/raid1/www/Hosts/bankrupt/TCRAP_Public/200428.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 28, 2020, Vol. 23, No. 85
Headlines
A U S T R A L I A
ARISTOCRAT LEISURE: S&P Puts 'BB+' ICR on CreditWatch Negative
AURELIUS LEISURE: Second Creditors' Meeting Set for May 5
MAROONDAH SPORTS: First Creditors' Meeting Set for May 6
RIVERCITY MOTORWAY: Bank Debt Due 2014 Trades at 55% Discount
RIVERCITY MOTORWAY: Bank Debt Due 2016 Trades at 55% Discount
STELLER INVESTMENT: Second Creditors' Meeting Set for May
XVT SOLUTIONS: First Creditors' Meeting Set for May 5
C H I N A
GF SECURITIES: General Manager Resigns Following Fraud Scandal
LUCKIN COFFEE: Investors Rue Implosion on US$400 Million Bond Bet
YETDZ DEV: S&P Affirms 'BB+' LT ICR & Alters Outlook to Negative
[*] CHINA: Bad Loans on the Rise at Listed Banks, PwC Report Says
I N D I A
BABA SAW MILL: CRISIL Lowers Rating on INR10cr Loans to 'D'
BIOMEDIX OPTOTECHNIK: Ind-Ra Affirms 'BB' LongTerm Issuer Rating
BISHWESHWAR LAL: CRISIL Lowers Rating on INR12.5cr Loan to B+
CERAMIC FIBERS: CRISIL Lowers Rating on INR7.91cr LT Loan to B+
DML EXIM PRIVATE: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
DML WORLD: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
DRB COMMODITIES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
ELECTRO CIRCUIT: CRISIL Lowers Rating on INR4cr Loan to 'D'
K MOHAN AND COMPANY: CRISIL Hikes Rating on INR38.5cr Loan to 'C'
KATARIA CONSTRUCTIONS: CRISIL Lowers Rating on INR5cr Loan to B+
KHYATI FOODS: CRISIL Lowers Ratings on INR32.6cr Loans to 'D'
KIJALK INFRASTRUCTURE: CRISIL Lowers Rating on INR9cr Loan to B+
LEKH RAJ: CRISIL Lowers Ratings on INR50cr Loans to 'D'
LORENZO VITRIFIED: CRISIL Lowers Rating on INR15cr Loan to B+
LOVELY AUTOS: CRISIL Lowers Rating on INR30cr Cash Loan to B+
M R INDUSTRIES: CRISIL Keeps 'B+' Debt Ratings in Not Cooperating
MAYAN: CRISIL Lowers Rating on INR5cr Overdraft to B+
MILESTONE ENTERPRISES: CRISIL Cuts Rating on INR5.5cr Loans to D
MOLISATI VINIMAY: CRISIL Lowers Rating on INR10.85cr Loan to B+
MOSARAM ENTERPRISES: CRISIL Lowers Rating on INR11cr Loan to B+
NTPC BHEL POWER: Ind-Ra Lowers LongTerm Issuer Rating to 'B+'
PARASMAL PAGARIYA: CRISIL Lowers Rating on INR15cr Loan to B+
PARWANI BUILDERS: CRISIL Keeps B+ on INR6cr Debt in NonCooperating
PBR SELECT INFRA: CRISIL Lowers Ratings on INR8cr Loans to 'D'
PMR INFRASTRUCTURES: CRISIL Lowers Ratings on INR5cr Loans to D
POPULAR MOTOR: CRISIL Lowers Rating on INR6cr LT Loan to B+
RAMJI LAL: CRISIL Lowers Rating on INR20cr Cash Loan to B+
SANTLADEVI RESORTS: CRISIL Lowers Rating on INR21.31cr Loan to D
USHASRI COTTON: CRISIL Migrates INR7cr Debt to Not Cooperating
VAGHASIYA EXPORTS: CRISIL Migrates D Ratings to Not Cooperating
VRC AGRO FARMS: CRISIL Migrates 'D' Ratings to Not Cooperating
VSC INFRA PRIVATE: CRISIL Migrates 'D' Ratings to Not Cooperating
S I N G A P O R E
HIN LEONG: Sembcorp Unit Sue Affiliate Over Gasoil Reserves
S O U T H K O R E A
ASIANA AIRLINES: KDB and KEXIM Provide KRW1.7 Trillion for Carrier
HANJIN HEAVY: Creditors Plan to Sell Their Stake This Year
KOREAN AIR: Two State-Owned Lenders to Inject KRW1.2 Trillion
X X X X X X X X
[*] BOND PRICING: For the Week April 20, 2020 to April 24, 2020
[*] Moody's: More Companies in Crossrover Zone Amid Pandemic
[*] Unparallelled Global Recession Underway, Fitch Says
- - - - -
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A U S T R A L I A
=================
ARISTOCRAT LEISURE: S&P Puts 'BB+' ICR on CreditWatch Negative
--------------------------------------------------------------
S&P Global Ratings placed the 'BB+' issuer credit rating on
Australia-based Aristocrat Leisure Ltd., as well as the related
issue ratings on the company's secured A$286 million revolving
credit facility and US$1.85 billion term loan B issue rating, on
CreditWatch with negative implications.
S&P said, "We placed the Aristocrat ratings on CreditWatch with
negative implications due to substantially lower forecast earnings
amid COVID-related casino restrictions. We expect significant loss
of revenue and cash flow generation through Aristocrat's land-based
segments compared with our prior base-case assumptions, stemming
from country-specific measures in response to the COVID-19
pandemic. We also believe the negative impacts to operators'
capital budgets and consumer sentiment following the COVID-19
outbreak will likely constrain the recovery path once restrictions
on casinos have been relaxed."
Prior to the outbreak, Aristocrat had relatively modest leverage,
including debt to EBITDA of about 1.7x for the year ended Sept. 30,
2019. The company's low leverage and solid liquidity position
provided it with a good buffer entering the COVID-19 outbreak.
However, the rapid deterioration in end-market conditions has since
eroded this buffer.
Aristocrat's portfolio diversification and increased contribution
from its digital segment will only partially offset the decline in
land-based earnings. The composition of Aristocrat's earnings
profile has shifted toward digital gaming, which accounted for
about 28% of group EBITDA as of Sept. 30, 2019. S&P said, "We
believe this earnings diversification has helped to reduce
Aristocrat's historical earnings volatility in its land-based
segment. Despite this, we believe the land-based revenue decline
due to enforced casino closures will offset this diversification
benefit. Further, we expect casino operators to meaningfully reduce
capital spending budgets, severely dragging down revenue in
Aristocrat's outright sales of class III gaming machines across its
business geographies."
As the situation evolves, the group's liquidity and covenant
compliance will be key. The cash balance of about A$720 million
helps to underpin the current liquidity position. S&P said, "We
also believe Aristocrat's operational cost savings and a scaling
back of gaming operations capital expenditure should help to
minimize cash outflow. In our view, the temporary suspension of the
group's progressive dividend policy until the COVID-19 disruptions
are resolved is supportive of the current liquidity position. That
said, we will continue to monitor the group's liquidity, including
its compliance with financial covenant obligations."
S&P said, "In our opinion, improvement in credit metrics in fiscal
2021 is largely contingent upon a swift and sustained relaxation of
public activity guidelines. Despite meaningful reductions to
Aristocrat's cost base, we expect significant EBITDA declines for
the duration of the COVID-19 shutdown period and a muted recovery.
We also believe that the speed at which the land-based earnings
profile can recover is somewhat predicated on casino operators'
capital budgets returning to pre-COVID-19 levels, which we believe
are likely to be constrained for some time after the virus is
contained. As a result, we believe there is increased risk that
revenue and EBITDA may not grow sufficiently in fiscal 2021 to
support leverage improvement, keeping leverage elevated for an
extended period."
S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. S&P said,
"Some government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. We believe the measures adopted to contain
COVID-19 have pushed the global economy into recession. As the
situation evolves, we will update our assumptions and estimates
accordingly."
Environmental, Social, and Governance (ESG) Credit Factors for this
rating and outlook change:
-- Social: Safety Management Factors
S&P said, "The CreditWatch negative placement reflects our view
that temporary casino closures amid the COVID-19 outbreak, and the
resultant decline in land-based earnings, may cause Aristocrat's
adjusted debt-to-EBITDA ratio to exceed 3.0x over the next one to
two years.
"We will continue to monitor Aristocrat's evolving operating
environment over the next 90 days to ascertain the extent to which
casino closures and social distancing measures have damaged
Aristocrat's balance sheet and future earnings profile. The
company's future capital management decisions, including dividends,
are likely to be key rating considerations. We will also monitor
the company's compliance with its financial covenant obligations.
"We could lower the rating if we forecast adjusted debt-to-EBITDA
to be sustained materially above 2.5x beyond fiscal 2020. Based on
our current expectations regarding the likely timing and impact of
the casino closures, we do not expect a downgrade, if any, to
exceed one notch.
"We could resolve the CreditWatch and affirm the 'BB+' issuer
credit rating if we believe that Aristocrat's debt-to-EBITDA ratio
is likely to recover below 2.5x in fiscal 2021. This upside
scenario would likely be dependent on an improving economic outlook
from the containment of the COVID-19 outbreak and ongoing active
management of the group's cost base."
AURELIUS LEISURE: Second Creditors' Meeting Set for May 5
---------------------------------------------------------
A second meeting of creditors in the proceedings of Aurelius
Leisure Group Pty Ltd has been set for May 5, 2020, at 10:00 a.m.
via video conference facilities 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 May 4, 2020, at 5:00 p.m.
Michael John Morris Smith of Smith Hancock was appointed as
administrator of Aurelius Leisure on March 13, 2020.
MAROONDAH SPORTS: First Creditors' Meeting Set for May 6
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Maroondah
Sports Club Ltd will be held on
May 6, 2020, at 3:00 p.m. via video conference.
Stephen John Michell of PCI Partners was appointed as administrator
of Maroondah Sports on April 24, 2020.
RIVERCITY MOTORWAY: Bank Debt Due 2014 Trades at 55% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Rivercity Motorway
Finance Pty Ltd is a borrower were trading in the secondary market
around 45 cents-on-the-dollar during the week ended Fri., April 24,
2020, according to Bloomberg's Evaluated Pricing service data.
The AUD668 million term loan matured on August 4, 2014. As of
April 24, 2020, the full amount has been drawn and is outstanding.
The Company's country of domicile is Australia.
RIVERCITY MOTORWAY: Bank Debt Due 2016 Trades at 55% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Rivercity Motorway
Finance Pty Ltd is a borrower were trading in the secondary market
around 45 cents-on-the-dollar during the week ended Fri., April 24,
2020, according to Bloomberg's Evaluated Pricing service data.
The AUD668 million term loan matured on August 4, 2016. As of
April 24, 2020, the full amount has been drawn and is outstanding.
The Company's country of domicile is Australia.
STELLER INVESTMENT: Second Creditors' Meeting Set for May
---------------------------------------------------------
A second meeting of creditors in the proceedings of Steller
Investment Notes Pty Ltd and Otway Funds Limited has been set for
May 4, 2020, at 10:00 a.m. virtual meeting 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 May 1, 2020, at 4:00 p.m.
Andrew Reginald Yeo and Gess Michael Rambaldi of Pitcher Partners
were appointed as administrators of Steller Investment on Dec. 18,
2019.
XVT SOLUTIONS: First Creditors' Meeting Set for May 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of XVT
Solutions Pty Ltd will be held on May 5, 2020, at 10:30 a.m. via a
virtual meeting.
Liam William Paul Bellamy of Chan & Naylor was appointed as
administrator of XVT Solutions on
April 23, 2020.
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C H I N A
=========
GF SECURITIES: General Manager Resigns Following Fraud Scandal
--------------------------------------------------------------
Wang Juanjuan, Wang Jing and Tang Ziyi at Caixin Global report that
the general manager of Shenzhen- and Hong Kong-listed GF Securities
Co. Ltd. has resigned following a major financial fraud by one of
its clients and the failure of one of its hedge funds, triggering
massive losses for the brokerage.
Caixin relates that the company said in a filing on April 21 that
Lin Zhihai, 56, the general manager and executive director,
resigned for health reasons.
But several sources familiar with the matter told Caixin that Lin
resigned due to his accountability for issues related to a fraud by
Kangmei Pharmaceutical Co. Ltd., a major GF client and one of
China's largest listed drugmakers. In late 2018, Kangmei was put
under investigation by China's top securities regulator for alleged
accounting fabrication, Caixin recalls. In August last year, the
regulator punished 22 employees at Kangmei for financial reporting
fraud, including CNY88.6 billion (US$12.6 billion) of
overstatements.
According to Caixin, GF was an underwriter of Kangmei's initial
public offering in Shanghai in 2001 and since then has underwritten
issuance of multiple bonds and shares for the company. The two
companies had cooperated for 18 years before the 2018 scandal
broke.
In addition, people with knowledge of the matter said Lin's
resignation follows the failure of a hedge fund set up by one of
GF's Hong Kong units, which lost GF more than CNY900 million in
2018, Caixin relates. Lin was chairman of the Hong Kong unit during
that period.
Caixin says Lin's resignation shocked many in the industry. Lin
joined GF in 1996 when the business was in an early stage and
expanding aggressively. Lin began his term as general manager in
April 2011.
The April 21 filing said Sun Shuming, the 58-year-old chairman of
GF, will take over Lin's role as general manager. But according to
GF's internal rules, to separate the power of the two roles, the
chairman and the general manager cannot be the same person, which
suggests that Sun will only temporarily serve as the general
manager until GF appoints somebody else to the role.
A source close to GF told Caixin that Zhang Wei, a GF deputy
general manager, will likely be promoted to general manager as he
has the most support inside the company. Zhang mainly engages in
the company's asset management and fixed income businesses. He also
led the company's clean-up efforts after the Kangmei scandal.
Qin Li, the new chairman of the GF Hong Kong unit, is believed to
be another strong candidate to fill in as general manager, Caixin
notes.
It seems the successor will bear a heavy burden left by the Kangmei
scandal, Caixin says. In 2019, GF reported credit loss expenses of
nearly CNY680 million, up 124% year-on-year, Caixin discloses
citing the company's financial report. Some losses were likely
related to its loans to Kangmei shareholders.
Meanwhile, GF's investment banking business, one of the company's
most lucrative businesses, shrank heavily following the Kangmei
scandal, Caixin notes. GF reported investment banking revenue of
CNY1.4 billion last year and CNY1.2 billion in 2018, down from
CNY2.7 billion in 2017.
Several sources close to GF told Caixin that the securities
regulator has not yet decided on penalties against GF for the
Kangmei fraud, as Kangmei has applied to the regulator for a
reconsideration of the punishment.
GF Securities Co., Ltd. operates securities businesses. The Company
offers securities brokerage, investment banking, wealth management,
asset custody, and investment management services. GF Securities
also conducts futures and financing businesses.
LUCKIN COFFEE: Investors Rue Implosion on US$400 Million Bond Bet
-----------------------------------------------------------------
Georgina Lee at South China Morning Post reports that investors in
Luckin Coffee's US$400 million of convertible bonds are ruing their
fate after an accounting scandal sent the securities into
distressed territory, barely three months after the debt sale.
SCMP relates that the notes, which pay 0.75 per cent annual coupon
and confer holders the right to convert them into stock, plunged to
as low as 10 cents on the dollar, after the Chinese coffee chain
said top executives fabricated sales amounting to CNY2.2 billion
(US$311 million). The bonds recently fetched about 20 cents,
yielding more than 35 per cent.
According to the report, Luckin Coffee's stock has been halted from
trading on Nasdaq since April 7, after it plunged 83 per cent over
three days to US$4.39, leaving bond holders deeply out of money.
SCMP says the scandal has triggered scores of lawsuits from holders
of its American depositary shares in yet another reminder of
governance risk among US-listed Chinese entities against the
backdrop of acrimonious ties with the US on trade and health
crisis.
"There have been frauds and bankruptcies in the past by Chinese
ADR-listed companies with outstanding US convertible bonds," SCMP
quotes Skander Chabbi, head of convertible bonds in Paris at BNP
Paribas Asset Management, as saying. "Usually the companies lose
their ADR listings."
SCMP relates that the speed of the implosion has some parallels in
the recent history of Asian bond market with accounting issues,
including one at Noble Group. The Hong Kong-based commodity trader
sold US$750 million of bonds in March 2017, which tumbled two
months later as a surprise profit warning precipitated the biggest
debt restructuring in the region at the time.
The problem with an issuer faking sales, among other things, is
that it makes a big dent to a company's net income, and therefore
crushes all expectations of it breaking even in the short term, Mr.
Chabbi said, SCMP relays.
The company's January 2025 bonds can be converted into shares at
US$54.601 each. But with next to no chance of conversion, holders
may be left to pursue litigation to recover their money given the
debt's unsecured ranking, the report states.
Funds managed by global asset managers BlackRock and State Street
Global Advisors were listed among the bond holders as of mid-April,
according to data compiled by Bloomberg. Schroders and Neuberger
Berman also owned them according to January and February filings.
According to SCMP, legal experts see little prospect of Luckin ADS
resuming trading given the ongoing investigation into its financial
affairs.
"Given the price has fallen so much, if there is no material
improvement, there is a possibility that Luckin's ADS would be
delisted," SCMP quotes Jeffrey Sun, a partner at law firm Orrick
based in Shanghai, as saying. "There is also a reputation issue at
stake for an exchange not wanting to be associated with a company
implicated with fraud, unless there is vigorous and successful
defence" by the issuer, he added.
While bond holders could ask the company to buy back the notes at
par from January 2023 under a put option, it would depend on
whether the coffee chain has the cash flow to redeem them, if it
survives the scandal, says SCMP.
SCMP, citing a January filing to the Securities and Exchange
Commission, discloses that Luckin Coffee had US$1.38 billion of
cash and cash equivalents after the January bond sale. It reported
a net cash outflow of CNY1.13 billion for the first nine months of
2019, according to its latest published accounts.
Like other Chinese companies incorporated in offshore havens,
Luckin's assets are attached to its Chinese subsidiaries, Orrick's
Sun added, SCMP relays. The structure gives priority to potential
claims from onshore creditors including its employees, ahead of
foreign creditors.
"If eventually its business failed in China, their employees or
suppliers did not get paid and there is not enough money in
Luckin's offshore account, its creditors offshore might never get
much of their money back," Mr. Sun said.
About Luckin Coffee
Based in China, Luckin Coffee Inc. (NASDAQ: LK) --
https://www.luckincoffee.com/ --- has pioneered a technology-driven
retail network to provide coffee and other products of high
quality, high affordability, and high convenience to customers.
Empowered by big data analytics, AI, and proprietary technologies,
the Company pursues its mission to be part of everyone's everyday
life, starting with coffee.
As reported in the Troubled Company Reporter-Asia Pacific on April
7, 2020, China Daily said that Luckin Coffee Inc, the so-called
rival to Starbucks in China, has exposed itself to the risks of
delisting and even bankruptcy due to severe fabrication of sales
data, experts said.
China Daily related that the Nasdaq-listed Chinese coffee chain saw
its share price crash more than 75 percent to $6.40 on April 2
after the company disclosed that its earnings results were
substantially inflated. It dropped nearly 15 percent more in the
first two hours of trading on April 3.
Liu Jian, chief operating officer and a director of the company,
and several employees reporting to him, had engaged in misconduct,
including fabricating transactions, a company statement said on
April 2.
The aggregate sales associated with fabricated transactions amount
to around CNY2.2 billion (US$310 million) during the April to
December period last year, according to Luckin's preliminary
internal investigation, the statement said.
YETDZ DEV: S&P Affirms 'BB+' LT ICR & Alters Outlook to Negative
----------------------------------------------------------------
S&P Global Ratings, on April 24, 2020, revised its rating outlooks
on Yangzhou Urban Construction State-Owned Assets Holding (Group)
Co. Ltd. (Yangzhou Urban) and Yangzhou Economic and Technological
Development Zone Development Corp. (YETDZ Dev. Corp.). to negative
from stable. At the same time, S&P affirmed its of 'BBB-' long-term
issuer credit rating on Yangzhou Urban and its 'BBB-' long-term
issue rating on the company's senior unsecured notes. At the same
time, S&P affirmed its long-term issuer credit rating of 'BB+' on
YETDZ Dev. Corp.
S&P said, "We revised our outlooks on Yangzhou Urban and YETDZ Dev.
Corp. to negative from stable on potential weakening of the
Yangzhou government's fiscal position over the next two years. The
government of the prefecture-level city, in Jiangsu province, could
face rising challenges to stabilize its fiscal performance and
contain its debt growth amid economic uncertainty from the COVID-19
outbreak.
"In our view, the COVID-19 situation could disproportionately
affect Yangzhou's economy, and its key sectors--tourism,
manufacturing, and exports--are particularly vulnerable. The
pandemic is therefore set to widen the city's budgetary deficits
given undermined fiscal revenues and limited flexibility to scale
down expenditures. Such budgetary pressure, together with the
government's countercyclical measures such as rising infrastructure
investments, could accelerate the city's debt accumulation. All
these factors combined could lead to a material deterioration in
the city's creditworthiness.
"We affirmed our ratings on Yangzhou Urban and YETDZ Dev. Corp.
because we believe their credit profiles continue to be underpinned
by support from the Yangzhou government. We consider both companies
to be local government financing vehicles (LGFVs), which tend to
focus on development roles rather than commercial profits.
"In our view, Yangzhou Urban's likelihood of receiving
extraordinary support from the city in a distressed scenario remain
almost certain. We assess Yangzhou YETDZ Dev. Corp.'s likelihood of
receiving extraordinary support to be extremely high."
Yangzhou Urban remains the primary platform for Yangzhou's urban
utility and municipal welfare housing. Its current biggest ongoing
project is an expressway network. In addition, the company is
expanding its sewage treatment facility and increasing city-gas
supply in various towns of Yangzhou. In 2019, Yangzhou Urban saw
material asset consolidation under support from the Yangzhou
government, which strengthened its position in Yangzhou's public
utility and subsidized housing areas. Since the COVID-19 outbreak,
the company has reduced or waived rentals on factory building and
shops for many small and midsize enterprises.
S&P believes Yangzhou Urban's almost certain likelihood of
extraordinary support would weaken over time. This is based on the
Chinese central government's efforts to enforce a greater
separation between local governments and their financing vehicles.
These reforms are part of a general focus on reducing financial
risks and deleveraging the state-owned corporate sector, and
include a crackdown on off-budget borrowing by local governments.
YETDZ Dev. Corp. continues to work on primary land development,
resettlement housing, and other infrastructure construction within
the Yangzhou Economic and Technology Development Zone. Currently
the company is working on environmental improvement projects in
areas such as along the Yangtze River and a wetland. It is also
increasing investments in resettlement housing within the zone in
2020. During the COVID-19 outbreak, the company was tasked with
converting its factory buildings into Yangzhou's quarantine
facility and procuring a large number of masks from overseas.
YANGZHOU URBAN
S&P said, "The negative outlook on Yangzhou Urban reflects our view
that Yangzhou's fiscal position will likely deteriorate over the
next 24 months. The COVID-19 outbreak is set to put pressure on the
city's economic growth prospects as well as budgetary performance.
Fiscal stimulus including higher spending at LGFVs could also
increase the city's debt servicing burden.
"We continue to expect an almost certain likelihood of
extraordinary government support to Yangzhou Urban in a distress
scenario. Such support is set to weaken over time, in our view,
driven by China's policy direction of gradually separating LGFVs
from their local governments.
"We would lower the rating on Yangzhou Urban if we believe the
creditworthiness of the Yangzhou government has weakened. In our
view, this could occur if Yangzhou's deficit after capital account
increases beyond our expectation, driven by revenue contraction and
fiscal stimulus. A downgrade could also occur if Yangzhou or its
LGFVs ramp up borrowings to fund large-scale infrastructure
projects. In another downside scenario, the overall debt servicing
burden of the city-level government could increase due to a
deterioration in the fiscal position of Yangzhou's lower-tier
governments such as counties and districts.
"We could also lower the rating on Yangzhou Urban if we assess that
the likelihood of extraordinary government support to the company
has weakened. This could happen if the Yangzhou government's
strategy or priorities change unfavorably, such that the importance
of the company's role to, or linkage with, the Yangzhou government
weakens significantly. Loosened management control or a significant
reduction in the government's ownership could indicate declining
commitment of support from the government. Heightened policy risk
that may prevent the regional government from providing
extraordinary support in a timely manner could also trigger a
downgrade.
"We could revise the outlook on Yangzhou Urban back to stable if
Yangzhou consistently keeps both its capital account to below 10%
of adjusted total fiscal revenue and debt growth to a moderate
pace. This is subject to our expectation that extraordinary
government support to Yangzhou Urban will remain unchanged."
YETDZ DEV. CORP.
S&P said, "The negative outlook on YETDZ Dev. Corp. reflects our
view that Yangzhou's fiscal position will likely deteriorate over
the next 12 months. The COVID-19 outbreak is set to put pressure on
the city's economic growth prospects as well as budgetary
performance. Fiscal stimulus including higher spending at LGFVs
could also increase the city's debt servicing burden.
"We also expect an extremely high likelihood of extraordinary
government support for YETDZ Dev. Corp. in times of distress over
the same period.
"We would lower the rating on YETDZ Dev. Corp. if we believe the
creditworthiness of the Yangzhou government has weakened. In our
view, this could occur if Yangzhou's deficit after capital account
increases beyond our expectation, driven by revenue contraction and
fiscal stimulus. A downgrade could also occur if Yangzhou or its
LGFVs ramp up borrowings to fund large-scale infrastructure
projects. In another downside scenario, the overall debt servicing
burden of the city-level government could increase due to a
deterioration in the fiscal positions of Yangzhou's lower-tier
governments such as counties and districts.
"We could also lower the rating on YETDZ Dev. Corp. if we assess
that the likelihood of extraordinary government support to the
company has weakened. This could happen if the Yangzhou
government's strategy or priorities change unfavorably, such that
the company's role to, or linkage with, the Yangzhou government
diminishes significantly. Loosened management control or a
significant reduction in the government's ownership could indicate
declining commitment of support from the government. Opening up of
the company's core businesses under the government mandate to other
state-owned or private companies could also trigger a downgrade."
S&P could also lower the rating if:
-- YETDZ Dev. Corp.'s progress in taking back its outstanding
financial intermediation to other Yangzhou state-owned enterprises
is significantly slower than we expect; or
-- The company suffers credit loss without timely reimbursement
from the government.
S&P could revise the outlook on YETDZ Dev. Corp. back to stable if
Yangzhou consistently keeps both its capital account to below 10%
of adjusted total fiscal revenues and debt growth to a moderate
pace. This is subject to its expectation that extraordinary
government support to YETDZ Dev. Corp. will remain unchanged.
[*] CHINA: Bad Loans on the Rise at Listed Banks, PwC Report Says
-----------------------------------------------------------------
Caixin Global reports that the amount of non-performing loans at 24
of China's listed municipal and rural commercial banks cumulatively
rose by 20.31% year-on-year to CNY99 billion (about $14 billion) in
2019, largely driven by bad loans at banks in northeastern China
and the region including Beijing and the port city of Tianjin,
according to a report published on April 24 by global accounting
firm PricewaterhouseCoopers (PwC).
Reuters relates that Vincent Yao, a financial services partner at
PwC China, said during a conference the same day that local
governments in China may push for more mergers and acquisitions
between banks if the financial risks of regional small-to
medium-sized banks keep rising.
Several banks in China, including the troubled Baoshang Bank Co.
Ltd. and Bank of Jinzhou Co. Ltd., have conducted reforms following
government's guidelines last year, Reuters says.
On April 22, an official at the China Banking and Insurance
Regulatory Commission (CBIRC) said the organization will roll out
more measures this year to promote the reform and restructuring of
small and midsized banks.
"Against the backdrop of strengthened (government) efforts, rising
(nonperforming loan ratios) indicate that some municipal and rural
commercial banks are under greater pressure to deal with bad
loans," Reuters quotes Shirley Yeung, another PwC China financial
services partner, as saying.
=========
I N D I A
=========
BABA SAW MILL: CRISIL Lowers Rating on INR10cr Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Baba Saw
Mill (BSM) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B/Stable
ISSUER NOT COOPERATING')
Letter of Credit 7 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL A4
ISSUER NOT COOPERATING')
CRISIL has been consistently following up with BSM for obtaining
information through letters and emails dated Feb 12, 2020 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BSM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BSM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'
Due to overdrawal in cash credit account continuously for more than
30 days, CRISIL has downgraded the ratings to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
BSM, a proprietorship firm of Mr Praful Ramjibhai Jharu formed in
December 2011, processes timber logs. The firm commenced commercial
operations in February 2012. It processes pine wood, and plans to
set up capacity to process teak wood, sal wood, and hard wood. Its
facility is at Padana in Kutch, Gujarat.
BIOMEDIX OPTOTECHNIK: Ind-Ra Affirms 'BB' LongTerm Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Biomedix
Optotechnik & Devices Private Limited's (BODPL) Long-Term Issuer
Rating at 'IND BB'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR3 mil. Fund-based limit affirmed with IND BB/Stable/IND A4+
rating;
-- INR86.1 mil. (increased from INR55 mil.) Non-fund-based limit
affirmed with IND A4+ rating; and
-- INR20 mil. Proposed non-fund-based limit* assigned with
Provisional IND A4+ rating.
*The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by BODPL to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
The affirmation reflects BODPL's continued small scale of
operations, as it operates in a highly fragmented medical device
industry. Its revenue rose to INR739 million in FY19 (FY18: INR586
million) and EBITDA to INR46.1 million (INR27.6) due to increased
orders received from customers. The company recorded revenue of
INR740.35 million in 11MFY20. However, Ind-Ra believes the
company's revenue and EBITDA will witness a substantial decline in
FY21 owing to the COVID-19 led lockdown.
The ratings are constrained by BODPL's average and volatile EBITDA
margins. The margins expanded to 6.2% in FY19 (FY18: 4.7%; FY17:
6.7%) due to cost reduction measures taken by the management. The
return on capital employed stood at 12.3% in FY19 (FY18: 7.5%). The
company faces forex risk as it derives a majority of its revenue
from the sale of imported products.
The ratings, however, are supported by BODPL's strong credit
metrics as reflected by interest coverage (operating EBITDA/gross
interest expense) of 81.3x in FY19 (FY18: 47.3x) and net leverage
(total adjusted net debt/operating EBITDA) of 0.24x (0.30x). The
improvement in credit metrics was on account of the increase in
absolute EBITDA.
Liquidity Indicator - Adequate: BODPL's maximum average fund-based
utilization was 27.1% over the last 12 months ended February 2020.
However, the company has fully utilized its bank guarantee limits
and has availed additional bank guarantees on the back of 100% cash
margins. The company's networking capital cycle improved to 137
days in FY19 (FY18: 158 days) due to a reduction in the receivable
days to 95 (122). The company's cash flow from operations and free
cash flow remained positive at INR9 million and INR8 million,
respectively, in FY19 (FY18: INR10 million and INR3 million,
respectively).
The ratings are also supported by BODPL's long-standing
relationship with some of the country's reputed hospitals, namely
Aravind Eye Hospital, Shankara Foundation, etc., which has resulted
in repeat business orders. Around 40% of the company's total sales
originate from government departments and hospitals, and the
balance from private players. Thus, BODPL benefits from low credit
risk as its customers have strong financial and operational
profiles.
The ratings are further supported by the promoters' extensive
experience of over three decades in the medical device trading and
manufacturing business.
RATING SENSITIVITIES
Negative: Any decline in the revenue and operating EBITDA or any
elongation in the working capital cycle leading to any
deterioration in the credit metrics would lead to negative rating
action.
Positive: Any substantial growth in the revenue, with operating
EBITDA and credit metrics remaining at the current levels, and any
improvement in the working capital cycle would be positive for the
ratings.
COMPANY PROFILE
Bangalore-based BODPL was incorporated in 1986 as a proprietary
firm and later reconstituted as a private limited company in
November 1993. The company is engaged in the trading and
manufacturing of high-tech medical electronic devices such as
medical appliances used in ophthalmology. The company has six
regional sales offices and five extended sales offices across India
with a total employee size of around 110.
BISHWESHWAR LAL: CRISIL Lowers Rating on INR12.5cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Bishweshwar
Lal Steels (BLS) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
Channel Financing 9.8 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with BLS for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BLS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BLS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of BLS Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.
BLS was incorporated as a partnership in 1991 in Chennai and is an
authorized distributor for JSW Steel and JSW Steel and Power
limited's (JSPL) steel products in Southern India. The day to day
operations are managed by the partners - Mr Arun Gupta and Mr.
Deepak Gupta.
CERAMIC FIBERS: CRISIL Lowers Rating on INR7.91cr LT Loan to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Shree Ceramic
Fibers Private Limited (SCFPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Long Term Loan 7.91 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with SCFPL for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SCFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of SCFPL Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Incorporated in August 2011, SCFPL is promoted by Mr. Anad kumar
Tiwari and his two sons Mr. Amit Tiwari and Mr. Anupam Tiwari.
SCFPL engages in manufacturing of insulating materials such as
ceramic fibers.
DML EXIM PRIVATE: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded DML Exim Private
Limited's Long-Term Issuer Rating to 'IND BB+ (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NON-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 these
ratings.
The instrument-wise rating action is:
-- INR1.30 bil. Fund-based working capital 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
DML Exim has a lower public rating from another credit rating
agency, with which the company has been cooperative.
COMPANY PROFILE
Gujarat-based DML Exim Private Limited was incorporated in 1988 by
Harish Kumar Lakhani. It is engaged in the export-oriented trading
of agro-commodities.
DML WORLD: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded DML World Trade
Private Limited's 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 these
ratings.
The instrument-wise rating action is:
-- INR200 mil. Fund-based working capital 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
DML World Trade has a lower public rating from another rating
agency, with which the company has been cooperative.
COMPANY PROFILE
Gujarat-based DML World Trade Private Limited was incorporated in
2005 by Harish Kumar Lakhani. It is engaged in the export-oriented
trading of agro-commodities.
DRB COMMODITIES: Ind-Ra Lowers LongTerm Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded DRB Commodities
(India) Private Limited's 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
these ratings.
The instrument-wise rating action is:
-- INR500 mil. Fund-based working capital 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
DRB Commodities (India) has a lower public rating from another
credit rating agency, with which the company has been cooperative.
COMPANY PROFILE
Gujarat-based DRB Commodities (India) Private Limited was
incorporated in 2005 by Harish Kumar Lakhani. It is engaged in the
export-oriented trading of agro-commodities.
ELECTRO CIRCUIT: CRISIL Lowers Rating on INR4cr Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Electro
Circuit Systems (ECS) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'. Downgrade in the rating reflects delay in
debt servicing for more than 30 days.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL D (Downgraded from
'CRISIL A4')
Cash Credit 3.5 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Letter of Credit 0.5 CRISIL D (Downgraded from
'CRISIL A4')
Proposed Long Term 2 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B+/Stable')
The ratings continue to reflect small scale of operations, large
working capital requirements and revenue concentration. These
ratings weaknesses are partially offset by niche product profile,
established relationships with customers and experienced
management.
Key Rating Drivers & Detailed Description
Weaknesses:
* Small scale of operations: Though ECS's operating income has
increased by around 16% to INR17.69 crore in 2018-19 from INR15.29
crore in 2017-18, it scale of operations remains relatively small.
* Large working capital requirements: ECS's business is marked by
large working capital requirements marked by very high GCA days of
419 days. It is due to high levels of inventory and debtors are
also high due to delayed payments.
* Revenue concentration: 90% of the ECS's orders comprise projects
from Defense Research and Development Organization (DRDO), leading
to limited diversity in revenue.
Strength:
* Niche product profile, established relationships with customers,
and experienced management: ECS is promoted by Mr. Ranga Rao
Yenikapati. Mr. Yenikapati has experience of around two decades in
the industry and has supplied to various projects of DRDO. Over the
last few years of operations, the management was successful in
carving a niche position for itself in the defence applications.
The firm has long-standing relationships with its customer base and
is a qualified vendor with defense-related government
establishments.
Liquidity Poor
ECS has stretched liquidity with high BLU of around 90 % with 6
months ended June 2019. Cash accruals of INR1.7 crores per annum in
FY19 are sufficient to meet the debt obligations of INR0.6 crores.
Rating Sensitivity factors
Upward factors:
* Track record of timely debt servicing for at least over 90 days
* Sustained improvement in financial risk profile
ECS is a sole proprietorship firm incorporated in 1988 by Mr. Ranga
Rao Yenikapati. It manufactures printed circuit board assemblies,
electronic systems and subsystems for Defense Research and
Development Organization (DRDO).
K MOHAN AND COMPANY: CRISIL Hikes Rating on INR38.5cr Loan to 'C'
-----------------------------------------------------------------
Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the long term bank facilities of K Mohan and Company (Exports)
Private Limited (KMCPL) to 'CRISIL D Issuer Not Cooperating.
However, the company's management has subsequently started sharing
information necessary for a comprehensive review of the rating.
Consequently, CRISIL is migrating the rating to 'CRISIL C' from
'CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL C (Migrated from
'CRISIL D ISSUER NOT
COOPERATING')
Export Packing 8 CRISIL C (Migrated from
Credit 'CRISIL D ISSUER NOT
COOPERATING')
Proposed Working 38.5 CRISIL C (Migrated from
Capital Facility 'CRISIL D ISSUER NOT
COOPERATING')
The rating reflects the benefits that below-average financial risk
profile and working capital-intensive operations. These rating
weaknesses are partially offset by Extensive experience of the
promoters in the readymade garment industry and funding support
from the promoters.
Analytical Approach
CRISIL has treated unsecured loans of INR27.88 crore as on 31st
March 2019 as neither debt nor equity as it is expected to be
retailed in the company over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses:
* Below-average financial risk profile: Financial risk profile is
marked by a negligible networth due to past losses and high gearing
estimated as on March 31, 2020. Debt protection metrics were also
weak, with interest coverage ratios of below unity in fiscal 2020.
* Working capital-intensive operations: Operations are moderately
working capital-intensive, as reflected in gross current assets of
88 days as on March 31, 2019, driven by inventory of 34 days.
Payables of around 101 days and bank limit have aided working
capital management.
Strengths:
* Extensive experience of the promoters in the readymade garment
industry: The promoters, the Mahtaney family, have been engaged in
the textile business for over three decades. Their longstanding
presence has helped the company establish a strong track record
with customers. KMCPL exports its customised garments to countries
such as US, Switzerland, Canada and Australia.
* Funding support from the promoters: The promoters have extended
support via unsecured loans, which stood at INR27.88 crore as on
March 31, 2019. These loans carry no interest. Going forward, this
support is expected to continue over the medium term.
Liquidity Poor
In the absence of any debt obligation, net cash accrual of around
expected in the near term, will be subdued. Bank limit utilisation
was almost full, averaging around 99% for the 12 months ended
February, 2020. Need-based funding support from the partners is
expected to continue. Timely repayment of debt shall remain a key
monitorable over the medium term.
Rating Sensitivity factors
Upward factors:
* Growth in revenue by 25% and turn around in the operating margin,
leading to better cash accrual
* Improved working capital management
Downward factors:
* Weakening of the business risk profile, due to revenue de-growth
or further fall in profitability
* Stretch in working capital cycle, weakening gearing or interest
coverage ratio
* Delays in repayment of interest on working capital debt
KMCPL, based in Bengaluru, Karnataka, was established in 1973 and
is managed by Mr. Raju M Mahtaney. The firm manufactures and
exports readymade garments.
KATARIA CONSTRUCTIONS: CRISIL Lowers Rating on INR5cr Loan to B+
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Kataria
Constructions Private Limited (KCPL) to 'CRISIL B+/Stable Issuer
not cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 2.5 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with KCPL for obtaining
information through letters and emails dated November 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of KCPL Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Incorporated in 1985 by Mr. Pradeep Kataria and Mr. Sandeep
Kataria, KCPL develops residential real estate in New Delhi.
KHYATI FOODS: CRISIL Lowers Ratings on INR32.6cr Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Khyati
Foods Private Limited (KFPL) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 30 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Long Term Loan 2.6 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with KFPL for obtaining
information through letters and emails dated July 29, 2019 and
January 10, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Due to delay in timely repayment of debt, CRISIL has downgraded its
rating on the bank facilities of KFPL to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in 1997, KFPL is a Bhopal-based manufactures and processes
organic agricultural products such as soya oil and seeds, soya bean
flour, organic soy lecithin liquid, and organic spices and juices.
All the operations are managed by Mr. Pawan Agarwal and Mrs. Gunjan
Agarwal.
KIJALK INFRASTRUCTURE: CRISIL Lowers Rating on INR9cr Loan to B+
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Kijalk
Infrastructure Private Limited (KIPL) to 'CRISIL B+/Stable Issuer
not cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 9 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with KIPL for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of KIPL Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
KIPL was incorporated in 2006 by Mr. Ashok Kumar Verma and his
brother, Mr. Surendra Kumar Verma. However, there were no
operations till 2011. The company presently operates a 2 MW solar
power plant in Raj Nagar, Jharkhand, which was commissioned in
February 2012.
LEKH RAJ: CRISIL Lowers Ratings on INR50cr Loans to 'D'
-------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Lekh Raj
and Sons (LRS) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating' after factoring that the account
has turned a non-performing asset over the last three months.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 45 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Proposed Cash 5 CRISIL D (ISSUER NOT COOPERATING;
Credit Limit Downgraded from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
CRISIL has been consistently following up with LRS and has sought
information via letters and emails dated February 26, 2019, and May
28, 2019, among others; apart from telephonic communication.
However, the issuer has remained non-cooperative.
'The investors, lenders, and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward-looking component as they have been arrived at without any
management interaction, and are based on the best available,
limited, or dated information on the firm'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL has
not obtained any information on either the financial performance or
strategic intent of LRS. This restricts CRISIL's ability to take a
forward-looking view on the entity's credit quality. CRISIL
believes information available for the firm is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with 'CRISIL BB' rating category or lower.'
Based on the best available information, CRISIL has downgraded its
rating to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable
Issuer Not Cooperating' after factoring that the account has turned
a non-performing asset over the last three months.
LRS was set up in 1984 as a partnership firm by members of Miglani
family of Kaithal, Haryana. The firm mills, sorts, grades, and
exports basmati and non-basmati rice. It also sells in the domestic
market.
LORENZO VITRIFIED: CRISIL Lowers Rating on INR15cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Lorenzo
Vitrified Tiles Private Limited (LVTPL) to 'CRISIL B+/Stable Issuer
not cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with LVTPL for obtaining
information through letters and emails dated November 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LVTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LVTPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of LVTPL Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.
Incorporated in 2006 and promoted by Mr Babu Gadera, Mr Mansukh
Kordiya, Mr Swintoo Arvind Mavani, and Mr Vasant Gajera, LVTPL
manufactures vitrified tiles under the Lorenzo and Speedo brands.
Facility is in Morbi.
LOVELY AUTOS: CRISIL Lowers Rating on INR30cr Cash Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Lovely Autos
(LA) to 'CRISIL B+/Stable Issuer not cooperating' from 'CRISIL
BB+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 30 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with LA for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LA is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of LA Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.
LA is a partnership firm set up in 1991 by Mr Ramesh Mittal, Mr
Naresh Mittal and Mr Ashok Mittal in Jalandhar, Punjab. It is an
authorised dealer and service centre for two-wheelers of Bajaj Auto
Ltd (BAL) with showrooms in Jalandhar, Phagwara and Kapurthala and
four-wheelers of Maruti Suzuki India Ltd (MSIL) with showrooms in
Jalandhar, Nawanshahr and Banga. It also has five service centres
for MSIL and three for BAL.
M R INDUSTRIES: CRISIL Keeps 'B+' Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of M R Industries -
Jaipur (MRI) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Term Loan 5.35 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with MRI for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MRI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MRI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of MRI continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Set up in 1992 as a proprietorship firm by Ms Manju Gupta, MRI
manufactures mild steel billets and ingots at its facilities in
Jaipur. It also trades in machine parts, consumables, and
components related to the iron and steel industry.
MAYAN: CRISIL Lowers Rating on INR5cr Overdraft to B+
-----------------------------------------------------
CRISIL has revised the ratings on bank facilities of Mayan to
'CRISIL B+/Stable Issuer not cooperating' from 'CRISIL BB-/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with Mayan for obtaining
information through letters and emails dated November 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Mayan, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Mayan is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of Mayan Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Mayan, proprietorship firm in Tirunelveli, is into real estate
development. The day-to-day operations of the firm are managed by
Mr. Ramesh Raja who is the Proprietor.
MILESTONE ENTERPRISES: CRISIL Cuts Rating on INR5.5cr Loans to D
----------------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Milestone
Enterprises (ME) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating'. The downgrade reflects delay in
honouring of debt obligations by ME.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Proposed Cash 0.5 CRISIL D (ISSUER NOT
Credit Limit COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Term Loan 4 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with ME for obtaining
information through letters and emails dated February 28, 2019,
March 7, 2019 and March 12, 2019 and December 31, 2019 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ME which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ME is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has downgraded the rating on bank
facilities of ME to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating'.
The downgrade reflects delay in honouring of debt obligations by
ME.
MSE is a proprietorship firm promoted in 2015 by Mr Bhagat Singh.
It is engaged in the manufacturing of corrugated boxes for packing
automotive spare parts, fast-moving consumer goods, and agro-based
products. The firm is also setting up a unit to manufacture
rubber-related automotive spare parts. It also trades in auto
parts.
MOLISATI VINIMAY: CRISIL Lowers Rating on INR10.85cr Loan to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Molisati
Vinimay Private Limited (MVPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 10.85 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with MVPL for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MVPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MVPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of MVPL Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
MVPL was incorporated in Rourkela (Odisha) in 2005. The company is
promoted by Mr. Y Dalmia and his wife, Mrs. S Dalmia. MVPL operates
a one-megawatt solar power plant in Odisha.
MOSARAM ENTERPRISES: CRISIL Lowers Rating on INR11cr Loan to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Mosaram
Enterprises Limited (MEL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
Electronic Dealer 6 CRISIL B+/Stable (ISSUER NOT
Financing Scheme COOPERATING; Revised from
(e-DFS) 'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 8.2 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with MEL for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MEL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MEL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of MEL Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.
Lakhimpur-based MEL, incorporated in 1990, has been an authorised
dealer of M&M's passenger and light commercial vehicles since 2011.
It has two showrooms, one each at Lakhimpur and Sitapur. Mr Dinesh
Agarwal is the promoter.
NTPC BHEL POWER: Ind-Ra Lowers LongTerm Issuer Rating to 'B+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded NTPC BHEL Power
Projects Private Limited's (NBPPL) Long-Term Issuer Rating to 'IND
B+' from 'IND BB-'. The Outlook is Negative.
The instrument-wise rating action is:
-- INR1.70 mil. Non-fund-based limits downgraded with IND B+ /
Negative/IND A4 rating.
The downgrade and the Negative Outlook reflect NBPPL's consistently
deteriorating operating performance, poor liquidity due to slow
project execution, the absence of new orders, and large creditors
outstanding that can potentially expose the company to legal cases
by operational creditors under National Company Law Tribunal
(NCLT).
Analytical Approach: To arrive at the ratings, Ind-Ra continues to
factor in the support provided to NBPPL by its parent NTPC Limited
('IND AAA'/Stable/'IND A1+') and Bharat Heavy Electrical Limited
(BHEL; 'IND AA+'/Negative/'IND A1+'), in view of the operational as
well as strategic linkages between the entities.
KEY RATING DRIVERS
Non-receipt of New Orders led to Steep Decline in Revenue: The
company's revenue declined further to INR0.7 billion in FY19 (FY18:
INR1.3 billion and FY17: INR6.7 billion), led by the slow project
execution and the absence of new orders. The company has not
received any new orders in the engineering procurement construction
(EPC) segment post-2013 and in the manufacturing operations segment
since 2016, which limits the scaling up of operations. This, along
with the company's complete dependence on the low-margin project in
Unchahar, Uttar Pradesh with an unexecuted order book of INR2.8
billion, constrains its ratings. Until end-9MFY20, NBPPL had
executed orders of INR27.7 billion (FY19: INR27.2 billion), while
the pending orders worth INR2.9 billion are likely to be executed
over FY21-FY23.
According to the management, the revenue for FY20 is likely to have
been INR0.7 billion-0.8 billion. The agency believes there is a
limited likelihood for the company to receive new orders and
expects no significant turnaround in operations in the
near-to-medium term.
Going Concern Status by Auditors: The auditors continue to
highlight concerns on the going concern status of the company amid
continued losses, leading to net worth erosion. NBPPL continues to
execute its projects and has prepared its financials on a going
concern basis.
Widening EBITDA Losses: NBPPL's EBITDA losses widened to INR1.3
billion in FY19 for the fifth consecutive year (FY18: INR0.9
billion; FY17: INR0.4 billion and FY16: INR0.2 billion; FY15:
INR0.01 billion), largely led by the losses incurred in the
Unchahar EPC project, which accounted for over 95% of the revenue
in FY19. The losses were also a result of a surge in the provisions
for loss-making contracts to INR0.24 billion in FY19 (FY18: INR0.23
billion and FY17: INR0.02 billion). Given the moderate order book
and the lack of fresh orders, the revenues are likely to see a
further moderation and consequently, the company is likely to
continue making EBITDA level losses.
Liquidity Indicator - Poor: The company's networking capital cycle
elongated to 343 days in FY19 (FY18: 275 days, FY17: negative 20
days) on a delay in the recovery of receivables resulting in a cash
crunch, and delayed payments to creditors leading to penalties.
NBPPL does not have any cash credit or working capital facility and
has to rely solely on receivables realization or bridge financing
from joint venture partners to meet its working capital
requirements. BHEL and NTPC provided around INR0.8 billion and
INR0.9 billion, respectively, until March 26, 2019, and NTPC
further provided INR0.5 billion up to July 2019 in form of a loan
(bridge funding) for NBPPL's working capital needs and for the
losses incurred in the Unchahar project. Cash and bank balances
available at FYE19 were INR0.06 billion (FYE18: INR0.12 billion and
FYE17: INR0.12 billion). NBPPL had further raised a request for
another tranche of INR1.9 billion loan (bridge funding) in FY19 for
meeting its working capital needs. As the company only has
non-fund-based limits, NBPPL has not availed the
moratorium/deferment allowed by the Reserve Bank of India on term
loans and fund-based facilities for the period March-May 2020.
Given the large creditor balance (both part of current and
non-current liabilities) of INR4 billion (FY18: INR4.7 billion),
the company has on-going cases with operational creditors (Steel
Authority of India Ltd. ('IND AA-'/Negative), Lloyd Insulations
(India) Ltd. and Wipro Enterprises Private Limited) under NCLT with
a majority of the cases having been filed between FY18 and FY19.
NBPPL is making intermittent settlements to these operational
creditors through funds received from the parents. However, the
continued large creditors continue to expose the company to the
risk of being pushed to NCLT on an ongoing basis, until such
creditors are settled. The settlement of these will continue to
depend on the support received from the parents or through the
realization of the debtors (both part of the current and
non-current assets) of INR3.8 billion (FY18: INR4.6 billion) as the
company in itself does not have adequate cash flows.
Weakโto-Moderate Linkages with Parents: NBPPL is an equal
joint-venture between BHEL and NTPC. NBPPL's board positions are
shared by the parent companies and the top management is drawn from
them on a deputation basis.
Until September 2018, NBPPL had resolved to approach the government
of India for seeking approvals to discontinue the operations of the
company. The Ministry of Power, Government of India, vide its
communication dated August 2019, advised NTPC to consider buying
out the stake of BHEL in NBPPL and then decide either to continue
it as an in-house EPC arm or close it after the completion of the
ongoing work. No further updates from NTPC are available on the
same.
RATING SENSITIVITIES
Negative: NBPPL's inability to make timely payments to the
operational creditors resulting in disorderly winding down of
operations and the reduced support from the parents coupled with
further deterioration in the operating performance will be negative
for the ratings.
COMPANY PROFILE
NBPPL was established to undertake EPC contracts for power plants
and other infrastructure projects. The company was also engaged in
the manufacturing of coal handling plants and ash handling plants
in Mannavaram, Andhra Pradesh.
PARASMAL PAGARIYA: CRISIL Lowers Rating on INR15cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Parasmal
Pagariya and Co (PPC) to 'CRISIL B+/Stable Issuer not cooperating'
from 'CRISIL BB-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with PPC for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PPC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PPC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of PPC Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
PPC was set up by Mr. Umesh Pagariya in 1994 as a proprietorship
firm. PPC undertakes wholesale trading if food grains, spices, and
edible oil. PPC is a part of Paragiya group. Paragiya group has
been in the wholesale food grains, spices, and edible oil trading
business from past 40 years in the state of Maharashtra.
PARWANI BUILDERS: CRISIL Keeps B+ on INR6cr Debt in NonCooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Parwani Builders
Private Limited (PBPL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with PBPL for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of PBPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Established in 2003 and based in Pune, PBPL undertakes civil
construction works related to irrigation and railways. Mr Ajay
Parwani and Mr Alok Parwani are the promoters.
PBR SELECT INFRA: CRISIL Lowers Ratings on INR8cr Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of PBR
Select Infra Projects (PBRS) to 'CRISIL D/ CRISIL D Issuer Not
Cooperating ' from 'CRISIL B+/Stable/CRISIL A4/Issuer Not
Cooperating'. The downgrade in ratings is due to delays in
servicing by more than 30 days owing to weak liquidity profile.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
Secured Overdraft 6 CRISIL D (ISSUER NOT
Facility COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with PBRS for obtaining
information through letters and emails dated October 7, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. This rating lacks a
forward-looking component, as it has been arrived at without any
management interaction, and is based on the best available, limited
or dated information on the company'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PBRS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PBRS is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
CRISIL has downgraded its ratings on the bank facilities of PBRS to
'CRISIL D/ CRISIL D Issuer Not Cooperating ' from 'CRISIL
B+/Stable/CRISIL A4/Issuer Not Cooperating'.
The downgrade in ratings is due to delays in servicing by more than
30 days owing to weak liquidity profile.
Set up in 2010 as a partnership firm, PBRS undertakes civil
construction activities, primarily in construction of roads,
bridges and flyovers. Based out of Hyderabad (Telangana), the firm
is managed by Mr. P Bhaskar Reddy and his family.
PMR INFRASTRUCTURES: CRISIL Lowers Ratings on INR5cr Loans to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of PMR Infrastructures Private Limited (PMR) to 'CRISIL D Issuer
Not Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Overdraft 4 CRISIL D (ISSUER NOT
Facility COOPERATING; Downgraded from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
Secured Overdraft 1 CRISIL D (ISSUER NOT
Facility COOPERATING; Downgraded from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with PMR for obtaining
information through letters and emails dated July 29, 2019 and
November 15, 2019 & April 13, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PMR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PMR is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information there has been overdrawals
for more than 30 days on secured overdraft(SOD) account and
invocation on Bank Guarantee for more than 90 Days, CRISIL has
downgraded its rating on the long-term bank facilities of PMR to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating'.
Set up in 2004, PMR undertakes civil construction works, mainly
related to irrigation projects. Daily operations of the
Hyderabad-based company are managed by Mr P Mohan Reddy and his
family members.
POPULAR MOTOR: CRISIL Lowers Rating on INR6cr LT Loan to B+
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Popular Motor
Corporation (PMC) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
Long Term Loan 6 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with PMC for obtaining
information through letters and emails dated December 31, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PMC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PMC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of PMC Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.
Set up in 2002 and based in Kochi, PMC is an authorised dealer of
two-wheelers of BAL. The firm is promoted by Mr Saju K Thomas and
family.
RAMJI LAL: CRISIL Lowers Rating on INR20cr Cash Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Ramji Lal and
Sons (Ramji; part of the Gupta group) to 'CRISIL B+/Stable Issuer
not cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with Ramji for obtaining
information through letters and emails dated September 30, 2019 and
March 9, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Ramji, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Ramji is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of Ramji Revised to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Ramji and Mubarak Overseas Pvt Ltd
(Mubarak). This is because both these entities, together referred
to as the Gupta group, have a common management and considerable
operational linkages.
Ram Ji Lal and Sons and Mubarak Overseas Pvt Ltd, both the entities
belong to the Gupta group situated in Delhi. The group is promoted
by Mr. Hari Kishan Das Gupta and Mr. Babu Lal Gupta, who have been
engaged in the rice trading business for over four decades. The
group has large and diversified business interests across rice
milling, ingot manufacturing, and cast iron dyes manufacturing.
SANTLADEVI RESORTS: CRISIL Lowers Rating on INR21.31cr Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Santladevi Resorts (SR) to 'CRISIL D' from 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Term Loan 21.31 CRISIL D (Downgraded from
'CRISIL B/Stable')
The rating downgrade reflects the irregularities in payment of
interest on term debt by SR over the past months.
The ratings are also constrained by exposure to project
implementation related risks and to timely stabilization and
commensurate ramp-up in sales during its initial phase of
operations constrained financial risk profile because of the
debt-funded project. These rating weaknesses are partly offset by
the extensive business experience its promoters, their funding
support.
Key Rating Drivers & Detailed Description
Weaknesses
* Delays in servicing debt obligation: SR has availed term loan
amount of INR42.10 crore from the Punjab national bank. There has
been instances of delays in payment of interest by 7 to 15 days by
the management over the past few months.
* Exposure to project-related risks: Commercial operations are
likely to commence from April 2021. Timely implementation of the
proposed project, stabilisation of operations, and commensurate
ramp-up of sales will remain critical to achieve growth in revenue
and profitability, and hence, be monitored closely.
* Constrained financial risk profile: Financial risk profile
remains constrained by small networth and leveraged capital
structure. Gearing is estimated to remain at high levels over the
medium term, but should improve with build-up in networth and
gradual repayment of term loans. Debt protection metrics are
expected to remain average going ahead.
Strength
* Experience of the proprietor along with their funding support
SDR's proprietor is in the hospital industry since last two
decades. SDR is establishing a green field project for managing
hotel under Marriott Group. The firm is promoted by Dr. Antariksha
Saini possessing extensive industry experience in managing
hospital. Also, the promoter has been supporting the project via
means of capital and unsecured loans.
Liquidity Poor
The liquidity profile of the firm is under stress which is
reflected insufficient fund for the timely repayment of interest.
Rating Sensitivity Factors
Upward Factors
* Track record of timely payment of interest and regularisation of
term loan for three months
* Timely operationalization of the project.
SDR is establishing a green field project for managing hotel under
Marriott Group in Mussoorie, Uttarakhand. The firm is promoted by
Dr. Antariksha Saini possessing extensive experience in managing
hospitals. Expected commencement of its commercial operations is
from April 2021.
USHASRI COTTON: CRISIL Migrates INR7cr Debt to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ushasri Cotton
And Ginning Mills Private Limited (UCGMPL) to 'CRISIL B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with UCGMPL for obtaining
information through letters and emails dated January 31, 2020 and
February 19, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of UCGMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on UCGMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of UCGMPL to 'CRISIL B/Stable Issuer not cooperating'.
Khammam-based UCGMPL, incorporated in August 2008, gins and presses
cotton. Mr Ch Sridhar and Mr Ch Satyam are the promoters.
VAGHASIYA EXPORTS: CRISIL Migrates D Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vaghasiya
Exports (Vaghasiya) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 2.75 CRISIL D (ISSUER NOT
Discounting COOPERATING; Rating Migrated)
Packing Credit 1.25 CRISIL D (ISSUER NOT
in Foreign COOPERATING; Rating Migrated)
Currency
Proposed Short 6 CRISIL D (ISSUER NOT
Term Bank Loan COOPERATING; Rating Migrated)
Facility
CRISIL has been consistently following up with Vaghasiya for
obtaining information through letters and emails dated
February 29, 2020 and March 19, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Vaghasiya, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Vaghasiya
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Vaghasiya to 'CRISIL D Issuer not cooperating'.
Set up in 1994 in Mumbai as a partnership firm by Mr Mansukh Patel
and Mr Pankaj Mistry (equal partners), Vaghasiya cuts and polishes
imported rough diamonds (mainly white, in 0.1 cents-1 carat range),
which it export to Belgium, Hong Kong, and Israel. The firm
outsources its unit to associate concern in Dahisar, Maharashtra.
VRC AGRO FARMS: CRISIL Migrates 'D' Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of VRC Agro Farms
Private Limited (VRC) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.7 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 3.3 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with VRC for obtaining
information through letters and emails dated February 29, 2020 and
March 19, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VRC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VRC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VRC to 'CRISIL D Issuer not cooperating'.
Set up in 1994 as a proprietorship firm (Kanneganti Sea Foods) in
Hyderabad, Telangana by Mr K Ramakrishna and reconstituted as a
private limited company in 2011, VRC cultivates and trades prawns.
VSC INFRA PRIVATE: CRISIL Migrates 'D' Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of VSC Infra
Private Limited (VSC) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 12.06 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Bank 0.94 CRISIL D (ISSUER NOT
Guarantee COOPERATING; Rating Migrated)
CRISIL has been consistently following up with VSC for obtaining
information through letters and emails dated February 29, 2020 and
March 19, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VSC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VSC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VSC to 'CRISIL D/CRISIL D Issuer not cooperating'.
VSC, incorporated in July 2008 at Hyderabad, undertakes power
construction projects; drilling and blasting for rock excavation;
lift irrigation projects; branch canals; earth work; excavation;
embankment; structures of printed circuit board; track conversion
in railways; and construction of embankment of dam project. Revenue
is majorly generated from executing construction work for the
Indian Railways and the Government of Telangana.
=================
S I N G A P O R E
=================
HIN LEONG: Sembcorp Unit Sue Affiliate Over Gasoil Reserves
-----------------------------------------------------------
Reuters reports that Sembcorp Industries on April 27 said its unit
Sembcorp Cogen has begun legal proceedings to assert ownership over
some gasoil reserves stored in tanks at Universal Terminal, which
is partly owned by oil trader Hin Leong Trading Pte Ltd.
According to Reuters, Sembcorp Cogen last week terminated its
gasoil supply and storage agreement with Hin Leong Trading, which
is being monitored by Singaporean authorities.
Reuters relates that Sembcorp Cogen on April 24 obtained a court
order to restrain Universal Terminal from moving, removing or
disposing of any of the gasoil reserves it claims, and to ensure
that the reserves are stored separately from any other gasoil, the
parent company said in its statement on April 20.
"There is a possibility that the reserves designated for Sembcorp
Cogen may be subject to competing claims by one or more third
parties," Sembcorp Industries said.
Last week, Hin Leong applied for a court-appointed supervisor to
manage the company and restructure billions of dollars of debt owed
to multiple banks, Reuters notes.
Hin Leong's founder Lim Oon Kuin and his family own 41 per cent of
the Universal Terminal through Universal Group Holdings. PetroChina
holds 25 per cent and Australian investment bank Macquarie the
remaining 34 per cent.
About Hin Leong
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 Trading serves
customers globally.
Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.
Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, according
to the people, who asked not to be identified as the matter is
sensitive, according to Bloomberg News.
But Hin Leong told its creditors this month that total liabilities
reached US$4.05 billion as of early April, while assets were just
US$714 million, leaving a hole of at least US$3.34 billion,
according to screenshots of the presentation to a group of bankers
seen by Bloomberg News.
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," Bloomberg News added.
As reported in Troubled Company Reporter-Asia Pacific on April 24,
2020, The Financial Times said that Hin Leong is seeking to appoint
PwC as an independent manager to run the business as it pursues a
debt restructuring of almost $4 billion. The company will withdraw
the bankruptcy protection filing it submitted on April 17 and
instead ask Singapore's High Court to appoint PwC as a third party
to run the company, a process known as judicial management.
=====================
S O U T H K O R E A
=====================
ASIANA AIRLINES: KDB and KEXIM Provide KRW1.7 Trillion for Carrier
------------------------------------------------------------------
Yonhap News Agency reports that Korea Development Bank and the
Export-Import Bank of Korea on April 21 said they will inject
KRW1.7 trillion into Asiana Airlines Inc., the country's
second-biggest airline, to help it stay afloat and dispel growing
concerns that the creditor banks' plan to sell Asiana may fall
through due to the virus impact.
In December, the consortium led by HDC Hyundai Development Co.
signed a deal to acquire a 30.77-percent stake in Asiana from Kumho
Industrial Co., a construction unit of Kumho Asiana Group, as well
as new shares to be issued and the airline's six affiliates, for
KRW2.5 trillion, recalls Yonhap.
According to Yonhap, HDC said April 24 it is in the process to
acquire Asiana by the end of April, dismissing speculation that it
may have difficulties in taking over the airline due to fallout
from the coronavirus outbreak.
Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business. Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.
HANJIN HEAVY: Creditors Plan to Sell Their Stake This Year
----------------------------------------------------------
Yonhap News Agency reports that creditors of Hanjin Heavy
Industries & Construction Co. plan to sell their stake in the
shipbuilder this year, an official familiar with the issue said.
Main creditor Korea Development Bank (KDB) and other banks
discussed the issue on April 21, the official said, the report
relates.
The KDB holds a 16.14 percent stake in Hanjin Heavy, while five
other major banks -- Woori, NH Nonghyup, KEB Hana, KB Kookmin and
Export-Import Bank of Korea -- hold 10.84 percent, 10.14 percent,
8.90 percent, 7.09 percent and 6.86 percent stakes in Hanjin Heavy,
respectively, Yonhap discloses.
Yonhap notes that Hanjin Heavy suffered from capital erosion last
year due to the troubles of its Subic shipyard in the Philippines.
Creditors in South Korea and the Philippines later agreed to
convert debt worth KRW687.4 billion (US$559 billion) into equities,
the report says.
Hanjin Heavy Industries & Construction Co., Ltd. provides
shipbuilding, construction, and plant services in South Korea and
internationally. The company builds commercial ships, such as
container and gas carriers, tankers, bulk carriers, and special
purpose ships; and special ships, including landing platform
helicopters, multi support vessels, landing craft utilities,
landing ship tankers, patrol forces, patrol ship killers, offshore
patrol/salvage vessels, landing ship fast, ice breakers,
hydrographic vessels, fishery research vessels, and oceanographic
vessels.
KOREAN AIR: Two State-Owned Lenders to Inject KRW1.2 Trillion
-------------------------------------------------------------
Yonhap News Agency reports that South Korea's two state-owned
lenders said on April 24 that they will inject KRW1.2 trillion
(US$972 million) into the country's top airline, Korean Air Lines
Co., to help the company weather the impact of the COVID-19
outbreak on the airline sector.
According to Yonhap, the KDB said the Korea Development Bank (KDB)
and the Export-Import Bank of Korea (Exim Bank) plan to extend
fresh capital to Korean Air, as the country's flag carrier is in
dire need of liquidity following suspended flights.
In the financial assistance, the two lenders will extend a loan of
KRW200 billion to Korean Air for operating capital, purchase KRW700
billion worth of securities backed by future cargo deliveries and
buy the carrier's KRW300 billion in perpetual bonds convertible
into stocks, a KDB official said, Yonhap relays.
If the lenders convert the perpetual bonds with no maturity date
into Korean Air stocks, they will have a collective 10.8 percent
stake in the carrier, he said.
Yonhap relates that the two creditor banks made the decision as the
national flag carrier agreed to take measures to improve its
financial status through sales of assets, job guarantees for
employees and dividend restrictions, it said.
Korean Air welcomed the aid package, saying it will put top
priority on putting the airline industry back on track and
enhancing its financial health, Yonhap says.
As part of self-rescue efforts, Korean Air had 70 percent of its
20,000-strong workforce take paid leave for six months from April
16 and is in the process of selling non-core assets to secure cash,
according to Yonhap.
Korean Air has to repay or refinance KRW240 billion worth of
corporate bonds maturing this month and shoulder up to KRW500
billion in fixed costs a month, Yonhap notes.
Headquartered in Seoul, South Korea, Korean Air Lines Co. Ltd. --
http://kr.koreanair.com/-- is a Korea-based company engaged in the
passenger airline transportation business. Its principal
activities consist of the provision of domestic and international
airline services; the production of aircraft, including military
aircraft; the provision of aircraft maintenance and engineering
services, and the sale of duty-free goods. Korean Air Lines offers
four classes of service: Economy Class, Business Class, First Class
and Premium Class, and provides in-flight services, including cabin
crew, in-flight entertainment, meal and other services. It is also
involved in the provision of in-flight meals for third parties. In
addition to passenger transportation services, Korean Air Lines is
a cargo carrier that operates freighters worldwide. During the year
ended December 31, 2007, its operations spanned 101 cities in 36
overseas countries with a fleet of 126 aircraft and it carried
22,850,000 passengers and 2,280,000 tons of freight.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week April 20, 2020 to April 24, 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
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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
[*] Moody's: More Companies in Crossrover Zone Amid Pandemic
------------------------------------------------------------
Moody's Investors Service relates that the number of non-financial
companies in the "Crossover Zone" swelled to 96 through the first
quarter, a record high and up 26 from the end of 2019. The increase
was driven by the deteriorating global economic outlook, sharp
commodity price declines and significant financial market
volatility attributable to the spread of the coronavirus. These
factors resulted in a severe and extensive credit shock across many
sectors, regions and markets that led to potential fallen angels
soaring to 76, from 43 in the prior quarter. Potential rising stars
declined to 20 from 27.
* Twenty-one companies crossed over to speculative grade, and more
will likely be forthcoming with potential fallen angels climbing to
the highest level since Moody's began tracking this data in 2008.
Forty-seven new potential fallen angels entered the zone in Q1,
with fundamental credit developments accounting for all but one,
which was tied to M&A activity. Forty-three potential fallen angels
were affected by the expectation that worldwide economic growth
will contract due to broad weakness in leisure travel and
discretionary consumer spending, as well as production disruptions
directly attributable to social-distancing measures. Fourteen
companies exited the zone with 13 crossing over to speculative
grade, while one had its rating withdrawn. An additional eight
companies skipped the zone altogether, being downgraded straight to
speculative grade.
* Potential fallen angels held $593 billion in debt at the end of
Q1, with both non-US and US debt piles at record highs.
That figure is a significant increase from the $341 billion at the
end of 2019, and more than double the prior four-year average of
about $275 billion. The increase was primarily attributable to
General Motors (Baa3 review for downgrade) and Kraft Heinz Foods
Company (Baa3 negative), each with about $29 billion in debt,
entering the zone along with Delta Air Lines Inc. (Baa3 review for
downgrade) and its $22 billion in debt and A.P. Moller-Maersk A/S
(Baa3 negative) and its $17 billion in debt. Debt among non-US
companies rose to $383 billion, from $294 billion, while debt among
US companies increased to $210 billion, from $47 billion. Both are
at the highest level since we began tracking this data in 2008.
Non-US debt levels are likely to recede next quarter as Petroleos
Mexicanos (PEMEX Ba2 negative) and its $166 billion in debt exits
the zone since it was downgraded in April 2020. The companies that
skipped the crossover zone going straight to speculative grade,
held about $92 billion in debt, with $40 billion from Occidental
Petroleum Corporation (Ba1 ratings under review for downgrade)
alone. ยป Twelve potential rising stars exited the zone, nine
because of negative rating or outlook actions. Seven of the nine
actions were related to the coronavirus outbreak, two due to
fundamental reasons, while three were upgraded to Baa3 because of
positive credit developments. Five companies entered the zone as
potential rising stars. Four because of improved credit
fundamentals and the other because of M&A activity. Potential
rising stars held $160 billion in debt at the end of the first
quarter.
The entire Moody's report is Moody's report is available at
https://bit.ly/2YaY3qd
[*] Unparallelled Global Recession Underway, Fitch Says
-------------------------------------------------------
Fitch Ratings has made further large cuts to global GDP forecasts
in its latest Global Economic Outlook (GEO) in response to
coronavirus-related lockdown extensions and incoming data flows.
"World GDP is now expected to fall by 3.9% in 2020, a recession of
unprecedented depth in the post-war period," said Brian Coulton,
Chief Economist at Fitch Ratings. "This is twice as large as the
decline anticipated in our early April GEO update and would be
twice as severe as the 2009 recession."
The decline in GDP equates to a USD2.8 trillion fall in global
income levels relative to 2019 and a loss of USD4.5 trillion
relative to our pre-virus expectations of 2020 global GDP. Fitch
expects eurozone GDP to decline by 7%, US GDP by 5.6%, and UK GDP
by 6.3% in 2020.
The biggest downward revisions are in the eurozone, where the
measures to halt the spread of the coronavirus have already taken a
very heavy toll on activity in 1Q20. Fitch has cut Italy's 2020 GDP
forecast to -8% following official indications that GDP already
fell 5% in 1Q20 and after a recent extension of the lockdown there.
Official estimates also point to France and Spain experiencing near
5% declines in GDP in 1Q20, with the Spanish outlook hit
particularly hard by the collapse in tourism. Even allowing for a
slightly less negative outlook for Germany - where the headroom for
policy easing is greater and the benefits of a recovery in China
will be felt more directly - eurozone GDP is expected to shrink by
7% this year.
No country or region has been spared from the devastating economic
impact of the global pandemic. Fitch now anticipates that GDP in
both the US and the UK - where lockdowns started a little later
than in the eurozone - will decline by more than 10% (not
annualised) in 2Q20, compared to forecasts of around 7% in our
early April update. This will result in annual GDP declines of
around 6%, despite aggressive macro policy easing.
A notable feature of this update is sharp further downward
revisions to GDP forecasts for emerging markets (EM). Falling
commodity prices, capital outflows and more-limited policy
flexibility are exacerbating the impact of domestic
virus-containment measures; Mexico, Brazil, Russia, South Africa
and Turkey have all seen big GDP forecast adjustments. "With China
and India both now expected to see sub-1% growth, we expect an
outright contraction in EM GDP in 2020, a development unprecedented
since at least the 1980s. We expect supply responses and a
relaxation of lockdowns to help oil prices to recover in 2H20 from
current lows, which are being exacerbated by storage capacity
issues in the US and elsewhere," Fitch said.
Several major economies recently have extended lockdown measures,
and Fitch now needs to incorporate national lockdowns of around
eight or nine weeks as a central case assumption for most major
advanced economies. This contrasts to Fitch's previous assumption
of around five weeks. An extra month of lockdown would, all else
being equal, reduce the annual flow of income (GDP) by around 2pp,
as outlined in Fitch's previous GEO update.
In addition, incoming data - including official 'flash' GDP
estimates for 1Q20, monthly activity indicators for March and
weekly labour market data - point to a daily loss of activity
through lockdown episodes of closer to 25% than the 20% assumed
previously. This is consistent with the recently released outturn
for growth in China when GDP declined by 10% qoq in 1Q20, a period
encompassing entry to and exit from a five-week lockdown.
"Macro policy responses have been unprecedented in scale and scope
and will serve to cushion the near-term shock. But with job losses
occurring on an extreme scale and intense pressures on small and
medium-sized businesses, the path back to normality after the
health crisis subsides is likely to be slow. Our forecasts now show
US and eurozone GDP remaining below pre-virus (4Q19) levels through
the whole of 2021," added Coulton.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2020. All rights reserved. ISSN: 1520-9482.
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