/raid1/www/Hosts/bankrupt/TCRAP_Public/200421.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, April 21, 2020, Vol. 23, No. 80
Headlines
A U S T R A L I A
AQUAGUARD INVESTMENTS: Second Creditors' Meeting Set for April 30
AUS CONFEC PTY: Second Creditors' Meeting Set for April 24
AUSTRALIAN NUTRITION: Second Creditors' Meeting Set for April 24
BLUE MOON: First Creditors' Meeting Set for April 28
BRIZFORM PTY: First Creditors' Meeting Set for April 29
CS LOGISTIC: First Creditors' Meeting Set for April 27
EVERSHINE INT'L: First Creditors' Meeting Set for April 29
KIKKI.K PTY: Second Creditors' Meeting Set for April 23
MESOBLAST LIMITED: Partners with CTSN to Conduct Remestemcel Trial
RED ENGINE: Goes Into Voluntary Administration; Owes AUD4 Million
THUNDER FINCO: Moody's Alters Outlook on B2 CFR to Negative
C H I N A
361 DEGREES INT'L: Fitch Cuts LT IDR to 'B+', Outlook Stable
ANBANG INSURANCE: Sells Remaining Stake in Chengdu Bank
BLUEFOCUS INTELLIGENT: Fitch Affirms B+ LT IDRs, Outlook Stable
PACTERA TECHNOLOGY: Moody's Withdraws Caa1 CFR
SHANDONG YUHUANG: Fitch Withdraws 'RD' LongTerm IDR
YUZHOU PROPERTIES: S&P Cuts ICR to B+ on Weakening Revenue Growth
I N D I A
AJAY MODERN: ICRA Keeps B- on INR7cr Bank Loans in Not Cooperating
BANK OF INDIA: S&P Affirms 'BB+' ICR, Outlook Stable
BUDS TEA: ICRA Keeps D on INR27.25cr Bank Loans in Not Cooperating
CREDIBLE ENGINEERING: ICRA Cuts Rating on INR43.53cr Loan to B+
GOLDEN STAR: ICRA Moves B+ on INR5cr Loan to Not Cooperating
GUJARAT PEANUT: ICRA Withdraws B+ Ratings on INR7.50cr Loans
HAZARIBAGH RANCHI: Ind-Ra Affirms D on Non-Convertible Debentures
IL&FS: Sells Entire Stake in Wind Power Arm to Japan's Orix
INDUS INTEGRATED: ICRA Keeps B+ Debt Rating in Not Cooperating
M.M. ISPAT PVT: ICRA Keeps D on INR10cr Loans in Not Cooperating
MAHALAXMI ASSOCIATES: ICRA Keeps B+ Debt Rating in Not Cooperating
MAHALAXMI INDIA: ICRA Keeps B+ on INR4cr Credit in Not Cooperating
MANJUNATHA SILKS: ICRA Moves B+ on INR11.6cr Loan to NonCooperating
MARUTI GINNING: ICRA Withdraws B+ Rating on INR6.05cr Loan
NATIONAL ELECTRONICS: ICRA Cuts Rating on INR6.90cr Loan to B+
RADHAGOBINDA RICE: ICRA Keeps D on INR5.4cr Loan in Not Cooperating
RADHEKRUSHNA GINNING: ICRA Withdraws 'B' Rating on INR10cr Loan
SARASWATI MEDICAL: Ind-Ra Keeps BB+ Loan Rating in Non-Cooperating
SHIV NARESH: ICRA Lowers Ratings on INR11.0cr Loans to B+/A4
SHRI RAJ JEWELS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
SHRIMATI SULOCHNA: ICRA Withdraws B+ Rating on INR15.40cr Loan
SHRIRAM TRANSPORT: S&P Lowers ICR to 'BB', Outlook Negative
SOWPARNIKA PROJECTS: ICRA Cuts Rating on INR88.70cr Loan to B+
SUSHRAVYA UPLIFTMENT: ICRA Reaffirms B Rating on INR10cr Loan
WESTERN CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating
I N D O N E S I A
INDONESIA: To Expand Tax Breaks to Prevent 'Bankruptcies'
J A P A N
NISSAN MOTOR: Egan-Jones Lowers Senior Unsecured Ratings to BB
S I N G A P O R E
HIN LEONG: ABN Amro Makes Claims Against Oil Trader
HIN LEONG: Failed to Declare $800MM Losses; Files Bankruptcy
V I E T N A M
ANZ BANK: Fitch Alters Outlook on 'BB' LongTerm IDR to Stable
ASIA COMMERCIAL: Fitch Alters Outlook on 'B+' LT IDR to Negative
MILITARY COMMERCIAL: Fitch Alters Outlook on 'B+' LT IDR to Neg.
VIETCOMBANK: Fitch Alters Outlook on 'BB-' LongTerm IDR to Stable
VIETINBANK: Fitch Alters Outlook on 'BB' LT IDR to Stable
X X X X X X X X
[*] BOND PRICING: For the Week April 13, 2020 to April 17, 2020
- - - - -
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A U S T R A L I A
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AQUAGUARD INVESTMENTS: Second Creditors' Meeting Set for April 30
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Aquaguard
Investments Pty Ltd has been set for April 30, 2020, at 11:00 a.m.
via teleconference only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 29, 2020, at 5:00 p.m.
Nicholas David Cooper of Worrells Solvency & Forensic Accountants
was appointed as administrator of Aquaguard Investments on March
17, 2020.
AUS CONFEC PTY: Second Creditors' Meeting Set for April 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Aus Confec Pty
Ltd has been set for April 24, 2020, at 10:00 a.m. No physical
place of meeting will be provided and creditors wishing to attend
must do so via electronic means.
To access those facilities, please contact:
philip@dwadvisory.com.au, no later than two (2) business days
before the meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 23, 2020, at 5:00 p.m.
Anthony Elkerton and Justin Holzman of DW Advisory were appointed
as administrators of Aus Confec on Nov. 18, 2019.
AUSTRALIAN NUTRITION: Second Creditors' Meeting Set for April 24
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Australian
Nutrition & Sports Limited has been set for April 24, 2020, at
11:00 a.m. Due to the current COVID-19 pandemic, a virtual meeting
will be held.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 23, 2020, at 5:00 p.m.
Richard John Cauchi and Michael Carrafa of SV Partners were
appointed as administrators of Australian Nutrition on March 11,
2020.
BLUE MOON: First Creditors' Meeting Set for April 28
----------------------------------------------------
A first meeting of the creditors in the proceedings of Blue Moon
Solutions Pty Ltd, formerly Known as "BRW Logistics Pty Ltd", will
be held on April 28, 2020, at 11:00 a.m.
Creditors wishing to attend by electronic means are advised to use
the following facility:
Facility details: (02) 9087 3604
Password: 907-718-261
Steve Naidenov -- snaidenov@astoncg.com.au -- and Ian Niccol --
iniccol@astoncg.com.au -- of Aston Chase Group were appointed as
administrators of Blue Moon Solutions on April 16, 2020.
BRIZFORM PTY: First Creditors' Meeting Set for April 29
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A first meeting of the creditors in the proceedings of Brizform Pty
Ltd will be held on April 29, 2020, at 11:00 a.m.
Creditors wishing to attend by electronic means are advised to use
the following facility:
Facility detail:
02 6217 0433 - ACT
03 9286 8333 - VIC
08 9261 9499 - WA
02 8226 4933 - NSW
07 3225 7883 - QLD
Mitchell Herrett of RSM Australia Partners was appointed as
administrator of Brizform Pty on
April 17, 2020.
CS LOGISTIC: First Creditors' Meeting Set for April 27
------------------------------------------------------
A first meeting of the creditors in the proceedings of CS Logistic
Solutions Pty Ltd will be held on April 27, 2020, at 11:00 a.m. via
telephone or Zoom video conferencing.
Brent Leigh Morgan and Goeffrey Niels Handberg of Rodgers Reidy
were appointed as administrators of CS Logistic on April 15, 2020.
EVERSHINE INT'L: First Creditors' Meeting Set for April 29
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Evershine
International Pty Ltd will be held on April 29, 2020, at 11:30 a.m.
via teleconference.
Angus Carnegie Gordon of Macquarie Gordon & Co was appointed as
administrator of Evershine International on April 17, 2020.
KIKKI.K PTY: Second Creditors' Meeting Set for April 23
-------------------------------------------------------
A second meeting of creditors in the proceedings of Kikki.K Pty Ltd
has been set for April 23, 2020, at 3:00 p.m. via virtual meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 22, 2020, at 4:00 p.m.
James Patrick Downey of JP Downey & Co was appointed as
administrator of Kikki.K Pty on March 10, 2020.
MESOBLAST LIMITED: Partners with CTSN to Conduct Remestemcel Trial
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Mesoblast Limited's allogeneic mesenchymal stem cell (MSC) product
candidate remestemcel-L will be formally evaluated in a randomized,
placebo-controlled trial in 240 patients with acute respiratory
distress syndrome (ARDS) caused by coronavirus infection
(COVID-19). This multi-center Phase 2/3 trial will be conducted as
a public-private partnership in a collaboration with the
Cardiothoracic Surgical Trials Network (CTSN), which was
established by the United States National Institutes of Health's
National Heart, Lung and Blood Institute (NHLBI) as a flexible
platform for conducting collaborative trials. Mesoblast holds an
Investigational New Drug (IND) Application from the United States
Food and Drug Administration (FDA) for use of remestemcel-L in the
treatment of patients with COVID-19 ARDS, and will provide
investigational product for the trial.
Mesoblast Chief Executive Dr Silviu Itescu stated: "This
significant public-private partnership is a prime example of how
the combined resources of industry and government can be leveraged
to evaluate in a most efficient and rigorous manner the potential
of innovative therapies to make a meaningful difference to patient
outcomes."
CTSN Chairman Dr A. Marc Gillinov said: "We are excited to work
with Mesoblast to make a real impact on the high mortality
associated with COVID-19. This randomized controlled trial is in
line with our mandate to rigorously evaluate novel therapies for
public health imperatives."
Professor and System Chair of Population Health Science and Policy
and the Edmond A. Guggenheim Professor of Health Policy at the
Icahn School of Medicine at Mount Sinai, Dr Annetine Gelijns, said:
"The COVID-19 pandemic has resulted in very large numbers of people
suffering with ARDS requiring ventilation in hospital intensive
care units, with dismal outcomes, placing an enormous burden on the
United States health system. We are committed to evaluating
whether Mesoblast's mesenchymal stem cell product candidate for
ARDS has the potential to make an impact on this unprecedented
health crisis."
ARDS occurs due to an excessive immune response against the
COVID-19 virus in the lungs, with the inflammatory cytokines
produced by the immune cells (cytokine storm) destroying the lung
tissue. These inflammatory cytokines also can cause damage to
other organs such as liver, kidney, and heart.
Remestemcel-L is being developed for various inflammatory
conditions, and is believed to counteract the inflammatory
processes implicated in these diseases by down-regulating the
production of pro-inflammatory cytokines, increasing production of
anti-inflammatory cytokines, and enabling recruitment of naturally
occurring anti-inflammatory cells to involved tissues. The safety
and therapeutic effects of remestemcel-L intravenous infusions have
been evaluated in over 1,100 patients in various clinical trials.
Remestemcel-L was successful in a Phase 3 trial for
steroid-refractory acute graft versus host disease (aGVHD) in
children, a potentially fatal inflammatory condition due to a
similar cytokine storm process as is seen in COVID-19 ARDS.
Additionally, a post-hoc analysis of a randomized,
placebo-controlled study in 60 patients with chronic obstructive
pulmonary disease demonstrated that remestemcel-L significantly
improved respiratory function in patients with the same elevated
inflammatory biomarkers that are also observed in patients with
COVID-19 ARDS. Together, these outcomes provide the rationale for
evaluating remestemcel-L in patients with COVID-19 ARDS.
Mesoblast Chief Medical Officer Dr Fred Grossman said: "The
mortality rate in moderate to severe ARDS due to COVID-19 can be as
high as 80%. Remestemcel-L has demonstrated safety, efficacy and
significant survival benefit in aGVHD where inflammation is at the
core, similar to ARDS from COVID-19. The mechanism of action of
remestemcel-L demonstrated in aGVHD supports the evaluation of
remestemcel-L to safely tame a similar cytokine storm in the lungs
that leads to the high mortality in patients with COVID-19."
About Mesoblast
Headquartered in Melbourne, Australia, Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) -- http://www.mesoblast.com/-- is a global developer
of innovative cell-based medicines. The Company has leveraged its
proprietary technology platform to establish a broad portfolio of
late-stage product candidates with three product candidates in
Phase 3 trials - acute graft versus host disease, chronic heart
failure and chronic low back pain due to degenerative disc disease.
Through a proprietary process, Mesoblast selects rare mesenchymal
lineage precursor and stem cells from the bone marrow of healthy
adults and creates master cell banks, which can be industrially
expanded to produce thousands of doses from each donor that meet
stringent release criteria, have lot to lot consistency, and can be
used off-the-shelf without the need for tissue matching. Mesoblast
has locations in Australia, the United States and Singapore and is
listed on the Australian Securities Exchange (MSB) and on the
Nasdaq (MESO).
Mesoblast reported a net loss attributable to owners of the Company
of US$89.79 million for the year ended June 30, 2019, a net loss
attributable to owners of the Company of US$35.29 million for the
year ended June 30, 2018, and a net loss attributable to owners of
the Company of US$76.81 million for the year ended June 30, 2017.
As of June 30, 2019, Mesoblast had US$652.11 million in total
assets, US$171.06 million in total liabilities, and $481.05 million
in total equity.
PricewaterhouseCoopers, in Melbourne, Australia, the Company's
auditor since 2008, issued a "going concern" opinion in its report
on the Company's consolidated financial statements for the year
ended June 30, 2019. The auditors noted that the Company has
suffered recurring losses and net cash outflows from operations and
other matters that raise substantial doubt about its ability to
continue as a going concern.
RED ENGINE: Goes Into Voluntary Administration; Owes AUD4 Million
-----------------------------------------------------------------
Chris Pash at AdNews reports that independent creative agency Red
Engine SCC has gone into voluntary administration with liabilities
of more than AUD4 million, including staff entitlements and an
unpaid tax bill.
CEO Julian Townley, a former sales manager at Ten and at Yaffa
Media who founded the full service agency in 2012, confirmed on
April 17 Red Engine was continuing to trade, AdNews relates.
Christopher Darin, a partner at solvency management firm Worrells
Solvency & Forensic Accountants, had been appointed administrator,
the report discloses.
The firm is reviewing the company's financial position and options,
including a trade sale. Worrells said: "The company's business has
been advertised for sale and the administrator is also in the
process of exploring avenues for a Deed of Company Arrangement with
the director."
According to AdNews, industry insiders said the issues at Red
Engine pre-date the coronavirus crisis, with long-standing debt to
the Australian Tax Office (ATO).
Staff at Red Engine said the company made an announcement on March
27. "All staff were let go on pay day and informed that the company
couldn't make payroll," one told AdNews.
Another said: "We are all gutted and trying to move forward in this
crazy time."
The company owes money to its employees and others, AdNews add
citing documents filed with corporate regulator ASIC.
In turn the company, Red Engine Strategy Content Creative Pty Ltd,
is also owed money and has some assets, including plant and
equipment, the report says.
Annual leave, superannuation and redundancy payments totalling
AUD415,450 are owed, including entitlements for 13 staff.
The company also has bills and loans outstanding totalling AUD3.7
million, including AUD909,360 to the ATO, AdNews discloses.
THUNDER FINCO: Moody's Alters Outlook on B2 CFR to Negative
-----------------------------------------------------------
Moody's Investors Service has affirmed Thunder Finco Pty Limited's
B2 corporate family rating. In addition, Moody's has affirmed TEG's
B2 senior secured first lien term loan facility, and a B3 senior
secured rating on the second lien term loan facility. Moody's has
also revised the outlook to negative from stable.
RATINGS RATIONALE
The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The live
entertainment sector has been one of the sectors most significantly
affected by the shock given its exposure to crowd restrictions and
sensitivity to consumer demand and sentiment. These unprecedented
circumstances are having a significant negative impact on TEG, with
the company essentially facing a government-enforced temporary
shutdown with zero revenue.
Moody's regards the coronavirus outbreak as a social risk under the
agency's ESG framework, given the substantial implications for
public health and safety's action reflects the impact on TEG, of
the breadth and severity of the shock, and the broad deterioration
in credit quality it has triggered.
The negative outlook reflects Moody's expectation that the
postponement or cancellation of live events due to the coronavirus
outbreak will weaken TEG's financial profile. It also reflects the
uncertainty over the duration of the pandemic and the associated
containment measures, as well as the potential lasting impact on
demand for live entertainment over the next 12-18 months.
Moody's consequently expects a significant deterioration in TEG's
earnings and earnings-based credit metrics, such as debt/EBITDA and
EBITA/interest coverage.
Moody's base case assumption is that the pandemic and government
containment measures will lead to the company generating
effectively no revenue over the next six months, with a gradual
recovery from that point. However, there are risks of more
challenging downside scenarios, and the severity and duration of
the pandemic and social distancing rules remain uncertain.
Liquidity
TEG's liquidity sources are comprised of: (1) AUD110 million of
unrestricted cash as at the end of December; (2) AUD80 million of
equity raised in the March quarter; and (3) AUD28 million drawn
from its revolving credit facility.
Moody's expects the low capital intensity and low fixed cost nature
of the business means that the cash burn during the shutdown period
is manageable. Under Moody's base case assumptions, the company
should have sufficient liquidity to operate for at least nine
months with no revenue.
Structural considerations
The rating assigned to the first lien term loan is at the same
level as the corporate family rating, reflecting the term loan's
preponderance of debt in the capital structure. The one-notch
difference for the second lien term loan reflects its subordinated
position relative to first lien debt.
ESG Considerations
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.
Another key social risk for TEG relates to data security, as the
company collects a large amount of personal data through ticketing
transactions. Given the sensitive nature of some of the data
collected, such as credit card details and personal information,
any data breaches would have the potential to trigger to legal,
regulatory or reputational consequences.
TEG's ownership structure presents some governance risk, to the
extent that private equity firms tend to prioritize more aggressive
growth plans and strategies, including a tolerance for higher
leverage.
Rating Outlook
The negative outlook reflects the uncertainty over the duration of
the pandemic and associated containment measures, as well as the
potential lasting impact on demand for live entertainment over the
next 12-18 months.
The rating could be stabilized once the social distancing and crowd
restriction measures are removed and there are signs of a demand
recovery for live events
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the ratings if debt/EBITDA reaches 4x and is
expected to remain at this level or continue improving. This is not
expected over the next 18-24 months.
Moody's could downgrade the ratings if TEG's liquidity deteriorates
from its current expectations due to a higher than expected cash
burn.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
Headquartered in Sydney, Australia, Thunder Finco Pty Limited's
operating subsidiary, TEG Pty Limited, is an integrated live
entertainment company. TEG operates ticketing services, promotes
live sports and entertainment, and provides data analytics and
digital marketing.
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C H I N A
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361 DEGREES INT'L: Fitch Cuts LT IDR to 'B+', Outlook Stable
------------------------------------------------------------
Fitch Ratings has downgraded China-based sportswear producer 361
Degrees International Limited's Long-Term Foreign-Currency Issuer
Default Rating to 'B+', from 'BB-'. The Outlook is Stable.
The downgrade reflects 361 Degrees' weakened business profile, with
lower growth and declining market share exacerbated by a drop in
consumer spending due to the coronavirus pandemic.
The Stable Outlook reflects the company's sustainable business
model, Fitch's expectation of free cash flow generation post 2020
and a deep net cash position.
KEY RATING DRIVERS
Pandemic Disrupts Brand Rebuilding: Fitch expects challenges for
361 Degrees' expansion and brand rebuilding program, formally
launched in 2019, due to lower consumer spending amid the
coronavirus pandemic. The program contributed to the 8% sales
growth in 2019 through product and brand improvements. This is
likely to limit the company's growth, with Fitch forecasting a loss
of market share in the medium term, as 361 Degrees' revenue growth
lags that of the sportswear industry and peers. 361 Degrees
accounted for 3.1% of China's sportswear market share in 2019, down
from 5.1% in 2015, according to market researcher, Euromonitor
International.
Volume Under Pressure: Fitch believes the company's sales volume
will face pressure due to severe competition from sportswear peers
in 2020. Although the company has further raised its average
wholesale price in 2020 with more signature and cross-over products
offered, Fitch believes distributors may reduce volumes
significantly given the weaker retail demand. Distributors are also
likely to face working-capital challenges in the current
environment. Fitch expects the company to take more stringent
cost-control measures, but EBITDA margin is likely to decline due
to lower gross margin and some fixed operating costs.
Prolonged Cash Cycle: Fitch expects higher working capital
requirements due to channel inventory build-up and an extension of
receivables days for distributors. 361 Degrees may be able to
maintain its payable days, but it would be difficult to lengthen
these from the 2019 level as suppliers are also facing economic
pressure. The company's net working capital position is likely to
accumulate to over CNY1.7 billion in 2020.
Able to Repay 2021 Bond: Fitch expects 361 Degrees' financial
profile to worsen in 2020, but this should not impair its ability
to repay the USD400 million (outstanding amount: USD320 million)
Senior notes due June 2021. The company has been buying back the
bond in small batches, financed by dividend payments from onshore
subsidiaries to the offshore holding company. The company may also
utilize other offshore refinancing options with onshore cash as
collateral in 2021.
DERIVATION SUMMARY
361 Degrees has a smaller scale of operation and is less
diversified in terms of geography and products than global consumer
peers. The company is also experiencing declining market share
against domestic sportswear peers. However, 361 Degrees has a
strong financial profile, with a sustained net cash position,
although there has been some volatility in FCF. 361 Degrees has a
smaller scale than branded apparel company, Levi Strauss & Co.
(BB/Negative), with EBITDA about 13% of that of the US company, but
benefits from higher profitability and a net cash position.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within its Rating Case for the Issuer
- Revenue to moderately decline in 2020 due to a fall in volume,
to moderately recover to low-single-digit growth from 2021.
- Operating EBITDA to decline below 11% in 2020 due to lower
gross margin and some fixed operating costs, to recover to
pre-pandemic levels from 2021.
- Higher working capital outflow in 2020 due to longer receivable
days offered to downstream distributors and prolonged inventory
days. Destocking to commence in 2021.
- Capex of CNY50 million in 2020 and CNY100 million from 2021.
- Dividend pay-out rate maintained at 40%.
Its recovery analysis is based on going-concern value, as it is
higher than the liquidation value. The going-concern value is
derived from 361 Degree's 2019 reported EBITDA of CNY761 million,
with a 40% discount, an enterprise value/EBITDA multiple of 5.0x,
and 10% administrative claim.
The Recovery Rating assigned to its Senior unsecured debt is 'RR4'
because, under Fitch's Country-Specific Treatment of Recovery
Ratings Rating Criteria, China falls into the Group D of countries
in terms of creditor friendliness. Recovery Ratings of issuers with
assets in this group are capped at 'RR4'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Revenue growth exceeding that of industry peers and evidence of
sustained market share gains.
- EBITDA margin above 15% for a sustained period.
- FFO interest cover sustained above 3x.
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Further significant deterioration in the company's market
position.
- Ongoing negative CFO generation.
- FFO interest cover below 2x for a sustained period.
- Failure to sustain a net cash position.
- No progress in repaying or refinancing the June 2021 US-dollar
bond.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Large Cash Balance: 361 Degrees held total cash and equivalents of
CNY6.7 billion at end-2019, which was more than sufficient to repay
its outstanding borrowings of CNY2.5 billion. However, most of the
cash is onshore and most of the debt - comprising mainly of the
2021 notes - is offshore. The company further held uncommitted
unused bank facilities of CNY2.0 billion. The outstanding US-dollar
denominated bond due June 2021 accounted for 96% of the company's
total borrowings.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).
ANBANG INSURANCE: Sells Remaining Stake in Chengdu Bank
-------------------------------------------------------
Iris Ouyang at South China Morning Post reports that Anbang
Insurance Group has sold its remaining 20.5 per cent stake in a
Chengdu city bank, one of its most valuable investments, as it
continues to offload assets after Beijing's takeover of the once
high-flying conglomerate.
Anbang sold 10.5 per cent of its shareholding in Chengdu Rural
Commercial Bank (CRCB) to the state-owned Chengdu Wuhou Industry
Investment & Development Group, the Post relates citing an
announcement on CRCB's website. The other 10 per cent went to
Chengdu Hi-tech Investment Group, another state-owned entity.
The total transaction value was not disclosed, but an earlier
filing showed it was worth about CNY8.7 billion (US$1.23 billion),
after Anbang twice discounted the price by around 10 per cent when
it failed to sell, the Post says.
The Chinese government took control of the fallen conglomerate in
February 2018 as part of a crackdown on financial risks triggered
by the highly-leveraged buying sprees of several private companies,
the Post recalls. Anbang's founder and former chairman Wu Xiaohui
was arrested and later sentenced to 18 years for defrauding
investors and embezzlement.
Since then, the government has been in talks with investors to
offload many of the company's assets, the report states.
Anbang sold its other 35 per cent shareholding in CRBC in March to
state-owned Chengdu Xingcheng Investment Group, the Post recalls.
The value of that deal was not revealed either. The stake was put
up for sale for CCNY16.5 billion at a discounted rate, according to
the most recent document filed in December.
The value of CRCB's assets dropped by 9.8 per cent to CNY636.14
billion in the first three quarters of 2018, the Post discloses
citing the newest data from Wind Information. Liabilities declined
11 per cent in the period to CNY591.5 billion.
According to the Post, Anbang was ordered by a Shanghai court to
sell its 7.2 per cent stake in China Zheshang Bank – owned
through its major shareholder Traveler Automobile – last year.
That has been on the market for CNY6.87 billion since November.
Anbang's disposals of its US luxury hotel portfolio is on pause
after the buyer, the South Korea's Mirae Asset Global Investment,
requested an extension amid the Covid-19 outbreak, according to
Bloomberg, the Post relays.
The Post says the company completed the transfer of all its shares
in Sichuan-based Hexie Health Insurance in March, the regulator
said in March.
Dajia Insurance Group, a new company formed to take on Anbang's
assets, is still seeking strategic investors, the Post states.
Anbang also completed the sale of Dutch insurer Vivat NV to Athora
Holding on April 2, according to an announcement by Athora, the
report adds.
About Anbang Insurance
Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.
As reported in the Troubled Company Reporter-Asia Pacific on Feb.
26, 2018, The Strait Times related the Chinese government had
seized control of Anbang Insurance, the troubled Chinese company
that owns the Waldorf Astoria hotel in New York and other marquee
properties around the world, and charged its former chairman with
economic crimes. The Strait Times noted that the move is Beijing's
biggest effort yet to rein in a new kind of Chinese company, in
this case, one that spent billions of dollars around the world over
the past three years buying up hotels and other high-profile
properties. The rise of these companies illustrates China's
growing economic might, but Chinese officials have grown
increasingly concerned that they were piling up debt to make
frivolous purchases. In a statement posted on its website on Feb.
23, the China Insurance Regulatory Commission said the government
was taking over to ensure the "normal and stable operation" of the
company. "Illegal operations at Anbang may have seriously
endangered the company's solvency, prompting the government to take
control," the statement read.
The Strait Times noted the move also caps the downfall of Anbang
leader Wu Xiaohui. Mr. Wu had married a granddaughter of Mr. Deng
Xiaoping, China's paramount leader in the 1980s and a towering
figure in Chinese politics, and was widely considered politically
connected.
Mr. Wu Xiaohui was later sentenced to 18 years in prison for fraud
and embezzlement, according to Reuters.
BLUEFOCUS INTELLIGENT: Fitch Affirms B+ LT IDRs, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed China-based BlueFocus Intelligent
Communications Group Co., Ltd.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'B+'. The Outlook is
Stable.
The Stable Outlook reflects Fitch's expectation that BlueFocus has
sufficient rating headroom to accommodate the disruptions to its
business operations amid the coronavirus outbreak. Fitch expects
the company's domestic advertising and outbound businesses to be
relatively intact against the demand slowdown due to the outbreak,
while its traditional public relations and overseas operations will
be pressured. BlueFocus' FFO leverage has improved to 1.7x-2.0x
following the conversion of the majority of its convertible bonds
into equity in 2019. However, the company's small scale, low
geographical diversity, reliance on short-term loans and relatively
weak EBITDA margin continue to constrain its ratings.
KEY RATING DRIVERS
Disruptions from COVID-19: Fitch expects BlueFocus's revenue growth
to slow to low-single digits in 2020 (2019: 22%) on a drop in
offline PR events, subdued overseas operations and shrinking
customer advertising budgets amid the pandemic before rebounding to
the low teens in 2021. Fitch expects a gradual recovery in the
traditional PR business in 2H20 as the outbreak is subsiding in
China, but its overseas business is likely to face significant
disruptions, at least in 2020.
Fitch expects the overall impact from COVID-19 to subside starting
2H20 in light of its steady domestic digital advertising and
outbound businesses, which derive their revenue mainly from online
games and e-commerce advertisers. Online games have been relatively
resilient against the coronavirus outbreak, evident from Tencent
Holdings Limited's (A+/Stable) robust game revenue stream.
Declining EBITDA Margin: Fitch expects BlueFocus' operating EBITDA
margin to narrow to 3.2%-3.3% in 2020-2021 (2019 estimate: 4.6%),
driven by a margin squeeze in traditional PR and advertising
revenue in 2020 and an increase in low-margin outbound revenue.
Fitch believes domestic advertising margins will be pressured by
the continued stiff competition in China's advertising industry and
the stronger bargaining power of online media platforms, despite
the strong growth prospects of digital advertising in China in the
medium term. Outbound revenue has gross margins of just 1.1%-1.3%
and therefore greater contribution from this business will dilute
overall margins.
Adequate Rating Headroom: Fitch expects BlueFocus' FFO leverage to
worsen to 2.8x-2.9x in 2020-2021 (2019 estimate: 1.7x), driven by
lower EBITDA generation and rising working-capital outflows caused
by prolonged receivable days amid COVID-19. However, leverage will
be well below 5.0x, the threshold above which it may consider a
negative rating action. The company improved its leverage as most
of its CNY1.4 billion convertible bonds were converted into equity
by end-2019. Fitch estimates gross debt to decline to below CNY2
billion by end-2019 (2018: CNY3.5 billion).
Reliance on Short-Term Loans: BlueFocus' ratings reflect the low
visibility of its cash conversion. The company is highly dependent
on rolling over short-term bank loans to fund working capital due
to the financial pressure on its PR and advertising customers amid
the challenges from the pandemic. However, with modest capex and
discipline in receivables collection, the company may revert to
neutral or modestly positive post-dividend free cash flow (FCF) in
the medium term.
Higher Leverage on US Subsidiary: Should a proposed share exchange
with US-based Legacy Acquisition Corp. (Legacy) proceed, Fitch
would proportionately consolidate the 44.8%-owned entity due to the
presence of significant minorities. Fitch would expect BlueFocus'
proportionately consolidated FFO leverage to worsen to 3.5x-3.6x in
2020-2021, which would still be below the negative guideline of
5.0x. its forecast for proportionately consolidated FFO interest
coverage would also worsen to 3.7x-3.9x, above the negative
guideline of 2.5x.
Legacy plans to provide USD90 million to fund the acquisition of
the minority interests in two of BlueFocus' subsidiaries. BlueFocus
would access up to USD152 million in cash in Legacy's trust
account, assuming no external Legacy shareholders exercise their
rights and ask for redemption. BlueFocus entered into the agreement
in August 2019 to inject its entire stake in four overseas
subsidiaries and 82% of a China-based subsidiary into Legacy, which
will be renamed Blue Impact after the completion, for a 44.8% stake
in the company.
ESG - Governance: Fitch has lowered the ESG Relevance Score
assigned to BlueFocus' Management Strategy to '4' from '5' under
the agency's Environmental, Social and Governance framework, while
maintaining the ESG Relevance Score on Financial Transparency at
'4'. The management strategy score of '4' reflects BlueFocus'
improved execution in migrating to a digital advertising business
model from a traditional PR model, contributing to performance that
was better than its expectations in 2019. The financial
transparency score of '4' reflects the lack of consistency in the
company's financial reporting framework, which reduces
financial-performance visibility.
DERIVATION SUMMARY
BlueFocus' smaller scale, lower geographical diversity and weaker
margins continue to weigh on the ratings and drive its much lower
ratings compared with that of leading global advertising holding
companies with investment-grade ratings, such as WPP plc (WPP,
BBB+/Negative) and Interpublic Group of Companies, Inc. (IPG,
BBB+/Negative). However, BlueFocus has a better financial risk
profile with Fitch's forecast of 2020 FFO leverage of 2.8x,
compared with WPP's 4.5x and IPG's 3.1x.
WPP is on a Negative Outlook because the company is undertaking a
wide-scale reorganization to address its weakened operational
performance, and Fitch expects the restructuring to take time to
deliver its benefits. Fitch recently revised IPG's Outlook to
Negative from Stable to reflect the significant uncertainty
surrounding advertising markets' near-term performance in light of
the coronavirus pandemic and a lack of rating headroom at the
current level to accommodate the anticipated disruption to IPG's
operating model.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within its Rating Case for the Issuer
- Revenue growth to slow to low-single digits in 2020 before
rebounding to the low teens in 2021 (2019: 22%)
- Operating EBITDA margin to narrow to 3.2%-3.3% in 2020-2021
(2019 estimate: 4.6%)
- Annual capex at around CNY60 million-80 million in 2020-2021
- Dividend payout ratio of around 20% in 2020-2021
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- An upgrade is unlikely in the foreseeable future. Factors
constraining its ratings - weak margins and free cash flow, small
scale and low geographical diversity of operations - are not likely
to meaningfully ease without significant investments that may
weaken its financial profile.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Substantial weakening of the market positions of its key
products and services
- Significant M&A that negatively affects the operations or the
business profile
- Sustained negative cash flow from operations or FCF
- FFO leverage sustained above 5.0x (2020-2021 forecast
2.8x-2.9x)
- FFO interest coverage sustained below 2.5x (2020-2021 forecast:
4.9x)
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: BlueFocus had readily available cash of CNY1.3
billion at end-September 2019, compared with short-term debt of
CNY1.3 billion. The company also obtained regulatory approval to
issue up to CNY417 million in receivable-based asset-backed
securities. Fitch believes continued support from local banks
should help BlueFocus to manage its liquidity headroom.
PACTERA TECHNOLOGY: Moody's Withdraws Caa1 CFR
----------------------------------------------
Moody's Investors Service has withdrawn the Caa1 corporate family
rating of Pactera Technology International Ltd.
The outlook at the time of the withdrawal was negative.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
Pactera Technology International Ltd. and its subsidiaries provide
IT services to multinational and Chinese corporations.
SHANDONG YUHUANG: Fitch Withdraws 'RD' LongTerm IDR
---------------------------------------------------
Fitch Ratings has affirmed and withdrawn China-based Shandong
Yuhuang Chemical Co., Ltd.'s Long-Term Issuer Default Rating of
'RD' and Senior unsecured rating of 'C'. The IDR and Senior
unsecured rating have been withdrawn for commercial reasons.
The ratings were withdrawn for commercial reasons.
KEY RATING DRIVERS
The affirmation of the IDR reflects that 'RD' rating is still
applicable. This is because the company is still in an uncured
payment default on its bonds, and has not entered into bankruptcy
filings, administration, receivership, liquidation, or other formal
winding-up procedure. The affirmation of the Senior secured rating
reflects an unchanged recovery rating of 'RR4'.
RATING SENSITIVITIES
Rating sensitivities are no longer relevant as the ratings have
been withdrawn.
ESG Considerations
The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity, either due to their nature or
to the way in which they are being managed by the entity.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
YUZHOU PROPERTIES: S&P Cuts ICR to B+ on Weakening Revenue Growth
-----------------------------------------------------------------
S&P Global Ratings, on April 17, 2020, lowered its long-term issuer
credit rating on Yuzhou Properties Co. Ltd. to 'B+' from 'BB-'. At
the same time, S&P affirmed its 'B+' long-term issue rating on the
company's senior unsecured notes due to reduced subordination
risk.
S&P said, "We downgraded Yuzhou to 'B+' with a negative outlook
because the company's leverage is unlikely to recover over the next
12 months after further deterioration in 2019. We affirmed the
issue rating at 'B+' because we believe subordination risk has
reduced in Yuzhou's capital structure."
Yuzhou is not likely to deleverage significantly in 2020. The
company's revenue recognition is weaker than our expectations
because of a low consolidation ratio for its joint venture (JV)
projects. This is even as margins have weakened and the company's
investment appetite remains strong. The consolidation ratio is the
proportion of projects that are consolidated into financial
statements as subsidiaries.
S&P said, "We see lower visibility on Yuzhou's revenue recognition,
which could affect its prospects for leverage improvement in the
next 12 months. This is due to the higher proportion of
unconsolidated JV contribution in its contracted sales than we
expected. The company has grown its scale rapidly over the past few
years by increasing exposure to off-balance-sheet projects at a low
attributable ratio. The gap between the growth in total contracted
sales and revenue recognized when projects are delivered has
therefore widened.
"We estimate Yuzhou's consolidation ratio was about 30% in 2019,
much lower than our previous expectation of above 65%. As such,
revenue declined 4% in 2019, even though sales rose at a much
higher pace.
"Yuzhou's 2020 revenue growth is likely to be slower than our
current base case because of the company's lower
sold-but-unrecognized revenue compared with peers'. Yuzhou's
contract liabilities amounted to only Chinese renminbi (RMB) 8.6
billion as at end-2019, against our revenue forecast of RMB27
billion in 2020. This means the company will rely heavily on
same-year presales and delivery or buyback of shares and
consolidation of JV projects. We see significant risks in this plan
because Yuzhou's JV partners are mainly rated developers that would
also seek consolidation. In addition, the company's contract
liabilities have decreased significantly from RMB13.8 billion as at
end-2018. This is not common for a fast-growing company like
Yuzhou, in our opinion."
Yuzhou's compressed margins will continue to constrain its
leverage. Yuzhou's edge over its peers due to its good
profitability is gradually reducing due to rising land costs and
the company's rapid expansion. A 69% increase in Yuzhou's overhead
expense as it restructured its sales operation and booking of
several projects with weaker margins exacerbates the problem. As a
result, the company's EBITDA margins declined to 27.1% in 2019,
compared with more than 30% in the previous year. While S&P expects
EBITDA margins to mildly recover to 27%-29% in 2020 and 2021, this
level is no longer above the industry average, in its view.
S&P said, "We expect Yuzhou's ratio of debt to EBITDA to improve
gradually as the company's debt growth tapers, yet remains
elevated. Yuzhou's strong appetite for expansion resulted in a 28%
rise in debt in 2019, after a 58% surge in 2018. The increase in
debt outpaced that in EBITDA recognition over the past few years
and contributed to high leverage. While the company has maintained
flattish gross debt in the second half of 2019, we believe this is
not sustainable to support its growth.
"Yuzhou remains committed to its sales target of RMB100 billion in
2020, implying a 33% growth rate. This is one of the highest
targets among its peers. While Yuzhou's saleable resources for the
year are RMB180 billion, we believe the company's target is
somewhat optimistic, considering the COVID-19 outbreak. In our base
case, we assume a 10%-15% growth in sales. For the first three
months of 2020, Yuzhou's contracted sales were RMB10.4 billion,
down 6% from the same period last year.
"We forecast Yuzhou's consolidated leverage ratio will gradually
improve to 8.1x-8.3x in 2020 and 7.1x-7.3x in 2021 on the back of
stronger revenue recognition and milder debt growth. This
improvement is slower than our original expectations of
deleveraging in 2019. Instead, Yuzhou's leverage worsened last
year, with the consolidated debt-to-EBITDA ratio surging to 9.3x,
significantly higher than our previous forecast of 5.8x-6.0x. The
ratio has steadily weakened from 6.1x in 2018 and 4.1x in 2017.
"On a see-through basis, in which we include the proportionate
financials of JVs, we expect the leverage ratio to decline to
6.5x-6.7x in 2020 and 6.1x-6.3x in 2021. Yuzhou's revenue grew 15%
on a proportionate basis in 2019. However, its debt grew by 22%,
pushing the see-through debt-to-EBITDA ratio to 6.9x.
"Despite the substantially elevated leverage, we believe Yuzhou
will maintain a better business profile and a stronger capital
structure than lower rated peers. We believe Yuzhou's scale and
diversity will continue to improve as it expands both within and
outside its core market of the Yangtze River Delta."
Yuzhou's debt maturity profile has improved after its new issuances
and proactive refinancing through tenders in 2019 extended its
weighted average maturity to 2.9 years. The company further issued
about US$1 billion of senior notes in the first quarter of 2020.
Yuzhou has limited bullet maturities in 2020 and an ample cash
balance, limiting its refinancing risk.
In 2019, Yuzhou disposed of stakes in four low-margin projects and
realized gains of about RMB1 billion. While S&P does not include
this in its EBITDA calculation, this gain supports the company's
cash flow.
S&P said, "The negative outlook on Yuzhou reflects our view that
the company's leverage may not improve significantly over the next
six to 12 months to be commensurate with a 'B+' rating. We have low
visibility on Yuzhou's revenue recognition due to the company's
lower consolidation ratio than we expected and low unrecognized
revenue. Yuzhou's margins could also decline, which would further
slow down deleveraging.
"We may downgrade Yuzhou if the company's consolidated and
see-through debt-to-EBITDA ratios do not improve to about 6.5x and
6.0x, respectively. This could happen if Yuzhou faces slippages in
project delivery or its consolidated portion of contracted sales
continues to fall below our expectations, leading to a fall in
revenue to below RMB27 billion-RMB30 billion in 2020."
S&P may revise the outlook to stable if Yuzhou improves its
leverage such that its consolidated and see-through debt-to-EBITDA
ratios improve to about 6.5x and 6.0x, respectively. This could
happen if the company's revenue recognition picks up and debt
growth slows significantly compared with previous years.
=========
I N D I A
=========
AJAY MODERN: ICRA Keeps B- on INR7cr Bank Loans in Not Cooperating
------------------------------------------------------------------
ICRA said ratings for the INR7.00-crore bank facilities of Ajay
Modern Rice Mill (AMRM) Continues to remain under 'Issuer Not
Cooperating' category'. The Long term ratings are denoted as
"[ICRA]B-(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 6.40 [ICRA]B-(Stable) ISSUER NOT
Facility COOPERATING; Rating continues
to remain under the 'Issuer
Not Cooperating' category
Term Loan 0.50 [ICRA]B-(Stable) ISSUER NOT
COOPERATING; Rating continues
to remain under the 'Issuer
Not Cooperating' category
Unallocated 0.10 [ICRA]B-(Stable) ISSUER NOT
Facility COOPERATING; Rating continues
to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
Established in 2012, Ajay Modern Rice Mill became operational in
July 2013. It mills paddy to produces raw rice and steamed rice.
The company also sells the other by-products of the process namely,
bran, broken rice and husk as well. The rice mill is located in
Pudhur village (near Thamirabarani river) in Tirunelveli district,
Tamil Nadu. The installed paddy processing capacity of the rice
mill is 32 tons per day. The company procures paddy primarily from
farmers in and around Tirunelveli. It carries out paddy choking,
boiling, milling, cleaning, de-stoning, polishing and grading of
the rice. It produces non-basmati rice varieties including ponni,
ADT 45, Idli rice, Ambai 16 and double boiled rice. The produced
rice is sold under the brand name 'Ajay' to various regions such as
Tirunelveli, Tuticorin, Tenkasi, Vallioor, Nagercoil and Kerala.
BANK OF INDIA: S&P Affirms 'BB+' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings said that it had revised the rating outlooks on
Axis Bank Ltd. and ICICI Bank Ltd. to negative from stable. That's
because heightened economic risks facing India's banking system may
affect the creditworthiness of these banks. In S&P's base case,
other private-sector peers such as HDFC Bank Ltd. and Kotak
Mahindra Bank have stronger asset quality and would be able to
withstand the weakness in operating conditions. S&P affirmed the
ratings on all other Indian banks and their outstanding issuances.
At the same time, S&P revised downward its assessment of the SACP
of Indian Bank by one notch to 'bb+'."
RATINGS LIST
Axis Bank Ltd.
Ratings Affirmed; Outlook Action
To From
Axis Bank Ltd.
Issuer Credit Rating BBB-/Negative/A-3 BBB-/Stable/A-3
Ratings Affirmed
Axis Bank Ltd. (Dubai International Financial Centre Branch)
Senior Unsecured BBB-
Axis Bank Ltd. (GIFT City Branch)
Senior Unsecured BBB-
Axis Bank Ltd. (Hong Kong Branch)
Senior Unsecured BBB-
ICICI Bank Ltd.
Ratings Affirmed; Outlook Action
To From
ICICI Bank Ltd.
Issuer Credit Rating
Foreign Currency BBB-/Negative/A-3 BBB-/Stable/A-3
Ratings Affirmed
ICICI Bank Ltd. (Dubai Branch)
Senior Unsecured BBB-
ICICI Bank Ltd. (Hong Kong Branch)
Senior Unsecured BBB-
ICICI Bank Ltd. (New York Branch)
Senior Unsecured BBB-
ICICI Bank Ltd. (Singapore Branch)
Senior Unsecured BBB-
Indian Bank
Ratings Affirmed
Indian Bank
Issuer Credit Rating BBB-/Negative/A-3
Bank of India
Ratings Affirmed
Bank of India
Issuer Credit Rating BB+/Stable/B
Senior Unsecured BB+
Bank of India (New Zealand) Ltd.
Issuer Credit Rating BB+/Stable/B
Bank of India (London Branch)
Senior Unsecured BB+
HDFC Bank Ltd.
Ratings Affirmed
HDFC Bank Ltd.
Issuer Credit Rating BBB-/Stable/A-3
HDFC Bank Ltd.
Senior Unsecured BBB-
IDBI Bank Ltd.
Ratings Affirmed
IDBI Bank Ltd.
Issuer Credit Rating
Foreign Currency BB/Negative/B
IDBI Bank Ltd. (Dubai International Financial Centre Branch)
Senior Unsecured BB
Kotak Mahindra Bank
Ratings Affirmed
Kotak Mahindra Bank
Issuer Credit Rating BBB-/Stable/A-3
State Bank of India
Ratings Affirmed
State Bank of India
Issuer Credit Rating BBB-/Stable/A-3
Senior Unsecured BBB-
State Bank Of India (Dubai Branch)
Junior Subordinated BB-
State Bank of India (London Branch)
Senior Unsecured BBB-
State Bank of India (Tokyo Branch)
Senior Unsecured BBB-
Union Bank of India
Ratings Affirmed
Union Bank of India
Issuer Credit Rating BB+/Stable/B
S&P said, "We continue to see a very high likelihood of government
support for state-owned banks in India. This assessment is driven
by their very strong link with, and very important role to, the
government. This factor can offset some of the deterioration in the
SACPs of these banks. We expect the government to provide capital
support, if required, even though it has not specifically allocated
any amount in the budget for fiscal 2021 (year ending March 31,
2021).
"In our view, the economic risk for Indian banks is rising.
Economic conditions have turned adverse due to the COVID-19
pandemic. Drastic efforts to curtail the spread of the novel
coronavirus has resulted in a sudden stoppage in economic activity.
We have therefore revised our economic risk trend for the banking
industry to negative from stable.
"S&P Global Ratings has further revised downward its fiscal 2021
GDP growth projections for India to a 1.8%, compared with our
earlier expectation of 3.5%. We believe this decline is a cyclical
event and India's structural growth story is intact. Economic
growth should return to 7% levels in the medium term. In fact, we
are projecting a 7.5% growth in fiscal 2022, albeit from a small
base. However, a prolonged slowdown, particularly if the recovery
in fiscal 2022 is significantly slower or delayed, could adversely
affect the banking sector.
"We believe the economic slowdown will defer the improvement in
Indian banks' operating performance by a year. In our opinion,
slippages will remain elevated in fiscal 2021 and recovery of
nonperforming loans (NPLs) will be delayed. We forecast the NPL
ratio for the banking system will rise by 220 basis points to
11.4%, from 9.2% (estimated) as on March 31, 2020, and credit costs
will soar to 3.1% from 2.5%. Steps taken by the government and the
central bank should provide some respite. Any forbearances by the
regulator may delay recognition of bad loans."
AXIS BANK LTD.
(Primary analyst: Michael Puli)
S&P said, "We affirmed our rating on Axis to reflect the bank's
strong business franchise, good capitalization and earnings,
stressed asset quality, and sound funding and liquidity profile.
The rating does not benefit from external support, such as from the
government of India.
"The negative outlook on Axis reflects our expectation that
heightened economic risks facing India's banking system will likely
affect the bank's asset quality and financial performance. Unlike
public sector banks, Axis would not benefit from additional
government support to offset these economic headwinds. We expect
Axis to maintain its strong market position and better asset
quality (despite a deterioration) than domestic peers' over the
next 18 months.
"We would lower the rating on Axis if economic risks in India rise
sufficiently for a downward revision of our Banking Industry
Country Risk Assessment (BICRA) on India. We could also downgrade
the bank if its stressed assets rise significantly beyond the
system average over the next few quarters.
"We would revise our outlook on Axis back to stable if the economic
risks in India abate. We could also change our outlook if the
bank's performance, particularly asset quality, demonstrates
relative resilience over the next 18 months."
ICICI BANK LTD.
(Primary analyst: Michael Puli)
S&P said, "We affirmed our rating on ICICI Bank to reflect the
bank's strong business franchise, relatively high capitalization
and earnings, stressed asset quality, and sound funding and
liquidity profile. We note these stressed assets have reduced over
the past two years. The rating does not benefit from external
support, such as from the government of India.
"The negative outlook on ICICI Bank reflects our view that the bank
is exposed to economic headwinds faced by India's banking system.
We expect ICICI Bank to maintain its strong market position and
better asset quality (despite a deterioration) than many peers'
over the next 18 months.
"We would lower the rating on ICICI Bank if economic headwinds
increase sufficiently for us to lower our assessment of India's
BICRA. We could also downgrade the bank if its stressed assets rise
significantly beyond the system average over the next few
quarters.
"We would revise our outlook on ICICI Bank to stable if: (1)
economic headwinds to India's banking system abate; or (2) the bank
demonstrates improved asset quality and performance relative to
domestic and international peers."
INDIAN BANK
(Primary analyst: Nikita Anand)
S&P said, "We affirmed the rating on Indian Bank based on our view
of a very high likelihood of government support for the bank. We
revised our assessment of Indian Bank's SACP to 'bb+' from 'bbb-'
based on our expectation that the bank's capitalization will
deteriorate following its merger with the much-weaker Allahabad
Bank. We expect the bank's risk-adjusted capital ratio to remain at
less than 7% over the next 12-18 months. We have therefore revised
our capital and earnings score for Indian Bank to moderate from
adequate.
"The negative outlook on Indian Bank reflects our view that there
is a one-in-three chance of a downgrade over the next 12-18 months.
We believe the deteriorating operating conditions could lead to
higher rate of NPL formation over the next few quarters. Moreover,
the merger with Allahabad Bank will be an overhang on Indian Bank's
asset quality because of the former's sizeable stock of stressed
assets.
"We will lower the rating on Indian Bank by a notch if the bank's
NPL ratio or credit costs increases sharply and we believe they are
likely to remain at that level or rise further.
"We would revise the outlook to stable if the bank can maintain its
asset quality metrics at current levels."
BANK OF INDIA (Primary analyst: Amit Pandey)
The affirmed rating on Bank of India (BOI) reflects a very high
likelihood that the government of India will continue to provide
timely and sufficient extraordinary support to the bank. BOI has a
good deposit franchise and liquidity, with a sizable branch
network. The bank's moderate capitalization and weak asset quality
temper these strengths.
S&P said, "The stable outlook on BOI reflects our expectation that
the likelihood of government support for the bank will remain very
high over the next 12-18 months. The rating and outlook on Bank of
India (New Zealand) Ltd. will move in tandem with those on BOI.
"
We may lower the rating on BOI if our assessment of the bank's SACP
weakens by two notches to 'b+'. We could lower the SACP if the
bank's capitalization weakens on a sustainable basis. This could be
due to deterioration in operating conditions in India as well.
"We could also revise downward our assessment of BOI's SACP due to
delays in resolution of bad loans, weakness in finance companies,
or a protracted economic slowdown in India that leads to sharp
deterioration in the bank's asset quality. We also expect a weaker
SACP if the bank is unable to sustain the qualitative and
quantitative improvements in its funding profile.
"We may upgrade BOI if the bank's asset quality and operating
conditions improve significantly, a scenario that we view as
unlikely over the next 12 months."
HDFC BANK LTD.
(Primary analyst: Nikita Anand)
S&P said, "We affirmed the rating on HDFC Bank Ltd. to reflect the
bank's strong business franchise and better funding and liquidity
profile than industry peers. HDFC Bank's capitalization is
comfortable in our view, supported by strong earnings and regular
capital raising to fund above-average growth. The bank's asset
quality remains among the best in the Indian banking industry due
to its better risk management and portfolio diversity. Overall, we
believe HDFC Bank's individual creditworthiness is significantly
stronger than the average of the Indian banking sector, reflected
in its SACP of 'bbb+'.
"The stable outlook on HDFC Bank reflects our view that the bank
will maintain its strong market position and favorable funding and
liquidity metrics over the next 24 months.
"The rating on HDFC Bank is capped by our sovereign credit rating
on India (BBB-/Stable/A-3). The rating on the bank will therefore
move in tandem with that on the sovereign."
S&P Global Ratings does not rate Indian banks above the sovereign
because of the direct and indirect influence that a sovereign has
on banks operating in the country.
S&P said, "We could lower the rating on HDFC Bank if we downgrade
India. We will lower our assessment of the bank's SACP if the
deteriorating operating environment in India leads to sharp rise in
NPLs and credit costs for the bank. Outside of a change to the
sovereign rating, the bank's SACP would have to drop by three
notches to result in a downgrade, which is highly unlikely over the
next two years, in our view."
S&P would raise its rating on HDFC Bank if it upgrades the
sovereign.
IDBI BANK LTD. (Primary analyst: Nikita Anand)
S&P said, "We affirmed our rating on IDBI Bank Ltd. based on a very
high likelihood that the government of India will continue to
provide timely and sufficient extraordinary support to the bank.
The negative outlook on IDBI Bank reflects uncertainty over the
sustainability of the bank's capital owing to challenging operating
conditions. This will increase residual stress on the balance sheet
and delay resolution of large accounts, resulting in continued weak
earnings.
"We will lower our rating on IDBI Bank by two notches if the bank's
capitalization erodes, possibly due to weak earnings and an
inability to raise capital. These factors could bring IDBI Bank
close to breaching the regulatory minimum requirements for the
third time in the past two years.
"We could also downgrade IDBI Bank if we believe government support
to the bank has weakened. That could happen as government
shareholding in the bank declines following a government proposal
to sell its stake in the bank and in Life Insurance Corp. of India
(which holds 51% stake in IDBI Bank). However, we believe a
stake-sale will be tough over the next 12 months, given the sharp
correction in equity markets.
"We could revise the outlook on IDBI Bank to stable if the bank's
operating performance improves. This could be due to: (a) removal
of the bank from "prompt corrective action" and lifting of
associated restrictions on growth and expansion; (b) higher
recoveries from legacy NPLs and lower credit costs, leading to the
bank reporting profits on a sustained basis; and (c) capital
raising through sale of non-core assets.
"For revising the outlook back to stable, we would look for signs
that IDBI Bank's capital will not again be at risk of breaching
minimum capital requirements. This will most likely occur if the
bank's capital reverts to a prudent buffer above minimum regulatory
guidelines, and we are confident that this buffer can be retained
on a sustainable basis."
KOTAK MAHINDRA BANK
(Primary analyst: Amit Pandey)
S&P said, "We affirmed our rating on Kotak Mahindra Bank to reflect
the bank's robust capitalization, strong management, and better
asset quality than peers'.
"The stable outlook on Kotak Mahindra Bank reflects the view that
bank will be able to withstand our current expectations of a
deterioration in operating conditions over the next 12-24 months.
This is due to its above-industry-average risk management, earnings
and capitalization buffers, and improving funding profile.
"We would lower the rating if Kotak Mahindra Bank's RAC ratio
declines below 10% on a sustained basis in tandem with a sharp
deterioration in the bank's asset quality. This could happen due to
a prolonged and deeper economic slowdown in India. We could also
downgrade the bank if it is unable to sustain the improving trend
in funding profile without any offsetting improvement in operating
conditions or any other relative credit parameter vis-à-vis peers
in India."
An upgrade of Kotak Mahindra Bank is unlikely in the next one to
two years because that would require an improvement in the bank's
funding profile and operating conditions, as well as a raising of
the sovereign credit rating on India.
STATE BANK OF INDIA
(Primary analyst: Michael Puli)
S&P said, "Our rating on State Bank of India (SBI) reflects the
bank's strong business franchise, weak capitalization and earnings,
stressed asset quality, and superior funding and liquidity profile
than peers'. The government of India is a majority shareholder in
SBI and we expect capital and liquidity support to be forthcoming
under a stress scenario, underpinning the rating.
"The stable outlook on SBI over the next 18 months reflects our
expectation that the bank will remain the undisputed market leader
in India's banking sector and receive capital from the government,
if needed. High customer confidence is likely to keep SBI's funding
and liquidity strong. Government support for the bank would offset
an increase in economic risks to India's banking system."
A downgrade of SBI is unlikely, given government support would
offset a weakness in the bank's stand-alone creditworthiness.
S&P is unlikely to raise the rating on SBI over the next 18 months.
A ratings uplift would require the creditworthiness of SBI and the
sovereign to improve. This is because of the likely impact that a
sovereign in distress would have on the bank's operations,
including the ability to service foreign currency obligations.
UNION BANK OF INDIA
(Primary analyst: Nikita Anand)
The affirmed rating on Union Bank of India reflects S&P's
expectation of a very high likelihood of government support for the
bank. Union Bank's weak asset quality, capitalization, and earnings
constrain the rating.
S&P said, "The stable outlook on Union Bank reflects our view that
the bank's financial profile will remain largely unchanged
following its merger with Andhra Bank and Corporation Bank. We
believe the benefits from the increase in size and franchise
following the merger will be balanced by the weak profitability and
drag on earnings from provisioning costs over the next 12 months.
"We would lower the rating on Union Bank by a notch if the
challenging operating conditions deteriorate the bank's asset
quality or if Union Bank's funding profile weakens relative to
peers'. In our view, the merged entity's ability to mobilize
low-cost deposits will be key to it maintaining its funding
profile, which could weaken following the merger with banks with a
lower current and savings account deposit ratio."
S&P does not see an upside to the ratings on Union Bank over the
next 12 months.
BICRA SCORE SNAPSHOT
To From
BICRA 5 5
Economic Risk* 6 6
Economic Risk Trend Negative Stable
Economic Resilience** 4 4
Economic Imbalances** 2 2
Credit Risk In The Economy** 5 5
Industry Risk* 5 5
Industry Risk Trend Stable Stable
Institutional Framework** 4 4
Competitive Dynamics** 4 4
Systemwide Funding** 2 2
*On a scale of 1 (lowest risk) to 10 (highest risk).
**On a scale of 1 (lowest risk) to 6 (highest risk).
BUDS TEA: ICRA Keeps D on INR27.25cr Bank Loans in Not Cooperating
------------------------------------------------------------------
ICRA said ratings for the INR27.25 crore bank facilities of Buds
Tea Industries Limited continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 14.00 [ICRA]D; ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
the 'Issuer Not Cooperating'
category
Fund-based 12.75 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
the 'Issuer Not Cooperating'
category
Non-fund 0.50 [ICRA]D; ISSUER NOT COOPERATING;
Based-Bank Rating continues to remain under
Guarantee the 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis limited information on
the issuers' performance. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.
Buds Tea Industries Limited was established in the year 2006 and is
engaged in manufacturing CTC variety of tea. The plant is located
near Jalpaiguri, West Bengal.
CREDIBLE ENGINEERING: ICRA Cuts Rating on INR43.53cr Loan to B+
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Credible
Engineering Construction Projects Limited (CECPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 9.50 [ICRA]B+(Stable) ISSUER NOT
COOPERATING; Rating downgraded
from [ICRA]BB+(Stable) and
moved to the 'Issuer Not
Cooperating' category
Non-fund based 46.97 [ICRA]A4 ISSUER NOT
COOPERATING; Rating downgraded
from [ICRA]A4+ and moved to
the 'Issuer Not Cooperating'
category
Unallocated 43.53 [ICRA]B+(Stable) ISSUER NOT
Limits COOPERATING/[ICRA]A4 ISSUER
NOT COOPERATING; Rating
downgraded from
[ICRA]BB+(Stable)/[ICRA]A4+
and moved to the 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding Credible Engineering Construction Projects Ltd
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by the rated entity". The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Credible Engineering Construction Projects Ltd, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.
Incorporated in 1999, Credible Engineering Construction Projects
Limited (CECPL) is a Hyderabad-based construction company promoted
by Mr. M. Visweswara Rao. The company is engaged in civil contract
works primarily in industrial projects such as steel, cement, and
power. The company is also involved in road construction and
railway works, as well as in the construction of godowns and
buildings. The company's promoters have over three decades of
operating experience in civil, structural and infrastructural
works.
GOLDEN STAR: ICRA Moves B+ on INR5cr Loan to Not Cooperating
------------------------------------------------------------
ICRA said the rating for the bank facilities for INR5.00 crore of
Golden Star Designer Private Limited (GSDPL) has been moved to
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 5.00 [ICRA]B+ (Stable); ISSUER NOT
COOPERATING; Rating moved to
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.
Promoted by Mr. Ghanshyam Patel and Mr. Rajesh Jadia in 2009, GSDPL
is involved in the business of manufacturing, job-work and
wholesale trading of gold jewellery. The promoters of the company
have rich experience of a decade in the jewellery business.
In FY2018, on a provisional basis, the company reported a net
profit of INR0.09 crore on an operating income of INR43.95 crore,
as compared to a net profit of INR0.16 crore on an operating income
of INR39.14 crore in the previous year.
GUJARAT PEANUT: ICRA Withdraws B+ Ratings on INR7.50cr Loans
------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Gujarat Peanut Products Private Limited (GPPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based
Cash Credit 6.50 [ICRA]B+ (Stable); Withdrawn
Unallocated
Limits 1.00 [ICRA]B+ (Stable); Withdrawn
Rationale
The long-term ratings assigned to GPPPL have been withdrawn at the
request of the company, based on the no-objection certificate
provided by its banker. ICRA is withdrawing the rating and that it
does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. ICRA has
withdrawn the Stable outlook on the long-term rating.
Key rating drivers and their description
Key rating drivers have not been captured as the rating is being
withdrawn.
Incorporated in 2005, GPPPL is involved in the processing and
trading of agro-commodities such as groundnut seeds, wheat, sesame
seeds, cumin seeds, chickpeas, and coriander seeds, among others.
The company's processing facility is at Rajkot (Gujarat). It mainly
undertakes cleaning, grading, shelling and sorting activities.
In FY2018, the company reported a net profit of INR0.04 crore on an
OI of INR31.73crore, compared to a net profit of INR0.07 crore on
an OI of INR22.39 crore in FY2017. It reported a profit before tax
and depreciation of INR0.34 crore on an OI of INR54.41 crore
inFY2019 (provisional financials).
HAZARIBAGH RANCHI: Ind-Ra Affirms D on Non-Convertible Debentures
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the ratings of
Hazaribagh Ranchi Expressway Limited's (HREL) non-convertible
debentures (NCDs) at 'IND D' as follows:
-- INR5.380 bil. (outstanding INR4.580 bil. as of April 15, 2020)
Senior NCDs* (Long term) affirmed with IND D rating; and
-- INR1.77 bil. (outstanding INR1.43 bil. as of April 15, 2020)
Subordinate NCDs* (Long term) affirmed with IND D rating.
* Details in annexure
KEY RATING DRIVERS
The affirmation reflects HREL's continued non-payment of debt
service obligations since the past one year to the debenture
holders, as per the filings on the National Stock Exchange and the
confirmation from the debenture trustee.
HREL, an IL&FS group company, had been classified under the Amber
category, according to the National Company Law Appellate Tribunal
order dated February 12, 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.
As of March 31, 2020, HREL had a cash balance of INR2,514.6 million
in the form of fixed deposits (INR400 million); mutual fund
investments (INR1,476.7 million) and escrow cash balance of INR638
million. Despite having the sufficient liquidity to meet the senior
NCD obligations, HREL defaulted due to the restrictions imposed by
the National Company Law Appellate Tribunal on IL&FS and its groups
companies towards making any payment to financial creditors.
Moreover, if the subordinated, unsecured debt provided by the
sponsor is considered at par with the senior secured debt, HREL's
liquidity would be insufficient to meet both the financial and
operational obligations.
HREL had, as of April 15, 2020, received 15 annuity payments from
the National Highways Authority of India (NHAI; 'IND AAA'/Stable).
The 15th annuity was received on March 31, 2020 after a slight
delay of 17 days with the NHAI withholding a minor amount (INR18.1
million) for maintenance-related deficiencies. Although there was
no deduction from the 14th annuity of September 2019, it was
delayed by five months and received in February 2020.
HREL delayed submitting the invoice for the 14th annuity, as it
awaited the receipt of the previously-withheld amount (of INR81
million from the 13th annuity), resulting in the inordinate delay.
According to the independent engineer and management, HREL is
likely to receive the withheld amounts after the damages are
rectified as the overlay work is ongoing. The management expects
the major maintenance works (about 25% completed until March 2020)
to be finished by November 2020.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months will
result in an upgrade.
COMPANY PROFILE
HREL is a special purpose vehicle created by IL&FS Transportation
Networks Limited ('IND D') for designing, constructing and
maintaining the 73.799km four-lane Hazaribagh–Ranchi section of
National Highway-33 in Jharkhand on a
build-operate-transfer-annuity basis.
NHAI awarded the project to HREL under a competitive bidding
process. The company received the final completion certificate,
effective April 1, 2015, and the semi-annual annuities of INR640.8
million each are scheduled in March and September.
IL&FS: Sells Entire Stake in Wind Power Arm to Japan's Orix
-----------------------------------------------------------
BloombergQuint reports that Infrastructure Leasing and Financial
Services (IL&FS) on April 16 said it has sold its 100 percent stake
in IL&FS Wind Power Services Ltd. to Orix Corporation, Japan, for
INR6.05 crore.
IWPSL, a wholly-owned subsidiary of IL&FS Energy Development
Company, is engaged in providing supervisory and management support
services to seven operating wind power generating special purpose
vehicles.
In October 2019, the group had divested its 51 percent equity stake
held in seven wind power SPVs to ORIX, the report notes.
The divestment of IWPSL has resulted in a consideration of Rs 6.05
crore to IL&FS Energy that will be kept in an escrow account for
its lenders, the group said in a release, BloombergQuint relays.
The full amount of consideration has been duly received and the
share transfer to the purchaser has been completed, it said.
BloombergQuint says IWPSL, classified as a 'green company', has no
outstanding debt.
Post the bidding process launched last year, Orix exercised its
option to acquire IWPSL, as per previous pact, and agreed to
acquire 100 percent of the shareholding of IWPSL from IEDCL,
according to BloombergQuint.
The sale was approved by Justice (Retd) DK Jain and subsequently by
National Company Law Tribunal, Mumbai, in February 2020, the
release, as cited by BloombergQuint, said.
IWPSL has over 40 employees and is the first company to go out of
IL&FS Group with employees.
The seven SPVs are Lalpur Wind Energy Private; Etesian Urja;
Khandke Wind Energy; Ratedi Wind Power; Wind Urja India; Tadas Wind
Energy; and Kaze Energy, BloombergQuint discloses.
About IL&FS
Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.
As reported in the Troubled Company Reporter-Asia Pacific, the
Indian Express related that the Indian government, in October
2018, stepped in to take control of crisis-ridden IL&FS by moving
the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.
INDUS INTEGRATED: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA said ratings for the INR13.00 crore bank facilities of Indus
Integrated Information Management Limited continues to remain under
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 3.00 [ICRA]B+(Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under the 'Issuer
Not Cooperating' category
Fund-based- 6.00 [ICRA]B+(Stable) ISSUER NOT
Proposed Cash COOPERATING; Rating continues
to remain under the 'Issuer
Not Cooperating' category
Fund-based- 3.00 [ICRA]B+(Stable) ISSUER NOT
Proposed Term COOPERATING; Rating continues
to remain under the 'Issuer
Not Cooperating' category
Non-fund 0.40 [ICRA]A4 ISSUER NOT
Based Bank COOPERATING; Rating continues
to remain under the 'Issuer
Not Cooperating' category
Non-fund 0.60 [ICRA]A4 ISSUER NOT
Based Proposed COOPERATING; Rating continues
to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis limited information on
the issuers' performance. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.
Incorporated in 2003, Indus Integrated Information Management
Limited is based out of Kolkata, West Bengal. The company is
engaged in skilled workforce development and training across
various sectors viz. information technology, beauty and wellness,
security and surveillance, travel and tourism, steel, automobile
and healthcare. These projects are funded primarily by the National
Skill Development Corporation and other government departments.
M.M. ISPAT PVT: ICRA Keeps D on INR10cr Loans in Not Cooperating
----------------------------------------------------------------
ICRA said ratings for the INR10.00 crore bank facilities of M.M.
Ispat Pvt Ltd continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Limit–Cash rating continues to remain
under
Credit the 'Issuer Not Cooperating'
category
Unallocated 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Limits rating continues to remain under
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis limited information on
the issuers' performance. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.
M.M. Ispat Pvt Ltd, incorporated in the year 2009, had been
involved in trading of iron and steel products, such as hot rolled
sheets, cold rolled sheets, galvanized plain, galvanized corrugated
sheets, M.S. Angle, M.S. Channel, and M.S. Pipe etc primarily in
Raipur, Chhattisgarh.
MAHALAXMI ASSOCIATES: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR16.00 crore bank facilities of
Mahalaxmi Associates Pvt. Ltd continues to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 6.00 [ICRA]B+(Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under the 'Issuer
Not Cooperating' category
Fund-based- 10.00 [ICRA]A4 ISSUER NOT
Proposed Cash COOPERATING; Rating continues
Credit Non- to remain under the 'Issuer
fund Based Not Cooperating' category
(ILC/FLC/ILG)
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis limited information on
the issuers' performance. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.
Incorporated in 1998, MAPL is engaged in trading of coking and
non-coking coal primarily in the northern and north-eastern states
of India. The company commenced trading in sugar and rice from
FY2015 onwards. Its registered office is located at Beltola in
Guwahati,Assam, with branches at Ludhiana (Punjab), Kutch (Gujarat)
and Paradip (Odisha). The company has a number of group entities,
including Mahalaxmi India Private Limited, which are also engaged
in coal trading.
MAHALAXMI INDIA: ICRA Keeps B+ on INR4cr Credit in Not Cooperating
------------------------------------------------------------------
ICRA said ratings for the INR16.00 crore bank facilities of
Mahalaxmi India Pvt. Ltd. continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 4.00 [ICRA]B+(Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under the 'Issuer
Not Cooperating' category
Non-fund Based 12.00 [ICRA]A4 ISSUER NOT
(ILC/FLC/ILG/ COOPERATING; Rating continues
Bank Guarantee) to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis limited information on
the issuers' performance. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.
Incorporated in 2000, MIPL is engaged in trading of coking and
non-coking coal primarily in the northern and northeastern states
of India. The company commenced trading in sugar from FY2015
onwards. Its registered office is located at Beltola in
Guwahati,Assam with branches at Ludhiana (Punjab), Kutch (Gujarat),
Paradip (Odisha), Meerut (Uttar Pradesh) and Goalpara (Assam). The
company has a number of group entities, including Mahalaxmi
Associates Private Limited, which is also Engaged in coal trading.
MANJUNATHA SILKS: ICRA Moves B+ on INR11.6cr Loan to NonCooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR11.69 crore bank facilities of Sri
Manjunatha Silks has been moved to 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B+ (Stable); ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term–
Fund-based 11.69 [ICRA]B+ (Stable) ISSUER NOT
COOPERATING; Rating moved to
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
Sri Manjunatha Silks was established as a partnership firm in 2006.
The firm's key promoters are Mr. N Ravi, Mr. N Govindaraj and Mr. N
Baskar. The firm primarily involves in retailing of apparels for
women, men and kids, with a major portion of revenues derived from
women clothing including silk sarees, designer sarees, cotton
sarees and other readymade garments. At present, the firm operates
a 14,400-square feet textile retail showroom in Tirupattur, Tamil
Nadu. Besides, it is in the process of setting up a 20,000-square
feet retail showroom in Krishnagiri, Tamil Nadu at a cost of INR7.2
crore. The new showroom is likely to commence commercial operations
from October 2018.
MARUTI GINNING: ICRA Withdraws B+ Rating on INR6.05cr Loan
----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Maruti
Ginning and Pressing Industries (MGPI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based Limits 6.05 [ICRA]B+ (Stable) ISSUER NOT
COOPERATING; Withdrawn
Rationale
The long-term ratings assigned to MGPI have been withdrawn at the
request of the company, based on the no-objection certificate
provided by its banker. ICRA is withdrawing the rating and that it
does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. ICRA has
withdrawn the Stable outlook on the long-term rating.
Established in 1999, Maruti Ginning and Pressing Industries (MGPI)
is involved in ginning and pressing of raw cotton from its
manufacturing facility in Una (Gujarat). The firm is equipped with
18 ginning machines and a pressing machine with an installed
processing capacity of 150 bales per day (with 24-hour
operations).
In FY2018, the firm reported a net profit of INR0.19 crore on an
operating income (OI) of INR25.10 crore as against a net profit of
INR0.18 crore on an OI of INR29.32 crore in FY2017.
NATIONAL ELECTRONICS: ICRA Cuts Rating on INR6.90cr Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of National
Electronics, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 6.90 [ICRA]B+(Stable) ISSUER NOT
Limit–Cash COOPERATING; Rating downgraded
Credit from [ICRA]BB- (Stable) and
Continues to remain under
Issuer Not Cooperating category
Fund based 0.41 [ICRA]B+(Stable) ISSUER NOT
Limit–term COOPERATING; Rating downgraded
Loan from [ICRA]BB- (Stable) and
Continues to remain under
Issuer Not Cooperating category
Non-fund- 0.40 [ICRA]B+(Stable) ISSUER NOT
based-limit– COOPERATING; Rating downgraded
bank guarantee from [ICRA]BB- (Stable) and
Continues to remain under
Issuer Not Cooperating category
Non-fund-based- 4.00 [ICRA]A4 ISSUER NOT
limit–letter COOPERATING; Rating continues
of credit to remain under the 'Issuer Not
Cooperating' category
Unallocated 2.54 [ICRA]B+(Stable)/[ICRA]A4
Limits ISSUER NOT COOPERATING; Rating
downgraded from [ICRA]BB-
(Stable)/[ICRA]A4 and Continues
to remain under 'Issuer Not
Cooperating' category
Rationale
The ratings for the INR14.25 crore bank facilities of National
Electronics downgraded and continues to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(stable); ISSUER NOT COOPERATING".
The rating downgrade is because of lack of adequate information
regarding National Electronics performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with National Electronics Limited. ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.
Khaitan Electronics (KE) is a partnership firm owned by Mr Pradeep
Khaitan and Mrs Udita Khaitan. The firm manufactures electronic and
electromagnetic ballasts from its factory located at Howrah in West
Bengal and supplies it to Philips India Limited. The promoters have
a long presence in the domestic electrical and electronics
component manufacturing industry, which has helped the firm in
establishing long term business relationship with its suppliers and
its clients.
RADHAGOBINDA RICE: ICRA Keeps D on INR5.4cr Loan in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR7.60-crore bank facilities of
Radhagobinda Rice Mills Private Limited Continues to remain under
'Issuer Not Cooperating category'. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 5.40 [ICRA]D; ISSUER NOT COOPERATING;
Term Loan Rating Continues to remain under
issuer not cooperating category
Fund-based 2.20 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating Continues to remain under
issuer not cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Incorporated in 2009, RRMPL is currently engaged in the milling of
non-basmati rice. The manufacturing facility of the company is
located at Jaunlia, in the district of Murshidabad, West Bengal.
The company started its production in July 2012.
RADHEKRUSHNA GINNING: ICRA Withdraws 'B' Rating on INR10cr Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Shree
Radhekrushna Ginning & Pressing Pvt. Ltd. (SRGPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based– 3.52 [ICRA]B (Stable); ISSUER NOT
Term Loan COOPERATING; Withdrawn
Fund-based– 10.00 [ICRA]B (Stable); ISSUER NOT
Cash Credit COOPERATING; Withdrawn
Rationale
The long-term ratings assigned to SRGPPL have been withdrawn based
on the No-Due certificate provided by its banker. ICRA is
withdrawing the rating and that it does not have information to
suggest that the credit risk has changed since the time the rating
was last reviewed. ICRA has withdrawn the Stable outlook on the
long-term rating.
Shree Radhekrushna Ginning & Pressing Pvt. Ltd. (SRGPPL), promoted
by Mr. Chandresh Jogi, Mr. Dilip Sakhia and Mr. Dhiraj Khoyani, was
incorporated as a closely held private limited company in March
2012. The company is located in Rajkot, Gujarat and is engaged in
the manufacturing of pressed cotton bales through ginning and
pressing of raw cotton with production capacity of 6,255 TPA of
cotton bales and 11,475 TPA of cotton seeds. It commenced trading
operations in February 2014 and manufacturing operations in May
2014.
SARASWATI MEDICAL: Ind-Ra Keeps BB+ Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Saraswati
Medical & Dental College's bank loan rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating action is:
-- INR40 mil. Overdraft maintained in Non-Cooperating Category
with IND BB+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 19, 2018. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the rating.
COMPANY PROFILE
Saraswati Medical & Dental College was incorporated under the
Societies Registration Act, 1860, and was founded by Late Colonel
(Dr) TS Mathur in May 1995.
SHIV NARESH: ICRA Lowers Ratings on INR11.0cr Loans to B+/A4
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Shiv
Naresh Sports Pvt. Ltd. (SNSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 3.50 [ICRA]B+ (Stable)/A4; ISSUER NOT
Limit COOPERATING; Long term rating
downgraded from [ICRA]BB (Stable)
and continues to remain under
'Issuer Not Cooperating' category
Non-Fund- 11.00 [ICRA]B+ (Stable)/A4; ISSUER NOT
based limit/ COOPERATING; Long term rating
Letter of Credit downgraded from [ICRA]BB (Stable)
and continues to remain under
'Issuer Not Cooperating' category
Unallocated 0.50 [ICRA]B+ (Stable)/A4; ISSUER NOT
COOPERATING; Long term rating
downgraded from [ICRA]BB (Stable)
and continues to remain under
'Issuer Not Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding SNSPL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated
entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Shiv Naresh Sports Pvt.Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information
Based in New Delhi, SNSPL was incorporated in 1998 and is promoted
by Mr. Shiv Prakash Singh and his family. SNSPL manufactures
sportswear such as tracksuits, jackets, and t-shirts. The company
has a single manufacturing facility in Badali, New Delhi. Apart
from manufacturing sportswear, the company also undertakes
contracts for execution of sports infrastructure projects such as
construction of running tracks and hockey fields.
SHRI RAJ JEWELS: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shri Raj Jewels'
(SRJ) Long-Term Issuer Rating to 'IND BB+ (ISSUER NOT COOPERATING)'
from 'IND BBB- (ISSUER NOT COOPERATING)'. The issuer did not
participate in the surveillance exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
ratings.
The instrument-wise rating action is:
-- INR565.6 mil. Fund-based facilities downgraded with IND BB+
(ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
KEY RATING DRIVERS
The downgrade reflects SRJ's low financial transparency and the
unavailability of its past three years' financials. The rating is
also constrained by its partnership nature of business.
SRJ's did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. The company has not provided
information such as audited financials, interim financials, the
projections for the next five years, utilization reports and key
details required for the surveillance exercise.
COMPANY PROFILE
Incorporated in 2012, SRJ is a partnership firm set up by Arvind
Ranawat, Nikhil Ranawat, Praful Ranawat, and Bharat Jain. SRJ, a
100% export oriented unit, manufactures and exports gold and
diamond-studded jewelry. It operates from Santacruz Exports and
Electronics Processing Zone in Andheri, Mumbai.
SHRIMATI SULOCHNA: ICRA Withdraws B+ Rating on INR15.40cr Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Shrimati Sulochna Devi Education Foundation, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based
Term Loan 15.40 [ICRA]B+(Stable); Withdrawn
Fund-based
Proposed
Term Loan 3.00 [ICRA]B+(Stable); Withdrawn
Unallocated 1.00 [ICRA]B+(Stable); Withdrawn
Rationale
The long-term ratings assigned to Shrimati Sulochna Devi Education
Foundation have been withdrawn at the request of the company, based
on the no-objection certificate provided by its banker. ICRA is
withdrawing the rating and that it does not have information to
suggest that the credit risk has changed since the time the rating
was last reviewed. ICRA has withdrawn the Stable outlook on the
long-term rating.
Incorporated under section 25 of the Companies Act 1956 in
September 2012; SSF runs Delhi Public School located in Jamnagar
district in Gujarat. The school commenced operations in
AY2015-AY2016 and at present caters to students from pre-primary to
standard X. At present, it has 1533 students against its total
capacity of ~1960 students. The company is promoted by Mr. Javed
Pasta, Mr. Gaurav Dokania, Mr. Altaf Kasmani and Mr. Suleman
Pasta.
In FY2018, the company reported a net loss of INR2.47 crore on an
operating income of INR8.24 crore compared to a net loss of INR1.79
crore on an operating income of INR5.97 crore in the previous year.
Further, in 9MFY2019, as per provisional financials, the company
reported a net loss of INR0.44 crore on an operating income of
INR8.19 crore.
SHRIRAM TRANSPORT: S&P Lowers ICR to 'BB', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings said it has taken the following rating actions
on Indian nonbank financial companies (NBFCs):
-- S&P lowered the rating on Shriram Transport Finance Co. Ltd.
(STFC) to 'BB' from 'BB+'. The outlook is negative.
-- S&P revised the outlook on Bajaj Finance Ltd. (BFL) to negative
and affirmed the 'BBB-/A-3' ratings.
-- S&P revised the outlook Manappuram Finance Ltd. to negative and
affirmed the 'BB-/B' ratings.
-- S&P revised the outlook Muthoot Finance Ltd. to negative and
affirmed the 'BB/B' ratings.
-- S&P revised the outlook Power Finance Corp. Ltd. (PFC) to
negative and affirmed the 'BBB-' rating.
S&P's rating actions reflect Indian NBFCs face increasing risks
from challenging operating conditions stemming from the COVID-19
outbreak.
S&P said, "In our view, the economic risk for Indian financial
institutions is rising. Economic conditions have turned adverse due
to the COVID-19 pandemic. Drastic efforts to curtail the spread of
the coronavirus has resulted in a sudden stoppage in economic
activity. We have therefore revised our economic risk trend for the
financial sector to negative from stable.
"S&P Global Ratings has further revised downward its fiscal 2021
GDP growth projections for India to 1.8%, compared with our earlier
expectation of 3.5%. We believe this decline is a cyclical event
and India's structural growth story is intact. Economic growth
should return to 7% levels in the medium term. We are projecting
7.5% growth in fiscal 2022, albeit from a small base. However, a
prolonged slowdown, particularly if the recovery in fiscal 2022 is
significantly slower or delayed, could adversely affect the
financial institutions sector.
Credit risk remains very high and continues to pose risks. The
deterioration in NBFCs' asset quality may intensify as the economy
slows amid the outbreak. S&P expects the microfinance segment to be
the most affected during the lockdown as it relies primarily on
cash collections and its borrowers, many with weak credit profiles,
would have faced disruptions to income generation. Home loans are
likely to be less affected because the majority of borrowers are
salaried and collections are through auto debit instructions.
Affordable housing loans, which cater to weaker economic strata,
could witness challenges, however. Other pockets of stress include
loans to real estate developers, loans against property, loans
against shares, and loans to telecom, aviation, restaurant, or
tourism-related sectors. Small and midsize enterprises are likely
be more affected in this scenario.
The three-month moratorium on principal and interest repayments
allowed by the Reserve Bank of India will help borrowers with
temporary liquidity problems. In any case, it will also result in
delayed recognition of weaker loans.
In S&P's base case, it expects the overall impact on the NBFC
sector to be more pronounced than on the banking sector, given some
of them lend to weaker customers. Also, NBFCs were already reeling
under trust deficit in the system since the 2018 default of
Infrastructure Leasing & Financial Services.
Finance companies also face accentuated liquidity risks. As a large
proportion of borrowers opt for the moratorium, cash inflows for
finance companies may be limited, making them dependent on their
liquid assets and refinancing to service their upcoming debt
maturities. Currently, NBFCs that S&P rates has sufficient
liquidity, comprising liquid assets, undrawn lines from banks, and
in some cases funding lines from group companies.
In S&P's opinion, it could see more differentiation in the
liquidity available to finance companies, with strong NBFCs
benefitting from a flight to quality. Liquidity stress could be
high for wholesale lenders with large exposure to property
developers or those without a strong parent, or companies with
perceived weak governance.
Shriram Transport Finance Co. Ltd.
Primary analyst: Nikita Anand
S&P said, "We lowered the ratings on STFC to 'BB' from 'BB+' due to
our expectation that funding conditions for the company could
tighten amid challenging operating conditions and weakness in asset
quality. We have therefore revised our funding assessment to
moderate from adequate. STFC's dominant market position as India's
largest commercial vehicle financier and its strong capitalization
continue to support the ratings.
"In our opinion, the used commercial vehicle segment is vulnerable
in the current slowdown. The company's borrower profile is less
resilient to the lockdown and weak economic activity. Also,
collections will be more difficult for the company as it has a high
reliance on collecting cash repayments.
"We expect STFC's asset quality to deteriorate, which is likely to
lower the availability of funding to the company. Although the
company has access to multiple funding sources, it has had to
curtail growth and increase dependence on securitization to
navigate tight funding conditions over the past 18 months. The
company operates in a confidence-sensitive sector with reliance on
wholesale funding sources especially bank lines in the current
environment. With rising risk aversion and pressure on asset
quality, STFC faces higher refinancing risk than peers with
stronger credit profiles and corporate or government backing. The
company has regularly tapped overseas markets for funding in past
quarters, which will be a challenge in the current market
conditions.
Weak economic activity in India from strict lockdown measures is
likely to keep vehicle utilization low, hurting the cash flows of
road transport operators. STFC's stage 2 loans were sizable at the
end of 2019 at 20% of total loans. We believe tough operating
conditions could result in a higher transition rate from stage 2 to
stage 3 loans, increasing STFC's nonperforming loans (NPLs) and
credit costs. The company is holding about 34% of provisions
against stage 3 loans and 6% against stage 2 loans. Stage 2 loans
are loans with a significant increase in credit risk and that are
30-89 days overdue, and stage 3 loans are loans that are 90 days
overdue. In our opinion, STFC may have to step up this provisioning
in a weaker environment.
"The negative outlook on STFC reflects a one-in-three chance that
we will lower the rating over the next 12 months due to rising
economic risks in the Indian financial sector.
"We will downgrade STFC if economic risks rise or if deteriorating
operating conditions result in a sharp increase in the company's
NPLs and credit costs or if STFC's liquidity dwindles possibly due
to refinancing issues and a decline in collections.
"We will likely revise the outlook to stable if the operating
environment improves, alleviating the pressure on STFC's asset
quality, funding, and liquidity."
Bajaj Finance Ltd.
Primary analyst: Nikita Anand
S&P said, "We affirmed our 'BBB-' rating on BFL due to its strong
market position and comfortable capital levels. BFL has a strong
market position in consumer durables and two- and three-wheeler
financing, which supports its reach in the Indian retail market.
The company has adequate liquidity, in our view. Tempering these
strengths are its relatively high credit costs and its reliance on
wholesale sources for funding.
"The negative outlook on BFL reflects our view that there is a
one-in-three chance that we will lower the rating over the next 12
months due to rising economic risks in the Indian financial
sector.
"We do not factor any extraordinary support from the group given
that the group entities are regulated or listed entities, which
restricts their ability to provide support to BFL in the case of an
extraordinary event.
"We may downgrade BFL if we believe that the current economic
crisis is sharper and longer than we envisage such that it
substantially weakens the company's asset quality and sharply
increases its credit costs beyond our expectations.
"We believe stress in the wider group could spill over to BFL given
the benefits to its market position and funding access from the
common brand name. We would therefore also lower the rating on BFL
if the group credit profile weakens. This may happen if there is a
deterioration in the credit profile of either its sister company
Bajaj Auto Ltd. or the ultimate parent, Bajaj Holdings and
Investments Ltd. (BHIL).
"We may revise the outlook to stable if economic risks reduce and
the credit profiles of both BFL and group companies don't
deteriorate materially."
Manappuram Finance Ltd.
Primary analyst: Michael Puli
S&P affirmed the ratings on Manappuram as it maintains very high
capitalization and earnings capacity, and holds gold as collateral
backing most of its loans. Offsetting these strengths is the
company's modest business franchise, collateral-based underwriting
standards for gold-backed loans, material exposure to unsecured
microfinance customers, and reliance on short-term funding that
faces continual rollover risk.
S&P said, "Our negative outlook reflects our view that Manappuram
is not immune to heightened economic risks affecting India's
financial system over the next 12-18 months. Particularly at risk,
in our view, is the company's exposure to the micro finance sector
at 20% of total loans, which we believe has customers who are
relatively more vulnerable to economic conditions.
"We would lower the ratings on Manappuram if economic risks
sufficiently increase across India's banking and financial system
to affect the company's operating environment. We could also lower
the ratings if Manappuram's credit costs increase substantially
relative to peers, or the company's ability to roll over its
short-term funding suffers.
"We would revise our outlook back to stable if economic risks to
Indian finance companies reduce. A structural improvement to the
stability of Manappuram's funding profile would result in a stable
outlook, as longer-term funding would reduce the rollover risk
associated with short-term wholesale funding, in our view."
Muthoot Finance Ltd.
Primary analyst: Michael Puli
S&P said, "We affirmed the ratings on Muthoot as it remains the
market leader in gold-backed loans, maintains very high
capitalization and earnings capacity, and holds gold as collateral
for most of its loans. Offsetting these strengths is the company's
exposures to operating risks and reliance on short-term funding,
which faces continual rollover risk.
"Our negative outlook reflects our view that Muthoot is not immune
to heightened economic risks affecting India's financial system
over the next 12-18 months.
"We would lower the ratings on Muthoot if economic risks
sufficiently increase across India's banking and financial system
to affect the company's operating environment. We could also lower
the ratings if Muthoot's credit costs increase substantially
relative to peers, or the company's ability to roll over its
short-term funding suffers.
"We would change our outlook back to stable if we saw a reduction
in economic risks to Indian finance companies. A structural
improvement to the stability of Muthoot's funding profile would
also result in a stable outlook, as longer-term funding would
reduce the rollover risk associated with short-term wholesale
funding, in our view."
Power Finance Corp. Ltd.
Primary analyst: Michael Puli
S&P said, "We affirmed the ratings on PFC given its ongoing
dominant market position in financing India's power sector, the
benefits it receives from linkages with central and state
governments, and beneficial access to funding (e.g., tax free
bonds). Further, the company maintains good capitalization and
earnings capacity, although it remains highly concentrated to large
scale and lumpy assets in a structurally poor performing power
sector. Majority government ownership and backing support its
relatively good market access to funding. Its policy role and
linkages to the government of India result in one notch of uplift
for the current rating.
"Our negative outlook on PFC reflects our view that heightened
economic risks may sufficiently increase across India's banking and
financial system such that we lower the starting point for finance
company ratings. This would result us lowering the rating on PFC to
'BB+'. This is because we believe that government supportiveness
for PFC is not sufficient to offset these headwinds to the
company's stand-alone creditworthiness. We see a one-in-three
chance of this occurring over the next 12 months.
"We would downgrade PFC if economic risks rise across the banking
system. Although now less likely, we would also lower the rating on
the company if the government of India reduces its shareholding to
a degree that we believe materially lowers its linkage to the
company and government supportiveness."
S&P would revise its outlook back to stable if economic risks in
India reduce.
Ratings List
Downgraded
To From
Shriram Transport Finance Co. Ltd.
Issuer Credit Rating BB/Negative/B BB+/Negative/B
Senior Secured BB BB+
Ratings Affirmed; Outlook Action
To From
Bajaj Finance Ltd.
Issuer Credit Rating BBB-/Negative/A-3 BBB-/Stable/A-3
Manappuram Finance Ltd.
Issuer Credit Rating BB-/Negative/B BB-/Stable/B
Senior Secured BB-
Muthoot Finance Ltd.
Issuer Credit Rating BB/Negative/B BB/Stable/B
Senior Secured BB
Power Finance Corp. Ltd.
Issuer Credit Rating BBB-/Negative/-- BBB-/Stable/--
Senior Unsecured BBB-
SOWPARNIKA PROJECTS: ICRA Cuts Rating on INR88.70cr Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Sowparnika Projects & Infrastructure Private Limited (SPIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund 41.30 [ICRA]B+(Stable) ISSUER NOT
Based-Term Loan COOPERATING; Rating downgraded
from [ICRA]BB+(Stable) and
moved to the 'Issuer Not
Cooperating' category
Long Term- 88.70 [ICRA]B+(Stable) ISSUER NOT
Unallocated COOPERATING; Rating downgraded
from [ICRA]BB+(Stable) and
moved to the 'Issuer Not
Cooperating' category
Long Term-Fund 80.00 [ICRA]B+(Stable) ISSUER NOT
Based-Non COOPERATING; Rating downgraded
Convertible from [ICRA]BB+(Stable) and
Debenture moved to the 'Issuer Not
Programme Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding SPIPL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of noncooperation by the rated entity".
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Incorporated in 2003, Sowparnika Projects and Infrastructure
Private Limited (SPIPL), is a closely-held private limited company
involved in real-estate development. The company is the flagship
entity of the Sowparnika Group, which comprises a group of
companies owned and managed by Ms. Meenakshi Ramji, Mr. Ramji
Subramaniam and associates. Till date, the company has completed 32
projects in Bengaluru, Trivandrum, Coimbatore, Mysore and
Chenganassery, aggregating to 2.4 million sq. ft.
SUSHRAVYA UPLIFTMENT: ICRA Reaffirms B Rating on INR10cr Loan
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Sushravya
Upliftment Foundation (Sushravya), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Bank facilities 10.00 [ICRA]B(Stable); reaffirmed
Rationale
The rating reaffirmation factors in Sushravya's geographically
concentrated and modest scale of operations, its stretched capital
structure, limited financial flexibility and modest earnings
profile. The entity's geographical concentration of operations
exposes it to considerable regional risks and the portfolio is also
susceptible to ago-climatic risks as most of the borrowers are
dependent on agriculture. Sushravya's gearing was stretched at 26
times as on March 31, 2019 with a low net worth of INR0.3 crore.
The entity's internal generation is modest and profit for FY2019
stood at INR0.1 crore (INR0.1 crore for FY2018).
The rating factors in the financial and operational support from
Organisation for Development of People (ODP) and the track record
of ODP's operations in the microfinance business albeit on a modest
scale. ICRA notes that Sushravya is vulnerable to the risks
associated with unsecured lending, a marginal borrower profile and
other socio-political and operational risks inherent in
microfinance operations. Going forward, it is critical for
Sushravya to improve its loan appraisal, IT and audit systems to
adequately manage the risks associated with the microfinance
business.
Key rating drivers and their description
Credit strengths
* ODP's regionally established franchise: ODP has a track record
of over two decades in microfinance activities with a member base
of about 45,000. ODP used to offer microfinance loans directly to
its self-help group (SHG) members. However, it discontinued
incremental lending in June 2016. ODP currently focusses on
extending credit plus facilities for the empowerment of rural women
and also provides financial literacy and training for various
programmes for the livelihood of rural women. Sushravya was started
by ODP's governing body members to provide microfinance loans to
its SHG members.
Credit challenges
* Modest scale and geographically concentrated operations
accentuate agro-climatic risk: Sushravya lends microfinance loans
and its portfolio outstanding as on February 20, 2020 stood at
INR10.5 crore (INR8.0 crore as on March 31, 2019). The entity's
operations are across four districts in Karnataka, across 2
branches. Concentration of AUM in four districts exposes the entity
to regional risks including agro-climatic risks as the entity
primarily lends to borrowers who are involved in agri-related
activities. Though the collection efficiency has remained healthy,
owing to sizable portfolio in Kodagu district which has been
affected by rain for the past 2 years, has been impacting asset
quality indicators for months post the calamity. ICRA notes that
Sushravya has scope to improve its active member base, scale up
operations and improve geographical presence going forward.
* Critical to improve appraisal, risk management systems and IT
system: The branches of entity are not connected on a real-time
basis and the accounts is prepared at the head office only.
Sushravya does not undertake credit bureau checks during its loan
appraisal and the entity also does not have a formal internal audit
procedure. The absence of credit bureau check exposes the entity to
overleveraging of borrowers. it is critical for the entity to
strengthen its loan appraisal, IT and audit systems to ensure good
asset quality as business expands.
* Modest profits and weak financial risk profile: Sushravya's
capital structure is stretched with low net worth stood at INR0.3
crore (as on March 31, 2019) and a gearing of 25.9 times. The
entity's internal generation of funds is modest, and profit is at
INR0.1 crore (during FY2019). Currently, the entity's borrowings
include loans from FMSHG and GVSSMO which does not have a fixed
repayment schedule. It is critical to diversify its funding sources
to scale up its operations while maintaining adequate liquidity.
Liquidity position: Adequate
The company primarily meets its debt obligations through loan
repayments from its borrowers. ICRA takes note of the scheduled
inflows of INR5.6 crore against the scheduled outflows of INR1.6
crore till September 2020. However, it would be critical for
Sushravya to maintain its collection efficiency while ensuring the
regular flow of funds to sustain operations and meet its internal
growth projections. To support the liquidity, the company had cash
and bank balance of INR1.33 crore as on Feb 29, 2020 and an FD of
INR1.7 crore.
Rating sensitivities Positive triggers - ICRA could upgrade the
rating if the Sushravya is able to improve its financial risk
profile as it scales up going forward on a sustained basis while
maintaining good asset quality.
Negative triggers - Pressure on Sushravya's rating could arise if
there is a deterioration in the asset quality, or otherwise,
impacting earnings, or a further weakening in capital or liquidity
profile.
Sushravya Upliftment Foundation (Sushravya) is registered under
Section 8 of the Companies Act, 2013 as a not-for-profit entity.
The entity commenced its operations in June 2016. Headquartered in
Mysore, Karnataka, Sushravya is entirely held by the governing
members of Organisation for Development of People (ODP). ODP is a
society, registered in the year 1990, to undertake welfare
activities in the four districts of Karnataka – Chamraja Nagar,
Kodagu, Mandya and Mysore.
ODP formed the Federation of Maholidaya Self-Help Groups in 1991 to
provide microfinance to women SHGs and then formed Grama Vikasa
Swa-Sahaya Sanghagala Maha Okkuta in 2000 for men SHGs. In June
2016, ODP stopped microfinance disbursements and Sushravya started
lending operations.
WESTERN CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------------
ICRA said ratings for the INR140.00-crore bank facilities of
Western Construction Co. (Gujarat) LLP Continues to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 140.00 [ICRA]B+(Stable); ISSUER NOT
Fund Based- COOPERATING; Rating Continues
Term Loan to remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
WCC has been into the business of development of commercial
projects and is a part of the Western Group which has completed 14
residential and commercial projects in Surat till date with a total
saleable area of 54.66 lakh sq. ft. till date. WCC has its
registered office located in Surat, Gujarat. The firm is developing
a commercial project, viz., Ashirwad Textile Market located at
Dhumbal, Surat (Gujarat). The complex will comprise 296 offices cum
warehouses in three towers of four floors each. The total super
built up area of the project will be 8,73,050 sq. ft.
=================
I N D O N E S I A
=================
INDONESIA: To Expand Tax Breaks to Prevent 'Bankruptcies'
---------------------------------------------------------
Gayatri Suroyo and Tabita Diela at Reuters report that Indonesia
will expand tax incentives it currently gives to some manufacturing
industries to cover 11 more sectors to prevent "massive bankruptcy"
due to the impact of the coronavirus pandemic, officials said on
April 17.
According to Reuters, governments around the world have provided
stimulus measures to alleviate the threat to their economies from
the widespread travel curbs and shutdowns of schools and businesses
that have been triggered by the rapid spread of the novel
coronavirus.
Reuters relates that Finance Minister Sri Mulyani Indrawati said
Indonesia's economy faces a "huge shock" due to an expected global
recession, in addition to the hit it will take from the
restrictions on people's mobility that will hurt domestic demand
for products, services and fuels.
"The state budget will try to provide support so that the shock
does not disrupt or does not cause massive bankruptcy," Indrawati
told an online news conference, Reuters relays.
Southeast Asia's largest economy may face a recession due to the
virus outbreak, but the government is still assuming 2020 GDP
growth of 2.3% as its baseline scenario, Indrawati, as cited by
Reuters, said.
The tax incentives Indonesia currently gives to some manufacturing
industries will be extended to sectors such as food, trade,
telecommunication, forestry, logistics, construction, tourism,
transportation and renewable energy, the finance ministry's tax
chief, Suryo Utomo, said, according to Reuters.
Sectors that are affected by depressed global prices such as
plantations, mineral and coal mining, and oil and gas will also be
included, Utomo said.
Reuters adds that the incentives to be expanded include the
temporary waiving of income tax on salaries for some employees,
discounts on corporate tax instalments and the suspension of import
taxes, he said.
Based on government tax revenues in the first quarter, corporate
profits are already under pressure, Reuters notes. Income tax
payments from non-oil and gas firms in January-March were down 3%
to IDR137.5 trillion ($8.88 billion), while contributions from oil
and gas companies plunged 29% to IDR10.3 trillion, Reuters
discloses.
Indrawati warned that the figures have yet to reflect the severity
of the impact of the outbreak, which she said she expected to lead
to a contraction in state revenues this year, the report states.
The government's latest estimate for its 2020 budget deficit was
5.07% of GDP. The deficit in January-March was IDR76.4 trillion, or
0.5% of GDP, adds Reuters.
=========
J A P A N
=========
NISSAN MOTOR: Egan-Jones Lowers Senior Unsecured Ratings to BB
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Nissan Motor Co., Ltd. to BB from BBB.
Nissan Motor Co., Ltd., usually shortened to Nissan, is a Japanese
multinational automobile manufacturer headquartered in Nishi-ku,
Yokohama.
=================
S I N G A P O R E
=================
HIN LEONG: ABN Amro Makes Claims Against Oil Trader
---------------------------------------------------
Bloomberg News reports that ABN Amro Bank NV has become the latest
lender to make a claim against a Singapore oil trading giant that
filed for protection from creditors amid a plunge in oil prices.
The Dutch bank filed applications for charges related to
irrevocable letters of credit tied to goods and documents of Hin
Leong Trading (Pte) Ltd., Bloomberg relates citing filings with
Singapore's Accounting and Corporate Regulatory Authority.
The Amsterdam-based lender is the second bank to file charges
linked to Hin Leong, which owes almost $4 billion to more than 20
Singaporean and international banks, including HSBC Holdings Plc,
DBS Group Holdings Ltd. and Standard Chartered Plc., according to
Bloomberg. London-based HSBC has the most exposure to the oil
trader, with about $600 million, people familiar with the situation
said.
ABN Amro didn't specify the amount owed to the bank in the
documents dated April 17, Bloomberg relates. The charges covered
include Hin Leong's bills of landing, air waybills, cargo and
warehouse receipts, as well as the goods shipped related to the
bank's credit.
An irrevocable letter of credit can't be canceled or amended by the
issuing bank without the agreement of the parties in the credit
transaction, Bloomberg notes. Letters of credit are a critical
financial lifeline for commodity traders, used as way of financing
short-term trade. A bank issues the so-called L/C on behalf of the
buyer as a guarantee of payment to the seller. Once the goods have
exchanged hands, the buyer repays the lender.
Societe Generale SA last week registered several charges covering
goods and receivables financed by the bank and the Hin Leong bank
account with the Paris-based bank, Bloomberg adds.
Hin Leong Trading (Pte.) Ltd. provides petroleum products and
transportation services. The Company offers oil, lubricants,
grease, and diesel products, as well grants storage, terminalling,
trucking, and marine logistics services.
HIN LEONG: Failed to Declare $800MM Losses; Files Bankruptcy
------------------------------------------------------------
Serene Cheong, Alfred Cang, and Joyce Koh at Bloomberg News report
that the son of the legendary founder of Hin Leong said the
Singapore oil trader hid about $800 million in losses racked up in
futures trading, suggesting a much bigger hole in the company's
finances than thought, according to people with knowledge of the
matter.
According to Bloomberg, the downfall of Hin Leong Trading (Pte)
Ltd., one of the biggest and most secretive forces in the world of
physical fuel-oil trading, showed the depth of the fallout from the
dramatic drop in oil prices so far this year as a consequence of
the Saudi-Russia price war and the coronavirus pandemic.
Lim Chee Meng, the only son of Lim Oon Kuin, said the company also
sold some of the million of barrels of refined products it had used
as collateral to secure loans from its banks, according to the
people, citing an April 17 email sent by the shipping affiliate of
Hin Leong, notifying recipient parties of proposed moratorium
proceedings, Bloomberg relays.
As a result, the company faces a significant shortfall between the
oil stocks it held and the inventories pledged to its banks. That
potentially means huge losses for the banks which provided the
merchant with billions in loans as the collateral they thought they
have as a guarantee isn't there, Bloomberg says.
Bloomberg notes that the trouble at Hin Leong is the latest to hit
the commodity trading community in Singapore, among the largest
hubs alongside Geneva, London and Houston. Over the last three
years, the city state has seen the collapse of two other big names
in the industry: Noble Group and Agritrade, and a rogue trader
raking up millions in losses.
The son, also known as Evan Lim, said he was unaware of the reason
for losses suffered over some years and his father had instructed
Hin Leong's finance department to omit them from its financial
statements, according to the people with knowledge of the email
sent by Ocean Tankers (Pte.) Ltd., signed by the son and his sister
Lim Huey Ching, Bloomberg relates.
Hin Leong and Ocean Tankers both filed for court protection from
creditors on April 17 as the former struggles to repay its debts,
Bloomberg says. Both companies are solely owned by the Lim family.
Hin Leong posted a positive equity of $4.56 billion and net profit
of $78 million in the period ended October 31, according to the
people, who asked not to be identified as the matter is sensitive,
Bloomberg relays.
But Hin Leong told its creditors this month that total liabilities
reached $4.05 billion as of early April, while assets were just
$714 million, leaving a hole of at least $3.34 billion, according
to screenshots of the presentation to a group of bankers seen by
Bloomberg News.
Bloomberg relates that the balance sheet of the company showed no
equity at all as of April 9, 2020, and warned that "figures
obtained from the company are subject to verification".
The latest accounts of Hin Leong Trading, for the financial year
ending October 31, 2019, were audited by Deloitte & Touche LLP,
Bloomberg notes. The auditor didn't flag any problems, according to
people familiar with the matter.
According to Bloomberg, the company told its creditors that it only
had $141 million worth of oil products inventory, compared with the
$1.28 billion it declared in its audited statement on October 2019.
Hin Leong had only $50 million in cash as of April 2020, compared
with $461 million in October 2019.
Bloomberg relates that Lim's son said his father sold a substantial
part of the company's inventories, even when those stocks were used
as collateral for banks loans, according to the people. As a
result, he said there was a large shortfall of oil inventories
compared with the amount that had been pledged to secure the credit
lines.
Bloomberg first reported Hin Leong's financial difficulties April
10 after some lenders had pulled credit lines from Hin Leong amid
concerns over its ability to finance its debts. It's said to owe
almost $4 billion to more than 20 banks including HSBC Holdings
Plc.
Lim Oon Kuin, known to many in the industry as OK Lim, will be
resigning from all executive roles in Hin Leong, the Xihe Group and
related companies as of April 17, according to the people, citing
the email. He will also step down as director and managing director
of Ocean Tankers, Bloomberg adds.
A spokeswoman for Rajah and Tann, one of Hin Leong's advisers, said
the firm is unable to comment because the matter is before the
court, adds Bloomberg.
Both Hin Leong and Ocean Tankers have filed for protection from its
creditors under Section 211B of Singapore's Companies Act.
Hin Leong Trading (Pte.) Ltd. provides petroleum products and
transportation services. The Company offers oil, lubricants,
grease, and diesel products, as well grants storage, terminalling,
trucking, and marine logistics services.
=============
V I E T N A M
=============
ANZ BANK: Fitch Alters Outlook on 'BB' LongTerm IDR to Stable
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on ANZ Bank (Vietnam)
Limited's Long-Term Foreign-Currency Issuer Default Rating to
Stable, from Positive, and affirmed the rating at 'BB'.
This follows the April 8, 2020 Outlook revision on Vietnam's IDR to
Stable, from Positive, due to the impact of the escalating global
coronavirus pandemic on the domestic economy.
KEY RATING DRIVERS
The Outlook revision on ANZV's IDR reflects the Outlook revision on
Vietnam's sovereign rating. ANZV's Long-Term IDR is driven by its
expectation of institutional support from its 100% parent,
Australia and New Zealand Banking Group Limited (A+/Negative), but
is constrained by Vietnam's IDR and Country Ceiling of 'BB'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- An upgrade in the sovereign IDR and Country Ceiling would be
likely to lead to an upward revision in the bank's IDRs, assuming
that the parent's ability and propensity to support the bank remain
intact.
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Fitch may take negative rating action if it changes its
assessment of ANZ's propensity and ability to extend ordinary
support in a timely manner. There would have to be significant
rating changes at ANZ for there to be any impact on Fitch's
assessment of ANZ's ability to support ANZV, in light of the large
gap between the Long-Term IDRs of ANZ and Vietnam.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
ESG CONSIDERATIONS
ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).
ASIA COMMERCIAL: Fitch Alters Outlook on 'B+' LT IDR to Negative
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Asia Commercial Joint
Stock Bank to Negative from Stable and affirmed its Long-Term
Issuer Default Rating of 'B+' to reflect the risks that Fitch
expects the coronavirus pandemic to exert on the Vietnam-based
bank's credit profile.
The pandemic has strained Vietnam's economy, with GDP growth
slowing to a seven-year low of 3.8% in 1Q20 from 7.0% in 4Q19.
Fitch expects Vietnam's GDP to grow by 3.3% in 2020 and 7.3% in
2021, which assumes that economic recovery will only begin in the
later part of 2020. Vietnam's relatively open economy implies that
risks to its base-case forecast are high, especially if external
demand continues to be weak and sustained signs of virus
containment remain elusive. Vietnam's high system leverage,
reflected in the bank credit-to-GDP ratio rising to 136% by
end-2019 from 101% at end-2014, also leaves the country more
vulnerable to severe stress in the system.
Consequently, Fitch has lowered Vietnam's banking system operating
environment factor mid-point to 'b+' from 'bb-'. This is in
anticipation of increased credit stress in banks' loan portfolios
and lower profitability due to narrower lending margins and higher
credit provisions. Its expectations for deterioration in bank
financial profiles are largely factored into their Viability
Ratings (VR), although risks may intensify in the event of economic
stress and the shock can have lingering effects for banks'
financial profiles. The outlook for its operating environment
assessment is maintained at stable as current base-case
expectations are for a reasonably strong economic recovery going
into 2021.
KEY RATING DRIVERS
IDRS, VR
ACB's IDRs are driven by its standalone credit profile, which is
reflected in its VR. The ratings take into account its better
profitability and asset quality relative to domestic peers,
although they are broadly in line with global standards for banks
operating in environments that Fitch has assessed as being in the
'b' category. These factors are offset by its still-modest
capitalization and company profile. The ratings also take into
account risks from rapid credit growth in recent years, as well as
the deteriorating operating environment, which will weigh on the
bank's asset quality and profitability in the near term.
Fitch has assigned a negative outlook on the bank's asset quality
factor score in view of the dimmer economic outlook, its assessment
of the bank's overall risk appetite, and because the bank may be
pressured to support weak borrowers. Fitch expects ACB's asset
quality to weaken and the bank's retail-focused business model
presents greater risks of asset quality impairment from rising
unemployment and lower incomes.
The outlook on earnings and profitability is lowered to negative
from stable with an unchanged 'b+' score. Fitch sees elevated risks
in the bank's profitability due to the lower interest rate
environment and higher credit costs as a result of the economic
slowdown. However, ACB's largely secured portfolio and the
announced regulatory relief should limit the risk of a sharp spike
in credit losses in the near term.
Fitch has maintained a stable outlook on ACB's capitalization and
leverage score as Fitch sees limited capital impairment risks under
its base-case scenario. Its Fitch Core Capital (FCC) ratio of 9.4%
at end-2019 was the highest among Fitch-rated Vietnamese banks, but
remains low relative to global standards. This provides the bank
limited buffers to withstand more severe credit stresses in the
environment.
Fitch believes smaller private commercial banks would be at a
funding disadvantage against larger state-owned peers in times of
market stress as depositors seek refuge in implicit state support.
Nevertheless, ACB's retail-centric deposit funding base offers a
degree of stability in its funding profile. Its loan-to-deposit
ratio was also satisfactory at 87% at end-2019. Fitch maintains its
'b+' score on the funding and liquidity factor with a stable
outlook.
SUPPORT RATING, SUPPORT RATING FLOOR
The bank's Support Rating of '5' and Support Rating Floor of 'B-'
reflect Fitch's assessment that state support may be possible, if
needed, but cannot be relied upon. This takes into account the
bank's modest market share of about 3% of system assets, Vietnam's
large banking system relative to GDP, as well as constraints on
sovereign fiscal flexibility, as reflected in the sovereign's 'BB'
rating.
ESG - Governance: ACB has an ESG Relevance Score of 4 for
Governance Structure. This reflects its view of moderate risk
stemming from its corporate governance framework, for example due
to its low independent director representation, which is a common
trait of many Vietnamese banks.
ESG - Transparency: ACB also has an ESG Relevance Score of 4 for
Financial Transparency, incorporating its view that Vietnamese
banks' financial statement disclosures are generally lacking
relative to other jurisdictions.
RATING SENSITIVITIES
IDRS, VR
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
An economic recovery that is faster or in line with its base-case
projection, resulting in lower credit impairment, may lead us to
revise the Outlook on the bank's IDR back to Stable.
Fitch would consider upgrading the bank's VR to 'bb-' if it is able
to maintain its current asset quality and profitability while also
significantly improving its core capitalization, with the FCC ratio
rising closer to 12% on a sustainable basis. This, however, assumes
that it also sees improvement in the operating environment, with
Fitch upgrading its assessment to the 'bb' category, and the bank's
risk controls. Fitch believes these prospects are unlikely amid the
current economic environment.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
ACB's IDR and VR could be downgraded to 'B' and 'b', respectively,
if its asset quality and profitability metrics were to weaken
beyond its base-case forecasts of operating profit/risk-weighted
assets falling below 1.25%, or the problem-loan ratio rising above
5%, which could result from a prolonged and sharper economic
slowdown than Fitch currently expects.
Undue risk-taking in the form of excessive credit growth, leading
to weakened capital buffers, would also pressure its VR. However,
Fitch believes the bank is likely to tighten its risk appetite if
the environment turns significantly adverse, absent any government
pressure.
SUPPORT RATING AND SUPPORT RATING FLOOR
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
ACB's Support Rating is sensitive to perceived changes in the
state's ability and propensity to support the bank. Greater ability
to support, as may be reflected by an upgrade on the sovereign
rating without system leverage increasing, may lead to an upgrade
in the bank's Support Rating and Support Rating Floor.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Fitch may assign a 'No Floor' on the bank's Support Rating Floor if
Fitch sees evidence of deterioration in the state's ability or
propensity to support.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
ESG CONSIDERATIONS
ACB has an ESG Relevance Score of 4 for Governance Structure. This
reflects its view of moderate risk stemming from its corporate
governance framework, for example due to its low independent
director representation, which is a common trait of many Vietnamese
banks.
ACB also has an ESG Relevance Score of 4 for Financial
Transparency, incorporating its view that Vietnamese banks'
financial statement disclosures are generally lacking relative to
other jurisdictions.
Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entities, either due to their nature or to the way in which
they are being managed by the entities.
MILITARY COMMERCIAL: Fitch Alters Outlook on 'B+' LT IDR to Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating of
Military Commercial Joint Stock Bank at 'B+' and revised the
Outlook to Negative from Stable to reflect ongoing pressures that
the coronavirus pandemic is exerting on the bank's credit profile.
The pandemic has strained Vietnam's economy, with GDP growth
slowing to a seven-year low of 3.8% in 1Q20 from 7.0% in 4Q19.
Fitch expects Vietnam's GDP to grow by 3.3% in 2020 and 7.3% in
2021, which assumes that economic recovery will only begin in the
later part of 2020. Vietnam's relatively open economy implies that
downside risks to its base case forecast are high, especially if
external demand continues to be weak and if sustained signs of
virus containment remain elusive. Vietnam's high system leverage
(bank credit to GDP ratio of 136% at end-2019, compared to 101% at
end-2014) also leaves the country more vulnerable to severe stress
in the system.
Consequently, Fitch has downgraded Vietnam's banking system
operating environment factor mid-point to 'b+'. This is in
anticipation of increased credit stress in banks' loan portfolios
and lower profitability due to narrower lending margins and higher
credit provisions. Its expectations for deterioration in the banks'
financial profiles are largely factored into their Viability
Ratings, although there is downside risk in the event of economic
stress as the shock can have lingering effects for banks' financial
profiles. The outlook for the factor is maintained at stable as
current base case expectations are for a reasonably strong recovery
going into 2021.
KEY RATING DRIVERS
IDRS AND VR
MB's IDRs are driven by its standalone credit profile, as reflected
in its VR. The bank has a growing franchise as well as
profitability and capital ratios that are higher than those of
domestic peers. However, capital buffers remain thin and Fitch
assesses the bank to have a relatively high risk appetite, which
would be exacerbated if it came under pressure to support weak
borrowers. The current adverse business environment and significant
uncertainty are putting significant pressure on the bank's asset
quality and profitability factor scores.
Fitch has lowered the bank's asset quality factor midpoint to 'b'
with a negative outlook to account for higher credit risks amid the
deteriorating economic environment. MB's rapid growth in retail
lending and the unsecured consumer sector in recent years has
increased its credit exposure to these segments and makes it more
vulnerable to a spike in unemployment and lower consumer incomes.
Fitch also expects MB's profitability to weaken as a result of the
authorities' drive to reduce lending rates, which would lead to
margin compression, as well as from higher credit charges from
soured loans. Therefore, core earnings will come under pressure
even though the announced regulatory relief on debt classification
will temper any increase in credit impairment and provisioning in
the near term. As a result, Fitch has maintained its earnings and
profitability factor midpoint at 'b+', but changed the outlook to
negative from stable.
Fitch sees limited risks of capital erosion under its base case of
slower growth and continued profitability. This led us to affirm
MB's capitalization and leverage factor score at 'b' with a stable
outlook. The bank's Fitch Core Capital ratio of 9.0% at end-2019
was higher than that of state-owned peers, but remains low relative
to global standards. This gives the bank limited buffers to
withstand more severe credit stress should the environment
deteriorate more than Fitch currently expects.
Fitch affirmed MB's factor midpoint for funding and liquidity at
'b+' with a stable outlook. Fitch believes smaller private
commercial banks like MB would be at a funding disadvantage against
larger state-owned peers in times of market stress as depositors
seek refuge in implicit state support. Lower deposits rates may
also drive depositors to seek higher yielding financial assets.
However, the bank's largely deposit-funded balance sheet and focus
on retail banking offer it a degree of funding stability. Its
loan-to-deposit ratio at end-2019 was also acceptable at 86%.
SUPPORT RATING AND SUPPORT RATING FLOOR
The bank's Support Rating of '5' and Support Rating Floor of 'B-'
reflect Fitch's assessment that state support may be possible, if
needed, but cannot be relied upon. This takes into account the
bank's modest market share of about 3% of system assets, large
banking system relative to GDP as well as the sovereign fiscal
flexibility, as reflected in the sovereign's 'BB' rating.
ESG - Governance: MB has an ESG Relevance Score of 4 for Governance
Structure. This reflects its view of a moderate risk stemming from
its corporate governance framework, for example due to its low
representation of independent directors on its board, which is a
common trait of many Vietnamese banks. This has a negative impact
on the rating in conjunction with other factors.
ESG - Financial Transparency: MB also has an ESG Relevance Score of
4 for Financial Transparency, incorporating its view that Vietnam
banks' financial statement disclosures are generally lacking
relative to other jurisdictions. This has a negative impact on the
rating in conjunction with other factors.
RATING SENSITIVITIES
IDRS AND VR
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
MB's rating outlook could be revised to Stable should Vietnam's
economy recover according to its base expectations, leading to key
financial profile metrics, such as the impaired loan ratio and
operating profit to risk-weighted assets ratio, returning to the
pre-pandemic peak.
Its VR could be upgraded to 'bb-' and its Long-Term IDR to 'BB-' if
Fitch upgrades its assessment of the operating environment to
'bb-', the bank's asset quality remains stable near current levels
and its FCC ratio rises close to 12% on a sustained basis. In the
current environment, it thinks this is a high bar to clear.
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
MB's VR could be downgraded to 'b' and its Long-Term IDR to 'B' if
deterioration in the economic environment exceeds its base case
projection, leading to significantly weaker asset quality and
profitability. In quantitative terms, Fitch may downgrade the
bank's ratings if its problem loan ratio were to rise closer to 5%
(end-2019: 2.3%) or if its operating profit/risk-weighted assets
ratio deteriorated below 1.25% (end-2019: 2.4%).
Higher concentration in higher-risk sectors, such as the unsecured
consumer sector, would also put pressure MB's VR, especially if
there is no commensurate improvement in capital buffers. However,
unless there are government pressures to do so, a heightening of
risk appetite in the current operating environment seems unlikely
in its view.
SUPPORT RATING AND SUPPORT RATING FLOOR
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
MB's Support Rating is sensitive to perceived changes in the
state's ability and propensity to support the bank. An increase in
the state's ability to extend support, as may be reflected in an
upgrade of the sovereign rating without system leverage increasing,
may lead to an upgrade in the bank's Support Rating and Support
Rating Floor.
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
Fitch may assign a 'No Floor' on the bank's Support Rating Floor if
Fitch sees evidence of deterioration in the state's ability or
propensity to provide support.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
MB has an ESG Relevance Score of 4 for Governance Structure. This
reflects its view of a moderate risk stemming from its corporate
governance framework, for example due to its low representation of
independent directors on its board, which is a common trait of many
Vietnamese banks. This has a negative impact on the rating in
conjunction with other factors.
MB also has an ESG Relevance Score of 4 for Financial Transparency,
incorporating its view that Vietnam banks' financial statement
disclosures are generally lacking relative to other jurisdictions.
This has a negative impact on the rating in conjunction with other
factors.
Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or to the way in which they are being
managed by the entity.
VIETCOMBANK: Fitch Alters Outlook on 'BB-' LongTerm IDR to Stable
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Joint Stock Commercial
Bank For Foreign Trade of Vietnam's (Vietcombank) Long-Term Issuer
Default Rating to Stable, from Positive, and has affirmed the
rating at 'BB-'.
This follows the April 8, 2020 Outlook revision on Vietnam's
sovereign IDR of 'BB' to Stable, from Positive, to reflect the
impact of the escalating global pandemic on the domestic economy.
The pandemic has strained Vietnam's economy, with GDP growth
slowing to a seven-year low of 3.8% in 1Q20, from 7.0% in 4Q19.
Fitch expects Vietnam's GDP to expand at 3.3% in 2020 and 7.3% in
2021, assuming an economic recovery will begin in the later part of
2020. However, Vietnam's open economy increases downside risk to
its base-case forecast, especially if external demand remains weak
and virus containment appears elusive. Vietnam's high system
leverage, with a bank credit/GDP ratio of 136% at end-2019 (2014:
101%), also leaves the country vulnerable to severe system stress.
Consequently, Fitch has downgraded Vietnam's banking system
operating environment factor mid-point to 'b+' in anticipation of
increased credit stress in banks' loan portfolios and lower
profitability due to narrower lending margins and higher credit
provisions. Its expectations for deterioration in bank financial
profiles are largely factored into the banks' Viability Ratings,
albeit there is downside risk in the event of economic stress, as
the shock can have lingering effects for banks' financial profiles.
The outlook for its operating environment assessment remains
stable, as its base-case expectations are for a strong economic
recovery going into 2021.
KEY RATING DRIVERS
IDRs AND SUPPORT RATING FLOOR
Vietcombank's IDRs and Support Rating Floor are driven by Fitch's
expectation of a moderate likelihood of state support for the bank,
if required. This takes into account the bank's high systemic
importance, quasi-policy function and the government's 75% stake in
the bank. Vietcombank is one of Vietnam's four largest banks, with
market share of about 10%-11% in system assets and deposits. The
Outlook on Vietcombank's IDR was revised to Stable, in line with
that of the sovereign.
The IDRs and Support Rating Floor are one notch below the sovereign
rating, as Fitch believes that the large size of the banking
industry relative to GDP and the government's improving but still
limited fiscal resources may hamper the timeliness of support.
VIABILITY RATING
Vietcombank's Viability Rating takes into account its established
domestic franchise, which helps to support its generally stable
funding and liquidity profile and improved profitability. These
factors are offset by the bank's thin capitalisation and risks
stemming from rapid credit growth in recent years. The ratings also
consider the deteriorating economic outlook, which is exerting
significant near-term pressure on the bank's asset quality and
profitability.
Fitch has revised the bank's asset quality mid-point score to
negative, from stable, reflecting uncertainty over the extent of
the impact from the economic fallout to the bank's loan quality.
The economic shock has extended beyond tourism and is exerting
stronger pressure on the broader SME and retail sectors as private
consumption plunges. These segments, along with residential
mortgages, have been key drivers of loan growth for Vietcombank.
The higher retail-loan composition has limited concentration risk
to SOE borrowers in recent years, but makes the bank susceptible to
rising unemployment and a correction in the property sector.
Fitch has also revised the outlook on the bank's earnings and
profitability mid-point score to negative. Fitch sees significant
profitability headwinds stemming from slower credit growth, lower
margins - given the State Bank of Vietnam's monetary easing and
administrative guidance - and higher credit charges as loans turn
sour. The rise in reported non-performing loans and credit costs
would, however, be tempered by regulatory relief that allows banks
to not classify restructured loans affected by the pandemic as
non-performing for a prescribed time.
Fitch believes risks to capital impairment are limited under its
base-case scenario; as a result, Fitch maintains a stable outlook
on the bank's capitalisation and leverage mid-point score.
Nevertheless, Vietcombank's capitalisation is thin, as reflected in
its Fitch Core Capital ratio of 8.2% at end-2019, and provides
limited loss absorption buffers in the event that stress in the
system becomes more pronounced.
Vietcombank's funding and liquidity profile is a rating strength.
This takes into account the bank's largely deposit-funded balance
sheet, which offers a degree of funding stability. The bank's
loan/deposit ratio also remains satisfactory, at 79% at end-2019.
Fitch believes Vietcombank would benefit from depositors' flight to
quality under a stress scenario, given its state linkages and
established franchise.
ESG - Governance: Vietcombank has an ESG Relevance Score of 4 for
Governance Structure. This reflects its view of a moderate risk of
government influence that negatively affects its Standalone Credit
Profile, in light of the state's controlling stake.
ESG - Financial Transparency: Vietcombank has an ESG Relevance
Score of 4 for Financial Transparency, incorporating its view that
Vietnam banks' financial statement disclosures are generally
lacking relative to other jurisdictions.
RATING SENSITIVITIES
IDRS AND SUPPORT RATING FLOOR
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- The Long-Term IDR and Support Rating Floor are sensitive to
perceived changes in the state's ability and propensity to support
the bank. Evidence of a higher ability of state support, as may be
reflected in upward revision in the sovereign rating without an
increase in system leverage, would be positive for the ratings.
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- A downgrade in the sovereign rating would be likely to lead to
a similar downgrade on the bank's IDRs. Significantly reduced state
ownership would also indicate a lower propensity to support the
bank and negatively affect the bank's IDR, though Fitch believes
this is an unlikely scenario in the near term.
Viability Rating
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- The Viability Rating could be upgraded to 'b+' if the bank
demonstrates a significant and sustained improvement in its capital
buffers, with a Fitch Core Capital ratio that is closer to 12%.
This assumes that Fitch sees improvements in the operating
environment - with Fitch upgrading its assessment to the 'bb'
category- and the bank's risk controls, while the bank maintains
steady performance in its other financial metrics. However,
near-term upgrade prospects are dim given the deteriorating
economic conditions.
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- The Viability Rating could be downgraded to 'b-' if the
deterioration in operating environment is significant enough to
weaken the bank's asset quality and profitability to levels that
exceeds its base-case forecasts; that is, if the problem loan ratio
rises to above 5% and operating profit/risk-weighted assets trends
closer to 1.25% or lower. Such scenario could transpire from a
protracted economic slowdown.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
Vietcombank has an ESG Relevance Score of 4 for Governance
Structure. This reflects its view of a moderate risk of government
influence that negatively affects its Standalone Credit Profile, in
light of the state's controlling stake.
Vietcombank has an ESG Relevance Score of 4 for Financial
Transparency, incorporating its view that Vietnam banks' financial
statement disclosures are generally lacking relative to other
jurisdictions.
Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the
entity(ies), either due to their nature or to the way in which they
are being managed by the entity(ies).
VIETINBANK: Fitch Alters Outlook on 'BB' LT IDR to Stable
---------------------------------------------------------
Fitch Ratings has revised the Outlook on Vietnam Joint Stock
Commercial Bank for Industry and Trade (VietinBank) to Stable from
Positive and affirmed its Long-Term Issuer Default Rating at 'BB-'.
The Outlook revision follows the revision in the sovereign rating
Outlook on April 8, 2020, which reflects the impact of the
escalating coronavirus pandemic on Vietnam's economy. At the same
time, Fitch has downgraded Vietinbank's Viability Rating (VR) to
'b-' from 'b'.
The pandemic has strained Vietnam's economy, with GDP growth
slowing to a seven-year low of 3.8% in 1Q20 from 7.0% in 4Q19.
Fitch expects Vietnam's GDP to grow at 3.3% in 2020 and 7.3% in
2021, which assumes that economic recovery will only begin in the
later part of 2020. Vietnam's relatively open economy implies that
risks to its base-case forecast are high, especially if external
demand continues to be weak and sustained signs of virus
containment remain elusive. Vietnam's high system leverage, with
the bank credit-to-GDP ratio rising to 136% by end-2019 from 101%
at end-2014, also leaves the country more vulnerable to severe
stress in the system.
Consequently, Fitch has downgraded Vietnam's banking system
operating environment factor mid-point to 'b+' from 'bb-'. This is
in anticipation of increased credit stress in banks' loan
portfolios and lower profitability due to narrower lending margins
and higher credit provisions. Its expectations for deterioration in
bank financial profiles are largely factored into their VRs,
although risks may intensify in the event of economic stress and
the shock can have lingering effects for banks' financial profiles.
The outlook for its operating environment assessment is maintained
at stable as current base-case expectations are for a reasonably
strong economic recovery going into 2021.
KEY RATING DRIVERS
IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR
The revision in the Outlook of Vietinbank's IDR is in line with the
revision in the sovereign rating Outlook, which takes into account
the potential economic fallout from the coronavirus pandemic.
Vietinbank's IDRs are driven by its expectation of state support,
taking into consideration its high systemic importance,
quasi-policy roles and majority state ownership of about 65%.
The IDRs and Support Rating Floor are one notch below the sovereign
rating as Fitch believes that the large size of the banking
industry relative to GDP and the government's improving but still
limited resources may hamper the timeliness of support.
VR
Fitch downgraded Vietinbank's VR as Fitch believes its standalone
credit metrics are likely to be considerably weaker than its
previous expectations, and that of its peers, over the next 12-18
months. This takes into account its weaker starting fundamentals
relative to its domestic peers, reflected in its higher
problem-loan ratio, thinner capital buffers and modest
profitability, which face further pressure amid the challenging
operating environment.
Fitch has lowered the bank's asset quality score to 'b-' from 'b'
and assigned a negative outlook on the score to reflect the
deteriorating economic conditions and its relative weakness against
its similarly rated peers. Fitch expects Vietinbank's asset quality
to come under pressure amid the slowdown in the economy.
Vietinbank's problem-loan ratio, which includes special-mention
loans and Vietnam Asset Management Company bonds, of 3.1% at
end-2019 was already the highest among Fitch-rated Vietnam banks.
Fitch expects the bank to face greater pressures than its peers due
to its higher exposure to the combined SME and retail household
business loan sectors, and the wholesale retail segment,
notwithstanding regulatory reliefs on debt classification.
Fitch has also assigned a negative outlook on Vietinbank's earnings
and profitability mid-point score. The deteriorating operating
environment is likely to result in higher credit costs, adding
pressure to the bank's already weak profitability. This is in
addition to heightened pressure on its revenue in light of the
slower credit growth and narrower margins from lower interest
rates.
Fitch has also assigned a negative outlook on the bank's
capitalisation and leverage mid-point score on the back of the
potentially higher capital impairment risk as a result of the
worsening asset quality. Vietinbank is the only Fitch-rated Vietnam
bank that has yet to comply with Basel II requirements, and Fitch
expects the bank to face greater difficulty in complying with them
on the back of the weaker growth and profitability prospects. Its
thin capitalisation, reflected in its pre-Basel II Fitch Core
Capital ratio of 7.7% at end-2019, also offers the bank limited
room to withstand severe credit stresses.
Fitch has not seen material signs of stress in the domestic
liquidity environment, and Fitch believes that Vietinbank would
likely benefit from a flight-to-quality scenario given its state
linkages and entrenched domestic franchise. Vietinbank's
loan-to-deposit ratio of 105% at end-2019 was higher than the
Fitch-rated average, but customer deposits accounted for around 79%
of its funding, offering a degree of funding stability.
ESG - Governance: Vietinbank has an ESG Relevance Score of 4 for
Governance Structure. This reflects its view of a moderate risk of
government influence that negatively affects its standalone credit
profile, in light of the state's controlling stake.
ESG - Financial Transparency: Vietinbank also has an ESG Relevance
Score of 4 for Financial Transparency, incorporating its view that
Vietnam banks' financial statement disclosures are generally
lacking relative to other jurisdictions.
RATING SENSITIVITIES
IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Vietinbank's Long-Term IDRs and Support Rating are sensitive to
perceived movements in the state's ability and propensity to
support the bank. An upgrade in the sovereign rating without an
increase in system leverage is likely to lead to an upgrade in the
bank's IDRs.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Conversely, a downgrade in the sovereign rating would likely lead
to a similar downgrade on the bank's IDRs. Fitch may also take
negative rating action on its IDRs if Fitch sees evidence of lower
state propensity to support, such as if the state loses its
controlling stake in the bank, though Fitch believes such a
scenario is unlikely to occur in the near term.
VR
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Vietinbank's VR could be upgraded to 'b' if it significantly raises
its capital levels on a sustainable basis, reflected in the FCC
ratio rising closer to 12% under local Basel II requirements, and
its operating profitability/risk-weighted asset ratio is in excess
of 1.25% over a longer period. This assumes that Fitch sees similar
improvements in its asset quality and the operating environment,
with Fitch upgrading its assessment to the 'bb' category. Upgrade
prospects, however, are unlikely in the near term amid the
deteriorating operating environment.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Vietinbank's VR could be downgraded to 'ccc+' if the deterioration
in the operating environment exceeds its base-case expectation,
leading to a problem-loan ratio that is in excess of 5%. Under such
a scenario, the bank is likely to face higher capital impairment
risks, exacerbating the capital shortfall needed to meet Basel II
requirements.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
Vietinbank has an ESG Relevance Score of 4 for Governance
Structure. This reflects its view of a moderate risk of government
influence that negatively affects its standalone credit profile, in
light of the state's controlling stake.
Vietinbank also has an ESG Relevance Score of 4 for Financial
Transparency, incorporating its view that Vietnam banks' financial
statement disclosures are generally lacking relative to other
jurisdictions.
Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or to the way in which they are being
managed by the entity.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week April 13, 2020 to April 17, 2020
---------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.03
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 1.01
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.20
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.20
PALADIN ENERGY LTD 10.00 01/25/23 USD 62.30
PALADIN ENERGY LTD 10.00 01/25/23 USD 62.30
US MASTERS RESIDENTIAL PR 7.75 12/24/20 AUD 25.23
CHINA
-----
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.00
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.20
ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 59.15
ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 60.70
AN SHUN YU KUN REAL ESTAT 5.48 11/10/21 CNY 68.92
ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 19.60
ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 20.46
ANHUI FOREIGN ECONOMIC CO 7.30 07/13/21 CNY 70.01
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 40.74
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 47.18
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 41.00
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 44.57
ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 20.05
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 60.00
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 61.32
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.00
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.96
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 61.11
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 65.50
BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 46.96
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.02
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.65
BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 59.28
BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 60.00
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.16
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.40
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.00
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.61
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 40.73
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 40.83
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 40.90
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 40.94
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.03
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.43
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.29
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.36
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 20.28
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 23.68
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.10
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.15
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.23
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 18.91
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 20.43
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 41.15
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 43.87
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 40.90
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 41.09
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 40.21
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 40.78
BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 40.00
BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 40.88
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.00
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.39
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 41.44
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 65.65
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 40.50
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 50.00
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 20.56
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 23.40
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 60.00
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 61.20
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 19.41
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.15
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.50
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 60.17
C&D REAL ESTATE CORP LTD 6.15 04/03/20 CNY 20.09
CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 61.28
CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 68.00
CEFC SHANGHAI INTERNATION 4.08 09/09/21 CNY 60.00
CEFC SHANGHAI INTERNATION 4.98 12/10/20 CNY 61.29
CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 38.00
CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 40.63
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 40.76
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 41.40
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 20.03
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 20.03
CHANGDE URBAN CONSTRUCTIO 5.63 09/01/20 CNY 20.27
CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 58.72
CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 59.51
CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 59.63
CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 62.03
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 60.79
CHANGSHA COUNTY TONGTU HI 6.00 06/19/22 CNY 68.20
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 57.95
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 58.23
CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 46.47
CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 80.42
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 62.56
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 64.02
CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 60.10
CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 60.14
CHANGSHA TIANXIN CITY CON 3.43 08/08/23 CNY 74.60
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 40.81
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 44.00
CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 59.96
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.00
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.73
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 20.07
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 20.08
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 61.45
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 67.32
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 41.09
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 47.00
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 40.73
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 40.90
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 40.97
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 50.30
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 39.00
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 40.73
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.00
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.03
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.00
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.65
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.00
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.05
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 20.07
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 20.08
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.43
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.49
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 60.00
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 61.08
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.07
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.10
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 41.02
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 46.00
CHENGDU KONGGANG CITY CON 7.40 02/26/20 CNY 25.05
CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.32
CHENGDU KONGGANG CITY CON 7.40 02/26/20 CNY 25.34
CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.50
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 40.72
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 18.50
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 20.35
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 61.04
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 68.83
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 59.30
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 60.35
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 20.00
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 60.00
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 61.47
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 40.81
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 41.00
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 41.01
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 41.37
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.25
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.66
CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.88
CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.91
CHENZHOU HI-TECH INVESTME 6.45 01/23/22 CNY 40.33
CHENZHOU HI-TECH INVESTME 6.45 01/23/22 CNY 48.60
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 20.00
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 20.12
CHENZHOU XINTIAN INVESTME 6.15 04/24/22 CNY 58.82
CHINA MINSHENG INVESTMENT 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDINGS 8.90 12/13/21 CNY 57.00
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.33
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.40
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.03
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.10
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 61.02
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 61.40
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 20.42
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 21.00
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 40.00
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 41.02
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 40.00
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 40.88
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.06
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.25
CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 20.35
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 20.09
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 20.20
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 60.00
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 60.94
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 40.93
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 47.33
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 60.00
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 61.18
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 41.29
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 50.80
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 40.00
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 41.04
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.00
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.43
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.00
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.60
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 41.00
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 41.39
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.16
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.32
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 20.14
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 25.00
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.45
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.47
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 40.92
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 41.00
CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 59.97
CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 60.00
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.60
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.80
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.26
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.65
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 39.93
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 40.01
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 40.89
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 40.90
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 40.99
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 42.72
CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 69.63
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 69.83
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.12
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.27
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 40.89
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 41.70
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 20.00
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 20.00
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.00
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.32
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 20.08
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 20.10
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 40.01
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 46.25
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.24
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.70
CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 40.73
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 60.00
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 61.38
CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 59.71
CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 60.00
CHONGQING WANSHENG ECO & 6.39 04/17/20 CNY 20.01
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 40.53
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 40.71
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 43.90
CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 45.00
CHONGQING WANSHENG ECO DE 5.40 11/18/21 CNY 69.15
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 61.05
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 64.21
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 41.19
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 42.33
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 41.27
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 41.60
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 60.00
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 61.71
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.54
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.77
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 40.70
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 40.75
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 61.51
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 64.55
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 19.80
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 20.04
CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 41.17
CHUZHOU CITY CONSTRUCTION 6.17 11/30/21 CNY 61.42
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.17
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 40.90
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 48.80
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.60
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.61
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.00
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.71
DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 59.49
DALIAN PULANDIAN CONSTRUC 3.80 01/25/23 CNY 57.45
DALIAN PUWAN ENGINEERING 7.09 02/20/21 CNY 39.67
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 40.75
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 40.76
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.72
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.73
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.85
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.86
DANDONG PORT GROUP CO LTD 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 61.38
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 63.00
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 40.00
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 60.00
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 60.19
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 20.15
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 20.39
DANYANG INVESTMENT GROUP 3.99 01/25/23 CNY 59.20
DATONG ECONOMIC CONSTRUCT 4.49 10/22/22 CNY 60.31
DATONG ECONOMIC CONSTRUCT 4.49 10/22/22 CNY 60.50
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 59.33
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 62.50
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 20.55
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 20.65
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 40.68
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 43.53
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 40.00
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 41.32
DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.00
DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.81
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.58
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.65
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 40.68
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 48.26
DONGLING GROUP INC CO 8.00 07/14/22 CNY 60.00
DONGLING GROUP INC CO 8.00 07/14/22 CNY 61.86
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 20.45
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 20.72
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 40.78
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 48.48
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 60.91
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 61.58
DR PENG TELECOM & MEDIA G 6.00 06/16/22 CNY 47.16
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 58.59
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 60.00
DUNYUN STATE-OWNED ASSETS 6.60 12/28/22 CNY 59.95
EASTAR HOLDINGS GROUP CO 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 41.08
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 47.54
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 40.49
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 40.67
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.00
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 46.50
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 40.86
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 42.00
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 62.05
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 64.49
FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 60.00
FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 60.29
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 55.26
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 55.27
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 60.00
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 61.90
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 20.69
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 23.00
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 41.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 41.18
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.10
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.20
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 19.99
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 20.21
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 60.00
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 60.90
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.00
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 61.25
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 40.93
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 41.15
FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 40.52
FUQING CITY STATE-OWNED A 5.94 11/26/22 CNY 56.74
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 60.31
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 62.80
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 41.07
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 60.00
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 60.00
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 61.11
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.08
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.20
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 60.00
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 61.32
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 25.05
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 32.60
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 39.00
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 40.79
GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 60.85
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.00
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 61.13
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.30
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.67
GOOCOO INVESTMENT CO LTD 8.00 02/01/21 CNY 50.00
GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 25.10
GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 25.15
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 61.43
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 64.00
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.68
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.68
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 39.50
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 40.65
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.00
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.93
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 20.32
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 21.00
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 40.56
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 44.77
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 41.01
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 43.00
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 40.88
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 41.51
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 47.00
GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 73.99
GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 74.00
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 70.00
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 73.60
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 73.71
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 74.02
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.00
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.46
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 60.00
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 61.22
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 60.78
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 65.00
GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 78.89
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 54.00
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 59.71
GUIYANG URBAN DEVELOPMENT 6.20 02/28/20 CNY 20.01
GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 57.35
GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 60.92
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 40.72
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 60.00
GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 60.29
GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 61.00
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 73.03
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 73.07
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 61.50
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 62.44
GUIZHOU RAILWAY INVESTMEN 7.50 04/23/24 CNY 74.70
GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 67.65
HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 60.88
HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 61.50
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 20.51
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 40.72
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 60.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 61.65
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 61.63
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 62.20
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 37.50
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 40.16
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.04
HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.35
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 40.86
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 20.45
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 21.42
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 20.00
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 20.62
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.32
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.70
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 61.32
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 67.20
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.05
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.20
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 40.79
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 40.81
HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 41.03
HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 49.00
HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 60.55
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 40.40
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 41.31
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.01
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.25
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 73.86
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 73.91
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 41.10
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 40.83
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 40.90
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 40.77
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 40.85
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.07
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.32
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.11
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.85
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 20.47
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 26.60
HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.67
HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.84
HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 40.99
HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 41.27
HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 60.06
HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 62.42
HEFEI CONSTRUCTION INVEST 7.20 04/29/24 CNY 74.67
HEFEI GAOXIN DEVELOPMENT 6.90 03/12/20 CNY 40.12
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 20.06
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 21.12
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.00
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.12
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 43.35
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 45.72
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.38
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.68
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 18.55
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 25.58
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.28
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 60.49
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 40.07
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 44.50
HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 60.00
HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 80.32
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.00
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 20.12
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 40.98
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 41.10
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 41.14
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 45.88
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 40.82
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 40.95
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.00
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.32
HNA GROUP CO LTD 5.99 11/27/22 CNY 69.02
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 20.10
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 49.00
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.37
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.79
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 40.79
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 47.84
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.00
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.55
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 41.16
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 47.50
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 20.26
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.00
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.38
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 41.09
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 41.65
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 20.87
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 40.70
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 40.81
HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 59.50
HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 60.44
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 60.65
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 61.50
HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 20.52
HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 20.94
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 60.00
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 61.67
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 61.61
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 62.40
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.08
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.11
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.38
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.52
HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 62.49
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 60.00
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 61.14
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 40.91
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 42.25
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 61.48
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 61.49
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 57.78
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 67.00
HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 59.93
HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 61.90
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 20.67
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 22.72
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 40.87
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 40.00
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 40.84
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 38.60
HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 39.60
HUNNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 59.97
HUNNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 60.00
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 40.92
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 42.38
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 20.64
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 40.00
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 41.07
INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 59.50
INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 60.23
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 59.00
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 59.10
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 60.00
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 60.00
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 40.86
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 44.00
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 41.35
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 42.10
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.87
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.98
JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 58.55
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 41.05
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 46.50
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 40.85
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 41.00
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.04
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.25
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 20.34
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 20.61
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.53
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.77
JIANGSU HAIZHOUWAN DEVELO 5.37 03/29/23 CNY 59.50
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 20.83
JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 29.30
JIANGSU HENGYUAN INVESTME 4.63 01/08/23 CNY 60.00
JIANGSU HENGYUAN INVESTME 4.63 01/08/23 CNY 60.30
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.12
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.12
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.80
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.82
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.00
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.90
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.61
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.64
JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 40.02
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 25.32
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 29.90
JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 41.07
JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 48.80
JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 58.00
JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 59.89
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 40.76
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 45.00
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 40.00
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 41.14
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 25.39
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 26.10
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.32
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.89
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 60.50
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 61.61
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 60.49
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 67.50
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 41.03
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 50.19
JIANGSU ZHUFU INDUSTRIAL 4.93 12/29/20 CNY 40.28
JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 60.00
JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 60.73
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 69.12
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 69.57
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 40.88
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 49.34
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 40.76
JIANGYIN GAOXIN DISTRICT 6.60 02/27/20 CNY 20.03
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 20.26
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 21.00
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 59.46
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.30
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 40.67
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 42.75
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 20.01
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 21.50
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 59.29
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 62.86
JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 68.88
JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 71.00
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 40.91
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 41.13
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 40.95
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 41.80
JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 61.42
JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 61.43
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.00
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.69
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.89
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.95
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 19.99
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 20.00
JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 59.95
JILIN NORTHEAST SOCK INDU 6.80 12/19/21 CNY 69.88
JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 40.22
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 40.78
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 40.90
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 60.10
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 60.11
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 40.80
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 40.93
JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.00
JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.12
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.50
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.62
JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 59.56
JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 60.00
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.20
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.40
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 39.00
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 40.34
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 40.69
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 48.68
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 18.57
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 20.50
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 46.60
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 59.80
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 61.04
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 20.52
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 21.80
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.33
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.38
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 61.41
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 64.44
JINING HI-TECH TOWN CONST 6.09 04/30/22 CNY 61.50
JINING HI-TECH TOWN CONST 6.09 04/30/22 CNY 61.56
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.05
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.07
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.60
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.68
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 40.50
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 44.91
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 20.72
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 40.64
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 45.00
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 60.67
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 62.82
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 59.55
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 61.37
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 60.36
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 61.63
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 20.07
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 20.15
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 40.74
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.66
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.85
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 59.91
KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 60.53
KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 57.50
KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 59.90
KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 58.77
KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 60.00
KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 18.63
KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 20.29
KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 21.20
KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 21.25
KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 21.25
KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 21.25
KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 21.82
KANGMEI PHARMACEUTICAL CO 5.33 01/27/22 CNY 36.69
KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 40.00
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 24.75
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 25.18
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 60.00
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 61.38
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.21
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.22
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.00
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.16
KUNMING DONGJUN REAL ESTA 4.50 11/02/21 CNY 49.15
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 40.95
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 45.45
KUNSHAN HIGH TECHNOLOGY G 7.10 03/26/21 CNY 40.81
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 40.81
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 41.40
LANZHOU NATIONAL CAPITAL 6.32 09/10/21 CNY 34.90
LANZHOU NATIONAL CAPITAL 6.32 09/10/21 CNY 40.20
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.95
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 61.05
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 62.36
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 62.38
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 41.18
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 40.97
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 45.60
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 40.65
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 45.00
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 7.27
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.49
LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 59.13
LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 59.33
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.00
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.03
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 20.00
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 20.14
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.00
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.27
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 60.37
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 60.70
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.07
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.50
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 25.00
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 25.16
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 60.00
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 61.62
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.10
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.17
LIUPANSHUI AFFORDABLE HOU 5.08 01/29/23 CNY 78.54
LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 58.90
LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 60.12
LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 60.33
LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 79.30
LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.23
LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.30
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.20
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.43
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 46.00
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 47.28
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 74.28
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.05
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.10
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 38.00
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 40.85
LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 40.91
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 40.79
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 50.31
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 41.11
LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 59.92
LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 60.42
LU'AN CITY CONSTRUCTION I 5.20 09/25/20 CNY 50.52
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.00
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.88
LUOHE CITY CONSTRUCTION I 5.25 09/11/20 CNY 40.38
LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.00
LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.87
LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 58.78
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 41.22
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 43.00
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 60.66
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 64.99
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 61.16
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 61.83
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 40.89
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 20.15
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 20.18
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 61.57
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 65.32
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.33
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.40
MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 60.00
MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 60.29
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 60.62
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 65.00
MUDANJIANG CITY INVESTMEN 5.34 10/27/23 CNY 74.90
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.60
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.61
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 20.02
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 20.05
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.00
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.02
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 20.16
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 20.45
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 41.02
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 60.75
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 41.02
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 51.20
NANJING HEXI NEW TOWN ASS 3.20 07/22/21 CNY 69.48
NANJING JIANYE SCIENCE & 7.00 08/26/25 CNY 70.41
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 41.14
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 41.29
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 20.07
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 20.25
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 20.02
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 20.06
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 61.70
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 62.03
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 40.88
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 46.80
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 40.73
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 44.80
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.29
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.83
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.00
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.75
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 41.08
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 45.40
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.93
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 70.06
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.09
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.25
NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 61.06
NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 61.52
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 60.00
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 60.94
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.47
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.50
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 40.77
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 48.53
NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 56.36
NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 59.48
NEOGLORY HOLDING GROUP CO 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GROUP CO 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP CO 8.10 11/23/18 CNY 72.00
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 41.10
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 46.30
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.93
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.98
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 40.89
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 49.00
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 61.57
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 68.29
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.05
NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.06
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.26
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.50
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 20.82
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 25.00
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 40.60
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 41.23
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 40.20
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 41.60
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 40.75
NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 60.41
OCEANWIDE HOLDINGS CO LTD 7.50 12/21/20 CNY 74.62
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.76
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.96
PANJIN CITY SHUANGTAIZI D 6.48 10/23/22 CNY 59.61
PANJIN CITY SHUANGTAIZI D 6.48 10/23/22 CNY 60.91
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 41.50
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 41.52
PANZHIHUA STATE OWNED ASS 5.41 07/29/20 CNY 19.30
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 40.32
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 40.80
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 61.10
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 62.27
PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.00
PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.40
PEKING UNIVERSITY FOUNDER 5.80 01/28/22 CNY 39.86
PEKING UNIVERSITY FOUNDER 6.10 08/22/21 CNY 43.02
PEKING UNIVERSITY FOUNDER 6.20 05/31/20 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.50 11/16/23 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.30 03/04/24 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.30 09/12/20 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.15 07/23/20 CNY 51.63
PEKING UNIVERSITY FOUNDER 4.80 07/26/21 CNY 51.63
PEKING UNIVERSITY FOUNDER 5.99 11/02/21 CNY 51.63
PEKING UNIVERSITY FOUNDER 6.68 08/09/23 CNY 51.63
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 40.50
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 41.09
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.10
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.24
PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 55.50
PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 59.72
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.06
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.06
PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 60.13
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 40.27
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 60.00
PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 59.44
PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 60.00
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 41.30
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 42.46
PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 58.88
PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 60.00
PIZHOU RUNCAI ASSET MANAG 5.90 12/18/20 CNY 50.47
PUTIAN HIGH TECHNOLOGY IN 5.90 05/03/22 CNY 74.93
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.00
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.48
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.63
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.66
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 61.22
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 66.90
QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 56.88
QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 64.54
QIANDONGNANZHOU KAIHONG A 5.30 09/22/26 CNY 74.67
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.00
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.24
QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 60.00
QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 60.73
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 59.43
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 46.50
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 47.64
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 40.80
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 41.00
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 41.20
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 41.25
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 47.13
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 47.20
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 40.86
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 41.13
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.09
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.56
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 40.79
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 41.00
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 39.93
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 48.79
QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 32.33
QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 35.19
QINGHAI PROVINCIAL INVEST 7.25 02/22/20 USD 53.60
QINGHAI STATE-OWNED ASSET 5.40 05/21/23 CNY 58.90
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 40.98
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 41.00
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 20.60
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 20.73
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 40.70
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 47.50
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.00
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.49
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 40.92
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 41.28
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.17
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.30
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.00
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.42
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 60.94
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 64.90
QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 58.82
QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 61.95
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 40.80
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 42.55
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.50
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.75
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 41.01
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 43.42
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.15
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.17
RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 58.22
RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 61.21
RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 60.00
RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 61.29
REWARD SCIENCE AND TECHNO 5.53 07/05/21 CNY 29.10
REWARD SCIENCE AND TECHNO 6.40 03/03/22 CNY 70.00
RIGHT WAY REAL ESTATE DEV 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.12
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.15
RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 59.00
RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 60.35
RUCHENG COUNTY HYDROPOWER 6.65 04/25/20 CNY 40.23
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 40.95
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 45.90
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 40.79
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 44.03
RUDONG COUNTY KAITAI CITY 4.57 01/08/23 CNY 60.61
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.00
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.81
RUGAO ECONOMIC & TRADE DE 8.30 01/22/21 CNY 20.90
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 20.83
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 42.43
RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 60.78
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 49.51
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 53.30
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.94
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 60.00
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 61.01
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 41.74
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 47.00
SHAANXI PROVINCIAL EXPRES 5.99 06/18/20 CNY 60.54
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 40.71
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 45.50
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 40.86
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 43.10
SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 60.60
SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 60.82
SHANDONG BORUN INDUSTRIAL 6.50 11/02/21 CNY 65.96
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 41.82
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 42.41
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.49
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.50
SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 61.39
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 62.45
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 41.45
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 44.00
SHANDONG JINMAO TEXTILE C 6.97 04/01/21 CNY 20.70
SHANDONG JINMAO TEXTILE C 8.00 09/25/20 CNY 35.84
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 20.31
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 23.40
SHANDONG RUYI TECHNOLOGY 7.90 09/18/23 CNY 53.08
SHANDONG SNTON GROUP CO L 5.18 09/08/21 CNY 8.52
SHANDONG SNTON GROUP CO L 6.20 05/30/21 CNY 9.50
SHANDONG TAIFENG HOLDING 5.80 03/12/20 CNY 20.04
SHANDONG TAIYANG INDUSTRY 5.97 03/02/21 CNY 71.43
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 60.00
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 60.52
SHANDONG WANTONG PETROLEU 7.97 11/29/21 CNY 33.95
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 39.85
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 40.02
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 18.50
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 20.10
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.79
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.80
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 25.22
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 20.05
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 20.05
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 40.94
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 41.30
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 25.53
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 50.50
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 60.79
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 62.26
SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 71.80
SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 71.96
SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 40.97
SHANGHAI PUTAILAI NEW ENE 5.30 05/18/20 CNY 66.67
SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 59.62
SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 60.05
SHANGHAI YONGYE ENTERPRIS 6.84 05/21/20 CNY 25.25
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 20.40
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 25.40
SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 61.05
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 47.29
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 59.93
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 63.39
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 60.00
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 61.41
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 61.57
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 68.00
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 41.12
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 60.00
SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 61.70
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.20
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.63
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 40.00
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 41.59
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 40.80
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 43.90
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.33
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.55
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 41.28
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 20.73
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 21.00
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 41.44
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 41.57
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 40.89
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 41.30
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 60.00
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 61.13
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 60.73
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 61.26
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.00
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.11
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 41.00
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 47.50
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 61.60
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 61.75
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 64.51
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 74.35
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 62.50
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 74.16
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.11
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.13
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 61.35
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 67.20
SHIJIAZHUANG URBAN CONSTR 6.55 03/09/21 CNY 71.38
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.35
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.84
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 20.39
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 20.68
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 40.00
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 41.27
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 20.27
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 22.87
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.00
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.82
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 60.95
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 66.00
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 19.90
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 20.30
SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.00
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.99
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 61.27
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 68.00
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 60.00
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 61.40
SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 59.56
SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 60.68
SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 58.68
SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 80.16
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 40.00
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 41.05
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 39.86
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 40.20
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 40.86
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 47.82
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 40.30
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 40.62
SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 59.39
SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 60.00
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.11
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.20
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 59.71
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 64.18
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 40.00
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 40.20
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 41.20
SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 41.22
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 20.79
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 21.83
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.20
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.91
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 29.01
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 40.14
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 20.39
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 20.48
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 20.09
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 24.80
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 40.70
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 40.83
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 40.87
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 41.00
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 25.54
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 60.80
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 61.15
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 40.90
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 42.60
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 40.57
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 40.70
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 61.40
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 64.65
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 20.60
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 21.30
TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 60.67
TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 63.87
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 40.00
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 40.97
TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 25.50
TAIYUAN HIGH-SPEED RAILWA 5.18 09/06/20 CNY 40.41
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 40.93
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 46.50
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 63.50
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 63.80
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.10
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.31
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.32
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.60
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 40.74
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 41.00
TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.00
TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.10
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 25.53
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 26.00
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 61.73
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 64.00
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.04
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.33
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 20.25
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 20.26
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 19.70
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 20.33
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 40.38
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 47.15
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 40.26
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 47.00
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.03
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.25
TIANJIN BINHAI NEW AREA C 6.10 11/23/21 CNY 43.90
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 40.44
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 59.59
TIANJIN DONGLI CITY INFRA 6.05 06/19/20 CNY 19.96
TIANJIN DONGLI CITY INFRA 4.28 12/02/22 CNY 59.10
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 46.30
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 46.54
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 40.71
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 49.00
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 59.44
TIANJIN HARBOR CONSTRUCTI 8.80 01/24/21 CNY 41.76
TIANJIN HARBOR CONSTRUCTI 6.29 10/21/21 CNY 70.11
TIANJIN HARBOR CONSTRUCTI 8.00 04/01/21 CNY 70.93
TIANJIN HI-TECH INDUSTRY 6.65 09/12/21 CNY 40.59
TIANJIN HOPETONE CO LTD 7.50 07/25/21 CNY 47.57
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 40.35
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 40.73
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 60.33
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 61.70
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 61.27
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 61.69
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 40.57
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 40.69
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 41.00
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 40.65
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 47.50
TIANJIN REAL ESTATE GROUP 4.50 09/29/20 USD 50.00
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 39.30
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 40.94
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 20.12
TIANJIN TEDA INVESTMENT H 6.89 04/27/20 CNY 19.99
TIANJIN WATER INVESTMENT 8.40 01/15/21 CNY 25.85
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 38.70
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 41.80
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.74
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.76
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 40.81
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 40.89
TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 59.40
TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 60.33
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 41.46
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 45.16
TIANRUI GROUP CEMENT CO L 5.95 09/25/20 CNY 50.00
TONGCHENG CITY CONSTRUCTI 5.47 11/09/22 CNY 60.00
TONGCHENG CITY CONSTRUCTI 5.47 11/09/22 CNY 60.25
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 20.33
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 41.09
TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 48.00
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 40.98
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 41.14
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 20.10
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.37
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.38
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 60.00
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 61.71
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.05
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.07
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 42.23
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 48.81
WEICHI HOLDING GROUP CO L 5.40 12/21/20 CNY 59.66
WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 40.76
WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 59.39
WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 60.08
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 60.00
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 61.33
WENZHOU CITY CONSTRUCTION 4.05 01/25/23 CNY 60.32
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 41.02
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 41.13
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 40.82
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 43.00
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 41.00
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 40.84
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 40.96
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 41.23
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 43.02
WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 21.03
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.00
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.00
WUHAN METRO GROUP CO LTD 5.25 04/14/22 CNY 61.17
WUHAN URBAN CONSTRUCTION 5.60 03/08/20 CNY 20.03
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 41.44
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 46.35
WUHU JINGHU CONSTRUCTION 6.68 05/16/20 CNY 20.14
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 40.00
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 41.27
WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 58.90
WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 61.03
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.20
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.45
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 20.38
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 22.53
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.60
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.69
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 70.00
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 70.31
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.30
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.36
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.00
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.00
WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.25
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.25
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 40.84
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 44.88
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 20.03
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 21.80
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.72
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.76
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 40.41
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 41.46
XI'AN INTERNATIONAL INLAN 7.90 09/23/21 CNY 42.28
XIAN QUJIANG DAMING PALAC 6.39 03/21/20 CNY 50.16
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 60.37
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 63.20
XIANGTAN CITY CONSTRUCTIO 7.60 04/02/22 CNY 49.50
XIANGTAN CITY CONSTRUCTIO 7.80 03/12/22 CNY 53.60
XIANGTAN CITY CONSTRUCTIO 7.80 01/30/22 CNY 55.10
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 40.40
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 48.99
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.56
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.85
XIANGTAN JIUHUA ECONOMIC 6.59 01/21/22 CNY 38.21
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 40.68
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 35.49
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 39.59
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.11
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.18
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 40.86
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 43.38
XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 60.33
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.11
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.24
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 61.07
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 65.00
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.00
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.80
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 41.16
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 41.28
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 46.69
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 52.72
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 40.50
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 41.14
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 43.78
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 43.79
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 74.81
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.00
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.21
XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 57.83
XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 60.00
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 20.00
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 20.01
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 40.74
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.19
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.38
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 40.64
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 41.00
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 60.75
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 61.33
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.07
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.12
XINYANG HONGCHANG PIPE GA 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 40.50
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 46.30
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.20
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.46
XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 59.76
XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 60.00
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.27
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.53
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 40.91
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 47.00
XINYU CITY SHANTYTOWN ZON 6.42 12/09/20 CNY 40.55
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 61.47
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 63.63
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 50.54
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 20.00
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 20.74
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 40.90
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 43.41
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 41.47
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 46.00
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 41.16
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 46.00
XUZHOU BOCHANT DEVELOPMEN 5.69 07/28/21 CNY 66.24
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.28
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.66
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 61.22
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 67.38
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 40.90
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 41.15
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 41.05
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 51.50
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 41.00
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 41.18
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 61.02
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 64.46
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.37
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.39
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 20.82
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 20.90
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 20.91
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 41.65
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 18.30
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 20.32
YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 59.30
YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 60.06
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.30
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.96
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 40.65
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 41.16
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.35
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.70
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 60.00
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 61.61
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 20.46
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 46.00
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 70.00
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 71.84
YANGZHOU HANJIANG CONSTRU 6.20 03/12/20 CNY 20.04
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 61.73
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 66.63
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.29
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.32
YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 60.00
YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 61.21
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 40.93
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 43.47
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 60.61
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 60.91
YIHUA ENTERPRISE GROUP CO 5.99 11/26/20 CNY 30.00
YIHUA ENTERPRISE GROUP CO 6.80 03/15/21 CNY 47.99
YIHUA ENTERPRISE GROUP CO 6.50 05/02/22 CNY 49.58
YIHUA ENTERPRISE GROUP CO 5.80 07/26/20 CNY 53.74
YIHUA ENTERPRISE GROUP CO 7.00 04/29/22 CNY 54.00
YIHUA LIFESTYLE TECHNOLOG 6.88 07/16/20 CNY 48.03
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 40.97
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 41.07
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 40.80
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 40.89
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 59.38
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 60.29
YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 59.88
YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 60.00
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 47.46
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 47.47
YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 69.90
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 58.91
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 61.18
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 29.95
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 40.96
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 60.99
YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.40
YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.46
YIWU URBAN & RURAL NEW CO 4.25 11/24/21 CNY 49.87
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 60.00
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 61.65
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 41.06
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 43.50
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 60.69
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 68.00
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 20.52
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.00
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.71
YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 58.66
YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 59.02
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.43
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 60.69
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.00
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.13
YUEYANG URBAN CONSTRUCTIO 6.05 07/12/20 CNY 20.17
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 40.95
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 44.50
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 61.41
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 64.47
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 40.39
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 41.00
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 41.25
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.00
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 20.04
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.00
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.36
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 20.25
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 26.04
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 40.80
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 40.86
ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 40.97
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.90
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.91
ZHANGZHOU CITY CONSTRUCTI 6.60 03/26/20 CNY 20.04
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 60.00
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 61.63
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 40.90
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 41.13
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 20.40
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 20.55
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 60.00
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 61.41
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 60.00
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 61.02
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 40.66
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 50.00
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 41.20
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 48.50
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.31
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 61.22
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 20.02
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 20.23
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 20.09
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 22.90
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 41.06
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 41.16
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 41.68
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 41.87
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 60.00
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 61.54
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 41.60
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 46.20
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.13
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.23
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 20.61
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 20.76
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 28.49
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 28.50
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.00
ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.00
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 39.60
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 40.19
ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 20.67
ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 40.64
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 60.00
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 60.37
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.40
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.65
ZHONGMINTOU LEASING HOLDI 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP CO 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.00
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.36
ZHONGTIAN FINANCIAL GROUP 7.00 10/15/20 CNY 49.43
ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 40.56
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 25.40
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 26.65
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.29
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.40
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 57.63
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 58.44
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 57.27
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 20.34
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 21.15
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 20.77
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 24.50
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 61.50
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 61.67
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 20.52
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 20.55
ZHUZHOU CITY CONSTRUCTION 8.36 11/10/21 CNY 43.75
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.86
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.92
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 60.00
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 61.08
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 61.36
ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 68.53
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.57
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.61
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.00
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.33
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.52
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.60
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 59.68
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 78.26
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 41.20
ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 44.00
ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 59.11
ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 60.00
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 63.20
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 72.96
HONG KONG
---------
DR PENG HOLDING HONGKONG 5.05 06/01/20 USD 63.01
HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 65.00
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 42.79
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 42.79
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.10
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.10
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.10
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.10
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 9.21
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 12.92
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 7.77
ACME FAZILKA POWER PVT LT 0.01 09/07/46 INR 11.18
AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 22.63
AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 22.67
APG HABITAT PVT LTD 1.00 09/09/28 INR 54.20
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 31.58
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 39.85
AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 59.07
AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 59.11
BENGAL AEROTROPOLIS PROJE 5.00 12/01/30 INR 67.56
BENGAL AEROTROPOLIS PROJE 5.00 12/01/29 INR 69.37
BENGAL AEROTROPOLIS PROJE 5.00 12/01/28 INR 71.40
BENGAL AEROTROPOLIS PROJE 5.00 12/01/27 INR 73.70
BOTHE WINDFARM DEVELOPMEN 10.00 11/28/32 INR 67.98
BRITANNIA INDUSTRIES LTD 8.00 08/28/22 INR 29.98
CREIXENT SPECIAL STEELS L 0.01 08/28/25 INR 59.78
CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 33.89
CUMULUS TRADING CO PVT LT 0.01 12/29/29 INR 41.34
CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 55.93
DAYAKARA SOLAR POWER PVT 0.10 04/05/26 INR 58.37
DEWAN HOUSING FINANCE COR 8.50 04/18/23 INR 19.02
DLF CYBER CITY DEVELOPERS 0.01 11/19/24 INR 69.22
EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 51.50
EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 53.19
EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 54.15
EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 57.39
EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 59.58
GREEN URJA PVT LTD 0.01 02/14/30 INR 42.64
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00
HINDUSTAN CONSTRUCTION CO 0.01 01/05/27 INR 52.17
HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 48.64
JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTURES 7.00 05/15/17 USD 2.18
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 24.46
JTPM ATSALI LTD 0.01 08/29/48 INR 9.97
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 23.13
KVK ENERGY & INFRASTRUCTU 0.01 01/25/24 INR 70.50
MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 61.67
MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 27.51
MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 25.12
MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 25.12
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 24.22
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 40.08
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 42.76
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 45.72
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 48.92
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 52.39
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 56.12
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 60.16
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/26 INR 64.53
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/25 INR 69.24
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/24 INR 74.27
PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 24.88
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 61.39
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 64.96
REI AGRO LTD 5.50 11/13/14 USD 0.34
REI AGRO LTD 5.50 11/13/14 USD 0.34
RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 11.68
SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 62.50
SUZLON ENERGY LTD 5.75 07/16/19 USD 30.00
SUZLON ENERGY LTD 5.75 07/16/19 USD 30.00
SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61
TN URJA PVT LTD 0.10 02/22/36 INR 27.35
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 30.22
WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 53.85
WS T&D LTD 0.10 03/24/29 INR 46.31
JAPAN
-----
AVANSTRATE INC 0.10 10/29/32 JPY 9.75
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.58 03/26/21 JPY 2.02
TKJP CORP 0.85 03/06/19 JPY 2.02
KOREA
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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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