/raid1/www/Hosts/bankrupt/TCRAP_Public/200225.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, February 25, 2020, Vol. 23, No. 40
Headlines
A U S T R A L I A
BLINGHOOD PTY: Clifton Hall Appointed as Liquidator
BRITTO'S EARTHMOVING: Placed in Liquidation
OZZ INVESTMENTS: First Creditors' Meeting Set for March 4
RAPID SECURITIES: Second Creditors' Meeting Set for March 2
B A N G L A D E S H
NORTHERN JUTE: BB Orders Freezing of Company's Bank Accounts
C H I N A
ANBANG INSURANCE: Regulator Ends Two-Year Takeover of Firm
BANK OF CHINA: Fitch Rates New Perpetual Preference Shares BB+(EXP)
BANK OF CHINA: S&P Rates New Offshore Preference Shares 'BB+'
HONG YANG: Fitch Assigns B+ Rating to Proposed USD Sr. Notes
PANDA GREEN: Moody's Confirms Caa1 CFR, Outlook Stable
PANDA GREEN: S&P Upgrades ICR to 'CCC-' as New Shareholder Buys In
TUNGHSU GROUP: S&P Downgrades ICR to 'SD' on Onshore Bond Defaults
XINHU ZHONGBAO: Fitch Affirms B- LT IDR, Outlook Stable
H O N G K O N G
BANK OF COMMUNICATIONS: Moody's Rates New AT1 Securities Ba2(hyb)
I N D I A
ANGEL FIBERS: CARE Reaffirms 'D' Rating on INR65.64cr LT Loan
ANNAPOORANI YARNS: CARE Cuts INR10cr LT Loan Rating to D, Not Coop.
CLRK EXTRACTIONS: CARE Maintains 'D' Rating in Not Cooperating
COTTON BLOSSOM: Ind-Ra Lowers Long Term Issuer Rating to 'D'
DEORA WIRES: CARE Maintains 'D' Rating in Not Cooperating
ENECTRIC PROJECTS: Insolvency Resolution Process Case Summary
FATEH CHAND: Ind-Ra Migrates BB+ Bank Rating to Non-Cooperating
HARIDWAR HIGHWAYS: CARE Maintains 'D' Rating in Not Cooperating
KARTHIK INDUCTIONS: CARE Withdraws D Rating on Bank Facilities
MANIPAL ENERGY: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
MEHTA & ASSOCIATES: CARE Maintains 'D' Rating in Not Cooperating
NEELKANTH FARMS: CARE Cuts INR7.20cr LT Loan Rating to D, Not Coop.
ORIENTAL GRANITES: CARE Cuts Rating on INR4.40cr LT Loan to D
OYSTER STEEL: CARE Maintains 'D' Rating in Not Cooperating
PAWAR ELECTRO: CARE Maintains 'D' Rating in Not Cooperating
RAJ SNEH: CARE Maintains 'D' Rating in Not Cooperating Category
ROHIT JEWELLERS: CARE Lowers Rating on INR27cr ST Loan to 'D'
SIDHANT CREATIONS: CARE Maintains 'D' Rating in Not Cooperating
SPARTAN ENGINEERING: Ind-Ra Migrates BB+ Rating to Non-Cooperating
SV POWER: Ind-Ra Maintains B+ Bank Loan Rating on RWE
TRUST CHEMISTS: Ind-Ra Lowers Long Term Issuer Rating to 'B-'
VIJAYA LAKSHMI: CARE Cuts INR9.0cr LT Loan Rating to 'D', Not Coop.
VITTHAL CORPORATION: CARE Lowers Rating on INR171.25cr Loan to 'D'
M A L A Y S I A
MALAYSIA AIRLINES: Notice is for Liquidation of Defunct MAS
N E W Z E A L A N D
COLETTE BY COLETTE: Shuts Two Stores in New Zealand
S I N G A P O R E
HONESTBEE: Mulls Permanent Closure of Habitat Supermarket
HYFLUX LTD: SIAS and its Advisers to Remain Independent
T H A I L A N D
THAI OIL: S&P Lowers Stand-Alone Credit Profile to 'bb'
X X X X X X X X
[*] BOND PRICING: For the Week Feb. 17, 2020 to Feb. 21, 2020
- - - - -
=================
A U S T R A L I A
=================
BLINGHOOD PTY: Clifton Hall Appointed as Liquidator
---------------------------------------------------
Simon Miller of Clifton Hall was appointed as Liquidator of
Blinghood Pty Ltd on Feb. 21, 2020.
BRITTO'S EARTHMOVING: Placed in Liquidation
-------------------------------------------
Timothy Clifton of Clifton Hall was appointed as Liquidator of
Britto's Earthmoving & Plant Hire Pty Ltd on Feb. 19, 2020.
Initial information was posted to creditors on Feb. 21, 2020.
The information sent to creditors includes voting forms in respect
of proposals requiring creditor approval. Completed forms must be
returned by 5:00 p.m. on March 19, 2020 for the vote to be
counted.
OZZ INVESTMENTS: First Creditors' Meeting Set for March 4
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Ozz
Investments Pty Limited, trading as Cash Plus Advantage, will be
held on March 4, 2020, at 10:30 a.m. at the offices of GT Advisory
& Consulting, Level 3, at 140 Bundall Road, in Bundall, Queensland.
Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as
administrator of Ozz Investments on Feb. 21, 2020.
RAPID SECURITIES: Second Creditors' Meeting Set for March 2
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Rapid
Securities Limited has been set for March 2, 2020, at 10:00 a.m. at
the offices of Deloitte Financial Advisory Pty Ltd, Level 23,
Riverside Centre, at 123 Eagle Street, in Brisbane, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 28, 2020, at 4:00 p.m.
Jason Tracy, Timothy Heenan & Glen Kanevsky of Deloitte Financial
Advisory were appointed as administrators of Rapid Securities on
Jan. 24, 2020.
===================
B A N G L A D E S H
===================
NORTHERN JUTE: BB Orders Freezing of Company's Bank Accounts
------------------------------------------------------------
Dhaka Tribune reports that the Bangladesh Bank (BB) on Feb. 23
directed all banks to freeze accounts of listed company Northern
Jute Manufacturing Company Limited (NJMCL) for an indefinite
period.
Following the directive, the company stopped its production, the
report relates citing a Dhaka Stock Exchange (DSE) web post.
On Feb. 23, DSE in its disclosure said as per the order of the High
Court, the BB governor directed freezing all bank accounts of the
company.
According to the DSE disclosure, the company could not procure any
raw jute and make any payments to spare parts suppliers while it
failed to disburse any cash dividend to their respected
shareholders due to the freezing order.
Therefore, the company decided to shut down the mill between
February 22 and 25, the report relays.
Talking to Dhaka Tribune, Northern Jute Manufacturing Company
Managing Director Ananga Mohan Roy said he did not know why the
central bank ordered freezing bank accounts.
"We will move the High Court today," the report quotes Roy as
saying.
Northern Jute Manufacturing Company, located in Kushtia, was listed
with the Dhaka Stock Exchange in 1994.
According to the report, the HC on January 22 directed Bangladesh
Bank and all private banks to freeze the accounts of Proshanta
Kumar Halder (PK Halder), former managing director, NRB Global Bank
and Reliance Finance Limited, and his five associates including
Bank Asia Limited former managing director Erfanudidn Ahmed and
Northern Jute Chirman Uzzal Kumar Nondi on charge of embezzling
BDT3,000 crore from different leasing companies through taking
loans in the names of fake companies.
Dhaka Tribune relates that the court also directed the government
to seize passports of PK Halder, now abroad, his mother Lilaboti
Halder, brother Pritish Kumar Halder, wife Susmita Saha, cousins
Amitav Adhikari and Avijit Adhikari, and associates Erfanuddin
Ahmed and Uzzal Kumar Nondi, so that they could not leave the
country.
=========
C H I N A
=========
ANBANG INSURANCE: Regulator Ends Two-Year Takeover of Firm
----------------------------------------------------------
Wu Yujian, Wu Hongyuran and Tang Ziyi at Caixin Global report that
China's insurance regulator said Feb. 22 that it has ended its
two-year takeover of Anbang Insurance Group Co. Ltd. after defusing
financial risks at the fallen conglomerate, which struggled to pay
back investors following a massive asset-buying spree.
Caixin notes that the regulator took over Anbang in February 2018
after the company's founder and former chairman Wu Xiaohui was
investigated by police. In May that year, Wu was sentenced to 18
years behind bars for fundraising fraud and embezzlement.
In a bid to restructure the company, the China Banking and
Insurance Regulatory Commission (CBIRC) transferred some assets
from Anbang to newly created Dajia Insurance Group. Anbang retained
control of toxic assets involved in Wu's case as well as some other
debts, sources with knowledge of the matter told Caixin.
About Anbang Insurance
Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.
As reported in the Troubled Company Reporter-Asia Pacific on Feb.
26, 2018, The Strait Times related the Chinese government had
seized control of Anbang Insurance, the troubled Chinese company
that owns the Waldorf Astoria hotel in New York and other marquee
properties around the world, and charged its former chairman with
economic crimes. The Strait Times noted that the move is Beijing's
biggest effort yet to rein in a new kind of Chinese company, in
this case, one that spent billions of dollars around the world over
the past three years buying up hotels and other high-profile
properties. The rise of these companies illustrates China's
growing economic might, but Chinese officials have grown
increasingly concerned that they were piling up debt to make
frivolous purchases. In a statement posted on its website on Feb.
23, the China Insurance Regulatory Commission said the government
was taking over to ensure the "normal and stable operation" of the
company. "Illegal operations at Anbang may have seriously
endangered the company's solvency, prompting the government to take
control," the statement read.
The Strait Times noted the move also caps the downfall of Anbang
leader Wu Xiaohui. Mr. Wu had married a granddaughter of Mr. Deng
Xiaoping, China's paramount leader in the 1980s and a towering
figure in Chinese politics, and was widely considered politically
connected.
Mr. Wu Xiaohui was later sentenced to 18 years in prison for fraud
and embezzlement, according to Reuters.
BANK OF CHINA: Fitch Rates New Perpetual Preference Shares BB+(EXP)
-------------------------------------------------------------------
Fitch Ratings assigned an expected rating of 'BB+(EXP)' to Bank of
China Limited's (BOC, A/Stable/bb+) proposed US-dollar and/or euro
denominated, non-cumulative, perpetual offshore preference shares.
Fitch expects the proposed preference shares to qualify as
additional Tier 1 (AT1) capital, and for the proceeds to be used to
replenish BOC's AT1 capital and increase its capital adequacy
ratio. The final rating on the proposed preference shares is
subject to the receipt of final documentation conforming to
information already received.
RATING ACTIONS
KEY RATING DRIVERS
Fitch applies BOC's support-driven Long-Term Issuer Default Rating
(IDR) of 'A' as the anchor for its proposed Basel III-compliant AT1
preference shares given BOC's high systemic importance and strong
linkages to the state (including its majority stake). This is
reflected in BOC's Support Rating of '1' and Support Rating Floor
of 'A' - similar to other state banks in China. Under Fitch's
Exposure Draft for the Bank Rating Criteria, a bank's IDR is used
as the anchor rating where Fitch believes sovereign extraordinary
support is likely to be extended further down the capital structure
into more junior obligations.
Non-performance risk is mitigated given its expectation for
sovereign support (hence zero notches) and the proposed preference
shares are notched twice from their anchor rating to reflect high
loss severity, implying a rating of 'BBB+'. However, Fitch's
Exposure Draft imposes a rating cap of 'BB+' for issuers with
Support Rating Floors in the 'A' or 'BBB' category. As such, the
ratings of the proposed preference shares are capped at 'BB+', as
per its criteria.
Any distribution of dividends on AT1 instruments should only be
paid out of distributable items under China's Administrative
Measures for the Capital of Commercial Banks (Trial) (The Capital
Management Rules). The China Banking Insurance Regulatory
Commission (CBIRC) has the discretionary authority to restrict
dividend payments and other distributions if BOC fails to fulfil
the capital adequacy ratio requirements or violates certain other
PRC banking regulations. Any distributable profits that are not
distributed in a given year are retained and are available for
distribution in subsequent years. The Company Law and Capital
Management Rules, however, do not expressly define distributable
profits in the context of AT1 instruments. That said, Fitch does
not expect higher non-performance risk for the proposed preference
shares due to the level of BOC's undistributed profits (end-3Q19:
CNY784 billion). BOC also has the discretion to cancel dividends on
the proposed preference shares, subject to a resolution passed at
the shareholders' general meeting. If BOC elects to cancel
dividends on the proposed preference shares, this will result in
cancellation of dividends on common equity and all other classes of
preference shares that rank equally, though it may not apply to
distributions on its undated AT1 capital bonds.
The proposed preference shares have lower recovery expectations
than for higher ranking securities due to their deep subordination
status and compulsory conversion features. The proposed preference
shares will be irrevocably and compulsorily converted into equity
upon the occurrence of a trigger event, which will occur if the
bank's common equity T1 ratio falls to 5.125% or below (full or
partial conversion to restore the common equity Tier 1 ratio to
above 5.125%) or if there is a non-viability event (full
conversion). A non-viability event occurs when the CBIRC concludes
that without a write-off or conversion of the bank's capital, the
bank would become non-viable, or the relevant authorities conclude
that without public sector injection of capital or equivalent
support, the bank would become non-viable. Once the preference
shares have been converted, they will not be restored under any
circumstances.
The proposed preference shares rank ahead of claims from ordinary
shareholders and below all liabilities of the bank including
subordinated liabilities but excluding parity obligation, and rank
pari passu with all other preference shareholders. However, under a
non-viability event, the bank's AT1 instruments, whether in the
form of preference shares or capital bonds, will be subject to the
same order in loss absorption, as per the CBIRC's revised Guiding
Opinion on Commercial Banks' Innovation on Capital Instruments.
RATING SENSITIVITIES
Any changes to the rating on BOC's proposed Basel III-compliant AT1
preference shares will be directly correlated to changes in BOC's
IDR, which will in turn reflect any shift in the perceived
willingness or ability of the government to support the bank in a
full and timely manner. Fitch will only upgrade the proposed
preference shares if the anchor rating is 'AA-' or above, or
downgrade the proposed preference shares if the anchor rating falls
below 'BBB'. The rating of the proposed preference shares is also
sensitive to divergence between Fitch's final Bank Rating Criteria,
when published, and the current Exposure Draft.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
environmental, social and governance (ESG) credit relevance is a
score of 3 - ESG issues are credit neutral or have only a minimal
credit impact on BOC, either due to their nature or the way in
which they are being managed by the bank.
BOC has an ESG Relevance Score of 4 for financial transparency risk
due to under-reporting of non-performing loans and risk-weighted
assets stemming from the use of off-balance-sheet transactions.
This negatively affects the bank's credit profile and is relevant
to the rating in conjunction with other factors.
The bank is also given an ESG Relevance Score of 4 for governance
structure risk, as there is potential for significant state
influence as the owner or regulatory influence given the lack of
independence from the state. This negatively affects the bank's
credit profile and is relevant to the rating in conjunction with
other factors.
BANK OF CHINA: S&P Rates New Offshore Preference Shares 'BB+'
-------------------------------------------------------------
S&P Global Ratings said it has assigned its 'BB+' issue rating to
the proposed noncumulative perpetual offshore preference shares of
Bank of China Ltd. (BOC; A/Stable/A-1). The issue rating is subject
to its review of the final issuance documentation.
S&P has classified the instruments as having intermediate equity
content. The offshore issue is the last part of BOC's existing plan
to raise up to Chinese renminbi (RMB) 120 billion in preference
shares, with no more than RMB20 billion or equivalent in foreign
currencies. The Basel III-compliant issue qualifies as regulatory
Additional Tier-1 capital, and will be treated equally with
existing Additional Tier-1 instruments, according to guidelines
issued by the China Banking and Insurance Regulatory Commission in
December 2019.
In assigning the rating, S&P has taken into account issue-level
risks determined in part by the issuer's regulatory environment,
including provisions related to the implementation of the Basel III
framework. S&P applied a four-notch downward assessment from BOC's
stand-alone credit profile (SACP) of 'a-'.
S&P said, "We consider BOC's SACP as the starting point rather than
the issuer credit rating on the bank because we believe financial
support from the government to prevent nonpayment on the hybrid
capital instrument is uncertain. This is despite the bank being a
government-related entity for which we believe there is an
extremely high likelihood of extraordinary government support in
case of distress."
The intermediate equity content classification reflects the
loss-absorbing features of the preference shares. Therefore,
according to our criteria, S&P includes the preference shares in
the bank's total-adjusted capital until the aggregate amount of
such instruments is equivalent to 33% of the bank's adjusted common
equity.
In line with China's Basel III-aligned capital framework, the
preference shares are perpetual and non-callable for at least five
years after the issue date. The dividends of the preference shares
are discretionary and noncumulative, and when certain events occur
as prescribed in the terms, dividends will be cancelled. S&P views
the dividends' discretionary and noncumulative features as having
capacity to absorb BOC's losses on a going-concern basis.
S&P said, "We do not expect any immediate effect on the SACP or
issuer credit rating on BOC following the offshore issue and other
possible issues onshore. We expect BOC's risk-adjusted capital
ratio before adjusting for diversification to stay above 7% in the
next 12 to 24 months, taking into account these issuances and
potential redemptions."
HONG YANG: Fitch Assigns B+ Rating to Proposed USD Sr. Notes
------------------------------------------------------------
Fitch Ratings assigned China-based Hong Yang Group Company
Limited's (B+/Stable) proposed US dollar senior notes a rating of
'B+' and Recovery Rating of 'RR4'. The notes will be issued by Hong
Seng Limited, a wholly owned subsidiary of Hong Yang.
The proposed notes are rated at the same level as Hong Yang's
senior unsecured rating as they will be unconditionally and
irrevocably guaranteed by the company. Hong Yang plans to use the
proceeds to refinance existing debt and for general corporate
purposes.
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 on 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%
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.
PANDA GREEN: Moody's Confirms Caa1 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service confirmed Panda Green Energy Group
Limited's Caa1 corporate family rating following its issuance of
new shares to Beijing Energy Holding Co., Ltd. (A3 negative) on
February 18, 2020.
The ratings outlook is stable.
This concludes the rating review initiated on November 21, 2019.
RATINGS RATIONALE
"The confirmation of Panda Green's ratings reflects the reduced
refinancing pressure following the new share issuance to Beijing
Energy in February 2020 and the refinancing of its $350 million
bond which was due on January 25, 2020," says Ada Li, a Moody's
Vice President and Senior Credit Officer.
On February 18,, Panda Green announced its issuance of new shares
to BEH for HKD1.79 billion (approximately $230 million) for a 32%
stake in Panda Green. Upon completion of the transaction, BEH will
become Panda Green's single largest shareholder.
As part of the transaction, BEH plans to provide a RMB8
billion-RMB10 billion credit enhancement guarantee to Panda Green
to reduce the latter's financing costs.
"Panda Green's Caa1 CFR reflects the continued weakness in its
financial metrics and uncertainty over its deleveraging plan
following the Beijing Energy investment," adds Li.
BEH and Panda Green have not yet commented on their business
strategy and deleveraging plan post transaction, and no changes to
Panda Green's board have been announced.
Moody's expects Panda Green's financial metrics will remain weak as
a result of its legacy expansion, leading to elevated business
risks and weak debt coverage metrics. If it is unable to reduce its
financing costs, its funds from operations (FFO) to debt is likely
to remain around 3% and FFO interest coverage
((FFO+interest)/interest) is likely to register at around 1.5x in
2020.
The stable outlook reflects Moody's expectation that Panda Green
will at least maintain its current credit profile and financial
metrics following the BEH investment, and that regulatory changes
in China's solar power sector will remain largely manageable.
Moody's could upgrade Panda Green's rating if (1) its standalone
credit strength improves significantly; or (2) its linkage with BEH
strengthens, with an increased likelihood of support provided by
BEH to Panda Green.
Financial metrics for a ratings upgrade include FFO to debt above
4% and FFO interest cover above 2x on a sustained basis.
Moody's could downgrade Panda Green's rating if (1) there are
changes in China's regulatory environment that adversely affect the
company's profitability; (2) Panda Green's liquidity position does
not stabilize as expected; or (3) Panda Green fails to deleverage
or pursues further debt-funded expansions that weaken its financial
and business profile.
Financial metrics for a downgrade include FFO to debt below 2% and
FFO interest cover below 1.2x over a prolonged period.
In terms of environmental, social and governance (ESG) factors,
Panda Green faces elevated governance risk, considering its
evolving ownership profile and changing management. Uncertainty
remains around potential further changes to Panda Green's
management and strategy after the BEH investment.
The principal methodology used in this rating was Unregulated
Utilities and Unregulated Power Companies published in May 2017.
Panda Green Energy Group Limited engages in the development,
investment, operation and management of solar power plants and
other renewable energy projects. At December 31, 2019, the company
reported 2.0 gigawatts of gross installed capacity through its
subsidiaries and associates.
Listed on the Hong Kong Stock Exchange, the company's major
shareholders, as of February 18, 2020, were: (1) Beijing Energy
Holding Co., Ltd. (BEH, A3 negative, 32%); (2) China Merchants New
Energy Group (CMNE) and parties acting in concert with CMNE
(15.47%); (3) Qingdao City Construction Investment (Group) Co.
Limited (13.59%); and (4) China Huarong Asset Management Co., Ltd.
(Huarong, A3 stable, 13.59%).
BEH is the largest power producer and district heating supplier for
the Beijing municipality. The company mainly engages in power
generation across China and district heating in the Beijing
municipality, with a total installed capacity of 24.1 gigawatts
(GW) at the end of September 2019.
BEH is wholly owned by the Beijing State-owned Capital Operation
and Management Center (BSCOMC, A1 stable), which in turn is 100%
owned by the Beijing municipal government and supervised by the
Beijing State-owned Assets Supervision and Administration
Commission (SASAC).
PANDA GREEN: S&P Upgrades ICR to 'CCC-' as New Shareholder Buys In
------------------------------------------------------------------
S&P Global Ratings raised the issuer credit rating of Panda Green
Energy Group Ltd. (PGE) to 'CCC-' from 'SD' (technical default).
S&P said, "We upgraded PGE after the company settled with
bondholders on its three-year US$350 million senior unsecured notes
due Jan. 25, 2020, with a partial exchange offer of about US$108
million on Jan. 17, 2020. The remaining balance was repaid
following the issuance of US$260 million private placement note to
associates of the former largest shareholder. In addition, PGE
bolstered its liquidity by completing a planned share purchase
agreement with Beijing Energy Group Co. Ltd. on Feb. 18, 2020.
"We believe PGE's new shareholder may support its credit quality.
Beijing Energy became the largest shareholder with about 32% of
PGE's enlarged share capital after subscribing to 7.2 billion new
PGE shares for about Chinese renminbi (RMB) 1.6 billion. Based on
the share-purchase agreement, Beijing Energy is committed to a
"credit enhancement guarantee" to PGE of RMB8 billion-RMB 10
billion over the next three years." This would be sufficient to
cover PGE's near-term maturities including its RMB1.5 billion
onshore bond due in the latter half of 2020. It would also serve to
repurchase its US$260 million private placement notes from the
holders later in the year.
Nonetheless, the credit enhancement guarantee will only be
delivered when appropriate circumstances are met, which will be
subject to bilateral negotiations and agreements. At this stage,
S&P has limited visibility as to when and how Beijing Energy would
provide financial support to PGE. As a result, PGE's liquidity
condition remains uncertain.
In the past year, PGE has addressed its liquidity pressure by
halting capacity expansions and disposing some of its solar farms
assets. Nonetheless, its liquidity continues to be hindered by
outstanding renewable subsidies due by the Chinese
government--amounting to about RMB4.3 billion as of end-June 2019.
S&P said, "Although the Chinese government has been working on
accelerating the settlement of renewable subsidies to eligible
operators, we expect limited progress over the next six months. We
estimate that subsidies received together with the company's cash
resources will remain insufficient to cover its debt maturities
over the next six months."
The positive outlook reflects the possibility that PGE may be able
to manage payment risk on its short-term debt maturities, by
securing timely support from its new shareholder.
S&P said, "We could raise the rating on concrete plans and action
by Beijing Energy to help PGE to refinance or repay its upcoming
debt maturities, including the RMB1.5 billion onshore notes due in
the second half of 2020, and the expected repurchase of its US$260
million private placement notes, likely slated later in 2020.
"We could revise the outlook or lower the rating if we believe PGE
is unlikely to receive timely support from the new or existing
shareholder(s), potentially leading to a default scenario or
distressed exchange scenario on its upcoming debt maturities."
TUNGHSU GROUP: S&P Downgrades ICR to 'SD' on Onshore Bond Defaults
------------------------------------------------------------------
On Feb. 21, 2020, S&P Global Ratings lowered its long-term issuer
credit rating on Tunghsu Group Co. Ltd. to 'SD' from 'CCC-'. S&P
also affirmed the issue rating on the company's outstanding
guaranteed notes at 'CC'. S&P removed the ratings from CreditWatch,
where it had placed them with negative implications on Nov. 19,
2019, due to a default by its subsidiary.
S&P lowered the rating on Tunghsu to reflect the company's failure
to make the interest and principal payments on three onshore bonds
due in the past two months. The defaults were made public on Feb.
20, 2020. They are:
-- Principal and interest payment on the company's Chinese
renminbi (700) million onshore private bond due on Dec. 27, 2019.
-- Interest payment due on Jan. 20, 2020 on its RMB997 million
onshore corporate notes maturing on Jan. 18, 2021.
-- Principal and interest payment on its RMB1.03 billion onshore
private bond due on Jan. 23, 2020.
Tunghsu is still servicing its guaranteed senior unsecured U.S.
dollar notes due on June 12, 2020. However, S&P expects an almost
certain likelihood of default or distressed exchange on this
obligation.
Despite the liquidity crunch, Tunghsu signed a letter of intent on
Feb. 19, 2020, with Alderon Iron Ore Corp. to acquire a 26%-38%
stake in an iron ore project owned by the latter. S&P said, "We
understand this transaction is still in the early stages and would
be conducted by Tunghsu's wholly owned subsidiary with funding
raised independently from a private fund. We do not expect Tunghsu
to make any contribution to the subsidiary."
Tunghsu's rapidly shrinking liquidity was first evident from the
missed principal and interest payment by Dongxu Optoelectronic
Technology Co. Ltd., a key subsidiary of the company, on its
onshore puttable medium-term notes in November 2019. Tunghsu later
announced that its largest shareholder, Dongxu Optoelectronic
Investment Co., was in discussions to transfer its 51.46% stake in
the group to Shijiazhuang State-owned Assets Supervision and
Administration Commission. There has been no further updates on
this front.
Tunghsu is a China-based technology conglomerate. The company's
operations include equipment manufacturing, glass substrate
production, building material, new energy, electric buses, and
property development. Tunghsu owns 22% of Dongxu Optoelectronic
Technology Co. Ltd., the glass substrate and equipment arm, and 39%
of Tunghsu Azure Renewable Energy Co. Ltd., the solar business arm.
Both listed subsidiaries are important operating assets and profit
contributors to the group.
XINHU ZHONGBAO: Fitch Affirms B- LT IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings affirmed Xinhu Zhongbao Co., Ltd.'s Long-Term
Foreign-Currency Issuer Default Rating at 'B-'. The Outlook is
Stable. Fitch has also affirmed the company's senior unsecured
rating, the ratings on its senior unsecured notes due 2020 issued
by Xinhu Holding Company Limited, and the senior unsecured notes
due 2021 issued by Xinhu 2018 Holding Company Limited, at 'B-' with
a Recovery Rating of 'RR4'.
The affirmation reflects Fitch's expectation that the Chinese
homebuilder's leverage, as measured by net debt/adjusted inventory,
will remain high but stable after the completion of sales of assets
to Greentown China Holdings Limited and Sunac China Holdings
Limited (BB/Stable) in 4Q19 and 3Q19. Xinhu Zhongbao's high
leverage is mitigated by its high-quality land bank, which will
drive stronger contracted sales growth and higher margins than
peers in the 'B' rating category.
Fitch views Xinhu Zhongbao's near-term liquidity as adequate
following the recent asset sales. Management has also confirmed to
Fitch that funds have been transferred to repay the outstanding
bond maturing on March 1, 2020.
KEY RATING DRIVERS
High Leverage, High Margins: Xinhu Zhongbao's leverage on a
standalone basis, as measured by net debt/adjusted inventory,
remained high at 88% at end-June 2019, similar to the level at
end-2018. Fitch expects the company's leverage to stay at around
this level in 2019-2021 despite minimal new land acquisitions, as
cash outflow for primary land redevelopment and construction will
remain significant. The redevelopment projects in Shanghai will be
launched for pre-sale in phases from 2020, which will help the
company to deleverage gradually.
While the leverage metric appears high compared to that of peers at
the same rating level, this is mitigated by Xinhu Zhongbao's
quality land bank, which is reflected in the strong EBITDA margins
of over 30%. The majority of Xinhu Zhongbao's land designated for
secondary development is in key cities around the Yangtze River
Delta, with about 50% of its sellable resources by value located
within the Shanghai inner-ring road, where land supply is limited.
Fitch also believes that the market value of Xinhu Zhongbao's
property assets is substantially higher than the carrying value.
Slower Churn than Peers: Fitch expects Xinhu Zhongbao's sales
churn, as measured by contracted sales/gross debt, to remain low at
0.2x in 2019 and 2020, compared with the 0.4x average of 'B-' rated
peers. This is attributable to the long development period of its
redevelopment projects. The primary land development costs are
mainly funded with debt in the absence of pre-sale proceeds. Sales
churn will improve gradually when contracted sales kick in to cover
property development costs, with repayment of debt after 2020.
Liquidity Tight but Adequate: Due to its slow churn business model,
Xinhu Zhongbao is reliant on debt refinancing and potential asset
sales. At end-September 2019, reported cash was lower than
short-term debt, but the company has raised funds via bond
issuances and asset sales. Fitch also understands that management
has made arrangements to repay the USD588 million bond maturing on
March 1, 2020. In addition, the company has substantial financial
assets and high quality redevelopment projects in Shanghai, which
may provide additional sources of funding if needed.
Financial Investments Given Credit: Xinhu Zhongbao has been
building up its portfolio of long-term equity investments in
financial institutions, mainly Xiangcai Securities Co., Ltd.,
Shengjing Bank, Bank of Wenzhou Co., Ltd and China CITIC Bank
Corporation Limited (BBB/Stable). Fitch took a 60% haircut to its
available-for-sale financial assets and equity investments, which
are included as cash equivalents in the calculation of net debt.
Strong Parent and Subsidiary Linkage: Fitch assesses the linkage
between Xinhu Zhongbao and Zhejiang Xinhu Group, which has a 40.18%
equity stake in Xinhu Zhongbao, as strong. This is in view of
historical intragroup asset transfers, common control of subsidiary
Xiangcai Securities Co., Ltd., and Xinhu Holding Co., Ltd., some
management overlap between the two entities, and guarantees
provided by Xinhu Zhongbao to the parent. Fitch therefore rates
Xinhu Zhongbao in consideration of the consolidated financial
profile of the Zhejiang Xinhu Group.
Xinhu Zhongbao accounts for the vast majority of the operations and
debt of Zhejiang Xinhu Group. Zhejiang Xinhu Group's consolidated
profile does not constrain Xinhu Zhongbao's rating at the 'B-'
level.
DERIVATION SUMMARY
Xinhu Zhongbao (on a standalone basis) has a similar contracted
sales scale and EBITDA margin with Guorui Properties Limited
(B-/Stable). Xinhu Zhongbao has a lower sales churn but more
adequate liquidity profile than Guorui, as Xinhu Zhongbao's cash on
hand plus the 40% cash credit given to its financial investments
can cover its short-term debt.
Xinhu Zhongbao's standalone business profile is supported by its
high land quality, which results in higher profit margins than
small-scale 'B' category peers, such as Redco Properties Group Ltd
(B/Stable). Xinhu Zhongbao's land bank is also much older and
undervalued compared with those of its peers. However, its leverage
is higher than that of these peers.
Xinhu Zhongbao has a stronger business profile than Sunshine 100
China Holdings (CCC+) as the latter mainly focuses on Tier 3 to 4
cities with smaller scale and more exposure to commercial property
sales. Xinhu Zhongbao also has higher profitability than Sunshine
100 despite a lower sales churn and higher leverage.
KEY ASSUMPTIONS
Fitch's Key Assumptions within Its Rating Case for the Issuer
- The company will pay down the primary land development
expenditure for its Shanghai projects in 2019 and 2020, with
limited new land acquisitions.
- Contracted sales (after business tax) at CNY16 billion in 2019
and CNY20 billion 2020 (2018: CNY16.2 billion)
- EBITDA margin (after adding back capitalised interest) to
remain at 30%-35% (2018: 34%).
No changes to the recovery rating assumptions published on February
26, 2019.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Material improvement in sales churn while maintaining its
profitability and leverage profile
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Cash to short-term debt ratio sustains below 0.6x
- Standalone contracted sales/gross debt sustained below 0.2x
- Decline in annual contracted sales
LIQUIDITY AND DEBT STRUCTURE
Tight but Manageable Liquidity: At end-September 2019, Xinhu
Zhongbao's reported cash of CNY12.9 billion could cover 56% of its
short-term debt of around CNY23 billion. The company issued
CNY2,520 million of domestic corporate bonds for refinancing in
November 2019.
The cash inflow for its bundled sale of three property projects to
Sunac China for CNY6.7 billion will mostly come in the second half
of 2019 and first half of 2020. In December 2019, Xinhu Zhongbao
signed an agreement to sell a 35% stake of one of its Shanghai
projects, which generated cash inflow of CNY3.6 billion. These
asset sales can improve its liquidity profile in the short term.
In addition, the company had available-for-sale financial
investments of CNY12.8 billion at end-September, and its other
high-quality redevelopment projects in Shanghai may provide
additional sources of financing if necessary.
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.
=================
H O N G K O N G
=================
BANK OF COMMUNICATIONS: Moody's Rates New AT1 Securities Ba2(hyb)
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba2(hyb) foreign currency
preferred stock rating to Bank of Communications (Hong Kong)
Limited's (Bank of Communications (Hong Kong)) proposed
subordinated Additional Tier 1 (AT1) capital securities.
RATINGS RATIONALE
The proposed subordinated AT1 capital securities rank junior to the
bank's senior obligations and Tier 2 debts, and rank senior only to
Common Equity Tier 1 (CET1) capital. Coupons may be cancelled in
full or in part on a non-cumulative basis at the issuer's
discretion or mandatorily in case the distributable reserves were
not sufficient. Investors of the securities also face the risk of
full or partial compulsory write down in principal upon the
occurrence of a non-viability event.
The Ba2(hyb) rating assigned to the subordinated AT1 capital
securities, reflects (1) Bank of Communications (Hong Kong)'s
baseline credit assessment (BCA) and adjusted BCA of baa2; (2)
Moody's Advanced Loss Given Failure (LGF) analysis, resulting in a
preliminary rating assessment (PRA) position of three notches below
the bank's adjusted BCA; and (3) Moody's assumption of a low
probability of government support for this instrument, resulting in
no uplift from the PRA.
Bank of Communications (Hong Kong) is subject to Hong Kong's
Financial Institutions (Resolution) Ordinance and Moody's considers
Hong Kong to be an Operational Resolution Regime.
Moody's uses the probability of failure of Bank of Communications
(Hong Kong) as represented by the bank's Adjusted BCA of baa2, as
the starting point for rating the bank's AT1 securities. Moody's
then applies its Advanced LGF analysis in order to determine the
loss-given-failure of the AT1 instruments. Given the limited
subordination in the form of residual equity, the LGF analysis
indicates likely high loss-given-failure for AT1 securities,
resulting in a position one notch below the bank's adjusted BCA. In
addition, Moody's captures the risk of coupon suspension on a
non-cumulative basis by removing an additional two notches from the
adjusted BCA.
WHAT COULD MOVE THE RATING UP/DOWN
Bank of Communications (Hong Kong)'s AT1 rating of Ba2(hyb) would
be upgraded or downgraded together with any upgrade or downgrade of
the bank's Adjusted BCA.
Moody's could upgrade the bank's BCA and deposit ratings if Bank of
Communications (Hong Kong)'s 1) asset quality stays at the current
low level, as its business scale increases, 2) TCE/TBA is
maintained at in excess of 15%, as the bank's business grows, or 3)
profitability improves considerably.
The bank's BCA is also likely to move lower if the bank's: 1) asset
quality or capitalization deteriorate considerably, or 2) its
liquidity and funding positions weaken considerably.
The principal methodology used in this rating was Banks Methodology
published in November 2019.
Bank of Communications (Hong Kong) Limited, headquartered in Hong
Kong, reported total assets of HKD207.1 billion as of June 30,
2019.
=========
I N D I A
=========
ANGEL FIBERS: CARE Reaffirms 'D' Rating on INR65.64cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Angel
Fibers Limited (AFL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 65.64 CARE D Reaffirmed
Short Term Bank
Facilities 2.50 CARE D Reaffirmed
Detailed Rationale and Key Rating Drivers
The ratings for the bank facilities of AFL continue to take into
account on-going delays in its debt servicing on the back of poor
liquidity arising from its subdued profitability.
Rating Sensitivities:
Positive factors:
* Sustained track record of timely servicing of debt obligations
for a period of at least 90 days
Detailed description of the key rating drivers
Key Rating Weaknesses
On-going delays in servicing of debt obligations: On the back of
subdued demand and intense competition in the cotton yarn industry,
AFL's profitability declined sharply in FY19 along with net losses
in H1FY20 which led to poor liquidity and resultant delay in
servicing of debt obligations to its lenders.
Rajkot, Gujarat based AFL was established as a private limited
company in February, 2014 and was subsequently converted into a
public limited company in December 2017. Currently, the company is
managed by Mr. Ashok Dudhagara, Mrs. Prafulaben Dudhagara and Mr.
Ankur Jani. AFL manufactures carded, combed and compact cotton yarn
of finer quality ranging between 20s to 50s counts at its sole
manufacturing facility located at Haripar, Gujarat. As on March 31,
2019, the company had an installed capacity of manufacturing 29
metric tonnes (MTs) of cotton yarn per day.
ANNAPOORANI YARNS: CARE Cuts INR10cr LT Loan Rating to D, Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Annapoorani Yarns, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 10.00 CARE D; ISSUER NOT COOPERATING;
Facilities Revised from CARE B; Stable
on the basis of best available
information
Detailed Rationale & Key Rating Driver
CARE has been seeking no default statement from Annapoorani Yarns
to monitor the rating vide e-mail communications dated July 31,
2019 to January 16, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided no default
statement for monitoring the ratings. In line with the extent SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on Annapoorani
Yarns's bank facilities will now be denoted as CARE D, ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed rationale and key rating drivers
The revision in rating assigned to the bank facilities of
Annapoorani Yarns factors in ongoing delays in meeting of debt
obligations.
Detailed description of the key rating drivers
Key Rating Weakness
Ongoing delays in meeting of debt obligations: Annapoorani Yarns
has been facing liquidity issues due to which there are
irregularities and delays in repayment of debt obligations.
CLRK EXTRACTIONS: CARE Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of CLRK
Extractions & Exports Private Limited (CLRK) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 35.00 CARE D; ISSUER NOT COOPERATING;
Facilities Stable on the basis of best
available information
Short term Bank 3.00 CARE D; ISSUER NOT COOPERATING;
Facilities Revised from CARE A4 on the
basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated September 6, 2018, placed
the ratings of CLRK under the 'issuer non-cooperating' category as
CLRK had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. CLRK continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
November 1, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The ratings have been revised on account of ongoing delays in debt
servicing by the company.
Detailed description of the key rating drivers
Key Rating Weaknesses
Delay in servicing of debt obligations: There are ongoing delays in
servicing of debt obligations by CLRK.
CLRK was promoted in 2011 by Chhattisgarh based Mr. Gopal Singhal.
It is engaged in trading and export of raw and boiled rice. Besides
the trading activity, the company also processes rice, with
installed capacities of 32,000 MTPA. The manufacturing facility of
CLRK is located at Raipur Chhattisgarh. The manufacturing
facilities commenced operation from December, 2015 and FY17 was the
first full year of operation. The company primarily exports to
Africa and Middle East countries. Apart from export, the company
also sells rice in domestic market, particularly in North East.
COTTON BLOSSOM: Ind-Ra Lowers Long Term Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Cotton Blossom
(India) Private Limited's (CBIPL) Long-Term Issuer Rating to 'IND
D' from 'IND BB'. The Outlook on the earlier rating was Stable.
The instrument-wise rating actions are:
-- INR77.9 mil. (reduced from INR161.5 mil.) Long term loans
(long-term) due on June 2024 downgraded with IND D rating;
-- INR900 mil. Fund-based facilities(long-term/short-term)
downgraded with IND D rating; and
-- INR100 mil. Non-fund-based facilities (short-term) downgraded
with IND D rating.
KEY RATING DRIVERS
The downgrade reflects CBIPL's delays in debt servicing of the term
loan over the three months ended February 17, 2020, and
overutilization in the cash credit limit for more than 30 days
during the three months ended February 12, 2020 due to delays in
receiving payments from customers.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months could
be positive for the ratings.
COMPANY PROFILE
CBIPL was established as a partnership firm in 1999; it was
reconstituted as a private limited company in 2004. CBIPL
manufactures garments and revenues are generated mostly from direct
exports to countries such as Germany, the USA, UK, Dubai. CBIPL is
backward integrated, with spinning, knitting, dyeing, printing, and
embroidery divisions.
DEORA WIRES: CARE Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Deora Wires
N Machines Private Limited (DWMPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 5.30 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Short Term Bank 2.45 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Long Term/Short 3.00 CARE D; ISSUER NOT COOPERATING;
Bank Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from DWMPL to monitor the rating
vide email communications/letters dated September 23, 2019,
September 30, 2019, October 9, 2019, November 8, 2019,
November 21, 2019, December 9, 2019, December 27, 2019, January 7,
2020, January 8, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on DRC's bank
facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
At the time of last rating on December 20, 2018 the following were
the rating strengths and weaknesses.
Detailed description of the key rating drivers
Key Rating Weaknesses
Delay in debt servicing: There had been delays in debt servicing of
DWMPL. The term loan account principal and interest repayment was
overdue for more than 30 days as on December 07, 2018.
Ahmedabad-based (Gujarat) Deora Wires N Machines Private Limited
(DWMPL) is a private limited company incorporated in February 13,
1992, promoted by Mr. Sanjay Deora, accompanied by his sons Mr.
Sanket Deora and Mr. Samyak Deora. DWMPL is engaged into
manufacturing of aluminum wires and conductors, which finds its
application in power utility sector for transmission of
electricity. Its manufacturing unit is located at Rakanpur, Santej,
Gujarat with an installed capacity of 250 Tonnes per month as on
March 31, 2018. It also exports its product to countries like
Vietnam, Saudi Arabia, Mexico and Africa (Rwanda) and imports raw
material from the United Kingdom (British Steel) and spares and
accessories of machinery from China.
Status of non-cooperation with previous CRA: ACUITE has put ratings
assigned to the bank facilities of Deora Wires N Machines Private
Limited in to 'Non Cooperation' vide press release dated December
04, 2019 on account of noncooperation by DWMPL with ACUITE 's
efforts to undertake a review of the ratings outstanding.
ENECTRIC PROJECTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Enectric Projects & Solutions India Pvt Ltd
CP 24, Razaack Garden Main Road
MMDA Colony, Arumbakkam
Chennai 600106
Insolvency Commencement Date: January 29, 2020
Court: National Company Law Tribunal, Coimbatore Bench
Estimated date of closure of
insolvency resolution process: July 29, 2020
Insolvency professional: Devadoss Duraiswami Reddy
Interim Resolution
Professional: Devadoss Duraiswami Reddy
233, Sarada Mill Road
Kamala Nagar, Sundarapuram
Coimbatore 641024
E-mail: devadossd@gmail.com
Mobile: 9890291110
Last date for
submission of claims: February 29, 2020
FATEH CHAND: Ind-Ra Migrates BB+ Bank Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Fateh Chand
Charitable Trust's bank facilities 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:
-- INR147.2 mil. Term loan due on March 2023 migrated to non-
cooperating category with IND BB+ (ISSUER NOT COOPERATING)
rating; and
-- INR42.8 mil. Non-fund-based limits (bank guarantee) migrated
to non-cooperating category with IND BB+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 25, 2019. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 2005, Fateh Chand Charitable Trust is chaired by Mr.
Satish C. Goel and is affiliated to the Chaudhary Charan Singh
University, Meerut.
HARIDWAR HIGHWAYS: CARE Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Haridwar
Highways Projects Limited (HHPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 981.09 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from HHPL to monitor the rating
vide e-mail communications dated December 3, 2019, December 9,
2019, December 11, 2019 and numerous phone calls. However, despite
our repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on the bank
facilities of Haridwar Highways Project Limited will now be denoted
as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
The rating assigned to the bank facilities of Haridwar Highways
Project Limited (HHPL) continues to factor in delays in debt
servicing by the company.
At the time of last rating on January 31, 2019 the following were
the rating weaknesses and strengths:
Key Rating Weaknesses
Delay in Debt servicing obligations: The company has delayed the
interest payment on term loans and the account has been classified
as Non- Performing Assets (NPA) due to its stretched liquidity
profile.
HHPL is a special purpose vehicle (SPV) promoted by Era Infra
Engineering Ltd and OJSC- Sibmost (Sibmost) for augmentation of
2-lane carriageway of the existing section of NH-58 from km 131.0
to km 211.0 to a 4-lane dual carriageway from Muzaffarnagar to
Haridwar in the state of Uttar Pradesh & Uttarakhand under National
Highways Development Programme (NHDP) Phase III of NHAI on Design,
Build, Finance, Operate & Transfer (Toll) basis. As per the
concession agreement (CA) signed between NHAI and HHPL in February
2010, the concession period is 25 years (including a construction
period of 2.5 years) from the Appointed Date (September 3, 2010).
The original SPCD was March 1, 2013. The total project cost was
originally envisaged at INR1,100.60 crore to be funded through
promoter contribution of INR200 crore, grant of INR210 crore from
NHAI, and term loans of INR690.60 crore. The project cost has been
revised to INR 1563.55 crore to be funded through promoter
contribution of INR372.46 crore, grant of INR210 crore from NHAI,
and term loans of INR981.09 crore.
KARTHIK INDUCTIONS: CARE Withdraws D Rating on Bank Facilities
--------------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
D' assigned to the bank facilities of Karthik Inductions Limited
with immediate effect. The above action has been taken at the
request of Karthik Inductions Limited and 'No Objection
Certificate' received from the bank(s) that have extended the
facilities rated by CARE.
Karthik Induction Limited (KIL) was incorporated in the year 1994
by Mr. B. Raghvendra. The company was established in order to
support group operations by way of backward integration through
manufacturing of MS ingots and by products viz. runners and risers.
The company procures (sponge iron, pig iron and MS scarp) raw
material from domestic market and has a manufacturing plant
(leased) in Kundaim, Goa. Group companies of KIL are Karthik Alloys
Limited, Rukminirama Steel Rolling Private Limited and Rukminirama
Ferro Alloys & Power Limited (RFAPL). Furthermore, Rukminirama
Steel Rolling Private Limited is engaged into manufacturing of MS
Ingots and rolled products such as TMT bars, squares, angels and
channels. KIL is the backward integration of the group in the steel
manufacturing value chain and supplies majority of its production
to group companies engaged in manufacturing of TMT bars, structured
steel and steel rolled bars.
MANIPAL ENERGY: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Manipal Energy
and Infratech Limited's (MEIL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BBB-'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR150 mil. Fund-based working facilities downgraded with IND
BB+/Stable/IND A4+ rating; and
-- INR320 mil. Non-fund-based working facilities downgraded with
IND BB+/ Stable/IND A4+ rating.
Analytical Approach: Ind-Ra has changed its rating approach from
standalone to a consolidated view of MEIL and its parent company-
Manipal Media Network Limited (MMNL; 'IND BBB-/Negative'). The
consolidated view factors in the legal, operational and strategic
linkages between these entities, driven by a corporate guarantee
extended by MMNL for MEIL's debt, the cash flow fungibility, and
common management between these entities.
The downgrade reflects deterioration in the consolidated credit
profile of MMNL, characterized by the declining operational and
financial performance and elevated debt levels. Ind-Ra believes
that while MMNL's EBITDA may recover in FY21, owing to a decline in
newsprint prices, continued high debt levels and lack of visibility
over repayment of unsecured loans extended by MMNL to MVP Group
International Inc. (MVP, US-based Manipal Group Company) remains a
concern. In November 2018, Ind-Ra had assumed that MVP would repay
the unsecured loans to MMNL, which could be utilized by MMNL to
repay the loans and funding operational growth. In addition to the
weakness in MMNL's consolidated financials, the downgrade also
reflects the decline in revenue, continued small scale of
operations and weak counter-party profile of MEIL in FY19 and
1HFY20.
KEY RATING DRIVERS
Deterioration in Consolidated Credit Profile: MMNL's consolidated
revenue declined 8.9% YoY to INR1,816 million in FY19, mainly due
to a 10% YoY reduction in advertisement revenue (constituting about
43% of the FY19 consolidated revenue) and a 12% YoY decline in
MEIL's revenue (about 31%). Advertisement revenue was impacted by
low business volumes, on the back of low traction in the Lok Sabha
elections campaign in FY19. The decline in MEIL revenue was
attributable to the lower number of rural electrifications
contracts executed due to a slowdown in the overall economy.
Furthermore, EBITDA margins contracted to 9.3% in FY19 (FY18:
14.1%) due to an increase in the cost of raw material (newsprint;
the major cost item). The slowdown in the economy and lower
traction for ad-revenue continued to impact the revenue and margins
in 1HFY20.
MMNL's consolidated debt level remained high at INR1,075 million at
FYE19 (FYE18: INR988 million). The high debt levels, along with a
decline in FY19 EBITDA, resulted in a deterioration in credit
metrics. Net leverage (net debt/EBITDA) stood at 6.2x at end-FY19
(end-FY18: 3.4x), while gross interest coverage (EBITDA/gross
interest) was at 1.3x (2.8x). The continued slowdown in the economy
and lower traction for ad-revenue continued to impact the revenue
and margins in 1HFY20.
Strong Parent Support: The strategic linkages between the entities
are moderate-to-strong, given the history of continuous tangible
support flowing from MMNL to MEIL. As of end-FY19, MMNL has
provided an unsecured borrowing of INR153.7 million (end-FY18:
INR139.8 million) to MEIL and other group entities have infused
INR19.5 million in MEIL. MEIL enjoys flexibility in terms of
repayment of the loans extended by MMNL, indicating financial
flexibility to the company. The legal linkages are strong as MMNL
has provided a post-default irrevocable and unconditional corporate
guarantee for MEIL's entire external debt, which is about 42% of
total debt outstanding at end-FY19. MEIL executes civil
construction and rural electrification work for various state
electricity boards, which is unrelated to MMNL's newspaper
publishing business. Despite being in unrelated businesses, the
operational linkages between these two entities are moderate owing
to the strong supervision of operations by the parent and common
treasury functions between these two entities.
Thus, Ind-Ra believes the overall linkages between MEIL and MMNL
are strong and MEIL will continue to receive such support (if
required) in the future from MMNL and other group entities.
MEIL's Small Scale of Operations: MEIL's revenue declined to INR555
million in FY19 (FY18: INR632 million) due to slow order inflows
owing to the slowdown in the overall economy. Despite a decline in
revenue, EBITDA margins expanded to 11.6% in FY19 (FY18: 6.8%) due
to better realization in orders executed in the year. MEIL
contributed about 30% to MMNL's overall FY19 revenue.
The company's performance remained weak in 1HFY20 as it generated
revenue of INR166 million (1HFY19: INR245 million) and a margin of
13% (11%). Ind-Ra expects the company to post revenue of INR450
million-500 million in FY20 and margin of 11%-13% owing to the
continued economic slowdown.
Weak Counterparties Despite Healthy Order Book: Despite having a
healthy order book of about INR1,300 million as in March 2019,
providing revenue visibility of 2.4x of FY19 revenue, the
counterparty profile of the majority of the customers continues to
remain weak. The majority of MEIL's customers are regional
electricity boards that have weak financial profiles. The working
capital cycle, therefore, continues to remain elongated owing to
high receivable days, which increased to 234 in FY19 (FY18: 197).
Liquidity Indicator - Stretched: MEIL's average cash flow from
operations remained negative from FY16-FY18 at INR106 million per
year, before turning slightly positive to INR5 million in FY19. The
company needed continuous financial support from the parent, either
in the form of equity or inter-corporate loans from FY16-FY18.
Although the financial support was not needed in FY19, the
operations continue to remain susceptible to high working capital
requirements. Ind-Ra, thus, believes that any cash shortfall to
meet the working capital requirements will also be met by support
from the parent in the future. Cash and equivalents stood at INR0.2
million at end-FY19. The company's average utilization of
fund-based limits remained high at 90% while that for non-fund
based limits was moderate at 50% for the 12-months ending December
2019. The working capital cycle remained elongated to 220 days in
FY19 (FY18: 197 days) primarily due to an increase in receivable
days.
Weak Standalone Credit Metrics: MEIL's standalone gross leverage
(gross debt/EBITDAR) though improved to 4.6x at end-FY19 from 7.0x
at end-FY18, remained high. Gross interest coverage (EBITDA/ Gross
Interest) improved marginally to 1.7x from 1.3x due to an increase
in EBITDA, despite higher interest expense. However, only about 42%
of debt is external bank debt, which is also guaranteed by the
parent—MMNL. The remaining debt is from MMNL and other group
entities, on which the company has financial flexibility for
payment of interest and/or principal.
RATING SENSITIVITIES
Positive: Developments that could, individually or collectively,
lead to a positive rating action include:
- a positive rating action on MMNL
- a rise in the standalone revenue and EBITDA margin expansion,
along with an improvement in the working capital cycle, leading to
a sustained improvement in MEIL's standalone credit profile.
Negative: Developments that could, individually or collectively,
lead to a negative rating action include:
- any negative rating action on MMNL
- any weakening of linkages between MMNL and MEIL
- a sharper-than-expected decline in the revenue and
profitability, leading to further deterioration in the credit
metrics
COMPANY PROFILE
MEIL, a 100% subsidiary of MMNL, is an engineering, procurement and
construction contractor executing civil construction and rural
electrification work for various state electricity boards.
MEHTA & ASSOCIATES: CARE Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mehta &
Associates Fire Protection Systems Private Limited (MAFPSPL)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 4.00 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Long Term/Short 8.00 CARE D; ISSUER NOT COOPERATING;
Bank Facilities Based on best available
Information
Short Term Bank 2.25 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from MAFPSPL to monitor the
ratings vide e-mail communications/letters dated September 30,
2019, October 11, 2019, January 7, 2020, January 8, 2020,
January 24, 2020, February 4, 2020 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the ratings
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on MAFPSPL's bank facilities will now be denoted as CARE D/
CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The ratings assigned to the bank facilities of MAFPSPL takes into
account on-going delay in servicing its debt obligations.
Detailed description of the key rating drivers
At the time of last rating on October 4, 2019 the following were
the rating strengths and weaknesses.
Detailed description of the key rating drivers
Key Rating Weaknesses
Ongoing delays in debt servicing: MAFPSPL has exhibited on-going
delays in servicing of its debt obligations owing to poor liquidity
position of the company.
Liquidity Analysis: Poor Liquidity
The liquidity position of MAFPSPL has remained poor during FY18 as
marked by full utilization of its working capital limit during past
12 months period ended September, 2019. Further, cash and Bank
balance also remained low at INR0.02 crore as on March 31, 2018,
while net cash flow from operations remained negative at INR2.52
crore during FY18. Further, Gross Cash Accrual (GCA) remained low
at INR0.10 crore in FY18. However, there is no term debt repayment
obligation for FY19.
Ahmedabad-based (Gujarat), MAFPSPL was incorporated in October 1984
as a private limited company primarily promoted by Mr. Jayant
Mehta. Later Mr. Kunal Mehta and Mr. Kaushal Mehta joined MAFPS as
directors in 2001 and 2005 respectively. MAFPSPL imparts service of
designing fire detection and protection system as per the
requirement of clients and later implements the same by assembling,
erecting and commissioning fire suppression system, fire detection
system, firefighting system and allied products mainly designed for
heavy power equipment. MAFPSPL also carries out research and
development (R & D) activities pertaining to fire protection system
from its R & D center situated in Ahmedabad, Gujarat. It mainly
caters to power sector industries which include government as well
as private entities spread across India.
NEELKANTH FARMS: CARE Cuts INR7.20cr LT Loan Rating to D, Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Neelkanth Farms, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.20 CARE D; Issuer not cooperating;
Facilities Revised from CARE B; Stable
on the basis of best available
information
Detailed Rationale & Key Rating drivers
CARE has been seeking for No default statements from Neelkanth
Farms to monitor the rating vide e-mail communications dated,
February 5, 2020, February 3, 2020, January 31, 2020, January 8,
2020, January 6, 2020, January 2, 2020, December 31, 2019, December
13, 2019, December 6, 2019, December 4, 2019, December 2, 2019,
November 29, 2019 and numerous phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Neelkanth
Farms' bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The revision in the rating assigned to the bank facilities of
Neelkanth Farms takes into account ongoing delays in the servicing
of the term debt obligations because of weak liquidity position of
the firm.
On-going Delays in the debt servicing: There are on-going delays in
the repayment of term debt obligation.
Neelkanth Farms (NKF) was established in July, 2017 as a
partnership firm and is currently being managed by Mr. Anil Mor,
Mr. Ram Kumar and Mr. Madan Mohan, sharing profit and losses in the
ratio of 1:2:2. NKF is established with an aim to set up a poultry
farming business at its poultry farm located in Karnal, Haryana
with the proposed breeding capacity of about 20,000 layer birds per
batch. The firm plans to sell eggs and one day old chicks directly
to various wholesalers located in Punjab, Rajasthan, Jammu &
Kashmir, Haryana, Uttar Pradesh etc. Besides NHF, the partners are
also engaged in another group concern namely Neelkanth Breeding
Farm (NBF), which is a partnership firm based in Haryana and
engaged in similar business operations since 2010.
ORIENTAL GRANITES: CARE Cuts Rating on INR4.40cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Oriental Granites & Crushers (OGC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.40 CARE D Revised from CARE BB-;
Facilities Stable
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of OGC are tempered by
ongoing delays in servicing debt obligations due to insufficient
cash accruals.
Positive Factors
* Delay free track record for minimum of 6 months
Negative Factors: NA
Detailed description of the key rating drivers
Key Rating Weaknesses
Ongoing delays in servicing debt obligations: There are delays in
repayment of term loan instalment and interest repayments due to
insufficient cash accruals.
Small scale of operations albeit increasing trend during the review
period: The firm has small scale of operations marked by total
operating income increased and stood at INR24.40 crore in FY19
compared to INR13.72 crore in FY17 and INR17.53 crore in FY18. The
firm has low net worth base of INR13.24 crore as on March 31,
2019.
Presence in highly fragmented and competitive industry: The granite
industry is highly competitive and fragmented in nature. OGC
witnesses intense competition from both the organized and largely
unorganized players. Further, the industry is mainly dependent on
the demand from real estate and construction sectors, which has
direct linkage with the general macroeconomic scenario, interest
rates, level of disposable income available with individuals etc.
Proprietorship constitution of the entity: OGC being a
proprietorship entity, the risks associated with withdrawal of
proprietor's capital exists. The entity is exposed to inherent risk
of proprietor's capital being withdrawn at time of personal
contingency as also it has limited ability to raise capital and
poor succession planning may result in dissolution of entity. Due
to the proprietorship constitution, it has restricted access to
external borrowing, where net worth as well as credit worthiness of
proprietor, are the key factors
affecting credit decision of lenders.
Key Rating Strengths
Experience of promoter for more than two decades in stone crushing
business: Mr Chuzhikunnel Michele Joy, proprietor of OGC, holds an
experience of more than two decades in the stone crushing business.
He is actively involved in the day to day activities of the firm
with the support of Mr P Sebastian Raju, who holds an
experience of around three decades. Over the years of operations,
he has developed established relationship with its suppliers,
customers and other stakeholders.
Increase in total operating income and profitability margins
The total operating income of the firm increased from INR17.53
crore in FY18 to INR24.40 crore in FY19 on account of year on year
increase in orders from existing clients and addition of new
customer coupled with increased revenue from sale of manufactured
sand (M sand). The PBILDT margin has increased by 1998 bps and
stood at 43.85% in FY19 as compared to 23.87% in FY18 due to
increase in total operating income. The PAT margin of the firm
improved by 2065 bps and stood at 30.53% in FY19 as compared to
9.88% in FY18 due to absorption of finance cost and depreciation
provision on back of absolute amount increase in PBILDT.
Comfortable capital structure and satisfactory debt coverage
indicators: The capital structure of the company marked by debt
equity and overall gearing has improved and remained comfortable at
0.56x and 0.75x respectively as on March 31, 2019 as compared to
1.26x and 1.90x respectively as on March 31, 2018 on account of
increase in tangible net worth due to year-on-year accretion of
profits.
Debt coverage indicators of the firm has improved and marked by
total debt/GCA and interest coverage stood at 1.04x and 9.33x in
FY19 as compared to 3.50x and 4.61x in FY18 due increase in the GCA
along with increase in absolute amount of PBILDT.
Improved operating cycle
The operating cycle of the firm has improved and stood at 74 days
as on March 31, 2019 compared to 87 days as on March 31, 2018 due
to improvement in average inventory period. The firm keeps
inventories of about 30 to 45 days for smooth flow of execution of
orders. The entity receives payments from its customers within 60-
90 days. The entity procures raw material from own quarries.
However, the creditors pertain to payment towards diesel, Machine
spare parts and oil suppliers coupled with maintenance service
provider for machineries. The firm is making payment to its
creditors within 10 to 30 days.
Stable Outlook of granite Industry
India is one of the largest producers and exporters of granite in
the world. The country has one of the largest reserves of granite
in the world with abundance deposits available in Tamil Nadu,
Andhra Pradesh, Karnataka, Rajasthan and Odisha. So far, only 3% of
the granite reserves have been explored. India's contribution is
around 15% of the global production. India has vast resources of
granite with more than 100 varieties of different colors mined and
explored so far. Out of these 100 varieties, nearly 60 are
processed to produce monuments, building slabs, floor tiles and is
exported. According to industry data, about 85%-90% of the total
granite produced in India is exported. India's granite is exported
to China, Taiwan, Belgium, USA, Italy and Qatar. According to the
latest market report, the global granite market size was expected
to reach US$17.68 billion by 2021. Despite the global competition
from the countries like China, Brazil, and Saudi Arabia, the Indian
granite exports still maintain a 4% annual growth rate over the
last few years. With the availability of number of new colour of
granites found and with the cheap and skilled labour as well as the
quality coupled with, India will continue to dominate the granite
world in the coming years.
Oriental Granites & Crushers (OGC) is a proprietorship entity
established in 2010 and engaged in the business of stone crushing.
The entity has undertaken the mines for lease (size of around 3
acres) to initiate the mining activities and to obtain raw material
(stone boulders). After getting the raw material, it further breaks
the boulders into aggregates (primarily used in real estate and
construction industry) and transports it to its crushing unit. At
present, the unit has ten crushers, which helps them to further
break the aggregates into different sizes and sells it to the
client base located in Udupi District.
OYSTER STEEL: CARE Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Oyster
Steel and Iron Private Limited (OSIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 100.0 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Short Term Bank 20.00 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated September 3, 2018, placed
the ratings of OSIPL under the 'issuer non-cooperating' category as
Oyster Steel and Iron Private Limited had failed to provide
information required for monitoring of the ratings. Oyster Steel
and Iron Private Limited continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter dated January 31, 2020 and February 3,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
The ratings assigned to the bank facilities of OSIPL continues to
take into account ongoing delays in debt servicing by the company.
Incorporated in 2008 by Mr. Prem Chand Gupta, OSIPL is engaged in
trading of aluminium and copper products in the form of ingots,
wire rods etc. The company also has associate concerns i.e.
Worldwide Metals Private Limited, Olympus Metal Private Limited,
Prominent Metal Private Limited, and Duke Sponge and Iron Private
Limited engaged in similar industry i.e. trading of aluminium and
copper components.
PAWAR ELECTRO: CARE Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pawar
Electro Systems Private Limited (PESPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 7.89 CARE D; Issuer not cooperating;
Facilities-Fund Based on best available
based limits information
Long Term 42.00 CARE D; Issuer not cooperating;
Facilities-Fund Based on best available
based limit information
Short Term 55.50 CARE D; Issuer not cooperating;
Facilities-Non Based on best available
Fund based limits information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from PESPL to monitor the
rating(s) vide e-mail communications/letters dated January 7, 2020,
January 9, 2020, January 17, 2020 and January 21, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Pawar Electro Systems Private Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account the ongoing delays in debt
servicing.
Detailed description of the key rating drivers
At the time of last rating on August 31, 2018, the following were
the rating strengths and weaknesses (updated for the information
available from the company website)
Key Rating Weaknesses
Ongoing delays in debt servicing: The rating has been reaffirmed on
account of the ongoing delays in debt servicing of the company as
reflected in CIBIL and also informed by lenders. Further, the
company has entered into CIRP (Corporate Insolvency Resolution
Process)
Pawar Electro Systems Private Limited (PESPL) [erstwhile
proprietary concern since 1998] was incorporated in 2006 by Mr.
Kailash Pawar, Mrs. Manisha Pawar and Mr. Hemant Wagh. PESPL is
engaged in manufacturing and assembly of blood bank equipments and
cold storage medical equipment. PESPL is an ISO 9001:2003 certified
company and its products comply with medical devices standards of
ISO 13485:2003. PESPL has a network of around 35 dealers across
India.
RAJ SNEH: CARE Maintains 'D' Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raj Sneh
Auto Wheels Private Limited (RSAWPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 15.0 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from RSAWPL to monitor the
ratings vide e-mail communications/letters dated January 28, 2020,
January 30, 2020, January 31, 2020 and numerous phone calls.
However, despite our repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Raj Sneh Auto Wheels Private Limited bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The rating for the bank facilities of Raj Sneh Auto Wheels Private
Limited continues to be constrained on account of ongoing delays in
the account.
Meerut-based (Uttar Pradesh) RSAWPL was incorporated in October,
2015 as a private limited company by Mr. Priyank Jain, Mayank Gupta
and Ashish Jain. The company is an authorized dealer of Maruti
Suzuki India Private Limited (MSIPL) and deals in MSIPL's premium
car segment; i.e. NEXA showroom including cars like S-Cross,
Baleno, Ignis and Ciaz. Apart from sale of cars, RSAWPL also
provides accessories and spares of auto vehicles of MSIPL
(NEXA).The company also has its associate concerns namely Raj Sneh
Auto India Private Limited which has dealership with Maruti Suzuki
India Limited for its non-premium car segment and Vardhman Rollers
Flour Mills Pvt. Ltd which deals in manufacturing of maida,
suji,wheat flour etc.
ROHIT JEWELLERS: CARE Lowers Rating on INR27cr ST Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rohit Jewellers Private Limited (RJPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term Bank 27.00 CARE D; ISSUER NOT COOPERATING;
Facilities Revised from CARE A4; ISSUER
NOT COOPERATING on the basis
of best available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking monthly No default statement (NDS) from RJPL
to monitor the ratings vide e-mail communications dated February 7,
2020, January 16, 2020, December 13, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the monthly NDS for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on RJPL bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above ratings.
The revision in the rating assigned to the bank facilities of Rohit
Jewellers Private Limited (RJPL) takes into account the ongoing
delay in debt servicing of the company.
Detailed description of the key rating drivers
Key Rating Weaknesses
Ongoing delays in debt servicing: There are on-going delays in debt
servicing of the company.
Rohit Jewellers Private Limited (RJPL) was incorporated in December
1994. The company has been engaged in manufacturing and wholesale
of hand crafted gold jewellery, antique gold jewellery and stone
studded gold jewellery.
SIDHANT CREATIONS: CARE Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sidhant
Creations Private Limited (SCPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/Short- 15.00 CARE D/CARE D; Issuer not
Term Bank cooperating; on the basis
Facilities of best available information
Long-term Bank 0.56 CARE D; Issuer not cooperating;
Facilities on the basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SCPL to monitor the ratings
vide e-mail communications/letters dated September 24, 2019,
January 1, 2020, January 16, 2020, January 21, 2020 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on SCPL's bank facilities will now be denoted
as CARE D/CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account its irregularity in servicing of its
debt obligations.
Detailed description of key rating drivers
Key Rating Weaknesses
Ongoing delay in debt servicing: SCPL has been irregular in
servicing its debt obligation due to poor liquidity position of the
company.
Liquidity: Poor
The liquidity position of the company remained poor as marked by
net cash flow from operating activities which remained at negative
INR0.10 crore during FY18 coupled with low cash and bank balance of
INR0.25 crore as on March 31, 2018. Further, Cash credit limit
utilized around 90% over the past twelve months ended in September,
2018. Furthermore, SCPL's operating cycle elongated to 231 days
during FY18 from 161 days on the back of increase in collection and
inventory period during the year.
Surat-based (Gujarat) SCPL was incorporated in 2008 as a private
limited company by Dhingra family. SCPL is into the business of
manufacturing of designer sarees and lehengas. SCPL is operating
from its sole manufacturing plant located in Surat (Gujarat) with
an installed capacity of manufacturing 40,000 pieces of designer
sarees p.a. and 40,000 pieces of lehengas p.a. as on March 31,
2018. The promoters also run another entity Sidhant Fabrics which
undertakes embroidery related job work for SCPL.
SPARTAN ENGINEERING: Ind-Ra Migrates BB+ Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Spartan
Engineering Industries Private Limited's (SEIPL) 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:
-- INR250.00 mil. Fund-based working capital limits migrated to
non-cooperating category with IND BB+ (ISSUER NOT
COOPERATING) rating;
-- INR20.4 mil. Term loan due on September 2022 migrated to non-
cooperating category with IND BB+ (ISSUER NOT COOPERATING)
rating;
-- INR109.6 mil. Proposed fund-based limits migrated to non-
cooperating category with Provisional IND BB+ (ISSUER NOT
COOPERATING) rating; and
-- INR120 mil. Non-fund-based working capital limits migrated to
non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 1, 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 1988, Mumbai-based SEIPL is engaged in the
manufacturing and trading of construction equipment and machines.
It sells products in India and abroad sold under the brand Spartan.
Mr. Mahendra Pranjivandas Mehta, Mr. Vikram Mahendra Mehta, and
Mrs. Hiral Vikram Mehta are the directors of the company.
SV POWER: Ind-Ra Maintains B+ Bank Loan Rating on RWE
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained the rating of
'IND B+' on SV Power Private Limited's (SVPL) bank loan on Rating
Watch Evolving (RWE) as follows:
-- INR2.59 bil. Term loan due on March 15, 2028, maintained on RWE
with IND BB-/RWE rating;
-- The 'IND B+' rating on the INR200 mil. Fund-based working
capital limit* is withdrawn; and
-- The 'IND B+' rating on the INR100 mil. Non-fund-based working
capital limit* is withdrawn.
* Ind-Ra has withdrawn the ratings since the instruments have been
paid in full.
KEY RATING DRIVERS
The RWE reflects the ongoing amalgamation of SVPL and Spectrum Coal
& Power Limited (SCPL; 'IND BBB+'/RWN) with their ultimate
sponsor, ACB (India) Ltd ('IND 'IND BBB+'/RWN). SVPL has filed a
petition with the National Company Law Tribunal in 2018 for the
amalgamation approval. NCLT on 4th February 2020 issued an order
approving the amalgamation and directed SVPL and SCPL to file the
order with Registrar of Company. Post the registrar approval, SVPL
shall cease to exist. Ind-Ra will resolve the RWE following the
conclusion of the amalgamation and after assessing its related
impact on SVPL's credit profile.
Power generation at SVPL's power plant has resumed since April
2019, after it had stopped in May 2017 due to a fire incident.
However, its coal beneficiation unit is not operational and will
commence operations after the amalgamation. The amalgamation will
benefit ACBIL in terms of operational efficiency and capacity of
coal beneficiation.
SVPL has a stressed liquidity position, attributable to the
non-operations of coal beneficiation unit. Also, the power plant is
not running at full capacity. The sponsor has infused
inter-corporate deposits (ICDs) amounting to INR209.2 million
during April-December 2019 to support the project. Moreover, the
absence of a debt service reserve is a structural weakness.
SVPL received financial assistance of INR2,272.0 million in the
form of share capital from SCPL and INR487.9 million in the form of
ICDs from ACBIL as of March 31, 2019. SVPL claims that the deposits
shall be serviced from the residual cash flow after servicing the
secured bank loans.
RATING SENSITIVITIES
The RWE indicates that the rating may be upgraded, downgraded or
affirmed. Ind-Ra will resolve the RWE upon the confirmation of
completion of the amalgamation process and after assessing its
related impact on SVPL's credit profile.
COMPANY PROFILE
SVPL operates a coal washery with a beneficiation capacity of 2.5
million tons per annum and a 63MW coal washery reject-based thermal
power plant in Korba, Chhattisgarh. SVPL was acquired from KVK
Group on March 10, 2015, by SCPL, a wholly-owned subsidiary of
ACBIL.
TRUST CHEMISTS: Ind-Ra Lowers Long Term Issuer Rating to 'B-'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Trust Chemists
and Druggists Limited's (TCDL) Long-Term Issuer Rating to 'IND B-'
from 'IND B' and has simultaneously withdrawn the rating. The
Outlook was Stable.
The instrument-wise rating action is:
-- INR140 mil. Fund-based working capital limit* Long-term rating
downgraded, short-term rating affirmed and withdrawn.
* Long-term rating downgraded to 'IND B-'/Stable and short-term
rating affirmed at 'IND A4' before being withdrawn
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017, for credit rating agencies.
The downgrade reflects TCDL's inability to achieve the revenue and
margins expected by the management in FY19.
KEY RATING DRIVERS
TCDL's revenue declined to INR591.2 million in FY19 (FY18: INR759.7
million) owing to the phase-wise closure of stores that were
continually witnessing EBITDA losses, due to intense competition,
and inventory losses due to a steep decline in medicine prices.
However, the EBITDA losses narrowed to INR83.0 million in FY19
(FY18: loss of INR126.7 million). Furthermore, the absolute EBITDAR
turned positive at INR34.7 million in FY19 (FY18: loss of INR57.0
million) due to the closure of the loss-making stores.
Consequently, the gross interest coverage (operating EBITDAR/gross
interest expense + rents) improved to 0.2x in FY19, and the net
leverage (total adjusted net debt/operating EBITDAR) improved to
31.5x.
Liquidity Indicator – Stretched: TCDL's average utilization of
fund-based limits was 75.7% during the 12 months ended December
2019. The free cash flow remained negative at INR36 million in FY19
(FY18: negative INR10.7 million). The cash and cash equivalent
remained low at INR10.9 million in FY19 (FY18: INR16.7 million).
The ratings are supported by TCDL's diversification into the supply
of proteins, hospital stores, and export markets. Furthermore, the
management expects hospital medical stores and the exports of
pharmaceutical products to yield margins of 30%-40% over FY20-FY21.
In addition, TCDL has been concentrating on adding more hospitals
and foraying into the high-margin business of dietary supplements.
The ratings are also supported by the founders' experience of more
than a decade in running retail medical stores and other pharma
related activities.
COMPANY PROFILE
Incorporated in 2003 by Mr. Hemanth Kumar Bothra, TCDL is pharmacy
retail chains in Karnataka with over 65 outlets. The company is a
one-stop healthcare shop with integrated offerings across pharmacy,
health and wellness care. It operates through several formats such
as stand-alone pharmacies, pharmacies in hospitals, corporate
campuses and malls; and shop-in-shop pharmacies in supermarkets.
VIJAYA LAKSHMI: CARE Cuts INR9.0cr LT Loan Rating to 'D', Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vijaya Lakshmi Tobacco Traders, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 9.00 CARE D; Issuer not cooperating;
Facilities Revised from CARE B+; Stable on
the basis of best available
information
Detailed Rationale & Key Rating drivers
CARE has been seeking monthly No default statement (NDS) from
Vijaya Lakshmi Tobacco Traders to monitor the rating vide e-mail
communications dated October 31, 2019 to February 7, 2020 and
numerous phone calls However, despite our repeated requests, the
firm has not provided no default statement for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings Vijaya Lakshmi Tobacco Traders on bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
The revision in the ratings of Vijaya Lakshmi Tobacco Traders is on
account of overdrawing's in the firm overdraft facility due to poor
liquidity as reported by the lender.
Key rating weakness
Overdrawing's in overdraft facility: Due to strained liquidity
position resulting in overdrawing's in cash credit account for more
than 30 days.
VITTHAL CORPORATION: CARE Lowers Rating on INR171.25cr Loan to 'D'
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vitthal Corporation Limited (VCL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 171.25 CARE D Revised from CARE B
Facilities Stable
Detailed Rationale & Key Rating Drivers
The rating revision to the Long term bank facilities of VCL factors
in the ongoing delays in debt
servicing.
Rating Sensitivities
Positive factors
* Repayment of debt obligations on timely manner and demonstration
of default free track record of more than 90 day
Detailed description of the key rating drivers
Key Rating Weakness
Delays in debt servicing: As per the feedback received from the
bankers of VCL, there are ongoing delays in debt servicing.
Vitthal Corporation Limited (VCL) was incorporated in 1998 as
Vitthal Sugars Manufacturing Limited (VSML) to undertake
manufacturing of sugar. The company changed its name to its present
name on July 22, 2010. VCL's facility was commissioned in 2008 with
an installed capacity of 2500 TCD (tons of cane crushed per day).
VCL has a fully integrated sugar manufacturing unit consisting of
distillery unit of 30 KLPD (kilo liters per day) and 12MW
(megawatt) bagasse based power generation plant.
===============
M A L A Y S I A
===============
MALAYSIA AIRLINES: Notice is for Liquidation of Defunct MAS
-----------------------------------------------------------
Malay Mail reports that the notice of appointment and address of
the interim liquidator that is making the rounds on social media is
for the now-defunct Malaysian Airline System Bhd (MAS) and not
Malaysia Airlines Bhd (MAB), the airline has clarified.
"This is the liquidation of the old company i.e. MAS. MAB is a
separate legal entity," an MAB spokesperson told Bernama when asked
on the paper advertisement, Malay Mail relays. Hence, it has
nothing to do with MAB, she said.
As part of a recovery plan, on Sept. 1, 2015, MAB took over MAS as
the national flag carrier.
Malaysia Airlines Bhd (MAB) is owned entirely by the government,
through sovereign wealth fund Khazanah Nasional Bhd, which is
currently looking for a strategic partner for the airline,
according to Malay Mail.
About Malaysia Airlines
Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.
As reported in the Troubled Company Reporter-Asia Pacific on March
8, 2019, New Straits Times said Malaysia Airlines' days as a
national carrier may be numbered as it has failed to meet its
three-year target to be profitable, but is instead bleeding since
it was taken private in 2014, aviation analysts said. The analysts
said the best deal for the airline is to completely shut down its
operations or sell it to interested parties or spin off its
business divisions, NST related.
Khazanah is the sole shareholder of MAS after taking the airline
private in 2014. The sovereign wealth fund injected MYR6 billion
into the airline to keep it afloat, NST noted.
From its delisting from Bursa Malaysia from 2015 to 2017, MAS had
registered a loss of MYR2.3 billion due to the ringgit's weakness
and higher jet fuel costs, NST disclosed.
According to Reuters, the Malaysian government has been seeking a
strategic partner for its national airline, which has struggled to
recover from two tragedies - the mysterious disappearance of flight
MH370 and the shooting down of flight MH17 over eastern Ukraine.
=====================
N E W Z E A L A N D
=====================
COLETTE BY COLETTE: Shuts Two Stores in New Zealand
---------------------------------------------------
Stuff.co.nz reports that two New Zealand stores of the Australian
handbag and accessories retailer Colette by Colette Hayman will
shut, following the company's voluntary liquidation late last
month.
According to Stuff, liquidators from Deloitte are restructuring the
business and have decided to close 33 stores over the next three
weeks, and put the remaining 105 outlets up for sale.
The two New Zealand stores to close are Albany and New Plymouth.
The doors remain open at its 13 other stores across the country,
including seven in Auckland, Stuff relates.
Stuff relates that Deloitte said it would try its best to redeploy
all staff.
Liquidator Vaughan Strawbridge said closing the loss-making stores
would improve group performance and buy time to recapitalise or
find a buyer.
Colette was founded in 2010 in designer Colette Hayman and the
company quickly expanded to over 140 stores stores in Australia,
New Zealand, South Africa and Britain.
According to Australian media, the business employs over 300
permanent staff, plus casuals, and had annual gross sales of over
AUD140 million (NZD221 million).
=================
S I N G A P O R E
=================
HONESTBEE: Mulls Permanent Closure of Habitat Supermarket
---------------------------------------------------------
Sharanya Pillai at The Business Times reports that embattled
startup honestbee is considering a permanent shutdown of its
concept supermarket habitat at Boon Leat Terrace, due to
significant overhead costs and uncertainty over its tenancy,
sources said.
However, the company now plans to relaunch its business in the form
of Quick Service Restaurants that tap habitat's 16 food and
beverage concepts, BT understands. These developments were first
reported by Tech in Asia on Feb. 21, BT notes.
BT understands that honestbee is mulling the move due to
insufficient working capital, as well as the continued opposition
of LHN Space Resources, the landlord of habitat, towards the
startup's proposed scheme of arrangement. LHN is further understood
to have declined to negotiate an extension of honestbee's lease at
Boon Leat Terrace.
In response to queries from BT about whether habitat will shut
permanently, a spokesman did not respond directly but said: "Upon
closer review of the operating costs involved, it would not make
business sense to sustain premises of this scale. We are exploring
other ways where we can both maintain the brand and the technology
in an effective manner."
Under the scheme, honestbee plans to repay some US$230 million of
debt via a debt-to-equity swap, which will see about 800 creditors
owed over SGD500 repaid 3 per cent in cash, and the rest in equity
of a new Singapore entity, BT relates. The remaining 1,000-odd
creditors owed SGD500 or less will be repaid in full.
To date, some 51 creditors are understood to have expressed support
for honestbee's scheme.
Previously, retaining tenancy of habitat had been a pre-condition
to honestbee's proposed scheme. With the latest development,
honestbee may need to amend the terms of its proposed scheme, BT
understands.
Earlier on Feb. 20, honestbee had announced that habitat will
remain closed up till end-February, instead of Feb 23 as previously
announced.
About honestbee
Headquartered in Singapore, honestbee is an online grocery and food
delivery service as its core business, a concierge service, and
also a parcel delivery service for its B2B clients.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
7, 2019, Inside Retail Asia said that sinking in debts of around
US$180 million, Honestbee is seeking court protection from
creditors to allow it to restructure. The company has applied to
the High Court to commence a process which reportedly would give it
six months protection from creditors lodging winding up procedures
or other legal attempts to recover what they are owed.
Honestbee has received demands from creditors claiming SGD6
million, and owes about US$209 million to its largest creditors,
the embattled grocery startup revealed in an affidavit filed at a
Singapore High Court pre-trial conference on August 6, according to
The Business Times.
HYFLUX LTD: SIAS and its Advisers to Remain Independent
-------------------------------------------------------
Fiona Lam at The Business Times reports that the Securities
Investors Association (Singapore), or SIAS, and its advisers will
not be swayed by statements made to incentivise them to promote
Utico's rescue package for Hyflux.
The investor advocacy group's advisers -- Drew & Napier and
PricewaterhouseCoopers Advisory Services -- will "act entirely
independently in assisting SIAS to engage with the PnP (preference
shares and perpetual securities) holders, who will decide for
themselves whether or not to accept the Utico deal", said David
Gerald, president & CEO of SIAS, in a press statement on Feb. 21,
in response to a letter from Utico, BT relates.
In its letter dated Jan 28, the Emirati utility firm said it will
shrink the pot of money for adviser fees to SGD30 million from the
current SGD40 million if advisers fail to support the scheme,
according to BT.
On the other hand, Utico promised to increase the pot to SGD50
million if all advisers support the scheme and the restructuring
agreement between Utico and Hyflux.
BT relates that the letter added that SIAS's advisers "will be
treated in a special manner" if their efforts result in votes from
the Hyflux PnP (perpetual securities and preference shares) holders
at the scheme meeting in March.
On Feb. 21, Mr Gerald said SIAS's advisers have "always
unequivocally stated to SIAS" that they will not accept higher fees
in exchange for encouraging the PnP holders to accept the Utico
deal.
This is regardless of whether they are current on their fees or are
assured of their fees.
"There is therefore no issue of any assurance of their fees being
paid," he added.
Last month, sources told The Business Times that there was an issue
concerning assurances given on the ring-fencing of adviser fees for
SIAS. The sources said there was disagreement as to whether such
fees had indeed been safeguarded to ensure that SIAS's advisers are
paid.
On Feb. 20, Hyflux's new lawyers from Clifford Chance said that
adviser fees are one of the four outstanding matters that need to
be settled with the unsecured working group of creditors to gain
their support, BT relays.
Clifford Chance has until March 10 to apply for leave from the High
Court to convene Hyflux's scheme meeting for Utico's rescue
package, the report notes.
The judge on Feb. 20 also extended the water treatment firm's debt
moratorium to April 30.
About Hyflux
Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers. It has business
operations across Asia, Middle East and Africa.
As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses. The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.
The Company engaged WongPartnership LLP as legal advisors and Ernst
& Young Solutions LLP as financial advisors in this process. On
Jan. 29, WongPartnership applied to discharge themselves due to
difficulties relating to "loss of confidence and good cause" in
working with the client. The Company subsequently appointed
Clifford Chance and Cavenagh Law as its legal advisers in WongP's
place.
In November 2019, Hyflux entered into a restructuring deal with
United Arab Emirates-based utility Utico FZC, according to Reuters.
===============
T H A I L A N D
===============
THAI OIL: S&P Lowers Stand-Alone Credit Profile to 'bb'
-------------------------------------------------------
On Feb. 21, 2020, S&P Global Ratings affirmed its 'BBB+' long-term
issuer credit rating on Thailand-based refinery Thai Oil Public Co.
Ltd. S&P lowered Thai Oil's stand-alone credit profile to 'bb' from
'bbb-'.
S&P said, "We affirm the 'BBB+' issuer credit rating on Thai Oil
Public Co. Ltd. because we believe the parent company will provide
timely and sufficient support to the group's refinery flagship. We
revised the stand-alone credit profile (SACP) of Thai Oil to 'bb'
from 'bbb-' to reflect our view that the company's eroding earnings
generation capability and committed investment in the Clean Fuel
Project (CFP) will keep its debt level inflated over the next two
to three years.
"We affirm our view on Thai Oil as highly strategic to parent PTT
Public Co. Ltd. (PTT: foreign currency BBB+/Positive/--; local
currency A-/Stable/--). Given that Thai Oil's investment in the CFP
will increase its leverage beyond the company's tolerance level, we
anticipate that PTT will provide financial support to keep Thai
Oil's leverage in line with the group's policy target in 2020, at
the latest. The support could be in the form of extended crude
payment terms, similar to that provided to IRPC Public Co. Ltd., in
our view. We believe PTT has a strong interest in ensuring the
financial viability of Thai Oil, given their strong strategic,
operational, and managerial linkages. In addition, we believe the
commissioning of the CFP will meaningfully increase Thai Oil's
earnings contribution to PTT from 2024, thereby incentivizing PTT
to maintain close ties with Thai Oil."
The CFP will increase Thai Oil's refining capacity to 400 thousands
barrel per day (kbd), from the current 275 kbd. It will also enable
the company to process heavier crude and reduce production of
low-margin refining products, decreasing operating costs and adding
up to US$4.0 per barrel to gross refining margins.
S&P has revised its assessment of Thai Oil's SACP to 'bb' from
'bbb-' to reflect a weakening earnings trend amid unfavorable
market conditions and accelerating leverage levels over the next
two to three years.
Unfavorable industry conditions in the refining and aromatics
outlook will weigh on Thai Oil's earnings over the next two to
three years. The weakening global economic outlook and the COVID-19
outbreak in the first quarter of 2020 will reduce oil demand and
consequently cap refining spreads. This will likely offset any
uplift in diesel spreads, driven by the International Marine
Organization's (IMO) new sulfur cap in 2020.
Lube base will remain in an oversupply situation while slow growth
in Thailand's infrastructure budget will hinder bitumen demand.
Capacity addition will continue to suppress paraxylene and benzene
spreads, in our view. S&P anticipates Thai Oil will generate about
Thai baht (THB) 20 billion to THB23 billion of adjusted EBITDA in
this down cycle over the next two to three years. This is a clear
deviation from Thai Oil's EBITDA of THB33 billion-THB37 billion
during the peak cycle in 2016-2017.
Amid these industry challenges, Thai Oil's capital expenditures
will remain elevated due to its ongoing investment in the CFP. The
company will spend about US$4.8 billion over the next three years
while Global Power Synergy Public Co. Ltd.'s (GPSC) investment in
the Energy Recovery Unit (ERU), the 250 megawatt power plant that
will supply electricity to the CFP, will not relieve Thai Oil's
spending burden until the completion of the CFP in the third
quarter of 2023. Even if the industry environment threatens the
company's ability to generate sufficient operating cash flow to
fund the investment, Thai Oil will not defer spending on the CFP
given the significance of the plan to the company's operations and
strategy, in our view.
S&P said, "As a result, we expect Thai Oil's net debt will double
to about THB88 billion in 2021, compared with THB41 billion as of
Dec. 31, 2019. Concurrently, Thai Oil's debt-to-EBITDA will remain
close to 5.0x until the end of 2022 and drop to below 3.0x upon
settlement of the ERU transaction with GPSC. We see limited
probability of an improvement in the company's debt-to-EBITDA ratio
given the inflexibility of the capital expenditure plan.
"We estimate that Thai Oil would need to generate at least THB30
billion-THB32 billion to maintain its debt-to-EBITDA ratio close to
3.0x. This is unlikely given such a scenario would require a sharp
recovery in the aromatics spread and a gross refining margin of
US$6-US$7 per barrel--a far-fetched scenario, in our view.
"Our base case assumes PTT's financial support in the form of crude
payment adjustment, similar to that provided to IRPC. This could be
equivalent to up to THB30 billion in working capital inflows. We do
not expect other forms of support from PTT at this point.
"The stable outlook on Thai Oil reflects the outlook on the
company's parent, PTT, and our view that Thai Oil will remain a
highly strategic member of the PTT Group, given the company's
operational link with the parent and its role as the group's major
complex refinery."
S&P may lower the rating on Thai Oil in any of the following
scenarios:
-- S&P downgrades PTT, or
-- Thai Oil's relevance to its parent erodes, as seen with a
lasting and widening gap in leverage levels between the group and
Thai Oil. Such a scenario would prompt S&P to revise downward its
'bb' SACP on Thai Oil and raise questions about the company's
status within the group, and the parent's willingness to support
its subsidiary's creditworthiness. Other indications of a looser
relationship include lower integration between Thai Oil and PTT
(e.g. the termination of crude oil supply or product offtake by
PTT), or reduced shareholding by the parent.
S&P may raise the rating on Thai Oil if one of the following
occurs:
-- S&P upgrades PTT, or
-- S&P believes Thai Oil has become essential to its parent. This
could happen if PTT increases its shareholding to well above 50%
and Thai Oil's contribution to consolidated earnings increases
meaningfully.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Feb. 17, 2020 to Feb. 21, 2020
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.03
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 1.01
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.20
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.20
PALADIN ENERGY LTD 10.00 01/25/23 USD 62.30
PALADIN ENERGY LTD 10.00 01/25/23 USD 62.30
US MASTERS RESIDENTIAL PR 7.75 12/24/20 AUD 25.23
CHINA
-----
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.00
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.20
ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 59.15
ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 60.70
AN SHUN YU KUN REAL ESTAT 5.48 11/10/21 CNY 68.92
ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 19.60
ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 20.46
ANHUI FOREIGN ECONOMIC CO 7.30 07/13/21 CNY 70.01
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 40.74
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 47.18
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 41.00
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 44.57
ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 20.05
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 60.00
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 61.32
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.00
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.96
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 61.11
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 65.50
BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 46.96
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.02
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.65
BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 59.28
BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 60.00
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.16
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.40
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.00
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.61
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 40.73
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 40.83
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 40.90
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 40.94
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.03
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.43
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.29
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.36
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 20.28
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 23.68
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.10
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.15
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.23
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 18.91
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 20.43
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 41.15
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 43.87
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 40.90
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 41.09
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 40.21
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 40.78
BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 40.00
BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 40.88
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.00
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.39
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 41.44
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 65.65
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 40.50
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 50.00
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 20.56
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 23.40
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 60.00
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 61.20
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 19.41
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.15
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.50
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 60.17
C&D REAL ESTATE CORP LTD 6.15 04/03/20 CNY 20.09
CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 61.28
CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 68.00
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 38.00
CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 40.63
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 40.76
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 41.40
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 20.03
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 20.03
CHANGDE URBAN CONSTRUCTIO 5.63 09/01/20 CNY 20.27
CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 58.72
CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 59.51
CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 59.63
CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 62.03
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 60.79
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 68.20
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 57.95
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 58.23
CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 46.47
CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 80.42
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 62.56
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 64.02
CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 60.10
CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 60.14
CHANGSHA TIANXIN CITY CON 3.43 08/08/23 CNY 74.60
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 40.81
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 44.00
CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 59.96
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.00
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.73
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 20.07
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 20.08
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 61.45
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 67.32
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 41.09
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 47.00
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 40.73
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 40.90
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 40.97
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 50.30
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 39.00
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 40.73
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.00
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.03
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.00
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.65
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.00
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.05
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 20.07
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 20.08
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.43
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.49
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 60.00
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 61.08
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.07
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.10
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 41.02
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 46.00
CHENGDU KONGGANG CITY CON 7.40 02/26/20 CNY 25.05
CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.32
CHENGDU KONGGANG CITY CON 7.40 02/26/20 CNY 25.34
CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.50
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 40.72
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 18.50
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 20.35
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 61.04
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 60.35
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 20.00
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 60.00
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 61.47
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 40.81
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 41.00
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 41.01
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 40.66
CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.88
CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.91
CHENZHOU HI-TECH INVESTME 6.45 01/23/22 CNY 40.33
CHENZHOU HI-TECH INVESTME 6.45 01/23/22 CNY 48.60
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 20.00
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 20.12
CHENZHOU XINTIAN INVESTME 6.15 04/24/22 CNY 58.82
CHINA MINSHENG INVESTMENT 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDINGS 8.90 12/13/21 CNY 57.00
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.33
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.40
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.03
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.10
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 61.02
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 61.40
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 20.42
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 21.00
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 40.00
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 41.02
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 40.00
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 40.88
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.06
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.25
CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 20.35
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 20.09
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 60.94
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 40.93
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 47.33
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 60.00
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 61.18
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 41.29
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 41.04
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.00
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.43
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.00
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.60
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 41.00
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 41.39
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.16
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.32
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 20.14
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 25.00
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.45
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.47
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 40.92
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 41.00
CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 59.97
CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 60.00
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.60
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.80
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.26
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.65
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 39.93
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 40.01
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 40.89
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 40.90
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 40.99
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 42.72
CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 69.63
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 69.83
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.12
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.27
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 40.89
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 20.00
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.00
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.32
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 20.08
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 20.10
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 40.01
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 46.25
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.24
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.70
CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 40.73
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 60.00
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 61.38
CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 59.71
CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 60.00
CHONGQING WANSHENG ECO & 6.39 04/17/20 CNY 20.01
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 40.53
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 40.71
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 43.90
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 45.00
CHONGQING WANSHENG ECO DE 5.40 11/18/21 CNY 69.15
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 61.05
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 64.21
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 41.19
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 42.33
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 41.27
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 61.71
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.54
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.77
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 40.70
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 40.75
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 61.51
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 64.55
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 19.80
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 20.04
CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 41.17
CHUZHOU CITY CONSTRUCTION 6.17 11/30/21 CNY 61.42
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.17
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 40.90
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 48.80
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.60
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.61
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.00
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.71
DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 59.49
DALIAN PULANDIAN CONSTRUC 3.80 01/25/23 CNY 57.45
DALIAN PUWAN ENGINEERING 7.09 02/20/21 CNY 39.67
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 40.75
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 40.76
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.72
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.73
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.85
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.86
DANDONG PORT GROUP CO LTD 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 61.38
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 63.00
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 40.00
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 60.00
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 60.19
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 20.15
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 20.39
DANYANG INVESTMENT GROUP 3.99 01/25/23 CNY 59.20
DATONG ECONOMIC CONSTRUCT 4.49 10/22/22 CNY 60.31
DATONG ECONOMIC CONSTRUCT 4.49 10/22/22 CNY 60.50
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 59.33
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 62.50
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 20.55
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 20.65
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 40.68
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 43.53
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 40.00
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 41.32
DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.00
DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.81
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.58
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.65
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 40.68
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 61.86
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 20.45
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 20.72
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 40.78
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 48.48
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 60.91
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 61.58
DR PENG TELECOM & MEDIA G 6.00 06/16/22 CNY 47.16
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 58.59
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 60.00
DUNYUN STATE-OWNED ASSETS 6.60 12/28/22 CNY 59.95
EASTAR HOLDINGS GROUP CO 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 41.08
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 47.54
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 40.49
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 40.67
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.00
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 46.50
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 40.86
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 42.00
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 62.05
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 64.49
FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 60.00
FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 60.29
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 55.26
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 55.27
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 60.00
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 61.90
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 20.69
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 23.00
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 41.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 41.18
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.10
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.20
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 19.99
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 60.90
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.00
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 61.25
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 40.93
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 41.15
FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 40.52
FUQING CITY STATE-OWNED A 5.94 11/26/22 CNY 56.74
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 60.31
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 62.80
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 41.07
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
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.08
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.20
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 60.00
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 61.32
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 25.05
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 32.60
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 39.00
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 40.79
GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 60.85
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.00
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 61.13
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.30
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.67
GOOCOO INVESTMENT CO LTD 8.00 02/01/21 CNY 50.00
GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 25.10
GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 25.15
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 61.43
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 64.00
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.68
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.68
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 39.50
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 40.65
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.00
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.93
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 20.32
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 21.00
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 40.56
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 44.77
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 41.01
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 43.00
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 40.88
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 41.51
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 47.00
GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 73.99
GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 74.00
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 70.00
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 73.60
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 73.71
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 74.02
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.00
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.46
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 60.00
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 61.22
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 60.78
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 65.00
GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 78.89
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 54.00
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 59.71
GUIYANG URBAN DEVELOPMENT 6.20 02/28/20 CNY 20.01
GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 57.35
GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 60.92
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 40.72
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 60.00
GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 60.29
GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 61.00
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 73.03
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 73.07
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 61.50
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 62.44
GUIZHOU RAILWAY INVESTMEN 7.50 04/23/24 CNY 74.70
GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 67.65
HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 60.88
HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 61.50
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 20.51
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 40.72
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 60.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 61.65
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 61.63
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 62.20
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 37.50
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 40.16
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.04
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.35
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 40.86
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 20.45
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 21.42
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 20.00
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 20.62
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.32
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.70
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 61.32
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 67.20
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.05
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.20
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 40.79
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 40.81
HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 41.03
HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 49.00
HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 60.55
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 40.40
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 41.31
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.01
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.25
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 73.86
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 73.91
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 41.10
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 40.83
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 40.90
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 40.77
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 40.85
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.07
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.32
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.11
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.85
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 20.47
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 26.60
HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.67
HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.84
HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 40.99
HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 41.27
HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 60.06
HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 62.42
HEFEI CONSTRUCTION INVEST 7.20 04/29/24 CNY 74.67
HEFEI GAOXIN DEVELOPMENT 6.90 03/12/20 CNY 40.12
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 20.06
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 21.12
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.00
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.12
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 43.35
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 45.72
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.38
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.68
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 18.55
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 25.58
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.28
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 60.49
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 40.07
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 44.50
HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 60.00
HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 80.32
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.00
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.12
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 40.98
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 41.10
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 41.14
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 45.88
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 40.82
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 40.95
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.00
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.32
HNA GROUP CO LTD 5.99 11/27/22 CNY 69.02
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 20.10
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 49.00
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.37
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.79
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 40.79
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 47.84
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.00
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.55
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 41.16
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 47.50
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 20.26
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.00
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.38
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 8.60 12/25/20 CNY 20.87
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 40.70
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 40.81
HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 59.50
HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 60.44
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 60.65
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 61.50
HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 20.52
HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 20.94
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 60.00
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 61.67
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 61.61
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 62.40
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.08
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.11
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.38
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.52
HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 62.49
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 60.00
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 61.14
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 40.91
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 42.25
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 61.48
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 61.49
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 57.78
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 67.00
HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 59.93
HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 61.90
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 20.67
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 22.72
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 40.87
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 40.00
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 40.84
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 38.60
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 39.60
HUNNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 59.97
HUNNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 60.00
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 40.92
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 42.38
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 20.64
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 40.00
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 41.07
INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 59.50
INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 60.23
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 59.00
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 59.10
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 60.00
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 60.00
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 40.86
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 44.00
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 41.35
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 42.10
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.87
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.98
JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 58.55
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 41.05
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 46.50
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 40.85
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 41.00
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.04
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.25
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 20.34
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 20.61
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.53
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.77
JIANGSU HAIZHOUWAN DEVELO 5.37 03/29/23 CNY 59.50
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 20.83
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 29.30
JIANGSU HENGYUAN INVESTME 4.63 01/08/23 CNY 60.00
JIANGSU HENGYUAN INVESTME 4.63 01/08/23 CNY 60.30
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.12
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.12
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.80
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.82
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.00
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.90
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.61
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.64
JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 40.02
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 25.32
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 29.90
JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 41.07
JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 48.80
JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 58.00
JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 59.89
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 40.76
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 41.14
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 25.39
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 26.10
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.32
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.89
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 60.49
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 67.50
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 41.03
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 50.19
JIANGSU ZHUFU INDUSTRIAL 4.93 12/29/20 CNY 40.28
JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 60.00
JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 60.73
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 69.12
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 69.57
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 40.88
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 49.34
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 40.76
JIANGYIN GAOXIN DISTRICT 6.60 02/27/20 CNY 20.03
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 20.26
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 21.00
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 59.46
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.30
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 40.67
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 42.75
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 20.01
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 21.50
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 59.29
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 62.86
JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 68.88
JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 71.00
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 40.91
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 41.13
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 40.95
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 41.80
JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 61.42
JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 61.43
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.00
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.69
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.89
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.95
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 19.99
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 20.00
JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 59.95
JILIN NORTHEAST SOCK INDU 6.80 12/19/21 CNY 69.88
JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 40.22
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 40.78
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 40.90
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 60.10
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 60.11
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 40.80
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 40.93
JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.00
JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.12
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.50
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.62
JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 59.56
JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 60.00
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.20
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 40.34
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 40.69
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 48.68
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 18.57
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 20.50
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 46.60
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 59.80
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 61.04
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 20.52
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 21.80
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.33
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.38
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 61.41
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 61.56
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.05
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.07
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.60
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.68
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 40.50
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 44.91
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 20.72
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 40.64
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 45.00
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 60.67
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 61.37
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 60.36
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 61.63
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 20.07
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 20.15
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 40.74
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.66
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.85
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 59.91
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 60.53
KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 57.50
KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 59.90
KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 58.77
KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 60.00
KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 18.63
KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 20.29
KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 21.20
KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 21.25
KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 21.25
KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 21.25
KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 21.82
KANGMEI PHARMACEUTICAL CO 5.33 01/27/22 CNY 36.69
KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 40.00
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 24.75
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 25.18
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 60.00
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 61.38
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.21
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.22
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.00
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.16
KUNMING DONGJUN REAL ESTA 4.50 11/02/21 CNY 49.15
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 40.95
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 45.45
KUNSHAN HIGH TECHNOLOGY G 7.10 03/26/21 CNY 40.81
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 40.81
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 40.20
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.95
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 61.05
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 62.36
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 62.38
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 41.18
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 40.97
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 45.60
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 40.65
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 45.00
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 7.27
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.49
LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 59.13
LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 59.33
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.00
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.03
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 20.00
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 20.14
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.00
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.27
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 60.37
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 60.70
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.07
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 25.16
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 60.00
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 61.62
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.10
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.17
LIUPANSHUI AFFORDABLE HOU 5.08 01/29/23 CNY 78.54
LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 58.90
LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 60.12
LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 60.33
LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 79.30
LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.23
LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.30
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.20
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.43
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 46.00
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 47.28
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 74.28
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.05
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.10
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 38.00
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 40.85
LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 40.91
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 40.79
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 50.31
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 41.11
LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 59.92
LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 60.42
LU'AN CITY CONSTRUCTION I 5.20 09/25/20 CNY 50.52
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.00
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.88
LUOHE CITY CONSTRUCTION I 5.25 09/11/20 CNY 40.38
LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.00
LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.87
LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 58.78
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 41.22
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 43.00
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 60.66
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 64.99
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 61.16
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 61.83
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 40.89
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 20.15
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 20.18
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 61.57
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 65.32
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.33
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.40
MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 60.00
MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 60.29
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 60.62
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 65.00
MUDANJIANG CITY INVESTMEN 5.34 10/27/23 CNY 74.90
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.60
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.61
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 20.02
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 20.05
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.00
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.02
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 20.16
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 20.45
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 41.02
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 60.75
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 41.02
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 51.20
NANJING HEXI NEW TOWN ASS 3.20 07/22/21 CNY 69.48
NANJING JIANYE SCIENCE & 7.00 08/26/25 CNY 70.41
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 41.14
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 41.29
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 20.07
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 20.25
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 20.02
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 20.06
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 61.70
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 62.03
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 40.88
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 46.80
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 40.73
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 44.80
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.29
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 60.75
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 41.08
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 45.40
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.93
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 70.06
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.09
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.25
NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 61.06
NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 61.52
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 60.00
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 60.94
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.47
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.50
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 40.77
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 48.53
NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 56.36
NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 59.48
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 41.10
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 46.30
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.93
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.98
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 40.89
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 49.00
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 61.57
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 68.29
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.05
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.06
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.26
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.50
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 20.82
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 25.00
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 40.60
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 41.23
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 40.20
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 41.60
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 40.75
NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 60.41
OCEANWIDE HOLDINGS CO LTD 7.50 12/21/20 CNY 74.62
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.76
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.96
PANJIN CITY SHUANGTAIZI D 6.48 10/23/22 CNY 59.61
PANJIN CITY SHUANGTAIZI D 6.48 10/23/22 CNY 60.91
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 41.50
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 41.52
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 40.80
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 61.10
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 62.27
PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.00
PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.40
PEKING UNIVERSITY FOUNDER 5.80 01/28/22 CNY 39.86
PEKING UNIVERSITY FOUNDER 6.10 08/22/21 CNY 43.02
PEKING UNIVERSITY FOUNDER 6.20 05/31/20 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.50 11/16/23 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.30 03/04/24 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.30 09/12/20 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.15 07/23/20 CNY 51.63
PEKING UNIVERSITY FOUNDER 4.80 07/26/21 CNY 51.63
PEKING UNIVERSITY FOUNDER 5.99 11/02/21 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.68 08/09/23 CNY 51.63
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 40.50
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 41.09
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.10
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.24
PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 55.50
PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 59.72
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.06
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.06
PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 60.13
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 40.27
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 60.00
PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 59.44
PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 60.00
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 41.30
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 42.46
PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 58.88
PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 60.00
PIZHOU RUNCAI ASSET MANAG 5.90 12/18/20 CNY 50.47
PUTIAN HIGH TECHNOLOGY IN 5.90 05/03/22 CNY 74.93
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.00
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.48
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.63
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.66
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 61.22
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 66.90
QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 56.88
QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 64.54
QIANDONGNANZHOU KAIHONG A 5.30 09/22/26 CNY 74.67
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.00
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.24
QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 60.00
QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 60.73
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 59.43
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 46.50
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 47.64
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 40.80
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 41.00
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 41.20
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 41.25
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 47.13
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 47.20
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 40.86
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 41.13
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.09
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.56
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 40.79
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 41.00
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 39.93
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 48.79
QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 32.33
QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 35.19
QINGHAI PROVINCIAL INVEST 7.25 02/22/20 USD 53.60
QINGHAI STATE-OWNED ASSET 5.40 05/21/23 CNY 58.90
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 40.98
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 41.00
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 20.60
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 20.73
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 40.70
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 47.50
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.00
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.49
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 40.92
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 41.28
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.17
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.30
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.00
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.42
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 60.94
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 64.90
QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 58.82
QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 61.95
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 40.80
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 40.75
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 41.01
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 43.42
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.15
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.17
RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 58.22
RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 61.21
RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 60.00
RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 61.29
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 20.12
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.15
RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 59.00
RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 60.35
RUCHENG COUNTY HYDROPOWER 6.65 04/25/20 CNY 40.23
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 40.95
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 45.90
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 40.79
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 44.03
RUDONG COUNTY KAITAI CITY 4.57 01/08/23 CNY 60.61
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.00
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.81
RUGAO ECONOMIC & TRADE DE 8.30 01/22/21 CNY 20.90
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 20.83
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 42.43
RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 60.78
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 49.51
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 53.30
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.94
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 60.00
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 61.01
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 41.74
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 47.00
SHAANXI PROVINCIAL EXPRES 5.99 06/18/20 CNY 60.54
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 40.71
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 45.50
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 40.86
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 43.10
SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 60.60
SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 60.82
SHANDONG BORUN INDUSTRIAL 6.50 11/02/21 CNY 65.96
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 41.82
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 42.41
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.49
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.50
SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 61.39
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 62.45
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 41.45
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 RENCHENG RONGXIN 7.30 10/18/20 CNY 20.31
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 23.40
SHANDONG RUYI TECHNOLOGY 7.90 09/18/23 CNY 53.08
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 20.04
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 60.52
SHANDONG WANTONG PETROLEU 7.97 11/29/21 CNY 33.95
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 39.85
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 40.02
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 18.50
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 20.10
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.79
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.80
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 25.22
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 20.05
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 20.05
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 40.94
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 41.30
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 25.53
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 50.50
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 60.79
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 62.26
SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 71.80
SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 71.96
SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 40.97
SHANGHAI PUTAILAI NEW ENE 5.30 05/18/20 CNY 66.67
SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 59.62
SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 60.05
SHANGHAI YONGYE ENTERPRIS 6.84 05/21/20 CNY 25.25
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 20.40
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 25.40
SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 61.05
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 47.29
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 59.93
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 63.39
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 60.00
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 61.41
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 61.57
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 68.00
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 41.12
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 60.00
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 61.70
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.20
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.63
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 40.00
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 41.59
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 40.80
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 43.90
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.33
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.55
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 41.28
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 20.73
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 21.00
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 41.44
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 41.57
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 40.89
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 41.30
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 60.00
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 61.13
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 60.73
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 61.26
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.00
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.11
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 41.00
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 47.50
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 61.60
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 61.75
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 64.51
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 74.35
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 62.50
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 74.16
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.11
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.13
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 61.35
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 67.20
SHIJIAZHUANG URBAN CONSTR 6.55 03/09/21 CNY 71.38
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.35
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.84
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 20.39
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 20.68
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 40.00
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 41.27
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 20.27
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 22.87
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.00
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.82
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 60.95
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 66.00
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 19.90
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 20.30
SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.00
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.99
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 61.27
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 61.40
SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 59.56
SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 60.68
SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 58.68
SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 80.16
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 40.00
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 41.05
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 39.86
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 40.20
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 40.86
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 40.62
SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 59.39
SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 60.00
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.11
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.20
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 59.71
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 40.20
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 41.20
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 41.22
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 20.79
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 21.83
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.20
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 40.14
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 20.39
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 20.48
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 20.09
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 24.80
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 40.70
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 40.83
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 40.87
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 41.00
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 25.54
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 60.80
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 61.15
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 40.90
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 42.60
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 40.57
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 40.70
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 61.40
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 64.65
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 20.60
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 21.30
TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 60.67
TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 63.87
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 40.00
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 40.97
TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 25.50
TAIYUAN HIGH-SPEED RAILWA 5.18 09/06/20 CNY 40.41
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 40.93
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 46.50
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 63.50
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 63.80
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.10
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.31
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.32
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.60
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 40.74
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 41.00
TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.00
TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.10
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 25.53
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 26.00
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 61.73
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 64.00
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.04
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.33
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 20.25
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 20.26
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 19.70
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 20.33
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 40.38
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 47.15
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 40.26
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 47.00
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.03
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.25
TIANJIN BINHAI NEW AREA C 6.10 11/23/21 CNY 43.90
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 40.44
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 59.59
TIANJIN DONGLI CITY INFRA 6.05 06/19/20 CNY 19.96
TIANJIN DONGLI CITY INFRA 4.28 12/02/22 CNY 59.10
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 46.30
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 46.54
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 40.71
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 49.00
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 59.44
TIANJIN HARBOR CONSTRUCTI 8.80 01/24/21 CNY 41.76
TIANJIN HARBOR CONSTRUCTI 6.29 10/21/21 CNY 70.11
TIANJIN HARBOR CONSTRUCTI 8.00 04/01/21 CNY 70.93
TIANJIN HI-TECH INDUSTRY 6.65 09/12/21 CNY 40.59
TIANJIN HOPETONE CO LTD 7.50 07/25/21 CNY 47.57
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 40.35
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 40.73
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 60.33
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 61.70
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 61.27
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 61.69
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 40.57
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 40.69
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 41.00
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 40.65
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 39.30
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 40.94
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 20.12
TIANJIN TEDA INVESTMENT H 6.89 04/27/20 CNY 19.99
TIANJIN WATER INVESTMENT 8.40 01/15/21 CNY 25.85
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 38.70
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 41.80
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.74
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.76
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 40.81
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 40.89
TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 59.40
TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 60.33
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 41.46
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 45.16
TIANRUI GROUP CEMENT CO L 5.95 09/25/20 CNY 50.00
TONGCHENG CITY CONSTRUCTI 5.47 11/09/22 CNY 60.00
TONGCHENG CITY CONSTRUCTI 5.47 11/09/22 CNY 60.25
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 20.33
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 41.09
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 48.00
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 40.98
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 41.14
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 20.10
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.37
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.38
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 60.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 61.71
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.05
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.07
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 42.23
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 48.81
WEICHI HOLDING GROUP CO L 5.40 12/21/20 CNY 59.66
WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 40.76
WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 59.39
WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 60.08
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 60.00
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 61.33
WENZHOU CITY CONSTRUCTION 4.05 01/25/23 CNY 60.32
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 41.02
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 41.13
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 40.82
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 43.00
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 41.00
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 40.84
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 40.96
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 41.23
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 43.02
WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 21.03
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.00
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.00
WUHAN METRO GROUP CO LTD 5.25 04/14/22 CNY 61.17
WUHAN URBAN CONSTRUCTION 5.60 03/08/20 CNY 20.03
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 41.44
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 46.35
WUHU JINGHU CONSTRUCTION 6.68 05/16/20 CNY 20.14
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 40.00
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 41.27
WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 58.90
WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 61.03
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.20
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.45
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 20.38
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 22.53
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.60
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.69
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 70.00
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 70.31
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.30
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.36
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.00
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.00
WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.25
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.25
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 40.84
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 44.88
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 20.03
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 21.80
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.72
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.76
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 40.41
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 41.46
XI'AN INTERNATIONAL INLAN 7.90 09/23/21 CNY 42.28
XIAN QUJIANG DAMING PALAC 6.39 03/21/20 CNY 50.16
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 60.37
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 63.20
XIANGTAN CITY CONSTRUCTIO 7.60 04/02/22 CNY 49.50
XIANGTAN CITY CONSTRUCTIO 7.80 03/12/22 CNY 53.60
XIANGTAN CITY CONSTRUCTIO 7.80 01/30/22 CNY 55.10
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 40.40
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 48.99
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.56
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.85
XIANGTAN JIUHUA ECONOMIC 6.59 01/21/22 CNY 38.21
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 40.68
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 35.49
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 39.59
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.11
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.18
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 40.86
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 43.38
XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 60.33
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.11
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.24
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 61.07
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 65.00
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.00
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.80
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 41.16
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 41.28
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 40.50
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 41.14
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 43.78
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 43.79
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 74.81
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.00
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.21
XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 57.83
XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 60.00
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 20.00
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 20.01
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 40.74
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.19
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.38
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 40.64
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 61.33
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.07
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.12
XINYANG HONGCHANG PIPE GA 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 40.50
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 46.30
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.20
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.46
XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 59.76
XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 60.00
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.27
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.53
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 40.91
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 47.00
XINYU CITY SHANTYTOWN ZON 6.42 12/09/20 CNY 40.55
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 61.47
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 63.63
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 50.54
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 20.00
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 20.74
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 40.90
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 43.41
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 41.47
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 46.00
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 41.16
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 46.00
XUZHOU BOCHANT DEVELOPMEN 5.69 07/28/21 CNY 66.24
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.28
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.66
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 61.22
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 67.38
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 40.90
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 41.15
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 41.05
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 41.18
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 61.02
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 64.46
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.37
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.39
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 20.82
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 20.90
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 20.91
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 41.65
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 18.30
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 20.32
YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 59.30
YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 60.06
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.30
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.96
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 40.65
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 41.16
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.35
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 61.61
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 20.46
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 71.84
YANGZHOU HANJIANG CONSTRU 6.20 03/12/20 CNY 20.04
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 61.73
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 25.32
YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 60.00
YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 61.21
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 60.91
YIHUA ENTERPRISE GROUP CO 5.99 11/26/20 CNY 30.00
YIHUA ENTERPRISE GROUP CO 6.80 03/15/21 CNY 47.99
YIHUA ENTERPRISE GROUP CO 6.50 05/02/22 CNY 49.58
YIHUA ENTERPRISE GROUP CO 5.80 07/26/20 CNY 53.74
YIHUA ENTERPRISE GROUP CO 7.00 04/29/22 CNY 54.00
YIHUA LIFESTYLE TECHNOLOG 6.88 07/16/20 CNY 48.03
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 40.97
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 41.07
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 40.80
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 40.89
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 59.38
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 60.29
YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 59.88
YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 60.00
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 47.46
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 47.47
YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 69.90
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 58.91
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 61.18
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 29.95
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 40.96
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 60.99
YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.40
YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.46
YIWU URBAN & RURAL NEW CO 4.25 11/24/21 CNY 49.87
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 60.00
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 61.65
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 41.06
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 43.50
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 60.69
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 68.00
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 20.52
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.00
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.71
YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 58.66
YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 59.02
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.43
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.69
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.00
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.13
YUEYANG URBAN CONSTRUCTIO 6.05 07/12/20 CNY 20.17
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 40.95
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 44.50
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 61.41
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 64.47
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 40.39
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 41.00
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 41.25
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.00
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.04
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.00
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.36
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 20.25
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 26.04
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 40.80
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 40.86
ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 40.97
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.90
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.91
ZHANGZHOU CITY CONSTRUCTI 6.60 03/26/20 CNY 20.04
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 60.00
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 61.63
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 40.90
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 41.13
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 20.40
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 20.55
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 60.00
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 61.41
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 60.00
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 61.02
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 40.66
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 50.00
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 41.20
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 48.50
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.31
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 61.22
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 20.02
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 20.23
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 20.09
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 22.90
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 41.06
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 41.16
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 41.68
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 41.87
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 60.00
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 61.54
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 41.60
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 46.20
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.13
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.23
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 20.61
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 20.76
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 28.49
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 28.50
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.00
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.00
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 39.60
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 40.19
ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 20.67
ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 40.64
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 60.00
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 60.37
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.40
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 40.00
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.36
ZHONGTIAN FINANCIAL GROUP 7.00 10/15/20 CNY 49.43
ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 40.56
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 25.40
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 26.65
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.29
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.40
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 57.63
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 58.44
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 57.27
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 20.34
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 21.15
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 20.77
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 24.50
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 61.50
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 61.67
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 20.52
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 20.55
ZHUZHOU CITY CONSTRUCTION 8.36 11/10/21 CNY 43.75
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.86
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.92
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 60.00
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 61.08
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 61.36
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 68.53
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.57
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.61
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.00
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.33
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.52
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.60
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 59.68
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 78.26
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 41.20
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 44.00
ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 59.11
ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 60.00
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 63.20
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 72.96
HONG KONG
---------
DR PENG HOLDING HONGKONG 5.05 06/01/20 USD 63.01
HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 65.00
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 42.79
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 42.79
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.10
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.10
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.10
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.10
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 9.21
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 12.92
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 7.77
ACME FAZILKA POWER PVT LT 0.01 09/07/46 INR 11.18
AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 22.63
AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 22.67
APG HABITAT PVT LTD 1.00 09/09/28 INR 54.20
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 31.58
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 39.85
AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 59.07
AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 59.11
BENGAL AEROTROPOLIS PROJE 5.00 12/01/30 INR 67.56
BENGAL AEROTROPOLIS PROJE 5.00 12/01/29 INR 69.37
BENGAL AEROTROPOLIS PROJE 5.00 12/01/28 INR 71.40
BENGAL AEROTROPOLIS PROJE 5.00 12/01/27 INR 73.70
BOTHE WINDFARM DEVELOPMEN 10.00 11/28/32 INR 67.98
BRITANNIA INDUSTRIES LTD 8.00 08/28/22 INR 29.98
CREIXENT SPECIAL STEELS L 0.01 08/28/25 INR 59.78
CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 33.89
CUMULUS TRADING CO PVT LT 0.01 12/29/29 INR 41.34
CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 55.93
DAYAKARA SOLAR POWER PVT 0.10 04/05/26 INR 58.37
DEWAN HOUSING FINANCE COR 8.50 04/18/23 INR 19.02
DLF CYBER CITY DEVELOPERS 0.01 11/19/24 INR 69.22
EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 51.50
EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 53.19
EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 54.15
EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 57.39
EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 59.58
GREEN URJA PVT LTD 0.01 02/14/30 INR 42.64
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00
HINDUSTAN CONSTRUCTION CO 0.01 01/05/27 INR 52.17
HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 48.64
JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTURES 7.00 05/15/17 USD 2.18
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 24.46
JTPM ATSALI LTD 0.01 08/29/48 INR 9.97
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 23.13
KVK ENERGY & INFRASTRUCTU 0.01 01/25/24 INR 70.50
MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 61.67
MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 27.51
MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 25.12
MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 25.12
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 24.22
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 40.08
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 42.76
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 45.72
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 48.92
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 52.39
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 56.12
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 60.16
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/26 INR 64.53
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/25 INR 69.24
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/24 INR 74.27
PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 24.88
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 61.39
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 64.96
REI AGRO LTD 5.50 11/13/14 USD 0.34
REI AGRO LTD 5.50 11/13/14 USD 0.34
RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 11.68
SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 62.50
SUZLON ENERGY LTD 5.75 07/16/19 USD 30.00
SUZLON ENERGY LTD 5.75 07/16/19 USD 30.00
SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61
TN URJA PVT LTD 0.10 02/22/36 INR 27.35
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 30.22
WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 53.85
WS T&D LTD 0.10 03/24/29 INR 46.31
JAPAN
-----
AVANSTRATE INC 0.10 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 47.58
INDUSTRIAL BANK OF KOREA 3.84 03/10/45 KRW 37.37
KIBO ABS SPECIALTY CO LTD 5.00 02/26/21 KRW 63.69
KIBO ABS SPECIALTY CO LTD 5.00 02/28/22 KRW 69.51
KIBO ABS SPECIALTY CO LTD 5.00 02/24/22 KRW 70.33
KIBO ABS SPECIALTY CO LTD 5.00 08/28/21 KRW 71.12
KIBO ABS SPECIALTY CO LTD 5.00 09/11/20 KRW 73.43
LOTTE CARD CO LTD 3.95 06/28/49 KRW 63.57
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 66.93
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 04/20/14 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 8.10 06/26/15 KRW 70.00
SILLAJEN INC 1.00 03/21/24 KRW 47.47
SINBO SECURITIZATION SPEC 5.00 12/21/20 KRW 61.97
SINBO SECURITIZATION SPEC 5.00 03/21/21 KRW 64.13
SINBO SECURITIZATION SPEC 5.00 07/26/21 KRW 65.41
SINBO SECURITIZATION SPEC 5.00 01/26/22 KRW 65.71
SINBO SECURITIZATION SPEC 5.00 01/25/22 KRW 65.72
SINBO SECURITIZATION SPEC 5.00 08/31/21 KRW 66.27
SINBO SECURITIZATION SPEC 5.00 02/23/22 KRW 66.98
SINBO SECURITIZATION SPEC 5.00 07/26/22 KRW 67.48
SINBO SECURITIZATION SPEC 5.00 01/25/23 KRW 67.94
SINBO SECURITIZATION SPEC 5.00 08/31/22 KRW 68.37
SINBO SECURITIZATION SPEC 5.00 02/28/22 KRW 69.50
SINBO SECURITIZATION SPEC 5.00 03/20/23 KRW 69.74
SINBO SECURITIZATION SPEC 5.00 02/28/23 KRW 69.87
SINBO SECURITIZATION SPEC 5.00 12/27/21 KRW 70.19
SINBO SECURITIZATION SPEC 5.00 06/29/21 KRW 71.34
SINBO SECURITIZATION SPEC 5.00 06/29/22 KRW 71.70
SINBO SECURITIZATION SPEC 5.00 09/28/22 KRW 71.78
SINBO SECURITIZATION SPEC 5.00 09/27/21 KRW 73.84
SINBO SECURITIZATION SPEC 5.00 06/23/20 KRW 73.97
SINBO SECURITIZATION SPEC 5.00 08/25/21 KRW 74.10
SINBO SECURITIZATION SPEC 5.00 07/27/21 KRW 74.32
SINBO SECURITIZATION SPEC 5.00 03/15/20 KRW 74.55
MALAYSIA
--------
AEON CREDIT SERVICE M BHD 3.50 09/15/20 MYR 1.15
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.66
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.13
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.30
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.34
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.22
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.85
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.22
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.03
REDTONE INTERNATIONAL BHD 2.75 03/04/20 MYR 0.18
SENAI-DESARU EXPRESSWAY B 1.35 06/30/31 MYR 68.85
SENAI-DESARU EXPRESSWAY B 1.35 12/31/30 MYR 69.98
SENAI-DESARU EXPRESSWAY B 1.35 06/28/30 MYR 71.14
SENAI-DESARU EXPRESSWAY B 1.35 12/31/29 MYR 72.31
SENAI-DESARU EXPRESSWAY B 1.35 12/29/28 MYR 74.90
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW Z 4.80 09/27/21 NZD 1.27
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 51.38
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.56
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.56
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 43.20
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 43.20
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 31.64
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 31.64
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 31.64
ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 45.29
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 56.83
EZION HOLDINGS LTD 0.25 11/20/27 SGD 74.09
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 63.30
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 63.95
HYFLUX LTD 4.25 09/07/18 SGD 38.63
HYFLUX LTD 4.20 08/29/19 SGD 38.63
HYFLUX LTD 4.60 09/23/19 SGD 38.63
INDO INFRASTRUCTURE GROUP 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 35.38
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 29.50
MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 22.75
NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 59.90
ORO NEGRO DRILLING PTE LT 7.50 01/24/19 USD 1.33
PACIFIC RADIANCE LTD 4.30 03/31/20 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 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 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
VIETNAM
-------
VIETNAM GOVERNMENT BOND 3.80 01/16/50 VND 74.66
*********
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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