit from the operating cash flow from its 485MW of wind-power
assets, and cash upstreaming from diversified operating assets held
at various subsidiaries. Fitch believes this cash flow provides
sufficient liquidity at ReNew holdco, with an interest-coverage
ratio - including cash upstreaming from operating subsidiaries - of
above 2x through the tenor of the proposed notes. Fitch also
expects the EBITDA from SECI-II project, provided as direct
security for US dollar notes, to be sufficient to cover around
two-thirds of the annual interest expense for the proposed notes,
including the hedging costs.
No Notching for Subordination: Fitch does not notch down the US
dollar notes' rating, in light of its assessment of at least
average recovery for noteholders. Recovery prospects benefit from
the large scale and diversity of projects across geographies,
resource types and counterparties. The assessment factors in the
subordination of notes to other secured debt at ReNew holdco and to
prior-ranking project debt at the operating entities in the group.
An increase in prior-ranking debt may result in higher
subordination, leading to a reassessment by Fitch.
Currency Hedging, Refinancing Risk: ReNew's earnings will be in
Indian rupees, but the notes are denominated in US dollars,
resulting in exposure to foreign-exchange risk. However, ReNew
plans to mitigate this risk by substantially hedging both the
coupon and principal of the notes. The US dollar notes face
refinancing risk, as Fitch estimates the cash balance at ReNew will
be insufficient to repay the notes at maturity. However, this risk
is mitigated by ReNew's proven access to debt and equity funding.
DERIVATION SUMMARY
Fitch sees Greenko Energy Holdings (BB-/Stable) and Concord New
Energy Group Limited (CNE, BB-/Stable) as ReNew's close peers.
Greenko, like ReNew, is one of India's leading power producers,
with a focus on renewable energy. Both have total operating
capacity in excess of 4GW, although Greenko's is somewhat lower
than ReNew's, and both have expanded their operating capacity by
4x-5x over the last three years, including through an inorganic
route.
ReNew has larger unrestricted capacity than Greenko, totalling
around 7GW, which offers better granularity. ReNew's resource risk
is lower with higher exposure of 44% to solar-based projects
(Greenko: 27%), and counterparty risk is also lower with 42% of
unrestricted capacity contracted with sovereign-owned entities and
the balance with state-owned distribution companies. On the other
hand, ReNew has higher construction risk with around 33% of its
capacity still under construction. Greenko's credit assessment also
drives support from its strong shareholders - Singapore's sovereign
wealth fund GIC and the Abu Dhabi Investment Authority. These
shareholders, in addition to putting in equity, have also
introduced stronger risk management practices at Greenko over the
years, including the commitment from its management towards
deleveraging. These factors combined result in a similar credit
assessment, in its view.
CNE has an attributable wind capacity of 2,277MW across multiple
projects in China. CNE's feed-in tariffs are stable and its
counterparty risk is lower as its revenue stream is mostly reliant
on State Grid Corporation of China (A+/Stable) and China's
Renewable Energy Subsidy Fund. However, CNE's cash flow, similar to
other Chinese wind-power operators, is affected significantly by
the time lag in the receipt of renewable subsidies, which accounted
for 42% of its power revenue in 2018. Fitch expects CNE's financial
profile to be stronger than that of ReNew, with funds from
operations (FFO) fixed-charge coverage of more than 2.5x compared
with below 2.0x. However, ReNew's considerably larger size and
diversified wind and solar portfolio leads to a similar credit
assessment for both.
ReNew benefits from a stronger business profile than Neerg Energy
due to its much larger scale, which results in better project
diversification across geographies, superior counterparty mix and a
higher share of more stable solar assets. The credit metrics of
Neerg Energy and ReNew are similar, but cash flow at the ReNew
holdco is subordinated to debt at the operating subsidiaries.
However, Fitch believes ReNew holdco's access to operating cash
flow from its 485MW of wind-power assets, together with the
diversity of cash up-streamed from operating subsidiaries, limits
the subordination, resulting in no notching for the proposed US
dollar notes. The factors, combined with ReNew holdco's better
leverage and coverage ratios, leads to a one notch higher rating
against Neerg Energy.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Plant-load factors ranging from 17% to 42% for all assets,
in line with historical performance or resource- assessment
studies
- Plant-wise tariff in accordance with respective PPAs
- EBITDA margins of 80%-93% for all assets, in line with
historical performance or management guidance
- Average receivable days of around 155 (FY19: 147 days)
- New bids or acquisitions from FY22 following completion
of the current pipeline of 3GW
- No dividend payout in the medium term
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Improved leverage, as measured by net adjusted debt/operating
EBITDAR, to below 4.5x on a sustained basis (FY19: 7.1x)
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Adjusted EBITDAR net fixed-charge coverage at below 1.5x on
for a sustained period both for ReNew and the holdco
- Net adjusted debt/operating EBITDAR of above 5.5x for a
sustained period
- Significant and prolonged deterioration of the receivable
position
- Failure to adequately mitigate foreign-exchange risk
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: ReNew's readily available cash and cash
equivalents as of FYE19 were around INR25.6 billion against current
debt maturities of around INR36.2 billion. Current debt maturities
include short-term borrowings of INR20.7 billion in the form of
working-capital loans, acceptances and buyers' or suppliers'
credit; which are easier to refinance. Fitch expects the company to
generate negative free cash flow in the near to medium term,
considering the ongoing capacity additions.
However, ReNew has a policy and proven record of raising equity in
advance for its projects, and has adequate access to the domestic
bank loan market. ReNew has staggered debt maturities, with the
majority of the debt in the form of amortising project-level loans
(tenor in the range 13-23 years) and three tranches of US dollar
notes (ReNew Power: USD300 million due 2022, Neerg Energy: USD475
million due 2022 and ReNew RG II: USD525 million due 2024).
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on ReNew Power, either
due to their nature or the way in which they are being managed by
the entity.
ROOP RAM: CRISIL Hikes Rating on INR28cr LT Loan to B-
------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Roop Ram Industries Private Limited (RRIPL) to 'CRISIL B-/Stable'
from 'CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 28 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Proposed Long Term 2 CRISIL B-/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
The upgrade reflects regularisation in the term loan facility, with
no instances of delays in payment of interest obligations in the
past three months. Furthermore, RRIPL's operations have started in
December 2019. Increasing accrual is further expected to support
debt coverage. Need-based funding support from the promoters should
continue to aid liquidity.
The rating also reflects the modest scale of operations, exposure
to regulatory risk, and dependence on favourable climatic
conditions. These weaknesses are partially offset by the power
purchase agreements (PPAs) that the company has already entered
into.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: Estimated operating income of around
INR2.0 crore in fiscal 2020 (INR0.65 crore in fiscal 2019) reflects
RRIPL's small scale in the solar power industry. Though long-term
PPAs are likely to help increase turnover over the medium term, the
scale should remain subdued.
* Exposure to regulatory risk and dependence on favourable climatic
conditions: Commercial operations started from December 2019.
Although the project is in Sirsa, Haryana, near the Rajasthan
border, which is a healthy plant load factor generation zone,
sustenance will be a challenge due to dependence on favourable
climatic conditions. Additionally, performance of the plant is yet
to be seen.
Strength:
* Revenue profile expected to be stable: RRIPL has entered into a
25-year PPA with a Faridabad-based metal forging plant for 3
megawatt (MW) of the total installed capacity. Furthermore,
one-third of the capacity will be used as captive, ensuring revenue
visibility for half of the installed capacity.
* Need-based funding support from the promoters: Unsecured loan of
INR4.31 crore provided by the promoter as on March 31, 2019, is
expected to remain in the business over the medium term. The
financial risk profile is also supported by capital infusion made
by the promoters during the project implementation phase.
Liquidity Stretched
Expected cash accrual would be insufficient to meet the maturing
debt over the medium term. Term debt obligation should start from
March 2020.
Outlook: Stable
CRISIL believes RRIPL will maintain its credit risk profile
supported by long-term PPAs with private customers.
Rating Sensitivity factors
Upward Factors
* Improvement in operating margin, along with revenue growth of
more than 50%.
* Better debt protection metrics and gearing in the absence of
any major capital expenditure
* Efficient working capital management, resulting in improved
liquidity
Downward Factors
* Delay in servicing of debt obligation
* Stretched working capital cycle weakening the financial
risk profile, especially liquidity.
Incorporated in 2016, RRIPL is setting up a 12 MW solar power
project at Sirsa. Commercial operations have started from December
2019. Mr Joginder Singh and Mr Rohit Mann are the promoters.
SBJ PROJECTS: CRISIL Reaffirms B- Rating on INR6.5cr LT Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
the bank facilities of SBJ Projects Private Limited (SBJ).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (Reaffirmed)
Cash Credit 6 CRISIL B-/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 6.5 CRISIL B-/Stable (Reaffirmed)
The ratings continue to reflect a modest scale of operations amid
intense competition in the civil construction industry, and large
working capital requirement. These weaknesses are partially offset
by the extensive industry experience of the promoters, and their
funding support.
Key Rating Drivers & Detailed Description
Weaknesses
* Working capital-intensive operations: Gross current assets were
high at 259 days as on March 31, 2019, due to slow realisation of
receivables, which stood at 224 days. These were partially offset
by creditors of 133 days.
* Modest scale of operations amid competition: Revenue has been
below INR40 crore per fiscal over the three fiscals through 2019.
The modest scale should continue to limit operating flexibility.
Strength
* Extensive industry experience of the promoters: The
two-decade-long experience of the promoters in the civil
construction business through other concerns, and their strong
association with customers should continue to support the business
risk profile.
Liquidity Stretched
Cash accrual, expected at over INR3.08 crore annually are tightly
matched against yearly maturing term debt obligation of INR3.0-3.34
crore, per fiscal over the medium term. However, need-based
unsecured loans from the promoters are expected to support
liquidity. Bank limit utilisation averaged 89.33% during the 12
months through October 2019.
Outlook: Stable
CRISIL believes SBJ will continue to benefit from the extensive
industry experience of the promoters.
Rating sensitivity factors:
Upward factors
* Improvement in revenue by over 20% per fiscal, leading to
higher cash accrual
* Improvement in working capital cycle
Downward factors
* Further stretch in the working capital cycle, with gross
current assets over 280 days
* Major debt-funded capital expenditure, weakening the capital
structure.
SBJ was set up in 2008 by the Raipur -based Bansal family. The
company provides civil construction equipments on hire and also
undertakes civil work and mass earthwork, as well as earthmoving
projects. It also owns a stone crushing plant.
TORQUE AUTOMOTIVE: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Torque
Automotive Private Limited's Long-Term Issuer Rating to 'IND D
(ISSUER NOT COOPERATING)' from 'IND BB+ (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.
The instrument-wise rating action is:
-- INR380 mil. Fund-based limits (Long-term/Short-term)
downgraded with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information.
KEY RATING DRIVERS
The downgrade reflects overutilization in the company's fund-based
limits for more than 30 days.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.
COMPANY PROFILE
Established in 2007, Torque Automotive is an authorized dealer of
cars manufactured by Skoda Automotive India in Gujarat. The company
has four showrooms and four service centers across the state.
ULTRA READY: CRISIL Withdraws D Rating on INR25cr Cash Credit
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Ultra
Ready Mix Concrete Private Limited (URMCPL) on the request of the
company and after receiving no dues certificate from the bank. The
rating action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL D (ISSUER NOT
COOPERATING; Rating
Withdrawn)
Long Term Loan 19.68 CRISIL D (ISSUER NOT
COOPERATING; Rating
Withdrawn)
CRISIL has been consistently following up with URMCPL for obtaining
information through letters and emails dated July 17, 2019, July
22, 2019 and July 26, 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 rating 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 URMCPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on URMCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has continues the rating on bank
facilities of URMCPL to 'CRISIL D Issuer Not Cooperating'.
Further, CRISIL has withdrawn its rating on the bank facilities of
URMCPL on the request of the company and after receiving no dues
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
Started in 2005 and based in Coimbatore (Tamil Nadu), URMC
manufactures RMC. The operations are managed by Mr. S Sivasamy.
UTTAM INDUSTRIAL: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Uttam Industrial
Engineering Private Limited's (UIEPL) Long-Term Issuer Rating to
'IND D' from 'IND B+' while migrating the rating to the
non-cooperating category. The Outlook was Stable. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are as follows:
-- INR11.3 mil. Long-term loan (Long-term) due on March 2028
downgraded and migrated to non-cooperating category with IND
D (ISSUER NOT COOPERATING) rating;
-- INR5 mil. Fund-based limits (Long-term) downgraded and
migrated to non-cooperating category IND D (ISSUER NOT
COOPERATING) rating; and
-- INR328.7 mil. Non-fund-based limits (Short-term) downgraded
and migrated to non-cooperating category with IND D (ISSUER
NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
KEY RATING DRIVERS
The downgrade reflects mention of delays in debt servicing in
UIEPL's independent auditor's report for FY19.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months would be positive for the rating.
COMPANY PROFILE
UIEPL is a privately-held company primarily engaged primarily in
the engineering of equipment and machinery and execution of turnkey
projects for the sugar industry.
VIJETHA SUPER MARKET: CRISIL Cuts Rating on INR3.5cr Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded ratings on bank facilities of Vijetha Super
Market (VSM) to 'CRISIL D' from 'CRISIL B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line 3.5 CRISIL D (Downgraded from
Overdraft 'CRISIL B+/Stable')
Facility
Overdraft 2.5 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Proposed Long Term 3.5 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B+/Stable')
Term Loan 2.5 CRISIL D (Downgraded from
'CRISIL B+/Stable')
The downgrade in rating factors the delay in term debt repayment
for over 15 Days. The same is reflective from the fact that the
liquidity profile of the company is weak.
The rating also reflects VSM's exposure to intense competition and
geographic concentration risks, and weak financial risk profile.
These weaknesses are partially offset by the experience of the
partners and the advantageous location of the hotel.
Key Rating Drivers & Detailed Description
Weaknesses
* Delay in Debt Servicing: VSM has not been able to service its
term debt on time with delay in term debt repayment for over 15
Days.
* Geographic concentration in revenue and intense competitive
pressure: The hotel industry is intensely competitive;
additionally, the firm derives its entire revenue from a single
property in Srikakulam. Thus, the business is likely to remain
exposed to risks related to geographical concentration and intense
competition.
Strength
* Experience of partners and advantageous location of project:
Benefits derived from the partner's experience of around 15 years,
his strong understanding of the local market dynamics, and healthy
relations with customers and suppliers should continue to support
the business. The strategic location of the hotel is an added
advantage.
Liquidity Poor
Liquidity is poor, as indicated by instances of delay in repayment
of term debt and fully utilized bank limits.
Rating Sensitivity factors
Upward Factors:
* Track record of timely debt servicing for at least over 90
days
* Improvement in working capital management and liquidity.
Set up in December, 2003 as a partnership firm, VSM owns and
operates a three star hotel in Srikakulam, in addition to a bar and
restaurant. The firm also operates a super market in the same
property.
VISHAL SPINTEX: Ind-Ra Moves 'BB' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vishal Spintex's
Long-Term Issuer Rating to the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND BB (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR160 mil. Fund-based facilities migrated to non-cooperating
category with IND BB (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating;
-- INR468.8 mil. Long-term loans due on December 2025 migrated to
non-cooperating category with IND BB (ISSUER NOT COOPERATING)
rating; and
-- INR36.7 mil. Non-fund-based facilities migrated to non-
cooperating category with IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 19, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Vishal Spintex was incorporated in April 2014 and promoted by Mr.
Balvantrai Agarwal and his family. The firm manufactures cotton
yarn at its manufacturing unit located in Ahmedabad, Gujarat.
=================
I N D O N E S I A
=================
BANK TABUNGAN: Moody's Rates New Tier 2 Securities 'Ba3(hyb)'
-------------------------------------------------------------
Moody's Investors Service affirmed the Baa2 long-term local and
foreign currency deposit ratings of Bank Tabungan Negara (P.T.).
Moody's has also affirmed the bank's Baseline Credit Assessment
(BCA) and Adjusted BCA of ba1.
At the same time, Moody's has assigned a Ba3 (hyb) subordinate
rating to the bank's proposed USD-denominated Tier 2 capital
securities, with the rating subject to Moody's review of the final
documents.
The outlook on the ratings, where applicable, is maintained at
stable.
RATINGS RATIONALE
RATING AFFRIMATION
BTN's Baa2 long-term local and foreign currency deposit ratings are
two notches higher than the bank's ba1 BCA, because Moody's
incorporates two notches of uplift reflecting Moody's assessment of
a very high probability of support from the Government of Indonesia
(Baa2 stable), in times of need.
The support assumption is predicated on: (1) the government's 60%
ownership of BTN; (2) the bank's policy role in supporting the
government's home ownership program; and (3) the bank's systemic
importance as one of the largest banks in Indonesia by deposits.
The affirmation of BTN's BCA reflects the bank's market position as
the largest housing lender with a market share of 40% as of
September 30, 2019, with a near monopoly in the subsidized mortgage
market. The bank also receives funding support from
government-related entities, in addition to the Government of
Indonesia.
The BCA also incorporates Moody's expectation that BTN's asset
quality will remain under pressure, while its profitability and
capitalization will modestly recover over the next 12-18 months.
BTN's nonperforming loan ratio increased to 3.5% at September 30,
2019 from 3.2% a year ago. An elevated level of restructured loans
further increases the bank's asset risk.
Moody's expects BTN's asset quality to remain under pressure over
the next 12-18 months, as a result of its aggressive loan expansion
activities since 2015 per the government's housing program.
In addition, the slowing domestic economy will weigh on the debt
servicing ability of the bank's borrowers, especially given its
concentration in low and middle-income segments and exposure to
small and mid-sized developers.
Nevertheless, Moody's expects BTN's profitability will modestly
improve over the next 12-18 months, as its credit costs will
normalize when the bank's loan-loss buffer increases as a result of
the implementation of Pernyataan Standar Akuntansi Keuangan (PSAK)
71 in January 2020 - the equivalent of International Financial
Reporting Standards 9. The bank's funding costs will also decline
following the central bank's cuts in reserve requirements and
policy rate, as well as following easing liquidity conditions.
Moody's also anticipates a steady recovery in BTN's capitalization
and a modest loan growth rate of around 6% for 2020. Nevertheless,
the bank's Common Equity Tier 1 ratio will be reduced by more than
300 basis points when PSAK 71 is implemented, according to the
bank's management.
Moody's does not have any particular governance concerns for BTN,
and therefore does not apply any corporate behavior adjustment to
its BCA. Moody's views the bank's risk management commensurate with
its risk appetite.
PROPOSED TIER 2 CAPITAL SECURITIES
The Ba3 (hyb) rating assigned to BTN's proposed Tier 2 capital
securities is two notches below BTN's ba1 Adjusted BCA, in line
with Moody's notching guidance for contractual non-viability
subordinated debt.
The Ba3 (hyb) rating reflects: (1) the subordination of these
securities in liquidation; and (2) the potential uncertainty
regarding the timing of the write down, as these securities may be
forced to absorb losses near (but before) the point of
non-viability, as a way to avoid a bank-wide resolution.
Moody's does not include any additional notching for the
coupon-skip mechanism embedded in these securities. This is because
the bank will likely be close to the point of non-viability when
the mechanism is triggered, with low incremental losses due to
skipped coupons.
As these Tier 2 capital securities are intended to provide loss
absorption, the Ba3 (hyb) rating does not benefit from any uplift
due to government support.
Under the draft terms of the bank's Tier 2 capital securities,
these securities constitute direct, unsecured and subordinated
obligations of the bank, and rank pari passu with all other
subordinated debt classified as Tier 2 capital.
In addition, the principal and interest - including arrears of
interest - of these securities will be partially or fully written
down in the event that: (1) the bank's Common Equity Tier 1 ratio
breaches 5.125%; (2) the government plans to rescue the bank by
injecting capital; or (3) the regulator exercises discretion based
on other circumstances.
Interest payments are also required to be deferred on a cumulative
basis if the bank is unlikely to meet the regulatory capital
requirements. The deferral of interest payment does not constitute
an event of default.
WHAT COULD CHANGE THE RATING UP/DOWN
BTN's long-term deposit ratings are at the same level as
Indonesia's sovereign rating. Given the stable outlook on the
sovereign rating, an upgrade of the bank's deposit ratings is
unlikely.
Nevertheless, Moody's could upgrade the bank's BCA and subordinate
rating if there is a sustained improvement in the bank's asset
quality, particularly in its non-subsidized mortgages and
construction loans. Higher profitability supported by stronger
access to low-cost deposits could also exert upward pressure on the
bank's BCA and subordinate rating.
A downgrade of the sovereign rating would lead to a downgrade of
BTN's long-term deposit ratings.
In addition, Moody's could downgrade the bank's BCA and subordinate
rating if the bank's asset quality deteriorates further,
particularly in its non-subsidized mortgages and construction
loans. A further decline in its capitalization could also exert
downward pressure on the BCA and subordinate rating.
LIST OF RATINGS
- Long-term local and foreign currency deposit ratings affirmed
at Baa2; outlook maintained at stable
- Long-term foreign currency subordinate rating assigned Ba3
(hyb)
- Long-term local and foreign counterparty risk ratings affirmed
at Baa2
- Long-term counterparty risk assessment affirmed at Baa2(cr)
- Short-term local and foreign currency deposit ratings affirmed
at P-2
- Short-term local and foreign currency counterparty risk ratings
affirmed at P-2
- Short-term counterparty risk assessment affirmed at P-2(cr)
- BCA and Adjusted BCA affirmed at ba1
- Outlook maintained at stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
Methodology published in November 2019.
MEDCO ENERGI: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
--------------------------------------------------------------
Fitch affirmed Indonesia-based PT Medco Energi Internasional Tbk's
Long-Term Foreign-Currency Issuer Default Rating at 'B+' with a
Stable Outlook. Fitch has also affirmed the ratings of Medco's
senior unsecured US dollar notes at 'B+' with a Recovery Rating of
'RR4'.
At the same time, Fitch has assigned a 'B+' with a Recovery Rating
of 'RR4' to the proposed senior notes to be issued by its wholly
owned subsidiary, Medco Bell Pte. Ltd. The rating on the notes,
which are guaranteed by Medco and some of its key subsidiaries, is
at the same level as Medco's IDR as the notes constitute its
direct, unsubordinated and unsecured obligations. Medco will use
some of the proceeds to refinance part of its existing debt.
Medco's ratings reflect its larger scale, low-cost position, and
favourable mix of earnings via fixed-price contracts relative to
most 'B' category upstream oil and gas producers. Fitch also
expects Medco's leverage to continue to improve in the absence of
any acquisitions.
KEY RATING DRIVERS
Commitment to Deleverage: Fitch estimates Medco's leverage,
measured by adjusted debt/operating EBITDAR, fell to below 4.0x by
end-2019 (2018: 4.8x), and will remain at or below 3.0x over the
next three years. Fitch excludes Medco's fully owned subsidiary, PT
Medco Power Indonesia (MPI), when calculating adjusted leverage.
Fitch also does not factor in the potential cash proceeds of around
USD200 million from its in-the-money share warrants in 2020, which
could further improve leverage compared with its expectations.
Medco's leverage and earnings profile has improved following the
acquisition of Ophir Energy Plc in 2019, its revised expectations
of higher production from some assets and proceeds of around USD420
million from the sale of some of its non-core assets. The company
intends to maintain its net debt/EBITDA leverage at or below 3x
over the long term.
Acquisitions an Event Risk: Fitch believes Medco will likely pursue
acquisitions as part of its growth strategy in addition to its
organic exploration and development plans. This could result in
temporary spikes in Medco's leverage. Fitch considers any
acquisition as an event risk and would reassess Medco's business
and financial profile if it occurs.
Favourable Earnings Mix: Fitch expects Medco to derive about 30% of
EBITDA through fixed-price take-or-pay contracts. Fitch estimates
the EBITDA generated from these contracts will cover the company's
consolidated interest expense, excluding MPI, by more than 1.0x
(2018: 0.7x). This is a key strength relative to most global oil
and gas peers, lowering the commodity risks associated with the
sector. Gas accounts for about 60% of Medco's production volume and
is sold through long-term contracts, mainly to investment-grade
off-takers.
Strong Operating Profile: Medco's operating profile benefits from
its low lifting costs of around USD10/barrels of oil equivalent and
relatively diversified production base largely within Indonesia
with some presence abroad. The company's production volume rose to
around 100 thousand barrels of oil equivalent per day (mboepd)
(2018: 77 mboepd) after the Ophir acquisition. The company expects
its production volume to be maintained around the current levels
beyond its proved reserve life of less than seven years in light of
its expected spending on exploration and development.
Geographic Concentration: Medco's predominant base of operations in
Indonesia exposes it to regulatory risks, though its diversified
fields minimise operating risk. Medco currently derives its
production from 16 oil and gas fields, none of which contribute to
over 20% of production. The country's regulatory uncertainties are
highlighted by the instructions from Indonesia's Directorate
General of Oil and Gas in mid-2018 to lower the selling price at
the Block A gas development in Aceh from the originally agreed
USD9.45/million British thermal unit.
Power Investment: Fitch considers the risk dynamics of MPI neutral
to Medco's credit profile as its investment in the power company
falls outside the restricted group structure defined in Medco's
bond documentation. Medco has a USD300 million limit on investments
outside the restricted group, as stated in the documentation, the
majority of which has been utilised. The structure limits cash
outflow from Medco to MPI and other investments outside the
restricted group.
There are also no cross-default clauses linking MPI's debt to
Medco. MPI's business profile has a diversified earnings mix
between geothermal and gas-power generation as well as earnings
from the provision of operation and maintenance services to other
independent power producers. MPI also has a successful record of
raising funds on its own.
DERIVATION SUMMARY
Medco's ratings reflect its operating profile, which compares well
against 'B' rated exploration and production peers in terms of the
earnings mix generated through fixed-price take-or-pay contracts,
generally bigger scale and an improving leverage profile.
Production of close to 100mboepd is more than Kosmos Energy Ltd.'s
(B+/Stable) 69mboepd. Medco's reserve life is broadly similar at
around seven years for both companies. Fitch expects Medco's
leverage profile to be comparable with that of Kosmos.
Fitch expects Medco's production to be larger than GeoPark
Limited's (B+/Stable) 40mboepd, although its reserve life of less
than seven years is weaker compared with the eight years at
GeoPark. Medco's stronger operating profile is somewhat offset by
its expectations of higher leverage than GeoPark.
Canacol Energy Ltd. (BB-/Stable) derives over 90% of sales through
fixed-price long-term take-or-pay contracts, which results in
higher ratings than most 'B' rated oil and gas producers, including
Medco, despite its smaller production scale of 32mboepd. Fitch
expects Canacol's leverage to be lower than that of Medco and its
reserve life to be better at around 10 years.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Total production volume of around 100mboepd until 2022 from
existing assets. Gradual decline after 2022
- Brent prices to average USD65, USD62.5, USD60.0 and USD57.5
per barrel in 2019, 2020, 2021 and in the long term,
respectively, as per Fitch's oil and gas price deck.
Gas prices in line with the fixed-price contracts wherever
applicable.
- Cash production costs to remain at or below USD9/barrels
of oil equivalent
- Capex of USD200 million-300 million over the forecast
horizon to 2023
Fitch's key assumptions for bespoke recovery include:
- The recovery analysis assumes Medco would be considered a
going-concern in bankruptcy and the company would be
reorganised rather than liquidated.
- 10% administrative claim.
- Medco's going-concern EBITDA is based on the average EBITDA
Fitch expects over 2019 to 2023, which is stressed by 30%
to reflect the risks associated with oil-price volatility,
potential challenges in maintaining production from its
maturing fields and other factors.
- An enterprise value multiple of 5.5x is used to calculate
a post-reorganisation valuation and reflects a mid-cycle
multiple for oil and gas companies globally, which is
somewhat higher than the observed lowest multiple of 4.5x.
The higher multiple considers that a majority of Medco's
production volume stems from long-term fixed-price and
indexed take-or-pay gas contracts, which provide more
cash flow visibility across economic cycles than for
average global upstream oil and gas production companies.
- Fitch has assumed prior-ranking debt of USD338 million
will be repaid before Medco's senior unsecured creditors,
including investors of its US dollar bonds. Prior-ranking
debt includes project-finance debt at non-guarantor
subsidiaries PT Medco E&P Tomori Sulawesi and PT Medco
E&P Malaka.
- The payment waterfall results in a 100% recovery
corresponding to a 'RR1' recovery for the unsecured notes.
However, Fitch has rated the senior unsecured bonds 'B+'/'RR4'
because Indonesia falls into Group D of creditor friendliness
under its Country-Specific Treatment of Recovery Ratings
Criteria, and the instrument ratings of issuers with assets
in this group are subject to a soft cap at the issuer's IDR.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Adjusted leverage (adjusted debt/operating EBITDAR excluding
MPI) sustained below 3.0x, provided Medco is able to maintain
production of around 100mboepd and a proved reserve life of
at least eight years
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Leverage above 4.0x for a sustained period.
- Significant weakening in Medco's operating-risk profile,
including a material fall in production and weakening of its
reserve life to less than seven years or material weakening
in the mix of earnings from fixed-price gas sales.
- Any significantly adverse regulatory developments
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Medco, excluding MPI, currently has around
USD100 million-500 million of debt due per annum until 2022. Its
liquidity is adequate as Fitch estimates the company had over
USD500 million of cash at end-2019. Medco's proposed US dollar note
issuance, if successful, would help extend its debt maturities as
it would likely be used partly to refinance the USD400 million of
notes due in 2022.
The company has successfully tapped the capital markets recently.
It has raised USD1.55 billion from unsecured notes and USD190
million via a fully subscribed rights issue since 2017. The
company's liquidity could be boosted if around USD200 million of
its warrants that are currently in the money and expiring in
December 2020 are exercised.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.
MEDCO ENERGI: Moody's Rates Unit's USD Unsecured Notes 'B1'
-----------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the proposed
USD-denominated backed senior unsecured notes to be issued by Medco
Bell Pte. Ltd., a wholly-owned subsidiary of Medco Energi
Internasional Tbk (P.T.) (B1 stable).
The proposed notes will be irrevocably and unconditionally
guaranteed by Medco and some of its subsidiaries.
The bond proceeds will be initially kept in an escrow account and
will ultimately be used to repay Medco's upcoming IDR bond maturing
in 2021 and exercise a call or early tender of Medco's 2022 USD
Bond.
The outlook is stable.
RATINGS RATIONALE
"Medco's B1 rating reflects its improved scale and the geographic
diversification of its reserves and production, following the
acquisition of Ophir," says Vikas Halan, a Moody's Senior Vice
President.
Pro forma for Ophir acquisition, Medco expects to produce 110
thousand barrels of oil equivalent (boe) per day in 2019, up from
87 thousand boe per day in 2017. Also, Medco's proved reserves has
increased to 249.3 million boe at September 30, 2019 from 233.5
million boe at December 31, 2017.
Further, there has been an improvement in Medco's cash flow
visibility with revenue from fixed price gas contracts accounting
for 29% of total revenue for 2019 compared with 24% in 2017.
"Medco's credit metrics and liquidity are also supportive of its B1
rating. We expect the company's debt/EBITDA to improve to below
4.0x in 2019 from 4.4x in 2018. This is despite the increase in its
debt to fund the acquisition of Ophir Energy in 2019," says Halan,
who is also Moody's Lead Analyst for Medco.
Moody's expects Medco's adjusted net debt/EBITDA (net of cash in
escrow earmarked for debt repayment) will improve to around
3.2x-3.5x over the next two years, from around 3.9x for LTM
September 2019 and 4.4x in 2018. Over the same period, its
EBITDA/interest cover will be around 3.5x-3.7x and RCF/adjusted net
debt will be about 11%-12%.
At the same time, the B1 rating remains constrained by Medco's
exposure to the cyclicality of commodity prices, its acquisitive
growth appetite, and the execution risk associated with its annual
investment plan of around $300 million.
In addition, Medco's rating benefits from its proactive liquidity
management with the company refinancing its upcoming debt
maturities well in advance, increasing the average weighted debt
maturity profile of its debt. Pro forma for the proposed bonds
issuance, 72% of Medco's debt will come due beyond 2024.
In terms of environmental, social and governance (ESG) factors, the
ratings also consider the following:
For environmental factors, Medco's rating incorporates the
environment risk that the company is exposed to through its oil &
gas, power and mining businesses. However, the risk is somewhat
mitigated by its high proportion of natural gas business that
accounts for about 50% of its revenue, and by its long-term fixed
price gas contracts that generate sufficient EBITDA to cover its
interest expenses.
Further, the environmental risk for its power business is largely
mitigated by the company's fuel mix which is heavily weighted
towards renewable sources like geothermal and hydro. Medco has only
a minority interest in its copper mining business, which is an open
pit mine and is well positioned to benefit from higher EV
penetration.
With regards to social factors, Medco's business mix includes
sectors that are exposed to moderate to high social risks,
especially responsible production and health & safety issues.
However, the risk is mitigated by the company's long track record
of operating its businesses without any major incidents.
As for governance factors, the rating incorporates Medco's strong
appetite for growth as shown by its history of debt-funded
acquisitions, and its concentrated ownership structure which could
lead to increased potential for conflicts of interest. Nonetheless,
these risks are partially mitigated by (1) Medco's public
commitment to deleveraging and target net debt/EBITDA of 3.0x; and
(2) its listing on the Indonesian stock exchange, which requires
the company to comply with listing rules.
Medco's liquidity profile is strong with cash and cash equivalents
of $262 million, short term investments of $26 million and cash
earmarked for debt repayment in an escrow account of $170 million
as of September 30, 2019. Against this, $329 million of debt is
maturing over next 12 months. However, despite Medco's strong
EBITDA growth, its free cash flow generation remains constrained by
its high taxes, interest expense and capital spending.
The stable outlook on Medco's rating incorporates Moody's
expectation that Medco's credit metrics will continue to remain
supportive of its rating, supported by stable cash flow generation
from its existing portfolio and planned sale of non-core assets.
An upgrade of Medco's CFR will require an increase in the company's
scale and a further improvement in its credit metrics. Credit
metrics supportive of a higher rating include adjusted net
debt/EBITDA falling below 3.0x, RCF/adjusted net debt rising above
20% and EBITDA/interest expense increasing above 4.5x.
In addition, an upgrade would also require the company to maintain
strong liquidity with cash and cash equivalents covering at least
the amount of debt maturing over the next 12 months.
Downward pressure on the rating could build if Medco (1) fails to
renew a significant portion of its fixed price gas sales contracts
that expire over the next two years, or (2) makes large debt funded
acquisition, or (3) provides funding support to its mining or power
businesses, or (4) fails to maintain sufficient liquidity to cover
its debt maturing over the next 12 months.
Specific credit metrics indicative of downward pressure include
adjusted net debt/EBITDA rising above 4.0x, RCF/adjusted net debt
falling below 10% and EBITDA/Interest expense falling below 3.5x.
The principal methodology used in this rating was Independent
Exploration and Production Industry published in May 2017.
MEDCO ENERGI: S&P Rates Unit's New Guaranteed USD Unsec. Notes 'B+'
-------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to a
proposed issuance of U.S. dollar senior unsecured notes by Medco
Bell Pte. Ltd., a subsidiary of PT Medco Energi Internasional Tbk.
(Medco; B+/Stable/--). The proposed notes will be unconditionally
and irrevocably guaranteed by Indonesia-based Medco.
The rating on the notes is subject to S&P's review of the final
issuance documentation. Medco expects to use the proceeds from the
issuance for refinancing.
The rating on Medco reflects the company's investment appetite to
sustain production at mature assets, seize inorganic growth
opportunities, and develop its highly indebted power business. Some
regulatory risk in Indonesia, where most of the company's
production is based, also weighs on its creditworthiness. Medco's
midsize production scale and adequate reserves, cash flow stability
thanks to a high proportion of gas sold at a fixed price, and
manageable debt-servicing requirements temper these weaknesses.
S&P said, "We rate the notes 'B+', the same as the issuer credit
rating on Medco, because Medco primarily operates in Indonesia, a
jurisdiction where we believe the priority of claims in a
theoretical bankruptcy is highly uncertain.
"The stable outlook on Medco reflects our view that the company
will maintain its current production volumes and remain disciplined
in its growth aspirations over the next 12-24 months, such that its
leverage remains stable.
"We anticipate that Medco will maintain production of about 110
thousand barrels of oil equivalent per day and a ratio of funds
from operations to debt of close to 15% in 2020-2021."
===============
M A L A Y S I A
===============
BERJAYA MEDIA: Has Until June 20 to Submit Revamp Plan
------------------------------------------------------
The Sun Daily reports that Berjaya Media Bhd has been granted an
extension of time by Bursa Malaysia Securities Bhd until June 20,
2020, to submit its regularisation plan.
BMedia, on Oct. 31, 2019, appealed to Bursa Securities against the
delisting of its securities, the report recalls. Trading in the
securities of BMedia was suspended with effect from Nov. 5, 2019.
According to Sun Daily, the Practice Note 17 company had revealed
that Singer (Malaysia) Sdn Bhd, a private company owned by its
major shareholder Tan Sri Vincent Tan Chee Yioun, is its white
knight. Singer is to be injected into BMedia pursuant to its
regularisation plan, the report notes.
Singer is involved in the business of selling and marketing of
consumer durable products and motorcycles through instalment option
schemes via its nationwide distribution network of about 485 shops
with 3,000 sales associates, the report discloses.
It recorded an average annual pro-forma profit after tax of MYR37.6
million for the past three financial years ended Dec. 31, 2018 and
net assets/shareholder's fund of MYR525.7 million as at Dec. 31,
2018, Sun Daily adds.
About Berjaya Media
Berjaya Media Berhad is an investment holding company. The Company,
through its subsidiaries, is engaged in publication, printing and
distribution of daily newspaper. The Company's segments include
investment holding, publishing and others. The Company's
publication, theSun, is read in the market centers of the Klang
Valley, Penang and Johor Bharu, as well as in cities and towns of
Peninsular Malaysia. The Company's publication publishes news on
politics and business, human interest and governance, entertainment
and lifestyle, and sports. theSun also has an online presence at
www.thesundaily.my, where top news of the day is updated and
presented to its readers. The Company offers theSun through
approximately 3,200 sunspots or pick-up points along morning routes
to the workplace, gym, college or breakfast. The Company's
subsidiaries include Sun Media Corporation Sdn. Bhd. And Gemtech
(M) Sdn. Bhd.
Berjaya Media slipped into PN17 (Practice Note 17) status in June
2017 as its shareholders' equity on a consolidated basis fell short
of listing requirements.
SERBA DINAMIK: S&P Assigns BB- Rating on Unsec. Sukuk Trust Certs
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue credit rating
to the U.S. dollar-denominated senior unsecured sukuk trust
certificates issued by SD International Sukuk II Ltd. (SDIS). SDIS
is a subsidiary of Malaysia-based engineering solutions provider
Serba Dinamik Holdings Bhd. (SDHB; BB-/Stable/--). SDHB guarantees
the payment obligations of Serba Dinamik International Ltd. (SDIL)
as part of the sukuk terms and conditions.
The sukuk was given a preliminary 'BB-' rating subject to the
finalization of the legal documents and to the effective execution
of the guarantee of SDHB on the obligations of SDIL. The legal
documents have been finalized and executed. The guarantee has also
now become effective after the repayment of the Malaysian ringgit
(MYR) 800 million sukuk issued by SDHB.
SDHB will use the proceeds from the issuance to fund its working
capital and capital expenditure requirements.
SDIS (issuer, trustee) has entered into a "Commodity Murabaha
Investment Agreement" for at most 49% of the sukuk issuance amount
with SDIL, a wholly owned subsidiary of SDHB. In parallel, SDIS has
also entered into a Wakala agreement (for at least 51% of sukuk
issuance amount) with SDIL, which has invested in the Shariah
compliant business of the obligor SDHB.
Based on the final sukuk documentation, the transaction fulfils our
five conditions for rating sukuk:
-- SDIL provides sufficient, irrevocable, and timely contractual
obligations for the payments of the periodic distribution amounts
payable on the periodic distribution dates and the repayment of
principal amount through deferred payment price agreed under the
Commodity Murabaha agreement. The deferred payment price comprises
the aggregate of the principal amount and the profit agreed under
the same agreement. Murabaha profit is distributed in equal
installments that match the periodic distribution amount and dates.
The proceeds from Wakala and Murabaha legs of the transaction will
be collected separately such that potential losses from Wakala do
not affect proceeds and distribution under Murabaha. SDHB
guarantees the obligations of SDIL. The guarantee has now become
effective after the repayment of the MYR800 million sukuk issued by
SDHB.
-- SDIL and SDHB's obligations are irrevocable and unconditional.
-- The guarantee provided by SDHB on SDIL's obligations ranks
equally with SDHB's other senior unsecured financial obligations.
-- SDIL undertakes to cover all the costs related to the
transaction for the benefit of SDIS. Such cost reimbursements are
covered under the Wakala and Murabaha agreements and under the
declaration of trust agreement. SDHB guarantees SDIL's
obligations.
-- The documentation does not mention a risk of a total loss
event. Total loss event is not a major risk because, under the
structure, there is no physical asset involved.
S&P said, "In addition we equate the issue rating on the U.S.
dollar-denominated sukuk to the issuer credit rating on SDHB
because we project the proportion of secured debt at SDHB to be
less than 50% of total consolidated debt over the next two years at
least. The guarantee SDHB provided on SDIL's obligations to fill in
any shortfall conforms to our guarantee criteria.
"Our stable outlook on SDHB indicates our expectations that the
company will continue to renew expiring contracts and win deals at
a healthy rate, translating into respectable revenue growth and
stable margins. We assume the company will manage prudently its
growth in capital expenditure and working capital investment, so
that liquidity remains in check and cash burn reduces steadily. We
project our ratio of funds from operations (FFO) to debt will be
around 25% in 2019-2020 before improving to 27% in 2021."
If SDHB fails to derive more operating cash flow from its EBITDA
and reduce its cash burn significantly, this could raise questions
on the viability of its business model and the prudence of its
financial policy. Such a scenario could lead to a lower rating on
SDHB. In addition, a ratio of FFO to debt permanently retreating to
20% would pressure the ratings. This would happen if the company
failed to convert high investments into significant cash flow
growth, because of cost inflation and delays in projects. S&P will
also lower the rating if it believes the company's liquidity has
eroded, with elevated dependence on short-term debt or tight
covenant headroom.
Rating upside will occur if the company reduces the capital
intensity of its growth. Continued project wins and successful
execution of the order book, coupled with controlled working
capital investments and capital outlays, would create positive
rating momentum. In addition, S&P may raise the rating if debt
levels stabilize and the ratio of FFO to debt remains above 40%.
However, S&P views this scenario as unlikely over the next 18
months.
=================
S I N G A P O R E
=================
RENEWABLE ENERGY: To be Delisted from SGX on Feb. 7
---------------------------------------------------
Olivia Poh at The Business Times reports that Renewable Energy Asia
(REA) Group said on Jan. 11 in a regulatory update that it will be
delisted from the Singapore Exchange (SGX) on Feb. 7 at 9:00 a.m.
According to BT, the move follows a suspension of trading in July
2015, after the wind energy project developer could not demonstrate
that it was able to operate as a going concern, in accordance with
Catalist rules.
Since its suspension in 2015, the board has made various attempts
to revive the company through different measures, including
discussions with various potential investors, but without any
positive progress, it had said in a release on Nov. 14, BT relays.
"Having exhausted all practical options to try to resolve the
company's issues since its trade suspension, . . . the remaining
board of the company is of the opinion that it will be in the best
interest of shareholders to proceed with the option to delist the
company," it said.
BT says the company has not submitted a proposal for the resumption
of trading till date, and maintained that it will also not submit
any subsequent trade-resumption proposals.
"The company is not in the financial position to make an exit offer
and will not be issuing share certificates to shareholders
post-delisting due to the lack of financial resources to do so," it
added, BT relays.
REA Group's shares have been suspended since July 27, 2015, when
they closed at SGD0.022, BT notes.
Singapore-based Renewable Energy Asia Group Ltd. invests in and
develops wind energy projects in China. The Company's main business
segments include wind farm investment and power electricity
generation, manufacturing of wind turbine components and systems,
and engineering, procurement, construction, and maintenance of wind
farms.
SUNMOON FOOD: Unit Inks Deal with Supplier to Repay US$1.2MM
------------------------------------------------------------
Vivienne Tay at The Business Times reports that SunMoon Food
Company has entered into a settlement agreement with a supplier,
Wismettac Foods, for the US$1.2 million owed by its wholly-owned
subsidiary SunMoon Distribution & Trading.
The subsidiary has agreed to pay the outstanding sum by instalments
to the Japanese food supplier, SunMoon said in a regulatory update
on Jan. 9, BT relates.
Meanwhile, the group's controlling shareholder, YiGuo General Food,
has also guaranteed the payment of the outstanding sum, BT
reports.
BT says the claim will have no material adverse impact on the
financial position and performance of the group, SunMoon had said
in its Dec. 9, 2019, announcement on the matter.
Sunmoon Food Company Limited, an investment holding company,
distributes and markets branded fresh fruits, vegetables, and
consumer products worldwide. Its fresh fruits include apples,
pears, stone fruits, and seasonal fruits; and consumer products
comprise fruit cups, juices, snacks, and frozen products. The
company also manages a network of retail franchise outlets. It
distributes products through supermarkets, convenience stores,
online and wholesale channels, airlines, and food services.
=============
V I E T N A M
=============
SAIGON-HANOI COMMERCIAL: Moody's Rates $500MM Unsec. Notes '(P)B2'
------------------------------------------------------------------
Moody's Investors Service assigned a (P)B2 long-term foreign
currency senior unsecured rating to Saigon - Hanoi Commercial Joint
Stock Bank's USD500 million medium-term note program.
RATINGS RATIONALE
The (P)B2 rating on the senior unsecured MTN program is in line
with SHB's B2 long-term foreign currency issuer rating, and
reflects the bank's b3 Baseline Credit Assessment and Moody's
expectation of a moderate probability of support from the
Vietnamese government (Ba3 negative), in case of need.
SHB's b3 BCA takes into consideration the bank's weak asset quality
and modest profitability. Rapid loan growth in previous years as
well as the bank's large exposure to cyclical sectors, such as
agriculture, construction and real estate, will also pose downside
risks to asset quality. In addition, the BCA takes into account
SHB's reliance on market funds, mitigated somewhat by its stock of
liquid resources. While capitalization is currently weak, the bank
has received approval from its board and the State Bank of Vietnam
to raise new capital in 2020, a credit positive if successful.
Problem loan ratio, which Moody's defines as loans under categories
2-5 of Vietnamese accounting standards and gross bonds issued by
the Vietnam Asset Management Company (VAMC) as a percentage of
gross loans and gross VAMC bonds, is also likely to improve in 2020
as the bank resolves its stock of legacy problem assets through
recoveries and write-offs.
The MTN program allows SHB to issue senior notes in line with the
maturities, currencies, interest rates and redemption structures
specified in the applicable pricing supplement. Notes issued under
the program constitute SHB's direct, unconditional, unsubordinated,
and unsecured obligations, and will rank pari passu among
themselves and equally with all of SHB's other unsecured and
unsubordinated obligations.
The (P)B2 rating does not apply to any individual notes issued
under the program. The ratings on individual notes issued under the
program will be subject to Moody's satisfactory review of the terms
and conditions set forth in the final base and supplementary
transaction documents of the notes to be issued.
WHAT COULD CHANGE THE RATING UP
Moody's could upgrade SHB's long-term bank deposit and issuer
ratings if the bank posts an improvement in its standalone credit
metrics that leads to a higher BCA.
WHAT COULD CHANGE THE RATING DOWN
Moody's could downgrade SHB's ratings if Moody's downgrades
Vietnam's Ba3 sovereign rating by more than one notch, or if
Moody's downgrades the bank's BCA because of a significant
deterioration in the bank's financial fundamentals, or both. If all
other rating factors remain constant, the bank's BCA could be
strained, if it reports significantly higher problem loan ratios or
significantly lower capitalization. A material deterioration in
funding and liquidity could also be negative for SHB's ratings.
The principal methodology used in this rating was Banks Methodology
published in November 2019.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Jan. 6, 2020 to Jan. 10, 2020
------------------------------------------------------------
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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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