/raid1/www/Hosts/bankrupt/TCRAP_Public/200310.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, March 10, 2020, Vol. 23, No. 50
Headlines
A U S T R A L I A
ALITA RESOURCES: Probed for Potential Listing Rule Breaches
CAS MINE: First Creditors' Meeting Set for March 17
CMC MANAGEMENT: First Creditors' Meeting Set for March 16
FIOSON PTY: First Creditors' Meeting Set for March 13
PLAYSPORT HOLDINGS: First Creditors' Meeting Set for March 17
SARGON CAPITAL: First Creditors' Meeting Set for March 18
SASSAFRAS TAVERN: First Creditors' Meeting Set for March 17
SHIELD MERCANTILE: First Creditors' Meeting Set for March 13
TRIMANTIUM INVESTMENT: First Creditors' Meeting Set for March 18
C H I N A
MACROLINK HOLDING: Defaults on CNY1BB Five-Year Bonds
ZENSUN GROUP: Moody's Rates New USD Notes B2, Outlook Neg.
I N D I A
ACQUA PEARL: CRISIL Migrates B+ Rating to Not Cooperating
AKAR AUTO: Ind-Ra Affirms 'BB+' Long Term Issuer Rating
AKSHAJ ISPAT: CRISIL Migrates B+ Rating to Not Cooperating
AMAR RICE: CRISIL Migrates B+ Rating to Not Cooperating Category
ARIHANT ELASTOPLAST: CRISIL Migrates B+ Rating to Not Cooperating
ARJUN EDUCATIONAL: CRISIL Withdraws D Rating on INR10cr Loans
ARYAN SILK: CRISIL Migrates D Rating to Not Cooperating Category
ASHA RAM: CRISIL Migrates 'D' Rating to Not Cooperating
ATEK INFOVISION: Insolvency Resolution Process Case Summary
AVC MOTORS: CRISIL Migrates 'B' Rating to Not Cooperating
BABA SANTINATH: CRISIL Migrates B+ Rating to Not Cooperating
CHAMPION GROUP: CRISIL Migrates 'B' Rating to Not Cooperating
CLASSIC AGENCIES: CRISIL Moves B+ Rating to Not Cooperating
CORPORATE FASHION: CRISIL Migrates D Rating to Not Cooperating
DERBY PLANTATIONS: CRISIL Hikes Rating on INR5.2cr Loan to B-
DHAVALPRATAPSINH MOHITEPATIL: Insolvency Resolution Case Summary
GOOD MEDIA: CRISIL Migrates 'B' Rating to Not Cooperating
GOVIND STONE: CRISIL Assigns B Rating to INR10cr Loans
HIKE LEATHER: Insolvency Resolution Process Case Summary
HITECH MARKETING: CRISIL Cuts Rating on INR7cr Cash Loan to 'B'
IMPEX INDIA: CRISIL Migrates D Rating to Not Cooperating Category
INTER LABS: Insolvency Resolution Process Case Summary
JAYAKUMARAN EXPORTS: Ind-Ra Withdraws BB-, NonCooperating Rating
JORABAT SHILLONG: Ind-Ra Affirms 'D' Non-Convertible Debt Rating
JOYGOPAL FOOD: CRISIL Migrates B+ Rating to Not Cooperating
KALKA HOME: Insolvency Resolution Process Case Summary
KARTIKEYA PAPER: CRISIL Migrates 'B' Rating to Not Cooperating
KEMAC CHEM: Insolvency Resolution Process Case Summary
KNND ASSOCIATES: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
KPK OILS: CRISIL Migrates 'B' Rating to Not Cooperating
LINK ENTERPRISES: CRISIL Migrates 'D' Rating to Not Cooperating
MADHOOR BUILDWELL: CRISIL Migrates 'D' Rating to Not Cooperating
MAITHAN ISPAT: Insolvency Resolution Process Case Summary
MANCHUKONDA AGROTECH: Ind-Ra Affirms BB+ LT Rating, Outlook Stable
MANIYAR REFINARY: Ind-Ra Migrates BB LT Rating to Non-Cooperating
MICRO POWER: Insolvency Resolution Process Case Summary
MINARCH OVERSEAS: Insolvency Resolution Process Case Summary
NEKKA OIL: Insolvency Resolution Process Case Summary
PREMIER FUTSAL: Insolvency Resolution Process Case Summary
PROGRESSIVE ENDEAVOURS: Insolvency Resolution Process Case Summary
PURVI METALS: Insolvency Resolution Process Case Summary
RADHA KRISHNA: Ind-Ra Lowers Issuer Rating to BB-, Outlook Stable
RAIGARH PROPERTIES: Insolvency Resolution Process Case Summary
RATNAGIRI CHEMICALS: Insolvency Resolution Process Case Summary
RELIANCE COMMUNICATIONS: IRP Files Resolution Plan with NCLT
SAMAK LANDSCAPE: Insolvency Resolution Process Case Summary
SARA SPINTEX: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
SHREE TRIBHUVAN: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
SOLVEN POWER: Insolvency Resolution Process Case Summary
TUTICORIN COAL: Insolvency Resolution Process Case Summary
WEST GUJARAT: Ind-Ra Affirms 'D' Non-Convertible Debentures Rating
YES BANK: Moody's Cuts Issuer Rating to Caa3, Still Under Review
I N D O N E S I A
GARUDA INDONESIA: Virus Adds to Big Debt Payment Woes
N E W Z E A L A N D
DOWSONS SHOES: To Shut Stores After 82 Years
MTF RAMBLER 2019: Fitch Affirms BB+sf Rating on Class E Debt
ROSS ASSET: Investors Lay Out Claim against ANZ Bank
P H I L I P P I N E S
RURAL BANK OF TIBIAO: Central Bank Orders Closure
S I N G A P O R E
CH OFFSHORE: Files Notice of 3 Years of Consecutive Losses
S O U T H K O R E A
S. KOREA: Japan's Entry Restrictions Deal Bigger Blow to Airlines
X X X X X X X X
[*] BOND PRICING: For the Week March 2, 2020 to March 6, 2020
- - - - -
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A U S T R A L I A
=================
ALITA RESOURCES: Probed for Potential Listing Rule Breaches
-----------------------------------------------------------
The Straits Times reports that Alita Resources, formerly Alliance
Mineral Assets, is being investigated for potential listing rule
breaches following complaints made to the market regulator.
The Australian Securities and Investments Commission also received
complaints from Alita shareholders, the report says.
According to the report, the lithium miner's deed administrators
said in an exchange filing on March 4 that they have responded to
these matters.
They also said China Hydrogen Energy's sole director is American
citizen Mike Que, while its sole investor is Buxton Fitzmaurice
Christian of Antigua and Barbuda, the report relates.
This was in response to a request for background information from
Singapore Exchange Regulation.
The Straits Times notes that China Hydrogen Energy had put forward
a deed of company arrangement to acquire Alita's assets in
January.
This was amid Alita's bid to restructure in Australia after
accepting a AUD70 million (SGD64 million) loan from China Hydrogen
Energy.
Little was known about China Hydrogen Energy at the time, except
that it is a special-purpose vehicle for a Chinese party, the
report says.
On Feb. 20, Alita said it had received the green light for its
proposed delisting, but the date and timing have yet to be
announced.
It was also reported in January that Alita shareholders will see
their investments go to zero, with about 100 of them said to be
fighting the takeover of their shares by the Chinese entity,
according to the report.
A key question was whether Alita's board may have breached
continuous-disclosure requirements in the months before the firm
ran out of cash, the report states.
Catalist-listed Alita's shares have been suspended since last
August, after a collapse in prices for the battery commodity forced
the firm to default on a AUD40 million loan from secured lenders,
the report notes.
About Alita Resources
Alita Resources Limited operates as a mineral exploration and
excavation company. The Company explores and produces lithium and
tantalum concentrates. Alita Resources offers its services in
Australia.
John Bumbak of Kordamentha was appointed as administrator of Alita
Resources, et al. on Aug. 28, 2019.
In December 2019, the company's creditors approved a deed of
company arrangement (DOCA) proposed by China Hydrogen Energy and
its subsidiary Liatam Mining for the acquisition of Alita's
assets.
CAS MINE: First Creditors' Meeting Set for March 17
---------------------------------------------------
A first meeting of the creditors in the proceedings of CAS Mine
Services Pty Ltd will be held on March 17, 2020, at 11:00 a.m. at
One Wharf Lane, Level 20, at 171 Sussex Street, in Sydney, NSW.
Alan Walker and Andre Lakomy of Cor Cordis were appointed as
administrators of CAS Mine on March 5, 2020.
CMC MANAGEMENT: First Creditors' Meeting Set for March 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of CMC
Management Pty Ltd will be held on March 16, 2020, at 11:00 a.m. at
the offices of Cor Cordis, Level 29, at 360 Collins Street, in
Melbourne, Victoria.
Barry Wight and Sam Kaso of Cor Cordis were appointed as
administrators of CMC Management on March 3, 2020.
FIOSON PTY: First Creditors' Meeting Set for March 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Fioson Pty
Ltd will be held on March 13, 2020, at 10:00 a.m. at Level 17, 383
Kent Street, in Sydney, NSW.
Philip Campbell-Wilson and Said Jahani of Grant Thornton Australia
were appointed as administrators of Fioson Pty on March 3, 2020.
PLAYSPORT HOLDINGS: First Creditors' Meeting Set for March 17
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Playsport
Holdings Pty Ltd and Playsport Group Australia Pty Ltd will be held
on March 17, 2020, at 11:00 a.m. at the offices of Jones Partners,
Level 13, at 189 Kent Street, in Sydney, NSW.
Michael Gregory Jones of Jones Partners was appointed as
administrator of Playsport Holdings on March 5, 2020.
SARGON CAPITAL: First Creditors' Meeting Set for March 18
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Sargon
Capital Pty Ltd will be held on March 18, 2020, at 10:00 a.m. at
the offices of Wexted Advisors, Level 12, at 28 O'Connell Street,
in Sydney, NSW.
Joseph Hayes and Andrew McCabe of Wexted Advisors were appointed as
administrators of Sargon Capital on March 6, 2020.
SASSAFRAS TAVERN: First Creditors' Meeting Set for March 17
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Sassafras
Tavern Pty Ltd, trading as Sassafras Tavern, will be held on March
17, 2020, at 3:00 p.m. at 51 Robinson Street, in Dandenong,
Victoria.
Peter Robert Vince -- pvince@vinceassociates.com.au -- and Paul
William Langdon --plangdon@vinceassociates.com.au -- of Vince &
Associates were appointed as administrators of Sassafras Tavern on
March 4, 2020.
SHIELD MERCANTILE: First Creditors' Meeting Set for March 13
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Shield
Mercantile Pty Ltd will be held on March 13, 2020, at 10:00 a.m. at
the offices of Worrells Solvency & Forensic Accountants, Suite
601B, Level 6, at 91 Phillip Street, in Parramatta, NSW.
Graeme Beattie and Simon Cathro of Worrells Solvency & Forensic
Accountants were appointed as administrators of Shield Mercantile
on March 3, 2020.
TRIMANTIUM INVESTMENT: First Creditors' Meeting Set for March 18
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Trimantium
Investment Management Pty Ltd and Trimantium Capital Funds
Management Pty. Ltd. will be held on March 18, 2020, at 9:30 a.m.
at the offices of Wexted Advisors, Level 12, at 28 O'Connell
Street, in Sydney, NSW.
Joseph Hayes and Andrew McCabe of Wexted Advisors were appointed as
administrators of Trimantium Investment on March 6, 2020.
=========
C H I N A
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MACROLINK HOLDING: Defaults on CNY1BB Five-Year Bonds
-----------------------------------------------------
Reuters reports that Macrolink Holding Co on March 6 became China's
first developer to default on its bonds due to the coronavirus
outbreak as the industry struggles with stagnant property sales.
Privately owned Macrolink, which has a range of businesses
including property development and tourism, failed to pay investors
principle and interest on CNY1 billion ($144 million) worth of
five-year bonds due March 6, the Shanghai Clearing House said in a
statement on its website, Reuters relays.
According to Reuters, Macrolink's Shenzhen-listed subsidiary said
in an exchange filing on March 6 that its parent's business "has
been hit hard by the coronavirus epidemic."
The outbreak has frozen home sales, choked retail sales and caused
the shutdown of industrial activities in China, the report notes.
Reuters says the first default in the industry comes as bigger
developers are rushing to sell bonds to refinance their debts,
taking advantage of lower yields as Beijing pumps liquidity and
cuts interest rates to aid a struggling economy.
Reuters relates that China has urged banks not to cut or call back
loans for virus-hit companies, and has encouraged lending toward
smaller companies. Regulators have given fast-track approval for
"virus bonds" to support companies whose finances have been hurt by
the virus.
Macrolink has, however, had funding difficulties as Beijing
launched a deleveraging campaign a few years ago to reduce debt in
the economy, with the pain most felt by private-run companies, its
subsidiary, Macrolink Culturaltainment Development Co, said,
Reuters relays.
As a result, Macrolink's liquidity condition is "extremely tight".
The company is actively negotiating with bond investors, and is
seeking various ways to raise money to ease the liquidity shortage,
according to the filing cited by Reuters.
Macrolink faces repayment obligations for CNY3 billion worth of
bonds that would mature, or be sold back to the issuer over the
next three months, rating agency Golden Credit Rating said in
mid-January, Reuters adds.
China-based Macrolink Holding Co., Ltd. operates as an investment
company. The Company provides asset management, investment
consulting, and other services. Macrolink Holding also operates
lodging, real estate development, food sales, and other businesses.
ZENSUN GROUP: Moody's Rates New USD Notes B2, Outlook Neg.
----------------------------------------------------------
Moody's Investors Service assigned a B2 backed senior unsecured
debt rating to the proposed USD notes to be issued by Zensun
Enterprises Limited. The notes will be irrevocably and
unconditionally guaranteed by Zensun Group Limited (Zensun, B1
negative).
The outlook is negative.
Zensun will use the bond proceeds primarily to refinance existing
debt, for project development and for general corporate purposes.
RATINGS RATIONALE
"The proposed bond issuance, if completed, will have limited impact
on Zensun's credit profile, given that the proceeds will mainly be
used to refinance the company's existing debt," says Celine Yang, a
Moody's Assistant Vice President and Analyst.
Moody's expects that the company will accelerate land acquisitions
over the coming 6-12 months, which will increase its debt funding
needs. Therefore, Zensun's revenue/adjusted debt will likely weaken
to around 66%-70% over the next 12-18 months from 111% for the 12
months ended June 30, 2019. Meanwhile, EBIT/interest will likely
fall to 2.3x-2.7x from 4.5x over the same period, driven by higher
leverage and lower profit margins. These levels are weak for the
company's B1 CFR.
Zensun achieved 4.3% growth in contracted sales to RMB37.4 billion
in 2019 (RMB 51.8 billion if including sales of resettlement
housing). Moody's expects its contracted sales to decline around 5%
in 2020 from 2019, partially driven by expected weak sales in 1Q
2020 from the coronavirus outbreak. Moody's will continue to
monitor developments and evaluate the credit impact if the
disruption extends beyond 1Q 2020.
Zensun's B1 CFR reflects the company's (1) established brand name
and leading market position in Zhengzhou in Henan province; and (2)
established track record of urban redevelopment projects in the
city, supporting the company's ability to acquire new contracts for
redevelopment projects in Zhengzhou.
However, Zensun's B1 CFR is constrained by the company's geographic
concentration in Zhengzhou, its weakening credit metrics and the
execution risks associated with its expansion outside of its home
market. The B1 CFR further factors in its private company status,
which has the potential to constrain its corporate governance and
transparency, despite the listed status of its subsidiaries.
The negative rating outlook reflects Moody's expectation that
Zensun's credit metrics will deteriorate over the next 6- 12 months
to levels that are weak for its current rating, driven by the
company's slowed cash collection, mainly as a result of a
lengthened cash collection cycle, and its restrained ability to
execute its business growth plans.
In terms of environmental, governance and social (ESG) factors,
Moody's has considered the company's private company status and
concentrated ownership. However, these risks are partly mitigated
by: (1) its Hong Kong-listed subsidiary, Zensun Enterprise Limited,
which is subject to the corporate governance standards as required
by the territory's listing rules; and (2) the disclosure
requirements that apply to its core onshore subsidiary, Henan
Hongguang Zensun Real Estate Co., Ltd, as a result of its issuance
of onshore bonds. These two subsidiaries account for the majority
of Zensun's operations.
An upgrade of Zensun's ratings is unlikely given the negative
outlooks.
However, Moody's could revise the outlooks to stable if Zensun (1)
achieves sustained growth in contracted sales (excluding
resettlement sales) and revenue without sacrificing its profit
margin; (2) replenishes its land bank without compromising its
liquidity position; and (3) meaningfully improves its cash
collection rate and onshore funding access.
Specific credit metrics that could trigger a change in outlook to
stable include: EBIT/interest staying above 2.5x-3.0x and
revenue/adjusted debt above 75%, both on a consistent basis; and a
further improvement in cash (including restricted cash) to
short-term debt to above 1.0x on a sustained basis.
On the other hand, Moody's could downgrade the ratings if Zensun
(1) fails to execute its business growth plans; (2) fails to
recover its cash collection; or (3) materially increases its debt
leverage.
Credit metrics indicative of a downgrade include EBIT/interest
coverage falling below 2.5x or adjusted revenue/debt falling below
70%-75% on a sustained basis.
A deterioration in its liquidity, such that refinancing risk rises
materially, could also lead to a downgrade.
The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.
=========
I N D I A
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ACQUA PEARL: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Acqua Pearl
Properties And Exports (India) Private Limited (APPIPL) to 'CRISIL
B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5.15 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with APPIPL for obtaining
information through letters and emails dated November 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of APPIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on APPIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of APPIPL to 'CRISIL B+/Stable Issuer not cooperating'.
APPIPL was set up in 2018, by Mr Salim. The company provides
warehouse facilities to shrimp growers.
AKAR AUTO: Ind-Ra Affirms 'BB+' Long Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Akar Auto
Industries Limited's (Akar; formerly Akar Tools Limited) Long-Term
Issuer Rating at 'IND BB+ (ISSUER NOT COOPERATING)' - The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will continue to appear as 'IND BB+ (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR45 mil. Long-term loans affirmed with IND BB+ (ISSUER NOT
COOPERATING) rating;
-- INR343 mil. Fund-based facilities affirmed with IND BB+
(ISSUER NOT COOPERATING)/ IND A4+ (ISSUER NOT COOPERATING)
rating; and
-- INR60 mil. Non-fund-based facilities affirmed with IND A4+
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.
KEY RATING DRIVERS
The affirmation reflects Akar's continued medium scale of
operations, as indicated by revenue of INR2,778 million in FY19
(FY18: INR2,421). The company booked a turnover of INR1,539.8
million in 9MFY20 (9MFY19: INR2,178 million).
The ratings reflect the moderate credit metrics due to high debt
levels. The company's net leverage (adjusted net debt/operating
EBITDA)deteriorated to 3.6x in FY19 (FY18: 3.1x) due to an increase
in debt to INR664 million (FY18: INR570 million). The interest
coverage (operating EBITDA/gross interest expense) remained almost
stable at 2.3x in FY19 (FY18: 2.2x).
The ratings are supported by the healthy EBITDA margins. The
margins fell to 6.7% in FY19 (FY18: 7.6%) due to an increase in raw
material prices. The ROCE stood at 16% in FY19 (FY18: 18%).
The ratings are also supported by the promoter's experience of over
three decades in the automobile industry.
The ratings have been maintained in the non-cooperating category as
Akar did not participate in the surveillance exercise and has not
provided information about bank utilization, order book details,
and financial projections for three years, future plans and
management certificate.
COMPANY PROFILE
Incorporated in 1989, Akar Tools manufactures and sells hand tools,
automobile forgings, leaf springs, and parabolic springs.
AKSHAJ ISPAT: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Akshaj Ispat
Llp (AIL) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Cash 8.5 CRISIL B+/Stable (ISSUER NOT
Credit Limit COOPERATING; Rating Migrated)
CRISIL has been consistently following up with AIL for obtaining
information through letters and emails dated November 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AIL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of AIL to 'CRISIL B+/Stable Issuer not cooperating'.
AIL was incorporated on July 17, 2017, as a limited liability
partnership firm between Mr Raghubir Garg and Mr Anoop Garg. It
trades in and fabricates stainless steel products, such as pipes,
coils, and tubes.
AMAR RICE: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Amar Rice
Mills - Jammu (ARM) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.4 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Cash .6 CRISIL B+/Stable (ISSUER NOT
Credit Limit COOPERATING; Rating Migrated)
CRISIL has been consistently following up with ARM for obtaining
information through letters and emails dated November 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ARM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ARM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ARM to 'CRISIL B+/Stable Issuer not cooperating'.
ARM, set up as a proprietorship by Mr Mulk Raj in 1977 at Jammu,
undertakes rice milling and sorting.
ARIHANT ELASTOPLAST: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Arihant
Elastoplast Private Limited (AEPL) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 2.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with AEPL for obtaining
information through letters and emails dated November 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of AEPL to 'CRISIL B+/Stable Issuer not cooperating'.
Incorporated in 2007, AEPL manufactures luggage bags. The company
is promoted by Mr. Sanjay Jain and is based in Haridwar,
Uttarakhand.
ARJUN EDUCATIONAL: CRISIL Withdraws D Rating on INR10cr Loans
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Arjun
Educational Trust (AET) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Term Loan 5 CRISIL D (ISSUER NOT
COOPERATING; Migrated from
'CRISIL D'; Rating Withdrawn)
Overdraft 0.5 CRISIL D (ISSUER NOT
COOPERATING; Migrated from
'CRISIL D'; Rating Withdrawn)
Proposed Long Term 4.5 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Migrated from
'CRISIL D'; Rating Withdrawn)
CRISIL has been consistently following up with AET for obtaining
information through letters and emails dated December 31, 2019,
February 3, 2020 and February 7, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AET. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for AET is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of AET to 'CRISIL D
Issuer not cooperating'.
CRISIL has withdrawn its rating on the bank facilities of AET on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
AET, set up in 2011, runs an engineering college in Coimbatore. Mr
Surya Narayanan, the chairman, manages the operations.
ARYAN SILK: CRISIL Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Aryan Silk
Mills (ASM) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with ASM for obtaining
information through letters and emails dated December 31, 2019,
February 3, 2020 and February 7, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ASM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ASMis consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ASM to 'CRISIL D Issuer not cooperating'.
ASM, based in Mumbai, is a partnership firm set up in 1982 by Mr
Subhash Arya and his family. It manufactures man-made and cotton
fabrics (shirtings and suitings) under the brand, Aryan Silk. The
firm's facility for design work is in Bhiwandi, Maharashtra. ASM
follows an asset-light model and outsources the manufacturing and
processing work to vendors.
ASHA RAM: CRISIL Migrates 'D' Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Asha Ram Tek
Ram Educational Trust (ARTRET) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with ARTRET for obtaining
information through letters and emails dated November 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ARTRET, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ARTRET is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ARTRET to 'CRISIL D Issuer not cooperating'.
ARTRET, registered in 2011, operates Asha Jyoti Vidyapeeth School
in Faridabad (Haryana). The school is affiliated to the Central
Board of Secondary Education. Mr Satyavir Dagar and Mrs Prem Lamba
are the key promoters.
ATEK INFOVISION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Atek Infovision Pvt. Ltd
101 Vishal Tower District Centre
Janak Puri New Delhi
DL 110058
India
Insolvency Commencement Date: February 21, 2020
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: August 18, 2020
Insolvency professional: Ranjan Chakraborti
Interim Resolution
Professional: Ranjan Chakraborti
1/22, Second Floor
Asaf Ali Road
New Delhi 110002
E-mail: ranjanns@gmail.com
- and -
Flat No. 522, Sector-17D
Konark Enclave, Vasundhara
Ghaziabad, U.P. 201012
E-mail: atekirp@gmail.com
Last date for
submission of claims: March 5, 2020
AVC MOTORS: CRISIL Migrates 'B' Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of AVC Motors -
Muktsar (AVC) to 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 0.74 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 4.26 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with AVC for obtaining
information through letters and emails dated November 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AVC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AVC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of AVC to 'CRISIL B/Stable Issuer not cooperating'.
AVC was set up as a partnership firm of Mr Om Prakash Makkar and Mr
Rajesh Makkar. It is the exclusive authorised dealer for M&M's
passenger and utility vehicles in Muktsar (Punjab). Operations
began from April 2014.
BABA SANTINATH: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Baba Santinath
Rice Mill (BSRL) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 5 CRISIL B+/Stable (ISSUER NOT
Credit/Bills COOPERATING; Rating Migrated)
Discounting Limit
Proposed Term Loan 4 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with BSRL for obtaining
information through letters and emails dated November 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BSRL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BSRL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of BSRL to 'CRISIL B+/Stable Issuer not cooperating'.
Baba Santinath Rice Mill set up in the year 2018 as a Partnership
firm is setting up a par boiled rice mill with a capacity of 96tpd.
It is promoted by Mr. Surajit Nandi, Pintu Ghosh, Gopal Ghosh.
Dhiman Dey and Tufhan Chandra.
CHAMPION GROUP: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Champion Group
of Company (CGC) to 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with CGC for obtaining
information through letters and emails dated November 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CGC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CGC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of CGC to 'CRISIL B/Stable Issuer not cooperating'.
Set up in 1994 in Patna as a proprietorship firm by Mr. Amit Singh,
CGC trades in rice and sand.
CLASSIC AGENCIES: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Classic
Agencies (CA) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.36 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 1.00 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Working 0.64 CRISIL B+/Stable (ISSUER NOT
Capital Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with CA for obtaining
information through letters and emails dated November 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CA is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of CA to 'CRISIL B+/Stable Issuer not cooperating'.
CA is a partnership firm of Mr. Jayaprakashan, Mr Obaidullah Khan,
Mr. Unnikrishnan and Mr. V. Mani. The firm, based in Kozhikode, is
a dealer in electrical home appliances of Bajaj Home Appliances,
Bosch and Crompton Greaves Ltd etc.
CORPORATE FASHION: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Corporate
Fashion Private Limited (CFPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.54 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 1.25 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 1.31 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Standby Letter 0.90 CRISIL D (ISSUER NOT
of Credit COOPERATING; Rating Migrated)
CRISIL has been consistently following up with CFPL for obtaining
information through letters and emails dated December 31, 2019,
February 3, 2020 and February 7, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of CFPL to 'CRISIL D/CRISIL D Issuer not cooperating'.
CFPL was incorporated in fiscal 2011, promoted by Mr Prateek
Sharma, Mr Vijay Pal Singh, and Mr Prakash Jat. The company, based
in Bhilwara, Rajasthan, manufactures readymade garments, mainly
trousers for men, and also trades in fabric and readymade garments.
Commercial operations began in 2014.
DERBY PLANTATIONS: CRISIL Hikes Rating on INR5.2cr Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Derby Plantations Private Limited (DPPL; part of the Mantri group)
to 'CRISIL B-/Stable' from 'CRISIL C'. The upgrade has been driven
by improved operating efficiency of the company because of better
operating profitability.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.2 CRISIL B-/Stable (Upgraded
from 'CRISIL C')
CRISIL's rating reflects the group's exposure to seasonality of tea
production, high operating leverage, and weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the tea industry.
Analytical Approach
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Manipur Tea Co Pvt Ltd (Manipur Tea),
Mantri Tea Co. Pvt Ltd (MTCPL), DPPL, and Ruttonpore Plantations
Pvt Ltd (RPPL) collectively referred to as the Mantri group. This
is because these entities have a common management, and are in the
same line of business, with operational and financial linkages.
Unsecured loans have been treated as debt.
Key Rating Drivers & Detailed Description
Strengths:
* Exposure to seasonality of tea production and high operating
leverage
Being a seasonal product, the production of tea depends on the
monsoon and remains susceptible to adverse weather conditions. Tea
plantations also incur fixed cost, with labour alone accounting for
nearly 40% of total cost. If tea production is lower than expected,
then the group could incur operating losses, as seen in the past.
Limited pricing power further constrains the operating margin of
small players like the Mantri group.
* Weak financial risk profile
The weak financial risk profile is reflected in below-average debt
protection metrics. Interest coverage and net cash accrual to total
debt ratios were minus 1.29 times and minus 0.02 time,
respectively, for fiscal 2019. Gearing and networth were moderate
at 2.13 times and INR19.43 crore, respectively, as on March 31,
2019.
Strength
* Extensive experience of the promoters in the tea industry
The promoters have an experience of five decades in the tea
plantation business, which has helped the group sustain its
position, despite regular volatility in prices, and report stable
revenue growth over the four fiscals through 2018.
Liquidity Stretched
* High bank limit utilisation:
Bank limit utilisation is high at 92.04% for the six months through
September 2019.
* Cash accrual insufficient to meet debt obligation
Cash accrual is expected to be over INR0.60 crore, which is
insufficient against term debt obligation of INR1.00 crore over the
medium term. The same is supported by unsecured loans from the
promoters.
* Low current ratio:
Current ratio was low at 0.62 time as on March 31, 2019.
Outlook: Stable
CRISIL believes that growth in revenue along with stable operating
margin will lead to healthy financial risk profile. The outlook may
be revised to 'Positive' if the firm reports significant revenue
growth and healthy operating margin, and improves its financial
risk profile. The outlook may be revised to 'Negative' in case of
lower-than-expected growth in revenue, drop in profitability, or
any large capital withdrawal, weakening the financial risk
profile.
Rating Sensitivity factors
Upward factors
* Sustained improvement in revenue by at least 10% and stable
operating margin, leading to higher cash accrual (in excess of debt
obligation)
* Improvement in working capital cycle, with debtors falling below
45 days
Downward factors
* Overdrawing of working capital limit for more than 30 days
* Single-day delay in repayment of term debt (either principal or
interest)
The Mantri group was formed in 1948 by Mr Govind Prasad Mantri. The
Manipur Tea Estate, located in Assam, was its first acquisition in
1954. Subsequently, the group acquired three more tea gardens in
Assam: Ruttonpore Tea Estate in 1986, Derby Tea Estate in 2005, and
Pathini Tea Estate (MTCPL) in 2006. Daily operations are now
overseen by the second and third-generation members of the promoter
family, along with a professional management team.
DHAVALPRATAPSINH MOHITEPATIL: Insolvency Resolution Case Summary
----------------------------------------------------------------
Debtor: Dhavalpratapsinh Mohitepatil Agro Industries Limited
"Pratapgad"
At:Dhavalnagar
Post: Shankarnagar
Taluka: Malshiras
Solapur MH 413118
IN
Insolvency Commencement Date: February 20, 2020
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: August 17, 2020
Insolvency professional: Dharit Kishorbhai Shah
Interim Resolution
Professional: Dharit Kishorbhai Shah
C/o. Bipin & Co
Chartered Accountants
302, Centre Point
R.C. Dutt Road
Alkapuri, Vadodara
Gujarat 390007
E-mail: bipin.smdt@gmail.com
cirp.dhavalpratap@gmail.com
Last date for
submission of claims: March 5, 2020
GOOD MEDIA: CRISIL Migrates 'B' Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Good Media
News Private Limited (GMN) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Rupee Term Loan 5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with GMN for obtaining
information through letters and emails dated February 3, 2020 and
February 7, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GMN, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GMN is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of GMN to 'CRISIL B/Stable Issuer not cooperating'.
GMN was formed in 2001 to carry out the operations of a multi
system operator in Himachal; the company was set up by Mr. Mukesh
Malhotra. GMN's registered office is in Himachal. The company has
around 150 local offices across Himachal Pradesh.
GOVIND STONE: CRISIL Assigns B Rating to INR10cr Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Govind Stone Crusher (GSC).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Working
Capital Facility 6.01 CRISIL B/Stable (Assigned)
Rupee Term Loan 3.99 CRISIL B/Stable (Assigned)
The rating reflects the firm's exposure to cyclicality in end-user
industry, modest scale of operations, and weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of its partners.
Key Rating Drivers & Detailed Description
Weakness:
* Exposure to cyclicality in end-user industry: The firm caters to
the real estate, construction, and infrastructure industries, which
are cyclical and are strongly correlated to economic cycles. In the
past, because of economic recession, the construction sector faced
a slowdown, with several projects getting delayed or cancelled.
* Modest scale of operations: Business risk profile is constrained
by the firm's small scale in the intensely competitive construction
material industry. This will continue limit operating flexibility.
* Weak financial risk profile: Networth was small at INR1.41 crore
and gearing high at 8.05 times, as on March 31, 2019 Debt
protection metrics also remained muted, with interest coverage
ratio of 0.42 time for fiscal 2019. Metrics are expected to remain
average over the medium term because of large debt.
Strength
* Extensive experience of the partners: Longstanding presence in
the construction material industry has enabled the partners to
understand market dynamics and establish healthy relationships with
suppliers and customers.
Liquidity Poor
The firm has reported cash losses in fiscal 2019 against repayment
obligations of INR1 crore. Further over the medium term the
accruals are expected to remain at the range of INR30-40 lacs which
remains insufficient against the maturing annual debt obligations
of INR80-100 lacs. Fund support from partners with equity infusion
and unsecured loans is expected to support the liquidity over the
medium term.
Outlook: Stable
CRISIL believes GSC will continue to benefit from the extensive
experience of its partners and established relationships with
clients.
Rating Sensitivity factors
Upward factors
* Better financial risk profile with infusion of equity or
unsecured loans
* Improvement in revenue by 40-50% with stable operating margin
Downward factors
* Capital withdrawal leading to stretch in liquidity
* Decline in revenue for more than 30%
Established in 2017 as a partnership firm by Mr Sandeep Kumar, Mr
Shri Krishan, Mr Harbhajan Singh, Mr Gurpreet Kaur Anand, and Mr
Jitendra Sharma, GSC crushes stones that are used for road and
other civil constructions. Unit is in Kashipur, Uttarakhand.
HIKE LEATHER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Hike Leather Pvt Ltd
14 Leather Complex
Kapurthala Road
Jalandhar 144021
Insolvency Commencement Date: February 20, 2020
Court: National Company Law Tribunal, Jalandhar City Bench
Estimated date of closure of
insolvency resolution process: August 17, 2020
Insolvency professional: Rakesh Phull
Interim Resolution
Professional: Rakesh Phull
P-602, Jalandhar Heights
66 Ft Road
Jalandhar 144022
E-mail: rakeshphul@gmail.com
hikeleathercirp@gmail.com
Last date for
submission of claims: March 5, 2020
HITECH MARKETING: CRISIL Cuts Rating on INR7cr Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Hitech Marketing (HM) to 'CRISIL B/Stable' from 'CRISIL
BB-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B/Stable (Downgraded
from 'CRISIL BB-/Stable')
The downgrade reflects weakening of the business risk profile, due
to a decline in demand for poultry feed and medicines, caused by
increase in prices of medicines and feedstock, and no improvement
in pricing of end-products. Delays in payments from customers, have
led to weak liquidity, also reflected in high bank limit
utilization.
The rating continues to reflect the extensive experience of the
promoter in the poultry feed and medicines trading business. This
strength is partially offset by working capital-intensive
operations, and the below-average financial risk profile.
Key Rating Drivers & Detailed Description
Weaknesses
* Working capital-intensive nature of operations: Gross current
assets were high between 180 and 230 days, owing to large inventory
of 90-120 days and receivables of 90-140 days, over the past three
fiscals. Working capital management will remain a key rating
monitorable, over the medium term.
* Below-average financial risk profile: Financial risk profile is
marked by a high total outside liabilities to tangible net worth
ratio of around 4.78 times as on March 31, 2019, primarily because
of greater dependence on bank debt, with utilisation averaging over
98% over the 12 months through January 2020. Debt protection
metrics are also weak, marked by interest coverage ratio of 1.56
times and net cash accrual to adjusted debt ratio of 0.05 time,
respectively, for fiscal 2019, and may remain constrained by modest
cash accrual. Sluggish demand from customers is likely to result in
a huge decline in revenue in fiscal 2020, and thereby weaken the
financial risk profile.
Strength
* Extensive experience of the promoter: The promoter, Mr Yashpal
Singla has been in engaged in a similar business since 1984,
through another entity, Paul Traders. Longstanding presence has
helped the promoter maintain healthy relationships with customers
and suppliers, and expand operations to Uttar Pradesh, Haryana,
Rajasthan, Himachal Pradesh, Uttaranchal, and Jammu and Kashmir.
Liquidity Stretched
Liquidity remains stretched, marked by high bank limit utilisation,
averaging 98% over the 12 months through January 2020. Net cash
accrual is expected to be negative in fiscal 2020, owing to likely
drop in revenue, stemming from muted demand.
Outlook: Stable
CRISIL believes that HM will continue to benefit over the medium
term from the extensive experience of its promoters
Rating Sensitivity Factors
Upward Factors
*Growth in revenue and profitability, leading to net cash accrual
of INR50 lakh or more
*Better working capital management.
Downward Factor
*Decline in revenue and profitability (to below 3%) leading to
stretched liquidity
*Stretch in receivables, exerting pressure on working capital
cycle.
HM was set up in 1990 at Chandigarh, Punjab. The firm trades in
medicated poultry feed and medicines. Promoter, Mr Yashpal Singla
has been engaged in a similar business since 1984, through another
entity, Paul Distributors.
IMPEX INDIA: CRISIL Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Impex
India-Dehradun (II-D) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term 0.87 CRISIL D (ISSUER NOT
Loan COOPERATING; Rating Migrated)
Term Loan 9.13 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with II-D for obtaining
information through letters and emails dated February 3, 2020 and
February 7, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of II-D, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on II-D is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of II-D to 'CRISIL D Issuer not cooperating'.
II-D was established as a partnership concern between Mr Rajendra
Mimani, Mrs Saroj Mimani, and Mr Ashish Mimani-with equal profit
sharing ratio-in 1973. The firm was involved in a marketing
business, but has now undertaken a solar power project, backed by a
long-term power purchase agreement with UPCL.
INTER LABS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s. Inter Labs (India) Private Limited
7-1-644/2/1/F, G 1
Veera Palace Sundar Nagar
Erragadda Hyderabad
TG 500038
IN
E-mail: interlabs_india@yahoo.co.in
Insolvency Commencement Date: February 25, 2020
Court: National Company Law Tribunal, Hyderabad Bench-I
Estimated date of closure of
insolvency resolution process: August 22, 2020
Insolvency professional: P.V.B. Sudhakara Rao
Interim Resolution
Professional: P.V.B. Sudhakara Rao
8-3-677/8, Divya Collections
2nd floor, Near Ganapathi Complex
SKD Nagar, Yellareddyguda
Hyderabad, Andhra Pradesh 500073
E-mail: pasalasudhakar3@gmail.com
- and -
K-Source Insolvency Professional
Services Pvt. Ltd.
Flat No. 104, Kavuri Supreme Enclave
Opp: Punjab & Sindh Bank
Kavuri Hills, Madhapur
Hyderabad 500033
E-mail: ip.interlabsindia@gmail.com
Mobile: 9790984918
9490267099
Last date for
submission of claims: March 9, 2020
JAYAKUMARAN EXPORTS: Ind-Ra Withdraws BB-, NonCooperating Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Jayakumaran
Exports' Long-Term Issuer Rating of 'IND BB- (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.
The instrument-wise rating actions are:
-- INR110 mil. Fund-based working capital limit * maintained in
non-cooperating category and withdrawn;
-- INR50 mil. Term loan ** due on September 9, 2027, maintained in
non-cooperating category and withdrawn; and
-- INR20 mil. Proposed fund-based working capital limit #
maintained in a non-cooperating category and withdrawn.
* Maintained at 'IND BB- (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn
** Maintained at 'IND BB- (ISSUER NOT COOPERATING)' before being
withdrawn
# Maintained at 'Provisional IND BB- (ISSUER NOT COOPERATING)'/'
Provisional IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn
KEY RATING DRIVERS
Jayakumaran Exports did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.
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.
COMPANY PROFILE
Established in 1993 as Imayam Knitwear and later renamed in 2006,
Tirupur-based Jayakumaran Exports manufactures knitted garments.
JORABAT SHILLONG: Ind-Ra Affirms 'D' Non-Convertible Debt Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jorabat Shillong
Expressway Limited's (JSEL) non-convertible debentures' (NCDs)
ratings as follows:
-- INR6.412 bil. (outstanding INR5,924.2 bil. as of January 31,
2020) Senior NCDs* (Long term) affirmed with IND D rating;
and
-- INR2,421.6 bil. (outstanding INR2,237.3 bil. as of January 31,
2020) Subordinate NCDs* (Long term) affirmed with an IND D
rating.
* Details in annexure
KEY RATING DRIVERS
JSEL, held equally by IL&FS Transportation Networks Limited
(ITNL,'IND D') and Ramky Infrastructure Limited, continues to be in
default due to the non-servicing of its debt service obligations to
the debenture holders, as confirmed by the debenture trustee.
Ind-Ra continues to seek clarity on the resolution plans of the
ultimate parent - Infrastructure Leasing & Financial Services
(IL&FS; 'IND D') and its group companies' debt, in accordance with
the National Company Law Appellate Tribunal (NCLAT) orders.
JSEL had received eight annuities until January 31, 2020. The
annuities have been received in a timely manner, although there
have been some deductions. Of the gross value of INR725.10 million
of the eight annuities, the approved amount of INR714.49 million
was received on January 28, 2020.
The company's management has confirmed a debt service reserve
balance of INR590 million; major maintenance reserve of INR76
million; and investment in mutual funds of INR1,300 million, as on
January 31, 2020.
JSEL has been classified under the amber category, according to the
National Company Law Appellate Tribunal order dated 12 February
2019, which defines amber entities as domestic group entities which
are not able to meet all their obligations (financial and
operational), but can meet only operational payment obligations and
payment obligations to senior secured financial creditors'.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months will
result in an upgrade.
COMPANY PROFILE
JSEL is a special purpose vehicle that was incorporated to
implement a lane-expansion project under the build-operate-transfer
annuity model. JSEL has a 20-year concession (expiring in January
2031) from the National Highways Authority of India to design,
construct, develop, finance, operate and maintain a 61.8km stretch
between Jorbat (Assam) and Barapani (Meghalaya) on National
Highway-40.
JOYGOPAL FOOD: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Joygopal Food
Products Private Limited (JGFPPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 4.25 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 5.75 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with JGFPPL for obtaining
information through letters and emails dated November 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JGFPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JGFPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of JGFPPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Incorporated in 2013 in West Bengal and promoted by Patra family,
JGFPPL mills wheat with capacity of 175 tonne per day. Operations
are managed by Mr Binay Patra.
KALKA HOME: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Kalka Home Developers Private Limited
RZ-174B, Gali No. 16
Tuglakabad Extn.
New Delhi 110019
IN
Insolvency Commencement Date: February 14, 2020
Court: National Company Law Tribunal, Indirapuram (NCR) Bench
Estimated date of closure of
insolvency resolution process: August 12, 2020
Insolvency professional: Manoj Kumar
Interim Resolution
Professional: Manoj Kumar
C-0305, ATS Advantage
Indirapuram
Ghaziabad 201014
E-mail: manojjain264@gmail.com
cirp.kalkahomedevepers@
gmail.com
Classes of creditors: Home Buyers
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Anil Tayal
E-mail: caaniltayal@gmail.com
Mr. Kailash Chander Jain
E-mail: kcjrp2019@gmail.com
Mr. Radhey Shyam Yadav
E-mail: rsyadav01@gmail.com
Last date for
submission of claims: March 5, 2020
KARTIKEYA PAPER: CRISIL Migrates 'B' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kartikeya
Paper Distributor Private Limited (KPDPL) to 'CRISIL B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 25 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with KPDPL for obtaining
information through letters and emails dated November 30, 2019,
February 3, 2020 and February 7, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KPDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KPDPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of KPDPL to 'CRISIL B/Stable Issuer not cooperating'.
KPDPL, incorporated in April 1998 at Lucknow and promoted by Mr Raj
Kumar Agarwal, trades in paper and paper products. The company is
an authorised distributor of Ballarpur Industries Limited and Avery
Denison (India) Pvt Ltd.
KEMAC CHEM: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Kemac Chem Private Limited
Ground Floor, F-24/131
Sector-7, Rohini
Delhi 110085
Insolvency Commencement Date: February 25, 2020
Court: National Company Law Tribunal, Bench-IV, New Delhi
Estimated date of closure of
insolvency resolution process: August 24, 2020
Insolvency professional: Vishnu Dutt
Interim Resolution
Professional: Vishnu Dutt
219, Anarkali Bazar
Jhandewalan Extension
New Delhi 110055
E-mail: vishnudutt2050@yahoo.com
- and -
Mantrah Insolvency Professional
Private Limited
1203, Vijaya Building
Barakhamba Road
Connaught Place
New Delhi 110001
E-mail: cirp.kemac@gmail.com
Last date for
submission of claims: March 12, 2020
KNND ASSOCIATES: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded KNND Associates
Private Limited's (KNND) Long-Term Issuer Rating to 'IND BB+
(ISSUER NON-COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings.
The instrument-wise rating actions are:
-- INR50 mil. Fund-based limits downgraded with IND BB+ (ISSUER
NOT COOPERATING) rating; and
-- INR90 mil. Non-fund-based limits downgraded with IND A4+
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.
KEY RATING DRIVERS
The downgrade reflects a breach in Ind-Ra's negative rating
guideline as KNND's revenue declined to INR743 million in FY19
(FY18: INR927 million). The company's EBITDA margin contracted to
1.1% in FY19 (FY18: 7.3%) due to an increase in variable expenses.
Interest coverage (operating EBITDA/gross interest expense)
deteriorated to 29.2x in FY19 (FY18: 168.6x) due to a decline in
absolute EBITDA to INR7.9 million from INR67.8 million.
COMPANY PROFILE
Established in 1996, KNND provides heating, ventilation, and air
conditioning installations. Its services include product designing,
installation, and maintenance for a wide range of market segments
such as software technology parks, data centers, and commercial
complexes, housing colonies, banks, corporate offices, hospitals,
hotels, factories, wholesale stores, and retail stores.
KPK OILS: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of KPK Oils and
Proteins India Private Limited (KPK) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 1.3 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term
Bank Loan Facility 3.7 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with KPK for obtaining
information through letters and emails dated November 30, 2019 and
December 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KPK, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KPK is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of KPK to 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in 2007, KPK, promoted by Mr Kuppuraj Palanisamy,
refines and trades in coconut oil.
LINK ENTERPRISES: CRISIL Migrates 'D' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Link
Enterprises (Link) to 'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 9 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 6 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with Link for obtaining
information through letters and emails dated December 31, 2019,
February 3, 2020 and February 7, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Link, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Link is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Link to 'CRISIL D/CRISIL D Issuer not cooperating'.
Link was established in 1998 as a partnership firm between Mr Anil
Jaitly and his family. It constructs roads and buildings for state
public works and irrigation departments, and the National Highway
Authority of India.
MADHOOR BUILDWELL: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Madhoor
Buildwell Private Limited (MBPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 14.0 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Working
Capital Facility 14 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Rupee Term Loan 7.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with MBPL for obtaining
information through letters and emails dated December 31, 2019,
February 3, 2020 and February 7, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MBPL , which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MBPL to 'CRISIL D/CRISIL D Issuer not cooperating'.
MBPL has been undertaking real estate development and civil
contraction activities in Nashik since 1994. The founder-promoter
and chairman, Late Mr Ratilal Shivdas Patel, was in the business
for over five decades. His sons - Mr Pradip Ratilal Patel, Mr
Arvind Ratilal Patel, and Mr Chetan Ratilal Patel - currently
manage the business.
MAITHAN ISPAT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Maithan Ispat Limited
16, Strand Road
Diamond Heritage
14th Floor, Room 1412
Kolkata, West Bengal 700001
Insolvency Commencement Date: February 19, 2020
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: August 17, 2020
Insolvency professional: Prashant Agrawal
Interim Resolution
Professional: Prashant Agrawal
F-106, First Floor
Sumer Complex, Gautam Marg
Behind Bagadia Bhawan
C-Scheme, Jaipur
Rajasthan 302001
E-mail: ippagrawal@gmail.com
cirpmil@gmail.com
Last date for
submission of claims: March 4, 2020
MANCHUKONDA AGROTECH: Ind-Ra Affirms BB+ LT Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Manchukonda
Agrotech Private Limited's (MAPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR211.9 mil. (reduced from INR288.8 mil.) Term loan due on
March 2022 affirmed with IND BB+/Stable rating; and
-- INR400 mil. Fund-based limits affirmed with IND BB+/Stable/IND
A4+ rating.
KEY RATING DRIVERS
The affirmation reflects MAPL's medium scale of operations, as
indicated by revenue of INR2,139 million in FY19 (FY18: INR1,340
million). The revenue increased owing to growth in sales volumes,
improvement in capacity utilization and better marketing measures
adopted by the management. The company's mill has the capacity to
process 48 tons per hour of rice. The capacity utilization improved
to around 70% in FY19 (FY18: 50%), and further to around 80% in
FY20. MAPL also has a co-gen plant for 5MW; post the captive
consumption, which is included as a part of the revenue from
operations, 65%-70% of the electricity generated is sold to the
Karnataka electricity board. The company achieved revenue of
INR2,244.64 million during 9MFY20.
The ratings reflect the modest EBITDA margins owing to the
commoditized nature of the products. The margin declined to 6.9% in
FY19 (FY18: 11.5%), mainly on account of fluctuations in the prices
of inputs (paddy and rice). The cost of paddy accounts for 85%-90%
of the company's cost of producing rice. MAPL's operating
profitability will remain susceptible to volatility in raw material
prices, which essentially depends on the total agricultural output.
The government regulations pertaining to minimum support price and
procurement policies also impact raw material availability. With
rice being a commodity, the market does not have much scope for
premium pricing, and thus, most manufacturers are price takers in
the markets that they operate in. The return on capital employed
stood at 8.5% in FY19 (FY18: 8.0%).
Liquidity indicator - Stretched: The average maximum utilization
of the fund-based limits was 60.7% during the 12 months ended in
January 2020. MAPL's utilization is generally at its peak after the
crop season and is minimal during the offseason, as the company has
to store rice and paddy after the crop season, which involves
blockage of working capital. Its cash flow operations increased to
INR35 million in FY19 (FY18: INR18 million) due to better working
capital management.
The net cash conversion cycle improved to 59 days in FY19 (FY18:
116 days), primarily on account of a reduction in inventory holding
period to 34 days (85 days), driven by timely execution of orders.
The company has total repayment obligations of INR77.73 million for
FY20 and FY21. MASF plans to undertake a CAPEX of INR110 million to
set up a 16TPH milling unit in 1HFY21, which is likely to be funded
in the ratio of 70-75:25-30 by debt and internal accruals. This
debt-funded CAPEX would exert further strain on the liquidity
position.
The ratings are also constrained by the moderate credit metrics due
to the modest EBITDA margins. The metrics improved in FY19 owing to
a decline in the total debt due to repayment of term loan and
reduction in the utilization of working capital limits, resulting
from the shortening of the working capital cycle. The interest
coverage (operating EBITDA/gross interest expenses) was 2.8x in
FY19 (FY18: 2.1x) and net leverage (adjusted net debt/operating
EBITDA) was 3.3x (3.9x).
The ratings are supported by the promoters' experience of over 30
years in the trading and processing of rice.
RATING SENSITIVITIES
Negativity: Any substantial time or cost overruns for completing
the CAPEX, any substantial decline in the revenue, volatility in
EBITDA margins, the stress in the liquidity position, resulting in
deterioration in the interest coverage falling below 2.7x, on a
sustained basis, could lead to a rating downgrade.
Positive: Successful completion of the CAPEX without any cost or
time overruns, a sustained improvement in the revenue, better price
risk management, stability in the EBITDA margins, along with an
improvement in the liquidity profile, while maintaining the credit
metrics, all on a sustained basis, could lead to a rating upgrade.
COMPANY PROFILE
MAPL was incorporated in 2009 in Miryalaguda, Telangana. The
company processes rice to produce raw rice, steam rice and par
boiled rice. The company has an installed capacity of
48tonnes/hour. It has also installed a 5MW co-generation power
plant, mainly for captive consumption.
MANIYAR REFINARY: Ind-Ra Migrates BB LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Maniyar Refinary
Private Limited's (MRPL) 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:
-- INR80 mil. Fund-based working capital limits migrated to non-
cooperating category with IND BB (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 7, 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 2007, Maniyar Refinary is engaged in the blending
and packaging of edible oils. The unit is in Gaganpahad (Telangana)
and is managed by Mr. Maniyar's sons, Mr. Vijay Kumar Maniyar and
Mr. Vinay Kumar Maniyar.
MICRO POWER: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Micro Power Technology Private Limited
Registered address:
D 64 BK Dutt Colony
New Delhi DL 110003
IN
Insolvency Commencement Date: February 19, 2020
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: August 17, 2020
Insolvency professional: Reetesh Kumar Agarwal
Interim Resolution
Professional: Reetesh Kumar Agarwal
Unit no. 531, S.G. Shopping Mall
D.C. Chowk, Rohini Sector-09
Delhi 110085
E-mail: carkagarwal@gmail.com
resolvemptpl@gmail.com
Last date for
submission of claims: March 7, 2020
MINARCH OVERSEAS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Minarch Overseas Private Limited
G 7 Ashok Plaza Building 12
A/14 Wea Karol Bagh
New Delhi DL 110005
Insolvency Commencement Date: February 25, 2020
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: August 23, 2020
Insolvency professional: Vinod Kumar Chaurasia
Interim Resolution
Professional: Vinod Kumar Chaurasia
A-756, Sector-2
Rohini, New Delhi
Delhi 110085
E-mail: cavinodchaurasia@gmail.com
- and -
B-22, Pragati Vihar Hostel
Lodhi Road, New Delhi 110003
E-mail: cirp.minarch@gmail.com
Last date for
submission of claims: March 10, 2020
NEKKA OIL: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Nekka Oil & Fats Private Limited
17/A, Ratan Sarkar Garden Street
2nd Floor
Kolkata 700007
West Bengal
Insolvency Commencement Date: February 19, 2020
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: August 16, 2020
Insolvency professional: Neeraj Kejriwal
Interim Resolution
Professional: Neeraj Kejriwal
56, Metcalfe Street
2nd Floor, Room No. 2E
Kolkata 700013
E-mail: nkejriwal.ip@gmail.com
cirp.nekka@gmail.com
Last date for
submission of claims: March 3, 2020
PREMIER FUTSAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Premier Futsal Management Private Limited
Registered office:
No. 1, Royal Enclave
Besant Avenue
Adyar Chennai
TN 600020
IN
Insolvency Commencement Date: January 31, 2020
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: August 18, 2020
Insolvency professional: Mr. Kedarram Ramratan Laddha
Interim Resolution
Professional: Mr. Kedarram Ramratan Laddha
501 Shajanand Shopping Centres
Shahibaug, Ahmadabad
Gujarat 380004
E-mail: kedar3000@gmail.com
ip@kpsjca.com
- and -
B-1002, Mondeal Square
Nr. Prahladnagar Garden
SG Highway
Ahmedabad 380015
Last date for
submission of claims: March 5, 2020
PROGRESSIVE ENDEAVOURS: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Progresive Endeavours Private Limited
Village: Sutahatapo Sutahata
PS: Sutahata, Haldia
Purba Midnapore
West Bengal, Pin 721635
Insolvency Commencement Date: February 17, 2020
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: August 15, 2020
Insolvency professional: Ashok Kumar Agarwal
Interim Resolution
Professional: Ashok Kumar Agarwal
Ashwini-D/4, Neelachal Abasan
Co-operative Society Limited
98 Rajdanga Gold Park
Kasba, E.K.T., Kolkata
West Bengal, Pin 700107
E-mail: shokkragarwal@hotmail.com
Mobile: +919831060452
- and -
C/o Singhi IP Solutions Private
Limited
Raja Chambers, 1st Floor
4, Kiran Shankar Roy Road
Kolkata 700001
E-mail: cirp.pepl@singhiipsolutions.com
Tel: +913322318652
Last date for
submission of claims: March 2, 2020
PURVI METALS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Purvi Metals Private Limited
Plot No. 95/96/129
Jawahar Co Op Ind Estate
Kamothe, Panvel
Dist Raigad
Mumbai 410219
Insolvency Commencement Date: February 17, 2020
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: August 19, 2020
Insolvency professional: Rajkumar Mahto
Interim Resolution
Professional: Rajkumar Mahto
Krishna Kewal Housing Society
Flat No. 0/16, Kondhwa Khurd
Near Domino Pizza
Pune 411048
E-mail: mahrajkumar@gmail.com
- and -
Office No. 18, 3rd Floor
84 Dholakwala Building
Janmabhoomi Marg, Fort
Mumbai 400001
E-mail: rp.purvimetals@gmail.com
Last date for
submission of claims: March 6, 2020
RADHA KRISHNA: Ind-Ra Lowers Issuer Rating to BB-, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Radha Krishna
Impex Private Limited's (RKIPL) Long-Term Issuer Rating to 'IND
BB-' from 'IND BBB-'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR105 mil. Fund-based limits downgraded with IND BB-/Stable
rating; and
-- INR30 mil. Non-fund-based limits downgraded with IND A4+
rating.
Downgraded
The downgrade reflects the weakening of legal ties between RKIPL
and its group entity, Unique Foods, resulting in a change in
Ind-Ra's analytical approach to standalone from consolidated. The
legal linkages have weakened because the corporate guarantee
between the companies ceased to exist as of January 2020. The
operational and strategic ties between the entities continue to be
moderate, with limited operational integration.
KEY RATING DRIVERS
RKIPL's revenue declined by 32% yoy to INR336.75million in FY19
(FY18: INR500 million), mainly due to shortage of raw material like
mango pulp and loss of orders from a major customer. However, the
company's revenue is likely to be higher on a yoy basis in FY20,
considering the booking of revenue of INR400 million during
10MFY20, driven by the acquisition of customers. The scale of
operations continues to be small.
The ratings reflect the modest EBITDA margins due to the trading
nature of the business. The margin rose to 5.8% in FY19 (FY18:4.9%)
due to a decline in trading expenses. The RoCE was 5% in FY19
(FY18:7%).
The ratings factor in the moderate credit metrics due to the modest
margins as well as high debt levels. The metrics deteriorated in
FY19 owing to a decline in the absolute EBITDA to INR19.50 mil.
(FY18: INR24.37 mil.) and increase in net borrowings (in the form
of short-term borrowings) to INR148.46 million (FY18:
INR111.08million). The interest coverage ratio was 2.0x in FY19
(FY18:2.3x) and the net leverage was 7.5x (4.5x). In FY20, the
metrics are likely to improve on the back of an improvement in the
absolute EBITDA.
Liquidity Indicator - Stretched: RKIPL's average maximum
utilization of fund-based facilities was 82% in the 12 months
ending December 2019. The cash flow from operations turned negative
at INR35.5million in FY19 (FY18: INR73.63 million) due to the
decline in absolute EBITDA and increased utilization of working
capital limits. The free cash flow also turned negative at INR35.60
million in FY19 (FY18: INR73.26 million). In FY19, the working
capital cycle stretched to 218 days (FY18:107days) due to an
increase in inventory and debtor days.
The ratings are supported by favorable government policies, such as
the Vishesh Krishi Gram Udyog Yojana, for exporters.
The ratings also derive comfort from the directors' experience of
more than two decades in the trading business, along with its
established market position and strong customer base.
RATING SENSITIVITIES
Negative: Decline in the scale of operations along with the
weakening of the credit metrics or deterioration in the liquidity
position will be negative for the ratings.
Positive: An improvement in revenue and operating profitability,
leading to an improvement in the credit metrics, with the interest
coverage ratio rising above 2.0, will be positive for the ratings.
COMPANY PROFILE
RKIPL was incorporated in 1994 by Mr. Alok Kumar Kedia. It is
engaged in the trade of processed fruit pulp and is based out of
Muzaffarpur. It procures fruit pulp and concentrates and supplies
them to customers in states West Bengal, Odisha, and Bihar.
RAIGARH PROPERTIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Raigarh Properties Private Limited
1, Kyd Street, 2nd Floor
Room No. 16A
Kolkata 700016
Insolvency Commencement Date: February 27, 2020
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: August 24, 2020
Insolvency professional: Kamal Nayan Jain
Interim Resolution
Professional: Kamal Nayan Jain
Klass Insolvency Resolution Professionals
Pvt. Ltd.
2, Lal Bazar Street
Todi Chambers
Room no. 204 & 205 2nd Floor
Kolkata 700001
E-mail: knjain@knjainco.com
cirp.raigarhproperties@gmail.com
Last date for
submission of claims: March 12, 2020
RATNAGIRI CHEMICALS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Ratnagiri Chemicals Private Limited
611 & 612, Raheja Arcade
Sector-11, CBD Belapur
New Mumbai 400614
Maharashtra
Insolvency Commencement Date: February 20, 2020
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: August 18, 2020
(180 days from commencement)
Insolvency professional: Mr. Durgesh Kumar Kabra
Interim Resolution
Professional: Mr. Durgesh Kumar Kabra
C/o DMKH Insolvency Resolution Services
LLP
803/804 Ashok Heights
Old Nagardas X Road
Gundavali, Andheri (East)
Mumbai 400069
E-mail: durgeshkabra@gmail.com
ratnagirichem.irp@gmail.com
Last date for
submission of claims: March 11, 2020
RELIANCE COMMUNICATIONS: IRP Files Resolution Plan with NCLT
------------------------------------------------------------
Livemint.com reports that the insolvency resolution professional of
Reliance Communications Ltd on March 6 filed a resolution plan for
the company with the Mumbai bench of National Company Law Tribunal,
the erstwhile telecom firm said.
" . . . undersigned hereby informs that Resolution Professional has
duly filed the Resolution Plan as approved by the CoC (Committee of
Creditors) of each of the aforesaid companies with the Hon'ble
National Company Law Tribunal, Mumbai Bench on March 6, 2020 in
accordance with Section 30(6) of the Insolvency and Bankruptcy
Code, 2016," Reliance Communications (RCom) told exchanges in a
filing on March 7, Mint relays.
Earlier last week, the CoC had unanimously approved the resolution
plans provided by Reliance Jio Infcomm Ltd and UV Asset
Reconstruction Company (UVARC) for Reliance Communications Ltd, two
banking sources had told Mint.
Jio has offered around INR4,700 crore to buy tower and fiber assets
of RCom's subsidiary Reliance Infratel Ltd, while UVARC has bid
INR14,000 crore for spectrum, real estate assets as well as the
enterprise and data center businesses, held in Reliance
Communications Ltd and Reliance Telecom Ltd, the sources had said,
the report relays.
"In addition, the lenders will claw back the priority payments of
around INR4,300 crore made to Chinese and Indian lenders," one of
the sources said, adding that while INR3,000 crore will be clawed
back from Indian lenders, another INR1,300 crore will come from
Chinese banks.
A clawback provision is one where a liquidator can seek to recover,
or claw back, payments made to a creditor by the company or void
the transaction, the report notes.
However, despite the provision, loans of Chinese lenders will
reduce by nearly 65% to around INR4,000 crores from about INR12,000
crores, the source, as cited by Mint, said.
The 38 lenders of RComm will recover INR23,000 crore, which is more
than 70% of their outstanding of INR33,000 crore of secured debt,
the report adds.
About Reliance Communications
Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.
As reported in the Troubled Company Reporter-Asia Pacific on May
10, 2019, The Economic Times said the National Company Law Tribunal
on May 9 allowed Reliance Communications (RCom) to exclude the 357
days spent in litigation and admitted it for insolvency. With
this, RCom, which owes over INR50,000 crore to banks, has become
the first Anil Ambani group company to be officially declared
bankrupt after the NCLT on May 9 superseded its board and appointed
a new resolution professional to run it and also allowed the
SBI-led consortium of 31 banks to form a committee of creditors.
SAMAK LANDSCAPE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Samak Landscape Private Limited
130-A, Ground Floor, KH No. 412
MIN. Sultanpur
New Delhi 110030
Insolvency Commencement Date: February 26, 2020
Court: National Company Law Tribunal, New Delhi Bench-IV
Estimated date of closure of
insolvency resolution process: August 23, 2020
(180 days from commencement)
Insolvency professional: Manoj Kumar Anand
Interim Resolution
Professional: Manoj Kumar Anand
2, Community Centre, 3rd Floor
Near PVR/McDonald, Naraina
New Delhi 110028
E-mail: anandmanoja@gmail.com
cirpsamak@gmail.com
Last date for
submission of claims: March 11, 2020
SARA SPINTEX: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sara Spintex India
Private Ltd's (SSIPL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR287.3 mil. Long-term loan (long-term) due on December 2021
migrated to non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating;
-- INR150 mil. Fund-based working capital limits (long-term)
migrated to non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR20 mil. Non-fund-based working capital limits (short-term)
migrated to non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 7, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Formed in 2013, Sara Spintex India is promoted by Jalal Gilani and
Muniza Gilani. The company manufactures cotton yarn at its unit
located in Yavatmal, Maharashtra, which has an installed capacity
of 50,400 quintals per annum.
SHREE TRIBHUVAN: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Tribhuvan
Ispat Private Limited's (STIPL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating action is:
-- INR100 mil. Fund-based working capital limit migrated to non-
cooperating category with IND BB- (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 6, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Ghaziabad-based STIPL manufactures mild steel ingots used for
manufacturing mild steel bars. The company's manufacturing unit,
located at Bazpur, Uttarakhand, has an installed capacity of 25,000
metric tons per annum.
SOLVEN POWER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Solven Power Systems Private Limited
Registered office:
House No. 106, Shop No. 1
Ground Floor Blk-C, Sector-8
Rohini Delhi North West
DL 110085
Principal office:
B1/E1, 2nd Floor, Rajendra House
Mohan Co-operative Industrial Estate
Mathura Road, New Delhi 110044
Insolvency Commencement Date: February 18, 2020
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: August 16, 2020
Insolvency professional: Neeraj Parmar
Interim Resolution
Professional: Neeraj Parmar
94, Pocket-4, Sector-11
Dwarka, New Delhi
National Capital Territory of Delhi
110075
E-mail: ip.neerajparmar@gmail.com
cirp.solven@gmail.com
Last date for
submission of claims: March 3, 2020
TUTICORIN COAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Tuticorin Coal Terminal Private Limited
144, Jolly Maker Chambers II
Nariman Point Mumbai 400021
- and -
NCB-II Berth, V O Chidambaranar Port Trust
Bharathi Nagar, Tuticorin 628004
Insolvency Commencement Date: February 20, 2020
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: August 18, 2020
Insolvency professional: Dhiren S Shah
Interim Resolution
Professional: Dhiren S Shah
B 102 Bhagirathi Niwas
Near Natraj Studio
Sir M V Road
Andheri (East)
Mumbai 400069
E-mail: dss@dsshah.in
Last date for
submission of claims: March 11, 2020
WEST GUJARAT: Ind-Ra Affirms 'D' Non-Convertible Debentures Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed West Gujarat
Expressway Limited's (WGEL) non-convertible debentures' (NCDs)
rating at 'IND D' as follows:
-- INR1,412.6 bil. (INR1,252.09 bil. outstanding on January 31,
2020) Senior, secured, redeemable NCDs* (long-term) affirmed
with IND D rating.
* Details in annexure
KEY RATING DRIVERS
The rating action reflects the persisting weakness in WGEL's credit
profile, which would hamper its ability to meet both its
operational and financial obligations (senior and unsecured loans)
from the existing cash flows in the medium term. The ratings also
factor in the absence of clarity on the rights of unsecured loans
to call an event of default.
WGEL defaulted on the payment of interest on NCDs due on February
28, 2019, despite the availability of sufficient cash (IL&FS
special purpose vehicles' interpretation of the National Company
Law Appellate Tribunal (NCLAT) ruling). Post the National Company
Law Appellate Tribunal's (NCLAT) proceedings in the 12 months ended
January 2020, WGEL was reclassified as a Green entity from Amber,
based on its debt-servicing ability. WGEL has been servicing debt
regularly from August 2019, as confirmed by the debenture holders;
however, the pending obligations of INR75 million of negative grant
payment to the National Highways Authority of India ('IND
AAA'/Stable) as of February 29, 2020, constrain the rating.
The NHAI had approved the company's request to pay the last
negative grant of INR525 million (earlier due in June 2019) in
three equal installments of INR175 million along with applicable
interest on June 30, 2019, September 30, 2019, and January 31,
2020. WGEL had paid two installments of the negative grant and a
part of the third installment until February 29, 2020. Despite the
extension, the company's delay in the payment of all the three
negative grants constrains the rating. According to the management,
the last negative grant was paid partially in February 2020, and
the balance will be paid in March 2020. Nevertheless, the delay
indicates stress in cash flows and is construed as a default in the
concession terms.
As part of the resolution of WGEL's debt, the sponsor loans
(unsecured) have been accommodated along with the secured loans and
the debt terms have been diluted (including reduced debt service
reserve account (DSRA) and minimum DSCR covenant). The cushion on
the operations and maintenance (O&M) budget has been eroded.
The cash flow subordination clause related to the unsecured loans
ensures that, in the event of insufficient cash flows, the secured
overdue amounts shall be paid first before making any payments to
the unsecured lenders. However, there is no clause that would
restrict unsecured lenders' right to declare an event of default in
case of the non-payment of debt dues in the amended financing
documents. Therefore, Ind-Ra has factored a consolidated debt
(rated debt + unsecured loans) for the computation of WGEL's debt
servicing obligation.
The second major maintenance (MM) of WGEL is almost over – only
minor works are pending, which will be completed in this fiscal,
according to the management and lenders. The company has been
charged with a penalty of INR101.1 million by the NHAI for the
delay in completing the first major maintenance. WGEL accepted the
same and made the payment in FY20. As per the management, no other
penalty has been levied by the NHAI. Also, the independent engineer
has recommended the rescheduling of the subsequent MM cycles in
accordance with the delayed completion of the first MM to avoid any
further penalty on the second and third MM.
As of January 31, 2020, the cash balance (including DSR and FD) was
INR213.85 million. However, given that some amount of MM work is
still pending, and the toll collection is muted, there is a high
probability of dipping into DSRA for meeting the financial
obligations.
RATING SENSITIVITIES
Positive: Future developments that may collectively lead to a
rating upgrade include:
* The sustained maintenance of DSRA without any
deductions/depletion for the next six months
* The completion of MM activity within the prescribed standards
without any cost overruns and penalties for delay
Regular servicing of both secured and unsecured debt
COMPANY PROFILE
WGEL is a special purpose vehicle, set up to develop, design,
finance, construct, operate and maintain a 68km Jetpur Gondal and
Rajkot bypass section (National Highway 8B including Rajkot bypass)
in Gujarat. The project was awarded by National Highways Authority
of India ('IND AAA'/Stable)and involves widening the existing
Jetpur-Gondal section (two to four laning, 26km), improving the
existing four-lane Gondal-Rajkot Section (32km), and widening the
existing Rajkot bypass (two to four laning, 10km).
YES BANK: Moody's Cuts Issuer Rating to Caa3, Still Under Review
----------------------------------------------------------------
Moody's Investors Service downgraded Yes Bank Limited's long-term
foreign currency issuer rating to Caa3 from B2. The ratings remain
under review, with the direction uncertain.
Moody's has also downgraded the bank's long-term foreign and local
currency bank deposit ratings to Caa1 from B2, and its foreign
currency senior unsecured MTN program rating to (P)Caa3 from (P)B2.
The ratings remain under review, with the direction uncertain.
In addition, Moody's has downgraded the bank's long-term domestic
and foreign currency Counterparty Risk Rating and long-term
Counterparty Risk Assessment to Caa1 from B1 and Caa1(cr) from
B1(cr) respectively. The ratings remain under review, with the
direction uncertain.
At the same time, Moody's has downgraded Yes Bank's Baseline Credit
Assessment and adjusted BCA to ca from caa2.
RATINGS RATIONALE
The downgrade of Yes Bank's issuer and senior unsecured MTN program
ratings to Caa3 from B2 and (P)Caa3 from (P)B2 respectively is a
result of an event of default triggered by the Reserve Bank of
India's (RBI) 30-day moratorium, which prevents Yes Bank from
making a full and timely payment to its senior creditors.
Despite the event of default, the Caa3 rating takes into account
Moody's expectation that although recovery rates for the banks'
senior creditors may be high given the close involvement of the
Indian authorities and stated intention to resolve the bank
quickly, the ultimate timing and form of eventual resolution
remains uncertain. Actions by the authorities to date have not
reduced the probability of default as evidenced by the moratorium
announcement, and highlights the continued uncertainty around
private sector bank resolutions in India and the recovery prospects
for senior creditors.
The downgrade of the bank's long term deposit rating to Caa1 from
B2 also reflects the RBI moratorium, which constitutes an event of
default. Nevertheless, Moody's expects there is a higher
probability of low loss rate for depositors and as a result Moody's
has differentiated the bank deposit ratings from the issuer rating,
which applies to non-deposit senior creditors. The assurance made
by the RBI to protect depositors' interests provides greater
certainty that the risk of losses to depositors is lower.
Yes Bank's long-term ratings remain under review with the direction
uncertain, reflecting Moody's expectation of a potential for
different outcomes. A prompt resolution of Yes Bank, that minimizes
losses to depositors and creditors could result in a stabilization
or upgrade of the bank's ratings. But, a protracted resolution that
extends the moratorium could result in lower recovery rates for the
bank's creditors and could lead to a further downgrade of the
bank's ratings.
That said, Yes Bank can continue to discharge its liabilities
arising from repurchase transactions (repo). However, the RBI
moratorium prevents the bank from making fully and timely payment
of some of its other operational liabilities, such as
uncollateralized derivatives obligations. As a result, Moody's has
downgraded the bank's CRR and CR Assessment to Caa1 from B1 and
Caa1(cr) from B1(cr) respectively.
The RBI action also confirms Moody's view that the bank's
standalone viability, in the absence of extraordinary support from
Indian authorities, is in question. This has led to the downgrade
of the bank's BCA to ca from caa2. Nevertheless, Moody's expects
high recovery prospects for the principal and interest on the
bank's deposits, as indicated by the final rating on those
instruments.
WHAT COULD CHANGE THE RATING UP
Moody's could upgrade the ratings or change the outlook to stable
if Indian authorities conclude a material capital raise,
reconstruct the bank's assets and liabilities, or amalgamate the
bank with another stronger bank, such that any action taken reduces
the risks of losses to senior creditors and depositors.
WHAT COULD CHANGE THE RATING DOWN
Moody's could further downgrade the bank's ratings if Indian
authorities are unable to resolve the bank within the planned
moratorium period or if the moratorium is extended, such that it
further impairs the bank's ability to make timely payments to
depositors and senior creditors. Any risk of a likelihood of
burden-sharing by Yes Bank's senior creditors in the bank's
resolution will lead to a downgrade of the bank's senior debt
ratings.
The principal methodology used in these ratings was Banks
Methodology published in November 2019.
Yes Bank Limited is headquartered in Mumbai and reported total
assets of INR3.5 trillion ($49.1 billion) at September 30, 2019.
List of affected ratings
Yes Bank Limited
- Long-term foreign currency issuer rating downgraded to Caa3
from B2, on Review Direction Uncertain, Outlook is ratings under
review
- Long-term foreign and local currency deposit ratings downgraded
to Caa1 from B2, on Review Direction Uncertain, Outlook is ratings
under review
- Short-term foreign and local currency deposit ratings affirmed
at NP
- Foreign currency senior unsecured MTN program rating downgraded
to (P)Caa3 from (P)B2, on Review Direction Uncertain
- Baseline Credit Assessment (BCA) and adjusted BCA downgraded to
ca from caa2
- Long-term Counterparty Risk Assessment (CR Assessment)
downgraded to Caa1(cr) from B1(cr), on Review Direction Uncertain
- Short- term CR Assessment affirmed at NP(cr)
- Long-term domestic and foreign currency counterparty risk
rating (CRR) downgraded to Caa1 from B1, on Review Direction
Uncertain
- Short-term domestic and foreign currency CRR affirmed at NP
- Outlook Action: Outlook is ratings under review
Yes Bank, IFSC Banking Unit Branch
- Foreign currency senior unsecured MTN program rating downgraded
to (P)Caa3 from (P)B2, on Review Direction Uncertain
- Foreign currency senior unsecured debt rating downgraded to
Caa3 from B2, on Review Direction Uncertain, Outlook is ratings
under review
- Long-term CR Assessment downgraded to Caa1(cr) from B1(cr), on
Review Direction Uncertain
- Short-term CR Assessment affirmed at NP(cr)
- Long-term domestic and foreign currency CRR downgraded to Caa1
from B1, on Review Direction Uncertain
- Short-term domestic and foreign currency CRR affirmed at NP
- Outlook Action: Outlook is ratings under review
=================
I N D O N E S I A
=================
GARUDA INDONESIA: Virus Adds to Big Debt Payment Woes
-----------------------------------------------------
Harry Suhartono and Denise Wee at Bloomberg News report that the
coronavirus outbreak couldn't have come at a worse time for PT
Garuda Indonesia, pummeling demand at the flag carrier just as it
faces a debt bill for half a billion dollars.
Debt market concern about sagging travel demand and the impact of
financial market turmoil has caused Garuda's $500 million notes due
on June 3 to tumble to a record low of 55.3 cents on the dollar,
according to Bloomberg-compiled prices. The securities have dropped
5.9 cents this week after sinking 36 cents last week, the report
notes.
Garuda is discussing all available options on its outstanding debts
and aiming for a solution before any of those liabilities mature,
President Director Irfan Setiaputra said in a text message in
response to queries from Bloomberg.
According to Bloomberg, the virus epidemic is wreaking havoc on
airlines across the globe, and the Indonesian state-owned carrier
is no exception. Garuda slashed its international capacity by 30%
as of Feb. 17 compared with what it offered four weeks earlier,
resulting in a 12% decline in its total seats being offered,
Bloomberg discloses citing data from OAG Aviation Worldwide.
"Under a normal situation, the company's debt issue should not have
been a major problem," Bloomberg quotes Fahressi Fahamlesta, a
Jakarta-based analyst at PT Ciptadana Sekuritas Asia, as saying.
"But this outbreak of coronavirus has become a perfect storm for
the company resulting in slumping travel demand and a crashing
market which will make fundraising difficult."
Garuda's shares have dropped 44% this year after tumbling 38% in
February alone, its biggest monthly retreat ever, Bloomberg notes.
The airline has a history of defaults, the report says. It missed
payments during the Asian financial crisis in the late-1990s, when
the rupiah plunged. It also restructured its international and
local currency debt around 2010. Its total debt was $1.5 billion,
compared with cash and equivalents of $345.8 million as of Sept.
30, according to Bloomberg-compiled data.
Garuda will likely end up restructuring its debt for the third time
and if that happens, recovery on its bonds will "in all probability
be very low and involve meaningful haircuts," Deutsche Bank said in
a credit note sent on March 3, Bloomberg relays.
Even without the maturing debt, the carrier's new management might
have to thoroughly restructure its operations to deal with the
downturn from this coronavirus outbreak, according to aviation
analyst Gerry Soejatman.
"Garuda would need drastic measures to get through this one, that
includes fleet reduction and grounding of some aircraft," Bloomberg
quotes Soejatman as ssaying. "Even they don't have this pressure
from the debt repayment, these drastic measures are still needed."
Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations. Under its Citilink
brand, it serves 10 other domestic routes. Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.
=====================
N E W Z E A L A N D
=====================
DOWSONS SHOES: To Shut Stores After 82 Years
--------------------------------------------
Stuff.co.nz reports that Christchurch company Dowsons Shoes is
shutting its stores for good after 82 years in business across the
South Island.
A message on the company's website said the business will cease
trading and will run a clearance sale at its remaining stores until
stocks run out, Stuff relays.
"Retail has changed dramatically over the years and that change
seems to be accelerating," it says.
"The family has made the decision to cease trading in Footwear in
2020. Retail has been good to us and it's time for us to hang up
the boots and move on to other things.
"To our customers and staff, Thank you for 82 years of memories."
The company's online shop has already closed.
According to Stuff, the five Dowsons Shoes stores left before the
closure announcement were in Nelson, Dunedin and Invercargill, and
at Church Corner and The Hub Hornby in Christchurch.
The company's website said Knox Dowson opened his first premises in
Ferry Rd, Christchurch, in 1938.
"During the Second World War, Knox diverted his efforts into
supporting the war effort by supplying troops with boots and shoes.
After the war, Knox saw an opportunity to begin selling footwear
from the front of his Ferry Rd Factory," it said.
The company began expanding through the South Island and Wellington
area in 1995.
Its Timaru branch closed in January, while the Blenheim store
closed in August last year, and the North Island's Lower Hutt
branch in 2011, Stuff discloses.
MTF RAMBLER 2019: Fitch Affirms BB+sf Rating on Class E Debt
------------------------------------------------------------
Fitch Ratings upgraded the ratings on seven tranches from three MTF
ABS Trusts and affirmed the ratings on ten tranches. The
transactions are securitisations backed by New Zealand automotive
loan receivables originated by Motor Trade Finance Ltd (MTF). The
notes were issued by Trustees Executors Limited in its capacity as
trustee of the respective trusts. Collateral balances for MTF
Torana Trust 2016, MTF Sierra Trust 2017 and MTF Rambler Trust 2019
were NZD51.5 million, NZD152.3 million and NZD277.2 million,
respectively, at the February 2020 payment date.
The upgrades on the notes of MTF Torana and MTF Sierra reflect
Fitch's revised cash flow modelling, which takes into account the
shorter remaining term of the transactions; asset performance that
is better than the base-case gross-loss expectations set at
closing; better recovery and net loss than expected at closing; and
increased credit enhancement. MTF Sierra also had a higher yield
modelled post the end of the revolving period.
Further upgrades to class B, C and D notes in MTF Torana and class
B and C notes in MTF Sierra are constrained by the transactions'
documented counterparty triggers.
RATING ACTIONS
MTF Torana Trust 2016
Class A NZTTMTFAT013; LT AAAsf Affirmed; previously at AAAsf
Class B NZTTMTFAT021; LT AA+sf Affirmed; previously at AA+sf
Class C NZTTMTFAT039; LT AA+sf Affirmed; previously at AA+sf
Class D NZTTMTFAT047; LT AA+sf Upgrade; previously at AA-sf
Class E NZTTMTFAT054; LT AAsf Upgrade; previously at Asf
Class F; LT A+sf Upgrade; previously at BBBsf
MTF Sierra Trust 2017
Class A NZSTMTFAT015; LT AAAsf Affirmed; previously at AAAsf
Class B NZSTMTFAT023; LT AA+sf Affirmed; previously at AA+sf
Class C NZSTMTFAT031; LT AA+sf Upgrade; previously at AA-sf
Class D NZSTMTFAT049; LT AAsf Upgrade; previously at Asf
Class E NZSTMTFAT056; LT Asf Upgrade; previously at BBB+sf
Class F; LT A-sf Upgrade; previously at BBsf
MTF Rambler Trust 2019
Class A NZRAMTFAT017; LT AAAsf Affirmed; previously at AAAsf
Class B NZRAMTFAT025; LT AAsf Affirmed; previously at AAsf
Class C NZRAMTFAT033; LT Asf Affirmed; previously at Asf
Class D NZRAMTFAT041; LT BBB+sf Affirmed; previously at BBB+sf
Class E NZRAMTFAT058; LT BB+sf Affirmed; previously at BB+sf
KEY RATING DRIVERS
Obligor Default Risk: Obligor default and recovery rates are a key
assumption in Fitch's quantitative analysis. The performance of the
underlying assets has been strong, gross defaults have been in line
with Fitch's initial base-case expectations while recoveries and
net losses have been better than expectations set at closing.
At end-January 2020, 30+ days arrears at 1.2% for MTF Sierra and
0.7% for MTF Rambler remained below Fitch's 4Q19 Dinkum ABS Index
of 1.9%; 30+ days arrears for MTF Torana, at 2.0%, were slightly
higher than the Dinkum Index, but were lower as a balance since the
last review. In addition, the higher arrears have not translated
into higher losses. Recoveries have been better than Fitch's
initial expectations and are attributable to MTF's unique recourse
model for which no credit was given. Cumulative recoveries at the
last payment date were approximately 62% for MTF Rambler, 77% for
MTF Sierra and 92% for MTF Torana, resulting in minimal net losses
that were below Fitch's base cases to date, at 0.01%, 0.47% and
0.24% for MTF Rambler, MTF Sierra and MTF Torana, respectively.
Fitch has revised the base-case gross-loss expectations for MTF
Torana and MTF Sierra based on the defaults forecast to occur over
the remaining term to maturity. The base-case gross default
expectation over the remaining life applied in Fitch's cash flow
modelling is 1.80% for MTF Torana and 2.12% for MTF Sierra; the
higher default expectation for MTF Sierra reflects its longer
remaining term to maturity.
Fitch expects stable asset performance supported by sustained
economic growth in New Zealand. Fitch forecasts steady GDP growth
of 2.4% in 2020 and stable labour markets, which, together with low
interest rates, support the Outlook for the rated notes.
Cash Flow Dynamics: Fitch completed full cash flow modelling for
MTF Torana and MTF Sierra and determined that full and timely
payment of principal and interest was made to the notes in all
scenarios at the relevant rating levels. No cash-flow modelling was
performed for MTF Rambler, as it is still in the initial two-year
revolving period and none of the variables affecting transaction
performance have changed beyond that expected at closing. Credit
enhancement is also unchanged. Furthermore, there have been no
structural changes, material changes in asset composition or breach
of any warehouse covenants that would affect the rating.
Structural Risk: Structural risks have been evaluated in the
initial transaction analysis through the review of transaction
documentation, legal opinion and structural features. There have
been no material changes to any transaction since closing.
Counterparty Risk: Counterparty risk was evaluated in the initial
transaction analysis through the review of transaction
documentation, legal opinions and structural features. There have
been no changes to any transaction counterparties since closing.
Documented counterparty triggers constrain the rating of the class
B notes for all trusts to a maximum achievable rating of 'AA+sf'.
Servicer, Operational Risk: All assets were originated by MTF,
which demonstrates adequate capability as originator, underwriter
and servicer, as evidenced by the historical delinquency and loss
performance of existing securitised trusts. Fitch undertook an
onsite operational review and found that the operations of the
originator and servicer were comparable with those of other auto
and equipment lenders in New Zealand.
Rated Above Sovereign: Structured finance notes can be rated up to
six notches above New Zealand's Long-Term Local-Currency Issuer
Default Rating of 'AA+', supporting the 'AAAsf' rating on the class
'A' notes.
RATING SENSITIVITIES
Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, which is likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Fitch does not expect the ratings to be affected by any
foreseeable change in performance. The prospect of downgrade is
remote, given the level of subordination to all rated notes and
transaction performance.
Fitch conducted sensitivity analysis by increasing gross default
levels and decreasing recovery rates over the life of the
transaction.
The class B, C and D notes in MTF Torana trust and class B and C
notes in MTF Sierra trust are constrained to a maximum achievable
rating of 'AA+sf' due to the documented counterparty triggers.
MTF Torana Trust 2016
Notes class: A/B/C/D/E/F
Current rating: AAAsf/AA+sf/AA+sf/AA+sf/AAsf/A+sf
Impact on note ratings of increased defaults:
Increase defaults by 10%: AAAsf/AA+sf/AA+sf/AA+sf/AA-sf/Asf
Increase defaults by 25%: AAAsf/AA+sf/AA+sf/AA+sf/A+sf/A-sf
Increase defaults by 50%: AAAsf/AA+sf/AA+sf/AA-sf/A-sf/BBBsf
Impact on note ratings of decreased recoveries:
Reduce recoveries by 10%: AAAsf/AA+sf/AA+sf/AA+sf/AA-sf/Asf
Reduce recoveries by 25%: AAAsf/AA+sf/AA+sf/AA+sf/AA-sf/Asf
Reduce recoveries by 50%: AAAsf/AA+sf/AA+sf/AA+sf/A+sf/A-sf
Impact on note ratings of multiple factors:
Increase defaults by 10%; reduce recoveries by 10%:
AAAsf/AA+sf/AA+sf/AA+sf/A+sf/Asf
Increase defaults by 25%; reduce recoveries by 25%:
AAAsf/AA+sf/AA+sf/AAsf/Asf/BBB+sf
Increase defaults by 50%; reduce recoveries by 50%:
AAAsf/AA+sf/AAsf/A+sf/BBBsf/BBB-sf
MTF Sierra Trust 2017
Note class: A/B/C/D/E/F
Current rating: AAAsf/AA+sf/AA+sf/AAsf/Asf/A-sf
Impact on note ratings of increased defaults:
Increase defaults by 10%: AAAsf/AA+sf/AA+sf/AA-sf/A-sf/BBB+sf
Increase defaults by 25%: AAAsf/AA+sf/AAsf/A+sf/BBB+sf/BBBsf
Increase defaults by 50%: AAAsf/AA+sf/AA-sf/A-sf/BBBsf/BBB-sf
Impact on note ratings of decreased recoveries:
Reduce recoveries by 10%: AAAsf/AA+sf/AA+sf/AA-sf/Asf/BBB+sf
Reduce recoveries by 25%: AAAsf/AA+sf/AA+sf/A+sf/A-sf/BBB+sf
Reduce recoveries by 50%: AAAsf/AA+sf/AAsf/Asf/BBB+sf/BBB-sf
Impact on note ratings of multiple factors:
Increase defaults by 10%; reduce recoveries by 10%:
AAAsf/AA+sf/AAsf/AA-sf/A-sf/BBBsf
Increase defaults by 25%; reduce recoveries by 25%:
AAAsf/AA+sf/AA-sf/A-sf/BBBsf/BBB-sf
Increase defaults by 50%; reduce recoveries by 50%:
AAAsf/AAsf/A-sf/BBBsf/BB+sf/BBsf
ROSS ASSET: Investors Lay Out Claim against ANZ Bank
----------------------------------------------------
Radio New Zealand reports that investors from the collapsed Ross
Asset Management company have had their turn in court on March 3 as
their bid to sue the ANZ Bank wrapped up.
ANZ Bank is at the High Court in Wellington facing a suit from 554
former investors who claim it either knew or should have known that
Wellington financial adviser David Ross was operating a Ponzi
scheme, RNZ says.
Wellington financial adviser David Ross was jailed in 2013 for a
fraud that left investors NZD115 million out of pocket.
According to RNZ, lawyers for ANZ on March 2 told the High Court in
Wellington the claim lacked specifics and should not proceed to
trial.
RNZ relates that the investors' lawyer Justin Smith said the claim
was clear and began his submission by telling the court the bank
knew money from the client account was to be held for client
purposes only.
He said the bank should have acted when it saw that money being
used for other purposes, and referred to a raft of transactions to
illustrate the point, RNZ relays.
"Now we have these clients of RAM [Ross Asset Management] paying
RAM's rent -- NZD7,900, bank fees again, wages again, paying for
the BMW again, again RAM's rent -- NZD9,400, Mr and Mrs Ross get
NZD881 . . . somebody's credit cards get paid."
Other expenses included alcohol and IT software, the report says.
"We are alleging that the bank knew Mr Ross or his company held
money on trust for beneficiaries and that he was spending it on
things that had precisely nothing to do with anything for which
those funds were held on trust [for] and that the bank knew it."
He said a dishonest assistance allegation only required proof that
the bank failed to stop funds it knew were not supposed to be
spent.
"That means that you have failed to draw the dots, failed to infer
. . . but if the standard is that as a reasonable and honest banker
in those circumstances you ought to join the dots or that there is
an implication of an unauthorised payment -- then you are liable."
He said the fact the funds were being used for dishonest reasons
was merely a deeper permutation, RNZ relates.
RNZ says Mr. Smith also read out a number of excerpts from
documents and emails obtained by the Financial Markets Authority
related to the operation of the Ross accounts, which are suppressed
by the court, to hammer his point home about why the bank was
liable for dishonest assistance.
Those documents were the subject of a lengthy legal battle, which
almost went all the way to the Supreme Court as ANZ fought against
their release, relays RNZ.
According to the report, ANZ's lawyer Neil Campbell ended
proceedings by again claiming the case lacked specifics around the
plea, and said those particulars were required for such serious
allegations.
He asked the "ought to have known" aspect of the claim be struck
out at a minimum and that the court not include the suppressed
documents when making its decision.
The court has reserved its decision, RNZ notes.
About Ross Asset
As reported in the Troubled Company Reporter-Asia Pacific on Nov.
8, 2012, the High Court appointed PricewaterhouseCoopers partners
John Fisk and David Bridgman as Receivers and Managers to Ross
Asset Management Limited and nine other associated entities
following application by the Financial Markets Authority. The
associated entities are:
* Bevis Marks Corporation Limited;
* Dagger Nominees Limited;
* McIntosh Asset Management Limited;
* Mercury Asset Management Limited;
* Ross Investment Management Limited;
* Ross Unit Trusts Management Limited;
* United Asset Management Limited;
* Chapman Ross Trust;
* Woburn Ross Trust;
* Ace Investments Limited or Ace Investment Trust Limited or
Ace Investment Trust;
* Vivian Investments Limited; and
* Ross Units Trusts Limited.
The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.
Mr. Fisk said they have identified investments of nearly NZD450
million held on behalf of more than 900 investors across 1,720
individual accounts.
The High Court in Dec. 17, 2012, ordered John Fisk and David
Bridgman be appointed liquidators of these companies:
-- Ross Asset Management Limited (In Receivership);
-- Bevis Marks Corporation Limited (In Receivership);
-- McIntosh Asset Management Limited (In Receivership);
-- Mercury Asset Management Limited (In Receivership);
-- Dagger Nominees Limited (In Receivership);
-- Ross Investment Management Limited (In Receivership);
-- Ross Unit Trust Management Limited (In Receivership); and
-- United Asset Management Limited (In Receivership).
=====================
P H I L I P P I N E S
=====================
RURAL BANK OF TIBIAO: Central Bank Orders Closure
-------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Rural Bank of Tibiao (Antique), Inc. from doing business
in the Philippines through MB Resolution No. 344.A dated March 5,
2020 which also directed the Philippine Deposit Insurance
Corporation (PDIC) as Receiver to proceed with the takeover and
liquidation of Rural Bank of Tibiao (Antique), Inc. PDIC took over
the bank on March 6, 2020.
Rural Bank of Tibiao (Antique), Inc. is a single-unit rural bank
located on Gov A. T. Lim Avenue, Poblacion, Tibiao, Antique.
Latest available records show that as of December 31, 2019, Rural
Bank of Tibiao (Antique), Inc. has 969 deposit accounts with total
deposit liabilities of PHP30.35 million, of which 99.36% or
PHP30.16 million are insured deposits.
PDIC assured depositors that all valid deposits and claims shall be
paid up to the maximum deposit insurance coverage of PHP500,000.00.
Individual account holders of valid deposits with balances of
PHP100,000.00 and below do not need to file deposit insurance
claims, provided they have no outstanding obligations or have not
acted as co-makers of obligations with Rural Bank of Tibiao
(Antique), Inc. These individual depositors must ensure that they
have complete and updated addresses with the bank. PDIC
representatives will be distributing Mailing Address Update Forms
at the bank premises and depositors may submit the forms until
March 12, 2020.
For business entities and all other depositors who are required to
file claims for deposit insurance, the schedule for filing of
claims will be announced through posters in the bank premises and
in other public places, the PDIC website www.pdic.gov.ph, and
PDIC's official Facebook account.
PDIC also reminded borrowers to continue paying their loan
obligations with the closed Rural Bank of Tibiao (Antique), Inc.
and to transact only with designated PDIC representatives at the
bank premises.
For more information on the requirements and procedures for filing
of claims for deposit insurance and settlement of loan obligations,
all depositors and borrowers of the bank are enjoined to attend the
Depositors-Borrowers' Forum on March 18, 2020. Details will be
posted at the bank premises and in other public places.
Pursuant to Section 13 of R.A. 3591, as amended, PDIC shall
likewise accept Letters of Intent from interested banks and
non-bank institutions for possible Purchase of Assets and
Assumption of Liabilities (P&A) as a mode of liquidating Rural Bank
of Tibiao (Antique), Inc. within sixty (60) days from PDIC takeover
subject to compliance with the requirements prescribed under the
Guidelines in Pre-qualifying Proponents and Evaluating the
Proposals for Purchase of Assets and Assumption of Liabilities Mode
of Liquidating Closed Banks posted in the PDIC website.
All stakeholders and interested parties may communicate with PDIC
Public Assistance personnel stationed at the bank premises or call
the PDIC Public Assistance Hotline during office hours at (02)
8841-4141 or the Toll Free Hotline at 1-800-1-888-PDIC (7342) for
those outside Metro Manila. Inquiries may also be sent by e-mail to
pad@pdic.gov.ph or via private message to the official PDIC
Facebook account at www.facebook.com/OfficialPDIC.
=================
S I N G A P O R E
=================
CH OFFSHORE: Files Notice of 3 Years of Consecutive Losses
----------------------------------------------------------
Sharon See at The Business Times reports that CH Offshore filed a
notice on March 9 of three years of consecutive losses.
According to the its unaudited financial statement for the
financial year ended Dec. 31, 2019, it recorded a loss after income
tax of US$14.06 million for FY2019, BT discloses.
BT relates that the mainboard-listed firm said the losses were
mainly due to losses from an associate company and a provision for
brokers' commission following the result of an arbitration
proceeding.
In August 2019, a claim of US$3.7 million was made against CH
Offshore, a subsidiary of oilfield services provider Baker
Technology, following an arbitration brought about by three ship
brokers for unpaid brokers' commissions and damages, BT recalls.
The report relates that the final amount due to the claimants will
be determined following the service of further submissions to the
tribunal, the company said.
Under listing rules on the Singapore Exchange (SGX),
mainboard-listed companies will be placed on the watch list under
the financial entry criteria if they record pre-tax losses for the
three most recently completed consecutive financial years and also
fail to maintain an average daily market cap of at least S$40
million over the last six months, the report notes.
CH Offshore said its latest six-month average daily market
capitalisation as at Feb. 17, 2020 is SGD39.9 million.
BT adds that the company said it will make an immediate
announcement should it be notified by SGX that it will be placed on
the watch list.
CH Offshore Ltd. (CHO) provides marine support services. The
Company offers towing, anchor-handling, dry bulk cargoes, emergency
response, rescue, fire-fighting, and field support services. CHO
serves customers worldwide.
=====================
S O U T H K O R E A
=====================
S. KOREA: Japan's Entry Restrictions Deal Bigger Blow to Airlines
-----------------------------------------------------------------
Yonhap News Agency reports that Japan's entry restrictions for
visitors from South Korea are dealing another blow to airlines and
travel agencies already hit by the fast-spreading coronavirus
outbreak, the companies said on March 6.
According to Yonhap, local airlines and travel agencies have been
struggling with a sharp decline in air travel demand for more than
a month after South Korea's first confirmed COVID-19 case was
reported on Jan. 20.
Adding to their woes, Japan announced March 5 that visitors from
South Korea and China will be requested to be quarantined at
designated facilities for two weeks and to refrain from using
public transportation, the report says. The restriction will be
implemented from March 9 through the end of this month. Japan also
plans to suspend the 90-day visa-free entry program for South
Koreans during the same period, according to diplomatic sources.
In response to Tokyo's new entry restrictions, South Korea said
March 6 it will suspend a visa-free entry program for Japanese
nationals from March 9, Yonhap relates.
According to Yonhap, the move prompted Korean Air Lines Co., the
country's biggest airline and national flag carrier, to suspend 16
of its flights on 17 routes, except for the Incheon-Narita route,
to the neighboring country starting March 9.
Yonhap relates that Asiana Airlines Inc., South Korea's
second-biggest airline, said it will suspend all of its flights to
Japan from March 9-31 due to Japan's entry restrictions. It
previously operated 11 routes to eight Japanese cities.
The two full-service carriers have continued to reduce or suspend
flights on domestic and international routes since February, the
report notes.
Korean Air said 80 percent of its overall flights were not in
operation as of March 2, Yonhap relates. It had provided passenger
and cargo carrying services to 115 cities in 44 countries before
the coronavirus hit.
Jeju Air Co., the country's largest low-cost carrier, said it will
continue to serve two routes from Incheon to Tokyo and Osaka,
Yonhap relays. Thirteen out of its 15 routes to Japan are not in
operation.
"We have made the decision as there is travel demand to the cities
due mainly to business reasons, though passengers will have to
undergo a two-week quarantine upon arrival in Japan," Yonhap quotes
a Jeju Air spokesman as saying.
As of March 6, South Korea had reported 6,593 confirmed cases of
the novel coronavirus and 42 deaths. At least 100 countries and
territories plan to enforce or are imposing entry restrictions on
visitors from South Korea.
Six other budget carriers -- Jin Air, Air Busan, Air Seoul, Eastar
Jet, T'way and Fly Gangwon -- have already suspended all or most of
their flights on international routes, Yonhap discloses. Most of
them have entered an emergency management system to stay afloat.
No flights to Japan from the country's seven budget carriers will
be available from March 9, adds Yonhap.
Among industries affected by the virus outbreak, travel agencies
are also bearing the brunt, Yonhap notes.
According to Yonhap, most local travel agencies are deeply
concerned about poor earnings results for the first quarter and a
forced restructuring as bookings for overseas travel have fallen to
rock bottom this month.
"The company asked all of its 5,000 employees to work for three
days a week in March as there are no flight bookings for domestic
and overseas travel," the report quotes Lee Jae-min, who runs a
Hana Tour travel agency in Seoul, as saying.
Travel agencies -- which mainly handle travel packages, business
trips for local companies and cruise travel products -- will suffer
the most from the coronavirus fallout in terms of business results,
Lee said, Yonhap relays.
The Korea Association of Travel Agents, which represents 1,200 out
of the country's 18,000 travel companies, is concerned that if
airlines continue to suspend flights, many agencies will end up
going bankrupt, KATA spokesperson Koo Jeong-hwan said, according to
Yonhap.
"The airline and travel businesses are not alone. The virus
outbreak is having negative implications for related industries --
hotels, duty free shops and restaurants, to name just a few," the
spokesperson said.
KATA recently called for financial support from the government as
their members badly need to maintain their workforce because the
travel business, unlike manufacturers, depends heavily on
experienced human resources, he said, Yonhap relays.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week March 2, 2020 to March 6, 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
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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
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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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